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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 Limited has completed the sale of its management organization to Cool Company Ltd. for a total of $6.5 million, comprising $5 million in cash and $1.5 million in working capital. This transaction will transition approximately 600 employees to CoolCo. Additionally, Richard Tyrrell has been appointed as the new CEO of CoolCo, succeeding Interim CEO Karl Fredrik Staubo. The sale aligns with the strategic objectives outlined in the January 2022 Cool Company Ltd. update.
Golar LNG Limited has announced that its 2022 Annual General Meeting is scheduled for August 10, 2022. The Notice of Annual General Meeting and the Company's Annual Report on Form 20-F can be accessed on their website. This press release emphasizes the company’s compliance with the Norwegian Securities Trading Act disclosure requirements.
For further details, shareholders can visit Golar LNG Official Website.
Golar LNG Limited has announced that its 2022 Annual General Meeting is scheduled for August 10, 2022. The record date for voting is set for June 16, 2022. Notice, agenda, and related materials will be distributed ahead of the meeting.
This announcement complies with the disclosure requirements of the Norwegian Securities Trading Act.
The agreement between Snam and Golar LNG Limited involves Snam acquiring 100% of Golar LNG NB 13 Corporation, which includes the Golar Tundra FSRU, for US$350 million. The floating unit enhances Italy's energy security, expected to contribute about 6.5% of domestic LNG needs, elevating regasification capacity to over 25% of demand. Delivery is anticipated in spring 2023, pending regulatory approvals. Golar aims to streamline operations towards FLNG projects, highlighting the strategic importance of this sale in Europe’s energy diversification efforts.
Golar LNG Limited reported a Q1 2022 net income of $345.2 million, surpassing last year's profits substantially. Adjusted EBITDA reached $93.4 million, supported by improved FLNG operations. The sale of 6.2 million shares of New Fortress Energy yielded $253 million in cash, increasing Golar's cash and securities position to $1.3 billion. A notable debt reduction of $0.5 billion was achieved through sales to CoolCo. FLNG Gimi's conversion is 83% complete, with expected earnings of $3.0 billion upon delivery. Golar anticipates annual Adjusted EBITDA exceeding $400 million within three years.
Golar LNG Limited signed a contract with Snam for the conversion of the LNG Carrier Golar Arctic into a floating storage and regasification unit (FSRU) at Portovesme, Sardinia. The contract, valued at 269 million euros, includes the vessel and capital expenditures for the conversion, which will enable storage of up to 140,000 cubic meters of LNG. The conversion is subject to Snam issuing a Notice-to-Proceed and is expected to take about two years to complete.
Golar LNG Limited has released its 2021 Environmental, Social and Governance (ESG) report, highlighting its commitment to facilitating the global energy transition towards lower carbon emissions. The report emphasizes the role of LNG as a transitional fuel alongside renewable energy sources while ensuring energy security. Golar has also invested in a carbon capture technology that has achieved proof of concept, with potential applications in future FLNG projects, contingent upon a successful commercial pilot. The full report is accessible on Golar's website.
Golar LNG will release its 1st Quarter 2022 results before NASDAQ opens on May 26, 2022. A webcast presentation is scheduled for 3:00 P.M. London Time on the same day, accessible through the Investor Relations section of their website. Analysts are encouraged to join via the listen-only link, and there will be a Q&A session following the presentation. Dial-in numbers are provided for teleconference participation. For those unable to attend live, a replay will be available for seven days after the event.
Golar LNG Limited has filed its Form 20-F for the fiscal year ending December 31, 2021, with the U.S. Securities and Exchange Commission. This report provides comprehensive details about the company's financial performance and operations.
Shareholders can download the Form 20-F through the link provided or access it on the company’s official website, www.golarlng.com. Hard copies are available for free upon request.
This announcement is in compliance with the Norwegian Securities Trading Act.
Golar LNG Limited has sold approximately one third of its 18.6 million shares in New Fortress Energy Inc., expecting to raise net proceeds of about $250 million. The company plans to use these funds for FLNG growth projects. CEO Karl Fredrik Staubo expressed enthusiasm for future FLNG prospects and confirmed Golar's intention to remain a supportive shareholder of NFE. The sale follows Golar's previous transaction involving Hygo Energy Transition, completed in April 2021.
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