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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.
Delfin Midstream appointed Oscar Spieler as Executive Chairman of the Board. Spieler, with extensive experience in LNG and offshore energy, previously served as CEO of Golar LNG. Delfin has completed the Front End Engineering Design (FEED) for a new Floating LNG (FLNG) vessel, aiming for a capital cost around $550 per tonne per annum. The company highlights its unique position in the LNG market, with a low-cost structure and potential to deliver 13 million tonnes of LNG per year from its Deepwater Port.
Golar LNG Limited announced that Hygo Energy Transition has signed a Memorandum of Understanding with Companhia de Gás do Pará to supply natural gas and LNG in Brazil's Pará state. The MOU aims to reduce energy costs and promote sustainable industrial growth. The Barcarena Terminal, expected to start operations in H1 2022, will facilitate this supply. Hygo estimates a potential to replace 1.8 million tons of LNG equivalents per annum and has secured 25-year PPAs for a 605MW power station, slated to begin in 2025, which can operate with a hydrogen blend.
Golar LNG Limited announced the appointment of Paul Hanrahan as CEO of Hygo Energy Transition Limited, effective October 19, 2020. Hanrahan, with a strong background in international business, replaces Eduardo Antonello, who resigned amid allegations prior to his tenure at Hygo. The mutual termination of an MOU with Norsk Hydro will not affect Hygo's plans for the Barcarena Terminal, expected to start construction soon, and aims to transition the region from carbon-intensive energy sources. Hygo has secured 25-year PPAs for a 605MW power station, solidifying its growth trajectory.
Golar LNG Limited has announced a revised project schedule for the Greater Tortue Ahmeyim project in collaboration with BP Mauritania Investments Ltd. The target connection date for the Gimi floating liquefaction vessel has been pushed back by 11 months, now expected beyond 2022. Both parties confirmed this change without impacting the terms of the existing Lease and Operate Agreement. This revision is anticipated to aid ongoing discussions with engineering, procurement, and construction contractors, as well as lending banks regarding construction and financing schedules.
Golar LNG has announced that the board of Hygo Energy Transition has approved Mr. Eduardo Antonello's immediate Leave of Absence as he addresses allegations from prior to the company’s formation. The board emphasizes this leave is unrelated to any conduct during Mr. Antonello's time at Hygo, where he played a key role in establishing a strong LNG business in Brazil. His responsibilities will be temporarily managed by the Hygo Board, which remains committed to expanding the use of LNG as a cleaner alternative to diesel, oil, and coal.
Golar LNG Limited announced that Mr. Antonello will temporarily step down to address pre-formation allegations related to Hygo Energy Transition Limited. The board stresses that this leave is unrelated to any misconduct during his time at Hygo, where he played a vital role in establishing a significant integrated LNG business in Brazil, providing cleaner energy alternatives. The board will assume his responsibilities during this period and is committed to advancing the company's mission to democratize LNG usage, replacing costly and polluting fuels.
Golar LNG Limited held its 2020 Annual General Meeting on September 24, 2020, in Hamilton, Bermuda, where key financial statements for FY 2019 were presented. The meeting resulted in the re-election of several directors, including Tor Olav Trøim and Daniel Rabun. Additionally, amendments were made to the Company’s Bye-law 58 regarding meeting quorum. Ernst & Young LLP was re-appointed as auditors, with directors authorized to determine their remuneration. The total remuneration for the Board of Directors was approved, capped at US$1,750,000 for 2020.
The company acknowledges the allegations against Hygo's CEO, Eduardo Antonello, which involve conduct prior to his tenure at Hygo. To ensure compliance with its culture, Hygo is conducting a review. The press release also contains forward-looking statements regarding the company's operations, cautioning that actual results may vary due to risks and uncertainties. No guarantees of future performance are made.
Hygo emphasizes the importance of its culture of compliance and will investigate to confirm adherence to these standards.
Golar LNG Limited announces that its joint venture, Hygo Energy Transition Ltd. (NASDAQ: HYGO), has initiated an initial public offering (IPO) of 23,100,000 common shares, priced between $18.00 and $21.00 per share. Additionally, Hygo plans to grant underwriters a 30-day option to purchase another 3,465,000 shares. Following the IPO, Golar is expected to own 50,000,000 shares in Hygo. Morgan Stanley and Goldman Sachs are the joint book-running managers for the offering.
Golar LNG Limited has announced its 2020 Annual General Meeting (AGM) scheduled for September 24, 2020. A comprehensive Notice of AGM and the Company’s Annual Report on Form 20-F are available on its official website. This meeting is vital for shareholders to engage with the company’s strategic direction and performance.
The details can be accessed at http://www.golarlng.com. The announcement was made from Hamilton, Bermuda on August 31, 2020.
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