Golar and bp enter into commercial reset arrangements for FLNG Gimi

Group 1 - Golar LNG Ltd. and bp have executed agreements for a commercial reset of the FLNG Gimi project, simplifying cash flows and settling disputes related to pre-commercial operations payments [1][2] - The updated agreement includes a schedule of daily payments with step-up mechanisms based on project milestones leading to the Commercial Operations Date (COD) [1] - Golar is entitled to lump sum bonus payments contingent on achieving specific project milestones, with Pre-COD cash flows expected to be deferred and amortized over a 20-year contract term from COD [1] Group 2 - The commercial reset resolves ongoing disputes, including current arbitration, and aligns both parties towards reaching COD [2] - To expedite the timeline to COD, commissioning of FLNG Gimi will commence with an LNG cargo before gas availability from the FPSO [2]