Golar Inks Kuwait Charter for FSRU Golar Igloo

Golar LNG Limited inked a contract to provide Kuwait National Petroleum Company (KNPC) with floating storage and regasification (FSRU) services to support KNPC's liquefied natural gas (LNG) import operations at Mina Al Ahmadi in Kuwait.

The contract, for an initial period of 5 years, comprises the provision of portside FSRU services for an anticipated 9 months of the year together with a 3 month window where the vessel is free to pursue spot carrier and other short term business opportunities.

The 6 million cubic feet (170,000 cubic meters) newbuild FSRU Golar Igloo - scheduled for delivery in the fourth quarter of 2013 - will be deployed for the contract commencing March 2014. The total contract value is approximately $213 million, covering both capital and operating elements over 5 years. Golar LNG expects to supplement these earnings with additional hire payments during the winter months each year. 

"Kuwait is an established LNG importer and we look forward to working closely with our new customer. We are very pleased that an experienced LNG industry player such as KNPC has entrusted Golar with their FSRU services which demonstrates our established reputation as a leading operator of floating midstream LNG assets. As this is a 5 year charter the vessel will be offered to Golar LNG Partners L.P. to acquire providing for another potential acquisition with a new and particularly strong counterparty," Golar LNG's CEO, Doug Arnell said in a press release.

Golar LNG recently signed a 10 year charter with the Government of Jordan for FSRU Golar Eskimo, which will be moored at the Red Sea port of Aqaba, where the vessel will connect to the Jordan Gas Transmission Pipeline that delivers natural gas to power plants throughout the Kingdom.

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