Golar LNG Limited’s subsidiary, Gimi MS Corporation, strikes a 20-year Lease and Operate Agreement (LOA) with BP. The LOA is for the floating liquid natural gas (FLNG) vessel, Gimi, to provide services on the Greater Tortue Ahmeyim project.
Gimi will be stationed along the maritime boarder between Senegal and Mauritania in order to support the initial phase of the Greater Tortue Ahmeyim project. Gimi is expected to produce nearly 2.5 million tons per annum (mtpa) of LNG using the “Prico” liquification process.
First FLNG Holdings Pte. Ltd. (FFH), a subsidiary of Keppel Capital, has entered into a Subscription Agreement with Gimi MS. While Gimi MS will build and operate the vessel, FFH will maintain a 30% share in Gimi.
The project is expected to cost $1.3 billion, not including financing. FFH’s subscription is equivalent to about 30% of the total cost. Once operational, Gimi’s projected EBITDA is $215 million per year.
