Interim results for the period ended June 30, 2024
Rhea-AI Summary
Golar LNG signed a 20-year FLNG deployment agreement in Argentina and made significant progress on other FLNG opportunities. The company also completed a commercial reset with BP for FLNG Gimi, potentially releasing up to $0.5 billion in liquidity. Golar reported Q2 2024 net income of $26 million and Adjusted EBITDA of $59 million, with an EBITDA backlog of roughly $11 billion.
FLNG Hilli Episeyo achieved $69 million in Q2 Distributable Adjusted EBITDA, while FLNG Gimi is expected to generate about $220 million in pre-COD compensation in 2024-2025. Golar entered a 20-year FLNG project with Pan American Energy in Argentina, potentially generating $300 million in annual Adjusted EBITDA. The company declared a $0.25 per share dividend for Q2. As of June 30, 2024, Golar had $604 million in cash and a net debt position of $594 million.
Positive
- Signed 20-year FLNG deployment agreement in Argentina.
- Completed commercial reset with BP for FLNG Gimi, potentially releasing up to $0.5 billion in liquidity.
- Q2 2024 net income of $26 million.
- Adjusted EBITDA of $59 million.
- EBITDA backlog of roughly $11 billion.
- Declared $0.25 per share dividend for Q2.
- FLNG Gimi expected to generate about $220 million in pre-COD compensation in 2024-2025.
Negative
- Total operating revenues decreased by 17% YoY to $64.7 million in Q2 2024.
- Adjusted EBITDA decreased by 29% YoY to $59 million in Q2 2024.
- Net debt position of $594 million as of June 30, 2024.
News Market Reaction – GLNG
In the trading session that priced this news, GLNG declined 0.89%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
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Highlights and subsequent events
- Golar LNG Limited (“Golar” or “the Company”) signed an agreement for a 20-year FLNG deployment in Argentina. Strong progress on further FLNG opportunities.
- Golar and bp entered into commercial reset arrangements for FLNG Gimi for the pre-Commercial Operations Date (“Pre-COD”) period, enabling refinancing at improved terms which is expected to release liquidity of up to
$0.5 billion . - Finalization of yard EPC and payment terms agreed in preparation for contracting of 3.5mtpa MKII FLNG.
- Golar reports Q2 2024 (“Q2” or “the quarter”) Net income attributable to Golar of
$26 million , and Adjusted EBITDA1 of$59 million . - Adjusted EBITDA backlog1 of approximately
$11 billion , including existing and redeployment charters for FLNGs Hilli and Gimi, before commodity exposure. - FLNG Hilli Episeyo maintains market leading operational track record. Cumulative production to date surpasses 8 million tons.
- Declared dividend of
$0.25 per share for the quarter.
FLNG Hilli Episeyo: Maintained her market leading operational track record, generating
FLNG Gimi: In August 2024, Golar and the Greater Tortue Area (“GTA”) operator, a subsidiary of BP p.l.c. (“bp”), executed agreements simplifying and settling previous disputes related to payment mechanisms for pre-COD contractual cashflows (“the commercial reset”). Golar is now contractually entitled to receive daily payments from January 10, 2024 until the Commercial Operations Date (“COD”). The daily payments have step-up mechanisms based on project milestones up to COD and are secured by long-stop dates. Golar will also be entitled to certain lump-sum bonus payments subject to the achievement of certain project milestones. Under the new arrangements and based on the operator’s latest timeline, Golar expects to receive approximately
The FLNG Gimi is moored at the GTA Hub offshore Mauritania and Senegal, ready to commence operations. Following the commercial reset of pre-COD contractual arrangements, Golar, bp and Kosmos Energy Ltd. (“Kosmos”) have agreed to use an LNG commissioning cargo to accelerate the commissioning schedule. A bp and Kosmos procured LNG cargo is expected to arrive at the GTA hub within August. The commissioning cargo is intended to parallel process the commissioning of the GTA FPSO and FLNG Gimi, and targets to shorten the time to COD.
