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                              MANAGEMENT AGREEMENT

                             Dated February 21, 2002



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                                     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



                                                                          Page 2

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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.



                                     Page 3

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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

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