LONDON (Bloomberg) — Bermuda-based Golar LNG, the natural-gas tanker company whose chairman is Norwegian billionaire John Fredriksen, won a $450 million contract to store natural gas for Dubai.

The shipping line's 1977-built vessel, Golar Freeze, will be converted so that it can store gas that's been chilled to a liquid, Golar said in a statement distributed yesterday by the Oslo stock exchange. The ship will also be able to reheat the gas for use by power companies.

The 10-year contract is with Dubai Supply Authority, the statement said. There is an option to extend the arrangement for five years, it said. The vessel will be delivered in the second quarter of 2010.