Golar gets its money

Golar LNG has completed a stock sale which should have brought in more than $700m.

The Nasdaq-listed owner said it had shifted 12.65m shares, including an underwriters option of 1.65m.

The company did not reveal how much it had raised, but at the time of the announcement last week, the issue would have been worth $707m.

At Monday's closing price of $60.10, up 0.84%, this would have been $760m.

The John Fredriksen-controlled company will fund progress payments to Singapore's Keppel Shipyard for the conversion of the 126,000-cbm Hilli (built 1975) into a liquefaction unit.

Golar is planning the work on a speculative basis, with delivery of the floating LNG production vessel planned for the end of 2016.