Document:

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                                                                     EXHIBIT 4.7

CONFIDENTIAL

Dear Mr. G. K. McDonald

SERVICE AGREEMENT

The purpose of this letter is to record the terms agreed between us on which you
will act as General Manager Fleet Management of Osprey Maritime (Europe) Ltd.
(the "Company"):-

1.   Your duties extend to Company and all of its subsidiaries, associates and
     affiliates from time to time, (the "Group"). During the continuance of your
     employment you will devote all your time, attention and skill during
     working hours to the affairs of the Group, use your best endeavours to
     promote the interests of the Group, at all time obey the reasonable and
     lawful instructions of the Chief Operating Officer Fleet Management and
     keep the respective COO. F. M. fully informed of your conduct of the
     affairs of the Group. The various offices of the Group have official
     working hours, however, and you will from time to time be expected without
     any further remuneration to work outside those hours as and when the
     occasion demands or as otherwise required by the COO. F. M. For reference
     at commencement of employment with the Company your normal working hours
     will be 40 per weeks.

2.   Your employment will commence no later than May 1998.

3.   Except with the prior approval of the Chief Executive Officer you will not
     during the continuance of your employment with the Group be directly or
     indirectly interested or engaged in any other business. However, this will
     not preclude you from holding investments in any company listed on a stock
     exchange provided that you do not hold more than 3% of the issued shares or
     other securities of any class of any one company.

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4.   Neither during nor at any time after the termination of your employment
     shall you divulge or communicate to any person or persons (except those
     persons in the Group whose province it is to know the same) nor use for
     you're your own benefit any confidential information you may receive or
     obtain in relation to the affairs of any Company in the Group or any of its
     clients and for a period of one year following the termination of your
     employment you will not directly or indirectly solicit or entice away any
     client or employee of any company in the Group.

5.   You will receive a salary at the rate of L7,500 (Pound Sterling Seven
     Thousand Five Hundred) per calendar month [monthly in arrears]. The Group
     will cooperate in arrangements to enable payment to be made in a tax
     efficient manner, bearing in mind the location of your employment from time
     to time, so as to avoid unnecessary tax. Your salary will be reviewed each
     year on 1st July.

6.   You will initially be located in London. The Group reserves the right, upon
     giving reasonable notice, to post you in the future to Singapore or other
     locations as the needs of the business may require. In such event due
     consideration will be given to any substantive change in your cost of
     living and tax circumstances resulting from such new location and, subject
     to mutual agreement, the terms of this agreement may be altered
     accordingly.

     Where the employee has children of school age, the company will ensure a
     reasonable standard of education which does not adversely affect the
     continuity of schooling during service abroad. Where this involves costs
     which the employee would not otherwise have borne whether it be at a U.K.
     boarding school or at a school in Singapore or other location as the case
     may be, the company will bear the cost. Only children in primary and
     secondary phases of education (i.e. aged 5 - 18) are normally eligible for
     consideration.

     In the event that no agreement on such posting can be reached then Clause
     18, as it relates to termination, shall apply.

7.   In the event of relocation to Singapore or other location the Company will
     pay the cost of transporting your personal effects to the extent of freight
     and packing of one 40 foot container ex London and shall pay the cost of a
     one way Business Class airfare from London for you and your family. Upon
     termination of this Service Agreement for reasons other than as set out in
     paragraph 17(b) the Company shall pay the cost of freight and packing for
     your personal effects

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     to your chosen place of re-location in an amount not exceeding one 40 foot
     container, to U.K., and a one way Business Class air fare not exceeding the
     cost of travel to U.K. for you and your family.

     While on overseas assignment the Company will provided one round trip
     economy air ticket per year to the U.K. for yourself and family.

8.   You will be entitled to receive an annual bonus at the discretion of the
     Board of Directors of the Company based upon overall Group performance, the
     relative performance of any individual Business Unit to which you may be
     assigned, and upon personal merit. The Board will make its decision on
     additional bonus after the finalization of the annual audit accounts for
     the financial year in respect of which bonuses are assessed and such bonus
     shall be payable prior to 31st March following the financial year to which
     it relates.

9.   As advised, the Company is establishing a share option scheme for employees
     within the parameters set down by the Stock Exchange of Singapore. You will
     be entitled to participate within the terms and subject to the conditions
     of the scheme.

10.  You have the alternative of being covered for pension either under the
     Company's UK Pension Scheme, a non-contributory plan which is contracted
     into the State Pension Scheme and which provides additional benefits to
     those provided by the State, including the State Earnings Related Pension
     Scheme (SERPS), or of taking out a Private Pension Plan.

     Before taking this decision, it is important that you are aware of all the
     facts pertaining to your personal and individual position. You should
     contact the Personnel Department in this respect, who will then put you in
     touch with an Independent Financial Advisor in order that you receive "best
     advice".

     In the absence of your decision to opt for a Private Pension Plan, you will
     be covered for pension purposes under the terms and conditions of the
     "Gotaas-Larsen UK Pension Scheme".

