Golar Lng Fsru

Floating Storage and Regasification Regasification Unit (FSRU) (FSRU) 26 January 2011 Oscar Spieler, Chief Executive Officer

Golar Group Overview Golar Spirit  – Arun III

•  A leading independent LNG midstream company;

35+ years experience in LNG sector. •

Bermudan corporate headquarters with offices with branch offices in Oslo, Singapore, and Tulsa.

•

Fleet of 13 vessels (10 LNGCs and 3 FSRUs).

•

Developed world’s first FSRU based on the

Golar Mazo- On 18 Yr. Charter to Pertamina

conversion of an existing LNGC. •

The group is split between two companies: Golar  LNG (GLNG) and Golar LNG Energy (GOL).

•

25+ year history in Indonesia and committed to grow: Golar Spirit; Golar Mazo; West Java FSRU development.

Key Components of an FSRU Storage Tanks Regasification trains transforming LNG at -160 Celsius to gas at high pressure

Loading arms for receiving LNG

Export Manifold Seawater pumps for pumping seawater to regas trains in order to heat up the LNG

Example Regasification Process MSO Compressor 

L N G S H U T T L E T A N K E R

METERING

GAS HEATER

GAS COMPRESSOR

   S    A    G    L    E    U    F

Regasification Trains – 3 off: HIPPS BOOSTER PUMPS 2 O FF

SUCTION DRUM

LNG

LNG VAPORISERS

CNG Trim Heaters

CNG

VAPOUR

LNG LNG

INTANK PUMPS

Propane system

STEAM BOILERS

METERING

C U S T O M E

R El Power  T/G

Golar FSRU

Sea Water System 3x SW pumps 3x Back wash filters

”FWD Machinery Space”

Source: Golar LNG Energy

Some Detail Behind an FSRU Design Regasification Train (3 Units)

Forward Machinery Space Refit

•

2 x 50% Booster pumps

•

Seawater cooling system

•

1 off LNG vaporizer

•

Turbo Generators

•

2x100% Trim heaters

•

Freshwater cooling system

•

Firewater Pump

•

Electrical equipment room

•

Propane Loop

Source: Golar LN G Energy

Delivering Regasified LNG to Shore Positioning of LNG Carrier for Side by Side Discharge to FSRU

Source: Golar LNG/Picture Energycourtesy / Picture of copyright PetrobrasShell and copyright:

LNG Transfer Operations

Qflex LNG Carrier Alongside for Discharge

Picture courtesy of and copyright: Shell

Gas Transfer Operations

FSRU – Market Rationale Demand for LNG in developing countries driving new FSRU projects LNG Demand – OECD vs. Non-OECD Countries

• FSRUs a more cost-effective way to meet low demand or to “grow into” LNG than traditional

land based terminal • Can be relocated if demand is not sustainable

(MMtpa) 300.0

250.0

over the long-term 200.0

• Reduced permitting challenges 150.0

• Reduced financing requirement; no need to

build storage tank(s) • Quicker to develop than and cost competitive

with land-based facilities

100.0

50.0

0.0 2000A

• For suppliers – low-cost option to access new

markets

2005A

OECD

2010E

2015E

Non-OECD Source: Wood Mackenzie

FSRU – Market Rationale Ten floating storage and/or regasification projects are currently operational, three have

been formally sanctioned, and many more have been proposed. 1st Conversion  – Golar Spirit (Brazil) – 2 MTA

Teesside Livorno Northeast Gateway Neptune Project Gulf Gateway

Petrobras- VT2

First FSRU Project in Asia

Kuwait • • • • • • •

1976 Built / 129,000 m 3 Moss Containment 2.5 bcm / year Dubai Near Shore (Existing Pier) Over jetty LNG transfer HP arms on pier Closed Loop

West Java

Mejillones Petrobras- VT1 Escobar  Bahia Blanca Golar Operational / Committed Other Industry Operational / Committed Locations where further projects have been proposed Source: Golar LN G Energy

