Highlights and subsequent
events
- Golar LNG Limited (“Golar” or “the Company”) reports a Q1 2023
Adjusted EBITDA1 of $84 million and a Net Loss attributable to
Golar of $102 million, inclusive of non-cash mark-to-market
charges1 of $188 million.
- Total Golar Cash1 of $1 billion, inclusive of $113 million of
restricted cash.
- Based on strong balance sheet position and a solid operational
cash flow outlook, Golar reinstates quarterly dividend and will
distribute $0.25 per share for Q1 2023.
- Approved share buyback program of up to $150 million.
- Exited Cool Company Ltd. (“CoolCo”) investment by selling
remaining 4.5 million shares raising net proceeds of $56
million.
- Reacquired New Fortress Energy Inc. (“NFE”) interest in Golar
Hilli LLC for 4.1 million NFE shares and $100 million in cash and
exited NFE investment by selling our remaining 1.2 million NFE
shares for net proceeds of $46 million.
- Credit approval to improve terms of existing Hilli debt
facility, reducing debt service cost.
- High-graded FLNG conversion candidate by agreeing to sell 1977
built LNG carrier Gandria for net proceeds of $15 million and
exercising option to acquire 2004 built LNG carrier Fuji LNG
targeted for conversion to a 3.5mtpa MKII FLNG.
- Signed Memorandum of Understanding (“MOU”) with Nigeria
National Petroleum Corporation (“NNPC”) for joint development of
potential FLNG opportunities.
- Repurchased $20 million of 2025 maturing Unsecured Bonds and
secured approval for amendments to bond terms that increase
financial flexibility.
FLNG Hilli: FLNG Hilli
maintained its strong operational performance with 100% economic
uptime throughout the quarter. On March 15, 2023, Golar completed
the repurchase of NFE's interest in the FLNG Hilli, increasing
Golar’s annual run-rate Distributable Adjusted EBITDA1 by
approximately $70 million per year between January 1, 2023 and July
2026, and increasing our exposure to an anticipated re-contracting
upside in the world’s best performing FLNG. Due to lower Brent oil
and Dutch Title Transfer Facility (“TTF”) prices, Q1 2023
Distributable Adjusted EBITDA1 from FLNG Hilli decreased by $20
million from $114 million in Q4 2022 to $94 million in Q1 2023, of
which Golar’s increased share was $88 million, compared to $86
million in Q4 2022.
In January 2023, Golar effectively unwound its
2023 and 2024 TTF hedges, locking in approximately $140 million of
TTF hedged Distributable Adjusted EBITDA1 and re-gaining full
market exposure to its TTF linked production. For the remainder of
2023 and 2024, the locked in TTF Distributable Adjusted EBITDA1,
which will be additional to Golar’s share of tolling fees and
market linked Brent oil and TTF fee exposure, will be allocated as
follows:
-
- April-December 2023: 100% of TTF linked production unwound
securing approximately $68 million of Distributable Adjusted
EBITDA1 equivalent to approximately $23 million for each of
quarters 2, 3 and 4; and
- Full year 2024: 50% of TTF linked production unwound securing
approximately $49 million of Distributable Adjusted EBITDA1
equivalent to approximately $12 million per quarter in 2024.
The FLNG Hilli sale and leaseback facility
lenders have agreed to reduce the facility margin and extend the
amortization profile and duration. Following the credit approved
changes, FLNG Hilli’s annual debt service cost will reduce from a
current 2023 level of around $126 million to around $93 million.
Golar’s 94.6% share of this amounts to $88 million, of which $40
million is principal and $48 million is interest. The new terms
extend the facility maturity from 2028 to 2033, increasing
financial flexibility in connection with re-contracting of the
existing July 2026 expiring contract with Perenco. Subject to
execution of customary documentation, the new terms are expected to
become effective in Q3 2023.
