According to global leading midstream LNG player ‘Golar LNG’, over 1,500 Keppel personnel currently working on Gimi floating LNG vessel conversion project in Singapore.
In FEB 2019, Golar LNG enters into an agreement to supply a FLNG unit to BP for phase 1 of the Greater Tortue / Ahmeyim Project, West Africa.
1976 built hull is used for conversion of Gimi FLNG, which has now completed its second of five drydocks and almost 38 % of work is completed at Keppel Shipyard, Singapore
Gimi MS Corporation (“Gimi MS”), a newly incorporated subsidiary of the Company, entered into a 20-year Lease and Operate Agreement (“LOA”) with BP for the charter of an FLNG unit, Gimi, to service the Greater Tortue Ahmeyim project.
According to Golar, as at December 31, U$ 434 million had been invested in FLNG Gimi, on a 100% basis. Having satisfied the initial equity investment threshold during 4Q, drawdowns against the U$ 700 million debt facility have now commenced. As at 31 December, U$ 130 million had been drawn down.
Based on the current payment schedule, approximately $59 million is expected to be paid by Golar in 2020
The fully-funded FLNG Gimi Conversion project continues in Singapore, where the vessel recently entered its third of five planned dry-dockings.
Golar said, while Covid-19 does have the potential to impact the supply chain, yard operations in Singapore are capably managing the situation and progress remains on target.
Golar owned seventy percent interests in FLNG Gimi, which will service the 20-year contract with BP offshore Mauritania and Senegal, commencing 4Q 2022.
Company’s project development discussions continue to progress with other oil majors and national oil companies attracted by Golar’s industry-leading technical and operational track record. Mindful of the long lead time to FID, followed by a four-year construction and commissioning period, the quickest a new FLNG would deliver new LNG to market is around five years from now, according to the company.
FLNG Gimi is designed to produce an average of approximately 2.5 million tonnes of LNG per annum, using the Black & Veatch “Prico” liquefaction process, with the total gas resources in the field estimated to be around 15 trillion cubic feet.
Construction of FLNG Gimi is expected to cost approximately U$ 1.3 billion, excluding financing costs.