Page 12 - GLNG Week 50 2021

GLNG NEWS IN BRIEF GLNG

AMERICAS operating platform with capacity for fleet ASIA
growth. The anticipated IPO proceeds
Golar announces execution will, together with a contemplated debt Energy Capital Vietnam,
refinancing, be used to acquire the 8 TFDE
of terms agreement to vessels from Golar, secure attractive financing B.Grimm Power and
and provide CoolCo with working capital
separate its 8 tfde LNG to position the company for further growth. Siemens Energy Partner
Outstanding Contractual Debt associated with
carriers into Cool Company; the 8 vessels was $858mn as of September 30, in landmark LNG-to-power
2021.
cornerstone equity to retain approximately 1/3rd of CoolCo project in Vietnam
In addition to a cash release, Golar intends
commitment received from as contemplated by the Terms Agreement. Energy Capital Vietnam (ECV), a US-based
project holding and development company
Eastern Pacific Shipping (EPS), one of the
Eastern Pacific Shipping world’s largest privately-owned shipping established in 2015 to serve as a platform
companies, has as part of the Agreement
for private investment into Vietnam,
Golar is pleased to announce the formation pre-subscribed for $150mn in CoolCo equity has announced that B.Grimm Power of
of Cool Company (CoolCo or company), and based on an average TFDE ship valuation of Thailand and Siemens Energy have joined
the entry into a pre-commitment agreement. $145mn, making EPS the largest shareholder its consortium to develop an LNG-to-power
CoolCo targets to become a growth vehicle of CoolCo. Subject to market conditions, the project in Mui Ke Ga (MKG), Binh Thuan
and consolidator of modern LNG carriers and Terms Agreement contemplates an equity Province, in Southern Vietnam.
provide investors with direct market exposure private placement to outside investors during B.Grimm Power and ECV have signed a
to an expected continued strength in the LNG Q1 2022. Alongside Golar, EPS will take an joint development agreement, and B.Grimm
freight market. active role in the further development of Power intends to invest approximately
The consummation of the transactions CoolCo and will chair the Board of Directors. $200mn in equity at financial close of the
contemplated by the Terms Agreement would Five listed LNG carrier companies have project. B.Grimm Power’s more than 20
result in CoolCo acquiring Golar’s 8 tfde been taken private during 2021. Remaining years presence in Vietnam and expertise in
LNG carriers with plans to raise equity and listed peers have limited market exposure for operating gas fired power plants with a total
separately list on Euronext Growth in Oslo modern tonnage. CoolCo aims to provide capacity of more than 2,000 MW will ensure
during Q1 2022. CoolCo is also expected investors with attractive market exposure, a smooth project implementation as well as
to acquire the commercial and technical dividend distributions, attractive organic reliable and efficient electricity production.
organisation associated with the operation growth and pursue industry consolidation. Siemens Energy will deliver advanced
of Golar’s owned and operated shipping and GOLAR, December 15, 2021 technology equipment into the project to
FSRU assets to become a fully integrated reduce the global carbon footprint by bringing
cleaner burning gas to a still coal-dominated
region. Further, Siemens Energy is evaluating
to participate with construction equity to the
project, which has an estimated total project
cost of $1.75bn.
“B.Grimm Power is excited to work with
ECV, Siemens Energy and Maius to deliver the
MKG LNG project on time and we welcome
the timely issuance of Power Development
Plan VIII,” said Dr. Harald Link, chairman
and president of B.Grimm Power. “We
find great confidence in the innovative risk
mitigation approach applied to the project
as a cornerstone for the Vietnamese energy
transition. As internationally recognised,
LNG is a cleaner, cost-effective fuel alternative
to coal. MKG LNG can help the energy
transition in Vietnam in accordance with
commitments made under the Paris Accords
and at COP26.”
David Lewis, ECV chairman and CEO,
said the addition of B.Grimm Power and
Siemens Energy as partners speaks to the
strength of the MKG project in Vietnam.
“Partnering with B.Grimm Power and
Siemens Energy bolsters ECV’s first-class
LNG-to-power project that will provide
critical energy security to Vietnam,” Lewis

P12 www. NEWSBASE .com Week 50 17•December•2021