11.  You will be provided  with the use of a Company  motor car or car allowance
     appropriate to your position. The car allowance is currently L550 per month
     and is payable through the monthly

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     payroll. A petrol allowance of L110 per month is presently in force with
     the use of a company credit card.

12.  The Company shall reimburse to you all reasonable out-of-pocket expenses
     incurred by you on Group business (including reasonable to expenses of
     entertaining and travelling) which expenses shall be evidenced in such
     manner as the Company may from time to time require. You should note that
     it is Company policy to cover the cost of business class travel of flights
     of more than 3 hours duration but economy class travel only on flights of
     less than 3 hours.

13.  You will be entitled (in addition to normal public holidays in the location
     of your employment) to 25 working days paid holiday in each year of your
     employment to be taken at such time or times as may be agreed by the COO.
     F. M.

14.  The Company will pay the premiums in respects of life, health and personal
     injury insurance as agreed with you from time to time advised in writing.

15.  The Company shall provide membership of a health care scheme for you and
     your family whereby the Company shall bear all medical expenses incurred by
     you including the cost of specialist consultations and hospital treatment,
     and dental costs (excluding cosmetic work). You are entitled to a medical
     check-up every two years at the company expense.

16.  Notwithstanding illness or other incapacity you will remain entitled to
     receive salary, benefits and accommodation allowances hereunder up to a
     maximum of 26 weeks in any period of 12 months. If and where required, you
     will supply the Company with medical certificates covering any period of
     illness or other incapacity and at the Company's expense undergo a medical
     examination by a doctor appointed by the Company.

17.  Your appointment will be subject to summary termination by the Company by
     notice in writing if:-

     (a)  You are unable satisfactorily to perform your duties hereunder through
          mental or physical ill health for a period or periods totally 270 days
          in any 12 month period; or

     (b)  You have committed any serious breach or repeated or continued after
          warning any material breach of your duties or shall be guilty of
          conduct bringing yourself or any

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          Group company into disrepute or shall have become bankrupt or
          compounded with your creditors generally.

18.  Subject to the provisions relating to summary termination contained in
     paragraph 17 it is agreed that the duration of this Service Agreement shall
     be for a minimum period of eighteen months from commencement of employment
     and thereafter shall continue indefinitely or until terminated by written
     notice given by the Company to you or by you to the Company of not less
     than 6 months duration. The whole or part of this notice may be waived by
     mutual consent.

The offer is conditional subject to a satisfactory  medical report. If you agree
to the terms of this letter, please sign and return the enclosed copy.

Yours sincerely,

For an on behalf of
OSPREY MARITIME LIMITED

/s/ R. T. Watson
----------------

CAPTAIN R. T. WATSON
CHIEF OPERATING OFFICER FLEET MANAGEMENT

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                                 PROMISSORY NOTE

For value received, the undersigned promises to pay to the order of Osprey
Maritime (Europe) Ltd, a Bermudan corporation (the "Company"), the principal sum
of

L20,900

to be repaid in MONTHLY instalments of

L317.55

commencing with May 1998's salary payment.

This loan carries a 3 (three) per cent per annum interest charge, which will be
calculated annually on the balance outstanding at the calculation point.

If for any reason whatsoever my employment is terminated with the Company, I
agree that on such date the entire outstanding balance of said note, including
any unpaid interest charges, shall be due and payable.

The Company shall also have the right to off-set the balance outstanding on the
loan together with interest due against the amount due from my Group Insurance
Policy in the event of my death and is authorised to deduct the monthly
repayments and interest from my monthly salary payments.

At any time during the 72 month period the maker may, at his discretion, pay
back all or part of the loan amount.

In the event the maker shall default on any payment provided for herein (i) the
full amount then remaining shall, at the option of the holder, immediately
become due and payable, and (ii) the maker shall pay all reasonable costs of
collection incurred by the Company, including, but not limited to reasonable
attorneys fees and disbursements.

This note shall be construed, enforced and interpreted under the laws of
England.

Date 21/4/98

Maker /s/ [ILLEGIBLE]
      --------------------

Witness /s/ R.J. Stewart
        ------------------

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[OSPREY MARITIME LIMITED LETTERHEAD]

                                                                BY FAX / COURIER

GRAEME MCDONALD, ESQ                                         22nd September 1999
Osprey Maritime (Europe) Limited
43-45 Portman Square
London
ENGLAND                                                   PRIVATE & CONFIDENTIAL

Dear Graeme,

I am pleased to formally confirm your promotion as discussed last week.

In addition to your current responsibilities as General Manager Fleet Management
for the Osprey Group with effect from 1st September 1999 you are appointed as
General Manager of the London Office responsible for administrative oversight of
that office. Functional reporting lines for staff in London will be to the
various different departmental heads.

In recognition of these additional responsibilities and the excellent work you
have done in Fleet Management your salary is increased to L135,000 per annum
effective from 1st September 1999.