COD will occur upon completion of all project infrastructure commissioning and will trigger the start of the 20-year Lease and Operate Agreement that unlocks the equivalent of around
The commercial reset also enables refinancing of the existing FLNG Gimi debt facility. A potential refinancing facility is now in the credit approval process. This potential debt facility offers a lower margin and improved amortization profile versus the current vessel debt facility and will release significant liquidity to Golar.
FLNG business development: In July 2024, Golar and Pan American Energy (“PAE”) entered into definitive agreements for a 20-year FLNG deployment project in Argentina. Expected to commence LNG exports within 2027, the project will tap into the Vaca Muerta shale deposit in the Neuquén Basin, the world’s second largest shale gas formation. The fully executed agreements include a Gas Sales Agreement from PAE for the supply of gas and an FLNG charter agreement with Golar. A final investment decision is expected before year-end subject to receipt of regulatory and environmental approvals and satisfaction of customary closing conditions.
The PAE project expects to utilize Golar’s FLNG Hilli Episeyo. With a nameplate capacity of 2.45 million tons per annum (“mtpa”) and assuming
This initiative is envisaged to be the first phase of a multi-vessel project. In addition to FLNG Hilli Episeyo, this opportunity represents one of several potential deployment prospects for a 3.5mtpa MKII FLNG.
Golar’s offering as the only proven operator of FLNG as a service and planned available liquefaction capacity from 2027/2028 continues to be met by strong prospective client interest for additional FLNG projects. FLNG project opportunities in West Africa, South America, the Middle East and Southeast Asia are at various stages of development. The commercial team has been further expanded with two senior resources.
Further development of our planned MKII 3.5mtpa FLNG is progressing. Long lead items already ordered are now
Other/Shipping: Operating revenues and costs under corporate and other items is comprised of two FSRU operate and maintain agreements in respect of the LNG Croatia and Italis LNG (formerly known as Golar Tundra). The non-core shipping segment is comprised of the LNGC Golar Arctic and Fuji LNG which is now trading on a multi-month charter. Subject to contracting, Fuji LNG is expected to enter the FLNG conversion yard at the end of her current charter in Q1 2025. Golar Arctic remains a candidate for sale or long-term charter.
Shares and dividends: As of June 30, 2024, 104.0 million shares are issued and outstanding. Of the
Golar’s Board of Directors approved a total Q2 2024 dividend of
The Annual General Meeting was held on August 13, 2024.
Financial Summary
| (in thousands of $) | Q2 2024 | Q2 2023 | % Change | YTD 2024 | YTD 2023 | % Change |
| Net income/(loss) | 35,230 | 6,910 | 101,725 | (85,659) | (219)% | |
| Net income/(loss) attributable to Golar LNG Ltd | 25,907 | (4,545) | (670)% | 81,127 | (106,408) | (176)% |
| Total operating revenues | 64,689 | 77,530 | (17)% | 129,648 | 151,498 | (14)% |
| Adjusted EBITDA 1 | 58,716 | 82,815 | (29)% | 122,303 | 166,963 | (27)% |
| Golar’s share of Contractual Debt 1 | 1,197,626 | 1,176,630 | 1,197,626 | 1,176,630 |
Financial Review
Business Performance:
| 2024 | 2023 | ||
| (in thousands of $) | Apr-Jun | Jan-Mar | Apr-Jun |
| Net income | 35,230 | 66,495 | 6,910 |
| Income taxes | 140 | 138 | 1,445 |
| Net income before income taxes | 35,370 | 66,633 | 8,355 |
| Depreciation and amortization | 13,780 | 12,476 | 12,450 |
| Impairment of long-lived assets | — | — | 5,021 |
| Unrealized loss/(gain) on oil and gas derivative instruments | 16,050 | (2,148) | 76,646 |
| Other non-operating expense, net | — | — | 1,305 |
| Interest income | (8,556) | (10,026) | (11,836) |
| Interest expense | — | — | 610 |
| Gains on derivative instruments, net | (107) | (6,202) | (11,673) |
| Other financial items, net | 54 | 2,640 | 464 |
