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Earnings under the ten year contract are due to commence during the first quarter of 2015. Annual EBITDA contribution to Golar for the first five years of the contract will be approximately USD 46 million and approximately USD 43 million per year for the second five year term. The Government has the option to terminate the time charter after year five, subject to payment of an early termination fee. Golar's CEO, Doug Arnell said "We are delighted to have executed this foundation agreement for the Hashemite Kingdom of Jordan. In so doing, we look forward to assisting Jordan to ensure security of gas supplies. In line with our omnibus agreement the vessel will be offered for sale to Golar LNG Partners. Such a transaction will, if concluded, release significant cash in Golar LNG and generate growth and increased dividend distribution potential for Golar LNG Partners. The contract reconfirms Golar's leading position as a provider of FSRU services." Golar LNG Limited press release |