Schlumberger pulls out of OneLNG JV

LNG shipping company Golar LNG said that energy services giant Schlumberger had decided to pull out of the OneLNG joint venture as the project has been unable to finalise attractive debt financing

LNGSchlumberger decided to pull out of the joint venture as the Fortuna project has been unable to find attractive debt financing. (Image source: Lens Envy/Flickr)

Golar said that it now plans to wind down the OneLNG project, sending its Nasdaq-listed shares down over 25 per cent in premarket trade.

The OneLNG joint venture has been involved in the development of the Fortuna LNG project with UK's Ophir Energy in Equatorial Guinea.

Shares of Ophir Energy, listed on the London Stock Exchange, were down slightly.

Golar also said that it does find issuance of new equity at current share price levels as an "attractive financing solution".

Golar in 2015 signed an agreement with Ophir on the Fortuna FLNG project.

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