FLNG Gimi: FLNG Gimi is now 94%
technically complete. The yard departure date for FLNG Gimi has
been postponed from 1H 2023 to Q3 2023 to allow for vessel
completion and testing and a greater proportion of commissioning
work to be performed in Singapore where requisite skills and
resources are more accessible. The updated sail away timing is not
expected to impact first feed gas on the Tortue project. As a
result of project delays, pre-commissioning contractual cash flows
under the Lease and Operate Agreement (“LOA”) have started. A LOA
contract interpretation dispute regarding parts of these
pre-commissioning contractual cash flows currently exists between
Golar and BP, regarding payments due from BP to Golar as a result
of the delays previously announced in 2020 related to force majeure
claims. The dispute does not impact wider execution of the 20-year
project that is expected to unlock around $3 billion of Adjusted
EBITDA Backlog1 to Golar, equivalent to Annual Adjusted EBITDA1 of
around $151 million.
FLNG business development:
Golar signed a MOU with NNPC for joint development of FLNG
opportunities in Nigeria. Following the signing of the MOU, both
parties have allocated significant resources to initially develop a
named gas field for a potential FLNG project. Material technical
and commercial progress has been made. The MOU has a 5-year
duration, with both parties’ ambition to explore potential for
multiple FLNG projects to be deployed on proven stranded and
associated gas fields in Nigeria.
NNPC is Africa’s largest oil producer and
Nigeria’s most important energy stakeholder with a strategy to
expand gas exports. Nigeria’s gas specifications and met-ocean
conditions are ideally suited to Golar’s FLNG solutions.
Recent months have seen a significant increase
in interest and momentum for re-contracting alternatives for FLNG
Hilli. Several promising projects that have more attractive
economics than the current contract are now being discussed. Golar
continues to target commercial structures aligned with gas resource
owners, focusing on attractive break-even production costs relative
to competing global LNG export projects, with upside in commodity
price linkage. With its leading operational track record and
near-term availability, FLNG Hilli is uniquely positioned to
monetize gas reserves. A fully utilized FLNG Hilli has annual
revenue potential in excess of $1 billion based on current LNG
forward curves, to be shared between gas resource owners and Golar.
Concluding a new charter for FLNG Hilli is therefore a commercial
priority for the company.
As a result of increasing momentum for new FLNG
opportunities, Golar high-graded its FLNG conversion candidate by
selling the Gandria and exercising its option to acquire the
148,000cbm moss design carrier Fuji LNG targeted for the MKII FLNG
conversion project. Sale of the Gandria for net proceeds of $15
million is subject to the satisfaction of customary closing
conditions and is expected to complete in the second half of 2023.
Of the $73 million purchase price balance for Fuji LNG, $11 million
will be paid in Q2 2023 with the remainder in early 2024, when
Golar will take delivery of the vessel. With key long-lead items on
order, focus is now on a yard EPC contract and financing. A final
investment decision on the MKII project is linked to securing
attractive finance and further visibility on a charter, with strong
progress on both fronts during the quarter.
FSRU: Fees earned in respect of
the Development Agreement to assist Snam with FSRU Tundra’s
drydocking, site commissioning and hook-up amounted to $7 million
in Q1 2023. Costs associated with the above are recognized as
incurred and amounted to $18 million in Q1 2023, included in
project development expenses.
