Press release
Interim results for the period ended September 30, 2024
Highlights and subsequent events Final Investment Decision (“FID”) for MK II 3.5mtpa FLNG for delivery within 2027. Received reservation notice for FLNG Hilli
About this update from Golar Lng Limited
[{"type":"text","content":"Highlights and subsequent events Final Investment Decision (“FID”) for MK II 3.5mtpa FLNG for delivery within 2027. Received reservation notice for FLNG Hilli under definitive agreements with Pan American Energy (“PAE”) for 20-year FLNG deployment in Argentina. Strong progress on FLNG commercial opportunities.Agreed commercial reset of pre-COD contract mechanisms with bp for FLNG Gimi (“the commercial reset”).FLNG Hilli maintains market-leading operational track record. Golar reports a Q3 2024 (“Q3” or “the quarter”) Net loss of $36 million, a Net profit of $54 million excluding $90 million of market adjusted non-cash items, and Adjusted EBITDA1 of $59 million.Adjusted EBITDA backlog1 of approximately $11 billion, including existing and redeployment charters for our existing FLNGs Hilli and Gimi, before commodity exposure. Issued $300 million five-year senior unsecured bond.Declared dividend of $0.25 per share for the quarter. FLNG Hilli: Maintained market leading operational track record, generating $73 million of Q3 Distributable Adjusted EBITDA1, of which Golar’s share was $68 million. 122nd LNG cargo export in progress. FLNG Gimi: Following the commercial reset reached in August 2024, Golar is now contractually entitled to receive daily payments for the period from January 10, 2024 until the Commercial Operations Date (“COD”). 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. Of this, $78 million has been received in 2024 to date. This pre-COD compensation, net of $110 million of liquidated damages already paid to bp, will be deferred on the balance sheet. Golar, bp and Kosmos Energy Ltd. agreed to use an LNG cargo to accelerate the commissioning schedule. In October 2024 the LNG carrier British Sponsor started to introduce gas to the FLNG Gimi. FLNG commissioning is now underway and will continue to utilize gas from the accelerated commissioning cargo until the bp FPSO is ready to send gas to the FLNG Gimi. Commissioning activity will then further ramp up. Based on the latest project schedule, COD is expected within 1H 2025. COD will trigger the start of the 20-year Lease and Operate Agreement that unlocks the equi...