I also confirm that a two year notice period will apply in the event that the
Company decides to terminate your employment with the Company. This will not
apply in the event of termination resulting from gross negligence, dishonesty on
your part or other just cause or in the event that you decide to resign from
your position at your own volition.

Your reporting line is to the CEO however, I wish to reinforce the conclusions
of recent discussions held with both you and your colleagues regarding the
current reorganization process which recognized the need for cooperation and
constructive dialogue with our colleagues to ensure that the Company's
activities develop in a coordinated and structured manner and I seek your full
support to encourage such an open culture.

You have my full support in your new role and I look forward to working closely
with you in our mutual efforts to place the Company on a firm footing.

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[OSPREY MARITIME LIMITED LOGO]

                                                         OSPREY MARITIME LIMITED

                                                        PRIVATE AND CONFIDENTIAL
                                           GRAEME MCDONALD - 22ND SEPTEMBER 1999

Please confirm your acceptance of the foregoing by signing and returning the
attached - copy of this letter.

Yours sincerely,                                   Signed in token of acceptance

/s/ T.S.C. Cottew
T.S.C. COTTEW                                      GRAEME MCDONALD
Chairman and CEO                                   Date<Page>
                                                                     Exhibit 4.8

-------------------------------------------------------------------------------

                              MANAGEMENT AGREEMENT
                             Dated February 21, 2002

-------------------------------------------------------------------------------

                                     between

                                GOLAR LNG LIMITED

                                       and

                     FRONTLINE MANAGEMENT (BERMUDA) LIMITED

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                                    I N D E X

1. APPOINTMENT.........................................................4
2. THE COMPANY'S MANAGEMENT FUNCTIONS..................................4
3. SUBSIDIARIES........................................................4
4. SERVICES............................................................4
5. GENERAL CONDITIONS..................................................9
6. COMPENSATION.......................................................10
7. AUTHORITY..........................................................11
8. INDEMNITY..........................................................11
9. CONFIDENTIALITY....................................................12
10.TERMINATION........................................................13
11.DEFAULT............................................................14
12.FORCE MAJEURE......................................................14
13.NOTICES............................................................14
14.MISCELLANEOUS......................................................15
15.GOVERNING LAW......................................................15

APPENDIX I - FEE SCHEDULE

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THIS MANAGEMENT AGREEMENT (the "Agreement") is made on February 21, 2002

BETWEEN :

(1)  GOLAR LNG LIMITED, Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton HM 08
     Bermuda (the "Company")

on the one part; and

(2)  FRONTLINE MANAGEMENT (BERMUDA) LIMITED, Par-la-Ville Place, 14 Par-la-Ville
     Road, Hamilton HM 08 Bermuda ("FrontManBer");

on the other part.

FrontManBer is hereinafter referred to as the "Manager" ", while the Company and
the Manager are referred to collectively as the "Parties" or,  separately,  as a
"Party"). The Company and its subsidiaries and associated companies are referred
to collectively as the "Group".

WHEREAS :

(A)  The  Company  is a limited  company  organised  under the laws of  Bermuda,
     having its registered office at the address stated above.

(B)  The Company's  shares are currently  listed on the Oslo Stock  Exchange and
     the  Company  is in the  process  of being  listed on the  Nasdaq  National
     Market.

(C)  The Company is,  through  direct and indirect  subsidiaries  established in
     various jurisdictions, the owner and/or operator of a substantial number of
     LNG vessels and other assets.

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(D)  It is the Company's policy to outsource certain of its administrative needs
     to other  corporate  entities,  either owned or  controlled  by itself,  by
     related parties or by third parties.

NOW THEREFORE, the Parties have agreed as follows:

1.   APPOINTMENT

1.1  The Company hereby confirms the appointment of the Manager on the terms and
     conditions set forth below

1.2  The  Parties  agree  that the terms set forth  herein  shall  regulate  the
     management  services  provided to the Group by the Manager with effect from
     June 1, 2001 and that all other  agreements,  whether  oral or in  writing,
     relevant thereto shall terminate with effect from the same date.

2.   THE COMPANY'S MANAGEMENT FUNCTIONS

2.1  Ultimate  responsibility  for the administration of the Group lies with the
     Company's board of directors (the "Board").

2.2  The Board has appointed its vice chairman as the Company's  Chief Executive
     Officer and the managing  director of  FrontManBer  as the Company's  chief
     accounting  officer and Company  Secretary.  (All of the above  hereinafter
     jointly referred to as the "Officers" or, individually, as an "Officer").

3.   SUBSIDIARIES

3.1  The  Group's  assets  are,  generally,  held  by  partly  or  wholly  owned
     subsidiaries of the Company (the  "Subsidiaries").  The Group, in addition,
     provides ship management services to third parties.

4.   SERVICES

4.1  The  Manager  shall,  throughout  the  terms of this  Agreement,  make such
     assistance and such services in relation to the management of the Group and
     the  Subsidiaries  available  to the Group as the Company and the  Officers
     from time to time may specify.