Financial Summary
(in thousands of $) |
Q1 2023 |
Q1 2022 |
% Change |
Q4 2022 |
% Change |
Net
(loss)/income attributable to Golar LNG Ltd |
(101,863) |
345,182 |
(130)% |
71,438 |
(243)% |
Total
operating revenues |
73,968 |
72,938 |
1% |
59,140 |
25% |
Adjusted
EBITDA1 |
84,148 |
89,657 |
(6)% |
87,409 |
(4)% |
Golar’s share of contractual debt 1 |
1,151,781 |
1,743,747 |
(34)% |
843,428 |
37% |
Financial Review
Business Performance:
|
2023 |
2022 |
|
Jan-Mar |
Oct-Dec |
Jan-Mar |
(in thousands of $) |
Total |
Total |
Total |
Net (loss)/income |
(92,569) |
67,070 |
410,014 |
Income taxes |
252 |
(720) |
360 |
Net (loss)/income before income taxes |
(92,317) |
66,350 |
410,374 |
Depreciation and amortization |
12,577 |
12,432 |
13,725 |
Unrealized loss/(gain) on oil and gas derivative instruments |
115,011 |
72,995 |
(168,059) |
Realized and unrealized losses/(gains) on our investment in listed
equity securities |
62,308 |
(54,469) |
(344,049) |
Other non-operating income, net |
(11,128) |
(649) |
(6,136) |
Interest income |
(11,482) |
(8,212) |
(33) |
Interest expense |
362 |
3,697 |
6,156 |
Losses/(gains) on derivative instruments |
9,376 |
1,833 |
(31,536) |
Other financial items, net |
911 |
2,137 |
(614) |
Net (income)/losses from equity method investments |
(1,281) |
(6,045) |
1,056 |
Net (income)/loss from discontinued operations |
(189) |
(2,660) |
208,773 |
Adjusted EBITDA(1) |
84,148 |
87,409 |
89,657 |
|
2023 |
2022 |
|
Jan-Mar |
Oct-Dec |
(in thousands of $) |
FLNG |
Corporate and other |
Shipping |
Total |
FLNG |
Corporate and other |
Shipping |
Total |
Total operating revenues |
56,221 |
12,347 |
5,400 |
73,968 |
36,511 |
17,160 |
5,469 |
59,140 |
Vessel operating expenses |
(15,643) |
(2,664) |
(266) |
(18,573) |
(15,202) |
(1,718) |
(1,965) |
(18,885) |
Voyage, charterhire & commission expenses |
(150) |
(19) |
(67) |
(236) |
(150) |
(9) |
(111) |
(270) |
Administrative (expenses)/income |
(50) |
(10,017) |
(1) |
(10,068) |
44 |
(7,579) |
37 |
(7,498) |
Project development expenses |
(272) |
(18,123) |
— |
(18,395) |
(2,419) |
(4,222) |
(45) |
(6,686) |
Realized gain on oil and gas derivative instruments(2) |
57,452 |
— |
— |
57,452 |
77,324 |
— |
— |
77,324 |
Other operating losses(3) |
— |
— |
— |
— |
(15,716) |
— |
— |
(15,716) |
Adjusted EBITDA(1) |
97,558 |
(18,476) |
5,066 |
84,148 |
80,392 |
3,632 |
3,385 |
87,409 |
(2) The line item “Realized and unrealized
(loss)/gain on oil and gas derivative instruments” in the Unaudited
Consolidated Statements of Operations relates to income from the
Hilli Liquefaction Tolling Agreement (“LTA”) and the natural gas
derivative which is split into: “Realized gain on oil and gas
derivative instruments” and “Unrealized (loss)/gain on oil and gas
derivative instruments”.
(3) The line item “Other operating
(losses)/income” in the Unaudited Consolidated Statements of
Operations includes FLNG Hilli’s underutilization of $15.7 million
in Q4 2022, which together with $20.1 million included in
“Liquefaction services revenue” amounts to $35.8 million..
|
2022 |
|
Jan-Mar |
(in thousands of $) |
FLNG |
Corporate and other |
Shipping |
Total |
Total operating revenues |
62,894 |
6,809 |
3,235 |
72,938 |
Vessel operating expenses |
(14,181) |
(1,789) |
(2,134) |
(18,104) |
Voyage, charterhire & commission (expenses)/income |
(150) |
(25) |
(540) |
(715) |
Administrative expenses |
(42) |
(10,138) |
(2) |
(10,182) |
Project development (expenses)/income |
(1,540) |
689 |
— |
(851) |
Realized gain on oil and gas derivative instruments |
42,631 |
— |
— |
42,631 |
Other operating income |
3,940 |
— |
— |
3,940 |
Adjusted EBITDA(1) |
93,552 |
(4,454) |
559 |
89,657 |
Golar reports today a Q1 2023 net loss
attributable to Golar of $102 million, inclusive of non-cash
mark-to-market charges1 of $188 million, comprised of:
- TTF and Brent oil of $115 million;
- Listed equity securities of $62 million; and
- Interest rate swaps of $11 million.
