Bermuda based Golar LNG Partners announced a 15-year charter with an energy and logistics company for the provision of an FSRU and related services in the Atlantic Basin.
According to the agreement, the company will use either the ‘Golar Spirit’ or the ‘Golar Freeze’ to service the contract. The vessel will be operating for up to 15 years without drydock and will undergo drydocking, as well as some minor modifications.
The charter agreement includes an option after 3 years for the charterer to terminate the contract and seek an alternative regasification solution, but only in the event that certain throughput targets have not been met. Moreover, Golar Partners will be given the ability of a matching right to provide an alternative solution. The charter also predicts a 5-year extension option.
Golar Partners CEO Graham Robjohns said: “Securing this contract demonstrates the underlying value of the Partnership’s existing assets, adds significant term and revenue backlog whilst simultaneously reducing re-contracting risk. It also reflects the growing interest in smaller, cost competitive FSRUs that can facilitate the opening of niche markets previously considered uneconomic for LNG”.
