Golar LNG (NASDAQ: GLNG) flags FLNG project pauses if it can’t raise capital
Golar LNG Limited (GLNG) reports sharply improved results for the six months ended June 30, 2026, driven by a full period of FLNG Gimi operations. Net income rose to $157.6 million from $43.7 million a year earlier, with net income attributable to shareholders of $121.8 million. Adjusted EBITDA increased to $232.9 million from $90.2 million, while FLNG tariff, net for the FLNG segment more than doubled to $316.9 million, mainly from Gimi’s lease and operating revenues and higher realized gains on FLNG Hilli’s oil-linked derivative.
Liquidity remains significant with $908.5 million of cash and restricted cash as of June 30, 2026, supplemented by a new $600 million senior secured revolving credit facility secured on FLNG Esperanza. However, management discloses large committed capital expenditures, including FLNG Esperanza’s conversion, FLNG Hilli’s refurbishment, and a newly sanctioned fourth FLNG with an estimated fully delivered cost of $2.45 billion. The company states it must raise additional capital via asset-level or other financings; otherwise it plans to pause FLNG Esperanza by March 2027 and terminate the fourth FLNG EPC by the end of the third quarter of 2026 to preserve liquidity.
Operating cash flow was $143.7 million, down from $191.9 million due to higher operating expenses and working-capital timing. Net cash used in investing was $305.4 million, largely FLNG project spend, and net cash used in financing was $145.2 million on debt repayments and $63.0 million of dividends. The company declared a $0.25 per share dividend for the quarter ended June 30, 2026 and remains in compliance with debt covenants, including a minimum $50 million consolidated cash requirement.
Positive
- Net income increased to $157.6 million from $43.7 million year over year, with Adjusted EBITDA rising to $232.9 million from $90.2 million, reflecting the full contribution of FLNG Gimi.
- FLNG tariff, net for the FLNG segment more than doubled to $316.9 million from $155.3 million, indicating substantially higher cash earnings from liquefaction activities.
- Golar held a sizeable cash and restricted cash balance of $908.5 million at June 30, 2026 and added a new $600 million senior secured revolving credit facility to support growth projects.
- The company reached FID and signed an EPC for a $2.45 billion 3.5 MTPA fourth FLNG unit, targeting delivery by end of 2029, expanding its long-term FLNG growth pipeline.
- A quarterly dividend of $0.25 per share was declared for the three months ended June 30, 2026, continuing capital returns to shareholders.
Negative
- Management states it must raise additional capital over the next 12 months; otherwise it plans to pause FLNG Esperanza’s conversion by March 2027 and terminate the fourth FLNG EPC by the end of the third quarter of 2026 to maintain liquidity.
- Net cash provided by operating activities declined to $143.7 million from $191.9 million, while net cash used in investing remained high at $305.4 million, reflecting ongoing heavy FLNG capital spending.
- Interest expense, net increased to $46.5 million from zero in the prior period, following significant 2025 bond issuances and refinancing of the Gimi facility, raising the company’s financing burden.
- Debt and lease arrangements impose covenants and restrictions, including maintaining at least $50 million of consolidated cash, which could limit flexibility for additional borrowing or shareholder distributions.
Key Figures
Net income: 157,639 thousand $
Net income prior period: 43,718 thousand $
Adjusted EBITDA: 232,941 thousand $
+5 more
8 metrics
Net income
157,639 thousand $
Six months ended June 30, 2026
Net income prior period
43,718 thousand $
Six months ended June 30, 2025
Adjusted EBITDA
232,941 thousand $
Six months ended June 30, 2026, consolidated
FLNG tariff, net
316,903 thousand $
Six months ended June 30, 2026, FLNG segment
Cash and restricted cash
908,461 thousand $
Cash, cash equivalents and restricted cash at June 30, 2026
Interest expense, net
46,549 thousand $
Six months ended June 30, 2026
Fourth FLNG estimated cost
2,450,000 thousand $
Estimated fully delivered cost of 3.5 MTPA MKII-design FLNG unit
Dividend per share
0.25 $ per share
Dividend declared for the three months ended June 30, 2026
Key Terms
Floating liquefaction natural gas (FLNG), Sales-type lease, Adjusted EBITDA, FLNG tariff, net, +1 more
5 terms
Floating liquefaction natural gas (FLNG) technical
"We design, construct, own and operate marine infrastructure for the liquefaction of natural gas"
Sales-type lease financial
"Sales-type lease revenue relates to the FLNG Gimi, which achieved COD in June 2025"
A sales-type lease is a contract where the party that owns an asset (the lessor) effectively sells it to a customer but keeps the right to receive lease payments, recording the transaction as a sale up front and then recognizing interest income over time. Think of it like a store that sells you a car on finance: the store books the sale immediately but still collects payments and interest, so profits and the asset’s removal from the balance sheet occur sooner. For investors this changes when revenue and profit show up, alters reported assets and liabilities, and affects measures like return on equity and cash flow timing.
Adjusted EBITDA financial
"Adjusted EBITDA is a non-U.S. GAAP financial measure and is calculated by taking net income"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
FLNG tariff, net financial
"FLNG tariff, net is a non-U.S. GAAP financial measure that represents the total cash inflow"
Variable Interest Entity financial
"Gimi MS is a VIE and we are the primary beneficiary and retain sole control"
A variable interest entity (VIE) is a company structure where one party controls another company’s operations and economic outcomes through contracts or special arrangements instead of owning a majority of its voting shares. For investors, VIEs matter because the controlling party’s financial results, debts and risks can appear in the controller’s reports even though ownership looks separate, so understanding VIEs helps assess true exposure, governance limits and transparency—like spotting a puppet controlled by strings rather than direct ownership.
Earnings Snapshot
Net income: 157,639 thousand $
Six months ended June 30, 2026
Net income
157,639 thousand $
Up from 43,718 thousand $ in the prior-year period
Adjusted EBITDA
232,941 thousand $
Up from 90,191 thousand $ in the prior-year period
FLNG tariff, net
316,903 thousand $
Up from 155,309 thousand $ in the prior-year period
Net cash from operating activities
143,685 thousand $
Down from 191,899 thousand $ in the prior-year period
FAQ
How did Golar LNG (GLNG) perform financially for the six months ended June 30, 2026?
Golar LNG reported net income of $157.6 million versus $43.7 million a year earlier, with Adjusted EBITDA rising to $232.9 million from $90.2 million. The improvement mainly reflects a full six months of FLNG Gimi operations and higher realized gains on FLNG Hilli derivatives.
What is Golar LNG’s liquidity position as of June 30, 2026?
Golar LNG held $908.5 million in cash and restricted cash as of June 30, 2026. In addition, it entered into a new $600 million senior secured revolving credit facility secured by FLNG Esperanza, and remains subject to a minimum consolidated cash covenant of $50 million.
What major growth projects is Golar LNG (GLNG) pursuing, including FLNG Esperanza and the fourth FLNG?
Golar is converting FLNG Esperanza under an EPC with CIMC Raffles for a 20-year charter with SESA and has signed an EPC for a 3.5 MTPA fourth FLNG with an estimated cost of $2.45 billion. Both projects contribute to substantial capital commitments through 2029.
Why does Golar LNG highlight the need to raise additional capital in this 6-K?
Golar notes significant FLNG-related capital commitments and states it needs to raise additional capital via asset-level or other financings to meet obligations. Without this, management plans to terminate the fourth FLNG EPC by Q3 2026 and pause FLNG Esperanza’s conversion by March 2027 to preserve liquidity.
What dividend did Golar LNG (GLNG) declare for the quarter ended June 30, 2026?
Golar LNG declared a $0.25 per share dividend for the three months ended June 30, 2026. Shareholders of record on August 24, 2026 are scheduled to receive payment on or around September 2, 2026, continuing the company’s pattern of returning cash to investors.
How did FLNG operations contribute to Golar LNG’s results in the first half of 2026?
FLNG operations generated $261.1 million in segment operating revenues and $250.7 million of segment Adjusted EBITDA. FLNG tariff, net rose to $316.9 million, driven by the FLNG Gimi LOA and higher realized gains on FLNG Hilli’s oil-linked derivative.
What is the impact of higher debt on Golar LNG’s financials?
Following 2025 bond issues and Gimi facility refinancing, Golar recorded $46.5 million of interest expense, net, versus none a year earlier. These borrowings increase financing costs but are tied to funding long-term FLNG assets with contracted cash flows.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
For the month of August 2026
Commission File Number: 000-50113
| (Translation of registrant’s name into English) | ||
2nd Floor S.E. Pearman Building 9 Par-la-Ville Road Hamilton HM 11 Bermuda | ||
| (Address of principal executive office) | ||
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [ X ] Form 40-F [ ]
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Included is the Overview, Operating and Financial Review for the six months ended June 30, 2026 and the unaudited consolidated condensed financial statements of Golar LNG Limited (the “Company” or “Golar”) as of and for the six months ended June 30, 2026.
The information contained in this Report on Form 6-K (this “Report”) is hereby incorporated by reference into the Company’s registration statement on Form F-3 ASR (File No. 333-294621), which was filed with the U.S. Securities and Exchange Commission (the “Commission”) on March 26, 2026.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
| GOLAR LNG LIMITED | ||||||||
| (Registrant) | ||||||||
Date: August 19, 2026 | By: | /s/ Eduardo Maranhão | ||||||
| Name: | Eduardo Maranhão | |||||||
| Title: | Principal Financial Officer | |||||||
UNAUDITED INTERIM FINANCIAL REPORT
Forward-Looking Statements
Matters discussed in this Report may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
We desire to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are including this cautionary statement in connection with this safe harbor legislation. This Report and any other written or oral statements made by us or on our behalf may include forward-looking statements, which reflect our current views with respect to future events and financial performance. When used in this Report, the words “believe,” “anticipate,” “intend,” “estimate,” “forecast,” “projected,” “plan,” “potential,” “continue,” “will,” “may,” “could,” “should,” “would,” “expect”, “target” and similar expressions identify forward-looking statements.
The forward-looking statements in this Report 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. As a result, you are cautioned not to rely on any forward-looking statements.
In addition to these important factors and matters discussed elsewhere herein, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include, among other things:
•our ability to fulfill our obligations under our commercial agreements, including the 20-year Lease and Operate Agreement (the “LOA”) for the FLNG Gimi (“FLNG Gimi”);
•our ability to perform under our agreements with Southern Energy S.A. (“SESA”) for the deployment of FLNG Hilli (“FLNG Hilli”) and FLNG Esperanza (“FLNG Esperanza”) in Argentina, including the timely completion of redeployment, conversion and commissioning activities, as well as SESA’s ability to meet its commitments to us;
•our ability to complete the FLNG Esperanza conversion and FLNG Hilli refurbishment in a timely manner and within budget;
•that an attractive deployment opportunity, or any of the opportunities under discussion for our second 3.5 MTPA MKII-design FLNG unit (“fourth FLNG” or “FLNG four”), 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 investment in the long-lead item payments to date, as well as to termination fees. 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;
•our ability to obtain additional financing or refinance existing debt on acceptable terms or at all;
•any failure of shipyards to comply with work standards, project schedules, performance specifications or agreed prices;
•an increase in tax liabilities in the jurisdictions where we are currently operating, have previously operated or expect to operate;
•the outcome and timing of the Company’s strategic review process, including the possibility that the review may not result in any transaction, strategic alternative, or other outcome; the potential for disruption to operations, commercial activities, financings or relationships during the review process; the ability to identify and execute transactions or structural alternatives that enhance shareholder value or accelerate the FLNG growth pipeline; market, regulatory, financing, and counterparty conditions affecting any potential transaction; and costs, opportunity costs, management distraction, or other uncertainties associated with the process;
•global economic trends, competition, and geopolitical risks, including actions by the U.S. government, trade tensions or conflicts such as those between the U.S. and China or the U.S. and Iran, related sanctions, and the potential effects of any Russia-Ukraine or U.S.-Iran peace settlement on liquefied natural gas (“LNG”) supply and demand;
•continuing volatility in the global financial markets, including commodity prices, foreign exchange rates, interest rates and global trade policy;
•changes in general domestic and international political conditions, particularly where we operate, or where we seek to operate;
•changes in our ability to retrofit vessels as FLNGs, including the availability of donor vessels to purchase, lead times for critical components and the time it takes to build new vessels;
•any material decline or prolonged weakness in tolling rates for FLNGs;
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•any failure of our contract counterparties to comply with their agreements with us or other key project stakeholders;
•continuing uncertainty resulting from potential future claims from our counterparties of purported force majeure under contractual arrangements, including 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 investments on a timely basis or at all;
•increases in operating costs as a result of inflation or trade policy, including salaries and wages, insurance, crew and related costs, repairs and maintenance and spares;
•claims made or losses incurred in connection with our continuing obligations;
•the ability of certain parties to meet their respective obligations to us, including indemnification obligations;
•changes to rules and regulations applicable to FLNGs or other parts of the natural gas and LNG supply chain;
•rules on climate-related disclosures promulgated by the European Union, including but not limited to disclosure of certain climate-related risks and financial impacts, as well as greenhouse gas emissions;
•actions taken by regulatory authorities that may prohibit the access of FLNGs to various ports and locations; 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, 2025, filed with the U.S. Securities and Exchange Commission (“U.S. SEC”) on March 26, 2026 (the “2025 Annual Report”).
We caution readers of this Report not to place undue reliance on these forward-looking statements, which speak only as of their dates. These forward-looking statements are not guarantees of our future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements.
All forward-looking statements included in this Report are made only as of the date of this Report and, except as required by law, we assume no obligation to revise or update any written or oral forward-looking statements made by us or on our behalf as a result of new information, future events or other factors. If one or more forward-looking statements are revised or updated, no inference should be drawn that additional revisions or updates will be made in the future.
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Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following is a discussion of our financial condition and results of operations for the six months ended June 30, 2026 and 2025. Throughout this Report, unless the context indicates otherwise, the “Company”, “Golar”, “Golar LNG”, “we”, “us” and “our” all refer to Golar LNG Limited or any one or more of its consolidated subsidiaries, including Golar Management Ltd, or to all such entities. Unless otherwise indicated, all references to “USD” and “$” in this Report are to U.S. dollars. You should read the following discussion and analysis together with the unaudited condensed consolidated financial statements and related notes included elsewhere in this Report. For additional information relating to our operating and financial review and prospects, including definitions of certain terms used herein, please see our 2025 Annual Report.
Overview
Our strategy is to provide market-leading FLNG operations and maintain balance sheet flexibility to maximize shareholder returns through accretive FLNG projects. We offer gas resource holders a proven, capital efficient and timely solution to monetize stranded, associated, flared or otherwise underutilized gas reserves. Our industry leading FLNG operational track record and FLNG growth prospects allow gas resource holders, developers and customers access to a low-cost, low-risk, rapidly deployable solution for natural gas liquefaction.
