Keppel Shipyard, Golar LNG in Negotiations for a FSLV Conversion Project

Keppel Corporation Limited provided an update Monday on the references made by Golar LNG Ltd. on its floating liquefied natural gas (FLNG) vessel project during its third quarter 2013 results announcement Nov. 27 and Singapore's Business Times article entitled "Keppel Shipyard may land $750m Norway deal" published Nov. 30.

We confirm that Keppel Shipyard Ltd (Keppel Shipyard) and its topside partners are currently negotiating conversion and liquefaction contracts with Golar LNG on the conversion of an existing LNG carrier into a Floating Storage and Liquefaction Vessel (FSLV). The terms and conditions of the contracts, including the contract value and expected completion timeline, have yet to be finalized.

The negotiations on the contracts commenced following the conclusion in end August 2013 of a Front-End Engineering and Design (FEED) study conducted by Keppel Shipyard to confirm the engineering and work scope. The study confirmed that the conversion will take approximately 30 months from financial commitment to complete.

We had announced this FEED study in a statement Nov. 5, 2012, where we also stated that upon completion of the FEED study, Keppel Shipyard would proceed to work with Golar LNG on the conversion and engineering of the first of three FLNG vessels. There will be an option to convert the other two FLNG vessels at a later date.

We will make a further announcement upon the execution of firm contracts with Golar LNG.

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