Highlights and subsequent
events
- Golar LNG Limited (“Golar” or “the Company”) signed an
agreement for a 20-year FLNG deployment in Argentina. Strong
progress on further FLNG opportunities.
- Golar and bp entered into commercial reset arrangements
for FLNG Gimi for the pre-Commercial Operations Date (“Pre-COD”)
period, enabling refinancing at improved terms which is expected to
release liquidity of up to $0.5 billion.
- Finalization of yard EPC and payment terms agreed in
preparation for contracting of 3.5mtpa MKII FLNG.
- Golar reports Q2 2024 (“Q2” or “the quarter”) Net
income attributable to Golar of $26 million, and
Adjusted EBITDA1 of $59 million.
- Adjusted EBITDA backlog1 of approximately $11 billion,
including existing and redeployment charters for FLNGs Hilli and
Gimi, before commodity exposure.
- FLNG Hilli Episeyo maintains market leading operational
track record. Cumulative production to date surpasses 8 million
tons.
- Declared dividend of $0.25 per share for the
quarter.
FLNG Hilli Episeyo: Maintained
her market leading operational track record, generating $69 million
of Q2 Distributable Adjusted EBITDA1, of which Golar’s share was
$64 million, both in line with Q1, 2024.
FLNG Gimi: In August 2024,
Golar and the Greater Tortue Area (“GTA”) operator, a subsidiary of
BP p.l.c. (“bp”), executed agreements simplifying and settling
previous disputes related to payment mechanisms for pre-COD
contractual cashflows (“the commercial reset”). Golar is now
contractually entitled to receive daily payments from January 10,
2024 until the Commercial Operations Date (“COD”). The daily
payments have step-up mechanisms based on project milestones up to
COD and are secured by long-stop dates. Golar will also be entitled
to certain lump-sum bonus payments subject to the achievement of
certain project milestones. Under the new arrangements and based on
the operator’s latest timeline, Golar expects to receive
approximately $220 million across 2024 and 2025 in pre-COD
compensation inclusive of milestone bonuses, of which approximately
$130 million will be invoiced in 2024. The $110 million that Golar
has paid bp in liquidated damages for the period up until January
10, 2024 will remain with bp. It is expected that this pre-COD
compensation, net of already paid liquidated damages, will
be deferred on the balance sheet.
The FLNG Gimi is moored at the GTA Hub offshore
Mauritania and Senegal, ready to commence operations. Following the
commercial reset of pre-COD contractual arrangements, Golar, bp and
Kosmos Energy Ltd. (“Kosmos”) have agreed to use an LNG
commissioning cargo to accelerate the commissioning schedule. A bp
and Kosmos procured LNG cargo is expected to arrive at the GTA hub
within August. The commissioning cargo is intended to parallel
process the commissioning of the GTA FPSO and FLNG Gimi, and
targets to shorten the time to COD.
COD will occur upon completion of all project
infrastructure commissioning and will trigger the start of the
20-year Lease and Operate Agreement that unlocks the equivalent of
around $3 billion (Golar's share) of Adjusted EBITDA Backlog1 and
recognition of the contractual day rate comprised of capital and
operating elements in both the balance sheet and income
statement.
The commercial reset also enables refinancing of
the existing FLNG Gimi debt facility. A potential refinancing
facility is now in the credit approval process. This potential debt
facility offers a lower margin and improved amortization profile
versus the current vessel debt facility and will release
significant liquidity to Golar.
FLNG business development: In
July 2024, Golar and Pan American Energy (“PAE”) entered into
definitive agreements for a 20-year FLNG deployment project in
Argentina. Expected to commence LNG exports within 2027, the
project will tap into the Vaca Muerta shale deposit in the Neuquén
Basin, the world’s second largest shale gas formation. The fully
executed agreements include a Gas Sales Agreement from PAE for the
supply of gas and an FLNG charter agreement with Golar. A final
investment decision is expected before year-end subject to receipt
of regulatory and environmental approvals and satisfaction of
customary closing conditions.
