Hygo Energy Transition has a new chief executive but suffered another setback with the cancellation of a memorandum of understanding for LNG shipments to Brazil.
The Tor Olav Troim-backed company announced on Monday that Paul Hanrahan would be taking the helm of the troubled company, replacing Eduardo Antonello, who in late September said he would be taking leave while addressing the bribery allegations against him.
Golar LNG said Antonello has now decided to step down "to protect and isolate Hygo from any misleading interpretation caused by [the] recent allegations"
Hanrahan joins Hygo after spending time leading the AES Corp, American Capital Energy and Infrastructure Management and Globeleq, all companies operating in the energy space.
The incoming chief executive, who has a masters of business administration from Harvard University and a bachelors degree from the US Naval Academy, will start on 19 October.
Golar also said its LNG supply deal with Norsk Hydro had been terminated.
The MOU, hashed out in July, saw Hygo — then known as Golar Power — contracted to supply LNG to Norsk's Alunorte alumina refinery through its planned floating storage and regasification unit-based Barcarena terminal in Brazil.
The company said it still intends to move forward with its plans for an LNG terminal in Barcarena, Para as it has already received the necessary permits and port concession, as well as a 25-year power purchase agreement.
The deal's collapse is the second in as many weeks for the embattled company, after Petrobras disqualified lone bidder Hygo from a tender to lease an LNG terminal in Bahia.
Hygo already had to delay its initial public offering in New York's Nasdaq due to the bribery investigation into Antonello.
Antonello worked for Seadrill in 2011 when he was accused of paying a $40m bribe to secure a $2.7bn with Petrobras.
Last month, federal police there executed 25 search warrants in relation to an investigation into the bribes.
In early trading on Monday, Golar LNG shares were down $0.27 to $7.37.
In mid-September, shares were trading as high as $13.91.
