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Kuwait selects Golar LNG for $213m FSRU contract

Golar LNG has signed a contract to provide an FSRU to the Kuwait National Petroleum Company (KNPC) at Mina Al Ahmadi.

The five year contract covers 170,000cu m newbuild Golar Igloo for nine months of every year, with a three month stand-down period each winter, for which Golar will seek short term contracts for the Igloo. The vessel is due for delivery by Samsung Heavy Industries in the fourth quarter 2013 and will commence work for KNPC in March 2014.

The $213m contract covers capital and operating costs for the vessel for the five years; Golar hopes to add to those earnings with further hire payments during the 15 months of winter stand-down during the contract.

Golar LNG ceo, Doug Arnell said, "Kuwait is an established LNG importer and we look forward to working closely with our new customer. We are very pleased that an experienced LNG industry player such as KNPC has entrusted Golar with their FSRU services which demonstrates our established reputation as a leading operator of floating midstream LNG assets. As this is a five year charter the vessel will be offered to Golar LNG Partners to acquire providing for another potential acquisition with a new and particularly strong counterparty."

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