          Without  prejudice to the  generality  of the  foregoing,  the Manager
          shall provide the following services to the Group:

4.1.1 Corporate Governance Services

     a.   The Manager shall assist the Company  Secretary in preparing  material
          for and  convening  the  meetings of the Board and the  follow-up  and
          implementation  of the  resolutions  passed by the Board  from time to
          time.

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     b.   The Manager shall assist the Company  Secretary in preparing  material
          for and convening the meetings of the Company's  shareholders  and the
          follow-up and implementation of the resolutions passed therein.

     c.   The  Manager  shall  assist the Company  Secretary  in  preparing  and
          implementing  all aspects of the Company's  employee share option plan
          from time to time.

     d.   The Manager  shall be  responsible  for the operation of the Company's
          shareholder register and any and all sub-registers thereof.

4.1.2 The Manager shall be responsible  for all corporate  secretarial functions
      of the  Company's  Subsidiaries,  joint   venture  interests   and  equity
      investments as  appropriate,  such  responsibilities to include  assisting
      the  Company  Secretary  in  preparing  material  for  and  convening  the
      meetings   of  the  boards  and   shareholders  and  the   follow  up  and
      implementation  of the  resolutions  passed by the boards and shareholders
      from time to time.

4.1.3 Investor relations

     a.   The  Manager  shall  assist the Board and the  Officers in all aspects
          relevant to investor relations, including, but not limited to:

          -    distribution  of annual  and  quarterly  reports  and such  other
               information  as the Board from time to time  shall  decide to the
               Company's shareholders and others;

          -    presentations of the Company to investors and financial analysts;

          -    communication  with media and the public in general in respect of
               the Company's performance.

     b.   The  Manager  shall  provide  the Company  with such  information  and
          analysis as the Company shall require on the trading of its securities
          in the markets where they are regularly traded.

4.1.4 Accounting

     a.   The Manager shall be  responsible  for the  supervision of the Group's
          accounting  functions  and  shall,  in  this  respect,  report  to the
          Company's chief accounting officer and the Board.

     b.   The Group's  accounting  shall be based on US GAAP and such accounting
          principles as the Board from time to time shall have approved.

4.1.5 Auditing

     a.   The Manager shall assist the Company's  auditors in the continuous and
          annual audit of the Group's accounts.

4.1.6 Company Records

     a.   The Manager shall be responsible for the safekeeping and  professional
          filing  of  all  original  corporate  documents,  such  archive  being
          physically located in Bermuda.

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4.1.7 Stock Exchanges

     a.   The Manager shall, on the  instructions of the Company,  negotiate all
          listing  and  similar  agreements  relevant  to  the  listing  of  the
          Company's  securities on stock exchanges in such  jurisdictions as the
          Board, from time to time, shall decide.

     b.   The  Manager   shall  ensure   compliance  by  the  Company  with  all
          contractual  and legal  obligations of the Company in relation to such
          stock   exchanges  and  similar   trading  systems  as  the  Company's
          securities from time to time are listed on.

     c.   The  Manager  shall,  in  particular,  ensure  that all the  Company's
          obligations to inform stock exchanges of the Company's  activities and
          results  are  complied  with and shall enter into such  agreements  or
          other  arrangements  as shall be required by relevant stock  exchanges
          for this purpose.

     d.   The  Manager  shall  develop  and  implement  rules in relation to the
          possible  trading  by their  employees  of  securities  issued  by the
          Company  ensuring  that such  rules  comply  with  applicable  laws in
          relevant jurisdictions.

4.1.8 Government Relations - Taxes

     a.   The Manager  shall  ensure  compliance  by the Company  with all laws,
          regulations  and  provisions  applicable to the Company in Bermuda and
          such other  jurisdictions as the Group from time to time shall operate
          in.

     b.   The Manager  shall  monitor the tax  position of the Group and propose
          transactions  and  asset  allocations  to the  Board  with  a view  to
          minimising its overall tax exposure.

4.1.9 Corporate Finance

     a.   The Manager shall when  requested  assist the Officers and the Company
          in all matters relevant to the financing of the Group's activities.

     b.   The Manager shall, in accordance with specific  instructions  from the
          Board,  assist the Board and the  Officers  in  relation  to the issue
          and/or repurchase of the Company's securities.

4.1.10 Treasury Functions

     a.   The Manager  shall be  authorised to open and operate the Group's bank
          accounts in  accordance  with such  principles  therefore as the Board
          from time to time shall approve.  The Manager shall,  in this respect,
          be  authorised  to enter into  account  agreements  and all such other
          contracts or  agreements  as shall be required by the banks and others
          for this purpose.

