Golar LNG Limited has executed a firm contract to provide West African Gas Limited ('WAGL') with Floating Storage and Regasification Unit services to support their Liquefied Natural Gas (LNG) import operations in Ghana.
WAGL is jointly owned by subsidiaries of the Nigerian National Petroleum Corporation ('NNPC') with 60% and Sahara Energy Resource Ltd ('Sahara') with 40%. The joint venture is developing an LNG import project at the port of Tema on the coast of Ghana West Africa with a planned start up in Q2 2016. The FSRU will be moored inside the port at a new jetty being built by WAGL.
The contract will be for an initial period of 5 years with the option for WAGL to extend for a further 5 years. The contract is for the provision of the 170,000cbm new build FSRU Golar Tundra which delivers to Golar from Samsung during November of 2015. Golar Tundra will deliver to WAGL in Ghana following some minor modifications to the vessel in Singapore. The EBITDA expected in the first full year of operation is approximately $44 million.