Golar LNG Ltd has announced its financial results for 1H15, which has shown that the construction of the Hilli FLNG project is on track and within budget. The report also showed a weak market for chartering of LNG shipping and low fleet utilisation.
In 2Q15, the company generated a net loss of US$0.2 million, and utilisation of the Golar fleet declined from 46% in 1Q15 to 33% in 2Q15.
Golar LNG also saw a US$21.0 million decrease in underlying EBITDA from a loss of US$4.3 million in 1Q15 to a loss of US$25.3 million in 2Q15.
Although charter rates in the short-term market generally decreased and remained low for 2Q15, some fluctuations within a certain band were noted. Charter rates were recorded on average in the low/mid US$20 000's per day for steam vessels while TFDE vessels noted average headline rates in the low Us$30 000's per day, mostly with Ballast Bonus equivalent to fuel cost only to the nearest of Singapore, Gibraltar or Fujairah. Much of the spot business concluded has revolved around cargo tenders from both sellers and buyers.
As of end-July, overall Hilli FLNG project progress remained on schedule and expenditure for the quarter was in accordance with the approved budget. During the quarter sponson construction, assembly, blasting and painting work progressed. At the end of July, the overall project was calculated to be 60% complete.
Edited from press release by Angharad Lock
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/27082015/golar-lng-interim-results-for-1h15-1311/