The Brent oil linked component of FLNG Hilli’s
fees generates additional annual cash of approximately $3.1 million
for every dollar increase in Brent Crude prices between $60 per
barrel and the contractual ceiling. Billing of this component is
based on a three-month look-back at average Brent Crude prices. A
$20 million realized gain on the oil derivative instrument was
recorded in Q1 2023. Golar has an effective 89.1% interest in these
earnings. A Q1 2023 realized gain of $18 million was also
recognized in respect of fees for the TTF linked production. Golar
has an effective 89.4% interest in these earnings. A $19 million
realized gain (100% of which is attributable to Golar) on the
hedged component of the quarter’s TTF linked earnings was also
recognized during the quarter. Collectively a $57 million Q1 2023
realized gain on oil and gas derivative instruments was recognized
as a result.
The mark-to-market fair value of the FLNG Hilli
Brent oil linked derivative asset decreased by $41 million during
the quarter, with a corresponding unrealized loss of the same
amount recognized in the unaudited consolidated statement of
operations. The mark-to-market fair value of the FLNG Hilli TTF
natural gas derivative asset decreased by $74 million during the
quarter with a corresponding unrealized loss of the same amount
recognized in the unaudited statement of operations. A $1 million
unrealized loss in respect of the hedged portion of the Q1 2023 TTF
linked FLNG Hilli production was also recognized during the
quarter. Collectively this resulted in a $115 million Q1 2023
unrealized loss on oil and gas derivative instruments.
During Q1 2023 Golar sold 1.2 million of its 5.3
million NFE shares and repurchased NFE’s interest in FLNG Hilli
using its remaining 4.1 million NFE shares as part of the purchase
price consideration. A decrease in the NFE share price between
January 1, 2023 and March 15, 2023, when Golar’s re-acquisition of
NFE’s interest in FLNG Hilli closed, resulted in the recognition of
a Q1 2023 realized mark to market loss of $62 million. The fair
value of these shares had decreased from $42.42 per share as of
December 31, 2022 to $28.51 on March 15, 2023. Together with $11
million of dividend income from NFE, this collectively amounted to
$51 million of other non-operating losses for the quarter.
Balance Sheet and Liquidity:
As of March 31, 2023, Total Golar Cash1 was $1.0
billion, comprised of $889 million of cash and cash equivalents and
$113 million of restricted cash. Of the $131 million of restricted
cash, $18 million is attributable to the FLNG Hilli consolidated
lessor-owned VIE.
Within the $344 million current portion of
long-term debt and short-term debt as at March 31, 2023 is $321
million in respect of the FLNG Hilli lessor-owned VIE subsidiary
that Golar is required to consolidate. Having closed the repurchase
of NFE’s interest in FLNG Hilli and assumed NFE’s share of Hilli
debt, Golar’s share of Contractual Debt1 has increased to $1,152
million as of March 31, 2023. Deducting Total Golar Cash1 of $1.0
billion from Golar’s share of Contractual Debt1 of $1,152
million leaves debt of $152 million.
During Q1 2023, Golar repurchased $4 million of
the $300 million Unsecured Bonds, reducing the outstanding balance
to $155 million as of March 31, 2023. In April, a further $16
million of the Unsecured Bonds were repurchased, reducing the
outstanding balance to $139 million. On May 25, 2023, in return for
a 3.75% fee, the remaining bondholders agreed to amend certain bond
terms in order to allow for the earlier payment of dividends and
for additional share buybacks.
Inclusive of $16 million of capitalized
interest, $42 million was invested in FLNG Gimi during the quarter,
with the total FLNG Gimi Asset under development balance as at
March 31, 2023 amounting to $1.2 billion. Of this, $545 million was
drawn against the $700 million debt facility secured by FLNG Gimi.
