Golar LNG Partners has agreed to amend the current time charter of FSRU Golar Freeze with the Dubai Supply Authority (DUSUP) which will see the vessel put into layup.
DUSUP is currently utilising two Golar FSRUs and as they aren’t fully utilising the Golar Freeze, both parties have agreed to make amendments to the charter while working to find alternative employment for the vessel.
The current charter, which is scheduled through to May 2020, has been reduced by one year and DUSUP’s termination for convenience rights and extension option rights have been removed.
Golar will receive the right to terminate its obligations under the charter whilst continuing to receive the capital element of the charter until the end of the new charter period. The operating cost element of the charter will be reduced to a nominal amount from November 2017 when the vessel will go into layup.
Golar maintains there are several opportunities for employment of Golar Freeze and the new arrangement enables the company to re-market the vessel with the clear knowledge of its long term availability from 2018.