Golar LNG Limited announced today that it has agreed principal terms in connection with a time charter for one of its modern LNG carriers, the Golar Grand, to a major oil and gas company for a firm period of 3 years plus a further period of 3 years at charterers option.
The charter is expected to commence in March 2012 following the end of the vessels current charter. The annualised EBITDA contribution from the commencement of this new charter is expected to be approximately $39 million, which represents attractive returns for shareholders and is a positive indicator of the current market for LNG shipping.
Golar’s Chairman, John Fredriksen said in a comment “We continue to see very limited LNG shipping availability in the market and given the timing of availability of our modern carriers and the delivery dates of our newbuild carriers, we are extremely well placed to take advantage of good chartering opportunities over the coming months. The strong underlying market trend and our large newbuilding program is likely to give rise to a significant increase in Golar’s earnings in the period 2011 – 2014. We are strategically very well positioned and we are excited about the prospects for our Company in the years to come”.
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