Both the investment and debt drawn to date are reported on a 100%
basis. Golar’s share of remaining capital expenditure to be funded
out of equity, net of the Company’s share of remaining undrawn debt
amounts to $181 million. Subsequent to the quarter end, a further
$75 million was drawn down on the debt facility which now stands at
$620 million.
Expenditure on long-lead items and engineering
services for the MKII FLNG amounted to $75 million as of March 31,
2023, and is included in other non-current assets.
Corporate and Other Matters:
As at March 31, 2023, Golar had 107.4 million
shares issued and outstanding. There were also 1.4 million
outstanding stock options with an average price of $15.74, 0.2
million unvested restricted stock units, and 0.04 million unvested
performance stock units awarded.
The Board of Directors has authorized a new
share repurchase program under which the Company may repurchase up
to $150 million of Golar’s outstanding stock. The Company intends
to opportunistically repurchase shares from time to time for cash
in open market transactions or in privately-negotiated transactions
in accordance with applicable federal securities laws. Share
repurchases will be executed only during periods where the
executive team and the Board of Directors are not aware of material
inside information that would likely affect a seller’s decision to
sell, with the timing and the amount of any repurchases being
determined by an evaluation of market conditions, capital
allocation alternatives, and other factors.
Golar’s Board of Directors has also approved a
total dividend of $0.25 per share in respect of Q1 2023 to be paid
on June 16, 2023. The record date will be June 12, 2023. The
dividend has been set at a sustainable level that allows for
potential for growth after Gimi has reached COD.
Non-GAAP measures
In addition to disclosing financial results in
accordance with U.S. generally accepted accounting principles (US
GAAP), this earnings release and the associated investor
presentation contains references to the non-GAAP financial measures
which are included in the table below. We believe these non-GAAP
financial measures provide investors with useful supplemental
information about the financial performance of our business, enable
comparison of financial results between periods where certain items
may vary independent of business performance, and allow for greater
transparency with respect to key metrics used by management in
operating our business and measuring our performance.
This report also contains certain
forward-looking non-GAAP measures for which we are unable to
provide a reconciliation to the most comparable GAAP financial
measures because certain information needed to reconcile those
non-GAAP measures to the most comparable GAAP financial measures is
dependent on future events some of which our outside of our
control, such as oil and gas prices and exchange rates, as such
items may be significant. Non-GAAP measures in respect of future
events which cannot be reconciled to the most comparable GAAP
financial measure are calculated in a manner which is consistent
with the accounting policies applied to Golar’s unaudited
consolidated financial statements.
These non-GAAP financial measures should not be
considered a substitute for, or superior to, financial measures
calculated in accordance with GAAP, and the financial results
calculated in accordance with GAAP. Non-GAAP measures are not
uniformly defined by all companies, and may not be comparable with
similarly titled measures and disclosures used by other companies.
The reconciliations as at March 31, 2023, from these results should
be carefully evaluated.
