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2016-05-10

Golar LNG: Organisational Changes at Golar LNG

The fast growing LNG industry is going through a rapid transformation where
monetisation of stranded gas, lowering the cost of LNG production and the
opening of new markets will all be critical success factors.

An anticipated delinking of LNG prices from oil prices will also create
additional demand for LNG. The traditional approach to executing LNG
projects favoured by many oil majors may not cost effectively meet this new
demand. The Board of Golar has therefore decided to promote strategic
organizational changes to ensure that the company is positioned to meet this
demand.

As a priority, the company remains focused on maximising the utilisation and
rate levels of the LNG carriers and seeking employment for the FSRU fleet,
whilst the business growth strategy and long term vision embraces the
following opportunities:

1. To ensure that the Company's first FLNG vessel, Golar Hilli, is developed
on time and within budget and successfully commences its operations. Most of
this activity is currently coordinated from the Company's Oslo office. The
Board is pleased that the vessel conversion is progressing well within budget
and is on target for its scheduled delivery from the yard.

2. To capitalise on its position as one of the few credible companies able
to develop future FLNG projects.

3. To explore the development of a downstream LNG company comprising the
implementation of strategic LNG entry points in emerging markets. The company
would start with a portfolio of opportunities including participation in a
1.5GW power station in Sergipe, Brazil, backed by a 25-year PPA contract. The
company, to be called Golar Power, will target the delivery of cheaper,
cleaner, integrated, LNG based energy solutions to new markets. Golar
intends to seek additional external capital to fund Golar Power and is
currently engaged in discussions with a private equity fund to jointly
develop this company.

In order to meet these challenges and better align technical and operational
activities which are based in Oslo, the following organizational changes will
take place immediately:

1 Mr Gary Smith is resigning from his position as Chief Executive and Mr
Oscar Spieler who has been responsible for the development of the Hilli
project will be appointed to replace Gary as CEO. Mr. Smith who was also
Golar's CEO between March 2006 and July 2009 was re-hired as a consultant
in 2014 to assist Golar in developing the LNG shipping business. He was
promoted to Chief Executive in January 2015. Mr Smith has an excellent
standing within the LNG industry and has contributed positively in the
process of developing Golar into a mid-stream LNG player. The Board wish
him well in the future.

Mr. Spieler was also the company's chief executive between July 2009 and June
2011. Educated as a naval architect, Mr. Spieler has strong leadership
skills and a long track record of successfully delivering advanced off shore
and shipping related projects. Mr Spieler has work experience from Bergesen,
DNV and 16 years in the John Fredriksen controlled Seatankers Group where he
had several functions including Chief Executive of Frontline, Golar, Sea
Production and Sea Lift.

B) Doug Arnell who was CEO of Golar until January 2015 remains as a senior
advisor to the Company and will assist Mr. Spieler to ensure strong
leadership of Golar's commercial activities. Mr. Arnell has a significant
background in LNG commercial activities through his leadership roles at
companies including Enron and BG Group in addition to Golar. Most recently
he was instrumental in the successful development and structuring of the
Cameroon FLNG Export Project.

C) The board has engaged Krzysztof Zielicki to structure the cooperation with
Schlumberger. Mr. Zielicki was formerly Global Head of M&A and Strategy at
Rosneft. He has a degree in quantum mechanics from the University of London
and holds several post graduate diplomas. Prior to his involvement in Rosneft
he spent 25 years in BP and was also Vice President of Development at TNK-BP.
He has been involved in leading over $150 billion of acquisitions, joint
ventures and divestments. Coming from Rosneft with production of nearly 5
million barrels equivalent per day, Mr. Zielicki adds significant upstream
experience to the Golar team.

D) Eduardo Antonello will take responsibility for structuring and developing
Golar Power and has been developing the Sergipe project from inception. Mr
Antonello was educated as a mechanical engineer and has previously worked for
Cargill, Schlumberger and Seadrill. At Seadrill he was responsible for
establishing the company's Brazilian activities and developing an
organisation that operated 7 ultra-deepwater rigs. During this period Mr.
Antonello also developed a JV with SapuraKencana and contracted 6 pipe laying
vessels with Petrobras. Mr Antonello is currently a partner in Magni
Partners, a business partnership founded by Tor Olav Troim.

The Board is confident that these organisational changes together with the
additional resources and skillsets will more clearly define responsibilities
and strengthen the company's ability to successfully execute its various
projects.

FORWARD LOOKING STATEMENTS

This press release contains certain forward-looking statements concerning
future events and Golar's operations, performance and financial condition.
Forward-looking statements include, without limitation, any statement that
may predict, forecast, indicate or imply future results, performance or
achievements, and may contain the words "believe", "anticipate", "expect",
"estimate", "project", "will be", "will continue", "will likely result",
"plan", "intend" or words or phrases of similar meanings. These statements
involve known and unknown risks and are based upon a number of assumptions
and estimates that are inherently subject to significant uncertainties and
contingencies, many of which are beyond Golar's control. Actual results may
differ materially from those expressed or implied by such forward-looking
statements.

Golar LNG Limited
Hamilton, Bermuda
10 May, 2016

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Golar LNG via Globenewswire

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