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Golar LNG looks to raise $594m to fund FLNG conversion

Golar LNG is looking to raise $594m from a follow-on stock offering to fund initial milestone payments for a Floating LNG (FLNG) conversion at Keppel Shipyard.

Golar LNG priced the offering of 11m shares at $54 per share, which would raise $594m. The underwriters have a 30-day option to purchase an additional 1.65m shares, which would bring proceeds to $683.1m.

The company said proceeds from the offering would be used for initial milestone payments on the conversion of the LNG carrier Hilli to an FLNG at Keppel Shipyard in Singapore, and to partly fund future payments under the contract.

The share offering is set to close on 30 June.

BofA Merrill Lynch, Goldman, Sachs & Co, Morgan Stanley and RS Platou Markets are acting as joint book-running managers and Arctic Securities, DNB Markets, Fearnley Securities and Pareto Securities are acting as co-managers for the offering.   

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