[Mauritania & Senegal] Gimi FLNG

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escveritas
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[Mauritania & Senegal] Gimi FLNG

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Keppel inks agreement with Golar to subscribe for 30% interest in Gimi MS Corporation

Keppel Corporation Limited ("Keppel" or the "Company") has through First FLNG Holdings Pte. Ltd. ("FFH"), an indirect wholly-owned subsidiary of the Company held through Keppel Capital Holdings Pte. Ltd., entered into a conditional share subscription agreement1 with Golar LNG Limited ("Golar") and Gimi MS Corporation ("Gimi MS") to subscribe for 30% of the total issued ordinary share capital of Gimi MS.

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Gimi MS will undertake the development, construction and operation of a floating liquefied natural gas (FLNG) facility to be located on the Mauritania and Senegal maritime border. Concurrent to the share subscription agreement, Gimi MS has also executed a 20-year FLNG lease and operate agreement with BP.

Keppel and Golar have previously partnered on the FLNG Hilli Episeyo, the world's first FLNG conversion project, which has been a successful proof of concept as a quick and cost-efficient solution for monetising stranded gas reserves. Hilli Episeyo has maintained 100% uptime since commencing commercial operations in June 2018 and consistently despatched two LNG cargoes each month.

"We are pleased to further strengthen Keppel's relationship with Golar in capturing growing opportunities in the LNG space. This transaction reflects Keppel's confidence in the prospects of the FLNG sector and that this investment will provide attractive risk-adjusted returns.

"Our investment is in line with Keppel's business model and harnesses the diverse capabilities of the Group. We are pleased that Keppel Offshore & Marine has been chosen to execute this important project, which will further strengthen our capabilities and track record in the conversion of FLNG vessels.

"The Gimi investment can also be a seed asset for a possible infrastructure fund managed by Keppel Capital in the future. After the asset has been completed and de-risked, the 30% interest may be injected into Keppel Infrastructure Trust," said Mr Loh Chin Hua, CEO of Keppel Corporation.

Golar's CEO Mr Iain Ross said, "Golar is pleased to be working with Keppel again on its second FLNG project. Testament to the quality and reliability of the floating LNG solution, Golar has entered into a 20-year Lease and Operate Agreement with BP for the charter of FLNG unit, Gimi, to service the Greater Tortue Ahmeyim project. The safe and reliable performance of FLNG Hilli Episeyo is in part due to the high quality and safe workmanship of Keppel Offshore & Marine and we look forward to these same high standards being maintained throughout the construction of FLNG Gimi."

With the funds from the subscription of shares by its shareholders, Gimi MS will acquire and own the Moss LNG carrier Gimi which will be converted into an FLNG vessel by Keppel Shipyard. In December 2018, Keppel Shipyard received the limited notice to proceed from Golar to commence early conversion works. The carrier has been relocated from layup to Keppel Shipyard in Singapore where conversion works will soon start.

On completion of the subscription, FFH will enter into a shareholders' deed with Golar and Gimi MS. Under the terms of the shareholders' deed, Gimi MS may issue cash calls on a pro rata basis to the shareholders, namely FFH and Golar, for future funding requirements for the construction, deployment and commissioning of Gimi based on an anticipated project budget limit of approximately US$1.3 billion exclusive of financing costs. FFH is committed to invest up to an estimated maximum total of US$250 million in connection with the Project inclusive of the subscription price.

The Company will make a further announcement upon completion of the subscription.

None of the directors or controlling shareholders of Keppel Corporation has any interest, direct or indirect, in the above transaction. The transaction is not expected to have any material impact on the net tangible assets and earnings per share of Keppel Corporation for the current financial year.
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Re: [Mauritania] Golar Gimi

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17 April 2019

Keppel receives final approval for the conversion of Gimi FLNG project

Keppel Offshore & Marine (Keppel O&M)'s wholly-owned subsidiary, Keppel Shipyard Ltd (Keppel Shipyard), has received the Final Notice to Proceed (FNTP) from Gimi MS Corporation, a subsidiary of Golar LNG Limited, to commence full conversion works for the Gimi Floating Liquefaction Vessel (FLNG) project. The total contract is worth US$947million and builds on the issuance of the Limited Notice to Proceed (LNTP) on 17 December 2018.

Keppel Shipyard's scope of work in the conversion of a Moss Liquefied Natural Gas (LNG) carrier into an FLNG vessel includes the design, detailed engineering and procurement of the marine systems as well as conversion-related construction services. It will be similar to the work done on the first FLNG vessel, Hilli Episeyo, which Keppel undertook for Golar, but will be customised for the 20-year BP Greater Tortue Ahmeyim contract offshore West Africa. Delivery of the vessel is expected in 1H 2022.

Mr Chris Ong, CEO of Keppel O&M, said, "We are glad to continue this strong partnership with Golar on such a successful FLNG solution. The success of the Hilli Episeyo has provided the industry with strong proof of the attractiveness of Golar and Keppel's conversion solution. This has further strengthened our offerings along the gas value chain. Leveraging our engineering as well as execution expertise and LNG capabilities, we are able to partner customers in developing innovative and fit-for-purpose solutions to meet the needs of the market."

Keppel's conversion solution has proven to be cost-efficient and quick-to-market. Hilli Episeyo, the world's first converted FLNG vessel, was delivered in record time and on budget to Golar LNG for work offshore Kribi, Cameroon.

Mr Iain Ross, CEO of Golar LNG, said, "Golar looks forward to working closely with Keppel on another Mark I FLNG and has a high degree of confidence in Keppel's ability to safely deliver FLNG Gimi on time and within budget."

