Golar to acquire New Fortress Energy's stake in FLNG Hilli

06 Feb 2023 14:21 CET

Golar LNG Limited ("Golar" or "the Company") has agreed to acquire the New
Fortress Energy Inc. ("NFE") ownership stake in FLNG Hilli in exchange for
Golar's remaining 4.1 million shares in NFE and $100 million in cash. Golar will
also take over approximately $323 million in debt obligations linked to Hilli.

Pursuant to the transaction, Golar will acquire the 50% interest in Trains 1 and
2 of FLNG Hilli, currently owned by a subsidiary of NFE. Following closing of
the transaction, Golar's effective interest in currently contracted FLNG Hilli
earnings will be as follows:

* 94.55% of Common Units that receive tolling related fees relating to trains
1 and 2, and 5% of Dutch Title Transfer Facility ("TTF") related fees,
* 89.1% of Series A units that receive Brent oil related fees,
* 89.1% of Series B units that receive 95% of TTF related fees.

Following the transaction Golar will have no remaining shareholding in NFE.

Commenting on the transaction, Golar CEO Karl Fredrik Staubo said "Today's
announced transaction increases Golar's portion of cash flow generation from
Hilli's existing contract ending in July 2026.  Improved market fundamentals for
liquefaction capacity and Hilli's market leading operational track record
supports increased utilization and earnings potential of Hilli upon re-
contracting. The transaction continues our company simplification, reducing our
investments in listed securities whilst unifying the ownership of the FLNG
Hilli.

We have enjoyed the collaborative relationship with NFE and look forward to
observing their continued contribution to expanding the global LNG market
through technical solutions complementary to Golar's business."

Wes Edens, Chairman and CEO of New Fortress Energy said "From a strategic
perspective, the transaction allows us to focus solely on our own FLNG portfolio
that we own 100 percent of as well as buy back NFE stock at an attractive
valuation. Golar has been a meaningful partner for the past several years and we
have appreciated the opportunities to collaborate with them as we continue to
advance NFE's mission to bring more affordable, reliable and cleaner energy to
customers around the world."

Subject to customary conditions, the transaction is expected to close in Q1
2023.

FORWARD LOOKING STATEMENTS

This press release contains forward-looking statements (as defined in Section
21E of the Securities Exchange Act of 1934, as amended) which reflects
management's current expectations, estimates and projections about its
operations. All statements, other than statements of historical facts, that
address activities and events that will, should, could or may occur in the
future are forward-looking statements. Words such as "may," "could," "should,"
"would," "expect," "plan," "anticipate," "intend," "forecast," "believe,"
"estimate," "predict," "propose," "potential," "continue," or the negative of
these terms and similar expressions are intended to identify such forward-
looking statements.

These statements are not guarantees of future performance and are subject to
certain risks, uncertainties and other factors, some of which are beyond our
control and are difficult to predict. Therefore, actual outcomes and results may
differ materially from what is expressed or forecasted in such forward-looking
statements. You should not place undue reliance on these forward-looking
statements, which speak only as of the date of this press release. Golar LNG
Limited undertakes no obligation to update publicly any forward-looking
statements whether as a result of new information, future events or otherwise,
unless required by applicable law.

Hamilton, Bermuda
February 6, 2023
Enquiries:
Golar Management Limited: + 44 207 063 7900
Karl Fredrik Staubo - CEO
Eduardo Maranhão - CFO
Stuart Buchanan - Head of Investor Relations

This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act

More information:
Access the news on Oslo Bors NewsWeb site