| Net losses from equity method investments | 2,125 | 214 | 1,577 |
| Net income from discontinued operations | — | — | (104) |
| Adjusted EBITDA 1 | 58,716 | 63,587 | 82,815 |
| 2024 | ||||||||
| Apr-Jun | Jan-Mar | |||||||
| (in thousands of $) | FLNG | Corporate and other | Shipping | Total | FLNG | Corporate and other | Shipping | Total |
| Total operating revenues | 56,120 | 5,444 | 3,125 | 64,689 | 56,368 | 5,386 | 3,205 | 64,959 |
| Vessel operating expenses | (22,765) | (5,056) | (3,453) | (31,274) | (18,784) | (5,137) | (1,941) | (25,862) |
| Voyage, charterhire & commission expenses | — | — | (1,711) | (1,711) | — | (33) | (1,737) | (1,770) |
| Administrative income/ (expenses) | 34 | (5,882) | (4) | (5,852) | (471) | (6,590) | (14) | (7,075) |
| Project development (expenses)/income | (1,300) | (2,226) | — | (3,526) | (1,085) | 274 | (1) | (812) |
| Realized gain on oil and gas derivative instruments (2) | 36,390 | — | — | 36,390 | 34,147 | — | — | 34,147 |
| Adjusted EBITDA 1 | 68,479 | (7,720) | (2,043) | 58,716 | 70,175 | (6,100) | (488) | 63,587 |
(2) The line item “Realized and unrealized (loss)/gain on oil and gas derivative instruments” in the Unaudited Consolidated Statements of Operations relates to income from the Hilli Liquefaction Tolling Agreement (“LTA”) and the natural gas derivative which is split into: “Realized gain on oil and gas derivative instruments” and “Unrealized (loss)/gain on oil and gas derivative instruments”.
| 2023 | ||||
| Apr-Jun | ||||
| (in thousands of $) | FLNG | Corporate and other | Shipping | Total |
| Total operating revenues | 60,373 | 11,697 | 5,460 | 77,530 |
| Vessel operating expenses | (15,869) | (7,006) | (1,834) | (24,709) |
| Voyage, charterhire & commission expenses | (150) | — | (74) | (224) |
| Administrative (expenses)/income | (42) | (7,962) | 10 | (7,994) |
| Project development income | (1,965) | (16,590) | — | (18,555) |
| Realized gain on oil and gas derivative instruments | 46,451 | — | — | 46,451 |
| Other operating loss | 2,499 | 7,817 | — | 10,316 |
| Adjusted EBITDA 1 | 91,297 | (12,044) | 3,562 | 82,815 |
Golar reports today Q2 net income of
- TTF and Brent oil unrealized mark-to-market (“MTM”) losses of
$16 million ; and - A
$2 million MTM loss on interest rate swaps.
The Brent oil linked component of FLNG Hilli Episeyo’s fees generates additional annual cash of approximately
$20 million realized gain on the Brent oil linked derivative instrument of which Golar has an effective89.1% interest;$4 million realized gain in respect of fees for the TTF linked production of which Golar has an effective89.4% interest; and$12 million realized gain on the hedged component of the quarter’s TTF linked fees of which100% is attributable to Golar.
Further, we recognized a total of
$16 million loss on the Brent oil linked derivative asset;$12 million gain on the TTF linked natural gas derivative asset; and$12 million loss on the economically hedged portion of the Q2 TTF linked FLNG production.
Balance Sheet and Liquidity:
As of June 30, 2024, Total Golar Cash1 was
Golar’s share of Contractual Debt1 as of June 30, 2024 is
A total of
Expenditure on long-lead items, engineering services and conversion candidate Fuji LNG for the MKII FLNG amounted to
Non-GAAP measures
In addition to disclosing financial results in accordance with U.S. generally accepted accounting principles (US GAAP), this earnings release and the associated investor presentation contains references to the non-GAAP financial measures which are included in the table below. We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business and measuring our performance.
This report also contains certain forward-looking non-GAAP measures for which we are unable to provide a reconciliation to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside of our control, such as oil and gas prices and exchange rates, as such items may be significant. Non-GAAP measures in respect of future events which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied to Golar’s unaudited consolidated financial statements.
