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Golar LNG Ltd (Nasdaq: GLNG) is one of the world’s largest independent owners and operators of marine-based LNG midstream infrastructure. The company specializes in the liquefaction, transportation, and regasification of natural gas. With over 40 years of experience in the LNG midstream sector, Golar LNG Ltd has built a reputation for providing flexible, low-cost, and fast-track LNG-based solutions designed to succeed even in low commodity price environments.
Golar LNG Ltd's core business includes the operation of a fleet of Floating Liquefaction Natural Gas vessels (FLNG) and Floating Storage and Regasification Units (FSRU). The company is actively involved in the entire LNG supply chain, from the well to the consumer, and operates several significant projects and joint ventures. One noteworthy partnership is with Schlumberger in a joint venture known as OneLNG, focused on floating liquefaction. Another key partnership is with Stonepeak, forming Golar Power, dedicated to the ownership and operation of FSRUs and power generation infrastructure.
Golar LNG Ltd continues to expand its innovative floating LNG assets to monetize natural gas reserves effectively and deliver LNG. The company's vision is to revolutionize the LNG market by leveraging its marine expertise and innovative solutions.
Financially, Golar LNG Ltd generates most of its revenue from the FLNG segment, which highlights the company's strategic focus on this profitable area. The company is listed on the Nasdaq stock market under the symbol GLNG, making it an accessible investment option for those interested in the LNG sector.
Recent achievements include several key financial and operational milestones. These developments underline Golar LNG Ltd's commitment to growth and maintaining its position as a leader in the LNG industry.
Golar LNG (NASDAQ: GLNG) has announced a quarterly dividend of $0.25 per share for the third quarter of 2024. The dividend will be paid on or around December 2, 2024, with a record date of November 25, 2024. For shares registered in Norway's central securities depository (VPS), due to the Central Securities Depository Regulation (CSDR) implementation, the payment will be distributed in NOK on or about December 4, 2024. The ex-dividend date is set for November 22, 2024.
Golar LNG reports Q3 2024 financial results with a net loss of $36 million, though achieving $54 million net profit excluding $90 million in non-cash items. Key developments include reaching Final Investment Decision for a new 3.5mtpa FLNG vessel for 2027 delivery, receiving a reservation notice from Pan American Energy for FLNG Hilli's 20-year deployment in Argentina, and maintaining strong operational performance. The company declared a $0.25 per share dividend and reports an Adjusted EBITDA backlog of approximately $11 billion. FLNG Gimi's commissioning is underway with Commercial Operations Date expected in 1H 2025.
Golar LNG has announced the release of its Q3 2024 results on Tuesday, November 12, 2024, before the NASDAQ opens. The company will host a webcast presentation at 1:00 P.M (London Time) on the same day. Participants are encouraged to join via the listen-only live webcast link available on the Investor Relations section of www.golarlng.com.
Sell-side analysts can participate in the Q&A session following the presentation by accessing the event via a provided conference call link. The company recommends connecting 10 minutes before the call starts. There will be a limit of two questions per participant. For those unable to attend, a replay of the event audio will be available on the company's website for a time.
Golar LNG has signed an Engineering, Procurement, and Construction (EPC) agreement with CIMC Raffles for a MK II Floating LNG Production (FLNG) vessel, boasting a 3.5 million tons per annum (MTPA) liquefaction capacity. The project will employ Black & Veatch's PRICO® technology for engineering and process design, similar to Golar's existing FLNG assets. The total EPC cost is $1.6 billion, with a full conversion budget of $2.2 billion, and the delivery is expected in Q4 2027. Golar has already spent $0.3 billion to date. The MK II design, an upgrade from MK I, will leverage the Golar-owned LNG carrier Fuji LNG and promises efficiency improvements and modular construction. Golar has secured an option for a second MK II FLNG conversion with CIMC, aimed for delivery within 2028. The MK II FLNG could generate approximately $0.5 billion in EBITDA annually, significantly enhancing Golar's market position by increasing its liquefaction capacity by 70% to 8.6 MTPA.
