Golar LNG Stock Price, News & Analysis

Golar LNG Limited (GLNG) has completed significant asset sales, receiving $50 million in cash and 18.6 million shares in New Fortress Energy Inc. (NFE), valued at $878 million. Additionally, Golar gained $81 million from its 32% stake in Golar LNG Partners LP (GMLP). Together, these transactions realize a book gain of approximately $740 million. In line with its corporate simplification efforts, Golar's board approved a $50 million share buy-back program to enhance shareholder value. The company aims to leverage its FLNG capabilities against rising energy prices.

The Board of Golar LNG has announced the resignation of CEO Iain Ross, effective with a standard 6-month notice, subject to mutual agreement on duration. The company is finalizing the sale of its 50% stake in Hygo Energy and 32% in Golar LNG Partners to New Fortress Energy for approximately USD 5 billion. This transaction aims to simplify the group's structure and enhance its balance sheet. The Board will promptly begin the search for a new CEO.

Golar LNG reported Q4 operating revenues of $118.7 million and net income of $9.5 million, while transactions with New Fortress Energy Inc. are set to enhance its corporate structure, realizing a combined enterprise value of $5 billion. The company will receive $131 million in cash and 18.6 million Class A shares in NFE worth around $910 million. A share buyback program of up to $50 million has been authorized to enhance shareholder value. With a focus on strengthening the balance sheet, Golar aims for improved results in the upcoming quarters.

Golar LNG plans to release its 4th Quarter 2020 results on February 25, 2021, before NASDAQ opens. A webcast presentation will occur at 3:00 P.M. London Time the same day. Participants can access the presentation via the Investor Relations section.

Sell-side analysts are encouraged to join the Q&A session via dial-in. Multiple ways to participate and listen to the event will be provided, including a replay service available for seven days post-event.

New Fortress Energy has announced its definitive agreements to acquire Hygo Energy Transition Ltd., a joint venture between Golar LNG and Stonepeak Infrastructure Fund, along with Golar LNG Partners. This strategic acquisition, valued at $3.1 billion, aims to enhance NFE's presence in Brazil's energy market, adding several gas-to-power projects and a fleet of LNG vessels. The deal includes the issuance of 31.4 million shares and $580 million in cash for Hygo and $3.55 per common unit in cash for GMLP, with expected closure in the first half of 2021.

Delfin Midstream appointed Oscar Spieler as Executive Chairman of the Board. Spieler, with extensive experience in LNG and offshore energy, previously served as CEO of Golar LNG. Delfin has completed the Front End Engineering Design (FEED) for a new Floating LNG (FLNG) vessel, aiming for a capital cost around $550 per tonne per annum. The company highlights its unique position in the LNG market, with a low-cost structure and potential to deliver 13 million tonnes of LNG per year from its Deepwater Port.

Golar LNG Limited announced that Hygo Energy Transition has signed a Memorandum of Understanding with Companhia de Gás do Pará to supply natural gas and LNG in Brazil's Pará state. The MOU aims to reduce energy costs and promote sustainable industrial growth. The Barcarena Terminal, expected to start operations in H1 2022, will facilitate this supply. Hygo estimates a potential to replace 1.8 million tons of LNG equivalents per annum and has secured 25-year PPAs for a 605MW power station, slated to begin in 2025, which can operate with a hydrogen blend.

Golar LNG Limited announced the appointment of Paul Hanrahan as CEO of Hygo Energy Transition Limited, effective October 19, 2020. Hanrahan, with a strong background in international business, replaces Eduardo Antonello, who resigned amid allegations prior to his tenure at Hygo. The mutual termination of an MOU with Norsk Hydro will not affect Hygo's plans for the Barcarena Terminal, expected to start construction soon, and aims to transition the region from carbon-intensive energy sources. Hygo has secured 25-year PPAs for a 605MW power station, solidifying its growth trajectory.

Golar LNG Limited has announced a revised project schedule for the Greater Tortue Ahmeyim project in collaboration with BP Mauritania Investments Ltd. The target connection date for the Gimi floating liquefaction vessel has been pushed back by 11 months, now expected beyond 2022. Both parties confirmed this change without impacting the terms of the existing Lease and Operate Agreement. This revision is anticipated to aid ongoing discussions with engineering, procurement, and construction contractors, as well as lending banks regarding construction and financing schedules.