Golar LNG Partners Down 4% After Brief Trading Halt, But $7 Above Day Lows

By MidnightTrader.com Staff,

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Shares of Golar LNG ( GMLP ) emerged from a brief trading halt, and are now down 4% to $30.50, but well above a day low $23.56.

GMLP shares have traded in a 52-week range of $22.41 - $39.05.

No specific news is apparent that would account for the volatility.

July 25, Golar LNG Partners LP announced that its board of directors has declared a quarterly cash distribution with respect to the quarter ended June 30, 2012 of $0.44 per unit. This represents an increase of 2.3% from the first quarter of 2012.

A week before that, Golar LNG Ltd announced that it has completed its sale of interests in the companies that own and operate the floating storage and regasification unit (FSRU) Nusantara Regas Satu to Golar LNG Partners L.P. for a price of US$385 million. The company has agreed to provide Golar LNG Partners L.P. with USD$155 million in vendor financing with the balance of US$230 million to be received in cash. It is anticipated that the Partnership will secure bank financing and use the proceeds from this to repay the company's vendor financing during the third quarter.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing Commodities
Referenced Stocks: GMLP

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