The PAE project expects to utilize Golar’s FLNG
Hilli Episeyo. With a nameplate capacity of 2.45 million tons per
annum (“mtpa”) and assuming 90% capacity utilization, a re-deployed
FLNG Hilli Episeyo is expected to generate an Adjusted EBITDA per
MMBtu of approximately US$2.6, equivalent to annual Adjusted
EBITDA1 of approximately $300 million, with a commodity-linked
pricing element additional to this. As part of the agreements,
Golar will also hold a 10% stake in Southern Energy S.A., a
dedicated joint venture with PAE, responsible for the purchase of
domestic natural gas, operations, and sale and marketing of LNG
volumes from Argentina.
This initiative is envisaged to be the first
phase of a multi-vessel project. In addition to FLNG Hilli Episeyo,
this opportunity represents one of several potential deployment
prospects for a 3.5mtpa MKII FLNG.
Golar’s offering as the only proven operator of
FLNG as a service and planned available liquefaction capacity from
2027/2028 continues to be met by strong prospective client interest
for additional FLNG projects. FLNG project opportunities in West
Africa, South America, the Middle East and Southeast Asia are at
various stages of development. The commercial team has been further
expanded with two senior resources.
Further development of our planned MKII 3.5mtpa
FLNG is progressing. Long lead items already ordered are now 63%
complete. Golar targets to enter into a yard EPC contract for
conversion of Fuji LNG into a MKII FLNG within Q3 2024. If the
order is placed within this timeframe, the MKII FLNG will be
delivered within 2027. As part of the yard discussions, we have
also secured an option for a second MKII FLNG for delivery within
2028.
Other/Shipping: Operating
revenues and costs under corporate and other items is comprised of
two FSRU operate and maintain agreements in respect of the LNG
Croatia and Italis LNG (formerly known as Golar Tundra). The
non-core shipping segment is comprised of the LNGC Golar Arctic and
Fuji LNG which is now trading on a multi-month charter. Subject to
contracting, Fuji LNG is expected to enter the FLNG conversion yard
at the end of her current charter in Q1 2025. Golar Arctic remains
a candidate for sale or long-term charter.
Shares and dividends: As of
June 30, 2024, 104.0 million shares are issued and outstanding. Of
the $150.0 million approved share buyback scheme, $74.1 million
remains available.
Golar’s Board of Directors approved a total Q2
2024 dividend of $0.25 per share to be paid on or around September
3, 2024. The record date will be August 26, 2024.
The Annual General Meeting was held on August
13, 2024.
Financial Summary
(in thousands of $) |
Q2 2024 |
Q2 2023 |
% Change |
YTD 2024 |
YTD 2023 |
% Change |
Net
income/(loss) |
35,230 |
6,910 |
410% |
101,725 |
(85,659) |
(219)% |
Net
income/(loss) attributable to Golar LNG Ltd |
25,907 |
(4,545) |
(670)% |
81,127 |
(106,408) |
(176)% |
Total
operating revenues |
64,689 |
77,530 |
(17)% |
129,648 |
151,498 |
(14)% |
Adjusted
EBITDA 1 |
58,716 |
82,815 |
(29)% |
122,303 |
166,963 |
(27)% |
Golar’s share of Contractual Debt 1 |
1,197,626 |
1,176,630 |
2% |
1,197,626 |
1,176,630 |
2% |
Financial Review
Business Performance:
|
2024 |
2023 |
(in thousands of $) |
Apr-Jun |
Jan-Mar |
Apr-Jun |
Net income |
35,230 |
66,495 |
6,910 |
Income taxes |
140 |
138 |
1,445 |
Net income before income taxes |
35,370 |
66,633 |
8,355 |
Depreciation and amortization |
13,780 |
12,476 |
12,450 |
Impairment of long-lived assets |
— |
— |
5,021 |
Unrealized loss/(gain) on oil and gas derivative instruments |
16,050 |
(2,148) |
76,646 |
Other non-operating expense, net |
— |
— |
1,305 |
Interest income |
(8,556) |
(10,026) |
(11,836) |
Interest expense |
— |
— |
610 |
Gains on derivative instruments, net |
