HAMILTON, Bermuda, Nov. 10, 2006 (PRIMEZONE) -- Golar LNG Limited is pleased to announce that its subsidiary, Golar Offshore Toscana Limited has signed a share purchase agreement with OLT Energy Toscana SpA for the acquisition of 20% of the shares in OLT Offshore LNG Toscana S.p.A ("OLT-O"). The shareholding in OLT-O following this agreement are as follows: Endesa Europa S.L. ("Endesa") - 25.5 %; IRIDE Mercato S.p.A. ("IRIDE") - 22.73 %; Azienda Servizi Ambientali S.p.A ("ASA") - 2.77 %; OLT Energy Toscana S.p.A ("OLT-E") - 29 % and Golar Offshore Toscana Limited ("Golar") - 20%.
The new LNG terminal, which earlier this year was granted a government decree approving or permitting the project, will have a regulated capacity of 3.75 Bcm/year. The terminal will be located 20 km out to sea off the Livorno coast; away from populated areas creating substantial environmental and security benefits and significantly reducing visual impact.
Included in the deal is an intention between the parties to sell the LNG carrier "Golar Frost" to OLT-O. It is also intended that Golar will have certain rights with respect to regasification capacity and LNG transportation.
Golar's CEO, Gary Smith, said he was delighted with the achievement of this important milestone for the Livorno project. "Signing of these agreements is the direct result of Golar LNG's continued strong commitment to expanding and diversifying our LNG activities, our involvement in this project dates back to 2002. The access to regasification capacity, and a direct participation in a floating LNG terminal opens a new dimension for our company.
"We are very pleased to be working with our major partners Endesa, IRIDE ASA and OLT-E in this project and welcome the confidence our partners have placed in Golar's ability to help deliver this project.
"We look forward to providing, with our partners, an important part of the future Italian energy infrastructure."
Golar LNG Limited November 9, 2006 Hamilton, Bermuda.