The vessel will participate in the development of the Livorno floating storage and regasification (FSRU) terminal project in Italy. OLT Offshore is the operator of the liquefied natural gas (LNG) project while Golar owns a 16% interest in the project.

The other major shareholders in the project are Endesa Europa, Iride Mercato and OLT Energy Toscana. The sale agreement represents a major step forward in the development of the project, according to Golar.

The Golar Frost vessel is fixed on a time charter until the end of March 2008, with extension options thereafter. All income from the vessel will be for Golar’s benefit until the completion of the sale, which is expected to occur in June 2008.