Keppel, Golar in FLNGV vessel talks

Keppel will convert an LNG carrier into what they say will be the first FLNGV vessel.

Keppel Shipyard Ltd (Keppel Shipyard), a wholly-owned subsidiary of Keppel Offshore & Marine Ltd, has signed a conditional contract with Golar Hilli Corporation, a subsidiary of Golar LNG, to perform the world’s first-of-its-type conversion of an existing Moss LNG carrier, the Hilli, into a Floating Liquefaction Vessel (FLNGV).

This contract will become effective upon the fulfilment of several conditions precedent, including the receipt by Keppel Shipyard of the initial milestone payment.

“We will make a further announcement when the contract becomes effective,” Keppel said in a statement.

Golar LNG Limited yesterday announced the pricing of its registered offering of 11,000,000 shares of its common stock, par value $1.00 per share, at a price to the public of $54.00 per share.

The proceeds will be used fund initial milestone payments under the conditional agreement with Keppel Shipyard Limited in connection with the conversion of the LNG carrier, the Hilli.

 June 25, 2014

 

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