FLNG projects provide a solution for gas reserves where geographical, technical, political and economic constraints limit monetization through traditional infrastructure. Our standardized FLNG units can be redeployed to new opportunities after producing a field and offer a viable economic alternative to large-scale land-based projects. Our liquefaction solution and accelerated execution model place liquefaction technology onboard an existing LNG carrier, converting such carriers into a fully commissioned FLNG. As of August 19, 2026, we are currently the only company with a proven track-record to deliver FLNG as a service to gas resource owners.
Recent and Other Developments
In addition to the other information set forth in this Report on Form 6-K, please see our previous Reports on Form 6-K furnished during 2026 and “Item 5 - Operating and Financial Review and Prospects - Significant Developments since January 1, 2026” of our 2025 Annual Report .
•$600 million senior secured Revolving Credit Facility
On August 3, 2026, we entered into a new $600.0 million senior secured revolving credit facility (the “RCF”). The RCF is secured by the FLNG Esperanza vessel currently under conversion in China for deployment under the 20-year charter with SESA. in Argentina, and has been executed with a syndicate of banks. The RCF has a tenor of 18 months from October 1, 2026 and bears interest on amounts drawn at three-month SOFR plus a margin of 3.00% per annum. Proceeds from the RCF, together with proceeds from any subsequent long-term asset-level financing, are expected to be used to fund FLNG growth projects.
•SESA capital contributions
In July 2026, we contributed approximately $10.2 million to SESA as an irrevocable contribution against future subscription of shares. Following this contribution, Golar continues to hold a 10% equity interest in SESA.
•SMP capital contributions
In July 2026, we contributed approximately $4.2 million to SMP as an irrevocable contribution against future subscription of shares. Following this contribution, Golar continues to hold a 10% equity interest in SESA.
•Dividends
On August 13, 2026, we declared a dividend of $0.25 per share in respect of the three months ended June 30, 2026 to shareholders of record on August 24, 2026, which will be paid on or around September 2, 2026.
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•FID for fourth FLNG
On August 12, 2026, we entered into an EPC with CIMC Raffles for a 3.5 MTPA MKII-design FLNG unit (“fourth FLNG”) with an estimated fully delivered cost of approximately $2.45 billion and improved payment terms compared to the FLNG Esperanza. The fourth FLNG is expected to represent the earliest available newbuild FLNG capacity, with delivery by end of 2029.
•Letter of intent with Seatrium
In August 2026, Golar entered into a Letter of Intent (“LOI”) with Seatrium Energy (Americas) Pte Ltd (“Seatrium”) securing a shipyard slot for potential additional MKI- or MKII-design FLNG.
Operating and Financial Review
The Company's results for the six months ended June 30, 2026 are affected by several significant operational changes compared with the same period in 2025. Within the FLNG segment, FLNG Gimi achieved Commercial Operations Date (“COD”) and commenced operations in mid-June 2025. Accordingly, the six months ended June 30, 2026 reflects a full six months of operations, compared with approximately half a month of operations for the six months ended June 30, 2025. In addition, FLNG Hilli continued to operate under the Liquefaction Tolling Agreement (“LTA”) until the expiry of such agreement in July 2026. Within our Corporate and other segment, comparability is affected by the termination of the O&M agreement for FSRU LNG Croatia in December 2025 and the termination of the O&M agreement for FSRU Italis LNG following the sale of our entire shareholding in Gaslin S.r.l. (“Gaslin”) in April 2026. Accordingly, revenue for the six months ended June 30, 2026 includes three and a half months of O&M revenue from FSRU Italis LNG and no revenue from FSRU LNG Croatia, compared with a full six months of O&M revenue from both O&M contracts in the corresponding period of 2025.
See note 4 “Segment Information” of the unaudited condensed consolidated financial statements included herein for additional information on our segments. Reconciliations of consolidated net income to Adjusted EBITDA for the six months ended June 30, 2026 and 2025 are as follows:
| (in thousands of $) | 2026 | 2025 | |||||||||
| Net income | 157,639 | 43,718 | |||||||||
Income tax expense | 2,647 | 618 | |||||||||
| Income before income tax | 160,286 | 44,336 | |||||||||
| Depreciation and amortization | 30,554 | 24,844 | |||||||||
| Unrealized loss on oil and gas derivative instruments | 4,625 | 59,817 | |||||||||
| Other non-operating income | (658) | (29,981) | |||||||||
| Interest income | (19,437) | (14,522) | |||||||||
| Interest expense, net | 46,549 | — | |||||||||
| (Gains)/losses on derivative instruments, net | (10,475) | 10,638 | |||||||||
| Other financial items, net | 2,866 | 3,265 | |||||||||
| Net income from equity method investments | (2,182) | (10,287) | |||||||||
| Sales-type lease receivable in excess of interest income | 20,813 | 2,081 | |||||||||
Adjusted EBITDA (1) | 232,941 | 90,191 | |||||||||
(1) Adjusted EBITDA is a non-U.S. GAAP financial measure and is calculated by taking net income before income taxes, depreciation and amortization, unrealized losses on oil and gas derivative instruments, other non-operating income, interest income, interest expense, net, (gains)/losses on derivative instruments, net, other financial items, net, net income from equity method investments, and sales-type lease receivable in excess of interest income. Adjusted EBITDA is a financial measure used by management and investors to assess our total financial and operating performance. Adjusted EBITDA increases the comparability of our operational performance from period to period and against the operational performance of other companies without regard to our financing methods or capital structure. Adjusted EBITDA should not be considered as an alternative to net income or any other measure of our financial performance calculated in accordance with U.S. GAAP.
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Discussed below are the material changes of our consolidated results of operations for the six months ended June 30, 2026 compared against the six months ended June 30, 2025:
Income taxes: The increase of $2.0 million for the six months ended June 30, 2026 compared to the same period in 2025 was primarily due to:
•a $2.7 million increase primarily related to the inclusion of a full six months of taxable income generated under the Gimi LOA during the six months ended June 30, 2026, compared with half a month in the same period in 2025, following FLNG Gimi's COD on June 12, 2025. Under the LOA, taxes incurred in connection with LOA operations are reimbursed by bp, with the related credit recognized within sales-type lease revenue and vessel management fees; and
•partially offset by a $1.0 million release of the deferred tax liability during the six months ended June 30, 2026, following the completion of the buy-out of our UK defined pension scheme in March 2026, through the purchase of individual annuity contracts, resulting in a settlement of the plan obligations. No comparable tax benefit was recognized in the same period in 2025.
Depreciation and amortization: The increase of $5.7 million for the six months ended June 30, 2026 compared to the same period in 2025 was primarily due to $6.1 million increase in depreciation relating to FLNG Hilli's mooring equipment following remeasurement of the associated asset retirement obligation (“ARO”) in January 2026 (note 17).
Unrealized gain(loss) on oil and gas derivative instruments: As of June 30, 2026, the mark-to-market (“MTM”) valuation of the FLNG Hilli embedded derivative reflected only the remaining contractual period through July 31, 2026, compared with more than one year remaining at June 30, 2025.
| Six months ended June 30, | |||||||||||
| (in thousands of $) | 2026 | 2025 | |||||||||
Unrealized gain/(loss) on FLNG Hilli’s oil derivative instrument | 2,983 | (39,450) | |||||||||
Unrealized loss on FLNG Hilli’s gas derivative instrument | (7,608) | (20,367) | |||||||||
| Unrealized loss on oil and gas derivative instruments | (4,625) | (59,817) | |||||||||
•Unrealized gain/(loss) on FLNG Hilli’s oil derivative instrument: This reflects the MTM movements related to the changes in the fair value of the FLNG Hilli’s oil derivative instrument embedded in the LTA which we estimated using the discounted future cash flows of the additional payments due to us as a result of Brent linked crude oil prices moving above a contractual oil price floor over the remaining term of the LTA. The increase in unrealized loss of $42.4 million for the six months ended June 30, 2026, compared to an unrealized loss for the same period in 2025 was primarily driven by movements in realized and forward Brent linked crude oil prices, changes in price volatility and shorter remaining term of the LTA, which reduced the remaining unrealized exposure subject to MTM valuation.
•Unrealized loss on FLNG Hilli’s gas derivative instrument: This reflects the MTM movements related to the changes in the fair value of the FLNG Hilli’s gas derivative instrument embedded in the LTA which we estimated using the discounted future cash flows of the additional payments due to us for the 0.2 MTPA incremental LNG capacity over the remaining term of the LTA which is linked to the Dutch Title Transfer Facility (“TTF”) gas prices and forecast Euro/USD exchange rates. The decrease in unrealized loss of $12.8 million for the six months ended June 30, 2026 compared to the same period in 2025 was primarily driven by movements in realized and forward TTF linked gas prices, changes in price volatility and shorter remaining term of the LTA, which reduced the remaining unrealized exposure subject to MTM valuation.
Other non-operating income: The decrease of $29.3 million in other non-operating income for the six months ended June 30, 2026 was primarily due to:
•the recognition of the non-recurring $29.9 million gain on the FLNG Gimi sales type lease during the six months ended June 30, 2025. There was no comparable gain for the same period in 2026; and
•a net gain of $0.4 million on the disposal of investments during the six months ended June 30, 2026, comprising $2.7 million loss on the disposal of our investment in Gaslin, partially offset by a $3.1 million gain on the sale of our 2.69% interest in OLT Offshore LNG Toscana S.p.A to SNAM S.p.A. (“OLT-O”), which was fully impaired in 2019. There was no comparable gain for the same period in 2025.
Interest income: The increase of $4.9 million for the six months ended June 30, 2026 compared to the same period in 2025 was primarily due to:
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•a $6.0 million increase in interest income from higher short-term money-market deposits, with balances of $657.6 million as of June 30, 2026 compared to $115.5 million as of June 30, 2025; and
•partially offset by a $1.1 million decrease in interest income on a shareholder loan to First FLNG Holdings (“FFH”), which was fully repaid in March 2025.
Interest expense, net: The $46.5 million increase in interest expense for the six months ended June 30, 2026 compared to the same period in 2025 was primarily due to:
•higher corporate debt interest expense inclusive of the amortization of related deferred financing costs, following the issuance of the $575 million 2025 Convertible Bonds in June 2025, the $500 million 2025 Senior Unsecured Notes in October 2025 and the refinancing of the $700 million Gimi facility with a new $1.2 billion Gimi facility in November 2025; and
•changes in the capitalization of borrowing costs following the achievement of COD of FLNG Gimi in June 2025, after which borrowing costs were no longer capitalized and were recognized as expense, partially offset by the capitalization of borrowing costs related to the FLNG Esperanza conversion.
Gains/(losses) on derivative instruments, net:
| Six months ended June 30, | |||||||||||
| (in thousands of $) | 2026 | 2025 | |||||||||
| Unrealized MTM adjustment for interest rate swap (“IRS”) derivatives | 9,590 | (11,611) | |||||||||
| Net interest income on undesignated IRS derivatives | 885 | 973 | |||||||||
| Gain/(loss) on derivative instruments, net | 10,475 | (10,638) | |||||||||
•Unrealized MTM adjustment for IRS derivatives: This reflects the MTM movements related to the changes in the fair value of our IRS derivatives. As of June 30, 2026 and 2025, we had an IRS portfolio with notional amounts of $581.3 million and $398.1 million, respectively, none of which are designated as hedges for accounting purposes. The $21.2 million increase in unrealized MTM gain for the six months ended June 30, 2026 compared to an unrealized MTM loss in the same period in 2025 was primarily driven by higher notional values of our swap portfolio, partially offset by fair value adjustments reflecting our creditworthiness and that of our counterparties.
Net income from equity method investments: This represents our share of earnings from our equity method investments, as well as gains or losses on disposals related to these investments. The net decrease of $8.1 million for the six months ended June 30, 2026 was primarily due to a lower gain on the disposal of an equity method investment compared with the same period in 2025. During the six months ended June 30, 2026, we recognized $4.6 million gain on the disposal of our 58% shareholding in Logística e Distribuição de Gás S.A.(“LOGAS”) in April 2026, compared with a $10.3 million gain on the disposal of our 25% shareholding in Avenir in February 2025.
Sales-type lease receivable in excess of interest income: Amounts recognized as sales type lease revenue is analogous to the interest income component earned, while the principal amortization is treated as a reduction to the lease receivable balance presented in “Net investment in sales-type lease” in the unaudited consolidated balance sheet. “Sales-type lease receivable in excess of interest income” represents the lease receivable principal amortization component of the total amounts invoiced under the FLNG Gimi sales-type lease. We included the total invoiced amounts comprising both interest income and principal repayment in our FLNG Adjusted EBITDA to reflect the total cash earnings and economic performance of the FLNG Gimi. This amount is eliminated from the unaudited consolidated statements of operations in accordance with U.S. GAAP.
