Golar LNG signs contract with Samsung to build 4 LNG carriers

Golar LNG Limited has entered into a firm contract to build 4 LNG carriers of 160,000 cm with Samsung Heavy Industries Co Ltd. (Samsung). The new building contracts were originally entered into by companies affiliated with Golar LNG's shareholder World Shipholding. Golar LNG has acquired the new building contracts from the affiliated party based on the original contracting terms.

Three vessels are to be delivered in 2013 and one in early 2014. The total cost of the vessels is approximately $ 800 mm. In addition Golar LNG has an option to acquire further 4 vessels for delivery in 2013 and onwards. Golar LNG has options to include ice strengthening/winterisation of the ships as well as regasification equipment.
The vessels will be delivered with dual fuel diesel electric engines which will be significantly more efficient than steam turbines thereby reducing fuel costs materially. The new engines will also have lower emission levels of pollutants and CO2.

John Fredriksen, chairman of Golar LNG said, “The supply / demand balance for LNG shipping looks increasingly attractive. It is clear from the continued strong global LNG demand and supply growth that a significant amount of new infrastructure, including shipping, will be required over the coming years. The relatively early delivery dates and the option package make this an attractive deal for Golar. Samsung's experience and ability to build FSRU's further strengthens the investment case.”