Livorno FSRU Project - Golar Frost Sale

abarrelfullabarrelfull wrote on 23 Oct 2013 12:16

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July 2, 2008

Golar LNG ("Golar") is pleased to announce that the sale of the Golar Frost to OLT Offshore LNG Toscana S.p.a ("OLT-O") for $231 million completed on July 2, 2008. Golar will immediately charter back the vessel until mid 2009 when the vessel is scheduled to commence its conversion.

The book gain on the transaction will be approximately $78 million and net cash generated will be approximately $136 million after debt repayments of $95 million.

The cash will be used for new investments in LNG infrastructure projects as well as for capital expenditure in respect of existing projects and will also partly be used to increase dividends to shareholders.

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