[FORM 6-K Filing Information](index=1&type=section&id=FORM%206-K%20Filing%20Information) This Form 6-K report for Golar LNG Limited includes the Overview, Operating and Financial Review, and unaudited consolidated financial statements for Q1 2025, incorporated by reference into the Company's Form F-3 ASR registration statement [Filing Details](index=1&type=section&id=Filing%20Details) This section details the Form 6-K filing, including the Q1 2025 financial review and statements, incorporated by reference into the F-3 ASR registration statement - The report includes the Overview, Operating and Financial Review, and unaudited consolidated financial statements for the three months ended March 31, 2025[3](index=3&type=chunk) - The information in this 6-K report is incorporated by reference into the Company's registration statement on Form F-3 ASR (File No. 333-271027)[4](index=4&type=chunk) [Signatures](index=2&type=section&id=Signatures) The report was signed by Eduardo Maranhão, Principal Financial Officer of Golar LNG Limited, on June 6, 2025 - The report was signed by Eduardo Maranhão, Principal Financial Officer, on June 6, 2025[8](index=8&type=chunk) [UNAUDITED INTERIM FINANCIAL REPORT](index=3&type=section&id=UNAUDITED%20INTERIM%20FINANCIAL%20REPORT) This section presents the unaudited interim financial report, including forward-looking statements and management's discussion and analysis [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This section cautions that forward-looking statements are subject to risks and uncertainties, and actual results may differ materially, advising against undue reliance - Forward-looking statements are subject to significant uncertainties and contingencies, and actual results may differ materially from projections[12](index=12&type=chunk)[14](index=14&type=chunk) - Key risk factors include the ability to meet obligations for the GTA Project (FLNG Gimi) and FLNG Hilli, securing financing for MKII FLNG, global economic trends, and changes in tolling rates[13](index=13&type=chunk) - The company assumes no obligation to revise or update any forward-looking statements unless required by law[15](index=15&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=5&type=section&id=Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's discussion and analysis of Golar's financial condition and results of operations [Overview](index=5&type=section&id=Overview) Golar's strategy focuses on market-leading FLNG operations, leveraging balance sheet flexibility to maximize shareholder returns through accretive projects - Golar's strategy is to provide market-leading FLNG operations and maximize shareholder returns through accretive FLNG projects[18](index=18&type=chunk) - The company offers a proven, quick, low-cost, and low-risk solution for natural gas liquefaction to resource holders[18](index=18&type=chunk) [Recent and Other Developments](index=5&type=section&id=Recent%20and%20Other%20Developments) Recent developments include 20-year FLNG deployment agreements in Argentina, a Q1 2025 dividend declaration, and the annual general meeting [20-year FLNG deployment projects in Argentina](index=5&type=section&id=20-year%20FLNG%20deployment%20projects%20in%20Argentina) Golar secured 20-year FLNG deployment agreements in Argentina for FLNG Hilli and MKII FLNG, totaling 5.95 mtpa capacity with fixed annual charter hires - Golar executed 20-year agreements for **5.95 mtpa** liquefaction capacity in Argentina[20](index=20&type=chunk) - FLNG Hilli redeployment reached FID, with commercial operations expected in **2027**, generating **$285 million** fixed annual charter hire plus commodity-linked tariff[20](index=20&type=chunk) - Definitive agreements for MKII FLNG charter signed, with commercial operation expected in **2028**, generating **$400 million** fixed annual charter hire plus commodity-linked tariff[21](index=21&type=chunk) [Dividends](index=5&type=section&id=Dividends) Golar declared a Q1 2025 dividend of $0.25 per share, payable around June 10, 2025 Dividend Declaration (Q1 2025) | Metric | Value | | :----- | :---- | | Dividend per share | $0.25 | | Record Date | June 3, 2025 | | Payment Date | On or around June 10, 2025 | [2025 Annual General Assembly](index=6&type=section&id=2025%20Annual%20General%20Assembly) The 2025 Annual General Assembly re-elected and appointed directors, re-appointed auditors, and approved director remuneration - Re-elected Tor Olav Trøim, Daniel Rabun, Carl Steen, Niels Stolt-Nielsen, and Lori Wheeler Naess as directors[22](index=22&type=chunk) - Appointed Benoît de la Fouchardiere (CEO of Dixstone, Board member of African Energy Chamber) and Mi Hong Yoon (Company Secretary, Managing Director of Golar Management (Bermuda) Limited) as new directors[22](index=22&type=chunk)[23](index=23&type=chunk)[24](index=24&type=chunk) - Re-appointed Ernst & Young LLP as auditors and approved director remuneration for the year ending December 31, 2025[22](index=22&type=chunk) [Operating and Financial Review](index=6&type=section&id=Operating%20and%20Financial%20Review) Golar exited shipping in Q1 2025, reclassifying activities to Corporate and other; consolidated Adjusted EBITDA decreased due to lower derivative gains and shipping revenues - Golar exited shipping operations in Q1 2025 with the sale of Golar Arctic and conversion of Fuji LNG, reclassifying all legacy shipping activities to the Corporate and other segment[26](index=26&type=chunk) [Consolidated Results of Operations](index=6&type=section&id=Consolidated%20Results%20of%20Operations) Consolidated net income and Adjusted EBITDA significantly decreased in Q1 2025, driven by reduced derivative gains, lower revenues, and increased expenses Consolidated Financial Highlights (Q1 2025 vs. Q1 2024) | (in thousands of $) | 2025 | 2024 | Change (YoY) | | :------------------------------------------ | :----- | :----- | :----------- | | Net income | 12,939 | 66,495 | (53,556) | | Adjusted EBITDA | 40,936 | 63,587 | (22,651) | | Unrealized loss/(gain) on oil and gas derivative instruments | (25,001) | 2,148 | (27,149) | | Interest income | (8,699) | (10,026) | 1,327 | | (Loss)/gain on derivative instruments, net | (6,795) | 6,202 | (12,997) | | Net (income)/loss from equity method investments | (10,209) | 214 | (10,423) | - Adjusted EBITDA decreased by **$22.7 million**, primarily due to a **$12.9 million** reduction in realized gains on oil and gas derivative instruments (following TTF swaps maturity), a **$2.5 million** decline in total operating revenues (due to Golar Arctic disposal), and increased administrative and project development expenses[33](index=33&type=chunk) - Unrealized loss on FLNG Hilli's oil derivative instrument increased by **$43.2 million** due to volatility in future Brent crude oil price curve[29](index=29&type=chunk) - Net income from equity method investments increased by **$10.4 million**, primarily due to the gain on disposal of shareholding in Avenir[32](index=32&type=chunk) [FLNG Segment](index=9&type=section&id=FLNG%20Segment) The FLNG segment's Adjusted EBITDA decreased in Q1 2025, primarily due to reduced realized gains on derivatives and lower FLNG tariffs, alongside increased project development expenses FLNG Segment Performance (Q1 2025 vs. Q1 2024) | (in thousands of $) | 2025 | 2024 | Change (YoY) | | :------------------------------------------ | :----- | :----- | :----------- | | Total operating revenues | 55,688 | 56,368 | (680) | | Realized gain on oil and gas derivative instruments, net | 21,213 | 34,147 | (12,934) | | Project development expenses | (2,351) | (1,085) | (1,266) | | Adjusted EBITDA | 55,177 | 70,175 | (14,998) | | FLNG tariff, net | 72,931 | 86,501 | (13,570) | - Realized gain on FLNG Hilli's oil derivative instrument decreased by **$4.9 million** due to a lower three-month look-back average oil price (**$75.56/barrel** in 