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4.1.11 Technical Supervision Services

     a.   The Manager shall  participate in  restructuring  and arranging of the
          Group  technical  management  function  and  monitor and follow up the
          efficiency and quality of Group ship management.

     b.   The Manager shall participate in developing company-wide standards for
          the  technical  operation  of the  vessels  controlled  by  the  Group
          (including  vessels  managed  under  contract)  and a  policy  in this
          respect.  Such policy  document  shall be  submitted  to the Board for
          approval and shall, thereafter,  be reviewed regularly by the Managers
          with a view to improvements.

     c.   The Manager  shall,  on a regular  basis,  provide audits of technical
          management and crewing  arrangements,  such audits to include physical
          inspections of vessels.

     d.   The  Manager  shall  participate  in  the  negotiation  of  terms  and
          arrangements  for  drydocking of the vessels  controlled by the Group,
          both  in  line  with  the  regular   schedule   therefore   and  where
          circumstances otherwise require and shall be physically present at the
          drydocking.

     e.   The Manager shall  continuously  endeavour to improve the  operational
          standard and cost  effectiveness of the fleet of vessels controlled by
          the Group  and shall be  responsible  for the  continuous  improvement
          thereof.

     f.   The Manager shall extend the benefit of its bulk purchasing agreements
          and arrangements to the vessels controlled by the Group.

     g.   The Manager shall keep regular  contact with charterers of the Group's
          vessels and participate in the marketing of the vessels to charterers.

4.1.12 Mergers and Acquisitions

     a.   The Manager shall, in accordance with specific  instructions  from the
          Board or the Officers,  assist the Company in all matters  relevant to
          corporate  mergers  and/or  acquisitions  of  other  companies.   Such
          assistance  shall  include,  but shall not be limited to arranging the
          financing of any  acquisition,  renegotiating  existing  financing and
          other contractual  arrangement required by the  acquisition/merger and
          the general completion of the transaction in question.

                                     Page 7
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     b.   The Manager shall always report on their activities in matters related
          to mergers and  acquisitions  to the  Officers  and keep the  Officers
          continuously updated on the same.

     c.   The Manager shall, in accordance with specific  instructions  from the
          Board or the Officers, assist the Company in the sale of Subsidiaries.

4.1.13 Subsidiaries

     a.   The Manager shall prepare general  guidelines for the establishment of
          Subsidiaries  to the Board for its approval and ensure  implementation
          thereof thereafter.

     b.   The Manager shall endeavour to make its senior employees  available to
          the Subsidiaries as directors and/or officers.

     c.   The  Manager  shall be  responsible  for  maintaining  the  number  of
          Subsidiaries  from time to time at a level  coherent  with the Board's
          policy  and  ensure  that  dormant   Subsidiaries  are  liquidated  in
          accordance with such policy.

4.1.14 Sale and Purchase of Assets

     a.   The Manager  shall,  if  requested  and in  accordance  with  specific
          instructions from the Board and the Subsidiary in question,  supervise
          the  sale and  purchase  of  vessels  or other  assets  including  the
          completion  of such  transaction.

     b.   A sale or purchase of a vessel shall always be finally approved by the
          Board and the board of the relevant Subsidiary.

     c.   The Manager shall, if requested,  assist the Officers and the Board in
          following  the market for the sale and  purchase  of vessels and other
          assets and provide the Board with recommendations in this respect.

4.1.15 Newbuildings

     a.   The Manager, shall, if requested, assist the Officers and the Board in
          following   the  market  for   newbuildings   and,  in  this  respect,
          continuously liaise with relevant yards, brokers and analysts.

     b.   The Manager shall, if requested and always in accordance with specific
          instructions  from the  Officers  and the  Board,  assist the Group in
          negotiating  newbuilding contracts.  Any such contract shall always be
          subject  to the  final  approval  of the  Board  and the  board of the
          subsidiary ordering the said newbuilding.

4.1.16 General Purchasing Authority

     a.   The Manager  shall be generally  authorised  to conclude  purchases of
          goods and services on the Group's behalf within such limits as are set
          forth in each year's budget.

                                     Page 8
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5.   General Conditions

5.1  The Manager shall, in performing  their duties  hereunder,  effectively and
     faithfully serve the Group. In exercising the powers and authorities hereby
     conferred on them, the Manager shall:

     (i)  always use its best  endeavours  to protect  and  promote  the Group's
          interests;

     (ii) observe all applicable  laws and  regulations  relevant to the Group's
          activities; and

     (iii)always  act  in  accordance  with  good  and  professional  management
          practice.

5.2  The Manager shall have the right to  sub-contract  parts of the Services to
     related  companies  or to  third  parties  on  commercial  terms.  Any such
     sub-contracting  arrangements  with third parties shall be made in writing.
     The Company shall be provided with copies of such agreements.

5.3  The  Manager  shall be  entitled  to provide  management  services to other
     companies or entities.

     Such  entities can either be other  companies or groups of companies  under
     the ultimate control of the Company, related parties or genuine third party
     entities.

     The  Manager  shall not afford  preference  to any vessel or company  under
     their  management  but  shall,  so  far  as  practicable,   ensure  a  fair
     distribution of service to all vessels and companies under  management from
     time to time.

