Golar LNG Unwinds Joint Venture with Schlumberger

Golar LNG said on Thursday it would wind down its joint venture with Schlumberger, called OneLNG, which had been involved in the development of the Fortuna LNG project with Ophir in Equatorial Guinea.

Golar said despite an agreed development plan and extensive efforts in the last 12 months by OneLNG and Ophir management, it has not been possible to finalise an attractive debt financing package.

This, together with other capital and resource priorities, resulted in a decision from Schlumberger to end their participation in the project.

Based on the structure of the BP project, Golar and Schlumberger plan to wind down OneLNG and work on Fortuna LNG projects as required on a case-by-case basis.

Efforts to find the optimum capital structure that maximizes value for all Fortuna LNG project stakeholders, including the government of Equatorial Guinea, continue.

No guarantee can be given that attractive financing for the project can be achieved and Golar does not intend to provide any further market updates before any possible financing alternative is fully committed.

(Reporting by Sabina Zawadzki Editing by Edmund Blair)