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.
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