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Golar LNG expected to deliver FLNG Gimi to BP in first half of 2023

Golar LNG is expected to deliver and commission Floating Liquefied Natural Gas (FLNG) Gimi to BP in the first half of 2023 to be located nearshore on the Mauritania and Senegal maritime border. Golar LNG said conversion of FLNG Gimi for its 20-year contract with BP was 92% technically complete on February 12, 2023, still on track for a H1 2023 sail away.

The BP owned floating production, storage and offloading vessel (“FPSO”) which needs to be commissioned ahead of Gimi’s commissioning is now in Singapore and is expected to arrive on site in Q2 2023. The FPSO is a key part of the major integrated GTA development that also includes subsea development of gas fields and near-shore FLNG facilities. The project’s first phase is set to produce around 2.3 million tonnes of LNG per year.

The project was scheduled for commissioning in early part of 2022 but because of Covid 19, BP had declared force majeure in February 2020.

Golar LNG owns a 70% stake (and Keppel the remaining 30%) in Gimi, which will have a capacity of 2.45 mta once commissioned. Cost of the conversion, not including financing, is projected at US$1.3Bn.

FLNG Gimi is expected to unlock around $3 billion of Earnings Backlog to Golar, equivalent to approximately $151 million in annual Adjusted EBITDA.