Bermuda: Golar LNG Buys Carrier Gandria

Golar LNG announced that it has become 100% owner of the LNG Carrier Gandria.

Golar has purchased the remaining 50% share interest in Bluewater Gandria N.V, the owning company of the vessel, from an affiliate of Bluewater Energy Services B.V. The price has been agreed all-in at $19.5 million. Prior to the transaction, the company was owned by Golar (50%) and Bluewater (50%). The vessel which is a Moss type carrier and built in 1977 has been laid up since September 2008.

“The vessel is well maintained, and is a good trading vessel as well as a strong candidate for conversion to FSRU and storage. A firm decision will be made on the vessel reactivation within the next few weeks.” Company said

Golar has in addition made a firm to commitment to reactivate the LNG Carrier Hilli which is also a Moss type carrier built in 1975. The vessel has been brought to Keppel Shipyard for a $15 million upgrading project. The Company is targeting her readiness for service prior to the end of March 2012. Golar has already received proposals for chartering of the vessel.

Golar’s CEO Doug Arnell said in a comment “Golar’s focus remains to be a high quality operator of modern LNG vessels. However the purchase of 50% of Gandria was done as an opportunistic deal at a price level we find very attractive. The reintroduction of Gimi, Hilli, and Gandria in the market will secure additional earnings growth for our company in the next quarters while we are waiting for our first newbuildings to come out in 2013. Long term, these three Moss designed vessels are ideal candidates for storage, FSRUs and other LNG infrastructure projects.