6
| Six months ended June 30, 2026 | |||||||||||||||||
| (in thousands of $) | FLNG | Corporate and other | Total Segment Reporting | Elimination | Consolidated Reporting | ||||||||||||
| Liquefaction services revenue | 111,787 | — | 111,787 | — | 111,787 | ||||||||||||
| Sales-type lease revenue | 98,326 | — | 98,326 | — | 98,326 | ||||||||||||
| Vessel management fees and other revenues | 50,957 | 6,963 | 57,920 | — | 57,920 | ||||||||||||
Total operating revenues | 261,070 | 6,963 | 268,033 | — | 268,033 | ||||||||||||
Vessel operating expenses | (78,049) | (2,849) | (80,898) | — | (80,898) | ||||||||||||
Administrative expenses | (442) | (21,555) | (21,997) | — | (21,997) | ||||||||||||
Project development expenses | (4,478) | (2) | (4,480) | — | (4,480) | ||||||||||||
Realized gain on oil and gas derivative instruments, net | 47,042 | — | 47,042 | — | 47,042 | ||||||||||||
Other operating income/(loss) | 4,754 | (326) | 4,428 | — | 4,428 | ||||||||||||
Sales-type lease receivable in excess of interest income | 20,813 | — | 20,813 | (20,813) | — | ||||||||||||
| Adjusted EBITDA | 250,710 | (17,769) | 232,941 | (20,813) | 212,128 | ||||||||||||
| Six months ended June 30, 2025 | |||||||||||||||||
| (in thousands of $) | FLNG | Corporate and other | Total Segment Reporting | Elimination | Consolidated Reporting | ||||||||||||
| Liquefaction services revenue | 112,200 | — | 112,200 | — | 112,200 | ||||||||||||
| Sales-type lease revenue | 8,219 | — | 8,219 | — | 8,219 | ||||||||||||
| Vessel management fees and other revenues | 4,381 | 12,499 | 16,880 | — | 16,880 | ||||||||||||
| Time and voyage charter revenues | — | 876 | 876 | — | 876 | ||||||||||||
Total operating revenues | 124,800 | 13,375 | 138,175 | — | 138,175 | ||||||||||||
Vessel operating expenses | (45,257) | (15,480) | (60,737) | — | (60,737) | ||||||||||||
Administrative expenses | (648) | (15,411) | (16,059) | — | (16,059) | ||||||||||||
Project development expenses | (6,513) | (2,575) | (9,088) | — | (9,088) | ||||||||||||
Realized gain on oil and gas derivative instruments, net | 37,447 | — | 37,447 | — | 37,447 | ||||||||||||
Other operating loss | — | (1,628) | (1,628) | — | (1,628) | ||||||||||||
Sales-type lease receivable in excess of interest income | 2,081 | — | 2,081 | (2,081) | — | ||||||||||||
| Adjusted EBITDA | 111,910 | (21,719) | 90,191 | (2,081) | 88,110 | ||||||||||||
Adjusted EBITDA: Total segment reporting Adjusted EBITDA increased by $142.8 million for the six months ended June 30, 2026 compared to the same period in 2025, primarily reflecting a full six months of operations under the FLNG Gimi LOA in 2026, compared with approximately half a month following COD in June 2025. The FLNG Gimi LOA contributed $155.1 million to operating revenues including sales-type lease receivable in excess of interest income, partially offset by a corresponding increase in vessel operating expenses of $28.7 million. Additionally, vessel operating expenses decreased by $12.6 million due to the termination of the O&M Agreement with LNG Hrvatska for the FSRU LNG Croatia in December 2025, the disposal of Golar Arctic in March 2025 and termination of the O&M agreement for the FSRU Italis LNG in April 2026. Realized gains on oil and gas derivative instruments also increased by $9.6 million, driven by higher look-back average on Brent prices which was elevated by the spike in oil and gas prices following heightened tensions between the United States and Iran and broader geopolitical instability in the Middle East.
On a consolidated basis, Adjusted EBITDA increased by $124.0 million for the six months ended June 30, 2026 compared to the same period in 2025, due to the accounting impact of the sales-type lease receivable, whereby revenue recognized in excess of interest income is eliminated upon consolidation.
These movements reflect consolidated changes across all segments. Further details and material movements within specific reportable segments are discussed below.
7
FLNG segment
Below relates to the operations of our FLNG fleet and our other FLNG projects.
| Six months ended June 30, | |||||||||||
| (in thousands of $) | 2026 | 2025 | |||||||||
| Liquefaction services revenue | 111,787 | 112,200 | |||||||||
| Sales-type lease revenue | 98,326 | 8,219 | |||||||||
| Vessel management fees and other revenues | 50,957 | 4,381 | |||||||||
Total operating revenues | 261,070 | 124,800 | |||||||||
| Vessel operating expenses | (78,049) | (45,257) | |||||||||
| Administrative expenses | (442) | (648) | |||||||||
| Project development expenses | (4,478) | (6,513) | |||||||||
| Realized gain on oil and gas derivative instruments, net | 47,042 | 37,447 | |||||||||
| Other operating income | 4,754 | — | |||||||||
Sales-type lease receivable in excess of interest income | 20,813 | 2,081 | |||||||||
| Adjusted EBITDA | 250,710 | 111,910 | |||||||||
Sales-type lease revenue: Sales-type lease revenue comprises of the following components:
| Six months ended June 30, | ||||||||
| (in thousands of $) | 2026 | 2025 | ||||||
Sales-type lease revenue | 55,207 | 5,899 | ||||||
Variable lease revenue | 37,930 | 1,845 | ||||||
Accretion of unguaranteed residual value | 3,045 | 303 | ||||||
| Other | 2,144 | 172 | ||||||
| Sales-type lease revenue | 98,326 | 8,219 | ||||||
•Sales-type lease revenue: This reflects the interest income recognized on the net investment in the sales-type lease on FLNG Gimi, calculated using the implicit rate in the lease.
•Variable lease revenue: This reflects variable payments not included in the fixed consideration of the lease including overproduction, underutilization, and other operational adjustments invoiced since commencement of operations.
•Accretion of unguaranteed residual value: This relates to the periodic accretion in the present value of the unguaranteed residual value of FLNG Gimi, recognized over the lease term using the effective interest method.
•Other: This reflects taxes that are reimbursable under the LOA and accrued demurrage costs.
Vessel management fees and other revenues: Vessel management fees and other revenues reflect the non-lease component of the FLNG Gimi's LOA, representing O&M services. Vessel management fees and other revenues comprises of the following components:
| Six months ended June 30, | |||||||||||
| (in thousands of $) | 2026 | 2025 | |||||||||
| FLNG O&M service revenue | 48,836 | 4,309 | |||||||||
| Amortization of deferred pre-COD cash flows | 915 | 96 | |||||||||
| Other | 1,206 | (24) | |||||||||
| Vessel management fees and other revenues | 50,957 | 4,381 | |||||||||
•O&M service revenue: This reflects the non-lease O&M services component in relation to FLNG Gimi's LOA.
8
•Amortization of deferred pre-COD cash flows: This reflects the amortization of the non-lease component of pre-COD cash flows received from bp in relation to FLNG Gimi's LOA, recognized over the term of the LOA on a straight-line basis.
•Other: This reflects taxes reimbursable under the LOA and accrued demurrage costs.
Realized gain on oil and gas derivative instruments:
| Six months ended June 30, | |||||||||||
| (in thousands of $) | 2026 | 2025 | |||||||||
Realized gain on FLNG Hilli’s oil derivative instrument | 30,205 | 21,249 | |||||||||
Realized gain on FLNG Hilli’s gas derivative instrument | 16,837 | 16,198 | |||||||||
Realized gain on oil and gas derivative instruments, net | 47,042 | 37,447 | |||||||||
•Realized gain on FLNG Hilli’s oil derivative instrument: This reflects the billings above the FLNG Hilli’s base tolling fee when the Brent linked crude oil price is greater than $60 per barrel. The increase of $9.0 million for the six months ended June 30, 2026, compared to the same period in 2025, was primarily driven by higher three-month look-back average oil price of $80.79/barrel for the six months ended June 30, 2026 compared to $73.73/barrel for the six months ended June 30, 2025.
| Six months ended June 30, | |||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||
| Other Financial Data: | |||||||||||||||||||||||
| Liquefaction services revenue | 111,787 | 112,200 | |||||||||||||||||||||
| Sales-type lease revenue | 98,326 | 8,219 | |||||||||||||||||||||
Vessel management fees and other revenues | 50,957 | 4,381 | |||||||||||||||||||||
Total operating revenues | 261,070 | 124,800 | |||||||||||||||||||||
| Realized gain on oil and gas derivative instruments, net | 47,042 | 37,447 | |||||||||||||||||||||
| Amortization of deferred commissioning period revenue, Day 1 gains and deferred pre-COD cash flows, accretion of unguaranteed residual value, accrued tax receipt, over/underproduction, accrued revenue and accrued demurrage | (12,022) | (9,019) | |||||||||||||||||||||
Sales-type lease receivable in excess of interest income | 20,813 | 2,081 | |||||||||||||||||||||
FLNG tariff, net (1) | 316,903 | 155,309 | |||||||||||||||||||||
(1) FLNG tariff, net is a non-U.S. GAAP financial measure that represents the total cash inflow and economic performance generated by our FLNGs during a given period. It is calculated by taking the total amount invoiced for FLNG services, including liquefaction services revenue, sales-type lease revenue, vessel management fees and other revenue, realized gains on oil and gas derivative instruments, net adjusted for the amortization of deferred commissioning period revenue, Day 1 gains (deferred revenues) and deferred pre-COD cashflows allocated to the non-lease component, the unwinding of liquidated damages, the accretion of unguaranteed residual value and other timing related items including tax reimbursements, underutilization, overproduction revenue, accrued revenue and demurrage cost. FLNG tariff, net is intended to enhance the comparability of our FLNG performance across periods and with other operational FLNGs in the industry. FLNG tariff, net should not be considered as an alternative to total operating revenue of the FLNG segment or any other performance measure of our financial performance calculated in accordance with U.S. GAAP.
FLNG Tariff, net: The increase of $161.6 million for the six months ended June 30, 2026, compared to the same period in 2025, was primarily due to FLNG Gimi's operating revenue contribution following commencement of operations with the current period reflecting a full six months of operations compared with a partial operating period in 2025, and higher realized gains on FLNG Hilli's oil derivative instrument.
Vessel operating expenses: The increase of $32.8 million for the six months ended June 30, 2026 compared to the same period in 2025 was primarily due to:
•a $34.8 million increase in FLNG Gimi's operating expenses following commencement of operations in June 2025;
•a $2.1 million increase in FLNG Hilli's operating expenses primarily due to a $5.6 million increase in crew-related and logistics costs, partially offset by a $3.1 million decrease in spares, repairs, stores and consumables; and
9
•partially offset by a $4.1 million decrease in FLNG Gimi's operating expenses resulting from the 2025 commissioning activities, wherein certain costs incurred toward COD did not meet the criteria for capitalization and instead were deemed essential operating costs to maintain the vessel's exclusive availability and operational readiness. No comparable costs were incurred in 2026.
Project development expenses: This is comprised of non-capitalizable project-related expenses such as legal, professional and consultancy costs for FLNG projects in the exploratory stages. The decrease of $2.0 million for the six months ended June 30, 2026 compared to the same period in 2025 was primarily due to:
•$2.5 million lower costs incurred on pursuing FLNG contracting opportunities in Argentina in the six months ended June 30, 2026 compared to the same period in 2025;
•$1.1 million lower costs incurred in relation to the FLNG Hilli redeployment project during the six months ended June 30, 2026, as cost incurred following the Final Investment Decision (“FID”) for the redeployment of FLNG Hilli under a 20-year agreement with SESA were capitalized rather than expensed; and
•partially offset by $1.8 million of Front-End Engineering Design (“FEED”) study costs incurred in connection with the potential development of a modified MKI FLNG. There was no comparable FEED costs for the six months ended June 30, 2025.
Other operating income: The $4.8 million other operating income for the six months ended June 30, 2026 was primarily due to settlement of outstanding pre-COD matters with bp, comprising a $4.0 million reimbursement for gas generator, and capital spares and consumables procured during the conversion and commissioning of the FLNG Gimi in connection with the LOA and a $0.8 million reimbursement following the final reconciliation of pre-COD fuel purchases. There were no comparable amounts in 2025.
Corporate and other segment
This segment includes our legacy shipping activities, vessel management, floating storage and regasification unit services for third parties, LNG carrier transportation operations, administrative services to affiliates and third parties, corporate overhead costs and other strategic investments. We have offices in Bermuda, London and Oslo, which provide corporate management, commercial, technical, accounting, treasury and administrative support.
| Six months ended June 30, | |||||||||||
| (in thousands of $) | 2026 | 2025 | |||||||||
Vessel management fees and other revenues | 6,963 | 12,499 | |||||||||
| Time and voyage charter revenues | — | 876 | |||||||||
Total operating revenues | 6,963 | 13,375 | |||||||||
| Vessel operating expenses | (2,849) | (15,480) | |||||||||
| Administrative expenses | (21,555) | (15,411) | |||||||||
Project development expenses | (2) | (2,575) | |||||||||
Other operating loss | (326) | (1,628) | |||||||||
| Adjusted EBITDA | (17,769) | (21,719) | |||||||||
Vessel management fees and other revenues: The decrease of $5.5 million for the six months ended June 30, 2026, compared to the same period in 2025, was primarily due to lower O&M fees following the termination of the O&M agreements for the FSRU LNG Croatia in December 2025 and the FSRU Italis LNG following the sale of our entire shareholding in Gaslin in April 2026.
Time and voyage charter revenues: The $0.9 million revenue for the six months ended June 30, 2025 relates to Fuji LNG, which ceased upon its arrival at CIMC Raffles’ yard for conversion in February 2025, with no comparable transactions in 2026.
10
Vessel operating expenses: The decrease of $12.6 million for the six months ended June 30, 2026 compared to the same period in 2025 was primarily due to:
•a $10.5 million decrease following the disposal of Golar Arctic, termination of the O&M Agreement with LNG Hrvatska for the FSRU LNG Croatia in December 2025 and termination of the O&M agreement for the FSRU Italis LNG in April 2026; and
•a $0.9 million decrease driven by reduced operational activity for the Fuji LNG following its arrival at CIMC Raffles’ yard for conversion.
Administrative expenses: The increase of $6.1 million for the six months ended June 30, 2026, compared to the same period in 2025, was primarily driven by:
•a $9.6 million increase in employee compensation and benefits, professional services and travel expenses and the completed buy-out of our UK defined benefit pension scheme through the purchase of individual annuity contracts in March 2026, resulting in a settlement of the plan obligations and the recognition of a settlement loss of $2.4 million during the six months ended June 30, 2026, compared to the same period in 2025; and
•partially offset by a $4.1 million higher allocation of management and consultancy fees to vessel operating expenses and project development expenses in our FLNG segment reflecting time spent on FLNG activities.
Project development expenses: The decrease of $2.6 million in project development expenses was primarily driven by higher professional and consultancy costs incurred for existing business ventures for the six months ended June 30, 2025 compared to the same period in 2026.
Other operating loss: The decrease of $1.3 million in other operating loss for the six months ended June 30, 2026 compared to the same period in 2025 was primarily due to:
•$0.9 million decrease in credit loss allowance on the Higas Holdings Limited (“Higas”) shareholder loan, reflecting a lower outstanding balance of $2.2 million as of June 30, 2026 (June 30, 2025: $5.9 million); and
•a $0.5 million loss on disposal of the Golar Arctic in 2025, with no comparable loss in 2026.
Liquidity and Capital Resources
Our short-term liquidity requirements are primarily for the servicing of our debt, working capital, potential investments, FLNG modification, FLNG Hilli redeployment capital expenditures, and conversion projects (including FLNG Esperanza project related commitments). We believe that our existing cash and cash equivalents and short-term bank deposits, cash flow from operations and our planned liquidity-enhancing initiative (see note 1 of our unaudited consolidated financial statements included herein), will be sufficient to support our liquidity and capital requirements for at least the next 12 months.
As of June 30, 2026, we had cash and cash equivalents (including short-term deposits) of $908.5 million, of which $38.0 million is restricted cash. Included within restricted cash is $36.9 million which relates to amounts held in a debt service reserve for Gimi facility. Refer to note 10 “Restricted Cash” of our unaudited condensed consolidated financial statements included herein for additional details.
