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Golar LNG Partners secures 15-year FSRU charter

Golar LNG Partners has bagged a 15-year FSRU charter contract with an undisclosed energy and logistics company for operation in the Atlantic Basin.

Under the terms of the contract Golar LNG Partners can nominate either the Golar Freeze or the Golar Spirit for the charter.

The unit chosen will undergo drydocking prior to the start of the contract in Q4 2018 and undergo some minor modifications. The FRSU is then expected to be in service for 15 years without drydocking, and the charterer has the option to extend for a further five years.

If specified throughput targets are not met the charterer can terminate the agreement after three years and seek an alternative vessel.

Golar LNG Partners ceo Graham Robjohns commented: "Securing this contract demonstrates the underlying value of the Partnership's existing assets, adds significant term and revenue backlog whilst simultaneously reducing re-contracting risk. 

“It also reflects the growing interest in smaller, cost competitive FSRUs that can facilitate the opening of niche markets previously considered uneconomic for LNG.”

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