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Golar LNG bags Ghana FSRU contract

Golar LNG has won a contract to provide a FSRU for a jv company West African Gas Limited (WAGL) in Ghana.

WAGL, owned 60% by subsidiaries of the Nigerian National Petroleum Corporation (NNPC) and 40% by Sahara Energy Resource (Sahara), is due to complete the jetty at the end of this year, and plans to begin operation in Q2 2016.

The 170,000 cu m Golar Tundra FSRU, due for delivery from Samsung Heavy Industries in November this year, will be contracted for five years with an option for a further five, mooring an LNG import jetty at the port of Tema, Ghana.  The contract is expected to be worth an EBITDA of $44m in the first full year of operation alone.

“West Africa is becoming an increasingly important region for our business and we are proud to be jointly developing Sub Saharan Africa's first FSRU in partnership with WAGL,” said Golar LNG's ceo, Gary Smith. "We are very pleased that WAGL has entrusted Golar with their FSRU services which again 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."

“This landmark achievement is the first of its kind in Sub Saharan Africa and strategically positions Ghana to be an Energy Hub,” said Umar Ajiya, WAGL md. “By contracting with the best-in-class companies like Golar LNG, WAGL has set clear standards of the highest order and reaffirmed its belief in the sub region as a stable environment for doing business".

The news is the latest in a series of new developments for Golar LNG in Africa, following the announcement of an agreement with the Republic of Cameroon for the deployment of the company’s first GoFLNG vessel in Cameroon waters offshore of Kribi. The company also commissioned Keppel for a series of conversion of Moss-type LNG carriers, into Floating Liquefaction (GoFLNG) facilities.

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