Golar LNG Partners to Acquire Igloo from Golar LNG Limited for $310M

Golar LNG Partners LP

announced today that it has entered into an agreement to acquire the ownership interests in the company that will own and operate the Golar Igloo, a floating storage and regasification unit ("FSRU"), from Golar LNG Limited ("Golar") for an aggregate purchase price of $310.0 million.  The Partnership will finance the purchase price in part by the assumption of outstanding bank debt in respect of the Golar Igloo on the closing date of the acquisition (which the Partnership estimates will be approximately $161.6 million).  The Partnership expects to fund the remainder of the purchase price by issuing equity. The Golar Igloo is being built by Korean shipyard Samsung Heavy Industries Co. Ltd. and is scheduled to be delivered in December 2013.  The Partnership expects the Golar Igloo acquisition to close in March 2014, when the Golar Igloo will commence service under a five-year time charter (the "Golar Igloo Charter") with Kuwait National Petroleum Company ("KNPC"), supporting KNPC's LNG import operations at Mina Al Ahmadi in Kuwait.  The Golar Igloo acquisition may close earlier than March 2014 in the event that Golar secures a short-term LNG carrier contract for the Golar Igloo