Snam purchases 5 billion cubic metre floating LNG regasification terminal from Golar LNG for US$350 million
June 01 2022 - 1:30AM
The new LNG import terminal will help safeguard
Italy’s energy security and diversification
San Donato Milanese (Milan), Bermuda, June 1st
2022 – Snam and Golar LNG Limited (“Golar”) have signed an
agreement for the Snam Group to acquire 100% of the share capital
of Golar LNG NB 13 Corporation, whose sole asset is a floating
storage and regasification unit (FSRU), named “Golar Tundra”, for
US$350 million (about €330 million). The transaction was approved
by the Golar Board of Directors on May 30th.
The Golar Tundra can operate both as an LNG
carrier and as an FSRU. The vessel, built in 2015, has a storage
capacity of around 170,000 cubic metres of LNG and a continuous
regasification capacity of 5 billion cubic meters per year. In
order to maximise its regasification capacity, the vessel will be
located in central-northern Italy, close to the areas with greatest
gas consumption. The Golar Tundra is expected to start operations
as an FSRU during the spring of 2023, subject to completion of
authorisation, regulatory processes and the construction of the
necessary infrastructure connecting the terminal to the existing
gas transport network.
Snam CEO Stefano Venier commented: “With the
purchase of the Golar Tundra, Snam is taking a decisive step to
enhance the security and diversification of Italy’s energy
supplies, in line with its mission. The role of the new FSRU for
the benefit of our country will be essential: alone it will
contribute to about 6.5% of domestic needs thus bringing the
country’s regasification capacity to over 25% of the demand. Snam
completed the transaction quickly and effectively in a highly
competitive market due to the scarcity of supply and is continuing
its efforts to acquire a second FSRU of a similar size, for which
exclusive negotiations are currently under way and expected to be
finalised by end of June”.
Golar CEO Karl Fredrik Staubo commented: “We are
pleased to have reached an agreement for Golar Tundra with Europe’s
largest natural gas infrastructure owner. Today’s announced sale
marks the second transaction between Golar and Snam for two
independent FSRU projects in Italy in a short period of time. We
are pleased to work with Snam for the successful start-up of the
LNG terminals, and to contribute to Europe’s drive towards energy
security. With the sale of Golar Tundra, Golar reinforces its focus
on FLNG, enabling efficient production of proven gas reserves
allowing customers to further diversify gas supply.”
As part of the transaction, which followed a due
diligence assessment of the acquired company and the FSRU itself,
Golar will lease Golar Tundra from Snam as an LNG carrier for a
limited period of time after closing, and assist Snam in the
preparatory work for the installation of the vessel in the selected
port. The completion of the transaction occurred simultaneously
with the signing of the contracts and will be financed by Snam out
of its own resources. In the coming months Snam will begin
activities to contract LNG regasification capacity, which will
gradually become available from start-up of Golar Tundra as an FSRU
expected during the spring of 2023.
Forward-Looking Statements
This press release contains forward-looking
statements (as defined in Section 21E of the Securities Exchange
Act of 1934, as amended). All statements, other than
statements of historical facts, that address activities and events
that will, should, could or may occur in the future are
forward-looking statements. Words such as “may,” “could,” “should,”
“would,” “expect,” “plan,” “anticipate,” “intend,” “forecast,”
“believe,” “estimate,” “predict,” “propose,” “potential,”
“continue,” or the negative of these terms and similar expressions
are intended to identify such forward-looking statements. These
forward-looking statements involve many risks and uncertainties
that could cause actual results to differ materially from those
expressed or implied by such statements.
You should not place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. Golar LNG Limited undertakes no obligation to update
publicly any forward-looking statements whether as a result of new
information, future events or otherwise, unless required by
applicable law.
Enquiries:
Golar LNG Limited
Stuart.buchanan@golar.com
+44 207 063 7900
Snam
Ufficio.stampa@snam.it
+39 02 37037273
This information is subject to the disclosure requirements
pursuant to Section 5-12 the Norwegian Securities Trading Act
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