Golar LNG (GLNG) has successfully priced USD 300 million in senior unsecured bonds in the Nordic bond market. The bonds will mature in September 2029 and carry an interest rate of 7.75% per annum. The company plans to use the net proceeds for capital expenditure, debt refinancing, and general corporate purposes. An application will be submitted to list the bonds on the Oslo Stock Exchange. The bond issue was facilitated by DNB Markets and Pareto Securities as Global Coordinators and Joint Bookrunners, with Clarksons Securities and Fearnley Securities acting as Joint Bookrunners.
Golar LNG (GLNG) has announced plans for a series of fixed income investor meetings starting on September 2, 2024. The company has appointed DNB Markets and Pareto Securities as Global Coordinators and Joint Bookrunners, along with Clarksons Securities and Fearnley Securities as Joint Bookrunners to arrange these meetings. Following these discussions, Golar may issue a new USD-denominated 5-year senior unsecured fixed rate bond, subject to market conditions. The potential proceeds from this bond issue are intended to be used for capital expenditure, debt refinancing, and general corporate purposes.
Golar LNG (NASDAQ: GLNG) has announced a cash dividend of $0.25 per share to be paid on or around September 3, 2024. The record date is set for August 26, 2024. For shares registered in Norway's central securities depository (VPS), the payment date will be on or about September 5, 2024, due to the implementation of the Central Securities Depository Regulation (CSDR).
Key dates for the dividend distribution include:
- Last day including right: August 22, 2024
- Ex-date: August 23, 2024
- Record date: August 26, 2024
- Payment date: On or about September 3, 2024 (September 5 for VPS-registered shares)
The dividend will be paid in USD, except for VPS-registered shares, which will receive the dividend in NOK.
Golar LNG signed a 20-year FLNG deployment agreement in Argentina and made significant progress on other FLNG opportunities. The company also completed a commercial reset with BP for FLNG Gimi, potentially releasing up to $0.5 billion in liquidity. Golar reported Q2 2024 net income of $26 million and Adjusted EBITDA of $59 million, with an EBITDA backlog of roughly $11 billion.
FLNG Hilli Episeyo achieved $69 million in Q2 Distributable Adjusted EBITDA, while FLNG Gimi is expected to generate about $220 million in pre-COD compensation in 2024-2025. Golar entered a 20-year FLNG project with Pan American Energy in Argentina, potentially generating $300 million in annual Adjusted EBITDA. The company declared a $0.25 per share dividend for Q2. As of June 30, 2024, Golar had $604 million in cash and a net debt position of $594 million.
Golar LNG (GLNG) held its 2024 Annual General Meeting on August 13, 2024, in Hamilton, Bermuda. The company presented its audited consolidated financial statements for the year ended December 31, 2023. Key resolutions passed include:
1) Setting a maximum of seven Directors
2) Authorizing the Board to fill casual vacancies
3-9) Re-electing seven Directors: Tor Olav Troim, Daniel W. Rabun, Thorleif Egeli, Carl E. Steen, Niels G. Stolt-Nielsen, Lori Wheeler Naess, and Georgina E. Sousa
10) Re-appointing Ernst & Young LLP as auditors
11) Approving Board remuneration not exceeding US$2,050,000 for the year ended December 31, 2024
The meeting outcomes suggest continuity in Golar LNG's governance structure and financial oversight.
Golar LNG and bp have executed agreements for a commercial reset of FLNG Gimi, part of the Greater Tortue-Ahmeyim LNG Project. The reset simplifies contractual cash flows and settles previous disputes related to pre-commercial operations date (Pre-COD) payments. Key aspects include:
1. Updated schedule of daily payments until Commercial Operations Date (COD)
2. Step-up mechanisms based on project milestones
3. Payments secured by long stop dates
4. Potential lump sum bonus payments for achieving milestones
5. Pre-COD cash flows to be deferred and amortized over 20-year contract term
6. Settlement of all ongoing disputes, including arbitration
7. Agreement to start FLNG Gimi commissioning with LNG cargo before FPSO gas availability
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