2025 vs. **$81.74/barrel** in 2024)[38](index=38&type=chunk) - Realized gain on FLNG Hilli's gas derivative instrument increased by **$4.4 million** due to a higher one-month look-back average TTF price (**€47.80** in 2025 vs. **€30.33** in 2024)[38](index=38&type=chunk) - Realized MTM adjustment on commodity swap derivatives decreased by **$12.4 million** due to the maturity of TTF swaps on December 31, 2024, with no new swaps entered[38](index=38&type=chunk) - Project development expenses increased by **$1.3 million**, primarily due to higher costs for pursuing FLNG contracting opportunities in Argentina[40](index=40&type=chunk) [Corporate and Other Segment](index=10&type=section&id=Corporate%20and%20Other%20Segment) The Corporate and other segment's Adjusted EBITDA loss increased in Q1 2025, driven by lower revenues from asset sales, higher administrative expenses, and other operating losses Corporate and Other Segment Performance (Q1 2025 vs. Q1 2024) | (in thousands of $) | 2025 | 2024 | Change (YoY) | | :------------------------------------------ | :----- | :----- | :----------- | | Total operating revenues | 6,814 | 8,591 | (1,777) | | Administrative expenses | (8,999) | (6,604) | (2,395) | | Other operating loss | (1,403) | — | (1,403) | | Project development expenses | (968) | 273 | (1,241) | | Adjusted EBITDA | (14,241) | (6,588) | (7,653) | - Total operating revenues decreased by **$1.8 million**, mainly due to the absence of time charter revenue from the Golar Arctic (sold in March 2025), partially offset by increased revenue from Fuji LNG and Italis LNG[42](index=42&type=chunk)[46](index=46&type=chunk) - Administrative expenses increased by **$2.4 million**, primarily due to a **$2.1 million** increase in employee compensation and benefits[43](index=43&type=chunk) - Other operating loss of **$1.4 million** was due to a **$0.9 million** credit loss allowance on the Higas shareholder loan and a **$0.5 million** loss on disposal of the Golar Arctic[44](index=44&type=chunk) [Liquidity and Capital Resources](index=11&type=section&id=Liquidity%20and%20Capital%20Resources) Golar's liquidity needs for debt, working capital, and FLNG projects are expected to be met by existing cash, operations, and planned initiatives, with improved cash flows across all activities - Short-term liquidity requirements include debt servicing, working capital, FLNG modification, FLNG Hilli redeployment capital expenditures, and MKII FLNG conversion projects[47](index=47&type=chunk) - Golar believes existing cash, cash equivalents, short-term bank deposits, cash flow from operations, and planned liquidity-enhancing initiatives will be sufficient for at least the next 12 months[47](index=47&type=chunk) Cash and Cash Equivalents (as of March 31, 2025) | Metric | Amount (in thousands of $) | | :----- | :------------------------- | | Cash and cash equivalents (including short-term deposits) | 694,300 | | Restricted cash | 172,900 | [Short-term Liquidity Requirements and Resources](index=11&type=section&id=Short-term%20Liquidity%20Requirements%20and%20Resources) Golar's short-term liquidity needs for debt, working capital, and FLNG project expenditures are expected to be covered by existing cash, operations, and planned initiatives - Liquidity requirements include servicing debt, working capital, potential investments, FLNG modification, FLNG Hilli redeployment capital expenditures, and MKII FLNG conversion projects[47](index=47&type=chunk) - Existing cash, cash equivalents, short-term bank deposits, cash flow from operations, and planned liquidity-enhancing initiatives (e.g., FLNG Gimi sale leaseback) are expected to be sufficient for the next 12 months[47](index=47&type=chunk) - As of March 31, 2025, cash and cash equivalents (including short-term deposits) totaled **$694.3 million**, with **$172.9 million** being restricted cash[48](index=48&type=chunk) [Transactions Impacting Cash Flows (Since March 31, 2025)](index=11&type=section&id=Transactions%20Impacting%20Cash%20Flows%20(Since%20March%2031%2C%202025)) Post-Q1 2025, Golar received significant cash inflows from Gimi LOA and FFH equity, while making substantial payments for MKII FLNG, Gimi, and loan repayments - Receipts include **$40.5 million** of pre-commissioning contractual cash flows for the Gimi LOA and **$2.0 million** proceeds from First FLNG Holdings' equity subscription in Gimi MS Corporation[51](index=51&type=chunk) - Payments include **$124.5 million** for MKII FLNG, **$78.4 million** for Gimi, **$32.8 million** in scheduled loan and interest repayments, and **$0.3 million** drawdown under the Higas revolving shareholder loan[51](index=51&type=chunk) [Security, Debt and Lease Restrictions](index=11&type=section&id=Security%2C%20Debt%20and%20Lease%20Restrictions) Golar's financing agreements are collateralized by vessel liens and impose various operating and financing restrictions, with the company in compliance with all loan covenants as of March 31, 2025 - Financing agreements are collateralized by vessel liens and impose restrictions on incurring additional indebtedness, creating liens, selling capital shares, making investments, and distributing dividends[50](index=50&type=chunk) - As of March 31, 2025, Golar was in compliance with all covenants under its loan agreements, including maintaining a positive working capital ratio, tangible net worth, and at least **$50.0 million** in consolidated cash and cash equivalents[49](index=49&type=chunk)[50](index=50&type=chunk) [Cash Flows](index=12&type=section&id=Cash%20Flows) Net cash from operating activities significantly increased in Q1 2025, while net cash used in investing and financing activities decreased, resulting in a net decrease in cash Consolidated Cash Flows (Q1 2025 vs. Q1 2024) | (in thousands of $) | 2025 | 2024 | Change (YoY) | | :------------------------------------------ | :----- | :----- | :----------- | | Net cash provided by operating activities | 100,577 | 36,471 | 64,106 | | Net cash used in investing activities | (61,965) | (102,443) | 40,478 | | Net cash used in financing activities | (60,881) | (65,471) | 4,590 | | Net decrease in cash and cash equivalents, restricted cash and short-term deposits | (22,269) | (131,443) | 109,174 | | Cash and cash equivalents, restricted cash and short-term deposits at the end of the period | 694,313 | 640,027 | 54,286 | - Operating cash flow increase was primarily due to an **$87.1 million** increase in FLNG Gimi's pre-COD contractual cash flows[54](index=54&type=chunk) - Investing cash flow improvement was due to **$81.9 million** in cash inflows from related party loan repayment and proceeds from equity method investments/long-lived asset sales, partially offset by increased capital expenditure for FLNG conversion projects[56](index=56&type=chunk)[57](index=57&type=chunk) - Financing cash flow decrease was mainly due to the absence of treasury share purchases (**$14.2 million** in Q1 2024), partially offset by a **$12.0 million** increase in debt repayments[59](index=59&type=chunk) [UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS](index=14&type=section&id=UNAUDITED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) This section presents Golar's unaudited consolidated financial statements for the three months ended March 31, 2025 [INDEX TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS](index=14&type=section&id=INDEX%20TO%20THE%20UNAUDITED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) This index lists the unaudited consolidated statements of operations, comprehensive income, balance sheets, cash flows, and changes in equity for Q1 2025 and 2024 - The index lists the unaudited consolidated statements of operations, comprehensive income, balance sheets, cash flows, and changes in equity for the three months ended March 31, 2025 and 