Golar LNG enters into an agreement to supply a FLNG unit to BP for phase 1 of the Greater Tortue / Ahmeyim Project, West Africa
Golar LNG Limited ("Golar" or "the Company") (NASDAQ: GLNG) announces today that

Gimi MS Corporation ("Gimi MS"), a newly incorporated subsidiary of the Company,

has entered into a 20-year Lease and Operate Agreement ("LOA") with BP for the

charter of an FLNG unit, Gimi, to service the Greater Tortue Ahmeyim project.


Expected to commence production in 2022, the FLNG Unit Gimi will liquefy gas as

part of the first phase of the Greater Tortue Ahmeyim project and be located at

an innovative nearshore hub located on the Mauritania and Senegal maritime

border. FLNG Gimi is designed to produce an average of approximately 2.5 million

tonnes of LNG per annum, using the Black & Veatch "Prico" liquefaction process,

with the total gas resources in the field estimated to be around 15 trillion

cubic feet.


Concurrent with its entry into the LOA, Gimi MS has entered into a Subscription

Agreement (subject to closing conditions) with First FLNG Holdings Pte. Ltd., an

indirect wholly-owned subsidiary of Keppel Capital, in respect of their

participation in a 30% share of FLNG Gimi. Gimi MS will construct, own and

operate FLNG Gimi and First FLNG Holdings Pte. Ltd. will subscribe for 30% of

the total issued ordinary share capital of Gimi MS for a subscription price

equivalent to 30% of the project cost. LNG carrier Gimi has been relocated from

layup to Keppel Shipyard in Singapore where conversion works are expected to

commence soon.


Construction of FLNG Gimi is expected to cost approximately $1.3 billion,

excluding financing costs. Once accepted under the contract, annual earnings

before interest, tax, depreciation and amortization of approximately $215

million with potential upside for over performance are expected. Golar is also

in the final stages of receiving an underwritten credit commitment for a $700

million long-term financing facility from a syndicate of international banks

that will be available during construction. Golar's plan is that together with

other financing facilities, by the end of the 4-year construction period the

anticipated maximum total equity contribution from the Company in respect of its

70% stake will be approximately $300 million.


Commenting on the LOA, Golar CEO Iain Ross said, "This landmark 20-year

agreement with BP, which is Golar's second FLNG tolling agreement, is the

culmination of a lot of hard work and commitment from the project and commercial

teams that commenced late 2017. The potential of Golar's floating LNG solution

was reinforced by FLNG Hilli Episeyo's proof of concept, Heads of Terms were

agreed with BP and its partners in April 2018 and work has been ongoing via the

previously reported Limited Notice to Proceed. Golar is delighted to have the

opportunity to demonstrate the safe and reliable operation, quality and value of

its FLNG offering to such a world class energy company as BP and looks forward

to safely delivering and building on this long-term relationship over the

decades ahead".


FORWARD LOOKING STATEMENTS


This press release contains forward-looking statements (as defined in Section

21E of the Securities Exchange Act of 1934, as amended) which reflects

management's current expectations, estimates and projections about its

operations. All statements, other than statements of historical facts, that

address activities and events that will, should, could or may occur in the

future are forward-looking statements. Words such as "may," "could," "should,"

"would," "expect," "plan," "anticipate," "intend," "forecast," "believe,"

"estimate," "predict," "propose," "potential," "continue," or the negative of

these terms and similar expressions are intended to identify such forward-

looking statements. These statements are not guarantees of future performance

and are subject to certain risks, uncertainties and other factors, some of which

are beyond our control and are difficult to predict. Therefore, actual outcomes

and results may differ materially from what is expressed or forecasted in such

forward-looking statements. You should not place undue reliance on these

forward-looking statements, which speak only as of the date of this press

release. Unless legally required, Golar undertakes no obligation to update

publicly any forward-looking statements whether as a result of new information,

future events or otherwise.


Among the important factors that could cause actual results to differ materially

from those in the forward-looking statements are:


* our inability and that of our counterparty to meet our respective

obligations under the Lease and Operate agreement entered into in connection

with the BP Greater Tortue / Ahmeyim Project;

* changes in our relationships with our counterparties, including our major

chartering parties;

* failures of shipyards to comply with delivery schedules or performance

specifications on a timely basis or at all;

* changes in our ability to obtain additional financing on acceptable terms or

at all;

* increases in costs, including, among other things, wages, insurance,

provisions, repairs and maintenance as well as the cost of constructing the

FLNG Gimi;

* changes in general domestic and international political conditions,

particularly where FLNG Gimi will operate;

* a decline or continuing weakness in the global financial markets; and

* other factors listed from time to time in registration statements, reports

or other materials that we have filed with or furnished to the Securities

and Exchange Commission, or the Commission, including our most recent annual

report on Form 20-F.


As a result, you are cautioned not to rely on any forward-looking statements.

Actual results may differ materially from those expressed or implied by such

forward-looking statements. The Company undertakes no obligation to publicly

update or revise any forward-looking statements, whether as a result of new

information, future events or otherwise unless required by law.


Hamilton, Bermuda


February 26, 2019


Enquiries:


Golar Management Limited: + 44 207 063 7900


Stuart Buchanan


This announcement is distributed by West Corporation on behalf of West Corporation clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.


Source: Golar LNG via GlobeNewswire


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