Golar LNG Ltd reports developments as a floating liquefied natural gas company that designs, converts, owns and operates marine infrastructure for natural gas liquefaction. News commonly covers FLNG operations and projects, including FLNG Hilli, FLNG Gimi and the MKII FLNG, along with long-term contract activity, production performance, construction progress and commercial pipeline updates.
Company releases also address quarterly and annual results, financing facilities, senior notes, share repurchases, dividends, annual general meeting materials and Form 20-F filing announcements. The recurring disclosures connect operating performance in the FLNG segment with capital allocation, debt financing and governance updates for GLNG shareholders.
Golar LNG Limited reported a net income of $230 million and Adjusted EBITDA of $101 million for Q2 2022. The company sold the FSRU Golar Tundra for $350 million and agreed to sell the Golar Arctic to Italy's Snam Group for €269 million. Golar's share of contractual debt decreased from $1.7 billion to $1 billion. Notable gains from oil and gas derivatives amounted to $236.6 million. FLNG Hilli maintained 100% uptime, and the conversion of FLNG Gimi is 86% complete, with an expected $3 billion earnings backlog. Golar projects total annual debt service of $50 million for Hilli.
Golar LNG Limited held its 2022 Annual General Meeting on August 10, 2022, in Bermuda, presenting the audited financial statements for the year ended December 31, 2021. Key resolutions passed included the re-election of seven 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, with the Board's remuneration approved at a total of US$1,750,000 for 2022.
Golar LNG will announce its 2nd Quarter 2022 results before the NASDAQ market opens on August 11, 2022. A live webcast presentation is scheduled for 1:00 PM London time on the same day, accessible from the Investor Relations section of their website. Participants are encouraged to join the conference call early, as a streamlined registration process is now in place to minimize wait times. An audio replay of the event will be available for one year post-presentation.
Golar LNG Limited announces that customers Perenco Cameroon S.A. and Société Nationale des Hydrocarbures have opted to exercise 0.2 million tons per annum of optional TTF linked production volumes, extending their contract for FLNG Hilli through July 2026. This decision maintains Hilli's production level at 1.4 million tons per annum. The estimated incremental Adjusted EBITDA from this extension is $135 million annually at current TTF gas prices, contributing to a total projected Adjusted EBITDA of $286 million. Golar expects significant free cash flow with a manageable debt service of $50 million annually.
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.