Press release
Interim results for the period ended June 30, 2024
Highlights and subsequent events Golar LNG Limited (“Golar” or “the Company”) signed an agreement for a 20-year FLNG deployment in Argentina. Strong progress
About this update from Golar Lng Limited
[{"type":"text","content":"Highlights and subsequent events Golar LNG Limited (“Golar” or “the Company”) signed an agreement for a 20-year FLNG deployment in Argentina. Strong progress on further FLNG opportunities.Golar and bp entered into commercial reset arrangements for FLNG Gimi for the pre-Commercial Operations Date (“Pre-COD”) period, enabling refinancing at improved terms which is expected to release liquidity of up to $0.5 billion.Finalization of yard EPC and payment terms agreed in preparation for contracting of 3.5mtpa MKII FLNG.Golar reports Q2 2024 (“Q2” or “the quarter”) Net income attributable to Golar of $26 million, and Adjusted EBITDA1 of $59 million.Adjusted EBITDA backlog1 of approximately $11 billion, including existing and redeployment charters for FLNGs Hilli and Gimi, before commodity exposure. FLNG Hilli Episeyo maintains market leading operational track record. Cumulative production to date surpasses 8 million tons.Declared dividend of $0.25 per share for the quarter. FLNG Hilli Episeyo: Maintained her market leading operational track record, generating $69 million of Q2 Distributable Adjusted EBITDA1, of which Golar’s share was $64 million, both in line with Q1, 2024. FLNG Gimi: In August 2024, Golar and the Greater Tortue Area (“GTA”) operator, a subsidiary of BP p.l.c. (“bp”), executed agreements simplifying and settling previous disputes related to payment mechanisms for pre-COD contractual cashflows (“the commercial reset”). Golar is now contractually entitled to receive daily payments from January 10, 2024 until the Commercial Operations Date (“COD”). The daily payments have step-up mechanisms based on project milestones up to COD and are secured by long-stop dates. Golar will also be entitled to certain lump-sum bonus payments subject to the achievement of certain project milestones. Under the new arrangements and based on the operator’s latest timeline, Golar expects to receive approximately $220 million across 2024 and 2025 in pre-COD compensation inclusive of milestone bonuses, of which approximately $130 million will be invoiced in 2024. The $110 million that Golar has paid bp in liquidated damages for the period up until January 10, 2024 will remain with bp. It is expected that this pre-COD compensation, net of already paid liquidated damages, will be deferred on the balance sheet. The FLNG Gimi is moored at the GTA H...