(107) |
(6,202) |
(11,673) |
Other financial items, net |
54 |
2,640 |
464 |
Net losses from equity method investments |
2,125 |
214 |
1,577 |
Net income from discontinued operations |
— |
— |
(104) |
Adjusted EBITDA 1 |
58,716 |
63,587 |
82,815 |
|
2024 |
|
Apr-Jun |
Jan-Mar |
(in thousands of $) |
FLNG |
Corporate and other |
Shipping |
Total |
FLNG |
Corporate and other |
Shipping |
Total |
Total operating revenues |
56,120 |
5,444 |
3,125 |
64,689 |
56,368 |
5,386 |
3,205 |
64,959 |
Vessel operating expenses |
(22,765) |
(5,056) |
(3,453) |
(31,274) |
(18,784) |
(5,137) |
(1,941) |
(25,862) |
Voyage, charterhire & commission expenses |
— |
— |
(1,711) |
(1,711) |
— |
(33) |
(1,737) |
(1,770) |
Administrative income/ (expenses) |
34 |
(5,882) |
(4) |
(5,852) |
(471) |
(6,590) |
(14) |
(7,075) |
Project development (expenses)/income |
(1,300) |
(2,226) |
— |
(3,526) |
(1,085) |
274 |
(1) |
(812) |
Realized gain on oil and gas derivative instruments (2) |
36,390 |
— |
— |
36,390 |
34,147 |
— |
— |
34,147 |
Adjusted EBITDA 1 |
68,479 |
(7,720) |
(2,043) |
58,716 |
70,175 |
(6,100) |
(488) |
63,587 |
(2) The line item “Realized and unrealized
(loss)/gain on oil and gas derivative instruments” in the Unaudited
Consolidated Statements of Operations relates to income from the
Hilli Liquefaction Tolling Agreement (“LTA”) and the natural gas
derivative which is split into: “Realized gain on oil and gas
derivative instruments” and “Unrealized (loss)/gain on oil and gas
derivative instruments”.
|
2023 |
|
Apr-Jun |
(in thousands of $) |
FLNG |
Corporate and other |
Shipping |
Total |
Total operating revenues |
60,373 |
11,697 |
5,460 |
77,530 |
Vessel operating expenses |
(15,869) |
(7,006) |
(1,834) |
(24,709) |
Voyage, charterhire & commission expenses |
(150) |
— |
(74) |
(224) |
Administrative (expenses)/income |
(42) |
(7,962) |
10 |
(7,994) |
Project development income |
(1,965) |
(16,590) |
— |
(18,555) |
Realized gain on oil and gas derivative instruments |
46,451 |
— |
— |
46,451 |
Other operating loss |
2,499 |
7,817 |
— |
10,316 |
Adjusted EBITDA 1 |
91,297 |
(12,044) |
3,562 |
82,815 |
Golar reports today Q2 net income of $35
million, before non-controlling interests, inclusive of $18 million
of non-cash items1, comprised of:
- TTF and Brent oil unrealized mark-to-market (“MTM”) losses of
$16 million; and
- A $2 million MTM loss on interest rate swaps.
The Brent oil linked component of FLNG Hilli
Episeyo’s fees generates additional annual cash of approximately
$3.1 million (Golar share equivalent to $2.7 million) for every
dollar increase in Brent Crude prices between $60 per barrel and
the contractual ceiling. Billing of this component is based on a
three-month look-back at average Brent Crude prices. During Q2, we
recognized a total of $36 million of realized gains on FLNG Hilli
Episeyo’s oil and gas derivative instruments comprised of a:
- $20 million realized gain on the Brent oil linked derivative
instrument of which Golar has an effective 89.1% interest;
- $4 million realized gain in respect of fees for the TTF linked
production of which Golar has an effective 89.4% interest; and
- $12 million realized gain on the hedged component of the
quarter’s TTF linked fees of which 100% is attributable to
Golar.
Further, we recognized a total of $16 million of
non-cash losses in relation to FLNG Hilli Episeyo’s oil and gas
derivative assets, with corresponding movements in its constituent
parts recognized on our unaudited consolidated statement of
operations as follows:
- $16 million loss on the Brent oil linked derivative asset;
- $12 million gain on the TTF linked natural gas derivative
asset; and
- $12 million loss on the economically hedged portion of the Q2
TTF linked FLNG production.