2024[61](index=61&type=chunk) [UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS](index=15&type=section&id=UNAUDITED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) Golar reported a significant decrease in net income and operating income in Q1 2025, primarily due to losses on oil and gas derivative instruments Unaudited Consolidated Statements of Operations (Q1 2025 vs. Q1 2024) | (in thousands of $, except per share data) | 2025 | 2024 | | :------------------------------------------ | :----- | :----- | | Total operating revenues | 62,502 | 64,959 | | Total operating expenses | (54,014) | (47,995) | | Realized and unrealized (loss)/gain on oil and gas derivative instruments | (3,788) | 36,295 | | Operating income | 3,297 | 53,259 | | Net financial (loss)/income | (388) | 13,588 | | Net income | 12,939 | 66,495 | | Net income attributable to stockholders of Golar LNG Limited | 8,197 | 55,220 | | Basic and diluted earnings per share ($) | 0.08 | 0.53 | [UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME](index=16&type=section&id=UNAUDITED%20CONSOLIDATED%20STATEMENTS%20OF%20COMPREHENSIVE%20INCOME) Golar's comprehensive income significantly decreased in Q1 2025, reflecting lower net income and other comprehensive income components Unaudited Consolidated Statements of Comprehensive Income (Q1 2025 vs. Q1 2024) | (in thousands of $) | 2025 | 2024 | | :------------------------------------------ | :----- | :----- | | Net income | 12,939 | 66,495 | | Net other comprehensive income | 1,130 | 370 | | Comprehensive income | 14,069 | 66,865 | | Comprehensive income attributable to: Stockholders of Golar LNG Limited | 9,327 | 55,590 | | Non-controlling interests | 4,742 | 11,275 | [UNAUDITED CONSOLIDATED BALANCE SHEETS](index=17&type=section&id=UNAUDITED%20CONSOLIDATED%20BALANCE%20SHEETS) Total assets slightly increased as of March 31, 2025, driven by assets under development, while liabilities remained stable and equity saw a minor increase Unaudited Consolidated Balance Sheets (as of March 31, 2025 vs. December 31, 2024) | (in thousands of $) | March 31, 2025 | December 31, 2024 | | :------------------------------------------ | :------------- | :---------------- | | Total current assets | 744,038 | 739,866 | | Total assets | 4,375,825 | 4,367,677 | | Total current liabilities | (873,876) | (841,524) | | Total liabilities | (1,998,439) | (1,998,273) | | Stockholders' equity | (1,994,493) | (2,014,151) | | Non-controlling interests | (382,893) | (355,253) | | Total liabilities and equity | (4,375,825) | (4,367,677) | - Assets under development increased to **$2.486 billion** from **$2.261 billion**, reflecting ongoing FLNG conversion projects[67](index=67&type=chunk) - Vessels and equipment, net, decreased to **$967.1 million** from **$1.080 billion**, partly due to the reclassification of Fuji LNG to assets under development[67](index=67&type=chunk) [UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS](index=18&type=section&id=UNAUDITED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Net cash from operating activities significantly increased in Q1 2025, while net cash used in investing and financing activities decreased, resulting in a net decrease in cash Unaudited Consolidated Statements of Cash Flows (Q1 2025 vs. Q1 2024) | (in thousands of $) | 2025 | 2024 | | :------------------------------------------ | :----- | :----- | | Net cash provided by operating activities | 100,577 | 36,471 | | Net cash used in investing activities | (61,965) | (102,443) | | Net cash used in financing activities | (60,881) | (65,471) | | Net decrease in cash and cash equivalents, restricted cash and short-term deposits | (22,269) | (131,443) | | Cash and cash equivalents, restricted cash and short-term deposits at the end of the period | 694,313 | 640,027 | [UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY](index=20&type=section&id=UNAUDITED%20CONSOLIDATED%20STATEMENTS%20OF%20CHANGES%20IN%20EQUITY) Total equity increased as of March 31, 2025, reflecting net income, stock compensation, and equity subscriptions, partially offset by dividends and unit reacquisition Unaudited Consolidated Statements of Changes in Equity (Q1 2025 vs. Q1 2024) | (in thousands of $) | March 31, 2025 | March 31, 2024 | | :------------------------------------------ | :------------- | :------------- | | Balance at period start | 2,369,404 | 2,602,443 | | Net income | 12,939 | 66,495 | | Dividends | (26,146) | (27,804) | | Employee stock compensation | 3,015 | 2,738 | | Proceeds from subscription of equity interest in Gimi MS Corporation | 18,993 | 21,916 | | Other comprehensive income | 1,130 | 370 | | Total Equity at period end | 2,377,386 | 2,651,967 | [Notes to the Unaudited Condensed Consolidated Financial Statements](index=21&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes to the unaudited condensed consolidated financial statements [Note 1. General](index=21&type=section&id=Note%201.%20General) Golar, incorporated in Bermuda, focuses on FLNG operations with Hilli, Gimi, and MKII FLNG, pursuing liquidity initiatives for significant capital commitments - Golar's operations focus on designing, constructing, owning, and operating marine infrastructure for LNG liquefaction, storage, and offloading[77](index=77&type=chunk) - The fleet includes operational FLNG Hilli, FLNG Gimi undergoing commissioning, and MKII FLNG under conversion[77](index=77&type=chunk) - The company has significant capital expenditure commitments for MKII FLNG and FLNG Hilli redeployment, and is considering debt optimization, corporate debt issuance, and new loan facilities to strengthen liquidity[79](index=79&type=chunk)[80](index=80&type=chunk)[82](index=82&type=chunk) [Note 2. Accounting Policies](index=23&type=section&id=Note%202.%20Accounting%20Policies) Financial statements adhere to U.S. GAAP, with management's estimates and judgments for asset recoverability and derivative valuations inherently uncertain - Financial statements are prepared in accordance with U.S. GAAP and are consistent with the 2024 audited annual financial statements[83](index=83&type=chunk)[84](index=84&type=chunk) - Management's estimates and assumptions are used for asset recoverability, valuation of oil and gas derivative instruments, and other areas, which are subject to change[86](index=86&type=chunk) [Note 3. Recently Issued Accounting Standards](index=23&type=section&id=Note%203.%20Recently%20Issued%20Accounting%20Standards) Golar adopted ASU 2023-05 for joint ventures and is assessing other recently issued ASUs related to income tax, expense disaggregation, and debt - ASU 2023-05 (Business Combinations - Joint Venture Formations) was adopted, requiring a new basis of accounting for certain joint ventures[87](index=87&type=chunk) - The company is assessing the impact of ASU 2023-09 (Income Tax Disclosures), ASU 2024-03 (Expense Disaggregation), ASU 2024-04 (Debt with Conversion and Other Options), and ASU 2025-03 (Determining the Accounting Acquirer in VIE Acquisition)[88](index=88&type=chunk)[89](index=89&type=chunk) [Note 4. Segment Information](index=24&type=section&id=Note%204.%20Segment%20Information) Golar exited shipping in Q1 2025, reclassifying activities to the 'Corporate and other' segment, now operating with 'FLNG' as its primary reportable segment - Golar exited shipping operations in Q1 2025, reclassifying all legacy shipping activities to the 'Corporate and other' segment[90](index=90&type=chunk) - The company now operates in two reportable segments: 'FLNG' (FLNG vessels and projects) and 'Corporate and other' (legacy shipping, vessel management, administrative services, corporate overhead, other investments)[90](index=90&type=chunk)[94](index=94&type=chunk) Adjusted EBITDA Reconciliation (Q1 2025 vs. Q1 2024) | (in thousands of $) | 2025 | 2024 | | :------------------------------------------ | :----- | :----- | | Net income | 12,939 | 66,495 | | Income tax | 179 | 138 | | Depreciation and amortization | 12,638 | 12,476 | | Unrealized loss/(gain) on oil and gas derivative instruments | 25,001 | (2,148) | | Interest income | (8,699) | (10,026) | | Loss/(gain) on derivative instruments, net | 6,795 | (6,202) | | Other financial items, net | 2,292 | 2,640 | | Net (income)/losses from equity method investments | (10,209) | 214 | | Adjusted EBITDA | 40,936 | 63,587 | [Note 5. Revenue](index=26&type=section&id=Note%205.