Golar LNG post interim results

Highlights

• Golar LNG Partners LP reports net income attributable to unit holders of US$23.6 million and operating income of US$54.9 million for the first quarter of 2017.
• Generated distributable cash flow of US$36.4 million1 for the first quarter with a distribution coverage ratio of 0.891.
• Issued new US$250 million LIBOR plus 6.25% senior unsecured bond in the Nordic market principally to refinance existing bond indebtedness.
• Issued 5.175 million new common units together with 0.1 million general partner units raising gross proceeds of US$119.4 million.
• Secured new LNG carrier contract for LNG carrier Golar Grand.

Golar LNG Partners LP has reported net income attributable to unit holders of US$23.6 million and operating income of US$54.9 million for the first quarter of 2017, as compared to net income attributable to unit holders of US$71.4 million and operating income of US$72.1 million for the fourth quarter of 2016 and net income attributable to unit holders of $16.8 million and operating income of US$56.1 million for the first quarter of 2016.

As anticipated, total operating revenues decreased, from US$114.9 million in the fourth quarter to US$101.4 million in the first quarter. The US$13.5 million decrease is largely due to two scheduled events. Firstly, the winter down-time period for the FSRU Golar Igloo during January and February and secondly, in anticipation of her new charter, the LNG carrier Golar Grand was taken out of layup and dry-docked, which resulted in 46 days off-hire during 1Q.

Operating expenses at US$17.1 million were US$3.7 million higher than the prior quarter. A general increase in repairs and maintenance costs, in particular in relation the Golar Igloo during the winter down-time period, together with mobilising crew and preparing the Golar Grand for reactivation account for most of the increase.

Administration costs and depreciation and amortisation at US$2.6 million and US$24.8 million respectively, were in line with 4Q.

Read the article online at: https://www.lngindustry.com/liquefaction/30062017/golar-lng-post-interim-results/