Balance Sheet and Liquidity:
As of June 30, 2024, Total Golar Cash1 was $604
million, comprised of $528 million of cash and cash equivalents and
$76 million of restricted cash.
Golar’s share of Contractual Debt1 as of June
30, 2024 is $1,198 million. Deducting Total Golar Cash1 of $604
million from Golar’s share of Contractual Debt1 of $1,198 million,
leaves a debt position of $594 million.
A total of $85 million was invested in FLNG Gimi
during the quarter, with the total FLNG Gimi asset under
development balance, inclusive of $252 million of capitalized
financing related costs, amounting to $1.7 billion as of June 30,
2024. Of this, $630 million was drawn against the $700 million debt
facility secured by FLNG Gimi. Both the investment and debt drawn
to date are reported on a 100% basis.
Expenditure on long-lead items, engineering
services and conversion candidate Fuji LNG for the MKII FLNG
amounted to $293 million as of June 30, 2024. Of this, $215 million
is included in other non-current assets and $78 million in respect
of Fuji LNG is presented in vessels and equipment, net. All MKII
FLNG expenditure incurred to date, including the acquisition of
Fuji LNG is fully equity financed.
Non-GAAP measures
In addition to disclosing financial results in
accordance with U.S. generally accepted accounting principles (US
GAAP), this earnings release and the associated investor
presentation contains references to the non-GAAP financial measures
which are included in the table below. We believe these non-GAAP
financial measures provide investors with useful supplemental
information about the financial performance of our business, enable
comparison of financial results between periods where certain items
may vary independent of business performance, and allow for greater
transparency with respect to key metrics used by management in
operating our business and measuring our performance.
This report also contains certain
forward-looking non-GAAP measures for which we are unable to
provide a reconciliation to the most comparable GAAP financial
measures because certain information needed to reconcile those
non-GAAP measures to the most comparable GAAP financial measures is
dependent on future events some of which are outside of our
control, such as oil and gas prices and exchange rates, as such
items may be significant. Non-GAAP measures in respect of future
events which cannot be reconciled to the most comparable GAAP
financial measure are calculated in a manner which is consistent
with the accounting policies applied to Golar’s unaudited
consolidated financial statements.
These non-GAAP financial measures should not be
considered a substitute for, or superior to, financial measures and
financial results calculated in accordance with GAAP. Non-GAAP
measures are not uniformly defined by all companies and may not be
comparable with similarly titled measures and disclosures used by
other companies. The reconciliations as at June 30, 2024 and for
the six months period ended June 30, 2024, from these results
should be carefully evaluated.
Non-GAAP measure |
Closest equivalent US GAAP measure |
Adjustments to reconcile to primary financial statements
prepared under US GAAP |
Rationale for adjustments |
Performance measures |
Adjusted EBITDA |
Net income/(loss) |
+/- Income taxes + Depreciation and amortization+/- Impairment
of long-lived assets +/- Unrealized (gain)/loss on oil and gas
derivative instruments+/- Other non-operating (income)/losses+/-
Net financial (income)/expense+/- Net (income)/losses from equity
method investments+/- Net loss/(income) from discontinued
operations |
Increases the comparability of total business performance from
period to period and against the performance of other companies by
excluding the results of our equity investments, removing the
impact of unrealized movements on embedded derivatives,
depreciation, financing costs, tax items and discontinued
operations. |
Distributable Adjusted EBITDA |
Net income/(loss) |
+/- Income taxes + Depreciation and amortization+/-
Impairment of long-lived assets +/- Unrealized (gain)/loss on
oil and gas derivative instruments+/- Other non-operating
(income)/losses+/- Net financial (income)/expense+/- Net
(income)/losses from equity method investments+/- Net loss/(income)
from discontinued operations - Amortization of deferred
commissioning period revenue- Amortization of Day 1 gains- Accrued
overproduction revenue+ Overproduction revenue received- Accrued
underutilization adjustment |
Increases the comparability of our operational FLNG Hilli from
period to period and against the performance of other companies by
removing the non-distributable income of FLNG Hilli, project
development costs, the operating costs of the Gandria (prior to her
disposal) and FLNG Gimi. |
Liquidity measures |
Contractual debt 1 |
