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News Apr 25, 2018

Golar Development of GTA Project

Shearman & Sterling advised Golar LNG Limited in connection with its entry into a Preliminary Agreement, and exchange of a Heads of Terms ("HoT") for a Charter Agreement, with BP Mauritania Investments Limited and BP Senegal Investments Limited, (together "BP") in their capacity as block operators. The HoT represents a commitment between Golar and BP to translate the key commercial terms into a full agreement and proceed with front-end engineering design ("FEED") for the provision of an FLNG vessel to support the development of Phase 1A of the Greater Tortue / Ahmeyin field, offshore Mauritania and Senegal ("GTA Project").

The Preliminary Agreement creates obligations on Golar to progress FEED work and be ready for a vessel conversion from July 1, 2018 onwards, contingent on a positive final investment decision in respect of the GTA Project (expected by the end of 2018). The vessel conversion would take place at Keppel Shipyard Limited building on Keppel's delivery of the FLNG Hilli Episeyo, utilizing Black and Veatch Corporation's PRICO technology. The Preliminary Agreement also includes an option, but not an obligation, for BP on a second FLNG vessel.

Golar is a leading independent owner and operator of LNG carriers and floating storage regasification units (FSRUs), and a pioneer developer of FLNG vessels.

The Shearman & Sterling team below was supported by Joe Freeman (Singapore-Project Development & Finance) and Yaye Diabate (Abu Dhabi-International Arbitration).

The Team