%20Revenue) Total operating revenues decreased in Q1 2025, with a slight decline in liquefaction services revenue and an increase in vessel management fees Revenue Disaggregation (Q1 2025 vs. Q1 2024) | (in thousands of $) | 2025 | 2024 | | :------------------------------------------ | :----- | :----- | | Liquefaction services revenue | 55,688 | 56,368 | | Vessel management fees and other revenues | 5,938 | 5,386 | | Time and voyage charter revenues | 876 | 3,205 | | Total operating revenues | 62,502 | 64,959 | Contract Assets and Liabilities (as of March 31, 2025 vs. December 31, 2024) | (in thousands of $) | March 31, 2025 | December 31, 2024 | | :------------------------------------------ | :------------- | :---------------- | | Contract assets | 18,415 | 19,696 | | Total contract liabilities | (5,349) | (6,365) | - Liquefaction services revenue includes base tolling fees, amortization of Day 1 gains, incremental base tolling fees, and amortization of deferred commissioning period revenue[100](index=100&type=chunk) [Note 6. Earnings Per Share](index=27&type=section&id=Note%206.%20Earnings%20Per%20Share) Basic and diluted earnings per share significantly decreased in Q1 2025, reflecting lower net income attributable to stockholders Earnings Per Share (Q1 2025 vs. Q1 2024) | Metric | 2025 | 2024 | | :----- | :--- | :--- | | Net income net of non-controlling interests - basic and diluted (in thousands of $) | 8,197 | 55,220 | | Weighted average number of common shares outstanding (Basic) | 104,596 | 104,236 | | Weighted average number of common shares outstanding (Diluted) | 105,114 | 104,679 | | Basic and diluted EPS ($) | 0.08 | 0.53 | [Note 7. Realized and Unrealized (Loss)/Gain on Oil and Gas Derivative Instruments](index=28&type=section&id=Note%207.%20Realized%20and%20Unrealized%20(Loss)%2FGain%20on%20Oil%20and%20Gas%20Derivative%20Instruments) Golar reported a combined realized and unrealized loss on oil and gas derivative instruments in Q1 2025, a significant reversal from a gain in Q1 2024 Realized and Unrealized (Loss)/Gain on Oil and Gas Derivative Instruments (Q1 2025 vs. Q1 2024) | (in thousands of $) | 2025 | 2024 | | :------------------------------------------ | :----- | :----- | | Realized gain on oil and gas derivative instruments | 21,213 | 34,147 | | Unrealized (loss)/gain on oil and gas derivative instruments | (25,001) | 2,148 | | Realized and unrealized (loss)/gain on oil and gas derivative instruments | (3,788) | 36,295 | - The commodity swaps hedging exposure to TTF-linked earnings on FLNG Hilli matured on December 31, 2024, resulting in no realized or unrealized MTM adjustments from these swaps in Q1 2025[110](index=110&type=chunk) - Unrealized (loss)/gain on oil and gas derivative instruments results from movements in forecasted oil and natural gas prices and Euro/U.S. Dollar exchange rates[111](index=111&type=chunk) [Note 8. (Loss)/Gain on Derivative Instruments and Other Financial Items, Net](index=28&type=section&id=Note%208.%20(Loss)%2FGain%20on%20Derivative%20Instruments%20and%20Other%20Financial%20Items%2C%20Net) Golar reported a net loss on derivative instruments in Q1 2025, primarily due to unrealized MTM losses on IRS derivatives and foreign exchange losses (Loss)/Gain on Derivative Instruments, Net (Q1 2025 vs. Q1 2024) | (in thousands of $) | 2025 | 2024 | | :------------------------------------------ | :----- | :----- | | Unrealized MTM adjustment for interest rate swap ("IRS") derivatives | (7,237) | 3,901 | | Net interest income on undesignated IRS derivatives | 442 | 2,301 | | (Loss)/gain on derivative instruments, net | (6,795) | 6,202 | Other Financial Items, Net (Q1 2025 vs. Q1 2024) | (in thousands of $) | 2025 | 2024 | | :------------------------------------------ | :----- | :----- | | Foreign exchange (loss)/gain on operations | (1,497) | 213 | | Financing arrangement fees and other related costs | (813) | (3,137) | | Amortization of debt guarantees | 62 | 419 | | Other financials items, net | (2,292) | (2,640) | - The increase in foreign exchange loss of **$1.7 million** was mainly driven by the weakening of the U.S. Dollar against the Norwegian Krone[35](index=35&type=chunk) [Note 9. Operating Leases](index=29&type=section&id=Note%209.%20Operating%20Leases) Total operating lease income decreased in Q1 2025, primarily due to a significant reduction in variable lease income Operating Lease Income (Q1 2025 vs. Q1 2024) | (in thousands of $) | 2025 | 2024 | | :------------------------------------------ | :----- | :----- | | Operating lease income | 596 | 1,447 | | Variable lease income | 280 | 1,758 | | Total operating lease income | 876 | 3,205 | [Note 10. Variable Interest Entities ("VIEs")](index=29&type=section&id=Note%2010.%20Variable%20Interest%20Entities%20(%22VIEs%22)) Golar consolidates three VIEs (Lessor, Golar Hilli LLC, Gimi MS Corporation) which significantly impact its balance sheet and cash flows - Golar leases FLNG Hilli from a Lessor VIE (CSSC entity) under a sale and leaseback agreement, with payment obligations totaling **$60.4 million** for the remaining nine months of 2025[115](index=115&type=chunk)[116](index=116&type=chunk) - Golar acquired **100%** of Hilli LLC's non-controlling interest on December 23, 2024, ceasing its classification as a VIE but continuing consolidation as a Voting Interest Entity[120](index=120&type=chunk) - Gimi MS Corporation, related to FLNG Gimi, is consolidated as a VIE where Golar is the primary beneficiary, with significant assets under development and cash flow impacts from debt repayments and equity subscriptions[122](index=122&type=chunk)[123](index=123&type=chunk) [Note 11. Restricted Cash and Short-term Deposits](index=31&type=section&id=Note%2011.%20Restricted%20Cash%20and%20Short-term%20Deposits) Total restricted cash and short-term deposits increased as of March 31, 2025, primarily due to FLNG Gimi pre-COD contractual cash flows and FLNG Hilli collateral Restricted Cash and Short-term Deposits (as of March 31, 2025 vs. December 31, 2024) | (in thousands of $) | March 31, 2025 | December 31, 2024 | | :------------------------------------------ | :------------- | :---------------- | | Restricted cash in relation to the FLNG Gimi | 81,315 | 58,107 | | Restricted cash in relation to the FLNG Hilli | 60,944 | 60,955 | | Restricted cash and short-term deposits held by lessor VIE | 16,745 | 17,472 | | Restricted cash relating to the LNG Hrvatska O&M Agreement | 12,850 | 12,715 | | Total restricted cash and short-term deposits | 172,879 | 150,198 | - Restricted cash for FLNG Gimi pre-commissioning contractual cash flows is utilized for debt service prior to COD and will be released upon achieving COD[124](index=124&type=chunk) - The **$60.9 million** cash collateral for FLNG Hilli's performance guarantee is expected to be released in Q2 2025 and has been reclassified to current restricted cash[125](index=125&type=chunk)[126](index=126&type=chunk) [Note 12. Other Current Assets](index=32&type=section&id=Note%2012.