11
Since June 30, 2026, transactions impacting our cash flows include:
Payments of:
•$17.3 million of additions to the asset under development, the FLNG Esperanza;
•$11.8 million of capital expenditure on the FLNG Hilli redeployment, comprised of engineering services and long lead items;
•$10.2 million capital contribution for our equity interest in SESA;
•$10.0 million distribution to First FLNG Holdings in respect of their shareholding in FLNG Gimi;
•$6.2 million fees paid upon execution of the $600 million senior secured Revolving Credit Facility;
•$4.2 million capital contribution for our equity interest in San Matias; and
•$2.0 million relating to drawdown under the shareholder loan provided to SESA.
Borrowing activities
As of June 30, 2026, we were in compliance with all our covenants under our various loan agreements. See note 15 “Debt” in our unaudited condensed consolidated financial statements included herein for additional information.
Security, Debt and Lease Restrictions
Certain of our financing agreements are collateralized by vessel liens. The existing financing agreements impose certain operating and financing restrictions which may significantly limit or prohibit, among other things, our ability to incur additional indebtedness, create liens, sell capital shares of subsidiaries, make certain investments, engage in mergers and acquisitions, purchase and sell vessels, buy-back additional shares in excess of existing allowances or distribute dividends. In addition, lenders may accelerate the maturity of indebtedness under existing financing agreements and foreclose upon the collateral securing the indebtedness upon the occurrence of certain events of default, including a failure to comply with any of the covenants contained in our debt agreements. Many of our debt agreements contain certain covenants which require compliance with certain financial ratios. Such ratios include maintaining a positive working capital ratio, a tangible net worth covenant and minimum free cash restrictions. With regards to cash restrictions, we have agreed to retain at least $50.0 million of cash and cash equivalents on a consolidated basis.
Cash Flows
| Six months ended June 30, | ||||||||||||||
| (in thousands of $) | 2026 | 2025 | ||||||||||||
| Net cash provided by operating activities | 143,685 | 191,899 | ||||||||||||
| Net cash used in investing activities | (305,413) | (342,104) | ||||||||||||
| Net cash (used in)/provided by financing activities | (145,228) | 340,924 | ||||||||||||
| Net (decrease)/increase in cash and cash equivalents and restricted cash | (306,956) | 190,719 | ||||||||||||
| Cash and cash equivalents and restricted cash at the beginning of the period | 1,215,417 | 716,582 | ||||||||||||
| Cash and cash equivalents and restricted cash at the end of the period | 908,461 | 907,301 | ||||||||||||
12
Operating activities
Our primary source of cash is generated from the operations of FLNG Hilli and FLNG Gimi. Historically, we also generated cash flows from vessel management services and FSRU O&M contracts, with the latter ceasing following the termination of the LNG Croatia and Italis LNG O&M agreements in December 2025 and April 2026, respectively. Cash used in operating activities primarily relates to crew expenses, repairs and maintenance, spares, stores and consumables, and insurance. Additional operating cash outflows include employee compensation and benefits, audit and accounting fees, legal expenses, general corporate overhead, and project development costs for both existing and prospective FLNG business growth initiatives.
Net cash provided by operating activities decreased by $48.2 million for the six months ended June 30, 2026, compared to the same period in 2025, primarily driven by higher operating expenses following FLNG Gimi COD in June 2025 and the general timing of working capital during the six months ended June 30, 2026 compared with the same period in 2025.
Investing activities
Cash used in investing activities primarily reflects expenditures related to FLNG conversion projects, loans to related parties, and other equity investments. Conversely, cash provided by investing activities is mainly comprised of proceeds from equity subscriptions, disposals of equity investments and long-lived assets, as well as repayments of loans by related parties.
Net cash used in investing activities decreased by $36.7 million for the six months ended June 30, 2026 compared with the same period in 2025, primarily attributable to $150.5 million of lower capital expenditures for our FLNG projects, principally reflecting reduced spending on the FLNG Gimi conversion following the achievement of COD in mid-June 2025. This decrease was partially offset by a $50.2 million reduction in proceeds from disposals of investments and long-lived assets, $24.4 million of higher contributions to equity investments and advances to related parties, and the absence of $39.0 million of prior-year cash inflows from an equity subscription by a noncontrolling interest in Gimi MS Corporation and repayments of related-party loans.
Financing activities
Cash provided by financing activities primarily consists of proceeds from short-term and long-term debt issuances. Conversely, cash used in financing activities mainly reflects repayments of debt, dividend payments, financing costs, and repurchases of our common shares.
Net cash used in financing activities increased by $486.2 million for the six months ended June 30, 2026 compared with the same period in 2025, primarily driven by the absence of the issuance of the 2.75% convertible senior unsecured notes and treasury share repurchases completed in 2025 which generated net proceeds of $462.0 million. The increase in net cash used was further driven by increase in scheduled debt repayments of $17.3 million and dividends paid to both Golar LNG and Gimi MS Corporation shareholders of $10.7 million during the six months ended June 30, 2026.
13
GOLAR LNG LIMITED
INDEX TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
PAGE | ||||||||||||||
Unaudited Consolidated Statements of Operations for the six months ended June 30, 2026 and 2025 | 13 | |||||||||||||
Unaudited Consolidated Statements of Comprehensive Income for the six months ended June 30, 2026 and 2025 | 14 | |||||||||||||
Unaudited Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025 | 15 | |||||||||||||
Unaudited Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025 | 16 | |||||||||||||
Unaudited Consolidated Statements of Changes in Equity for the six months ended June 30, 2026 and 2025 | 18 | |||||||||||||
Notes to the Unaudited Condensed Consolidated Financial Statements | 19 | |||||||||||||
GOLAR LNG LIMITED
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
| (in thousands of $, except per share data) | Notes | Six months ended June 30, | |||||||||
| 2026 | 2025 | ||||||||||
Liquefaction services revenue (including related party of $ | |||||||||||
Sales-type lease revenue | |||||||||||
Vessel management fees and other revenues (including related party of $ | |||||||||||
| Time and voyage charter revenues | |||||||||||
| Total operating revenues | 4, 5 | ||||||||||
Vessel operating expenses (including related party of $ | 4 | ( | ( | ||||||||
| Administrative expenses | 4 | ( | ( | ||||||||
| Project development expenses | 4 | ( | ( | ||||||||
| Depreciation and amortization | ( | ( | |||||||||
| Total operating expenses | ( | ( | |||||||||
Realized and unrealized gain/(loss) on oil and gas derivative instruments (including related party of $ | 4, 7 | ( | |||||||||
Other operating income/(loss) (including related party of $ | 4, 20 | ( | |||||||||
Total other operating income/(losses) | ( | ||||||||||
| Operating income | |||||||||||
Other non-operating income | 4 | ||||||||||
Total other non-operating income | |||||||||||
Interest income (including related party of $ | 9, 19, 20 | ||||||||||
| Interest expense, net | 4 | ( | |||||||||
Gains/(losses) on derivative instruments, net | 8 | ( | |||||||||
| Other financial items, net | 8 | ( | ( | ||||||||
Net financial loss | ( | ||||||||||
Income before taxes and net income from equity method investments | |||||||||||
Income tax expense | 4 | ( | ( | ||||||||
| Net income from equity method investments | 13 | ||||||||||
Net income | |||||||||||
Net income attributable to non-controlling interests | ( | ( | |||||||||
Net income attributable to stockholders of Golar LNG Limited | |||||||||||
| Basic earnings per share ($) | 6 | $ | $ | ||||||||
| Diluted earnings per share ($) | 6 | $ | $ | ||||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
13
GOLAR LNG LIMITED
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
| (in thousands of $) | Notes | Six months ended June 30, | |||||||||
| 2026 | 2025 | ||||||||||
| Net income | |||||||||||
Other comprehensive income: | |||||||||||
| Gains associated with pensions, net of tax | |||||||||||
Share of equity method investment’s comprehensive income(1) | |||||||||||
Net other comprehensive income | |||||||||||
| Comprehensive income | |||||||||||
Comprehensive income attributable to: | |||||||||||
| Stockholders of Golar LNG Limited | |||||||||||
Non-controlling interests | |||||||||||
| Comprehensive income | |||||||||||
(1) No
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
14
GOLAR LNG LIMITED
UNAUDITED CONSOLIDATED BALANCE SHEETS
| 2026 | 2025 | ||||||||||
| Notes | June 30, | December 31, | |||||||||
| (in thousands of $) | Unaudited | Audited | |||||||||
| ASSETS | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | |||||||||||
Restricted cash | 10 | ||||||||||
Trade accounts receivable and accrued income | 19 | ||||||||||
| Amounts due from related parties | 20 | ||||||||||
Current portion of net investment in sales-type lease | 5 | ||||||||||
| Other current assets | 11 | ||||||||||
| Total current assets | |||||||||||
| Non-current assets | |||||||||||
| Restricted cash | 10 | ||||||||||
Equity method investments | 13 | ||||||||||
Assets under development | 12 | ||||||||||
| Vessels and equipment, net | 4, 17 | ||||||||||
Net investment in sales-type lease | 5 | ||||||||||
| Intangible assets | |||||||||||
| Non-current amounts due from related parties | 20 | ||||||||||
| Other non-current assets | 14 | ||||||||||
| Total assets | |||||||||||
| LIABILITIES AND EQUITY | |||||||||||
| Current liabilities | |||||||||||
| Current portion of long-term debt and short-term debt | 15 | ( | ( | ||||||||
Trade accounts payable (including related party of $ | 19 | ( | ( | ||||||||
| Accrued expenses | 16 | ( | ( | ||||||||
| Amounts due to related parties | 20 | ( | |||||||||
| Other current liabilities | 17 | ( | ( | ||||||||
| Total current liabilities | ( | ( | |||||||||
| Non-current liabilities | |||||||||||
| Long-term debt | 15 | ( | ( | ||||||||
| Other non-current liabilities | 18 | ( | ( | ||||||||
| Total liabilities | ( | ( | |||||||||
| EQUITY | |||||||||||
Stockholders’ equity | ( | ( | |||||||||
| Non-controlling interests | ( | ( | |||||||||
| Total liabilities and equity | ( | ( | |||||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
15
GOLAR LNG LIMITED
UNAUDITED CONSOLIDATED STATEMENTS OF CASHFLOWS
| Notes | Six months ended June 30, | ||||||||||
| (in thousands of $) | 2026 | 2025 | |||||||||
| OPERATING ACTIVITIES | |||||||||||
Net income | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | |||||||||||
Sales-type lease receivable in excess of interest income | 4 | ||||||||||
| Compensation cost related to employee stock awards | |||||||||||
| Amortization of deferred financing costs and debt guarantees, net | |||||||||||
| Net foreign exchange losses | 8 | ||||||||||
Provision for credit loss | 4, 20 | ||||||||||
| Net income from equity method investments | 13 | ( | ( | ||||||||
| Net gain on disposal of investments | 4 | ( | |||||||||
Gain on deemed sale of FLNG Gimi | ( | ||||||||||
Loss on disposal of long-lived asset | 4 | ||||||||||
| Change in fair value of derivative instruments (interest rate swaps) | 8 | ( | |||||||||
Change in fair value of oil and gas derivative instruments, commodity swaps and amortization of day 1 gains | ( | ||||||||||
| Changes in assets and liabilities: | |||||||||||
Trade accounts receivable and accrued income | ( | ( | |||||||||
| Other current and non-current assets | ( | ( | |||||||||
| Amounts due from/to related parties | ( | ||||||||||
| Trade accounts payable | ( | ||||||||||
| Accrued expenses | |||||||||||
| Other current and non-current liabilities | ( | ||||||||||
Net cash provided by operating activities | |||||||||||
| INVESTING ACTIVITIES | |||||||||||
| Additions to assets under development | ( | ( | |||||||||
| Additions to equity method investments | ( | ( | |||||||||
Additions for Hilli redeployment | ( | ||||||||||
Loan advanced to related party | 20 | ( | ( | ||||||||
Additions to intangibles | ( | ||||||||||
| Proceeds from sale of equity method investments | 13 | ||||||||||
| Proceeds from sale of investments | 4 | ||||||||||
Proceeds from repayment of loan advanced to related party | |||||||||||
| Proceeds from subscription of equity interest in Gimi MS | 9 | ||||||||||
Consideration received for the sale of long-lived asset | 4 | ||||||||||
| Net cash used in investing activities | ( | ( | |||||||||
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| Notes | Six months ended June 30, | ||||||||||
| (in thousands of $) | 2026 | 2025 | |||||||||
| FINANCING ACTIVITIES | |||||||||||
| Repayments of short-term and long-term debt | ( | ( | |||||||||
| Cash dividends paid | ( | ( | |||||||||
| Financing costs paid | ( | ( | |||||||||
| Proceeds from exercise of share options | |||||||||||
| Purchase of treasury shares | ( | ||||||||||
Proceeds from long-term debt | |||||||||||
| Net cash (used in)/provided by financing activities | ( | ||||||||||
| Net (decrease)/increase in cash and cash equivalents and restricted cash | ( | ||||||||||
Cash and cash equivalents and restricted cash at the beginning of the period | |||||||||||
Cash and cash equivalents and restricted cash at the end of the period | |||||||||||
Supplemental note to the unaudited consolidated statements of cash flows
The following table identifies the balance sheet line-items included in cash, cash equivalents and restricted cash presented in the unaudited consolidated statements of cash flows:
| (in thousands of $) | June 30, 2026 | December 31, 2025 | June 30, 2025 | December 31, 2024 | ||||||||||
| Cash and cash equivalents | ||||||||||||||
Restricted cash | ||||||||||||||
| Restricted cash (non-current portion) | ||||||||||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
17
GOLAR LNG LIMITED
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(1) Contributed Surplus is “capital” that can be returned to stockholders without the need to reduce share capital, thereby giving us greater flexibility when it comes to declaring dividends.
| (in thousands of $) | Share Capital | Treasury Shares | Additional Paid-in Capital | Contributed Surplus (1) | Accumulated Other Comprehensive Loss (2) | Accumulated Retained Earnings/ (Losses) | Non-Controlling Interest | Total Equity | |||||||||||||||||||||
| Balance at December 31, 2024 (Audited) | ( | ||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||
| Dividends | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||
| Exercise of share options | — | — | — | — | — | ||||||||||||||||||||||||
| Stock compensation | — | — | — | — | — | — | |||||||||||||||||||||||
| Forfeiture of employee stock compensation | — | — | ( | — | — | — | — | ( | |||||||||||||||||||||
| Restricted stock units | — | ( | — | — | — | — | |||||||||||||||||||||||
Proceeds from subscription of equity interest in Gimi MS Corporation | — | — | — | — | — | — | |||||||||||||||||||||||
| Repurchase and cancellation of treasury shares | ( | — | — | — | — | ( | ( | ||||||||||||||||||||||
Reacquisition of common units of Hilli LLC (3) | — | — | — | — | ( | ( | |||||||||||||||||||||||
| Other comprehensive income | — | — | — | — | — | ||||||||||||||||||||||||
Balance at June 30, 2025 | ( | ( | |||||||||||||||||||||||||||
| (in thousands of $) | Share Capital | Treasury Shares | Additional Paid-in Capital | Contributed Surplus (1) | Accumulated Other Comprehensive Loss (2) (4) | Accumulated Retained Earnings/ (Losses) | Non-Controlling Interest | Total Equity | |||||||||||||||||||||
| Balance at December 31, 2025 (Audited) | ( | ( | ( | ||||||||||||||||||||||||||
| Net income | — | — | — | — | — | ||||||||||||||||||||||||
| Dividends | — | — | — | — | — | ( | ( | ( | |||||||||||||||||||||
| Exercise of share options | — | — | — | — | — | ||||||||||||||||||||||||
Stock compensation (5) | — | — | — | — | — | — | |||||||||||||||||||||||
| Forfeiture of employee stock compensation | — | — | ( | — | — | — | — | ( | |||||||||||||||||||||
| Restricted stock units | — | ( | — | — | — | — | |||||||||||||||||||||||
| Repurchase and cancellation of treasury shares | ( | — | — | — | ( | — | |||||||||||||||||||||||
| Other comprehensive income | — | — | — | — | — | — | |||||||||||||||||||||||
Balance at June 30, 2026 | ( | ( | |||||||||||||||||||||||||||
(2) As at June 30, 2026 and 2025, our accumulated other comprehensive loss consisted of (i) $0.3 million and $2.8 million losses in relation to our pension and post-retirement benefit plan and (ii) $nil and $0.9 million for our share of equity method investment’s comprehensive losses, respectively. During the six months ended June 30, 2026 and 2025, cumulative translation adjustments of $0.9 million and $29 thousand were reclassified from accumulated other comprehensive loss to earnings upon disposal of our investment in LOGÁS in April 2026 and Avenir in February 2025, respectively, and were included within the gain on disposal recognised in “Net income from equity method investments”.
