Golar LNG unloads New Fortress Energy shares
Bermuda-based floating LNG vessel company Golar has disposed 6.2mn shares in New Fortress Energy (NFE), an LNG-to-power company, as part of a deal to sell Hygo Energy Transition to NFE agreed last year, Golar said on April 6.
The $250mn transaction will allow Golar to deploy FLNG growth projects. Golar still has 12.4mn shares in NFE, and the company said it would still stand behind FLNG assets that it is developing.
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"Golar is excited about new FLNG growth prospects, including those being pursued by NFE, and plans to remain a supportive shareholder for the foreseeable future," said Golar CEO Karl Fredrik Staubo.
Hygo Energy Transition is a Brazil-focused downstream LNG services provider. It was established as a joint partnership of Golar LNG and Stonepeak Infrastructure Fund II Cayman, a fund overseen by Stonepeak Infrastructure Partners.
Hygo had scheduled a $450mn public shares offering for mid-2020 but cancelled the listings months before it was due to take place. Golar LNG then agreed to sell its shareholding to New Fortress Energy in exchange for 862,745 new NFE shares and $50mn in cash, in a deal that also included the sale of its LP division Golar LNG Partners LP.