Press release
Golar LNG Limited Interim results for the period ended March 31, 2023
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
About this update from Golar Lng Limited
[{"type":"text","content":"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 mi...