" Golar LNG Ltd. selected as partner for Baja LNG import and power project"

Golar LNG Ltd. today announced that it has been selected as a shareholder in the Marathon Oil operated Baja LNG import project. In addition to being a shareholder, Golar will provide shipping capacity and shipping services to the project.

The onshore facilities will consist of a port, a regas terminal and a power plant with the regasification terminal throughput being 5.5 Million Tonnes of LNG per annum. In addition there will be a requirement for up to 10 LNG carriers which will be sourced and managed by Golar LNG. Project start-up is slated for 4th Q 2005. Final shareholding is still under discussion, however Marathon will be the operator of the regasification facility.

The project partners are working on detailed plans for the overall financing of the project. Initially, the LNG will come from suppliers in the Pacific Rim.

Executive Vice President in Golar LNG Sveinung Støhle says in a comment "We are proud to have been selected as one of the partners in the Baja LNG Import Project. Our participation is in line with the strategy Golar LNG announced when the company went public last year. The investment will be financed with internal and external resources and in addition to the sound financial return, the project gives GOLAR LNG a competitive edge in a project which, due to the long haul transportation can include chartering of up to 10 LNG carriers."

The enclosed Press Release from Marathon provides further details on the specifics of the project.