FLNG Gimi completes first LNG offload
Golar LNG has announced that FLNG Gimi successfully completed its first full LNG cargo offload to the LNG carrier British Sponsor, marking Mauritania and Senegal's entry into the international gas market. This milestone triggers the final pre-Commercial Operations Date bonus payment to Golar under the August 2024 commercial reset agreement.
Commissioning is progressing as planned, with Commercial Operations Date (COD) expected in Q2 2025. The COD will initiate a 20-year Lease and Operate Agreement that will generate approximately $3 billion in Adjusted EBITDA backlog for Golar's share, along with the recognition of contractual payments including capital and operating elements in both balance sheet and income statement.
Golar LNG ha annunciato che FLNG Gimi ha completato con successo il primo carico completo di LNG scaricato sulla nave metaniere British Sponsor, segnando l'ingresso di Mauritania e Senegal nel mercato internazionale del gas. Questo traguardo attiva il pagamento finale del bonus pre-Data di Operazioni Commerciali a Golar, previsto dall'accordo di revisione commerciale di agosto 2024.
La messa in servizio procede come previsto, con la Data di Operazioni Commerciali (COD) attesa nel secondo trimestre 2025. La COD darà inizio a un Contratto di Locazione e Gestione di 20 anni che genererà circa 3 miliardi di dollari in EBITDA rettificato residuo per la quota di Golar, oltre al riconoscimento dei pagamenti contrattuali, inclusi elementi di capitale e operativi sia nel bilancio che nel conto economico.
Golar LNG ha anunciado que FLNG Gimi completó con éxito su primera descarga completa de carga de GNL al buque metanero British Sponsor, marcando la entrada de Mauritania y Senegal en el mercado internacional del gas. Este hito activa el pago final del bono previo a la Fecha de Operaciones Comerciales a Golar, según el acuerdo de reajuste comercial de agosto de 2024.
La puesta en marcha avanza según lo previsto, con la Fecha de Operaciones Comerciales (COD) esperada para el segundo trimestre de 2025. La COD iniciará un Contrato de Arrendamiento y Operación de 20 años que generará aproximadamente 3 mil millones de dólares en EBITDA ajustado pendiente para la participación de Golar, junto con el reconocimiento de pagos contractuales que incluyen elementos de capital y operativos tanto en el balance como en el estado de resultados.
Golar LNG는 FLNG Gimi가 LNG 운반선 British Sponsor에 첫 완전 LNG 화물 하역을 성공적으로 완료했다고 발표했으며, 이는 모리타니아와 세네갈이 국제 가스 시장에 진입했음을 의미합니다. 이 이정표는 2024년 8월 상업 재설정 계약에 따른 Golar에 대한 최종 상업 운영일 전 보너스 지급을 촉발합니다.
시운전은 계획대로 진행 중이며, 상업 운영일(COD)은 2025년 2분기로 예상됩니다. COD는 약 30억 달러 규모의 조정 EBITDA 잔액을 창출할 20년 임대 및 운영 계약을 시작하며, 자본 및 운영 요소를 포함한 계약상 지급액이 재무상태표와 손익계산서에 인식됩니다.
Golar LNG a annoncé que FLNG Gimi a réussi à décharger sa première cargaison complète de GNL sur le méthanier British Sponsor, marquant ainsi l'entrée de la Mauritanie et du Sénégal sur le marché international du gaz. Cette étape déclenche le dernier paiement de prime avant la Date d’Entrée en Opérations Commerciales à Golar, conformément à l’accord de réajustement commercial d’août 2024.
La mise en service progresse comme prévu, avec une Date d’Entrée en Opérations Commerciales (COD) attendue au deuxième trimestre 2025. La COD donnera lieu à un contrat de location et d’exploitation de 20 ans qui générera environ 3 milliards de dollars d’EBITDA ajusté en portefeuille pour la part de Golar, ainsi qu’à la reconnaissance des paiements contractuels incluant des éléments de capital et d’exploitation au bilan et au compte de résultat.
Golar LNG hat bekannt gegeben, dass FLNG Gimi erfolgreich seine erste vollständige LNG-Ladung an das LNG-Tankschiff British Sponsor ausgeliefert hat, was den Eintritt von Mauretanien und Senegal in den internationalen Gasmarkt markiert. Dieser Meilenstein löst die letzte Bonuszahlung vor dem Datum der kommerziellen Inbetriebnahme an Golar gemäß der kommerziellen Neuausrichtungsvereinbarung vom August 2024 aus.