%20Other%20Current%20Assets) Other current assets decreased as of March 31, 2025, mainly due to a reduction in 'Other' receivables, including a waived dividend Other Current Assets (as of March 31, 2025 vs. December 31, 2024) | (in thousands of $) | March 31, 2025 | December 31, 2024 | | :------------------------------------------ | :------------- | :---------------- | | Prepaid expenses | 3,519 | 2,939 | | Interest receivable from money market deposits and bank accounts | 2,515 | 2,053 | | Receivable from IRS derivatives | 1,429 | 1,745 | | Inventories | 408 | 2,077 | | Other | 27,828 | 38,646 | | Other current assets | 35,699 | 47,882 | - Receivables from bp totaling **$23.4 million** (March 31, 2025) and **$31.6 million** (December 31, 2024) are included in 'Other'[128](index=128&type=chunk) [Note 13. Assets Under Development](index=32&type=section&id=Note%2013.%20Assets%20Under%20Development) Assets under development increased significantly as of March 31, 2025, reflecting capital expenditures for FLNG Gimi and MKII FLNG conversion projects Assets Under Development (as of March 31, 2025 vs. December 31, 2024) | (in thousands of $) | March 31, 2025 | December 31, 2024 | | :------------------------------------------ | :------------- | :---------------- | | FLNG Gimi | 1,800,944 | 1,762,632 | | MKII FLNG | 685,097 | 498,565 | | Total | 2,486,041 | 2,261,197 | - Additions to assets under development totaled **$121.9 million** in Q1 2025, with **$26.6 million** in capitalized interest costs[129](index=129&type=chunk) - The Fuji LNG vessel, the donor for MKII FLNG, was reclassified from 'Vessels and equipment, net' to 'Assets under development' at a net book value of **$76.3 million**[129](index=129&type=chunk)[140](index=140&type=chunk) [13.1. FLNG Gimi](index=32&type=section&id=13.1.%20FLNG%20Gimi) FLNG Gimi is expected to achieve COD in Q2 2025 with estimated conversion costs of $1.7 billion, following a resolved contract dispute with bp - FLNG Gimi's COD is expected in Q2 2025, with total expected conversion cost, including financing, of approximately **$1.7 billion**[131](index=131&type=chunk) - A Settlement Deed and Amendment Deed with bp resolved a contract interpretation dispute, realigning commissioning and simplifying pre-COD contractual cash flows[133](index=133&type=chunk)[134](index=134&type=chunk) - Net pre-COD contractual cash flows amounted to **$67.0 million** as of March 31, 2025, reflecting payments from bp partially offset by liquidated damages paid to bp[136](index=136&type=chunk)[138](index=138&type=chunk) [13.2. MKII FLNG](index=33&type=section&id=13.2.%20MKII%20FLNG) Golar entered an EPC agreement for MKII FLNG with CIMC, with the Fuji LNG vessel undergoing conversion and delivery expected in Q4 2027 at an estimated $2.2 billion budget - Golar approved an EPC agreement with CIMC for a MKII FLNG with an annual liquefaction capacity of **3.5 mtpa**[137](index=137&type=chunk) - The Fuji LNG donor vessel arrived at CIMC's yard in February 2025 for conversion, with its net book value of **$76.3 million** reclassified to 'Assets under development'[140](index=140&type=chunk) - The total estimated budget for the MKII FLNG conversion is **$2.2 billion**, excluding financing costs, with delivery expected in Q4 2027[142](index=142&type=chunk) Estimated Outstanding Payments for MKII FLNG Conversion | Period ending December 31, | Amount (in thousands of $) | | :------------------------- | :------------------------- | | 2025 (9 months) | 544,418 | | 2026 | 412,756 | | 2027 | 449,729 | | 2028 | 270,550 | | Total | 1,677,453 | [Note 14. Equity Method Investments](index=34&type=section&id=Note%2014.%20Equity%20Method%20Investments) Net income from equity method investments in Q1 2025 was primarily driven by a gain on the disposal of Avenir shares and a new investment in SESA Net Income/(Loss) from Equity Method Investments (Q1 2025 vs. Q1 2024) | (in thousands of $) | 2025 | 2024 | | :------------------------------------------ | :----- | :----- | | Share of net loss of other equity method investments | (79) | (214) | | Gain on disposal | 10,288 | — | | Net income/(loss) from equity method investments | 10,209 | (214) | Carrying Values of Equity Method Investments (as of March 31, 2025 vs. December 31, 2024) | (in thousands of $) | March 31, 2025 | December 31, 2024 | | :------------------------------------------ | :------------- | :---------------- | | Southern Energy S.A. ("SESA") | 9,783 | — | | Logística e Distribuição de Gás S.A. ("LOGAS") | 7,784 | 7,183 | | Egyptian Company for Gas Services S.A.E ("ECGS") | 5,511 | 5,502 | | Aqualung Carbon Capture AS ("Aqualung") | 2,011 | 2,046 | | Avenir LNG Limited ("Avenir") | — | 28,934 | | Equity method investments | 25,089 | 43,665 | - Golar divested its remaining **39.1 million** shares in Avenir in February 2025, recognizing a gain on disposal of **$10.3 million**[146](index=146&type=chunk) - Golar contributed **$9.8 million** to SESA, securing a **10%** equity interest and significant influence, with a remaining funding commitment of **$65.2 million**[145](index=145&type=chunk) [Note 15. Other Non-Current Assets](index=35&type=section&id=Note%2015.%20Other%20Non-Current%20Assets) Other non-current assets decreased as of March 31, 2025, mainly due to lower fair values of oil and gas derivative instruments and MTM assets on IRS derivatives Other Non-Current Assets (as of March 31, 2025 vs. December 31, 2024) | (in thousands of $) | March 31, 2025 | December 31, 2024 | | :------------------------------------------ | :------------- | :---------------- | | Oil derivative instrument | 46,116 | 58,676 | | Gas derivative instrument | 34,710 | 47,152 | | MTM asset on IRS derivatives | 26,181 | 32,995 | | Pre-operational assets | 8,968 | 8,782 | | Operating lease right-of-use-assets | 7,507 | 6,771 | | Other | 8,213 | 5,855 | | Other non-current assets | 131,695 | 160,231 | - Pre-operational assets include **$9.0 million** in capitalized engineering and other costs for Macaw Energies' F2X project, with a remaining funding commitment of **$1.1 million**[147](index=147&type=chunk) [Note 16. Debt](index=35&type=section&id=Note%2016.%20Debt) Total debt, net of deferred financing costs, decreased as of March 31, 2025, primarily comprising the Gimi facility, Unsecured Bonds, and CSSC VIE debt Total Debt (Gross) (as of March 31, 2025 vs. December 31, 2024) | (in thousands of $) | March 31, 2025 | December 31, 2024 | | :------------------------------------------ | :------------- | :---------------- | | Gimi facility | (656,250) | (670,833) | | 2021 Unsecured Bonds | (189,660) | (189,642) | | 2024 Unsecured Bonds | (300,000) | (300,000) | | CSSC VIE debt - FLNG Hilli facility | (293,852) | (314,466) | | Total debt (gross) | (1,439,762) | (1,474,941) | | Total debt, net of deferred financing costs | (1,418,816) | (1,452,255) | Debt Breakdown (as of March 31, 2025) | (in thousands of $) | Golar debt | VIE debt | Total debt | | :------------------------------------------ | :--------- | :------- | :--------- | | Current portion of long-term debt and short-term debt | (243,396) | (273,094) | (516,490) | | Long-term debt | (883,945) | (18,381) | (902,326) | | Total | (1,127,341) | (291,475) | (1,418,816) | [Note 17. Other Current Liabilities](index=36&type=section&id=Note%2017.%20Other%20Current%20Liabilities) Other current liabilities significantly increased as of March 31, 2025, primarily due to a rise in FLNG Gimi pre-COD contractual cash flows Other Current Liabilities (as of March 31, 2025 vs. December 31, 2024) | (in thousands of $) | March 31, 2025 | December 31, 2024 | | :------------------------------------------ | :------------- | :---------------- | | Pre-COD contractual cash flows | (67,042) | (23,842) | | Day 1 gain deferred revenue - current portion | (12,783) | (12,783) | | Deferred revenue | (4,220) | (5,360) | | Current portion of operating lease liability | (1,888) | (1,587) | | Other | (14,506) | (11,693) | | Other current liabilities | (100,439) | (55,265) | - Pre-COD contractual cash flows for FLNG Gimi increased to **$67.0 million**, reflecting a net deferred income position[150](index=150&type=chunk) [Note 18. Other Non-Current Liabilities](index=36&type=section&id=Note%2018.