(3) This relates to the receipt of waived dividend distribution in relation to the repurchases of the minority interests in Hilli LLC.
(4) In March 2026, we completed the buy-out of our UK defined benefit pension plan through the purchase of individual annuity contracts, resulting in a settlement of the plan obligations and recognition of a settlement loss of $2.4 million in “Administrative expenses” and the release of the related deferred tax liability of $1.0 million in “Other comprehensive income” into the consolidated statement of operations. Following the transaction, there is no remaining net pension assets or liabilities associated with the UK defined benefit pension scheme.
(5) This relates to the vested component of the stock compensation to third-party consultants in the form of restricted stock units (“RSUs”) in relation to our FLNG business development activities. The first tranche of the RSUs vested on grant date and the corresponding amount was capitalized as “Other non-current assets” in the unaudited consolidated balance sheet (note 14). The remaining RSUs will vest upon the achievement of specified project milestones, including performance conditions linked to the commercial operations date (“COD”) of our two FLNG vessels under the respective lease arrangements.
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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GOLAR LNG LIMITED
CONDENSED NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
1. GENERAL
Golar LNG Limited (the “Company” or “Golar”) was incorporated in Hamilton, Bermuda on May 10, 2001. Golar is listed on the Nasdaq under the ticker symbol: “GLNG”.
We design, construct, own and operate marine infrastructure for the liquefaction of natural gas and are the leading provider of floating liquefaction natural gas (“FLNG”) as a service to gas resource owners. We believe that natural gas has a critical role to play in providing cleaner energy for many years to come. Our pioneering infrastructure solutions are designed to provide safe, competitive and more sustainable ways of liquefying gas across the world. We provide market leading FLNG operations and utilize our balance sheet flexibility to maximize shareholder returns through accretive FLNG projects. We offer gas resource holders, developers, and customers a proven, low-cost, and low-risk solution to quickly monetize stranded gas reserves through our industry-leading FLNG operational track record and strong FLNG growth prospects.
As of June 30, 2026, our fleet consisted of two operational FLNG vessels:
•FLNG Hilli Episeyo (the “FLNG Hilli”), operating offshore Cameroon, remains under contract until July 2026. Subsequently, FLNG Hilli will sail to Singapore for her scheduled refurbishment in preparation for her 20-year charter with Southern Energy S.A. (“SESA”) in Argentina, commencing in 2027; and
•FLNG Gimi (the “FLNG Gimi”), operating offshore Mauritania and Senegal, remains under contract until June 2045.
Our third FLNG unit the FLNG Esperanza (formerly referred to as the “MKII FLNG”) is currently under development pursuant to an Engineering, Procurement, and Construction (“EPC”) contract with Yantai CIMC Raffles Offshore Ltd (“CIMC Raffles”). In May 2025, we entered into definitive agreements with SESA for a 20-year charter of the converted FLNG Esperanza, targeted to begin upon COD in 2028.
In August 2026, we entered into an EPC with CIMC Raffles for a 3.5 MTPA MKII-design FLNG unit (“fourth FLNG”) with an estimated fully delivered cost of approximately $2.45 billion and improved payment terms compared to the FLNG Esperanza. The fourth FLNG is expected to represent the earliest available newbuild FLNG capacity, with delivery by end of 2029.
As used herein and unless otherwise required by the context, the terms “Golar”, the “Company”, “we”, “our”, “us” and words of similar import refer to Golar or any one or more of its consolidated subsidiaries, or to all such entities.
Going concern
The unaudited condensed consolidated financial statements have been prepared on a going concern basis.
The Company’s execution of EPC for its fourth FLNG unit, the current FLNG Esperanza EPC agreement with CIMC Raffles, the refurbishment of FLNG Hilli in preparation for 20-year redeployment in Argentina, and capital contributions to its equity method investments in SESA and San Matias Pipeline S.A. (“SMP”) reflect the Company’s continued investment in long-term contracted infrastructure and complementary investments. These activities have resulted in significant capital expenditure commitments through 2029, including commitments falling within the Company’s going concern period.
To assess the Company’s ability to meet liquidity requirements and satisfy its obligations as they become due, management prepared a cash flow forecast covering the twelve-month period from the date of these financial statements. The forecast incorporates assumptions regarding the timing and magnitude of capital commitments, operating expenses, expected operating cash inflows, debt service obligations, other liabilities as they become due, and available sources of financing.
In July 2026, to provide additional liquidity and support the Company’s near-term growth ambitions, the Company entered into a new $600 million senior secured revolving credit facility (the “RCF”) with a syndicate of banks, secured by a pledge over the Company’s shares in Golar MKII Corporation.
19
To meet the cash outflows over the twelve-month going concern period, the Company needs to raise additional capital. Management is pursuing a long-term asset-level financing for FLNG Esperanza, potential upsizing of debt secured by FLNG Hilli, other alternative new debt facilities and subject to capital market and economic conditions, the issuance of new corporate debt. The strong fundamentals of the Company’s FLNG assets including their long-term contracted cash flows and favorable leverage metrics together with the successful issuance of $1.1 billion of corporate bonds in 2025, $1.2 billion refinancing of the Gimi debt facility and the recent completion of the $600 million RCF, increase management’s confidence in successfully executing one or more of these liquidity-enhancing initiatives.
2. ACCOUNTING POLICIES
Basis of accounting
Significant accounting policies
The accounting policies adopted in the preparation of these unaudited condensed consolidated financial statements for the six months ended June 30, 2026 are consistent with those followed in the preparation of our audited consolidated financial statements for the year ended December 31, 2025.
Use of estimates
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3. RECENTLY ISSUED ACCOUNTING STANDARDS
Accounting pronouncements that have been issued but not yet adopted
The following table provides a brief description of other recent accounting standards that have been issued but not yet adopted as of June 30, 2026:
| Standard | Description | Date of Adoption | Effect on our unaudited Consolidated Financial Statements or Other Significant Matters | ||||||||
ASU 2024-03 Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) | The amendments require public business entities to provide additional disaggregated disclosures of certain expense captions presented on the face of the income statement. The ASU does not change the expense captions required to be presented in the income statement; rather, it requires entities to disclose specified categories of expense information in the notes to the consolidated financial statements in order to improve transparency and comparability. | January 1, 2027 | We are still assessing the impact of this ASU. Upon adoption, the impact will be limited to additional disclosure requirements in our annual financial statements. | ||||||||
ASU 2025-03 - Business Combinations (Topic 805) and Consolidation (Topic 810) - Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity | The amendments require entities to consider the guidance in Topic 805 when determining the accounting acquirer in the acquisition of a VIE that is a business and the transaction is primarily effected by the exchange of equity interests. The ASU is intended to improve consistency in the determination of the accounting acquirer for certain VIE transactions and does not change the accounting for acquisitions of VIEs that are not a business. | January 1, 2027 | We are still assessing the impact of this ASU. | ||||||||
ASU 2025-04 - Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606) Clarifications to Share-Based Consideration Payable to a Customer | The amendments clarify the accounting for share-based payment awards granted by an entity as consideration payable to a customer. The ASU revises certain definitions and guidance within Topics 606 and 718, including clarifying the definition of a performance condition and eliminating the policy election related to forfeitures for service conditions associated with share-based consideration payable to a customer. The amendments are intended to reduce diversity in practice and improve consistency in application. | January 1, 2027 | We are still assessing the impact of this ASU. | ||||||||
ASU 2025-06 - Intangibles, Goodwill and Other Internal-Use Software | The amendments modernize the guidance for internal-use software by removing references to development stages and clarifying when capitalization of software development costs should begin. Capitalization commences once management authorizes and commits to funding a software project and it is probable that the project will be completed and used as intended. The ASU also introduces guidance for assessing the probable-to-complete threshold, including consideration of development uncertainty. | January 1, 2027 | We are still assessing the impact of this ASU. | ||||||||
The FASB have issued further updates not included above. We do not currently expect any of these updates to have a material impact on our Consolidated Financial Statements and related disclosures either on transition or in future periods.
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4. SEGMENT INFORMATION
We have identified two distinct services that constitute our reportable segments: “FLNG” and “Corporate and other”. Our key performance indicator is Adjusted EBITDA.
A reconciliation of net income to Adjusted EBITDA for the six months ended June 30, 2026 and 2025 is as follows:
| (in thousands of $) | 2026 | 2025 | ||||||
| Net income | ||||||||
Income tax expense (1) | ||||||||
Income before income tax | ||||||||
| Depreciation and amortization | ||||||||
| Unrealized loss on oil and gas derivative instruments (note 7) | ||||||||
Other non-operating income (2) | ( | ( | ||||||
| Interest income | ( | ( | ||||||
Interest expense, net (3) | ||||||||
(Gains)/losses on derivative instruments, net (note 8) | ( | |||||||
| Other financial items, net (note 8) | ||||||||
| Net income from equity method investments (note 13) | ( | ( | ||||||
Sales-type lease receivable in excess of interest income (12) | ||||||||
| Adjusted EBITDA | ||||||||
(1) Includes taxes relating to FLNG Gimi's operations under the lease and operate agreement (“LOA”) which are reimbursed by bp, with the corresponding income recognized within sales-type lease revenue and vessel management fees.
(2) Includes gains/(losses) on disposals of investments and other non-operating items. During the six months ended June 30, 2026, this primarily comprised a $3.1 million gain on the disposal of our 2.69 % interest in OLT Offshore LNG Toscana S.p.A.,which had been fully impaired in 2019, partially offset by a $2.7 million loss on the disposal of our investment in Gaslin S.r.l. During the six months ended June 30, 2025, this primarily comprised a $30.0 million gain on the deemed sale of FLNG Gimi upon commencement of the 20-year lease with bp following commencement of commercial operations (note 5).
(3) Includes interest incurred on the Company's debt facilities, including the amortization of deferred financing costs. Borrowing costs directly attributable to qualifying assets are capitalized (note 15).
Our two distinct reportable segments are as follows:
•FLNG – includes the operations of our FLNG vessels and projects. We convert LNG carriers into FLNG vessels or build new FLNG vessels and subsequently contract them to third parties. We currently have two operational FLNGs, the FLNG Hilli and the FLNG Gimi. We also have one FLNG undergoing conversion, the FLNG Esperanza (note 12).
•Corporate and other – includes our legacy shipping segment activities, vessel management, floating storage and regasification unit (“FSRU”) services for third parties, LNG carrier transportation operations, administrative services to affiliates and third parties, our corporate overhead costs and other strategic investments.
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| Six months ended June 30, 2026 | ||||||||||||||||||||
| (in thousands of $) | FLNG | Corporate and other (4) | Total Segment Reporting | Elimination | Consolidated Reporting | |||||||||||||||
| Statement of Operations: | ||||||||||||||||||||
| Liquefaction services revenue | ||||||||||||||||||||
| Sales-type lease revenue | ||||||||||||||||||||
| Vessel management fees and other revenues | ||||||||||||||||||||
| Total operating revenues | ||||||||||||||||||||
Vessel operating expenses (5)(6) | ( | ( | ( | ( | ||||||||||||||||
Administrative expenses (7) (8) | ( | ( | ( | ( | ||||||||||||||||
Project development expenses (9) | ( | ( | ( | ( | ||||||||||||||||
| Realized gain on oil and gas derivative instruments, net (note 7) | ||||||||||||||||||||
Other operating income/(loss) (10) (11) | ( | |||||||||||||||||||
Sales-type lease receivable in excess of interest income (12) | ( | |||||||||||||||||||
| Adjusted EBITDA | ( | ( | ||||||||||||||||||
| Net (loss)/income from equity method investments (note 13) | ( | |||||||||||||||||||
| Balance Sheet: | June 30, 2026 | |||||||||||||||||||
| (in thousands of $) | FLNG | Corporate and other (4) | Total assets | |||||||||||||||||
Total assets | ||||||||||||||||||||
Equity method investments (note 13) | ||||||||||||||||||||
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| Six months ended June 30, 2025 | ||||||||||||||||||||
| (in thousands of $) | FLNG | Corporate and other (4) | Total Segment Reporting | Elimination | Consolidated Reporting | |||||||||||||||
| Statement of Operations: | ||||||||||||||||||||
Liquefaction services revenue | ||||||||||||||||||||
Sales-type lease revenue | ||||||||||||||||||||
Vessel management fees and other revenues | ||||||||||||||||||||
Time and voyage charter revenues | ||||||||||||||||||||
Total operating revenues (note 5) | ||||||||||||||||||||
Vessel operating expenses (5) | ( | ( | ( | ( | ||||||||||||||||
Administrative expenses (7) | ( | ( | ( | ( | ||||||||||||||||
Project development expenses (9) | ( | ( | ( | ( | ||||||||||||||||
| Realized gain on oil and gas derivative instruments, net (note 7) | ||||||||||||||||||||
Other operating loss (11) (13) | ( | ( | ( | |||||||||||||||||
Sales-type lease receivable in excess of interest income (12) | ( | |||||||||||||||||||
| Adjusted EBITDA | ( | ( | ||||||||||||||||||
Net income from equity method investments (note 13) | ||||||||||||||||||||
| Balance Sheet: | December 31, 2025 | |||||||||||||||||||
| (in thousands of $) | FLNG | Corporate and other (4) | Total assets | |||||||||||||||||
| Total assets | ||||||||||||||||||||
Equity method investments (note 13) | ||||||||||||||||||||
(4) Includes inter-segment eliminations arising from vessel and administrative management fees revenue between segments.