These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures and financial results calculated in accordance with GAAP. Non-GAAP measures are not uniformly defined by all companies and may not be comparable with similarly titled measures and disclosures used by other companies. The reconciliations as at June 30, 2024 and for the six months period ended June 30, 2024, from these results should be carefully evaluated.
| Non-GAAP measure | Closest equivalent US GAAP measure | Adjustments to reconcile to primary financial statements prepared under US GAAP | Rationale for adjustments |
| Performance measures | |||
| Adjusted EBITDA | Net income/(loss) | +/- Income taxes + Depreciation and amortization +/- Impairment of long-lived assets +/- Unrealized (gain)/loss on oil and gas derivative instruments +/- Other non-operating (income)/losses +/- Net financial (income)/expense +/- Net (income)/losses from equity method investments +/- Net loss/(income) from discontinued operations | Increases the comparability of total business performance from period to period and against the performance of other companies by excluding the results of our equity investments, removing the impact of unrealized movements on embedded derivatives, depreciation, financing costs, tax items and discontinued operations. |
| Distributable Adjusted EBITDA | Net income/(loss) | +/- Income taxes + Depreciation and amortization +/- Impairment of long-lived assets +/- Unrealized (gain)/loss on oil and gas derivative instruments +/- Other non-operating (income)/losses +/- Net financial (income)/expense +/- Net (income)/losses from equity method investments +/- Net loss/(income) from discontinued operations - Amortization of deferred commissioning period revenue - Amortization of Day 1 gains - Accrued overproduction revenue + Overproduction revenue received - Accrued underutilization adjustment | Increases the comparability of our operational FLNG Hilli from period to period and against the performance of other companies by removing the non-distributable income of FLNG Hilli, project development costs, the operating costs of the Gandria (prior to her disposal) and FLNG Gimi. |
| Liquidity measures | |||
| Contractual debt 1 | Total debt (current and non-current), net of deferred finance charges | +/- Debt within liabilities held for sale net of deferred finance charges +/-Variable Interest Entity (“VIE”) consolidation adjustments +/-Deferred finance charges +/-Deferred finance charges within liabilities held for sale | During the year, we consolidate a lessor VIE for our Hilli sale and leaseback facility. This means that on consolidation, our contractual debt is eliminated and replaced with the lessor VIE debt. Contractual debt represents our debt obligations under our various financing arrangements before consolidating the lessor VIE. The measure enables investors and users of our financial statements to assess our liquidity, identify the split of our debt (current and non-current) based on our underlying contractual obligations and aid comparability with our competitors. |
| Adjusted net debt | Adjusted net debt based on GAAP measures: Total debt (current and non-current), net of deferred finance charges - Cash and cash equivalents - Restricted cash and short-term deposits (current and non-current) - Other current assets (Receivable from TTF linked commodity swap derivatives) | Total debt (current and non-current), net of: +Deferred finance charges +Cash and cash equivalents +Restricted cash and short-term deposits (current and non-current) +/-VIE consolidation adjustments +Receivable from TTF linked commodity swap derivatives | The measure enables investors and users of our financial statements to assess our liquidity based on our underlying contractual obligations and aids comparability with our competitors. |
| Total Golar Cash | Golar cash based on GAAP measures: + Cash and cash equivalents + Restricted cash and short-term deposits (current and non-current) | -VIE restricted cash and short-term deposits | We consolidate a lessor VIE for our sale and leaseback facility. This means that on consolidation, we include restricted cash held by the lessor VIE. Total Golar Cash represents our cash and cash equivalents and restricted cash and short-term deposits (current and non-current) before consolidating the lessor VIE. Management believe that this measure enables investors and users of our financial statements to assess our liquidity and aids comparability with our competitors. |
(1) Please refer to reconciliation below for Golar’s share of contractual debt
Adjusted EBITDA backlog: This is a non-U.S. GAAP financial measure and represents the
Non-cash items: Non-cash items comprise of impairment of long-lived assets, release of prior year contract underutilization liability, MTM movements on our TTF and Brent oil linked derivatives, listed equity securities and interest rate swaps (“IRS”) which relate to the unrealized component of the gains/(losses) on oil and gas derivative instruments, unrealized MTM (losses)/gains on investment in listed equity securities and gains on derivative instruments, net, in our unaudited consolidated statement of operations.
