Page 16 - GLNG Week 14 2022

GLNG NEWS IN BRIEF GLNG

of Economic Affairs Mika Lintilä have agreed 100bn cubic metres (bcm) of natural gas from February this year were completed today.
to the joint leasing of a floating terminal for the Norwegian Continental Shelf annually, These completions covered all of the
liquid natural gas (LNG) that will guarantee meaning they are critical to ensure safe, secure shares in the following single purpose
the supply of gas to both countries. and efficient energy supply to Europe in the companies, being the owners of the following
“The supply of natural gas to both Estonia face of increasing demand. LNG tankers: Golar Hull M2048 Corp.
and Finland is highly reliant on Russia, and “We are looking forward to working with (the owner of “GOLAR ICE”); Golar LNG
given the uncertain times we are facing, Wood and think it will be a good match based NB11 Corporation (the owner of “GOLAR
that means we have to cover our backs and on their european presence in close proximity KELVIN”).
make preparations to do without Russian gas to our terminals, and also their previous In acquiring the two single purposes
altogether,” Minister Aas explained. “We and experience and good track record from companies, CoolCo accepted that their
our neighbours across the gulf felt it made similar work on Norwegian Gassco operated existing lease financing arrangement will
sense to join forces and shore up the supply of terminals”, says Dag Olav Sæverud, Gassco’s continue, supplemented by a new parent
gas to both our countries by taking into use a project manager. guarantee from CoolCo.
shared LNG terminal, which we intend to do “We are delighted to grow our relationship CoolCo paid for the shares in the
later this year.” with Gassco and expand our operational subsidiaries in cash and by the issue of
Minister Lintilä says we must be prepared footprint in Europe with this award which 3,125,000 new common shares of $1.00 par
for disruptions in gas imports as a result of further propels our geographical and portfolio value in CoolCo to Golar. These new shares
the war in Ukraine. “A floating LNG terminal diversification”, says Craig Shanaghey, Wood’s have been fully paid and are validly issued
is an effective way of ensuring gas supplies, president of operations in Europe, Middle under Bermuda law today.
including for industry,” he remarked. “My East and Africa. Following the issue, CoolCo has a paid in
thanks go out to the Estonian government for GASSCO, April 08, 2022 share capital of $40,010,000 represented by
their smooth cooperation on this issue.” 40,010,000 common shares each of which
The plan foresees Estonia and Finland Slovenia plans to get more represents one vote in the company’s general
establishing the hauling quays needed to meeting.
service a floating LNG terminal before jointly gas from Croatia’s LNG Golar now owns 12,510,000 shares in the
leasing such a terminal, which can be used by company, representing 31.2% of all shares in
both countries on the northern and southern terminal issue.
shores of the Gulf of Finland. The quays will CoolCo and Golar further completed the
be established in Paldiski in Estonia and in Croatia will soon publish a call for booking transfer of all of the shares in Cool Pool from
Inkoo in Finland. The floating terminal is the increased capacity of its LNG terminal on Golar to CoolCo today. The Cool Pool is the
planned to be in place by autumn, at first the Krk island to approximately 300mn cubic company responsible for the marketing of the
alongside whichever hauling quay it can be metres per year and Slovenia is interested in LNG tankers acquired by CoolCo.
installed soonest. The location of the terminal leasing this, Infrastructure Minister Jernej CoolCo and Golar will finalise the overall
thereafter will depend on market need and Vrtovec said on April 4. transaction announced in January this year
size. The hauling quays on both sides of the Slovenia is looking for ways to diversify its by transferring the organisation in Golar
Gulf of Finland will boost security of supply gas supplies to reduce dependence on Russian responsible for the technical and commercial
for consumers of gas in both countries and gas, following the war in Ukraine. operation of the LNG tankers acquired
ensure the flexibility required for the use of Vrtovec visited the LNG terminal on by CoolCo from Golar to CoolCo. This is
the floating terminal. Krk, where he met with the Croatian Energy expected to be concluded by Q2 2022.
ESTONIAN MINISTRY OF ECONOMIC AFFAIRS Minister Tomislav Coric. The visit was Interim CEO Karl Fredrik Staubo
AND COMMUNICATIONS, April 07, 2022 intended to strengthen relations between the commented: “Completion of these final two
two countries in the field of energy Vrtovec vessel transfers coincides with an improving
Gassco awards contract to said in a Facebook post. chartering environment. The market
strengthening is driven by increased focus on
News agency STA cited Vrtovec as saying
Wood Group Norway that the additional capacity would cover about energy security, low gas storage levels, new
environmental regulations effective from 2023
a third of Slovenia’s gas demand this year.
Gassco is pleased to announce the award disadvantaging less fuel-efficient tonnage, and
of a three-year contract for engineering, rising yard prices for new orders with lead
procurement and management services to Cool Company – times into 2026. CoolCo recently chartered
Wood Group Norway. a vessel for 12 months at a rate of around
The contract will see Wood work closely Completion of final vessel $120,000 per day, 20% higher than the last
with Gassco to renovate the gas receiving 12-month charter agreed for a CoolCo vessel
facilities through the provision of engineering, acquisitions in October 2021 and twice the actual rate the
procurement and construction management vessel earned on its prior 12-month charter.
services across the Easington (UK), Cool Company is pleased to announce that We are also seeing increased interest for
Zeebrügge (Belgium), Dunkerque (France), the last two acquisitions of eight modern multi-year charters driving stronger earnings
Dornum (Germany), and Emden (Germany) LNG tankers from Golar LNG pursuant to and dividend potential.”
gas receiving terminals. the terms of the share purchase agreement COOL COMPANY, April 06, 2022
Combined, these terminals receive around between Golar and the Company of 26

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