BP - Golar LNG Dealt Another Blow As BP Claims Force Majeure On Key FLNG Project
Just last week, I discussed Golar LNG Partners' (GMLP, GMLPP) debt refinancing woes which forced the company to reduce common unit distributions by 95%, thus causing a roughly $32.5 million annualized cash flow hit to former parent Golar LNG (GLNG), which still owns an approximately 32% stake in the partnership (including the 2% general partner interest).
On Tuesday, Golar LNG disclosed that BP (BP) has claimed force majeure on the company's key growth project:
Gimi MS Corp., a subsidiary of Golar LNG Ltd, received written notification of a force majeure claim from