%20Other%20Non-Current%20Liabilities) Other non-current liabilities slightly decreased as of March 31, 2025, primarily including a VIE dividend payable and pension obligations Other Non-Current Liabilities (as of March 31, 2025 vs. December 31, 2024) | (in thousands of $) | March 31, 2025 | December 31, 2024 | | :------------------------------------------ | :------------- | :---------------- | | VIE dividend payable | (184,000) | (184,000) | | Pension obligations | (20,880) | (21,209) | | Non-current portion of operating lease liabilities | (5,922) | (5,124) | | Day 1 gain deferred revenue | (3,512) | (6,604) | | Deferred commissioning period revenue | (1,129) | (2,145) | | Other | (6,794) | (6,694) | | Other non-current liabilities | (222,237) | (225,776) | - The **$184.0 million** VIE dividend payable is unsecured, interest-free, and due for payment in 2026[151](index=151&type=chunk) [Note 19. Financial Instruments](index=37&type=section&id=Note%2019.%20Financial%20Instruments) Golar values financial instruments using a fair value hierarchy, with 2024 Unsecured Bonds reclassified to Level 1, and holds significant interest rate swap positions - Fair value estimates are recognized using a three-level hierarchy based on input reliability[155](index=155&type=chunk) - The fair value hierarchy for 2024 Unsecured Bonds transferred from Level 2 to Level 1 in March 2025 due to their listing on the Oslo Børs[160](index=160&type=chunk) - As of March 31, 2025, Golar was party to interest rate swap transactions with a notional value of **$408.3 million**, receiving floating rates and paying a fixed rate of **1.93%** until November 2029[163](index=163&type=chunk) [Note 20. Related Party Transactions](index=38&type=section&id=Note%2020.%20Related%20Party%20Transactions) Amounts due from related parties significantly decreased as of March 31, 2025, primarily due to the full repayment of a shareholder loan from First FLNG Holdings Amounts Due from Related Parties (as of March 31, 2025 vs. December 31, 2024) | (in thousands of $) | March 31, 2025 | December 31, 2024 | | :------------------------------------------ | :------------- | :---------------- | | Higas | 5,754 | 6,006 | | Avenir | 1,666 | 1,733 | | First FLNG Holdings | — | 18,621 | - First FLNG Holdings repaid its **$20.0 million** shareholder loan and accrued interest in full on March 28, 2025[167](index=167&type=chunk) - An allowance for credit losses of **$0.9 million** was recognized on the Higas shareholder loan due to uncertainty regarding Higas' potential inclusion in Sardinia's regulatory framework[165](index=165&type=chunk) [Note 21. Other Commitments and Contingencies](index=38&type=section&id=Note%2021.%20Other%20Commitments%20and%20Contingencies) The book value of vessels secured against loans was $965.4 million as of March 31, 2025, excluding FLNG Gimi, which is secured against its own debt facility Assets Pledged (as of March 31, 2025 vs. December 31, 2024) | (in thousands of $) | March 31, 2025 | December 31, 2024 | | :------------------------------------------ | :------------- | :---------------- | | Book value of vessels secured against loans | 965,445 | 977,326 | - FLNG Gimi is classified as an 'Asset under development' and is secured against its specific debt facility[168](index=168&type=chunk) [Note 22. Subsequent Events](index=39&type=section&id=Note%2022.%20Subsequent%20Events) Subsequent events include 20-year FLNG deployment agreements in Argentina for FLNG Hilli and MKII FLNG, and a Q1 2025 dividend declaration - On May 2, 2025, Golar announced 20-year agreements for FLNG Hilli and MKII FLNG deployment in Argentina, totaling **5.95 mtpa** liquefaction capacity[169](index=169&type=chunk)[170](index=170&type=chunk) - FLNG Hilli's commercial operations are expected in **2027**, with **$285 million** fixed annual charter hire plus commodity-linked tariff[169](index=169&type=chunk) - MKII FLNG's commercial operations are expected in **2028**, with **$400 million** fixed annual charter hire plus commodity-linked tariff[170](index=170&type=chunk) - In May 2025, a dividend of **$0.25** per share was declared for Q1 2025, payable around June 10, 2025[171](index=171&type=chunk)

Financial Performance - Golar LNG Limited (GLNG) reported first-quarter 2025 earnings of 38 cents per share, surpassing the Zacks Consensus Estimate of 29 cents, but showing a year-over-year decline [1] - Revenues for the quarter were $62.5 million, missing the Zacks Consensus Estimate of $66.5 million, and reflecting a 3.8% decline year over year [1] - Adjusted EBITDA was $40.9 million, which represents a 36% decline compared to the previous year [4] Financing Activities - In March 2025, GLNG signed finance lease agreements valued at approximately $1.2 billion with a consortium of Chinese leasing companies, with completion expected by the end of Q2 2025 [2] - The sale and leaseback facility has a tenure of 12 years and features a 17-year amortization profile, with quarterly repayment installments throughout the lease period [3] - Upon completion and repayment of the existing debt facility, Gimi MS Corporation is expected to generate net proceeds of nearly $530 million, of which GLNG anticipates receiving about 70%, equating to approximately $371 million [3][4] Cash Position and Debt - As of March 31, 2025, GLNG had cash and cash equivalents of $521.43 million, down from $566.38 million at the end of the previous quarter [5] - The company's share of contractual debt increased by 24% to $1.49 billion at the end of the reported quarter [5] Dividend Declaration - GLNG's board of directors approved a first-quarter 2025 dividend of 25 cents per share, scheduled to be paid on or around June 10, 2025, to shareholders of record as of June 3, 2025 [5] Industry Comparison - In the same industry, Vista Energy S.A.B. de CV reported adjusted earnings per share of 79 cents, missing the Zacks Consensus Estimate of 82 cents, but showing an increase from 49 cents in the prior year [8] - Eni S.p.A reported adjusted earnings from continuing operations of 92 cents per American Depository Receipt, beating the Zacks Consensus Estimate of 91 cents, but declining from $1.04 in the year-ago quarter [9]

Financial Data and Key Metrics Changes - The company reported total operating revenues of $63 million for Q1 2025, with FLNG tariffs reaching $73 million during the quarter [36] - Total EBITDA for Q1 was $41 million, driven largely by lower Brent and TTF prices, with a twelve-month EBITDA of $218 million [37] - The net income for the quarter was $13 million, consistent with the previous quarter, including $32 million of non-cash items [38] - The company declared a dividend of $0.25 per share, equating to approximately $105 million annually [38] Business Line Data and Key Metrics Changes - The Hilli FLNG maintained a 100% operational uptime and has delivered 132 cargoes since 2018, producing over 9.2 million tonnes of LNG [5][6] - The Gimi FLNG is in the final stage of commissioning, with a contractual EBITDA of $151 million based on 90% capacity utilization [7] - The Mark II FLNG conversion is progressing well, with a projected delivery by the end of 2027 [9] Market Data and Key Metrics Changes - The company has a market cap of approximately $4 billion and total net debt of under $100 million, with a net debt to EBITDA ratio of around 2.8x [5] - The LNG market is expected to grow significantly, with the U.S. being the largest producer, holding a 23% market share [21] Company Strategy and Development Direction - Golar LNG aims to transform into a market-leading infrastructure company with a focus on FLNG services, supported by a backlog of over $17 billion in EBITDA [11][72] - The company is targeting opportunities with competitive wellhead gas to secure attractive base tariffs with commodity upside participation [30] - The strategic focus includes risk mitigation in Argentina through regulatory