FLNG Gimi Received First Gas From the GTA Field
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 ha annunciato che FLNG Gimi ha ricevuto gas d'alimentazione dall'FPSO di bp nel progetto Greater Tortue Ahmeyim (GTA) al largo della Mauritania e del Senegal il 18 gennaio 2025. Sono iniziati i lavori di messa in servizio completa, avanzando dai precedenti lavori di commissioning che utilizzavano gas dalla nave GNL British Sponsor. Si prevede che il primo carico di esportazione di GNL avverrà nel primo trimestre del 2025, con la data di inizio delle operazioni commerciali (COD) prevista nel secondo trimestre del 2025.
Il ricevimento del gas d'alimentazione attiva l'adeguamento finale al tasso di commissioning nell'ambito del reset commerciale di agosto 2024. Al raggiungimento del COD, inizierà l'Accordo di Affitto e Operazione di 20 anni, generando circa 3 miliardi di dollari in backlog di EBITDA rettificato per la quota di Golar, con i pagamenti contrattuali che includono elementi di capitale e operativi riflessi sia nel bilancio sia nel conto economico.
Golar LNG anunció que el FLNG Gimi recibió gas de alimentación del FPSO de bp en el proyecto Greater Tortue Ahmeyim (GTA) frente a las costas de Mauritania y Senegal el 18 de enero de 2025. Ha comenzado la puesta en marcha completa, avanzando desde trabajos de puesta en marcha anteriores utilizando gas del transportador de GNL British Sponsor. Se espera que el primer cargamento de exportación de GNL ocurra en el primer trimestre de 2025, con la fecha de inicio de operaciones comerciales (COD) anticipada para el segundo trimestre de 2025.
La recepción del gas de alimentación activa el ajuste final hacia arriba de la Tasa de Puesta en Marcha en el reinicio comercial de agosto de 2024. Al alcanzar el COD, comenzará el Acuerdo de Arrendamiento y Operación de 20 años, generando aproximadamente 3 mil millones de dólares en Backlog de EBITDA Ajustado para la participación de Golar, con los pagos contractuales que incluyen elementos de capital y operativos reflejados tanto en el balance general como en la cuenta de resultados.
Golar LNG는 FLNG Gimi가 2025년 1월 18일 모리타니아와 세네갈의 Greater Tortue Ahmeyim (GTA) 프로젝트에서 bp의 FPSO로부터 공급 가스를 받았다고 발표했습니다. 이전 LNG 운반선 British Sponsor에서의 가스를 사용한 커미셔닝 작업을 바탕으로 완전한 커미셔닝 작업이 시작되었습니다. 2025년 1분기 내에 첫 번째 LNG 수출 화물이 예상되며, 2025년 2분기에는 상업 운영 개시일(COD)이 예상됩니다.
공급 가스 수령이 2024년 8월 상업 리셋에 따라 커미셔닝 비율에 대한 마지막 최종 조정을 촉발합니다. COD에 도달하면 20년 임대 및 운영 계약이 시작되어 Golar의 지분에 대해 약 30억 달러의 조정된 EBITDA 백로그를 생성하며, 자본 및 운영 요소를 포함하는 계약적 지불은 모두 재무제표 및 손익계산서에 반영됩니다.
Golar LNG a annoncé que le FLNG Gimi a reçu du gaz de réapprovisionnement de l'FPSO de bp dans le projet Greater Tortue Ahmeyim (GTA) au large de la Mauritanie et du Sénégal le 18 janvier 2025. La mise en service complète a commencé, avançant à partir de précédents travaux de mise en service utilisant du gaz du transporteur GNL British Sponsor. Le premier chargement d'exportation de GNL est prévu au 1er trimestre 2025, avec la date de début des opérations commerciales (COD) prévue pour le 2e trimestre 2025.