     The Manager shall, in the performance of the Services,  be entitled to have
     regard to their  overall  responsibility  in relation to all matters as may
     from time to time be entrusted to their  management and in particular,  but
     without  prejudice  to the  generality  of the  foregoing,  be  entitled to
     allocate available supplies, manpower and services between their management
     assignments in such manner as in the prevailing  circumstances  the Manager
     considers to be fair and reasonable.

5.4  All  discounts,  commissions  and other  benefits  received  by the Manager
     and/or their  employees from third parties as a consequence of the services
     to be provided to the Group  hereunder  shall be  disclosed  to the Company
     and, unless otherwise agreed, placed at the Company's disposal.

5.5  The Company shall, at all times, be allowed full access to the accounts and
     records of the  Manager  which are  relevant  to the  performance  of their
     obligations vis-a-vis the Group hereunder.

Such  access  shall be  granted to the  Officers  and  Directors  and such other
persons as shall be specifically  authorised by the Company.  Representatives of
the Company's  auditor shall, in relation to the audit of the Group's  accounts,
always be considered as authorised.

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5.6  The Manager  shall,  upon  request,  provide the Company with copies of all
     documents  relevant to the Group in their possession and otherwise  compile
     such facts and records on the basis of such  documents as shall,  from time
     to time be requested by the Company.

5.7  In order to facilitate the provision of Services the Directors and Officers
     shall  communicate all instructions and requests in respect of the Services
     to the Manager and their employees through the Manager.

5.8  FrontManBer shall be primary responsible for the following functions of the
     Services:

     a.   all governmental relations in Bermuda;

     b.   all filings to governmental  authorities and the stock exchange in the
          United States;

     c.   all  services  related  to  the  meetings  of the  Board,  shareholder
          meetings and other  corporate  governance  issues  relevant to Bermuda
          law;

     d.   maintaining the Company's official records as required by Bermuda law;

     e.   assisting the Company in relation to specific  corporate  transactions
          as per instructions from the Board from time to time.

     FrontManBer  shall, in the matters referred to in (a) to (e) above,  report
     to the Board.

     The  principle set forth above shall not apply in respect of the duties and
     obligations of FrontManBer's managing director in relation to the functions
     undertaken by such person in his capacity as the Company's chief accounting
     officer  and   company   secretary.   In   discharging   these   functions,
     FrontManBer's  managing director shall report to the other Officers and the
     Board.

6.   COMPENSATION

6.1  The  Manager  shall  receive a fee as set out in  Appendix 1 hereto for the
     Services as set out below.

     6.2a. Provision of corporate secretarial services for Group companies.

     6.3b. Provision of directors and officers services for Group companies.

     6.4c. Provision  of  corporate  secretarial   services  for  dormant  Group
           companies.

     6.5d. Provision  of directors  and  officers  services  for  dormant  Group
           companies.

     6.6e. Provision of technical supervision services.

     6.7f. Provision of all other services provided for herein.

                                    Page 10
<Page>

6.2  The budgeted  annual fee due to the Manager  shall be quoted by the Manager
     to the Board no later than 15 December  each year.  The fee shall be market
     compatible.

6.3  The preliminary  fees approved by the Board shall be paid to the Manager in
     advance on a quarterly basis in 4 equal amounts throughout the year.

6.4  In the event the Group  increases  or  reduces  its  activities  materially
     during a year, each of the Parties shall have the right to require that the
     preliminary  fees are adjusted.  Such adjustment shall always take place if
     any of the Manager,  as a  consequence  of such increase or decrease in the
     scope of the Services will have to increase its cost base.

6.5  Any  adjustment  shall be effective as from the month  following  agreement
     between the Parties on the revision.

6.6  The Manager's  out-of-pocket  expenses for providing the services  shall be
     paid by the Company in addition to the above fees.  Out-of-pocket  expenses
     include  travelling  expenses incurred in the Manager's  performance of the
     services and any payments to third  parties  directly  attributable  to the
     services.

7.   AUTHORITY

7.1  The Manager is authorised and (subject to Bermudan law and their compliance
     with the provisions  hereof)  obligates the Company by its signature in all
     transactions  connected  with  the  day-to-day  operation  of  the  Group's
     activities.

          All  matters of an  irregular  nature or special  importance,  and all
          matters which, according to the Company's by-laws, applicable Bermudan
          law and/or this Agreement,  require a decision by the Board,  shall be
          submitted to the Board and the Officers and shall not be actioned upon
          by the Manager without the prior written consent of the Company having
          been obtained.

7.2  The Company hereby ratifies and confirms and  undertakes,  at all times, to
     allow,  ratify and confirm all the Manager shall lawfully do or cause to be
     done in the bona fide performance of their duties hereunder.

8.   INDEMNITY

8.1  The  Manager  shall be under no  responsibility  or  liability  for loss or
     damage, whether as a loss of profits or otherwise, to the Group arising out
     of any act or omission involving any error of judgment or any negligence on
     the  part  of the  Manager  or any of  them  or any of  their  officers  or
     employees or in connection  with the performance of their duties under this
     Agreement,  unless  acts or  omissions  are caused by gross  negligence  or
     wilful misconduct.

