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Golar LNG Limited releases latest results

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LNG Industry,


Golar LNG Limited has released interim results for the period ended 30 June 2018.

Highlights

  • Golar LNG Limited reports net income of US$36.3 million for Q2 2018.
  • EBITDA1 for the quarter was US$98.9 million, including US$94.7 million of unrealised Brent oil linked mark-to-market derivative income related to the FLNG Hilli Episeyo contract and US$10.0 million of costs in connection with the dissolution of OneLNG S.A.
  • Golar Power Limited's affiliate, CELSE, closed a US$1.34 billion financing facility for the Sergipe project.
  • The company entered into an agreement and exchanged Heads of Terms with BP for delivery of a Tortue project FLNG vessel.
  • Received an interim payment of US$10.0 million from former charterers of the FSRU Golar Tundra.
  • The shipping fleet records Time Charter Equivalent1 (TCE) earnings of US$19 600 per day.
  • FLNG Hilli Episeyo commenced operations. Acceptance certificate signed by charterers Perenco and SNH on 2 June, effective 31 May.
  • Closed FLNG Hilli Episeyo post-acceptance US$960 million lease financing, an increase of US$320 million from the pre-delivery financing.
  • Dividend payment for Q2 increased from US$0.05 to US$0.125 per share reflecting commencement of Hilli Episeyo contract, reduced overall capital commitments, and stronger financial position.

Subsequent Events

  • Completed the sale of initial equity interest in Golar Hilli LLC to Golar LNG Partners LP.
  • FLNG Hilli Episeyo achieved 100% commercial uptime following acceptance. Offload of 6th cargo expected shortly.
  • Strong improvement in shipping market. Expecting, Q3 2018 TCE1 to be at least double Q2 TCE1.

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/24082018/golar-lng-limited-releases-latest-results/

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