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Golar LNG reports Q1 results

LNG Industry,

Golar LNG reported a net income of US$ 13 million for the first quarter of 2014, compared to US$ 85.56 million in 2013. This included a non-cash loss of US$ 10.1 million on interest rate swaps. The company said that EBITDA generated in the quarter amounted to US$ 33.1 million.

Q1 highlights

In February, Golar LNG took delivery of the Samsung Heavy Industries-built 170 000 m3 floating storage and regasification unit (FSRU) Golar Igloo. At the end of March, the company completed the sale of the FSRU to Gloar LNG Partners for US$ 310 million.

The company concluded financing for four of its remaining five unfinanced newbuilds.

A statement from the Golar LNG said the following: “Continuing underperformance of global LNG production has resulted in negative growth and a lack of available cargos. This, together with few inter-basin arbitrage opportunities, means the spot and short term chartering market remains challenging.”

Subsequent events

Golart LNG took delivery of its third Samsung Heavy Industries-built LNG carrier Golar Crystal on May 15.

The company is on track to complete and fund key contracts for the order of its first floating LNG (FLNG) production unit, the 125 000 m3 Hilli, in Q2 2014.


Edited from various sources by Ted Monroe

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