Energos-Grand

Golar LNG Partners LP has entered into a time charter for a period of up to a maximum of 9 years with a major international oil and gas company for one of its steam LNG carriers, the Golar Grand. The Golar Grand is currently on charter with Golar LNG Limited and will therefore be sub-chartered back from Golar LNG, at the same rate as the New Charter, for the initial period of the New Charter until the Golar LNG charter ends in October 2017. The vessel will be delivered under the New Charter during the second quarter, 2017 for an initial period of 2 years with a series of extension options up to the maximum charter period of 9 years. The Partnerships operating income before depreciation derived from the Golar Grand will be unchanged until October 2017 when the Golar LNG charter ends. Assuming initial extension options for up to 5 years are exercised the New Charter is expected to generate on average approximately $10 million of operating income before depreciation per annum over the full 5 year term.

Norwegian shipper Golar LNG has rented its Golar Grand tanker to a major energy firm for three years starting in March, 2012, it said on Wednesday, in the latest sign that operators are reaping the benefits of surging global demand, Reuters reports. The company's share price rallied more than 5 percent in Oslo trading after it said the charter would add $39 million to earnings before interest, tax, depreciation and amortization over three years. Rental rates on the Golar Grand are assumed at around the $125,000/day mark, according to Arctic Securities. Shipping sources put the rate at between $110,000/day and $120,000/day. More at http://af.reuters.com/article/energyOilNews/idAFL5E7LJ2YK20111019