Golar LNG Ltd. will acquire New Fortress Energy Inc.’s (NFE) entire interest in Hilli, a floating liquefaction facility offshore Kribi, Cameroon. (Source: Shutterstock)
Golar LNG Ltd. will acquire New Fortress Energy Inc.’s (NFE) entire interest in Hilli, a floating liquefaction facility offshore Kribi, Cameroon, for the return of 4.1 million NFE shares and $100 million in cash.
Announced in a Feb. 6 press release, the transaction is expected to close in first-quarter 2023.
“From a strategic perspective, [NFE’s transaction with Golar] will allow [New Fortress] to focus solely on our own FLNG portfolio that we own 100 percent of, as well as buy back NFE stock at an attractive valuation,” said Wes Edens, NFE chairman and CEO.
The agreement reduces the number of outstanding New Fortress shares to 204.7 million and eliminates NFE’S $323 million debt obligations from operations in the Hilli.
For Golar, “the transaction increases Golar’s portion of cash flow generation from Hilli’s existing contract until July 2026,” said Karl Fredrik Staubo, CEO of Golar.
NFE is a global energy infrastructure company.
Recommended Reading
As Rig Count Slips, Oil Production Keeps Growing
2024-10-22 - Despite the offshore rig market showing signs of demand slippage, oil production looks to be on the rise for the foreseeable future, Westwood analysts say.
Matador May Tap Its Haynesville ‘Gas Bank’ if Prices Stabilize
2024-10-24 - The operator holds 8,900 net Haynesville Shale acres and 14,800 net Cotton Valley acres in northwestern Louisiana, all HBP, that it would drill if gas prices stabilize—or divest for the right price.
EY: How AI Can Transform Subsurface Operations
2024-10-10 - The inherent complexity of subsurface data and the need to make swift decisions demands a tailored approach.
E&P Highlights: Oct. 28, 2024
2024-10-28 - Here’s a roundup of the latest E&P headlines, including a new field coming onstream and an oilfield service provider unveiling new technology.
Integrating OCTG Management from Planning to Well
2024-12-10 - Tenaris’ Rig Direct provides improved collaboration and communication, and more uptime.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.