Press release
Golar LNG Limited preliminary fourth quarter and financial year 2020 results
Delivering on our commitment to shareholders with two transformative transactions Iain Ross, CEO, Golar LNG, said: “Golar is pleased to report Q4 total
About this update from Golar Lng Limited
[{"type":"text","content":"Delivering on our commitment to shareholders with two transformative transactions Iain Ross, CEO, Golar LNG, said: “Golar is pleased to report Q4 total operating revenues of $118.7 million, adjusted EBITDA1 of $78.0 million and net income of $9.5 million, driven by another quarter of uninterrupted commercial uptime in FLNG and a Q4 Adjusted TCE1 for the shipping fleet at $51,800 per day. Previously announced sales of Hygo Energy Transition Ltd. (“Hygo”) and Golar LNG Partners LP (“Golar Partners” or “the Partnership”) to New Fortress Energy Inc. (“NFE”), in transactions with a combined enterprise value of approximately $5 billion, deliver on Golar's commitment to simplify its corporate structure and crystallize value to Golar shareholders. The combination of NFE, Hygo and Golar Partners will also create the leading LNG downstream distribution company. Golar's combined net proceeds of 18.6 million Class A shares in NFE and $131 million in cash, will, together with the $100.3 million of equity raised in December, significantly strengthen Golar's balance sheet. The successful delivery of the FSRU LNG Croatia (formerly Golar Viking) to LNG Hrvatska d.o.o. (“LNG Hrvatska”) released a further $51.7 million of liquidity between December 2020 and Q1 2021. This project was completed on time, on budget and in spite of significant COVID related constraints and is a credit to Golar's project and operations teams.” Financial Summary (in thousands of $)Q4 2020Q4 2019% ChangeYTD 2020YTD 2019% Change Total operating revenues118,684139,048(15)%438,637448,750(2)%Adjusted EBITDA178,03193,388(16)%278,676254,8809%Operating income45,50568,896(34)%125,65360,659107%Net income/(loss) attributable to Golar LNG Ltd9,45624,768(62)%(272,227)(211,956)28%Dividend per share———%—0.150100%Adjusted net debt12,418,7702,474,947(2)%2,418,7702,474,947(2)% Q4 highlights and recent events Financial: $75 million drawn down against FLNG Gimi debt facility. Total of $300 million drawn down as at December 31, 2020.Golar Seal financing extended to January 2022.Raised $100.3 million net proceeds from a public follow-on offering of 12,067,789 common shares.Executed a new $100 million credit facility backed by Hygo shareholding (will be transferred to NFE shareholding post closing of Hygo and NFE transaction).Repaid $150 million facility secured by Hygo shareholding and $30 mi...