frameworks and long-term contracts [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth potential, citing a strong backlog and favorable market conditions for LNG [60][67] - The board is open to exploring strategic alternatives if the share price does not reflect the company's value over time [90][94] Other Important Information - The company has fully exited LNG shipping with the sale of Golar Arctic and its equity stake in Avenir LNG [4] - The company is in discussions for potential new FLNG units and is ramping up shipyard activity to safeguard construction timelines [30][79] Q&A Session Summary Question: Could you touch on the overall commercial strategy for offtake on the Argentina projects? - The strategy involves a mix of Brent, JKM, and TTF linked volumes, with some left for spot sales, targeting high-paying countries near Argentina [76] Question: Is there any additional upside on the Argentina contracts for excess production? - The contracts are for full capacity, with no additional upside for excess production, similar to the Gimi contract [78] Question: When do you start thinking about ordering long lead items for another new build? - For conversions, the timeline is approximately three years, while new builds take about four years [79] Question: What is the JV's breakeven price for the commodity exposure? - The breakeven is assumed to start at $7.5, with upside from $8, and Golar is liable for 10% of the required investments for infrastructure [81][82] Question: Is the company considering strategic alternatives if the share price remains low? - The board is focused on creating value for shareholders and will consider options if the share price does not reflect the company's value over time [90][94] Question: Can you clarify any remaining CapEx associated with Gimi? - No material payments are expected in the second quarter, with revenues from Gimi to start contributing to the P&L upon commencement of operations [95]

Financial Data and Key Metrics Changes - The company achieved total operating revenues of $63 million in Q1 2025, with FLNG tariffs reaching $73 million for the quarter [34] - Total EBITDA for Q1 was $41 million, driven largely by lower Brent and TTF prices, with a twelve-month EBITDA of $218 million [35] - The net income for the quarter was $13 million, consistent with the previous quarter, including $32 million of non-cash items [36] - The company maintains a strong liquidity position with approximately $680 million in cash at the end of the quarter [36] Business Line Data and Key Metrics Changes - The Hilli FLNG unit maintained a 100% operational uptime and has delivered 132 cargoes since 2018, producing over 9.2 million tonnes of LNG [4][5] - The Gimi FLNG is in the final stages of commissioning, with a contractual EBITDA of $151 million based on 90% capacity utilization [6] - The Mark II FLNG conversion is progressing well, with a projected delivery by the end of 2027 [8][9] Market Data and Key Metrics Changes - The global LNG market is projected to grow significantly, with the U.S. being the largest producer, holding a 23% market share [21] - The delivered price of U.S. export projects is above $10 per MMBtu, while Golar's contracts in Argentina have a gross tariff of around $2.45 per MMBtu [22][24] Company Strategy and Development Direction - Golar LNG is focused on becoming a market-leading infrastructure company with a significant backlog of contracts, currently standing at $17 billion [11][69] - The company aims to secure additional FLNG units and is in discussions for potential projects with competitive wellhead gas [29] - The strategic focus includes risk mitigation through regulatory frameworks and maintaining a strong position in the LNG market [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth potential, citing a robust backlog and favorable market conditions for LNG [66] - The company anticipates significant additional EBITDA contributions from commodity price increases, with a focus on long-term contracts [15][17] - Management highlighted the importance of maintaining a strong team and innovative approaches to capture market opportunities [59][62] Other Important Information - The company declared a dividend of $0.25 per share for the quarter, with a record date of June 3 and payment scheduled for June 10 [36] - Golar has fully exited LNG shipping with the sale of Golar Arctic and its equity stake in Avenir LNG [3] Q&A Session Summary Question: Could you touch on the overall commercial strategy for offtake on the Argentina projects? - The strategy involves a mix of Brent, JKM, and TTF linked volumes, with some left for spot sales, targeting high-paying countries near Argentina [74] Question: Is there any additional upside on the base charter rate for excess production similar to the Gimi contract? - No, the charter for the Argentina project is for full capacity, with earnings above 90% captured through the shareholding in Southern Energy [76] Question: When do we start thinking about ordering the long lead items for another new build? - For Mark I and II, the conversion time is approximately three years, while Mark III would take about four years [77] Question: How do we think about the JV's breakeven price for the commodity exposure? - The breakeven is assumed to start at $7.5, with upside from $8, and Golar is liable for 10% of the required investments by CESA [78] Question: Is the company currently considering strategic alternatives if the share price stays low? - The focus remains on running the business, but the board will consider options if the share price does not reflect the company's value over time [84][90] Question: Can you clarify around any remaining CapEx associated with Gimi? - No material payments are expected in the second quarter, with revenues from Gimi to start contributing to the P&L upon commencement of operations [92]

Financial Performance & Backlog - Golar reported total operating revenues of $63 million in Q1 2025[68] - Adjusted EBITDA for Q1 2025 was $41 million[68] - Golar's Adjusted EBITDA backlog is approximately $17 billion, before commodity upside and inflationary adjustments[70, 88, 89] - Golar's share of contractual debt is $1495 million and Total Golar Cash is $678 million, resulting in Adjusted Net Debt of $817 million[68] FLNG Operations & Projects - FLNG Hilli has produced over 92 million tons of LNG since commercial operation date (COD)[10] - FLNG Gimi's COD is expected in Q2 2025, activating $151 million of annual Adjusted EBITDA to Golar[20] - Total spend to date on MKII FLNG is approximately $07 billion, fully equity funded, with project delivery scheduled for Q4 2027[25] Argentina & SESA Contracts - Golar has secured approximately $14 billion+ in Adjusted EBITDA backlog from Argentina contracts[32] - Golar's 10% shareholding in Southern Energy S A (SESA) adds approximately $28 million in annual Adjusted EBITDA commodity exposure per $1/MMBtu change in LNG FOB prices[38] - Commodity upside in Adjusted EBITDA of $70 million per year for every $1/MMBtu achieved FOB prices are above $8/MMBtu[35]

