Press release
Golar LNG Limited has today completed the sales of Hygo Energy Transition Ltd. and Golar LNG Partners LP
Highlights Golar LNG Limited (“Golar” or “GLNG”) received $50 million in cash and 18.6 million Class A common shares in New Fortress Energy Inc. (“NFE”) worth
About this update from Golar Lng Limited
[{"type":"text","content":"Highlights Golar LNG Limited (“Golar” or “GLNG”) received $50 million in cash and 18.6 million Class A common shares in New Fortress Energy Inc. (“NFE”) worth $878 million based on the April 14 closing price as consideration for the sale of its 50% interest in Hygo Energy Transition Limited (“Hygo”).Golar received $81 million in cash for the sale of its 32% interest in Golar LNG Partners LP (“GMLP”).Together, the transactions crystalize part of the value built in the Golar asset portfolio since 2015 and will generate a book gain to Golar of approximately $740 million based on Q4 2020 book values.These sales complete a significant step in Golar’s corporate simplification process. As previously announced, Golar’s Board has initially approved a $50 million common share buy-back program to seek to maximize value for shareholders created by the large gap between Golar’s market value and the underlying value of its long-term contracts and businesses. April 15, 2021 – Golar LNG Limited (Nasdaq: GLNG) today announces the completion of its sales of Hygo, a 50-50 joint venture between GLNG and Stonepeak Infrastructure Fund II Cayman (G) Ltd., a fund managed by Stonepeak Infrastructure Partners (“Stonepeak”), and Golar LNG Partners, LP (Nasdaq: GMLP). “The NFE transactions have simplified the group structure and crystalized part of the value of our downstream business” said GLNG Chairman Tor Olav Troim. “We are impressed with what the Chairman and CEO, Wes Edens, and his team in NFE have created over the last five years. They have, through dynamic, fast track solutions to the energy transition, outcompeted the traditional energy companies. Golar is excited to become a major shareholder in NFE and working even more closely with NFE. NFE’s expanded portfolio of cash generating assets and international project opportunities in the advanced stages of development put them in a strong position to accelerate the realization of the profitable growth ambitions Golar has for its downstream business. Golar has materially strengthened its balance sheet as a result of the NFE transactions. This coincides with rising energy prices, and with a global focus on cleaner energy. Golar is now in a strong position to use its unique FLNG capability and experience to produce low cost LNG and meet this rapidly expanding opportunity. This can take place through ta...