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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 will announce its 3rd Quarter 2021 results prior to the NASDAQ opening on November 9, 2021. A webcast presentation is scheduled for 3:00 PM London Time on the same day, accessible through the company’s Investor Relations page. Participants are encouraged to join via the live link, with guidance provided for the Q&A session afterward. Dial-in information is available for those wishing to ask questions. Replay options will be available post-event for seven days.
Golar LNG announced it has hedged part of its TTF price exposure for Q1 2022, anticipating $21.2 million in net income from an incremental 0.2 MTPA production at $28/MMBtu. A change of $1/MMBtu in TTF affects net income by $0.4 million. Additionally, the company expects $15.5 million in net income from Brent-linked production, assuming oil prices at $83/bbl. Golar secured a one-year charter generating approximately $36.5 million in revenue, supported by increasing LNG freight rates due to demand and new regulations.
Golar LNG Limited announced the successful placement of USD 300 million in senior unsecured bonds in the Nordic market. The bonds, with a maturity in October 2025 and a 7.00% annual interest rate, will refinance existing convertible bonds due February 2022 and support general corporate purposes. An application will be submitted to list the bonds on the Oslo Stock Exchange. The bond issuance was coordinated by DNB Markets and Pareto Securities, with Danske Bank and Nordea Bank as joint lead managers.
Golar LNG Limited has engaged DNB Markets and Pareto Securities as Global Coordinators for a potential USD 4-year senior unsecured bond issue, pending market conditions. Proceeds will refinance maturing convertible bonds and support general corporate purposes. The company has also secured terms for two new bank financing facilities: a $200 million Revolving Credit Facility to replace a $100 million facility, and a $182 million refinancing facility for the Golar Tundra. Both facilities are subject to final documentation and will lower the interest rates significantly.
Golar LNG Limited held its 2021 Annual General Meeting on August 10, 2021, in Hamilton, Bermuda. Key highlights included the presentation of audited financial statements for the year ended December 31, 2020. Resolutions passed at the meeting featured the re-election of directors Tor Olav Trøim, Daniel Rabun, Thorleif Egeli, Carl Steen, Niels G. Stolt-Nielsen, Lori Wheeler-Naess, and Georgina E. Sousa. Additionally, Ernst & Young LLP was re-appointed as auditors, and the Board's remuneration was approved at a maximum of US$1,750,000 for 2021.
Golar LNG reported a record net income of $471.4 million for Q2 2021, driven by the successful sale of Hygo Energy and Golar Partners to New Fortress Energy at a significant gain. The company recorded an Adjusted EBITDA of $67 million, maintaining 100% uptime for Hilli, which now has increased capacity utilization. The FLNG Hilli's operational cash flows are expected to rise with Brent crude prices. Golar's debt was reduced by $102 million, enhancing liquidity. Overall, Golar anticipates substantial cash generation improvement due to favorable LNG market conditions.
Golar LNG will announce its 2nd Quarter 2021 results before NASDAQ opens on August 9, 2021. A webcast presentation is scheduled for 3:00 P.M. (London Time) the same day, accessible through the Golar LNG website. Participants may join via a live webcast or teleconference. The Q&A will follow the presentation, limited to two questions per participant. Replay information will be provided for those unable to attend.
Golar LNG Limited has reached an agreement with Perenco Cameroon and Société Nationale des Hydrocarbures to enhance the capacity utilization of the FLNG Hilli Episeyo. Starting in 2022, this will add 200,000 tons of LNG, totaling 1.4 million tons for the year. The capacity increase could yield an additional US$26.1 million in Adjusted EBITDA, contingent on European gas prices. Additionally, there's potential for a further 400,000 tons of capacity from January 2023, which may generate an expected US$30.4 million.
Golar retains an 86.9% interest in the incremental EBITDA generated.
Golar LNG Limited has announced that its 2021 Annual General Meeting will take place on August 10, 2021. The company provided a link to the Notice of Annual General Meeting and its Annual Report on Form 20-F, which can be accessed on their official website. This annual meeting is an important event for shareholders, providing insights into the company's performance and future plans.
The press release was issued on June 28, 2021, from Hamilton, Bermuda.
Golar LNG Limited has announced its 2021 Annual General Meeting (AGM) scheduled for August 10, 2021. Shareholders should note that the record date for voting at the AGM is set for June 16, 2021. The agenda, notice, and other materials related to the meeting will be distributed ahead of time.
The announcement comes from Golar LNG Limited in Hamilton, Bermuda, dated June 8, 2021.
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