Page 13 - GLNG Week 21 2021

GLNG NEWS IN BRIEF GLNG

chairman and CEO of Sempra Energy. “This
is an important step forward in advancing
our Sempra Infrastructure platform, which
we expect will create scale, unlock portfolio
synergies, highlight value and better position
the business for growth.”
“Today’s announcement advances our
financial strength as part of the Sempra
Infrastructure platform and bolsters our
commitment to investing in the energy
infrastructure needed to support Mexico’s
economic growth and overall success for
AMERICAS GMLP and Hygo backgrounds both have many years to come,” said Tania Ortiz, CEO
been intimately involved with the business of IEnova.
Golar LNG: Interim results for some time and will be familiar faces to of transactions originally announced in
The exchange offer is part of a series
Golar stakeholders, allowing for a seamless
for the period ended March transition. December 2020 that are intended to simplify
Sempra Energy’s non-utility infrastructure
GOLAR LNG, May 20, 2021
31, 2021 investments under one self-funding platform,
Sempra Infrastructure, combining the
The first quarter and subsequent months Sempra Energy announces strengths of Sempra LNG, a leading developer
have been positive and eventful for Golar. results of exchange offer of liquefied natural gas (LNG) export
With the announcement of the sale of Golar infrastructure, and IEnova, one of the largest
LNG Partners LP (GMLP) and Hygo Energy for publicly owned shares private energy companies in Mexico and a
Transition to New Fortress Energy (NFE) on leading developer and operator of renewables
January 13, and closing of the transactions on of IEnova and natural gas infrastructure in that country.
April 15, Golar has made significant progress In April, Sempra Energy announced that it
simplifying its business, crystalising the value Sempra Energy today announced the has entered into a definitive agreement to sell
of its asset portfolio, and strengthening its expiration and final results of its exchange a non-controlling, 20% interest in Sempra
balance sheet. offer to acquire the outstanding shares of Infrastructure to KKR for $3.37 billion in
We are encouraged by the strength of IEnova (Infraestructura Energética Nova) not cash, subject to adjustments.
shipping rates during what is normally a owned by Sempra Energy. The exchange offer SEMPRA ENERGY, May 25, 2021
seasonally weak period, with TFDE1 spot expired on May 24, 2021.
rates currently around $70,000 per day. Sempra Energy offered to exchange each
The negative impact of potential EEXI outstanding IEnova ordinary share that it does EUROPE
regulations on the viability of up to 254 not own for 0.0323 shares of Sempra Energy’s
steam turbine carriers relative to a global common stock. Of the 433,242,720 IEnova Kanfer Shipping signs
on-the-water fleet of 597 vessels and a 130 ordinary shares eligible for participation in
vessel orderbook means that Golar’s longer the exchange offer, 381,015,194 ordinary shipbuilding contract
term view of the shipping business has also shares were validly tendered and accepted.
materially improved. The few shipyards In exchange for the ordinary shares, Sempra with Taizhou Yard for
capable of building LNG carriers are filling Energy will issue 12,306,777 shares of its
with container newbuild orders and we do not common stock to the IEnova shareholders construction of two LNG
see potential for significant new LNG carrier who participated in the exchange offer. Upon
orders before 2024. Over the same timeframe the settlement of the exchange offer, which is bunker vessels
LNG trade is expected to continue to grow by expected to occur on May 28, 2021, Sempra
a 4% CAGR. This should allow for improved Energy’s ownership interest in IEnova will be Kanfer Shipping, the Norway-based shipping
earnings from our carrier portfolio and create 96.4%. Sempra Energy achieved its target of company focusing on small-scale LNG sea
a supportive backdrop for this as a stand- exceeding 95% ownership of IEnova through transportation and LNG bunkering, today
alone business. the exchange offer. Accordingly, Sempra signed shipbuilding contract with China-
Current and forward energy prices are also Energy is one step closer to achieving its goal based Taizhou Wuzhou Shipbuilding Industry
strengthening, increasing the attractiveness of acquiring the remaining 3.6% interest. Also Co. for the construction of its first two small-
of LNG upstream investments and our on May 28, 2021, Sempra Energy’s common scale LNG bunker and distribution ships
FLNG technology. We continue to pursue stock will begin to trade on the Mexican with 6,000 cbm tank capacity each. Kanfer
FLNG growth projects including both tolling Stock Exchange (Bolsa Mexicana de Valores, had signed an LOI with Taizhou in January
arrangements and opportunities to develop “BMV”), and will continue to trade on the earlier this year. The vessels are scheduled for
hydrocarbon exposure through ownership of New York Stock Exchange. delivery by second half 2023, with the option
gas molecules suitable for production by our “We could not be more excited about our to build additional vessels.
FLNG technology. successful exchange offer and the prospect “Taizhou has deep experience in building
Finally, we are pleased to have appointed of listing our company’s shares on the BMV. small-scale LNG carriers and Kanfer’s
Mr. Karl Fredrik Staubo as CEO and Mr. Many of Mexico’s most successful companies technological partner, CGR Arctic Marine
Eduardo Maranhao as CFO. With their are listed there,” said Jeffrey W. Martin, AS, has worked closely for years with the yard.

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