Abbreviations used:
FLNG: Floating Liquefaction Natural Gas vessel
FSRU: Floating Storage Regasification Unit
MKII FLNG: Mark II FLNG
FPSO: Floating Production, Storage and Offloading unit
MMBtu: Million British Thermal Units
mtpa: Million Tons Per Annum
Reconciliations - Liquidity Measures
Total Golar Cash
| (in thousands of $) | June 30, 2024 | December 31, 2023 | June 30, 2023 |
| Cash and cash equivalents | 527,591 | 679,225 | 770,567 |
| Restricted cash and short-term deposits (current and non-current) | 93,930 | 92,245 | 132,219 |
| Less: VIE restricted cash and short-term deposits | (17,590) | (18,085) | (18,804) |
| Total Golar Cash | 603,931 | 753,385 | 883,982 |
Contractual Debt and Adjusted Net Debt
| (in thousands of $) | June 30, 2024 | December 31, 2023 | June 30, 2023 |
| Total debt (current and non-current) net of deferred finance charges | 1,173,592 | 1,216,730 | 1,189,278 |
| VIE consolidation adjustments | 223,782 | 202,219 | 177,440 |
| Deferred finance charges | 20,711 | 23,851 | 29,672 |
| Total Contractual Debt | 1,418,085 | 1,442,800 | 1,396,390 |
| Less: Keppel’s and B&V’s share of the FLNG Hilli contractual debt | (31,459) | (32,610) | (33,760) |
| Less: Keppel’s share of the Gimi debt | (189,000) | (189,000) | (186,000) |
| Golar’s share of Contractual Debt | 1,197,626 | 1,221,190 | 1,176,630 |
| Less: Total Golar Cash | (603,931) | (753,385) | (883,982) |
| Less: Receivables from the remaining unwinding of TTF hedges | (24,719) | (57,020) | (102,509) |
| Golar’s Adjusted Net Debt | 568,976 | 410,785 | 190,139 |
Please see Appendix A for a capital repayment profile for Golar’s Contractual Debt.
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 reflects 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 “if,” “subject to,” “believe,” “assuming,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “will,” “may,” “should,” “expect,” “could,” “would,” “predict,” “propose,” “continue,” 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 based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. 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. Unless legally required, Golar undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise. Other important factors that could cause actual results to differ materially from those in the forward-looking statements include but are not limited to:
- our ability and that of our counterparty to meet our respective obligations under the 20-year lease and operate agreement (the “LOA”) with BP Mauritania Investments Limited, a subsidiary of BP p.l.c (“bp”), entered into in connection with the Greater Tortue Ahmeyim Project (the “GTA Project”), including the commissioning and start-up of various project infrastructure such as the FPSO. Delays could result in incremental costs to both parties to the LOA, delay FLNG commissioning works and the start of operations for our FLNG Gimi (“FLNG Gimi”);
- our ability to meet our obligations under our commercial agreements, including the liquefaction tolling agreement (the “LTA”) entered into in connection with the FLNG Hilli Episeyo (“FLNG Hilli”);
- our ability to meet our obligations with Pan American Energy (“PAE”) in connection with the recently signed agreement on FLNG deployment in Argentina;
- that an attractive deployment opportunity, or any of the opportunities under discussion for the Mark II FLNG, one of our FLNG designs, will be converted into a suitable contract. Failure to do this in a timely manner or at all could expose us to losses on our investments in a donor vessel for a prospective Mark II project, the Fuji LNG, long-lead items and engineering services to date. Assuming a satisfactory contract is secured, changes in project capital expenditures, foreign exchange and commodity price volatility could have a material impact on the expected magnitude and timing of our return on investment;
- changes in our ability to retrofit vessels as FLNGs and our ability to secure financing for such conversions on acceptable terms or at all;
- failure of our contract counterparties to comply with their agreements with us or other key project stakeholders;
- increased tax liabilities in the jurisdictions where we are currently operating or have previously operated;