Keppel Shipyard will once again engage Black & Veatch, its trusted partner for the conversion of the Hilli Episeyo, to provide design, procurement and commissioning support services for the topsides, as well as the liquefaction process, utilising its established PRICO® technology.

When completed, the Gimi FLNG will be stationed at a nearshore hub located on the Mauritania and Senegal maritime border, and is expected to begin production in 2022 as part of the first phase of the Greater Tortue Ahmeyim project. The Gimi FLNG is designed to produce an average of approximately 2.5 million tonnes of LNG per annum.

The above transaction is not expected to have any material impact on the net tangible assets and earnings per share of Keppel Corporation for the current financial year.
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Re: [Mauritania & Senegal] Gimi FLNG

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Seatrium Delivers World’s Second Floating Liquefaction Vessel Conversion For Sustainable LNG Production
  • Gimi is the second Floating Liquefaction Vessel conversion for Golar LNG, making Seatrium the only organisation in the world to deliver two FLNG conversions
  • The Gimi FLNG project demonstrates Seatrium’s commitment to sustainability as end- of-life LNG tankers are repurposed into FLNG vessels
  • Seatrium’s innovative FLNG conversion solutions reduce GHG emissions in line with meeting the industry’s growing needs
Singapore, 20 November 2023 – Seatrium Oil & Gas (Americas) Limited (a member of Seatrium Group) announced today the successful delivery of the world’s second converted Floating Liquefaction Vessel (FLNGV) to Gimi MS Corporation, a subsidiary of Golar LNG Limited.

The Gimi FLNG will be stationed at a nearshore hub located on the Mauritania and Senegal maritime border, and is expected to begin production next year as part of the first phase of the Greater Tortue Ahmeyim project.

Gimi was converted from a 1975-built Moss LNG carrier with a storage capacity of 125,000 cubic metres. It is designed for 20 years of operations on-site without dry docking, with a liquefaction capacity of 2.7 million tonnes per annum and contracted to operate near shore in 30 metres of water depth.

Mr Chris Ong, CEO of Seatrium said, "We are delighted to deliver the world's second FLNGV conversion in partnership with Golar LNG. Gimi is a testament to the strong track record of the projects we have delivered to Golar over the years, and reflects their confidence in Seatrium as a partner in the development and conversion of high-quality, sustainable and robust production units. Leveraging our deep engineering expertise in complex offshore conversion projects, as well as our capabilities in executing LNG-related EPC (engineering, procurement, construction) projects, we offer innovative and reliable floating liquefaction solutions to meet the growing midstream needs of the LNG industry.”

The conversion of Gimi is part of a broader suite of solutions developed by Seatrium to address the industry’s focus on energy transition, with LNG widely regarded as a transition fuel. The Group’s proprietary FLNG conversion solutions are quick-to-market and reduces GHG emissions by 33% on average as compared to a newbuilt option. Seatrium previously delivered Gimi’s predecessor, Hilli in 2017, which is currently operating with a 100% uptime in Cameroon, Central Africa.

Mr Karl Fredrik Staubo, CEO of Golar LNG said, "Golar is pleased to complete conversion of the FLNG Gimi and set sail for Gimi’s 20-year operation for BP and Kosmos offshore Mauritania/ Senegal. We would like to thank Seatrium, Black and Veatch and other suppliers for another successful FLNG delivery. With Gimi soon on-site for start-up of operations Golar will double its1 operating fleet of FLNGs and bring total installed liquefaction capacity of up to 5.1mtpa. As the leading, independent owner and operator of FLNG units globally, we are committed to enable monetisation of attractive proven gas fields through our market leading operational track record, attractive capex/ton of liquefaction capacity which is amongst the industry’s most efficient emissions/ton produced LNG.”

Since its first LNGC drydocking and ship repair in the 1980s, Seatrium has built deep expertise and knowledge of LNG-related cryogenic systems. The Group is today the industry leader in designing and building of complex turnkey solutions, including newbuilds, conversions and repairs for vessels supporting the LNG value chain. Some of its achievements include developing Singapore’s first LNG bunkering vessel - the FueLNG Bellina in 2021, Singapore’s first floating energy storage system - the Floating Living Lab, as well as various dual-fuel LNG dredgers and tugs, purpose-built LNG carriers and LNG-powered containerships.
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Re: [Mauritania & Senegal] Gimi FLNG

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FLNG Gimi arrives at GTA field offshore Mauritania/Senegal
10 Jan 2024

Golar LNG Limited (“Golar” or the “Company”) announces that FLNG Gimi arrived at the GTA field offshore Mauritania and Senegal on January 10, 2024. Golar has notified bp of FLNG Gimi’s arrival. Following completion of all preparatory activities FLNG Gimi will be maneuvered to her berth at the hub and for her subsequent connection to the feed gas pipeline. Golar and bp have agreed that FLNG Gimi will proceed to moor offshore Tenerife while awaiting completion of the necessary preparatory activities.

Golar CEO Karl-Fredrik Staubo commented: “Golar is pleased to see that the FLNG Gimi has arrived at the GTA field offshore Mauritania and Senegal, her home for the next 20 years. We are excited to integrate the Golar FLNG Facility with the GTA hub, and starting the next phase of our long-term relationship with bp and the GTA partners into LNG production.”

Rahman Rahmanov, bp’s vice president projects for Mauritania & Senegal commented: “This is a major step forward for overall delivery of the GTA1 project in Mauritania and Senegal. Safely achieving this milestone is a result of great teamwork.”
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