OSLO, Norway, July 29, 2003 (PRIMEZONE) -- Golar LNG (Nasdaq:GLNG) has completed a directed equity offering of 5,600,000 shares towards international institutional investors. The equity offering was significantly oversubscribed. The subscription price is NOK 73 per share, and the issue will give net proceeds of USD 57 million. The company's share capital will after the registration of the share issue consist of 61,612,000 shares, each at a par value of USD 1.00. The managers of the directed issue have been Orkla Enskilda Securities and Fearnley Fonds. The total number of outstanding options is 300,000, with strike price of USD 5.50.
The capital that has been raised will be used as equity for new projects. The Company has in connection with the offering signed a letter of intent with a major shipyard for 1 + 1 LNG Newbuildings for delivery in 2005 and 2006. The first berth will have to be declared effectively before August 31st 2003.
Chairman in Golar LNG John Fredriksen says in a comment: "We are very pleased with the response to the placement. The LNG business is a long-term business where it is important to plan ahead. The current equity placement gives Golar free Capital to plan for future growth."
Golar LNG maintains its expectations for the 2003 results, in line with what has previously been communicated to the market.