(5) Includes crew, repairs and maintenance, spares, stores and consumables and insurance costs. In relation to our vessel operation and maintenance services, we may arrange for goods or services to be provided on behalf of the customer. Amounts relating to these arrangements are presented on a net basis.
(6) In connection with FLNG Hilli’s planned departure from Cameroon in July 2026, we accrued $4.8 million of employee-related termination benefits under local labor laws during the six months ended June 30, 2026.
(7) Includes employee compensation and benefits, audit and accounting fees, legal fees and other corporate costs, which are managed centrally under our “Corporate and other” segment.
(8) In March 2026, we completed the buy-out of our UK defined benefit pension scheme through the purchase of individual annuity contracts, resulting in a settlement of the plan obligations and the recognition of a settlement loss of $2.4 million in “Administrative expenses”.
(9) Includes costs incurred for early-stage development activities, feasibility studies, and business development efforts for projects not yet at Final Investment Decision (“FID”) stage.
(10) Includes $4.0 million in relation to the reimbursement for gas generator, and capital spares and consumables procured during the conversion and commissioning of the FLNG Gimi in connection with the LOA and a $0.8 million reimbursement following the final reconciliation of pre-COD fuel purchases during the six months ended June 30, 2026.
(11) As of June 30, 2026 and 2025, management evaluated the expected credit losses related to its shareholder loan to Higas Holdings Limited (“Higas”) (note 20). Based on our assessment of Higas’ financial condition and the continued uncertainty regarding Higas’ potential inclusion to Sardinia’s regulatory framework as of the reporting date, allowance for credit losses of $0.3 million and $1.1 million were recognized in “Other operating loss” in the unaudited consolidated statements of operations for the six months ended June 30, 2026 and 2025, respectively.
24
(12) Amounts recognized as revenue is analogous to the interest income component earned, while the principal amortization is treated as a reduction to the lease receivable balance presented in “Net investment in sales-type lease” in the unaudited consolidated balance sheet. “Sales-type lease receivable in excess of interest income” represents the lease receivable principal amortization component of the total amounts invoiced under the FLNG Gimi sales-type lease which commenced in June 2025. We included the total invoiced amounts comprising both interest income and principal repayment in our FLNG Adjusted EBITDA to reflect the total cash earnings and economic performance of the FLNG Gimi (note 5.2). This amount is eliminated from the unaudited consolidated statements of operations in accordance with U.S. GAAP.
5. REVENUE
The following table presents our revenue for the six months ended June 30, 2026 and 2025.
| Six months ended June 30, | ||||||||
| (in thousands of $) | 2026 | 2025 | ||||||
Liquefaction services revenue (note 5.1) | ||||||||
Sales-type lease revenue (note 5.2) | ||||||||
Vessel management fees and other revenues (note 5.1) | ||||||||
Time and voyage charter revenues (note 5.2) | ||||||||
| Total operating revenues | ||||||||
5.1 Revenue from contracts with customers
The following table represents a disaggregation of revenue earned from contracts with external customers for the six months ended June 30, 2026 and 2025. Revenue from liquefaction services is included within the “FLNG” segment. Vessel management fees and other revenues are included within both the “FLNG” and “Corporate and other” segments, depending on the nature of the service provided.
| Six months ended June 30, | ||||||||
| (in thousands of $) | 2026 | 2025 | ||||||
Base tolling fee (1) | ||||||||
Amortization of Day 1 gains (2) | ||||||||
Incremental base tolling fee (3) | ||||||||
Amortization of deferred commissioning period revenue (4) | ||||||||
Other | ( | |||||||
| Liquefaction services revenue | ||||||||
FLNG Operation and Maintenance Agreement (“O&M”) service revenue (5) | ||||||||
Management fees revenue (6) | ||||||||
Amortization of deferred pre-COD cash flows (7) | ||||||||
Other (8) | ||||||||
Vessel management fees and other revenues | ||||||||
(1) The liquefaction tolling agreement (the “LTA”) entered into in connection with the FLNG Hilli bills at a base rate when the oil prices are at or below $60 per barrel, with an increased rate when prices exceed $60 per barrel. The oil price above the base rate is recognized as a derivative and included in “Realized and unrealized (loss)/gain on oil and gas derivative instruments” in the unaudited consolidated statements of operations (note 7).
(2) Day 1 gains result from amount established on the initial recognition of the FLNG Hilli’s oil derivative instrument embedded in the LTA and the FLNG Hilli’s gas derivative instruments pursuant to the third amendment to the LTA (“LTA Amendment 3”) (note 17). These amounts were deferred on initial recognition and amortized evenly over the contract term.
25
(3) In July 2021, we entered into LTA Amendment 3 to increase the FLNG Hilli's annual contracted capacity by 0.2 million tonnes for 2022. In July 2022, Perenco Cameroon S.A. (“Perenco”) and Société Nationale des Hydrocarbures (“SNH”), (together, the “Customer”) exercised its option for an additional 0.2 million tonnes (out of 0.4 million tonnes) from January 2023 until the end of the LTA, increasing the annual base capacity to 1.4 million tonnes. The tolling fee is linked to Dutch Title Transfer Facility (“TTF”) and the Euro/U.S. Dollar foreign exchange movements. The contractual floor rate is recognized in “Liquefaction services revenue” and the tolling fee above the contractual floor rate is recognized as a derivative in “Realized and unrealized (loss)/gain on oil and gas derivative instruments,” in the unaudited consolidated statements of operations (note 7).
(4) Customer billing during the commissioning period of the FLNG Hilli, prior to vessel acceptance and commencement of the LTA was deferred (note 17) and recognized evenly over the contract term.
(5) The FLNG Gimi's LOA contains both a lease component (the use of the FLNG Gimi) and a non-lease component (the O&M services). The total contract consideration is allocated between the lease and non-lease components based on their relative stand-alone selling prices determined at commencement date of the LOA. The non-lease component is recognized over time as the O&M services are performed, based on the pattern of services provided during each billing period in accordance with the LOA.
(6) Comprised of revenue earned from various ship management, administrative and vessel O&M services we provide to external customers.
(7) In August 2024, we and bp agreed to a series of pre-COD payments to address project delays and align on commissioning milestones. Following COD in June 2025, the non-lease component of the pre-COD cash flows amounting to $36.8 million was deferred and classified within “Other current liabilities” and “Other non-current liabilities” on our unaudited consolidated balance sheet (notes 17 and 18) which will be recognized as revenue evenly over the duration of the LOA consistent with the timing of the related O&M services.
(8) “Other” consists primarily of (i) taxes that are reimbursable by lessee under the LOA and (ii) accrued demurrage costs.
Contract assets and liabilities
The following table represents our contract assets and liabilities balances as of June 30, 2026 and December 31, 2025:
| (in thousands of $) | June 30, 2026 | December 31, 2025 | ||||||
| Contract assets | ||||||||
| Current contract liabilities | ( | ( | ||||||
| Non-current contract liabilities | ( | ( | ||||||
Total contract liabilities (1) | ( | ( | ||||||
The movement of our contract liabilities are as follows:
| (in thousands of $) | June 30, 2026 | December 31, 2025 | ||||||
| Opening contract liability balance | ( | ( | ||||||
| Deferral of revenue | ( | |||||||
| Recognition of unearned revenue | ||||||||
Closing contract liability balance (1) | ( | ( | ||||||
(1) As of June 30, 2026, the closing contract liability balance was comprised of:
•deferred pre-COD cash flows in relation to the FLNG Gimi LOA amounting to $35.0 million (December 31, 2025: $35.9 million) (note 17 and 18). We expect to recognize vessel management fee and other revenue evenly over the remaining LOA contract term of 18.9 years; and
•deferred commissioning revenue in relation to the FLNG Hilli of $0.2 million (December 31, 2025: $2.2 million) (note 17), which is expected to be recognized as liquefaction services revenue over the remaining LTA term.
26
5.2 Lease revenues
Our lease revenue includes income from both sales-type leases and operating leases based on the classification of each arrangement at lease commencement. Sales-type lease revenue relates to the FLNG Gimi, which achieved COD in June 2025. Operating lease revenue relates to our legacy time and voyage charter arrangements and are recognized on a straight-line basis over the lease term or as the service is rendered, depending on the specific terms of each charter.
The following table presents a disaggregation of lease revenues during the six months ended June 30, 2026 and 2025. Sales-type lease revenue is included under our “FLNG” segment while time and voyage charter revenues are under our “Corporate and other” segment.
| Six months ended June 30, | ||||||||
| (in thousands of $) | 2026 | 2025 | ||||||
Sales-type lease revenue (1) | ||||||||
Variable sales-type lease revenue (2) | ||||||||
Accretion of unguaranteed residual value (3) | ||||||||
Other (4) | ||||||||
| Sales-type lease revenue | ||||||||
Operating lease revenue | ||||||||
Variable operating lease revenue (5) | ||||||||
Time and voyage charter revenues | ||||||||
(1) Relates to the interest income recognized on the net investment in the sales-type lease for FLNG Gimi, calculated using the rate implicit in the lease.
(2) Comprised of variable consideration of the lease including overproduction, underutilization, and other operational adjustments invoiced during the period. Variable lease revenue may fluctuate period to period depending on vessel availability and performance under the LOA.
(3) Relates to the periodic accretion in the present value of the unguaranteed residual value of FLNG Gimi, recognized over the lease term using the effective interest method.
(4) “Other” consists primarily of (i) taxes that are reimbursable by lessee under the LOA and (ii) accrued demurrage costs.
(5) Comprised of variable consideration of the lease including ballast and positioning bonus, which are excluded from lease payments that comprise the minimum contractual future revenues from non-cancellable operating leases.
Maturity analysis of the Net investment in sales-type lease
The minimum future revenues included below are based on the fixed components and do not include variable or contingent revenue.
Pursuant to the LOA, bp holds certain termination rights that are subject to defined conditions and are not unilateral. Based on management’s assessment of the contractual framework and current commercial and operational circumstances, it is not reasonably expected that these termination rights will be exercised. Accordingly, the lease term has been determined to be 20 years, and the maturity analysis has been prepared on that basis.
27
(in thousands of $) | ||||||||
2026 (1) | ||||||||
| 2027 | ||||||||
| 2028 | ||||||||
2029 | ||||||||
2030 | ||||||||
2031 and thereafter | ||||||||
| Total minimum lease receivable | ||||||||
| Unguaranteed residual value | ||||||||
| Gross investment in sales-type lease | ||||||||
| Less: unearned interest income | ( | |||||||
Net investment in sales-type lease as of June 30, 2026 (2) | ||||||||
| Less: current portion of net investment in sales-type lease | ( | |||||||
| Non-current portion of net investment in sales-type lease | ||||||||
(1) For the six months ending December 31, 2026.
(2) Our net investment in sales-type lease includes an unguaranteed residual value which exposes us to residual value risk at the end of the lease term. We manage this risk through periodic monitoring of the underlying asset’s estimated market value, including reference to independent broker valuations. As of June 30, 2026, management determined that the fair value of the underlying asset exceeds the net investment in sales-type lease related to FLNG Gimi, therefore, the impact of any expected credit loss is not significant. In addition, the vessel is covered by customary insurance which further mitigates our exposure to residual asset risk.
6. EARNINGS PER SHARE
Basic earnings per share “EPS” is calculated with reference to the weighted average number of common shares outstanding during the period.
The components of the numerator for the calculation of basic and diluted EPS are as follows:
| Six months ended June 30, | ||||||||
| (in thousands of $) | 2026 | 2025 | ||||||
| Net income attributable to stockholders of Golar LNG Limited - basic and diluted | ||||||||
The components of the denominator for the calculation of basic and diluted EPS are as follows:
| Six months ended June 30, | ||||||||
| (in thousands of $) | 2026 | 2025 | ||||||
| Basic: | ||||||||
| Weighted average number of common shares outstanding | ||||||||
| Dilutive: | ||||||||
Dilutive impact of share options and RSUs | ||||||||
Dilutive impact of 2025 Convertible Bonds (1) | ||||||||
| Weighted average number of common shares outstanding | ||||||||
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EPS are as follows:
| Six months ended June 30, | ||||||||
| 2026 | 2025 | |||||||
Basic earnings per share ($) | $ | $ | ||||||
Diluted earnings per share ($) | $ | $ | ||||||
7. REALIZED AND UNREALIZED GAIN/(LOSS) ON OIL AND GAS DERIVATIVE INSTRUMENTS
The realized and unrealized gain/(loss) on the oil and gas derivative instruments is comprised of the following:
| Six months ended June 30, | ||||||||
| 2026 | 2025 | |||||||
Realized gain on FLNG Hilli’s oil derivative instrument | ||||||||
Realized gain on FLNG Hilli’s gas derivative instrument | ||||||||
Realized gain on oil and gas derivative instruments | ||||||||
Unrealized gain/(loss) on FLNG Hilli’s oil derivative instrument (note 11) | ( | |||||||
Unrealized loss on FLNG Hilli’s gas derivative instrument (note 11) | ( | ( | ||||||
| Unrealized loss on oil and gas derivative instruments | ( | ( | ||||||
Realized and unrealized gain/(loss) on oil and gas derivative instruments | ( | |||||||
The realized gain/(loss) on oil and gas derivative instruments results from monthly billings above the FLNG Hilli base tolling fee and the incremental capacity increase pursuant to respective LTA amendments, whereas the unrealized gain/(loss) on oil and gas derivative instruments results from movements in forecasted oil and natural gas prices and Euro/U.S. Dollar exchange rates.
