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Golar LNG Limited: Interim results for the period ended 31 March 2021

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NFE transactions closed, strong shipping rates despite seasonality, and gas prices supportive of upstream activities

The first quarter and subsequent months have been positive and eventful for Golar. With the announcement of the sale of Golar LNG Partners LP (“GMLP”) and Hygo Energy Transition Ltd. (“Hygo”) to New Fortress Energy (“NFE”) on January 13, and closing of the transactions on April 15, Golar has made significant progress simplifying its business, crystalizing the value of its asset portfolio, and strengthening its balance sheet.

We are encouraged by the strength of shipping rates during what is normally a seasonally weak period, with TFDE1 spot rates currently around $70,000 per day. The negative impact of potential EEXI regulations on the viability of up to 254 steam turbine carriers relative to a global on-the-water fleet of 597 vessels and a 130 vessel orderbook means that Golar’s longer term view of the shipping business has also materially improved. The few shipyards capable of building LNG carriers are filling with container newbuild orders and we do not see potential for significant new LNG carrier orders before 2024. Over the same timeframe LNG trade is expected to continue to grow by a 4% CAGR. This should allow for improved earnings from our carrier portfolio and create a supportive backdrop for this as a stand-alone business.

Current and forward energy prices are also strengthening, increasing the attractiveness of LNG upstream investments and our FLNG technology. We continue to pursue FLNG growth projects including both tolling arrangements and opportunities to develop hydrocarbon exposure through ownership of gas molecules suitable for production by our FLNG technology.

Finally, we are pleased to have appointed Mr. Karl Fredrik Staubo as CEO and Mr. Eduardo Maranhao as CFO. With their GMLP and Hygo backgrounds both have been intimately involved with the business for some time and will be familiar faces to Golar stakeholders, allowing for a seamless transition.

Financial Summary

(in thousands of $)Q1 2021Q1 2020% ChangeQ4 2020% Change
      
Total operating revenues125,827122,5593%118,6846%
Adjusted EBITDA77,61276,2082%78,031(1)%
Net income/(loss) attributable to Golar LNG Ltd25,364(104,247)124%8,126212%
Golar's share of contractual net debt12,062,580 
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Golar LNG Ltd

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About GLNG

we are one of the world’s largest independent owners and operators of marine-based lng midstream infrastructure – active in the liquefaction, transportation and regasification of natural gas. golar’s vision is to break the mould in lng. we aim to use our marine expertise and innovative floating lng assets to provide the most competitive lng solution to monetise natural gas reserves and deliver lng. golar’s flexible, low-cost, fast-track lng-based solutions are designed to thrive in a low commodity price environment. from well to grid – we’re building on our 40+ years’ lng midstream experience and progressing plans to grow our business further upstream via onelng, our floating liquefaction joint venture with schlumberger and downstream via golar power, our joint venture with stonepeak for the ownership and operation of floating storage and regasification units and power generation infrastructure. golar lng limited is listed on the nasdaq stock market. (nasdaq:glng) the golar fleet compr