Total debt (current and non-current), net of deferred finance
charges |
+/- Debt within liabilities held for sale net of deferred finance
charges+/-Variable Interest Entity (“VIE”) consolidation
adjustments+/-Deferred finance charges+/-Deferred finance charges
within liabilities held for sale |
During the year, we consolidate a lessor VIE for our Hilli sale and
leaseback facility. This means that on consolidation, our
contractual debt is eliminated and replaced with the lessor VIE
debt. Contractual debt represents our debt obligations under
our various financing arrangements before consolidating the lessor
VIE. The measure enables investors and users of our financial
statements to assess our liquidity, identify the split of our debt
(current and non-current) based on our underlying contractual
obligations and aid comparability with our competitors. |
Adjusted net debt |
Adjusted net debt based onGAAP measures:Total debt (current
andnon-current), net ofdeferred financecharges- Cash and
cashequivalents- Restricted cash andshort-term deposits(current and
non-current)- Other current assets (Receivable from TTF linked
commodity swap derivatives) |
Total debt (current and non-current), net of:+Deferred finance
charges+Cash and cash equivalents +Restricted cash and short-term
deposits (current and non-current)+/-VIE consolidation
adjustments+Receivable from TTF linked commodity swap
derivatives |
The measure enables investors and users of our financial statements
to assess our liquidity based on our underlying contractual
obligations and aids comparability with our competitors. |
Total Golar Cash |
Golar cash based on GAAP measures: + Cash and cash
equivalents + Restricted cash and short-term deposits (current
and non-current) |
-VIE restricted cash and short-term deposits |
We consolidate a lessor VIE for our sale and leaseback facility.
This means that on consolidation, we include restricted cash held
by the lessor VIE. Total Golar Cash represents our cash and
cash equivalents and restricted cash and short-term deposits
(current and non-current) before consolidating the lessor
VIE. Management believe that this measure enables investors
and users of our financial statements to assess our liquidity and
aids comparability with our competitors. |
(1) Please refer to reconciliation below for
Golar’s share of contractual debt
Adjusted EBITDA backlog: This
is a non-U.S. GAAP financial measure and represents the 100% basis
of contracted fee income for executed contracts less forecasted
operating expenses for these contracts. Adjusted EBITDA backlog
should not be considered as an alternative to net income/(loss) or
any other measure of our financial performance calculated in
accordance with U.S. GAAP.
Non-cash items: Non-cash items
comprise of impairment of long-lived assets, release of prior year
contract underutilization liability, MTM movements on our TTF and
Brent oil linked derivatives, listed equity securities and interest
rate swaps (“IRS”) which relate to the unrealized component of the
gains/(losses) on oil and gas derivative instruments, unrealized
MTM (losses)/gains on investment in listed equity securities and
gains on derivative instruments, net, in our unaudited consolidated
statement of operations.
Abbreviations used:
FLNG: Floating Liquefaction Natural Gas
vesselFSRU: Floating Storage Regasification
UnitMKII FLNG: Mark II FLNGFPSO:
Floating Production, Storage and Offloading unit
MMBtu: Million British Thermal
Unitsmtpa: Million Tons Per Annum
Reconciliations - Liquidity Measures
Total Golar Cash
(in thousands of $) |
June 30, 2024 |
December 31, 2023 |
June 30, 2023 |
Cash and cash equivalents |
527,591 |
679,225 |
770,567 |
Restricted cash and short-term deposits (current and
non-current) |
93,930 |
92,245 |
132,219 |
Less: VIE restricted cash and short-term deposits |
(17,590) |
(18,085) |
(18,804) |
Total Golar Cash |
603,931 |
753,385 |
883,982 |
Contractual Debt and Adjusted Net Debt
(in thousands of $) |
June 30, 2024 |
December 31, 2023 |
June 30, 2023 |
Total debt (current and non-current) net of deferred finance
charges |
1,173,592 |
1,216,730 |
1,189,278 |
VIE consolidation adjustments |
223,782 |
202,219 |
177,440 |
Deferred finance charges |
20,711 |
23,851 |
29,672 |
Total Contractual Debt |
1,418,085 |
1,442,800 |
1,396,390 |
Less: Keppel’s and B&V’s share of the FLNG Hilli contractual
debt |
(31,459) |
(32,610) |
(33,760) |
Less: Keppel’s share of the Gimi debt |
(189,000) |
(189,000) |
(186,000) |
Golar’s share of Contractual Debt |
1,197,626 |
1,221,190 |
1,176,630 |
Less: Total Golar Cash |
(603,931) |
(753,385) |
(883,982) |
Less: Receivables from the remaining unwinding of TTF hedges |
(24,719) |
(57,020) |
(102,509) |
Golar’s Adjusted Net Debt |
568,976 |
410,785 |
190,139 |
Please see Appendix A for a capital repayment
profile for Golar’s Contractual Debt.
