GLNG Spin-off (Hygo Energy Transition) Notes
December 3, 2020 – Update
- Golar reported Q3 results and stated:
Extensive forensic review of Hygo business conduct initiated by the Hygo Board. The work conducted by external experts has confirmed no issues of concern and robust corporate governance and compliance policies.
- In the conference call, management stated with regards to timing:
Both the Hygo board and the Board of Golar LNG are fully committed to complete IPO process, the SEC documents have been updated with recent events, and have been reviewed by auditors and lawyers that so far not been filed. The timing of the IPO will be driven by market conditions, ongoing business operation and business development activities.
- I’m approaching this situation cautiously.
November 5, 2020 – Update
- We took a preliminary look at the Golar spin-off when it was announced last year.
- The spin-off was ultimately delayed and management decided to proceed with an IPO in September 2020.
- However, plans were delayed indefinitely when its CEO was named in an investigation of corruption in Brazil.