October 28, 2004

Exmar and Golar in LNG joint venture

Exmar and Golar LNG have established a joint venture company to operate part of their open LNG shipping capacity and improve the service available to customers in the short term LNG market.

The new venture will time charter selected owned vessels from each of the two companies and then offer them to the market. This will provide a base for an expansion that may include third party tonnage.

It is intended that at least three vessels will be operating by the end of the year.

The new company will be in a position to offer "new-to-the-LNG business" contracts of affreightment and interruptible employment arrangements that will improve flexibility for customers.

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