Golar LNG Partners buys stake in Hili Episeyo FLNG

Golar LNG, Keppel, and Black and Veatch have entered into an agreement to sell its stakes in Golar Hilli, a company that owns the Hilli Episeyo FLNG vessel.

The FLNG unit, being converted in the Keppel yard in Singapore, will be deployed later this year in Cameroon, to produce gas for Perenco.

The three companies said on Wednesday that the buyer was Golar LNG Partners, which will, upon the closing of the transaction, indirectly own the Golar Episeyo floating liquefied natural gas vessel.

As for the interest to be acquired by Golar LNG Partners, it represent the equivalent of 50% of the two liquefaction trains, out of a total of four, that have been contracted to Perenco Cameroon SA and Societe Nationale Des Hydrocarbures for an eight-year term.

The sale price for the interests is $658 million less net lease obligations under the financing facility for the Hilli that are expected to be between $468 and $480 million.

Upon the closing, which is subject to certain conditions, Golar, Keppel and B&V will sell 50% of the Common Units to the Partnership in return for the payment of the net purchase price of between approximately $178 and $190 million. The sale is expected to close on or before April 30, 2018.