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Asset Under Development | 6 Months Ended
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Jun. 30, 2019
Extractive Industries [Abstract] |
Asset Under Development | ASSET UNDER DEVELOPMENT
(in thousands of $) | June 30, 2019 |
Opening asset under development balance | 20,000 |
Transfer from other non-current assets (note 13) | 31,048 |
Additions | 127,444 |
Interest costs capitalized | 1,888 |
Other costs capitalized | 6,580 |
Closing asset under development balance | 186,960 |
In October 2014, we entered into agreements for the conversion of the Gimi to a FLNG. The primary vessel conversion contract was entered into with Keppel in December 2018. In February 2019, Golar entered into an agreement with BP for the charter of a FLNG unit, the Gimi, to service the Greater Tortue Ahmeyim project for a 20-year period expected to commence in 2022. The Gimi was delivered to Keppel shipyard in Singapore to undergo initial works in connection with her conversion in early 2019. Various preparatory work on the Gimi conversion continues with the first steel being cut in April 2019 and the overall project remains on track and the charter is expected to commence in 2022. In April 2019, we issued the shipyard with a Final Notice to Proceed with conversion works that had been initiated under the Limited Notice to Proceed. The estimated conversion cost of the Gimi is approximately $1.3 billion. As at June 30, 2019, the estimated timing of the outstanding payments in connection with the Gimi conversion are as follows:
Period ending December 31, |
(in thousands of $) | June 30, 2019 |
2019 (1) | 235,923 |
2020 | 364,748 |
2021 | 213,203 |
2022 | 230,724 |
2023 | 134,231 |
| 1,178,829 |
(1) For the six months ending December 31, 2019 $700 million facility On April 16, 2019, we received a $700 million underwritten financing commitment for a long-term financing facility, which is subject to the satisfaction of certain conditions by the parties and final documentation. The facility will be available during the Gimi conversion and has a tenure of 7 years post commissioning and a 12-year amortization profile. Drawdown from the facility is dependent upon reaching project spend of $300 million. Concurrent with receipt of this financing commitment, First FLNG Holdings, an indirect wholly-owned subsidiary of Keppel Capital Holdings Pte Ltd, subscribed to 30% of the total issued ordinary share capital of Gimi MS.

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