Non-GAAP measure |
Closest equivalent US GAAP measure |
Adjustments to reconcile to primary financial statements
prepared under US GAAP |
Rationale for adjustments |
Performance measures |
Adjusted EBITDA |
Net income/(loss) |
+/- Income taxes + Depreciation and
amortization +/- Unrealized (gain)/loss on oil and gas
derivative instruments+/- Other non-operating (income)/losses+/-
Net financial (income)/expense+/- Net (income)/losses from equity
method investments+/- Net loss/(income) from discontinued
operations |
Increases the comparability of total business performance from
period to period and against the performance of other companies by
excluding the results of our equity investments, removing the
impact of unrealized movements on embedded derivatives,
depreciation, financing costs, tax items and discontinued
operations. |
Distributable Adjusted EBITDA |
Net income/(loss) |
+/- Income taxes + Depreciation and
amortization +/- Unrealized (gain)/loss on oil and gas
derivative instruments+/- Other non-operating (income)/losses+/-
Net financial (income)/expense+/- Net (income)/losses from equity
method investments+/- Net loss/(income) from discontinued
operations - Amortization of deferred commissioning period revenue-
Amortization of Day 1 gains- Accrued overproduction revenue+
Overproduction revenue received- Accrued underutilization
adjustment |
Increases the comparability of our operational FLNG, Hilli from
period to period and against the performance of other companies by
removing the non-distributable income of Hilli, project development
costs and the operating costs of the Gandria and Gimi. |
Liquidity measures |
Contractual debt (1) |
Total debt (current and non-current), net of deferred finance
charges |
'+/- Debt within liabilities held for sale net of deferred finance
charges+/-VIE consolidation adjustments+/-Deferred finance
charges+/-Deferred finance charges within liabilities held for
sale |
During the year, we consolidate a lessor VIE for our Hilli sale and
leaseback facility. This means that on consolidation, our
contractual debt is eliminated and replaced with the lessor VIE
debt. Contractual debt represents our debt obligations under
our various financing arrangements before consolidating the lessor
VIE. The measure enables investors and users of our financial
statements to assess our liquidity and the split of our debt
(current and non-current) based on our underlying contractual
obligations. Furthermore, it aids comparability with our
competitors. |
Total Golar debt |
Total debt (current and non-current), net of deferred finance
charges |
'+/- Debt within liabilities held for sale net of deferred finance
charges+/-VIE consolidation adjustments+/-Deferred finance
charges+/-Deferred finance charges within liabilities held for
sale+/-Incremental debt arising from acquisition of NFE’s interest
in Hilli |
The measure enables investors and users of our financial statements
to assess our liquidity and the split of our debt (current and
non-current) based on our underlying contractual obligations.
Furthermore, it aids comparability with our competitors. |
Total Golar Cash |
Golar cash based on GAAP measures: + Cash and cash
equivalents + Restricted cash and short-term deposits (current
and non-current) |
-VIE restricted cash and short-term deposits |
We consolidate a lessor VIE for our sale and leaseback facility.
This means that on consolidation, we include restricted cash held
by the lessor VIE. Total Golar Cash represents our cash and
cash equivalents and restricted cash and short-term deposits
(current and non-current) before consolidating the lessor
VIE. Management believe that this measure enables investors
and users of our financial statements to assess our liquidity and
aids comparability with our competitors. |
(1) Please refer to reconciliation below for
Golar’s share of Contractual Debt
Adjusted EBITDA backlog: This
is a non-U.S. GAAP financial measure and represents the share of
contracted fee income for executed contracts less forecast
operating expenses for these contracts. Adjusted EBITDA backlog
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.
Non-cash mark-to-market
charges: These comprise of mark-to-market (“MTM”)
movements on our TTF and Brent oil linked derivatives, listed
equity securities and interest rate swaps (“IRS”) which relate to
the unrealized component of the (losses)/gains on oil and gas
derivative instruments, unrealized MTM (losses)/gains on investment
in listed equity securities and net (losses)/gains on derivative
instruments, in our unaudited consolidated statement of
operations.
Abbreviations used:
FLNG: Floating Liquefaction Natural
GasFSRU: Floating Storage Regasification Unit
MMBtu: Million British Thermal
UnitsMKI FLNG: Mark I FLNGMKII
FLNG: Mark II FLNGmtpa: Million Tons Per
Annum
Reconciliations - Liquidity Measures
Contractual Debt
(in thousands of $) |
March 31, 2023 |
December 31, 2022 |
March 31, 2022 |
Total debt (current and non-current) net of deferred finance
charges |
1,163,017 |
1,189,324 |
1,488,336 |
Total debt within liabilities held for sale net of deferred finance
charges |
— |
— |
472,558 |
VIE consolidation adjustments |
167,184 |
152,134 |
285,107 |
Deferred finance charges |
19,415 |
20,954 |
26,942 |
Deferred finance charges within liabilities held for sale |
— |
— |
2,236 |
Total Contractual Debt |
1,349,616 |
1,362,412 |
2,275,179 |
Less: Golar Partners’ (1), Keppel’s and B&V’s share of the FLNG
Hilli contractual debt |
(34,335) |
(358,484) |
(385,932) |
Less: Keppel’s share of the Gimi debt |
(163,500) |
(160,500) |
(145,500) |
Golar’s share of Contractual Debt |
1,151,781 |
843,428 |
1,743,747 |
Please see Appendix A for a capital repayment
profile for Golar’s contractual debt.