Core Insights - Golar LNG Limited has maintained a strong operational track record with FLNG Hilli, having offloaded 132 cargoes and produced over 9 million tons of LNG since operations began [2] - The company has concluded a Final Investment Decision (FID) for a 20-year redeployment of FLNG Hilli to Southern Energy in Argentina, which is expected to significantly enhance its earnings visibility [2][10] - Golar's financial performance for Q1 2025 shows a net income of $8 million and an Adjusted EBITDA of $41 million, indicating a decline compared to the previous year [7][22] Financial Performance - Q1 2025 net income attributable to Golar was $8 million, a decrease of 85% from $55.2 million in Q1 2024 [22] - Total operating revenues for Q1 2025 were $62.5 million, down 4% from $65.0 million in Q1 2024 [22] - Golar's share of contractual debt increased by 24% year-over-year to $1.495 billion as of March 31, 2025 [22] Operational Developments - FLNG Gimi is in the final stages of commissioning, with the Commercial Operations Date (COD) expected in Q2 2025, which will unlock approximately $3 billion in Adjusted EBITDA backlog for Golar [4][7] - The MKII FLNG conversion project is on schedule for a Q4 2027 delivery, with $0.7 billion already spent on the conversion [8][10] - Golar has signed definitive agreements for a 20-year charter for the MKII FLNG, which, combined with FLNG Hilli, will create one of the largest FLNG development projects globally with a capacity of 5.95 million tons per annum [7][11] Strategic Agreements - The two FLNG agreements with Southern Energy are projected to add $13.7 billion in Adjusted EBITDA backlog over 20 years, with inflationary adjustments and commodity-linked tariff upside [11][12] - Golar's 10% equity stake in SESA provides additional commodity exposure, equating to approximately $28 million in annual exposure for every $1/MMBtu change in achieved FOB prices [13][14] - The charter agreements are subject to strong legal protections under Argentina's Large Investments Incentive Scheme (RIGI), ensuring regulatory stability and security of exports [16][20] Debt and Financing - A $1.2 billion debt facility to refinance FLNG Gimi was signed with a consortium of Chinese leasing companies, expected to generate net proceeds of approximately $530 million for Golar [6] - Golar is exploring alternatives for asset-level financing for MKII FLNG following the secured FID [9] - As of March 31, 2025, Golar's total cash was $678 million, with a net debt position of $817 million after accounting for cash [28][39]

Group 1 - The company specializes in deep-dive equity research focused on the global shipping industry, providing actionable insights and real-time market analysis [1] - The research covers various segments of the shipping industry, including tankers, containerships, dry bulk, and LNG, aiming to uncover value that may be overlooked by others [1] - The company is trusted by top hedge funds, asset managers, and serious individual investors, offering tools for smarter investment in maritime equities [1] Group 2 - The analyst has a beneficial long position in the shares of GLNG, indicating a personal investment interest in the company [3] - The analyst's contributions are aimed at enhancing expertise in the shipping sector, reflecting a commitment to providing informed analysis [2]

Core Viewpoint - The article emphasizes the importance of identifying sustainable trends in short-term investing, highlighting that while price momentum can be profitable, it requires solid fundamentals to maintain that momentum [1][2]. Group 1: Stock Performance - Golar LNG (GLNG) has shown a solid price increase of 4.2% over the past 12 weeks, indicating investor confidence in its potential upside [4]. - Over the last four weeks, GLNG's price has increased by 26%, suggesting that the upward trend is still intact [5]. - Currently, GLNG is trading at 90.8% of its 52-week high-low range, indicating a potential breakout [6]. Group 2: Fundamental Strength - GLNG holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, which are critical for near-term price movements [6][7]. - The Average Broker Recommendation for GLNG is also 1 (Strong Buy), reflecting strong optimism from the brokerage community regarding its near-term price performance [7]. Group 3: Investment Strategy - The "Recent Price Strength" screen is a useful tool for identifying stocks like GLNG that have sufficient fundamental strength to sustain their recent uptrends [3][8]. - The article suggests that investors should consider other stocks that pass through this screening process, as there are multiple options available that fit the criteria for potential investment [8].

Core Viewpoint - Golar LNG Limited has announced the Final Investment Decision for a 20-year re-deployment charter of the FLNG Hilli and signed agreements for a 20-year charter for the MKII FLNG, both to be operated offshore Argentina, which is expected to significantly enhance the company's earnings backlog and commodity exposure [1][2][4]. Group 1: Charter Agreements - The two FLNG agreements are projected to contribute US$ 13.7 billion in earnings backlog over 20 years, before adjustments based on US-CPI and commodity-linked tariff upside [2]. - For every US$ 1/mmbtu increase above US$ 8/mmbtu, Golar will gain approximately US$ 100 million when both FLNGs are operational [2]. - SESA has the option to reduce the term of the agreement to 12 years for FLNG Hilli and 15 years for MKII FLNG, subject to a 3-year notice and payment of a fee [2]. Group 2: Commodity Linked Tariff - Golar will receive 25% of realized FOB prices above a threshold of US$ 8/mmbtu, with no cap on the upside for gas prices [3]. - A mechanism allows for partial reduction of charter hire if FOB prices fall below US$ 7.5/mmbtu, down to a floor of US$ 6/mmbtu, with a maximum accumulated discount capped at US$ 210 million [3]. - Any outstanding discounted charter hire amounts will be repaid through additional upside sharing if FOB prices exceed US$ 7.5/mmbtu [3]. Group 3: Project Support and Infrastructure - The project has received full support from the National and Provincial Governments in Argentina, including a 30-year LNG export authorization and qualification for the Incentive Regime for Large Investments [5]. - The FLNGs will be located offshore in the Gulf of San Matias, monetizing gas from the Vaca Muerta formation, which is the world's second-largest shale gas resource [6]. - SESA plans to construct a dedicated pipeline from Vaca Muerta to the Gulf of San Matias to ensure gas supply to the FLNGs, enhancing operational efficiencies [6]. Group 4: Company and Market Position - Golar LNG Limited is a leading maritime LNG infrastructure company, recognized for pioneering floating LNG projects and is the only proven provider of FLNG as a service [10]. - The partnership with leading Argentinian gas producers positions Golar to benefit from the vast resources of the Vaca Muerta formation, contributing to Argentina's LNG export capabilities [7].

Group 1 - Golar LNG will release its 1st Quarter 2025 results before NASDAQ opens on May 21, 2025 [1] - A webcast presentation will take place at 1:00 P.M (London Time) on the same day [1] - The presentation will be available for download from the Investor Relations section of the company's website [1] Group 2 - Participants are encouraged to join the conference call via the listen-only live webcast link [2] - Sell-side analysts wishing to ask questions during the Q&A session should access the event through the conference call [2] - It is recommended to connect 10 minutes prior to the call start, with a limit of two questions per participant [2] Group 3 - Instructions for accessing the listen-only live webcast are available on the company's website [3] - A sound card is required to listen to the conference call from the web, but no special plug-ins are needed [3] - A "Help" link is provided for users experiencing issues accessing the webcast [3] Group 4 - Conference call participants must register to obtain dial-in and passcode details to avoid wait times [4] - Participants can either dial in using provided numbers and their unique PIN or select the "Call me" option for instant connection [4] - A registration link is available for participants [4] Group 5 - Presentation materials can be downloaded from the company's website to view while listening to the conference [5] - A replay of the event audio will be available for a limited time on the company's website for those unable to listen live [5] - This information is subject to disclosure requirements under the Norwegian Securities Trading Act [5]