FLNG Gimi Force Majeure claim

Written by Customer Service on . Posted in Public Companies.

Gimi MS Corp. (the “Company”), a subsidiary of Golar LNG Ltd (Nasdaq: GLNG), received written notification of a force majeure claim (the “Notice”) from BP Mauritania Investments Ltd (“BP”) under the Lease and Operate Agreement, dated February 26, 2019, between the Company and BP (the “Agreement”), relating to the Greater Tortue Ahmeyim project.The Notice received from BP claims that due to the recent outbreak of the novel coronavirus (COVID-19) around the globe, BP is not able to be ready to receive the floating liquefied natural gas facility “GIMI” on the target connection date in 2022. BP estimates at this stage that the consequential delay caused by the claimed force majeure event is in the order of one year and that it is not currently possible to mitigate or shorten this delay. Golar has asked BP to clarify how a force majeure event discovered as recently as the end of March 2020 could immediately impact the schedule by an estimated one year. Based on the information received as of today the Company is engaging in clarification and an active dialogue with BP to establish the duration of the delay and the extent to which this has been caused by the claimed force majeure event. However, in anticipation of a potential delay, the Company has commenced discussions with its main building contractor, Keppel Shipyard Limited (“Keppel”), to re-schedule activities in order to reduce and reprofile its capital spending commitments for 2020 and 2021.The Company is evaluating the Notice and reserves all of its rights under the Agreement. Hamilton, BermudaApril 7, 2020Enquiries:Golar Management Limited: + 44 207 063 7900Stuart Buchanan

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Cookie Notice

We use cookies to improve your experience on our website

Information we collect about your use of Goldea Capital website

Goldea Capital website collects personal data about visitors to its website.

When someone visits our websites, we use a third party service, Google Analytics, to collect standard internet log information (such as IP address and type of browser they’re using) and details of visitor behavior patterns. We do this to allow us to keep track of the number of visitors to the various parts of the sites and understand how our website is used. We do not make any attempt to find out the identities or nature of those visiting our websites. We won’t share your information with any other organizations for marketing, market research or commercial purposes and we don’t pass on your details to other websites.

Use of cookies
Cookies are small text files that are placed on your computer or other device by websites that you visit. They are widely used to make websites work, or work more efficiently, as well as to provide information to the owners of the site.