A key shareholder in Golar LNG is selling just as another key investor bumps up its position in the troubled gas carrier owner.

Cobas Asset Management — the Tor Olav Troim-backed company's second-largest shareholder — has sold more than 522,000 shares, according to regulatory filings.

The Spanish investment firm now owns 9.65m shares, down from 10.2m, giving it a 9.9%