Golar and bp enter into commercial reset arrangements for FLNG Gimi

05 Aug 2024 12:26 CEST

Golar LNG Ltd. (“Golar”), and bp, as Operator of the Greater Tortue-Ahmeyim LNG
Project, have executed agreements to implement a commercial reset for FLNG Gimi.
The commercial reset agreement simplifies contractual cash flows and settles
previous disputes related to payment mechanisms for pre-commercial operations
date (“Pre-COD”) contractual cash flows. Golar and bp have agreed an updated
schedule of daily payments until the Commercial Operations Date (“COD”). The
daily payments have step-up mechanisms based on project milestones up to COD and
are secured by long stop dates. Golar will also be entitled to certain lump sum
bonus payments subject to achievement of certain project milestones. These
Pre-COD cash flows are expected to be deferred on the balance sheet and
amortized over the 20-year contract term from COD.

The commercial reset settles all ongoing disputes including the current
arbitration process and re-aligns the parties towards reaching COD.

To shorten the time to COD the parties have also agreed to start the
commissioning of FLNG Gimi with an LNG cargo prior to the availability of gas
from the FPSO.

Forward-Looking Statements

This press release contains forward-looking statements (as defined in Section
21E of the Securities Exchange Act of 1934, as amended). 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 forward-looking statements
involve many risks and uncertainties that could cause actual results to differ
materially from those expressed or implied by such 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
August 5, 2024
Investor Questions: +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