Bermudian-based liquefied natural gas specialist Golar LNG has signed finance lease agreements with a group of Chinese leasing companies to refinance $1.2 billion in existing debt tied to its floating LNG unit, Gimi, operating off the West African coast.

The deal, structured as a sale and leaseback agreement, is expected to close in the second quarter of 2025, pending final documentation and third-party approvals. It comes with a 12-year term and a 17-year amortisation schedule, with quarterly repayments throughout the lease.

“Upon closing and repayment of the existing debt facility, Gimi MS Corporation is expected to generate net proceeds of approximately $530 million,” the company said. “Golar will benefit from 70 per cent of these proceeds, equivalent to approximately $371 million.”

The FLNG Gimi is a key asset in BP’s Greater Tortue Ahmeyim Phase 1 project, which lies approximately 40 kilometres offshore. The unit received its first feed gas from BP’s floating production storage and offloading GTA on January 18.

The GTA development, considered the deepest subsea infrastructure in Africa with wells drilled as deep as 2,850 metres, is expected to deliver 2.3 million tonnes of LNG annually for more than two decades.

BP operates the project with a 56 per cent stake, alongside partners Kosmos Energy (27 per cent), Petrosen (10 per cent) and SMH (7 per cent). Despite a recent gas leak, BP has continued gas production uninterrupted, with the development remaining one of its largest undertakings globally.