          In any event, the manager shall not be liable under any  circumstances
          to  compensate  the Group in an amount  exceeding the aggregate of the
          annual fee.

8.2  The Company  covenants to indemnify  and keep  indemnified  the Manager and
     their employees against any and all liabilities,  costs,  claims,  demands,
     proceedings,  charges,  actions,  suits or expenses of  whatsoever  kind or
     character that may be incurred or suffered by any of them howsoever arising
     (other than by reason of fraud or  dishonesty  on their part) in connection
     with the provisions of the Services or the performance of this Agreement.

                                    Page 11
<Page>

8.3  The Manager shall not be required to take any legal action on behalf of the
     Group, the Directors or the Officers unless being fully indemnified (to its
     or their reasonable  satisfaction) for all costs and liabilities  likely to
     be incurred or suffered  by them.  If the Company  requires  the Manager or
     either of them in any capacity, to take any action which, in the opinion of
     the  Manager,  might make the  Manager as agents  liable for the payment of
     money or liable in any other way, the Manager shall be kept  indemnified by
     the Company in any  reasonable  amount and form  satisfactory  to them as a
     prerequisite to take such action.

8.4  The  indemnities   provided  by  the  Company  hereunder  shall  cover  all
     reasonable costs and expenses payable by the Manager in connection with any
     claims.

8.5  To the extent that the Manager is entitled to claim in indemnity in respect
     of amounts paid or  discharged by the Manager  pursuant to this  Agreement,
     these  indemnities  shall take  effect as an  obligation  of the Company to
     reimburse the Manager making such payment or effecting such discharge.

8.6  The  indemnification  provided by this clause shall not be deemed exclusive
     of any other rights to which those seeking  indemnification may be entitled
     under any statute,  agreement, the by-laws of the Company or otherwise, and
     shall continue after the termination of this Agreement.

8.7  The Manager shall be included as  co-assured on insurance  policies for the
     Vessels.

9.   CONFIDENTIALITY

9.1  All confidential information furnished to the Manager or any of them or any
     of their respective  employees,  directors or  sub-contractors  pursuant to
     this Agreement and any accounts,  accounting  and financial  records of the
     Group  created or  maintained by the Manager or any of them or any of their
     respective employees,  directors or sub-contractors as contemplated by this
     Agreement  shall be and remain the  property of the Group and shall be kept
     confidential by the Manager.

     The Manager hereby agree for  themselves and their  employees and agents to
     keep the same  confidential and not to disclose the same to any third party
     other than as expressly  contemplated hereby or as expressly  authorised in
     writing by the  Company  and not to use such  information  for any  purpose
     other than the purpose  contemplated hereby provided that the provisions of
     this clause 9.1 shall not apply to any such confidential  information which
     is:

                                    Page 12
<Page>

     (i)  required to be disclosed by law or court order;

     (ii) or becomes public knowledge  otherwise than as a result of the conduct
          of the Manager or any of them.

     For  the purpose of this clause "Confidential Information" shall mean:

     a.   confidential  information  (including without limitation trade secrets
          and confidential know-how) relating to the business of the Group;

     b.   all other  confidential  information and know-how of which the Manager
          become aware (both before or after the commencement date) or generates
          in the  course  of or in  connection  with  the  performance  of their
          obligations hereunder;

     c.   all information treated by the Manager in relation to their activities
          as  confidential  other  than  information  that is  public  knowledge
          (otherwise than as a result of a breach of confidentiality pursuant to
          this Agreement).

9.2  The Manager  shall,  if so required by any of the stock  exchanges on which
     the  Company's  shares are  listed,  ensure  that each of their  respective
     employees  having  access  to  confidential  information  shall  execute  a
     specific confidentiality undertaking in favour of the Company.

10.  TERMINATION

10.1 The Company may  terminate  this  Agreement  with 12 months'  prior written
     notice to the Manager.

10.2 Termination  shall be without  prejudice  to any rights or  liabilities  of
     either Party hereto  arising  prior to or in respect of any act or omission
     occurring prior to termination.

10.3 In the event of  termination,  the management fee shall be pro-rated to the
     date of termination (after taking into account such additional  amounts, if
     any,  as the time spent and the  responsibility  undertaken  by the Manager
     during the relevant period immediately prior to termination justify).

10.4 In the event of termination, the Company and the Manager shall procure that
     all  such  acts  are  done  as may be  necessary  to  give  effect  to such
     termination and the Company shall secure and the Manager shall,  subject to
     payment of all amounts due to them hereunder, co-operate in the appointment
     of a substitute Manager as circumstances may require.

10.5 Upon the termination of this Agreement,  the Manager shall hand over to the
     Company all books of account,  correspondence  and records  relating to the
     affairs of the Company  which are the property of the Company and which are
     in their possession.