- global economic trends, competition and geopolitical risks, including impacts from the 2024 U.S. presidential election, the length and severity of future pandemic outbreaks, inflation and the ongoing conflicts in Ukraine and the Middle East, potential for trade wars or conflict between the US and China, attacks on vessels in the Red Sea and the related sanctions and other measures, including the related impacts on the supply chain for our conversions or commissioning works, the operations of our charterers and customers, our global operations and our business in general;
- failure of shipyards to comply with schedules, performance specifications or agreed prices;
- continuing volatility in the global financial markets, including but not limited to commodity prices, foreign exchange rates and interest rates;
- changes in general domestic and international political conditions, particularly where we operate, or where we seek to operate;
- changes in the availability of vessels to purchase and in the time it takes to build new vessels or convert existing vessels and our ability to obtain financing on acceptable terms or at all;
- continuing uncertainty resulting from potential future claims from our counterparties of purported force majeure (“FM”) under contractual arrangements, including but not limited to our future projects and other contracts to which we are a party;
- our ability to close potential future transactions in relation to equity interests in our vessels or to monetize our remaining equity method investments on a timely basis or at all;
- increases in operating costs as a result of inflation, including but not limited to salaries and wages, insurance, crew provisions, repairs and maintenance, spares and redeployment related modification costs;
- changes in our relationship with our equity method investments and the sustainability of any distributions they pay us;
- claims made or losses incurred in connection with our continuing obligations with regard to New Fortress Energy Inc. (“NFE”), Energos Infrastructure Holdings Finance LLC (“Energos”), Cool Company Ltd (“CoolCo”) and Snam S.p.A. (“Snam”);
- the ability of Energos, CoolCo and Snam to meet their respective obligations to us, including indemnification obligations;
- changes to rules and regulations applicable to liquefied natural gas (“LNG”) carriers, FLNGs or other parts of the natural gas and LNG supply;
- changes to rules on climate-related disclosures as required by U.S. Securities and Exchange Commission (the “Commission”), including but not limited to disclosure of certain climate-related risks and financial impacts, as well as greenhouse gas emissions;
- changes in the supply of or demand for LNG or LNG carried by sea for LNG carriers or FLNGs and the supply of natural gas or demand for LNG in Brazil;
- a material decline or prolonged weakness in charter rates for LNG carriers or tolling rates for FLNGs;
- actions taken by regulatory authorities that may prohibit the access of LNG carriers and FLNGs to various ports; and
- other factors listed from time to time in registration statements, reports or other materials that we have filed with or furnished to the Commission, including our annual report on Form 20-F for the year ended December 31, 2023, filed with the Commission on March 28, 2024 (the “2023 Annual Report”).
As a result, you are cautioned not to rely on any forward-looking statements. Actual results may differ materially from those expressed or implied by such forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise unless required by law.
Responsibility Statement
We confirm that, to the best of our knowledge, the interim unaudited consolidated financial statements for the three and six months ended June 30, 2024, which have been prepared in accordance with accounting principles generally accepted in the United States give a true and fair view of the Company’s unaudited consolidated assets, liabilities, financial position and results of operations. To the best of our knowledge, the interim report for the three and six months ended June 30, 2024, includes a fair review of important events that have occurred during the period and their impact on the interim unaudited consolidated financial statements, the principal risks and uncertainties and major related party transactions.
August 15, 2024
The Board of Directors
Golar LNG Limited
Hamilton, Bermuda
Investor Questions: +44 207 063 7900
Karl Fredrik Staubo - CEO
Eduardo Maranhão - CFO
Stuart Buchanan - Head of Investor Relations
Tor Olav Trøim (Chairman of the Board)
Dan Rabun (Director)
Thorleif Egeli (Director)
Carl Steen (Director)
Niels Stolt-Nielsen (Director)
Lori Wheeler Naess (Director)
Georgina Sousa (Director)
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
Attachment