Die Inbetriebnahme verläuft planmäßig, wobei das Datum der kommerziellen Inbetriebnahme (COD) im zweiten Quartal 2025 erwartet wird. Das COD wird einen 20-jährigen Miet- und Betriebsvertrag einleiten, der für Golar einen bereinigten EBITDA-Auftrag von etwa 3 Milliarden US-Dollar generieren wird, sowie die Anerkennung vertraglicher Zahlungen einschließlich Kapital- und Betriebselementen in Bilanz und Gewinn- und Verlustrechnung.
- First LNG cargo successfully offloaded, demonstrating operational capability
- Secured $3 billion in Adjusted EBITDA backlog
- 20-year long-term contract providing stable revenue stream
- Project on track for Q2 2025 commercial operations
- Bonus payment received from pre-COD milestone achievement
- None.
Insights
FLNG Gimi's first cargo offload confirms project execution success, unlocking $3B EBITDA backlog and validating Golar's FLNG strategy in emerging markets.
The successful offload of FLNG Gimi's first full LNG cargo represents a critical technical and operational milestone in the FLNG industry. This achievement validates Golar's floating liquefaction technology while simultaneously opening a new chapter for West African gas development by bringing Mauritania and Senegal into the global gas market for the first time.
From a technical perspective, first cargo delivery is one of the most challenging phases for any FLNG project. The fact that Golar has completed this on schedule indicates excellent project execution in a sector where delays and cost overruns are common. This operational success significantly de-risks the remaining commissioning process leading to full commercial operations in Q2 2025.
The 20-year Lease and Operate Agreement that activates after COD represents remarkable longevity in energy infrastructure contracts. Such long-term arrangements create exceptional stability in the volatile energy sector, particularly for FLNG assets which typically cost
With global LNG demand projected to grow substantially through 2040, Golar's successful delivery of this project positions the company advantageously in the expanding FLNG market segment while cementing its technical credibility among potential future partners and customers.
First cargo milestone triggers immediate bonus payment and confirms imminent activation of $3B EBITDA backlog, substantially enhancing Golar's financial outlook.
This milestone achievement triggers an immediate financial benefit through the final pre-COD bonus payment while confirming Golar's imminent transition to the 20-year contract phase. The
The on-schedule progression toward Q2 2025 Commercial Operations Date significantly reduces execution risk, which has been a key investor concern. Once COD is achieved, Golar will begin recognizing both capital and operating elements in its financial statements, substantially improving cash flow visibility and predictability.
The 20-year contract duration creates exceptional revenue stability and will likely lead to multiple expansion as Golar transitions from project development risk to contracted operations. For context, the
This successful milestone effectively validates Golar's business model of converting capital investments in FLNG infrastructure into long-term, stable cash flows. With commissioning on track, investors can now focus on the company's future growth opportunities rather than execution risk. The triggered milestone payment provides immediate financial benefit while the approaching COD in Q2 2025 means full-scale financial contributions are just months away - a significant near-term catalyst for Golar's financial performance.
Golar LNG Limited (“Golar”) is pleased to announce that FLNG Gimi completed the offload of its first full LNG cargo to the LNG carrier British Sponsor. This introduces Mauritania and Senegal to the international gas market and triggers the final pre-Commercial Operations Date milestone bonus payment to Golar under the terms of the commercial reset agreed in August 2024. Commissioning remains on track for a Q2 2025 Commercial Operations Date (“COD”). COD triggers the start of the 20-year Lease and Operate Agreement that unlocks the equivalent of around
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 reflect 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 “may,” “could,” “should,” “would,” “expect,” “plan,” “anticipate,” “intend,” “forecast,” “believe,” “estimate,” “predict,” “propose,” “potential,” “continue,” “subject to” 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 subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. 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. Golar LNG Limited undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise, unless required by applicable law.
Hamilton, Bermuda
April 17, 2025
Investor Questions: +44 207 063 7900
Karl Fredrik Staubo - CEO
Eduardo Maranhão - CFO
Stuart Buchanan - Head of Investor Relations
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
FAQ
When will FLNG Gimi begin commercial operations?
What is the value of GLNG's EBITDA backlog from the Gimi project?
How long is the Lease and Operate Agreement for GLNG's FLNG Gimi?
Which countries will GLNG's FLNG Gimi project serve?
