Golar LNG in ~27.83M-share secondary offering

Golar LNG (NASDAQ:GLNG) -8.8% AH after launching a secondary offering of ~27.83M common shares by its principal shareholder, World Shipholding Ltd., with an underwriters option to purchase up to an additional ~4.17M shares.

World Shipbuilding owned nearly 33.8M GLNG shares prior the offering, equal to ~36.5% of shares outstanding.

GLNG will receive no proceeds from the sale.

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  • mapodga
    , contributor
    Comments (7676) | Send Message
    ? somebody know to explain?


    Are this shares for financing this new "world's first floating liquefaction conversion vessel" ?


    "Hamilton, Bermuda, Sept. 4, 2014 (GLOBE NEWSWIRE) -- Golar LNG Limited ("Golar" or "the Company") is pleased to announce that Golar GHK Lessors Limited ("Golar GHK"), a wholly owned subsidiary of the Company has today entered into a sale and purchase agreement under which a 10% interest in the total registered issued capital of Golar Hilli Corporation ("Hilli") will be sold to KSI Production Pte Ltd, an indirect wholly owned subsidiary of Keppel Corporation Limited ("Keppel"). Completion of the sale is subject to the receipt by Golar of the initial consideration. In connection with the sale, Golar GHK and Golar Hilli Corporation have also entered into a Shareholders Agreement with Keppel, which will take effect upon completion that governs the relationship between the parties with respect to the conduct of the business to be undertaken by Hilli. Under such agreement, Golar Hilli Corporation will issue cash calls on a pro rata basis to shareholders for future funding requirements for the construction, deployment, and commissioning of the world's first floating liquefaction conversion vessel based on an anticipated budget limit of $1.3 billion including contingency. Golar is very pleased to have reached a positive conclusion to what have been most constructive discussions with Keppel. The sale further strengthens and aligns the strategic interests of both Keppel and Golar and underlines Keppel's confidence in the prospects for this industry leading project. In addition Keppel's investment further strengthens Golar's balance sheet, reduces funding risks for the Hilli conversion and enables the Company to position its self for future growth."
    4 Sep 2014, 07:20 PM Reply Like
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