Golar LNG Limited Launches Public Stock

By MarEx 2014-06-26 11:47:00

Golar LNG Limited (the "Company") (NASDAQ: GLNG) announced today the commencement of a registered offering of 11,000,000 shares of its common stock.  The Company expects to grant the underwriters a 30-day option to purchase up to an additional 1,650,000 common shares to cover over-allotments.  The proceeds of the offering are expected to be used to (i) fully fund initial milestone payments under a conditional agreement (the "Conversion Agreement") with Singapore's Keppel Shipyard Limited in connection with the conversion of an LNG carrier, the Hilli, to a floating liquefaction natural gas vessel and (ii) partly fund other future scheduled payments under the Conversion Agreement.  Depending on the timing of these future scheduled payments, the Company may temporarily invest the remaining funds on a short-term basis or use the funds for other general corporate purposes.

BofA Merrill Lynch, Goldman, Sachs & Co., Morgan Stanley and RS Platou Markets AS are acting as joint book-running managers and Arctic Securities, DNB Markets, Fearnley Securities and Pareto Securities are acting as co-managers in the offering.    

The products and services herein described in this press release are not endorsed by The Maritime Executive.