 A Fast Track Solution to Address A Urgent Need West Java urgently requires sources of gas and the FSRU is low cost and can be rapidly deployed versus other alternatives. Strong GDP growth driving gas demand in power and non-power  sectors

1,800 1,600 1,400 1,200    d    f 1,000   c   m   m 800

600 400 200 0 2000

2002

2004

2006

West Java Contracted & Committed

2008

2010

2012

Total W est Java Demand

2014

2016

2018

2020

Keys to Successful FSRU Projects GAS OFFTAKER(S)

PROJECT PROJECT DEVELOPMENT DEVELOPMENT CAPABILITY CAPABILITY

SITING

DEFINITION

• The Gas Offtaker  – Commitment underpins project; Willingness to pay international LNG prices • Full Chain Project Development Capability Golar Spirit FSRU  LNG Sourcing + FSRU The  – world’s 1st  FSRU conversion 

+ Downstream Infrastructure + Gas Sales

• Siting of Vessel  – Infrastructure requirements / Environmental conditions • Project Functional Requirements Definition  – Regas Rate / Vaporization / Storage / Availability / Permitting / Emissions • A Clear Mandate / Strong Support Base  – Clear project drivers / Support of government and/or strong energy partner 

SUPPORT

Designed Specific to Project Requirements Golar Freeze FSRU

Khannur

Operational

Operational 

Conversion Pending 

• 1981 Built / 129,000 m3

• 2004 Built- 138,000 m3

• 1976 Built  – 125,000 m 3

• 1977 Built / 125,000 m3

• Moss Containment

• Membrane Containment

• Moss Containment

• Moss Containment

• 2.5 bcm / year

• 5.1 bcm / year

• 4.9 bcm / year

• 5.0 bcm / year

• Near Shore (Existing Pier)

• Near Shore (New Pier)

• Near Shore (New Pier)

• Offshore

• Over jetty LNG transfer

• Over jetty LNG transfer

• Side by side LNG transfer

• Side by Side LNG transfer

• HP arms on pier

• HP arms on pier

• HP arms on pier

• Gas manifold

• Closed Loop

• Open / Closed Loop

• Open Loop

• Open Loop

Golar Spirit FSRU

Operational

Golar Winter FSRU

th FSRU 4th FSRU - Golar’s Khannur4(West Java) - Khannur (West Java)

Key Components

• 1977 Built / 125,000 m 3

• 1977 Built / 125,000 m3

• Moss Containment

• Moss Containment

• 5.0 bcm / year

• 5.0 bcm / year

• Offshore

• Offshore

• Side by Side LNG transfer

• Side by Side LNG transfer • Open Loop

Golar’s 4th FSRU - Khannur (West Java)

Key Components

• 1977 Built / 125,000 m 3 • Moss Containment • 5.0 bcm / year • Offshore • Side by Side LNG transfer

West Java FSRU Project Highlights • First FSRU in Asia • First LNG import terminal in Indonesia • Charter with Nusantara Regas  – 60% Pertamina / 40% PGN • Conversion scope ~ to Golar Freeze FSRU • Contract Term - Approximately 11 Years • Contract Value - $500M USD • 15 km offshore Muara Karang, Jakarta Bay

Golar Khannur FSRU

Complex Execution – Partner(s) are Key Vent Mast

Nitrogen Gens  Air System Upgrade Low Voltage Switchboard HV/LV Transformer  in Engine Room

Loading Arms

Intank pumps Vent K.O. Drum (not visible)

Suction Drum

Regasification Trains

Mooring Hooks

Export Manifold Minimum Send Out Compressor  Metering

Turbo Generators

Seawater  Pumps

High Integrity Protective Pressure System (HIPPS) Chain Stoppers High Voltage Switchboard

Seawater Discharge

 And New Innovative Floating Solutions Floating Power Generation Plant Gas fired power plant incl. heat recovery

LNG loading arms for transfer of LNG from carriers

LNG cargo tanks for storage of LNG