Golar LNG Granted Kuwait FSRU Contract - Quick Facts

(RTTNews) - Golar LNG Ltd. (GLNG) said Monday that it has executed a firm contract to provide the Kuwait National Petroleum Company or "KNPC" with floating storage and regasification or "FSRU" services to support their LNG import operations at Mina Al Ahmadi.

The company noted that the contract will be for an initial period of 5 years and comprises the provision of portside FSRU services for an anticipated nine months of the year together with a three month window where the vessel is free to pursue spot carrier and other short term business opportunities.

Winter scheduling of the three month stand-down period together with favourable positioning mean that the company is optimistic for the vessels trading prospects.

The 170,000cbm newbuild FSRU Golar Igloo which delivers during the fourth quarter of 2013 will service the contract that is set to commence in March 2014. With a total contract value of approximately $213 million covering both capital and operating elements over five years, Golar said it expects to supplement these earnings with additional hire payments during the winter months each year.