SOURCE: Golar LNG

March 03, 2008 03:02 ET

Golar LNG - Livorno project

LONDON--(Marketwire - March 3, 2008) -


Golar LNG is pleased to advise that OLT OFFSHORE LNG TOSCANA SPA signed on Friday February 29 a contract with SAIPEM to complete the necessary works to convert Golar Frost into an LNG floating storage and regasification terminal to be located offshore Livorno and also signed an agreement with SNAM RETE GAS for the construction of the pipeline connecting the terminal to the national grid.

OLT OFFSHORE LNG TOSCANA SPA - whose shareholders are Group Iride 30,5 % (subdivided between Iride Market 27.8% and ASA Livorno 2.7%), ENDESA Europe 30.5%, Golar LNG 16% and OLT Energy Tuscany joint-stock corporation 23% - have signed today with SAIPEM an agreement for the completion of the works necessary to provide a floating storage and regasification unit (FSRU) off the coast of Livorno and have also signed an agreement with SNAM RETE Gas for the construction of the offshore and onshore pipeline connecting the terminal to the national grid.

In particular, the contract with SAIPEM, of the value of Euro 390 million, relates to the conversion of the LNG carrier Golar Frost (acquired by OLT-O from Golar LNG under a Memorandum of Agreement dated 28/12/07 for USD 231 million) and covers all the necessary works to convert, install and commission the offshore installation.

The OLT-O terminal is one of the two projects in Italy that have obtained all the necessary authorizations and permits, work began in 28 February 2007 with the site preparation of the shore side metering station in the Collesalvetti location, it continued with the acquisition of the Golar Frost in December 2007 and the project completion is now scheduled within 2010.

Once completed the terminal's regasification capacity will be 3.75 bcm p.a. which is equivalent to 5% of the annual national requirement.

Golar LNG is pleased to have supported this project throughout the development phase and looks forward to ongoing participation in this important next phase of execution.

Golar LNG Limited
Hamilton, Bermuda

Questions should be directed to:

Golar Management (UK) Ltd - +44 207 517 8600:

Gary Smith: Chief Executive Officer
Graham Robjohns: Chief Financial Officer

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