8. GAIN/(LOSS) ON DERIVATIVE INSTRUMENTS AND OTHER FINANCIAL ITEMS, NET
Gain/(loss) on derivative instruments, net are comprised of the following:
| (in thousands of $) | Six months ended June 30, | |||||||
| 2026 | 2025 | |||||||
Unrealized MTM adjustment for interest rate swap (“IRS”) derivatives | ( | |||||||
Net interest income on undesignated IRS derivatives | ||||||||
Gain/(loss) on derivative instruments, net | ( | |||||||
Other financial items, net is comprised of the following:
| (in thousands of $) | Six months ended June 30, | |||||||
| 2026 | 2025 | |||||||
Financing arrangement fees and other related costs | ( | ( | ||||||
Foreign exchange loss on operations | ( | ( | ||||||
Amortization of debt guarantees | ||||||||
| Others | ( | ( | ||||||
Other financial items, net | ( | ( | ||||||
29
9. VARIABLE INTEREST ENTITIES (“VIEs”)
9.1 Lessor VIE
As of June 30, 2026 and December 31, 2025, we leased one
A summary of our payment obligations (excluding the repurchase option and obligation) under the bareboat charter with the lessor VIE as of June 30, 2026, is shown below:
(in thousands of $) | 2026 (1) | 2027 | 2028 | 2029 | 2030 | 2031+ | ||||||||||||||
Hilli (2) | ||||||||||||||||||||
(1) For the six months ending December 31, 2026.
(2) The payment obligations above include contractual capital and variable rental payments due under the lease.
The assets and liabilities of the lessor VIE that most significantly impact our unaudited consolidated balance sheet as of June 30, 2026 and December 31, 2025, are as follows:
| (in thousands of $) | June 30, 2026 | December 31, 2025 | ||||||
| Assets | ||||||||
Restricted cash | ||||||||
Liabilities (1) | ||||||||
Accrued expenses | ( | ( | ||||||
Other non-current liabilities (note 18) | ( | ( | ||||||
Current portion of long-term debt and short-term debt (2) | ( | ( | ||||||
(1) The creditors of the lessor VIE have no recourse to the general credit of Golar.
(2) This relates to debt of our lessor entity, net of deferred financing cost (for which legal ownership resides with a financial institution) that we are required to consolidate into our financial statements as a VIE (note 15).
The most significant impact of the lessor VIE’s operations on our unaudited consolidated statements of operations and unaudited consolidated statements of cash flows for the six months ended June 30, 2026 and 2025 are as follows:
| Six months ended June 30, 2026 | ||||||||
| (in thousands of $) | 2026 | 2025 | ||||||
| Statement of operations | ||||||||
Other financial items, net (note 8) | ||||||||
| Interest income | ( | ( | ||||||
| Interest expense | ||||||||
| Statement of cash flows | ||||||||
| Net debt repayments | ( | ( | ||||||
30
9.2 Gimi MS Corporation
Following the closing of the sale of 30 % of the common shares of Gimi MS to First FLNG Holdings (“FFH”) in April 2019, we determined that (i) Gimi MS is a VIE and (ii) we are the primary beneficiary and retain sole control over the most significant activities and the greatest exposure to variability in residual returns and expected losses from the FLNG Gimi. Thus, Gimi MS continues to be consolidated into our financial statements.
Summarized financial information of Gimi MS
The assets and liabilities of Gimi MS that most significantly impact our unaudited consolidated balance sheets are as follows:
| (in thousands of $) | June 30, 2026 | December 31, 2025 | ||||||
| Balance sheet | ||||||||
| Current assets | ||||||||
| Non-current assets | ||||||||
| Current liabilities | ( | ( | ||||||
| Non-current liabilities | ( | ( | ||||||
The most significant impact of Gimi MS VIE’s operations on our unaudited consolidated statements of operations and unaudited consolidated statements of cash flows for the six months ended June 30, 2026 and 2025 are as follows:
| Six months ended June 30, | ||||||||
| (in thousands of $) | 2026 | 2025 | ||||||
| Statement of cash flows | ||||||||
| Additions to asset under development | ||||||||
| Net debt repayments | ( | ( | ||||||
| Proceeds from subscription of equity interest | ||||||||
Cash dividends paid (1) | ( | |||||||
(1) During the six months ended June 30, 2026 and 2025, Gimi MS Corporation paid $40.5 million and nil , respectively, to its shareholders .
10. RESTRICTED CASH
Our restricted cash balances are as follows:
| (in thousands of $) | June 30, 2026 | December 31, 2025 | ||||||
Restricted cash in relation to the FLNG Gimi (1) | ||||||||
| Restricted cash relating to office lease | ||||||||
Restricted cash held by lessor VIE (2) | ||||||||
Restricted cash relating to the LNG Hrvatska O&M Agreement (3) | ||||||||
Total restricted cash | ||||||||
Less: Amounts included in current restricted cash | ( | ( | ||||||
| Non-current restricted cash | ||||||||
(1) The restricted balance relates to amounts held in a debt service reserve account under the $1.2 billion Gimi facility (note 15), which is required to be maintained throughout the term of the facility.
(2) This is held by lessor VIE that we are required to consolidate (note 9).
(3) In January 2026, performance guarantees under the LNG Hrvatska O&M Agreement were released following the discharge of those guarantees in connection with the deed of termination, with no further obligations thereafter.
31
11. OTHER CURRENT ASSETS
Other current assets consist of the following:
| (in thousands of $) | June 30, 2026 | December 31, 2025 | ||||||
Oil derivative instrument (note 7 and 19) | ||||||||
| Prepaid expenses | ||||||||
Inventories | ||||||||
Interest receivable from money market deposits and bank accounts (note 19) | ||||||||
Gas derivative instrument (note 7 and 19) | ||||||||
Receivable from IRS derivatives (note 19) | ||||||||
Other | ||||||||
| Other current assets | ||||||||
12. ASSETS UNDER DEVELOPMENT
| June 30, 2026 | December 31, 2025 | ||||||||||||||||||||||
| (in thousands of $) | FLNG Esperanza | FLNG Gimi | FLNG Esperanza | Total | |||||||||||||||||||
Opening balance | |||||||||||||||||||||||
| Transferred from vessels and equipment, net and other current assets | |||||||||||||||||||||||
| Additions | |||||||||||||||||||||||
| Interest costs capitalized | |||||||||||||||||||||||
Reimbursement of capital spares invoiced to bp at COD | ( | ( | |||||||||||||||||||||
Derecognition on commencement of sales-type lease (note 5) | ( | ( | |||||||||||||||||||||
Closing balance | |||||||||||||||||||||||
12.1 FLNG Gimi
FLNG Gimi achieved COD on June 12, 2025, commencing the 20-year LOA with bp. Upon COD, the asset under development was derecognized and a net investment in a sales-type lease was recognized (see note 7 to the consolidated financial statements included in our 2025 Form 20-F).
12.2 FLNG Esperanza
In September 2024, we entered into an EPC agreement with CIMC Raffles for a FLNG Esperanza with an annual liquefaction capacity of 3.5 MTPA. In February 2025, Fuji LNG, the donor vessel for the FLNG Esperanza, arrived at CIMC Raffles' yard for conversion. Concurrently, the net book value of the vessel of $76.3 million previously included within “Vessels and equipment, net” was reclassified to “Asset under development”.
In September 2024, we issued a $100.0 million letter of credit (“LC”) in favor of B&V with CIMC Raffles. Under the provisions of the LC, the profile reduces over time to reflect payments made by CIMC Raffles under the EPC agreement. There is no associated cash collateral, however a 1.5 % upfront fee was paid and a 1.75 % annual margin is payable on the outstanding balance which expires in January 2028.
The total estimated budget for the FLNG Esperanza conversion is estimated at $2.2 billion, inclusive of the donor vessel (Fuji LNG), yard supervision, spares, crew, training, contingencies, initial bunker supply and voyage related costs to deliver the FLNG to its operational site, excluding financing costs. The FLNG Esperanza is expected to achieve COD in H2 2028.
32
As of June 30, 2026, the estimated timing of the outstanding payments is as follows. Of the total amount, $53.6 million and $21.7 million are presented within “Accrued expenses” and “Trade accounts payable”, respectively, in the consolidated balance sheets:
| (in thousands of $) | |||||
| Period ending June 30, | |||||
2026 (1) | |||||
| 2027 | |||||
| 2028 | |||||
| 2029 | |||||
| Total | |||||
(1) For the six months ending December 31, 2026.
13. EQUITY METHOD INVESTMENTS
| Six months ended June 30, | ||||||||
| (in thousands of $) | 2026 | 2025 | ||||||
Gain on disposal | ||||||||
Share of net loss of equity method investments | ( | ( | ||||||
| Net income from equity method investments | ||||||||
The carrying values of our equity method investments as of June 30, 2026 and December 31, 2025 are as follows:
| (in thousands of $) | June 30, 2026 | December 31, 2025 | ||||||
Southern Energy S.A. (“SESA”) (1) | ||||||||
Egyptian Company for Gas Services S.A.E (“ECGS”) | ||||||||
Aqualung Carbon Capture AS (“Aqualung”) | ||||||||
Logística e Distribuição de Gás S.A. (“LOGAS”) (2) | ||||||||
Others | ||||||||
| Equity method investments | ||||||||
(1) During the six months ended June 30, 2026, we contributed $39.2 million additional capital to SESA, bringing our total gross capital contribution to $69.4 million, representing 10 % equity interest.
(2) In April 2026, Macaw Energies Brasil Serviços de Gás Natural Ltda. completed the sale of its entire 58 % shareholding in LOGAS to J&F S.A. for a consideration of BRL 55.0 million ($10.7 million), and recognized $4.6 million gain on the disposal presented in “Net income from equity method investments” in the consolidated statements of operations. Following the sale, we no longer have significant influence over LOGAS and have ceased accounting for the investment under equity method.
14. OTHER NON-CURRENT ASSETS
Other non-current assets are comprised of the following:
| (in thousands of $) | June 30, 2026 | December 31, 2025 | ||||||
Pre-operational assets (1) | ||||||||
MTM asset on IRS derivatives (note 19) | ||||||||
Operating lease right-of-use-assets (2) | ||||||||
Other (3) | ||||||||
| Other non-current assets | ||||||||
33
(1) As of June 30, 2026, “Pre-operational assets” comprised of:
•$82.3 million of shipyard and engineering costs, including long-lead items, incurred in connection with the pre-redeployment refurbishment project of FLNG Hilli in preparation for her 20-year bareboat charter agreement with SESA commencing in 2027 (December 31, 2025: $38.5 million);
•$15.8 million of long lead items for the fourth FLNG (December 31, 2025: $nil ); and
•$8.3 million of costs relating to Macaw’s flare-to-gas mobile kit project, including engineering and other directly attributable costs (December 31, 2025: $8.3 million).
(2) Relates to our office premises leases in London and Oslo and warehouse lease in Nouakchott.
(3) Included in “Other” as of June 30, 2026 are:
•$26.6 million of capitalized initial direct costs in connection with securing the FLNG Hilli and FLNG Esperanza bareboat charter agreements with SESA. These costs resulted from a January 2026 settlement agreement relating to success-based fees payable to third-party consultants in connection with our Latin America FLNG business development. The settlement agreement became effective upon satisfaction of the related conditions precedent in April 2026. The settlement consideration consisted of a $10.0 million cash payment and 750,000 RSUs, of which 300,000 RSUs amounting to $16.6 million vested upon grant. The final vesting milestone for the remaining RSUs is the COD for the two FLNGs to operate in Argentina, thereby aligning the consultants’ interests with our objective of achieving COD on schedule;
•$5.0 million investment in pooled investment fund entity, measured at cost; and
•$4.5 million prepaid insurance relating to FLNG Esperanza (December 31, 2025: $2.4 million).
15. DEBT
As of June 30, 2026 and December 31, 2025, our debt is comprised of the following:
| (in thousands of $) | June 30, 2026 | December 31, 2025 | |||||||||
Gimi facility | ( | ( | |||||||||
2025 Convertible Bonds | ( | ( | |||||||||
| 2025 Senior Unsecured Notes | ( | ( | |||||||||
| 2024 Unsecured Bonds | ( | ( | |||||||||
| Subtotal (excluding lessor VIE debt) | ( | ( | |||||||||
CSSC VIE debt - FLNG Hilli facility (1) | ( | ( | |||||||||
| Total debt (gross) | ( | ( | |||||||||
Less: Deferred financing costs | |||||||||||
| Total debt, net of deferred financing costs | ( | ( | |||||||||
At June 30, 2026, our debt, net of deferred financing costs, is broken down as follows:
| Golar debt | VIE debt | Total debt | |||||||||
| (in thousands of $) | |||||||||||
| Current portion of long-term debt and short-term debt | ( | ( | ( | ||||||||
| Long-term debt | ( | ( | |||||||||
| Total | ( | ( | ( | ||||||||
(1) This relates to debt of our lessor VIE (for which legal ownership resides with a financial institution) that we are required to consolidate into our financial statements (note 9). As of June 30, 2026, Golar's underlying contractual debt under the bareboat charter with the lessor VIE inclusive of our repurchase obligation, which is eliminated on consolidation, is $492.8 million.
34
16. ACCRUED EXPENSES
Accrued expenses are comprised of the following:
| (in thousands of $) | June 30, 2026 | December 31, 2025 | ||||||
Vessel related (1) | ( | ( | ||||||
Finance related (2) | ( | ( | ||||||
Administrative related (3) | ( | ( | ||||||
| Accrued expenses | ( | ( | ||||||
(1) “Vessel related” accrued expenses is comprised of engineering and yard-related conversion costs and vessel operating expenses such as crew wages, supplies, routine repairs, maintenance, lubricating oils and insurance. As of June 30, 2026, “Vessel related” accrued expenses included $53.6 million related to FLNG Esperanza conversion, $13.7 million related to long lead equipment for the fourth FLNG, $6.9 million related to FLNG Hilli redeployment, and $0.5 million related to carry-over FLNG Gimi commissioning works (December 31, 2025: $12.3 million, nil , nil and $5.8 million, respectively).
(2) “Finance related” accrued expenses comprised of accrued interest and finance charges in relation to our debt facilities (note 15).
(3) “Administrative related” accrued expenses comprised of general overhead, including personnel costs, legal and professional fees, costs associated with project development, property costs and other office and general expenses.
17. OTHER CURRENT LIABILITIES
Other current liabilities are comprised of the following:
| (in thousands of $) | June 30, 2026 | December 31, 2025 | ||||||
Asset retirement obligation (“ARO”) (1) | ( | ( | ||||||
Current portion of operating lease liability | ( | ( | ||||||
Current portion of deferred pre-COD cash flows (2) | ( | ( | ||||||
Day 1 gain deferred revenue - current portion (3) | ( | ( | ||||||
| Deferred revenue | ( | ( | ||||||
Other | ( | ( | ||||||
| Other current liabilities | ( | ( | ||||||
(1) In connection with FLNG Hilli’s LTA contractual maturity in July 2026, the ARO was remeasured in January 2026 to reflect current cost estimates and the revised timing of ARO settlement. Consequently, the ARO liability increased by $6.6 million to $13.6 million as of June 30, 2026 (December 31, 2025: $6.8 million) with a corresponding increase to mooring equipment in “Vessels and equipment, net” in our unaudited consolidated balance sheet. Given the short period until settlement, the impact of discounting was assessed to be immaterial and, accordingly, no discounting was applied to the revised cash flows. During the six months ended June 30, 2026, we recognized $3.1 million of decommissioning costs and $6.1 million of additional depreciation.