(1) On March 15, 2023, we completed the
reacquisition of NFE’s Hilli Common Units of Hilli LLC. As a result
GLNG’s share of FLNG Hilli’s contractual debt increased from 54.6%
to 94.6%.
Total Golar Cash
(in thousands of $) |
March 31, 2023 |
December 31, 2022 |
March 31, 2022 |
Cash and cash equivalents |
889,410 |
878,838 |
207,035 |
Restricted cash and short-term deposits (current and
non-current) |
131,319 |
134,043 |
135,870 |
Less: VIE restricted cash and short-term deposits |
(18,609) |
(21,691) |
(16,313) |
Total Golar Cash |
1,002,120 |
991,190 |
326,592 |
Forward Looking Statements
This press release contains forward-looking
statements (as defined in Section 21E of the Securities Exchange
Act of 1934, as amended) which reflects management’s current
expectations, estimates and projections about its operations. All
statements, other than statements of historical facts, that address
activities and events that will, should, could or may occur in the
future are forward-looking statements. Words such as “if,” “subject
to,” “believe,” “assuming,” “anticipate,” “intend,” “estimate,”
“forecast,” “project,” “plan,” “potential,” “will,” “may,”
“should,” “expect,” “could,” “would,” “predict,” “propose,”
“continue,” or the negative of these terms and similar expressions
are intended to identify such forward-looking statements. These
statements are not guarantees of future performance and are subject
to certain risks, uncertainties and other factors, some of which
are beyond our control and are difficult to predict. Therefore,
actual outcomes and results may differ materially from what is
expressed or forecasted in such forward-looking statements. You
should not place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
Unless legally required, Golar undertakes no obligation to update
publicly any forward-looking statements whether as a result of new
information, future events or otherwise. Other important factors
that could cause actual results to differ materially from those in
the forward-looking statements include but are not limited to:
- our ability and that of our counterparty to meet our respective
obligations under the 20-year lease and operate agreement (the
“LOA”) entered into in connection with the Greater Tortue/Ahmeyim
Project (the “GTA Project”), including the timing of various
project infrastructure deliveries to sites such as the floating
production, storage and offloading unit and FLNG Gimi. Delays to
contracted deliveries to sites could result in incremental costs to
both parties to the LOA, delay commissioning works and the
unlocking of FLNG Gimi adjusted EBITDA backlog1;
- that an attractive deployment opportunity, or any of the
opportunities under discussion for the Mark II FLNG (“MKII”), one
of our floating liquefaction natural gas vessel (“FLNG”) designs,
will be converted into a suitable contract. Failure to do this in a
timely manner or at all could expose us to losses on our
investments in long-lead items and engineering services to date.