Forward Looking Statements
This press release contains forward-looking
statements (as defined in Section 21E of the Securities Exchange
Act of 1934, as amended) which reflects management’s current
expectations, estimates and projections about its operations. All
statements, other than statements of historical facts, that address
activities and events that will, should, could or may occur in the
future are forward-looking statements. Words such as “if,” “subject
to,” “believe,” “assuming,” “anticipate,” “intend,” “estimate,”
“forecast,” “project,” “plan,” “potential,” “will,” “may,”
“should,” “expect,” “could,” “would,” “predict,” “propose,”
“continue,” or the negative of these terms and similar expressions
are intended to identify such forward-looking statements. These
statements are not guarantees of future performance and are based
upon various assumptions, many of which are based, in turn, upon
further assumptions, including without limitation, management’s
examination of historical operating trends, data contained in our
records and other data available from third parties. Although
we believe that these assumptions were reasonable when made,
because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible
to predict and are beyond our control, we cannot assure you that we
will achieve or accomplish these expectations, beliefs or
projections. Therefore, actual outcomes and results may differ
materially from what is expressed or forecasted in such
forward-looking statements. You should not place undue reliance on
these forward-looking statements, which speak only as of the date
of this press release. Unless legally required, Golar undertakes no
obligation to update publicly any forward-looking statements
whether as a result of new information, future events or otherwise.
Other important factors that could cause actual results to differ
materially from those in the forward-looking statements include but
are not limited to:
- our ability and that of our counterparty to meet our respective
obligations under the 20-year lease and operate agreement (the
“LOA”) with BP Mauritania Investments Limited, a subsidiary of BP
p.l.c (“bp”), entered into in connection with the Greater Tortue
Ahmeyim Project (the “GTA Project”), including the commissioning
and start-up of various project infrastructure such as the FPSO.
Delays could result in incremental costs to both parties to the
LOA, delay FLNG commissioning works and the start of operations for
our FLNG Gimi (“FLNG Gimi”);
- our ability to meet our obligations under our commercial
agreements, including the liquefaction tolling agreement (the
“LTA”) entered into in connection with the FLNG Hilli Episeyo
(“FLNG Hilli”);
- our ability to meet our obligations with Pan American Energy
(“PAE”) in connection with the recently signed agreement on FLNG
deployment in Argentina;
- that an attractive deployment opportunity, or any of the
opportunities under discussion for the Mark II FLNG, one of our
FLNG designs, will be converted into a suitable contract. Failure
to do this in a timely manner or at all could expose us to losses
on our investments in a donor vessel for a prospective Mark II
project, the Fuji LNG, long-lead items and engineering services to
date. Assuming a satisfactory contract is secured, changes in
project capital expenditures, foreign exchange and commodity price
volatility could have a material impact on the expected magnitude
and timing of our return on investment;
- changes in our ability to retrofit vessels as FLNGs and our
ability to secure financing for such conversions on acceptable
terms or at all;
- failure of our contract counterparties to comply with their
agreements with us or other key project stakeholders;
- increased tax liabilities in the jurisdictions where we are
currently operating or have previously operated;
- global economic trends, competition and geopolitical risks,
including impacts from the 2024 U.S. presidential election, the
length and severity of future pandemic outbreaks, inflation and the
ongoing conflicts in Ukraine and the Middle East, potential for
trade wars or conflict between the US and China, attacks on vessels
in the Red Sea and the related sanctions and other measures,
including the related impacts on the supply chain for our
conversions or commissioning works, the operations of our
charterers and customers, our global operations and our business in
general;