                                    Page 13
<Page>

11.  DEFAULT

11.1 If the Manager, by any act or omission,  shall be in breach of any material
     obligation under this Agreement and such breach shall continue for a period
     of fourteen  (14) days after written  notice  thereof has been given by the
     Company to the Manager,  the Company shall have the right to terminate this
     Agreement with immediate effect by notice to the Manager.

11.2 The right to terminate this Agreement shall be in additional to and without
     prejudice  to any other  rights  which the  Company  may have  against  the
     Manager under this Agreement.

11.3 In the event that either:

     a.   any payment in respect of the remuneration  paid to the Manager or any
          other monies due to the Manager is not paid by the Company;

          or

     b.   the  Company  shall,  by any  act or  omission,  be in  breach  of any
          material  obligation  under  this  Agreement  and  such  breach  shall
          continue  for a period of  fourteen  (14) days  after  written  notice
          thereof has been given by the Manager to the Company;

     the Manager shall have the right to terminate this Agreement with immediate
     effect  by  notice  to the  Company,  any such  termination  being  without
     prejudice  to any claim the  Manager  may have on the  Company  under  this
     Agreement,  and taking effect either forthwith or at such other time as may
     be specified in the notice.

11.4 Either Party may forthwith by notice in writing terminate this Agreement if
     an order be made or a resolution  be passed for the winding up of the other
     or if a receiver be appointed of the business or property of the other,  or
     if the other shall cease to carry on business or make  special  arrangement
     or composition with its creditors or if any event analogous with any of the
     foregoing occurs under any applicable law.

12.  FORCE MAJEURE

The Manager shall be under no liability of any kind or nature  whatsoever in the
event that they should fail to perform any services hereunder if such failure is
directly or indirectly  caused by war,  war-like  activities,  government order,
riot, civil commotion,  strike or lock-out or similar actions,  or Act of God or
peril of the sea or any other similar cause beyond the Manager's control.

13.  NOTICES

13.1 All  correspondence or notices required or permitted to be given under this
     Agreement  shall be given in English and sent by first class mail, air mail
     or  telefax  (and in case of  telefaxes  confirmed  by  airmail  letter) or
     delivered by hand addressed as follows:

     If to the Company:
     ------------------
     Golar LNG Limited
     PO Box HM 1593
     Par-la-Ville Place
     14 Par-la-Ville Road
     Hamilton HM GX
     Bermuda
     Att.: Chief Executive Officer
     Telefax: 1 441 295-3494
     Telephone: 1 441 295-4705

     If to the Manager:
     ------------------
     Frontline Management (Bermuda) Limited
     PO Box HM 1593
     Par-la-Ville Place
     14 Par-la-Ville Road
     Hamilton HM GX
     Bermuda
     Att.: Managing Director
     Telefax: 1 441 295-3494
     Telephone: 1 441 295-6935

     or such other  address as either Party may  designate to the other party in
     writing.

                                    Page 14
<Page>

14.  MISCELLANEOUS

14.1 No Party shall be entitled to assign its rights  and/or  obligations  under
     this  Agreement  without  the prior  written  consent of the other  Parties
     hereto.

14.2 Nothing  in this  Agreement  shall be deemed to  constitute  a  partnership
     between the Parties.

14.3 No term of this  Agreement is enforceable by a person who is not a party to
     it.

14.4 This  Agreement  shall not be amended,  supplemented  or  modified  save by
     written agreement signed by or on behalf of the Parties.

15.  GOVERNING LAW AND ARBITRATION

15.1 This Agreement shall be governed by Bermuda Law.

The Company:                             The Manager:

For and on behalf of                     For and on behalf of
GOLAR LNG LIMITED                        FRONTLINE MANAGEMENT (BERMUDA) LIMITED

---------                                ---------
Signature                                Signature

SVEINUNG STOHLE                          KATE BLANKENSHIP
----------------                         ----------------
Name with block letters                  Name with block letters

                                    Page 15
<Page>

                                   APPENDIX I

                                  FEE SCHEDULE

           Service                                      Fee

Provision of corporate secretarial              $2,500 per company per annum
services for Group companies.

15.2 Provision of directors and officers        $2,500 per company per annum
     services for Group cmpanies.

15.3 Provision of corporate secretarial         $1,000 per company per annum
     services for dormant Group companies.

15.4 Provision  of  directors  and  officers    $1,000 per company per annum
     services  for dormant Group companies.

15.5 Provision of technical supervision         $36,000 per vessel per annum for
     services.                                  Golar  Freeze,  Hilli,  Gimi and
                                                Khannur.  $15,600 per vessel per
                                                annum for Golar Mazo and vessels
                                                managed for third  parties
                                                Newbuidings: $24,000 per vessel
                                                per annum until delivery
                                                (pro-rated as necessary for part
                                                of a year) and $15,600 per
                                                vessel per annum thereafter.

Provision of all other services provided        $1,000 per day
for in this agreement.

                                    Page 16

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