Assuming a satisfactory contract is secured, changes in project
capital expenditures, foreign exchange and commodity price
volatility could have a material impact on the expected magnitude
and timing of our return on investment;
- our ability to close the sale of the liquefied natural gas
(“LNG”) carrier Gandria on a timely basis or complete the
acquisition of LNG carrier Fuji LNG on a timely basis or at
all;
- continuing uncertainty resulting from potential future claims
from our counterparties of purported force majeure under
contractual arrangements, including but not limited to our
construction projects (including the GTA Project) and other
contracts to which we are a party;
- failure of shipyards to comply with delivery schedules or
performance specifications on a timely basis or at all;
- failure of our contract counterparties to comply with their
agreements with us or other key project stakeholders;
- our inability to expand our FLNG portfolio through our
innovative FLNG growth strategy;
- our ability to meet our obligations under the liquefaction
tolling agreement (the “LTA”) entered into in connection with the
Hilli Episeyo (“FLNG Hilli”);
- our expectation that we make up the 2022 production shortfall
pursuant to the LTA in 2023. Failure to achieve this will require
settlement of the 2022 production shortfall liability as a
reduction to our final billing in 2026;
- our ability to recontract the FLNG Hilli once her current
contract ends, and other competitive factors in the FLNG
industry;
- our ability to close potential future transactions in relation
to equity interests in our vessels, including the Golar Arctic,
FLNG Hilli and Gimi or to monetize our remaining equity holdings in
Avenir LNG Limited (“Avenir”) on a timely basis or at all;
- increases in costs as a result of recent inflation, including
but not limited to salaries and wages, insurance, crew provisions,
repairs and maintenance;
- continuing volatility in the global financial markets,
including but not limited to commodity prices and interest
rates;
- changes in our relationship with our equity method investments
and the sustainability of any distributions they pay us;
- claims made or losses incurred in connection with our
continuing obligations with regard to New Fortress Energy Inc
(“NFE”), Floating Infrastructure Holdings Finance LLC (“Energos”),
Cool Company Ltd (“CoolCo”) and Italy’s SNAM group (“Snam”);
- the ability of NFE, Energos, CoolCo and Snam to meet their
respective obligations to us, including indemnification
obligations;
- changes in our ability to retrofit vessels as FLNGs or floating
storage and regasification units (“FSRUs”) and our ability to
secure financing for such conversions on acceptable terms or at
all;
- changes to rules and regulations applicable to LNG carriers,
FLNGs or other parts of the LNG supply chain;
- changes in the supply of or demand for LNG or LNG carried by
sea and for LNG carriers or FLNGs;
- a material decline or prolonged weakness in charter rates for
LNG carriers or tolling rates for FLNGs;
- global economic trends, competition and geopolitical risks,
including impacts from the length and severity of future pandemic
outbreak, rising inflation and the ongoing Ukraine and Russia
conflict and the related sanctions and other measures, including
the related impacts on the supply chain for our conversions or
commissioning works, the operations of our charterers and
customers, our global operations and our business in general;
- changes in general domestic and international political
conditions, particularly where we operate, or where we seek to
operate;
- changes in the availability of vessels to purchase and in the
time it takes to build new vessels and our ability to obtain
financing on acceptable terms or at all;
- actions taken by regulatory authorities that may prohibit the
access of LNG carriers and FLNGs to various ports; and
- other factors listed from time to time in registration
statements, reports or other materials that we have filed with or
furnished to the Commission, including our annual report on Form
20-F for the year ended December 31, 2022, filed with the
Commission on March 31, 2023 (the “2022 Annual Report”).
As a result, you are cautioned not to rely on
any forward-looking statements. Actual results may differ
materially from those expressed or implied by such forward-looking
statements. The Company undertakes no obligation to publicly update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise unless required by
law.
Responsibility StatementWe
confirm that, to the best of our knowledge, the interim unaudited
consolidated financial statements for the three months ended March
31, 2023, which have been prepared in accordance with accounting
principles generally accepted in the United States (US GAAP) give a
true and fair view of the Company’s unaudited consolidated assets,
liabilities, financial position and results of operations. To the
best of our knowledge, the interim report for the three months
ended March 31, 2023, includes a fair review of important events
that have occurred during the period and their impact on the
interim unaudited consolidated financial statements, the principal
risks and uncertainties for the remaining period of 2023 and major
related party transactions.
May 30, 2023The Board of DirectorsGolar LNG
LimitedHamilton, Bermuda
Investor Questions: +44 207 063
7900Karl Fredrik Staubo - CEOEduardo Maranhão - CFO
Stuart Buchanan - Head of Investor Relations
Tor Olav Trøim (Chairman of the Board)Dan Rabun
(Director)Thorleif Egeli (Director)Carl Steen (Director)Niels
Stolt-Nielsen (Director)Lori Wheeler Naess (Director)Georgina Sousa
(Director)
This information is subject to the disclosure requirements
pursuant to Section 5-12 the Norwegian Securities Trading Act
- Interim results for the period ended March 31 2023
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