(2) In August 2024, we and bp agreed to a series of pre-COD payments to address project delays and align on commissioning milestones which was allocated between lease and non-lease components on commencement of the sales type lease accounting of the LOA. As of June 30, 2026, the deferred non-lease component amounted to $34.9 million (December 31, 2025: $35.8 million), comprising $1.8 million in “Other current liabilities” and $33.1 million (December 31, 2025: $34.0 million) in “Other non-current liabilities” (see Notes 18)
35
18. OTHER NON-CURRENT LIABILITIES
Other non-current liabilities are comprised of the following:
| (in thousands of $) | June 30, 2026 | December 31, 2025 | ||||||||||||
VIE dividend payable (1) | ( | ( | ||||||||||||
Deferred pre-COD cash flows (note 17) | ( | ( | ||||||||||||
| Pension obligations | ( | ( | ||||||||||||
Non-current portion of operating lease liabilities | ( | ( | ||||||||||||
Other | ( | ( | ||||||||||||
| Other non-current liabilities | ( | ( | ||||||||||||
19. FINANCIAL INSTRUMENTS
Fair values
We recognize our fair value estimates using a fair value hierarchy based on the inputs used to measure fair value. The fair value hierarchy has three levels based on reliability of inputs used to determine fair value as follows:
Level 1: Quoted market prices in active markets for identical assets and liabilities.
Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data.
Level 3: Unobservable inputs that are not corroborated by market data.
The Company's maximum exposure to credit risk is represented by the carrying amounts of the financial assets included in the financial instruments presented below.
The carrying values and estimated fair values of our financial instruments at June 30, 2026 and December 31, 2025 are as follows:
| June 30, 2026 | December 31, 2025 | ||||||||||||||||
| (in thousands of $) | Fair value hierarchy | Carrying value | Fair value | Carrying value | Fair value | ||||||||||||
| Non-Derivatives: | |||||||||||||||||
Cash and cash equivalents (1) (2) | Level 1 | ||||||||||||||||
Restricted cash (1) (3) | Level 1 | ||||||||||||||||
Trade accounts receivable and accrued income (3) (4) | Level 1 | ||||||||||||||||
Interest receivable from money-market deposits and bank accounts (3) | Level 1 | ||||||||||||||||
Receivable from IRS derivatives (3) | Level 1 | ||||||||||||||||
Trade accounts payable (3) (5) | Level 1 | ( | ( | ( | ( | ||||||||||||
Current portion of long-term debt and short-term debt (3) (6) (7) | Level 2 | ( | ( | ( | ( | ||||||||||||
Long-term debt (6) (7) | Level 2 | ( | ( | ( | ( | ||||||||||||
Long-term debt - 2024 Unsecured Bonds (6) (8) | Level 1 | ( | ( | ( | ( | ||||||||||||
Long-term debt - 2025 Senior Unsecured Notes (6) (8) | Level 1 | ( | ( | ( | ( | ||||||||||||
Long-term debt - 2025 Convertible Bonds (6) (9) (10) | Level 2 | ( | ( | ( | ( | ||||||||||||
| Derivatives: | |||||||||||||||||
Oil and gas derivative instruments (11) | Level 2 | ||||||||||||||||
Asset on IRS derivatives (12) | Level 2 | ||||||||||||||||
(1) These instruments carrying value are highly liquid and deemed reasonable estimates of fair value.
36
(2) Included within cash and cash equivalents of $870.5 million and $1,151.2 million are $657.6 million and $920.5 million held in short-term money-market deposits as of June 30, 2026 and December 31, 2025, respectively. During the six months ended June 30, 2026 and 2025, we earned interest income on short-term money-market deposits of $19.2 million and $12.9 million, respectively.
(3) These instruments are considered to be equal to their estimated fair value because of their near term maturity.
(4) As of June 30, 2026 and December 31, 2025, trade receivables and accrued income totaled to $65.2 million and $35.5 million, respectively, primarily relates to amounts due from bp under the Gimi LOA. bp is a publicly listed, investment-grade counterparty with no prior history of default. Accordingly, we consider the credit risk associated with this balance to be remote as of June 30, 2026.
(5) As of June 30, 2026, trade payables primarily comprised of amounts payable related to the FLNG Esperanza conversion, FLNG Hilli's redeployment and operations and FLNG Gimi's carry-over commissioning works of $21.7 million, $11.6 million and $0.6 million, respectively (December 31, 2025: $91.0 million, $14.1 million and $5.0 million, respectively).
(6) Our debt obligations are recorded at amortized cost. The amounts presented in the table above are gross of the deferred financing costs of $42.3 million and $47.0 million at June 30, 2026 and December 31, 2025, respectively (note 15).
(7) The estimated fair values for both the floating long-term debt and short-term debt are considered to be equal to the carrying value since they bear variable interest rates, which are adjusted on a quarterly basis.
(8) The estimated fair values of our 2024 Unsecured Bonds and 2025 Senior Unsecured Notes are based on their quoted market prices as of the balance sheet date (note 15).
(9) The estimated fair value of our 2025 Convertible Bonds reflects observable market inputs and is classified as Level 2 in the fair value hierarchy (note 15).
(10) Interest expense for the six months ended June 30, 2026 related to the 2025 Convertible bond consisted of $8.0 million of contractual interest and $1.0 million of amortization of deferred financing costs. Interest expense for the comparative period ended June 30, 2025 was $44,000 , representing one day of interest following issuance of the 2025 Convertible Bonds on June 30, 2025.
(11) The fair value of the oil and gas derivative instruments, which are presented on a gross basis (none of which have been designated as hedges), is determined using the estimated discounted cash flows of the additional payments due to us as a result of oil and gas prices moving above the contractual floor price over the remaining term of the LTA. Significant inputs used in the valuation of the oil and gas derivative instruments include the Euro/U.S. Dollar exchange rates based on the forex forward curve for the gas derivative instrument and management’s estimate of an appropriate discount rate and the length of time necessary to blend the long-term and short-term oil and gas prices obtained from quoted prices in active markets. The cash flows in relation to the settlement of these derivative instruments are presented within “operating activities” in the condensed consolidated statements of cash flows.
(12) The fair value of certain derivative instruments, which are presented on a gross basis (none of which have been designated as hedges), is the estimated amount that we would receive or pay to terminate the agreements at the balance sheet date, taking into account current interest rates, foreign exchange rates, closing quoted market prices and our creditworthiness and that of our counterparties. The credit exposure of certain derivative instruments is represented by the fair value of contracts with a positive value at the end of each period, reduced by the effects of master netting arrangements. The cash flows in relation to the settlement of these derivative instruments are presented within “operating activities” in the condensed consolidated statements of cash flows.
(13) The following methods and assumptions were used to estimate the fair value of our other classes of financial instruments:
•the carrying values of loan receivables and working capital facilities approximate fair values because of the near-term maturity of these instruments (notes 11, 17 and 20). These instruments are classified within Level 1 of the fair value hierarchy.
As of June 30, 2026, we were party to the following interest rate swap transactions involving the payment of fixed rates in exchange for SOFR as summarized below:
Instrument | Notional value (in thousands of $) | Maturity date | Fixed interest rates | ||||||||
| Interest rate swaps: | |||||||||||
Receiving floating, pay fixed | November 2032 | ||||||||||
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20. RELATED PARTY TRANSACTIONS
a) Transactions with Perenco:
Perenco has been considered a related party since June 2025, when Naria Inc., a Perenco-affiliated entity and our largest shareholder, met the definition of a principal owner. Accordingly, outstanding balances with Perenco are presented as “Amounts due from/to related parties”. As of June 30, 2026, Naria Inc. held beneficial ownership of 10.07 %.
Net revenues: Amounts for the six months ended June 30, 2025 have been prorated from when Perenco became a related party. The transactions with Perenco for the six months ended June 30, 2026 and 2025 consists of the following:
| Six months ended June 30, | |||||||||||||||||||||||
| (in thousands of $) | 2026 | 2025 | |||||||||||||||||||||
Liquefaction services (1) | |||||||||||||||||||||||
Realized gain on oil and gas derivative instruments (2) | |||||||||||||||||||||||
Vessel operating expenses (3) | ( | ( | |||||||||||||||||||||
| Total | |||||||||||||||||||||||
(1) Liquefaction services – This relates to services invoiced under the LTA, specifically the base tolling fee and incremental base tolling fee (note 5).
(2) Realized gain on oil and gas derivative instruments - This relates to the commodity linked earnings under the LTA (note 7).
(3) Vessel operating expenses – This relates to costs incurred under the tug sharing agreement for a chartered tug provided by Perenco to support our offshore operations in Cameroon, including the transportation of personnel and equipment. The tug is shared between the parties subject to operational requirements. These costs are presented within “Vessel operating expenses” in the consolidated statements of operations.
Receivables/(payables): The balances with Perenco consisted of the following:
| (in thousands of $) | June 30, 2026 | December 31, 2025 | |||||||||
| Balance due from Perenco (liquefaction services) | |||||||||||
| Balance due to Perenco (vessel operating expenses) | ( | ( | |||||||||
b) Transactions with existing related parties:
Amounts due from related parties as of June 30, 2026 and December 31, 2025 consisted of the following:
| (in thousands of $) | June 30, 2026 | December 31, 2025 | ||||||
SESA (1) | ||||||||
Higas (2) | ||||||||
(1) SESA – In February 2026, we entered into a credit agreement under which we agreed to provide SESA, as borrower, with a credit facility of up to $5.6 million, of which $3.6 million had been drawn as of June 30, 2026. Amounts drawn bear interest at Term SOFR plus a margin of 3.875 %, payable semi-annually. The loan matures on April 15, 2029, with principal repayable in two equal semi-annual installments. Interest income for the six months ended June 30, 2026 totaled $89 thousand. There was no comparable interest income for the six months ended June 30, 2025. As of June 30, 2026, $2.0 million remains undrawn under the facility.
In April 2026, we entered into a MSCA with SESA to provide supervision and technical oversight services for its terminal project for total consideration of $2.5 million, payable in 26 monthly installments from April 1, 2026 to June 1, 2028. For the six months ended June 30, 2026, we recognized management fee revenue of $0.3 million, presented within “Vessel management fees and other revenues” in the unaudited consolidated statements of operations.
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(2) Higas – Amounts due from Higas consist of outstanding principal under a revolving shareholder loan facility. On June 30, 2026, the revolving credit facility was increased from $2.5 million to $4.0 million and its maturity was extended from February 2027 to February 2028. As of June 30, 2026, the undrawn commitment under the facility amounted to $1.5 million. Interest income for the six months ended June 30, 2026 and 2025 was $nil and $0.3 million, respectively. A provision for expected credit losses of $0.3 million and $1.1 million was recognized for the six months ended June 30, 2026 and 2025, respectively, within “Other operating income/(loss)” in the unaudited consolidated statements of operations.
21. OTHER COMMITMENTS AND CONTINGENCIES
Assets pledged
| (in thousands of $) | June 30, 2026 | December 31, 2025 | ||||||
Book value of vessel secured against loans (1) | ||||||||
Other Commitments
•The Board of Directors approved up to $31.6 million of funding for Macaw Energies of which as of June 30, 2026, the outstanding commitment was $0.6 million.
•In connection with the FID for the redeployment of FLNG Hilli under a 20-year agreement with SESA, the Board of Directors approved total expenditures of up to $350.0 million in May 2025 to support the vessel’s preparation and redeployment activities. In addition, in February 2026 the Board approved expenditures of up to $13.6 million specifically for the decommissioning of the FLNG Hilli mooring equipment upon expiry of the existing LTA (note 17).
•Pursuant to the Shareholders' Agreement for SESA, in connection with our 10 % equity interest, we have committed to fund our proportionate share of the required FLNG infrastructure and related capital contributions. As of June 30, 2026, our remaining funding commitment was $28.0 million in relation to our 10 % equity interest in SESA.
•As of June 30, 2026, the preliminary known funding requirement communicated, based on our 10 % equity interests in San Matias Pipeline S.A. current capital requirement projections is $31.2 million.
•In June 2026, the Board of Directors approved up to $22.0 million for long lead equipment for a fourth FLNG. As of June 30, 2026, the total outstanding commitment is approximately $6.2 million.
•In 2026, we entered into contingent success fee arrangements with third-party consultants in connection with FLNG business development opportunities. Any fees payable under these arrangements are contingent upon the successful award of the underlying contracts and are determined in accordance with the respective agreements. As of June 30, 2026, no obligations had arisen under these arrangements as the relevant contractual milestones had not been achieved.
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22. SUBSEQUENT EVENTS
Since June 30, 2026, the following non-recognized events have occurred:
•$600 million senior secured Revolving Credit Facility
On August 3, 2026, we entered into a new $600.0 million senior secured revolving credit facility (the “RCF”). The RCF is secured by the FLNG Esperanza currently under conversion in China for deployment under the 20-year charter with SESA in Argentina, and has been executed with a syndicate of banks. The RCF has a tenor of 18 months from October 1, 2026 and bears interest on amounts drawn at three-month SOFR plus a margin of 3.00 % per annum. Proceeds from the RCF, together with proceeds from any subsequent long-term asset-level financing, are expected to be used to fund FLNG growth projects.
•SESA capital contributions
In July 2026, we made an additional investment of $10.2 million in SESA through an irrevocable contribution against the future subscription of shares. Following this contribution, Golar continues to hold a 10 % equity interest in SESA.
•SMP capital contributions
In July 2026, we made an additional investment of $4.2 million in SMP through an irrevocable contribution against the future subscription of shares. Following this contribution, Golar continues to hold a 10 % equity interest in SMP.
•Dividends
On August 13, 2026, we declared a dividend of $0.25 per share in respect of the three months ended June 30, 2026 to shareholders of record on August 24, 2026, which will be paid on or around September 2, 2026.
•FID for fourth FLNG
On August 12, 2026, we entered into an EPC with CIMC Raffles for a 3.5 MTPA MKII-design FLNG unit (“fourth FLNG”) with an estimated fully delivered cost of approximately $2.45 billion and improved payment terms compared to the FLNG Esperanza. The fourth FLNG is expected to represent the earliest available newbuild FLNG capacity, with delivery by end of 2029.
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Filing Exhibits & Attachments
5 documentsOther Documents
- EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 84.4 KB
- EX-101 XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT 112.2 KB
- EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT 553.8 KB
- EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 696.5 KB
- EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 633.2 KB