U.K. natural gas shipping company acquires interest in offshore Ghana project

With its acquisition of Tundra Corp., liquefied natural gas shipping company Golar LNG is now the owner of Golar Tundra, a floating storage and regasification unit off the coast of Ghana.

The transaction was worth $330 million, $230 million of which will cover remaining lease obligations and bank financing. Golar made an upfront payment of 10 percent of the purchase price. Closing is expected to happen sometime in March.

Golar Tundra was delivered and put into operation this past November. A time charter with West Africa Gas Limited (WAGL) carries an initial term of five years with an option for WAGL to request a five-year extension.

Operations are expected to commence in the second quarter of 2016. Officials estimate that the Golar Tundra project will generate about $44 million in revenue.

LNG's plans in the region also include an import project at the port of Tema on the coast of Ghana, which will be moored by a WAGL jetty.