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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 announced that FLNG Gimi received feed gas from bp's FPSO at the Greater Tortue Ahmeyim (GTA) project offshore Mauritania and Senegal on January 18, 2025. Full commissioning has begun, advancing from previous commissioning work using gas from LNG carrier British Sponsor. The first LNG export cargo is expected in Q1 2025, with full Commercial Operations Date (COD) anticipated in Q2 2025.
The feed gas receipt triggers the final upward adjustment to the Commissioning Rate under the August 2024 commercial reset. Upon reaching COD, the 20-year Lease and Operate Agreement will commence, generating approximately $3 billion in Adjusted EBITDA Backlog for Golar's share, with contractual payments including capital and operating elements reflected in both balance sheet and income statement.
Golar LNG has acquired all minority ownership interests in the FLNG Hilli from Seatrium and Black & Veatch for $90.2 million, comprising $59.9M in equity and $30.3M in debt facility share. The acquisition includes 5.45% common units, 10.9% Series A shares, and 10.9% Series B shares, equivalent to ~8% of full FLNG capacity.
The FLNG Hilli is currently contracted to Perenco in Cameroon until July 2026 and is planned to relocate to Argentina for a 20-year contract with Southern Energy afterward. Since 2018, the vessel has delivered 124 LNG cargoes and offloaded over 8.5 million tons of LNG. The increased ownership is expected to add approximately $0.5bn of Adjusted EBITDA backlog and will be effective from January 1, 2025.
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.
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