Press release
Interim results for the period ended September 30, 2023
Highlights and subsequent events Golar LNG Limited (“Golar” or “the Company”) reports Q3 2023 Net income of $114 million and Adjusted EBITDA1 of $75 million,
About this update from Golar Lng Limited
[{"type":"text","content":"Highlights and subsequent events Golar LNG Limited (“Golar” or “the Company”) reports Q3 2023 Net income of $114 million and Adjusted EBITDA1 of $75 million, inclusive of $39 million of non-cash items1.Total Golar Cash1 of $841 million, inclusive of $114 million of restricted cash.FLNG Hilli achieved operating milestone as world's first FLNG to offload 100 LNG cargoes. FLNG Gimi sailed from Singapore to start its 20-year contract for BP offshore Mauritania and Senegal.Finalized the sale of 1977 built LNG carrier Gandria.Continuing development of FLNG growth pipeline.Repurchased 0.2 million shares at an average cost of $21.36 per share. 105.9 million shares issued and outstanding as of September 30, 2023.Declared dividend of $0.25 per share for the quarter. FLNG Hilli: Maintained its market leading operational track record throughout the quarter, and became the world’s first FLNG to export its 100th cargo on October 14 and its 102nd cargo on November 15, 2023. Q3 2023 Distributable Adjusted EBITDA1 from FLNG Hilli was $77 million, of which Golar’s share was $73 million, a $6 million decrease compared to Q2 2023, due to lower Brent oil and Dutch Title Transfer Facility (“TTF”) prices. For the remainder of 2023 and 2024, the locked in TTF Distributable Adjusted EBITDA1 as a result of the effective unwinding of prior TTF hedges, which will be in addition to Golar’s share of tolling fees and market linked Brent oil and TTF exposures, will be allocated as follows: October-December 2023: 100% of TTF linked production unwound securing approximately $23 million of Distributable Adjusted EBITDA1; andFull 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. As the TTF hedges have been effectively unwound and secured, Golar remains fully exposed to TTF prices, with additional Distributable Adjusted EBITDA1 of around $9 million expected for Q4 2023. For 2024, based on a forward price of $15.00/MMBtu, Golar expects additional Distributable Adjusted EBITDA1 of $39 million, increasing or decreasing by $3.2 million per annum for every dollar change in TTF. FLNG Gimi: Sailed from Seatrium shipyard in Singapore on November 19, 2023, heading for its operational location offshore Mauritania and Senegal. Construction, pre-commi...