La réception du gaz de réapprovisionnement déclenche l'ajustement final à la hausse du Taux de Mise en Service dans le cadre du redémarrage commercial d'août 2024. Une fois le COD atteint, un contrat de location et d'exploitation de 20 ans commencera, générant environ 3 milliards de dollars de Backlog EBITDA Ajusté pour la part de Golar, les paiements contractuels incluant des éléments de capital et d'exploitation reflétés à la fois dans le bilan et le compte de résultat.
Golar LNG gab bekannt, dass FLNG Gimi am 18. Januar 2025 Gas von bp's FPSO im Greater Tortue Ahmeyim (GTA) Projekt vor der Küste von Mauretanien und Senegal erhalten hat. Die vollständige Inbetriebnahme hat begonnen und baut auf vorherigen Inbetriebnahmearbeiten auf, die Gas von dem LNG-Transporter British Sponsor nutzen. Die erste LNG-Exportladung wird im 1. Quartal 2025 erwartet, während das vollständige kommerzielle Betriebsdatum (COD) im 2. Quartal 2025 antizipiert wird.
Der Empfang des Einspeisegases löst die endgültige Anhebung des Inbetriebnahmequotienten im Rahmen des kommerziellen Neustarts von August 2024 aus. Nach Erreichen des COD tritt die 20-jährige Miet- und Betriebsvereinbarung in Kraft, die für Golar einen Rückstau von etwa 3 Milliarden Dollar an bereinigtem EBITDA erzeugt, wobei die vertraglichen Zahlungen, einschließlich Kapital- und Betriebselementen, sowohl in der Bilanz als auch in der Gewinn- und Verlustrechnung berücksichtigt werden.
- Receipt of first feed gas marks start of full commissioning phase
- First LNG export cargo expected within Q1 2025
- 20-year Lease and Operate Agreement to generate ~$3 billion in Adjusted EBITDA Backlog
- Final upward adjustment to Commissioning Rate triggered
- None.
Insights
The initiation of feed gas delivery to FLNG Gimi represents a important operational milestone in the
The timing of first LNG cargo within Q1 2025 and full commercial operations in Q2 2025 aligns with industry expectations, though slight delays could occur during the commissioning phase. The contractual structure, featuring both capital and operating elements, provides robust downside protection while offering exposure to potential upside through the commissioning rate adjustment mechanism implemented in August 2024.
For context, FLNG facilities typically achieve
The commencement of feed gas delivery catalyzes a significant financial transformation for Golar LNG. The
The balance sheet impact will be substantial, with the recognition of long-term contractual assets strengthening Golar's financial position. The commissioning rate adjustment mechanism adds a near-term catalyst, potentially boosting early-stage returns. The 20-year contract duration provides a hedge against market volatility, while the bp counterparty relationship minimizes credit risk concerns.
For retail investors, think of this as securing a 20-year rental agreement with a premium tenant, where the rent is largely guaranteed and includes both the cost of the property (capital element) and maintenance (operating element). This structure typically commands higher valuation multiples in the market due to its predictable nature.
Golar LNG Limited (“Golar”) is pleased to announce that on January 18, 2025, FLNG Gimi received feed gas from the bp operated FPSO on the Greater Tortue Ahmeyim (“GTA”) project offshore Mauritania and Senegal. Full commissioning of the FLNG has now commenced. Prior to achieving this key milestone, gas from the LNG carrier British Sponsor was being used to undertake advanced commissioning work. Receipt of gas from the FPSO allows the full commissioning activity to ramp up. The first LNG export cargo is now expected within Q1 2025, and full Commercial Operations Date (“COD”) is expected within Q2 2025, subject to all conditions being met.
First gas to the FLNG will result in the final upward adjustment to the Commissioning Rate under the commercial reset agreed in August 2024. COD will trigger 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
January 21, 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 did FLNG Gimi receive first gas from the GTA field?
What is the expected timeline for GLNG's first LNG export cargo from FLNG Gimi?
How much Adjusted EBITDA Backlog will GLNG generate from the GTA project?
What is the duration of GLNG's Lease and Operate Agreement for FLNG Gimi?
When is the full Commercial Operations Date (COD) expected for GLNG's FLNG Gimi?
