Golar LNG Stock Price, News & Analysis

Golar LNG Limited announced the appointment of Paul Hanrahan as CEO of Hygo Energy Transition Limited, effective October 19, 2020. Hanrahan, with a strong background in international business, replaces Eduardo Antonello, who resigned amid allegations prior to his tenure at Hygo. The mutual termination of an MOU with Norsk Hydro will not affect Hygo's plans for the Barcarena Terminal, expected to start construction soon, and aims to transition the region from carbon-intensive energy sources. Hygo has secured 25-year PPAs for a 605MW power station, solidifying its growth trajectory.

Golar LNG Limited has announced a revised project schedule for the Greater Tortue Ahmeyim project in collaboration with BP Mauritania Investments Ltd. The target connection date for the Gimi floating liquefaction vessel has been pushed back by 11 months, now expected beyond 2022. Both parties confirmed this change without impacting the terms of the existing Lease and Operate Agreement. This revision is anticipated to aid ongoing discussions with engineering, procurement, and construction contractors, as well as lending banks regarding construction and financing schedules.

Golar LNG has announced that the board of Hygo Energy Transition has approved Mr. Eduardo Antonello's immediate Leave of Absence as he addresses allegations from prior to the company’s formation. The board emphasizes this leave is unrelated to any conduct during Mr. Antonello's time at Hygo, where he played a key role in establishing a strong LNG business in Brazil. His responsibilities will be temporarily managed by the Hygo Board, which remains committed to expanding the use of LNG as a cleaner alternative to diesel, oil, and coal.

Golar LNG Limited announced that Mr. Antonello will temporarily step down to address pre-formation allegations related to Hygo Energy Transition Limited. The board stresses that this leave is unrelated to any misconduct during his time at Hygo, where he played a vital role in establishing a significant integrated LNG business in Brazil, providing cleaner energy alternatives. The board will assume his responsibilities during this period and is committed to advancing the company's mission to democratize LNG usage, replacing costly and polluting fuels.

Golar LNG Limited held its 2020 Annual General Meeting on September 24, 2020, in Hamilton, Bermuda, where key financial statements for FY 2019 were presented. The meeting resulted in the re-election of several directors, including Tor Olav Trøim and Daniel Rabun. Additionally, amendments were made to the Company’s Bye-law 58 regarding meeting quorum. Ernst & Young LLP was re-appointed as auditors, with directors authorized to determine their remuneration. The total remuneration for the Board of Directors was approved, capped at US$1,750,000 for 2020.

The company acknowledges the allegations against Hygo's CEO, Eduardo Antonello, which involve conduct prior to his tenure at Hygo. To ensure compliance with its culture, Hygo is conducting a review. The press release also contains forward-looking statements regarding the company's operations, cautioning that actual results may vary due to risks and uncertainties. No guarantees of future performance are made.

Hygo emphasizes the importance of its culture of compliance and will investigate to confirm adherence to these standards.

Golar LNG Limited announces that its joint venture, Hygo Energy Transition Ltd. (NASDAQ: HYGO), has initiated an initial public offering (IPO) of 23,100,000 common shares, priced between $18.00 and $21.00 per share. Additionally, Hygo plans to grant underwriters a 30-day option to purchase another 3,465,000 shares. Following the IPO, Golar is expected to own 50,000,000 shares in Hygo. Morgan Stanley and Goldman Sachs are the joint book-running managers for the offering.

Golar LNG Limited has announced its 2020 Annual General Meeting (AGM) scheduled for September 24, 2020. A comprehensive Notice of AGM and the Company’s Annual Report on Form 20-F are available on its official website. This meeting is vital for shareholders to engage with the company’s strategic direction and performance.

The details can be accessed at http://www.golarlng.com. The announcement was made from Hamilton, Bermuda on August 31, 2020.

Golar LNG announced that Hygo Energy Transition Ltd., a joint venture with Stonepeak Infrastructure Partners, has filed a Registration Statement on Form F-1 with the SEC for a proposed IPO. Hygo aims to list its common shares on NASDAQ under the ticker symbol “HYGO.” The company focuses on developing integrated LNG transportation and infrastructure solutions for underserved markets, promoting environmentally friendly energy. Morgan Stanley and Goldman Sachs are leading the offering, which will be made solely via a prospectus. The registration has been filed but is not yet effective.