Floating Storage and Regasification Unit (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 worlds first FSRU based on the conversion of an existing LNGC.

Golar Mazo- On 18 Yr. Charter to Pertamina

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
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Source: Golar LNG Energy

Example Regasification Process

MSO Compressor

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

FUEL GAS

L N G

METERING

GAS HEATER

GAS COMPRESSOR

Regasification Trains 3 off:

BOOSTER PUMPS 2 OFF

HIPPS
LNG VAPORISERS

LNG

SUCTION DRUM

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
FWD Machinery Space

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

Source: Golar LNG Energy

Some Detail Behind an FSRU Design

Regasification Train (3 Units) Forward Machinery Space Refit

2 x 50% Booster pumps 1 off LNG vaporizer

Seawater cooling system Turbo Generators Freshwater cooling system Firewater Pump Electrical equipment room
Source: Golar LNG Energy

2x100% Trim heaters

Propane Loop

Delivering Regasified LNG to Shore

Positioning of LNG Carrier for Side by Side Discharge to FSRU Qflex LNG Carrier Alongside for Discharge

Picture / Picture of and copyright: Shell Source: Golar LNG/ Energycourtesy copyright Petrobras

Picture courtesy of and copyright: Shell

LNG Transfer Operations

Gas Transfer Operations

Picture courtesy of and copyright: Shell

5 Picture Courtesy of and Copyright: Shell

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 over the long-term Reduced permitting challenges

(MMtpa)
300.0

250.0

200.0

150.0

Reduced financing requirement; no need to build storage tank(s) Quicker to develop than and cost competitive with land-based facilities For suppliers low-cost option to access new markets
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100.0

50.0

0.0 2000A 2005A 2010E 2015E

OECD

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 Kuwait

1976 Built / 129,000 m3 Moss Containment 2.5 bcm / year Dubai Near Shore (Existing Pier) Over jetty LNG transfer HP arms on pier Closed Loop

First FSRU Project in Asia

West Java

Petrobras- VT2 Mejillones Petrobras- VT1

Escobar
Bahia Blanca
Golar Operational / Committed Other Industry Operational / Committed Locations where further projects have been proposed Source: Golar LNG 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 mmcfd 1,000

800
600 400 200 0 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020

West Java Contracted & Committed

Total West Java Demand

Source: Wood Mackenzie

Keys to Successful FSRU Projects

GAS OFFTAKER(S)
PROJECT PROJECT DEVELOPMENT DEVELOPMENT CAPABILITY CAPABILITY

SITING

DEFINITION

SUPPORT

The Gas Offtaker Commitment underpins project; Willingness to pay international LNG prices

Full Chain Project Development Capability

Golar Spirit FSRU LNG Sourcing + FSRU The worlds 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
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Source: Golar LNG/ Energy / Picture copyright Petrobras

Designed Specific to Project Requirements

Golar Spirit FSRU Golar Winter FSRU Golar Freeze FSRU Khannur

Operational

Operational

Operational

Conversion Pending

1981 Built / 129,000 m3 Moss Containment 2.5 bcm / year Near Shore (Existing Pier)

2004 Built- 138,000 m3 Membrane Containment 5.1 bcm / year

1976 Built 125,000 m3

1977 Built / 125,000 m3 Moss Containment 5.0 bcm / year Offshore Side by Side LNG transfer

Moss Containment
4.9 bcm / year Near Shore (New Pier) Side by side LNG transfer HP arms on pier Open Loop

Near Shore (New Pier)

Over jetty LNG transfer HP arms on pier Open / Closed Loop

Over jetty LNG transfer

HP arms on pier Closed Loop

Gas manifold
Open Loop

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4th FSRU - Golars 4(West Java) Khannur th FSRU - Khannur (West Java)

Key Components

1977 Built / 125,000 m3 Moss Containment 5.0 bcm / year

1977 Built / 125,000 m3

Offshore Side by Side LNG transfer Open Loop

11 Source: Golar LNG Energy

Moss Containment 5.0 bcm / year Offshore Side by Side LNG transfer Open Loop

Golars 4th FSRU - Khannur (West Java) Key Components

1977 Built / 125,000 m3

12

Source: Golar LNG Energy

Moss Containment
5.0 bcm / year Offshore Side by Side LNG transfer

Open Loop

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
Golar Khannur FSRU

15 km offshore Muara Karang, Jakarta Bay

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Complex Execution Partner(s) are Key

Vent Mast Intank pumps Vent K.O. Drum (not visible) Regasification Trains Loading Arms Nitrogen Gens Air System Upgrade Low Voltage Switchboard HV/LV Transformer in Engine Room

Suction Drum

Mooring Hooks Export Manifold Minimum Send Out Compressor Metering Turbo Generators Seawater Discharge High Integrity Protective Pressure System (HIPPS) Chain Stoppers High Voltage Switchboard Diesel Driven Fire pump
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Source: Golar LNG Energy

Seawater Pumps

Source: Golar LNG Energy

And New Innovative Floating Solutions

Floating Power Generation Plant
Gas fired power plant incl. heat recovery LNG cargo tanks for storage of LNG

LNG loading arms for transfer of LNG from carriers

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Source: Golar LNG Energy