- failure of shipyards to comply with schedules, performance
specifications or agreed prices;
- continuing volatility in the global financial markets,
including but not limited to commodity prices, foreign exchange
rates and interest rates;
- changes in general domestic and international political
conditions, particularly where we operate, or where we seek to
operate;
- changes in the availability of vessels to purchase and in the
time it takes to build new vessels or convert existing vessels and
our ability to obtain financing on acceptable terms or at all;
- continuing uncertainty resulting from potential future claims
from our counterparties of purported force majeure (“FM”) under
contractual arrangements, including but not limited to our future
projects and other contracts to which we are a party;
- our ability to close potential future transactions in relation
to equity interests in our vessels or to monetize our remaining
equity method investments on a timely basis or at all;
- increases in operating costs as a result of inflation,
including but not limited to salaries and wages, insurance, crew
provisions, repairs and maintenance, spares and redeployment
related modification costs;
- changes in our relationship with our equity method investments
and the sustainability of any distributions they pay us;
- claims made or losses incurred in connection with our
continuing obligations with regard to New Fortress Energy Inc.
(“NFE”), Energos Infrastructure Holdings Finance LLC (“Energos”),
Cool Company Ltd (“CoolCo”) and Snam S.p.A. (“Snam”);
- the ability of Energos, CoolCo and Snam to meet their
respective obligations to us, including indemnification
obligations;
- changes to rules and regulations applicable to liquefied
natural gas (“LNG”) carriers, FLNGs or other parts of the natural
gas and LNG supply;
- changes to rules on climate-related disclosures as required by
U.S. Securities and Exchange Commission (the “Commission”),
including but not limited to disclosure of certain climate-related
risks and financial impacts, as well as greenhouse gas
emissions;
- changes in the supply of or demand for LNG or LNG carried by
sea for LNG carriers or FLNGs and the supply of natural gas or
demand for LNG in Brazil;
- a material decline or prolonged weakness in charter rates for
LNG carriers or tolling rates for FLNGs;
- actions taken by regulatory authorities that may prohibit the
access of LNG carriers and FLNGs to various ports; and
- other factors listed from time to time in registration
statements, reports or other materials that we have filed with or
furnished to the Commission, including our annual report on Form
20-F for the year ended December 31, 2023, filed with the
Commission on March 28, 2024 (the “2023 Annual Report”).
As a result, you are cautioned not to rely on
any forward-looking statements. Actual results may differ
materially from those expressed or implied by such forward-looking
statements. The Company undertakes no obligation to publicly update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise unless required by
law.
Responsibility Statement
We confirm that, to the best of our knowledge,
the interim unaudited consolidated financial statements for the
three and six months ended June 30, 2024, which have been prepared
in accordance with accounting principles generally accepted in the
United States give a true and fair view of the Company’s unaudited
consolidated assets, liabilities, financial position and results of
operations. To the best of our knowledge, the interim report for
the three and six months ended June 30, 2024, includes a fair
review of important events that have occurred during the period and
their impact on the interim unaudited consolidated financial
statements, the principal risks and uncertainties and major related
party transactions.
August 15, 2024The Board of DirectorsGolar LNG
LimitedHamilton, Bermuda
Investor Questions: +44 207 063
7900Karl Fredrik Staubo - CEOEduardo Maranhão - CFO
Stuart Buchanan - Head of Investor Relations
Tor Olav Trøim (Chairman of the Board)Dan Rabun
(Director)Thorleif Egeli (Director)Carl Steen (Director)Niels
Stolt-Nielsen (Director)Lori Wheeler Naess (Director)Georgina Sousa
(Director)
This information is subject to the disclosure requirements
pursuant to Section 5-12 the Norwegian Securities Trading Act
- Interim results for the period ended June 30 2024
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