HiLoad attaches to ship using rubber suction cups

January 11, 2005

Golar LNG invests in U.S. Gulf offshore LNG terminal project

Golar LNG has today signed a Heads of Agreement with Remora Technology to invest US$ 3 million in TORP Technology and acquire an option to use 33.4% of the capacity of TORP's offshore regasification terminal.

TORP Technology is an offshoot of Remora Technology that holds the rights to the HiLoad LNG Re-gasification Technology developed by Remora.

TORP Technology is to file for a permit for an LNG receiving and re- gasification terminal 75 miles offshore in the US Gulf of Mexico.

The HiLoad LNG regasification unit is a floating L-shaped terminal that docks onto the LNG carrier using a patented friction based attachment system (rubber suction cups) creating no relative motion between the carrier and the terminal.

The HiLoad unit is equipped with standard re-gasification equipment (LNG loading arms, pumps and vaporizers) and can accommodate any LNG carrier without the use of any special equipment. The terminal uses seawater for heating the LNG, saving fuel costs.

TORP Technology expects its planned U.S. Gulf terminal to be operational in 2008. The terminal will have a re-gasification capacity of 30,000 tons LNG per day, corresponding to 1.4 Bcfd gas.

Tor Olav Troim, CEO of Golar LNG, says: "This opportunity provides Golar LNG with a further chance to strengthen its position as an integrated provider of LNG services to our clients. The new technology concept is developed by people who have a strong track record in the marine industry. The concept is flexible and very cost effective in operation. The short time to market has also been essential for our participation. In addition to the participation in the technology company, Golar LNG has also received certain rights to direct equity participation in the terminal as well as preferred rights to terminal capacity."

Lars Odeskaug, CEO of Remora Technology says: "We are delighted that a highly recognized LNG shipping company such as Golar LNG, has chosen to partner with Remora on this project. LNG is expected to be the fuel of choice in the US, and we believe our regasification solution is the most cost effective, flexible and environmentally friendly."

Golar LNG is a leading independent owner/operator of LNG carriers with 10 LNG carriers under ownership and management and a further three on order.

Remora Technology is a technology company with head office located in Houston, Texas specializing in systems for offshore loading of oil and gas. The company's largest shareholder is HitecVision, a Norwegian private equity investor focusing on the global oil and gas industry. HitecVision's current portfolio consists of 13 oil and gas related companies in Europe and the U.S

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