Golar LNG Partners LP preliminary fourth quarter and financial year 2020 results
Highlights and subsequent events
- Golar LNG Partners LP (“Golar Partners” or “the Partnership”) generated operating income of
$32.2 million for the fourth quarter of 2020, exclusive of its interest in FLNG Hilli Episeyo. - The Partnership reported net income attributable to unit holders of
$20.7 million for the fourth quarter after accounting for$0.4 million of non-cash mark-to-market interest rate swap gains. - The Partnership generated distributable cash flow1 of
$31.6 million for the fourth quarter resulting in a distribution coverage ratio1 of 22.09. - Golar Partners entered into an agreement and plan of merger ("the merger", "the merger agreement", or "the transaction") with New Fortress Energy Inc. and certain of its subsidiaries ("NFE") whereby NFE will acquire all of the Partnership's common units for
$3.55 per unit. - In addition, Golar LNG Limited (“Golar”) entered into an agreement with NFE to transfer all the membership interests in Golar GP LLC to NFE for
$5.1 million in cash, equivalent to$3.55 per general partner unit ("the GP Transfer agreement"). - The Partnership's common unitholders voted to approve the merger with NFE on February 24, 2021. The closing of the merger is also conditioned upon receipt of a number of other approvals and consents.
- The Partnership declared a distribution for the fourth quarter of
$0.02 02 per common unit.
Financial Results Overview
Golar Partners reports net income attributable to unit holders of
Consolidated GAAP Financial Information | ||||||
(in thousands of $) | Q4 2020 | Q3 2020 | Q4 2019 | |||
Total Operating Revenue | 71,692 | 71,113 | 76,563 | |||
Vessel Operating Expenses | (13,291) | (14,015) | (14,495) | |||
Voyage and Commission Expenses | (1,872) | (1,571) | (2,484) | |||
Administrative Expenses | (4,310) | (3,427) | (3,185) | |||
Operating Income | 32,215 | 32,117 | 36,348 | |||
Interest Income | 4,046 | 4,203 | 4,804 | |||
Interest Expense | (16,440) | (17,805) | (18,555) | |||
Gains/(Losses) on derivative instruments, net | 436 | (1,051) | 9,610 | |||
Net income attributable to Golar LNG Partners LP Owners | 20,716 | 17,360 | 30,395 |
Non-GAAP Financial Information1 | ||||||
(in thousands of $) | Q4 2020 | Q3 2020 | Q4 2019 | |||
Adjusted Interest Income | 89 | 114 | 758 | |||
Adjusted Net Debt | 1,399,340 | 1,438,258 | 1,532,040 |
Segment Information2 | ||||||||||||||||||||||||
Q4 2020 | Q3 2020 | Q4 2019 | ||||||||||||||||||||||
(in thousands of $) | FSRU* | LNG Carrier* | FLNG** | Total | FSRU* | LNG Carrier* | FLNG** | Total | FSRU* | LNG Carrier* | FLNG** | Total | ||||||||||||
Total Operating Revenues | 58,780 | 12,912 | 26,217 | 97,909 | 58,276 | 12,837 | 26,018 | 97,131 | 58,975 | 17,588 | 26,018 | 102,581 | ||||||||||||
Amount invoiced under sales-type lease | 4,600 | — | — | 4,600 | 4,600 | — | — | 4,600 | 4,600 | — | — | 4,600 | ||||||||||||
Adjusted Operating Revenues 1 | 63,380 | 12,912 | 26,217 | 102,509 | 62,876 | 12,837 | 26,018 | 101,731 | 63,575 | 17,588 | 26,018 | 107,181 | ||||||||||||
Voyage and Commission Expenses | (915) | (957) | — | (1,872) | (1,450) | (121) | — | (1,571) | (1,231) | (1,253) | — | (2,484) | ||||||||||||
Vessel Operating Expenses | (8,923) | (4,368) | (5,039) | (18,330) | (9,627) | (4,388) | (6,048) | (20,063) | (9,574) | (4,921) | (5,240) | (19,735) | ||||||||||||
Administrative Expenses | (2,668) | (1,642) | (1,035) | (5,345) | (2,093) | (1,334) | (121) | (3,548) |
GMLP
NASDAQ:GMLPGMLP RankingsGMLP Latest NewsGMLP Stock Data |