Core Viewpoint - Golar LNG Ltd's shares have recently fallen below their 200-day moving average, indicating a potential shift in market sentiment towards the stock [1]. Price Performance - On Friday, Golar LNG Ltd shares traded as low as $22.61, representing a decline of approximately 1.5% for the day [1]. - The stock's 52-week low is $19.62, while the 52-week high is $30.655, with the last trade recorded at $22.58 [3]. Technical Indicators - The 200-day moving average for Golar LNG Ltd is $22.86, which the shares have now crossed below [1][2].

Company Performance - Golar LNG Limited (GLNG) reported second-quarter 2025 earnings of 26 cents per share, missing the Zacks Consensus Estimate of 29 cents and declining year over year [1][8] - Revenues for the quarter were $75.7 million, surpassing the Zacks Consensus Estimate of $66.3 million and improving by 17% year over year [1][8] - Adjusted EBITDA for the quarter was $49.25 million, reflecting a decline of 16% year over year [3] Financial Position - As of June 30, 2025, Golar LNG had cash and cash equivalents of $783.42 million, an increase from $521.43 million at the end of the previous quarter [4] - The company's share of contractual debt rose by 71% year over year to $2.05 billion [4][8] - The board of directors approved a second-quarter 2025 dividend of 25 cents per share, payable on or around September 2, 2025 [4] Operational Developments - In June 2025, the FLNG Gimi achieved its Commercial Operations Date, marking the start of a 20-year lease term with BP [2] - On August 6, 2025, SESA reached a Final Investment Decision for the charter of Golar's 3.5 MTPA MKII FLNG, with completion anticipated by 2025 [3] Industry Comparison - Vista Energy S.A.B. de CV reported second-quarter 2025 adjusted earnings per share of 55 cents, missing estimates, while revenues increased to $610.5 million [6] - ExxonMobil reported second-quarter 2025 earnings per share of $1.64, beating estimates, but total revenues of $81.5 billion missed expectations [7]

[FORM 6-K Filing Information](index=1&type=section&id=FORM%206-K%20Filing%20Information) [Filing Details](index=1&type=section&id=Filing%20Details) This Form 6-K report from Golar LNG Limited includes an overview, operating and financial review, and unaudited consolidated condensed financial statements for the six months ended June 30, 2025 - The report covers the Overview, Operating and Financial Review, and unaudited consolidated condensed financial statements for the six months ended June 30, 2025[3](index=3&type=chunk) - The information in this Form 6-K 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 duly signed on August 15, 2025, by Eduardo Maranhão, Principal Financial Officer of Golar LNG Limited, in accordance with the Securities Exchange Act of 1934 - The report was signed by Eduardo Maranhão, Principal Financial Officer, on August 15, 2025[8](index=8&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) [Safe Harbor Statement](index=3&type=section&id=Safe%20Harbor%20Statement) Golar LNG Limited includes a cautionary statement regarding forward-looking statements, aiming to leverage the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements reflect current views on future events and financial performance, but are subject to significant uncertainties and contingencies beyond the company's control - Golar LNG Limited utilizes the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for forward-looking statements[11](index=11&type=chunk) - Forward-looking statements are based on assumptions that are inherently subject to significant uncertainties and contingencies, and actual results may differ materially[12](index=12&type=chunk) [Risk Factors](index=3&type=section&id=Risk%20Factors) Key factors that could cause actual results to differ materially from forward-looking statements include the ability to fulfill commercial agreements (FLNG Hilli, FLNG Gimi, MKII FLNG), secure additional financing, and navigate global economic trends, geopolitical risks, and regulatory changes. Operational challenges, counterparty compliance, and increased operating costs also pose significant risks - Ability to fulfill obligations under commercial agreements for FLNG Hilli, FLNG Gimi, and MKII FLNG, including redeployment activities and counterparty commitments[13](index=13&type=chunk) - Risks include obtaining additional financing, global economic trends, competition, geopolitical risks (e.g., U.S.-China tensions, Russia-Ukraine, Middle East instability), and increased tax liabilities[13](index=13&type=chunk) - Operational risks such as decline in tolling rates, shipyard failures, counterparty non-compliance, and changes in FLNG-applicable rules and regulations[13](index=13&type=chunk)[16](index=16&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=5&type=section&id=Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) [Overview and Strategy](index=5&type=section&id=Overview%20and%20Strategy) Golar LNG's strategy focuses on market-leading FLNG operations and leveraging balance sheet flexibility to maximize shareholder returns through accretive FLNG projects. The company aims to provide gas resource holders with proven, quick, and low-cost solutions for monetizing stranded gas reserves, emphasizing its operational track record and growth prospects - 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 gas resource holders a proven, quick, and low-cost solution to monetize stranded gas reserves[18](index=18&type=chunk) [Recent and Other Developments](index=5&type=section&id=Recent%20and%20Other%20Developments) Recent developments include the mutual termination of the LNG Hrvatska O&M agreement by October 31, 2025, and SESA reaching Final Investment Decision (FID) for the 20-year charter of the MKII FLNG, expected to commence operations in 2028 with a fixed annual charter hire of $400 million plus a commodity-linked tariff. Golar also declared a dividend of $0.25 per share for Q2 2025 and appointed Mr. Stephen J. Schaefer to its Board of Directors, alongside changes to Audit, Compensation, and Nomination Committee appointments - LNG Hrvatska O&M agreement for FSRU LNG Croatia mutually terminated in July 2025, with operations ceasing by October 31, 2025[20](index=20&type=chunk) - SESA reached FID on August 6, 2025, for the 20-year charter of the 3.5 mtpa MKII FLNG, with commercial operations expected to commence in 2028[20](index=20&type=chunk) MKII FLNG Charter Terms | Term | Detail | | :--- | :--- | | Fixed Annual Charter Hire | $400 million | | Commodity-Linked Tariff | 25% of FOB prices above $8.00 per million BTUs | - A dividend of **$0.25 per share** was declared on August 14, 2025, for the three months ended June 30, 2025[21](index=21&type=chunk) - Mr. Stephen J. Schaefer was appointed to the Board of Directors effective August 1, 2025, and committee appointments were revised effective May 20, 2025[22](index=22&type=chunk)[26](index=26&type=chunk) [Operating and Financial Review (Consolidated)](index=6&type=section&id=Operating%20and%20Financial%20Review%20%28Consolidated%29) Golar LNG exited shipping operations in Q1 2025 with the sale of Golar Arctic and conversion of Fuji LNG, reclassifying shipping activities to the Corporate and other segment. FLNG Gimi achieved Commercial Operations Date (COD) in June 2025, commencing its 20-year lease term and resulting in a $30 million gain on deemed sale. Consolidated Adjusted EBITDA decreased by $34.1 million YoY, primarily due to reduced realized gains on oil and gas derivative instruments and increased project development and administrative expenses, partially offset by higher operating revenues from FLNG Gimi - Golar exited shipping operations in Q1 2025, with Fuji LNG entering conversion and Golar Arctic sold. Shipping is no longer a reportable segment[24](index=24&type=chunk) - FLNG Gimi achieved Commercial Operations Date (COD) in June 2025, commencing its 20-year lease term and recognizing a **$30 million gain** on deemed sale[25](index=25&type=chunk) Adjusted EBITDA (Six months ended June 30) | (in thousands of $) | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Adjusted EBITDA | 90,191 | 122,303 | (32,112) | | Net income | 43,718 | 101,725 | (58,007) | - The decrease in Adjusted EBITDA was primarily due to a **$33.1 million reduction** in realized gains on oil and gas derivative instruments (TTF swaps maturity) and increased project development and administrative expenses[36](index=36&type=chunk) - The decrease was partially offset by an **$8.5 million increase** in total operating revenues, mainly from FLNG Gimi's LOA commencement[36](index=36&type=chunk) [Adjusted EBITDA Reconciliation](index=7&type=section&id=Adjusted%20EBITDA%20Reconciliation) Consolidated Net Income to Adjusted EBITDA Reconciliation (Six months ended June 30) | (in thousands of $) | 2025 | 2024 | | :--- | :--- | :--- | | Net income | 43,718 | 101,725 | | Income tax | 618 | 278 | | Income before income tax | 44,336 | 102,003 | | Depreciation and amortization | 24,844 | 26,256 | | Unrealized loss on oil and gas derivative instruments | 59,817 | 13,902 | | Other non-operating income | (29,981) | — | | Interest income | (14,522) | (18,582) | | Loss/(gain) on derivative instruments, net | 10,638 | (6,309) | | Other financial items, net | 3,265 | 2,694 | | Net (income)/loss from equity method investments | (10,287) | 2,339 | | Sales-type lease receivable in excess of interest income | 2,081 | — | | **Adjusted EBITDA** | **90,191** | **122,303** | [Depreciation and Amortization](index=7&type=section&id=Depreciation%20and%20Amortization) - Depreciation and amortization decreased by **$1.4 million** for the six months ended June 30, 2025, primarily due to the cessation of depreciation for Fuji LNG (conversion) and the disposal of Golar Arctic[28](index=28&type=chunk) [Unrealized Loss on Oil and Gas Derivative Instruments](index=7&type=section&id=Unrealized%20Loss%20on%20Oil%20and%20Gas%20Derivative%20Instruments) Unrealized Loss on Oil and Gas Derivative Instruments (Six months ended June 30) | (in thousands of $) | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Unrealized (loss)/gain on FLNG Hilli's oil derivative instrument | (39,450) | 15,092 | (54,542) | | Unrealized loss on FLNG Hilli's gas derivative instrument | (20,367) | (5,294) | (15,073) | | Unrealized MTM adjustment on commodity swap derivatives | — | (23,700) | 23,700 | | **Total Unrealized loss** | **(59,817)** | **(13,902)** | **(45,915)** | - The increase in unrealized loss on FLNG Hilli's oil derivative instrument (**$54.5 million**) and gas derivative instrument (**$15.1 million**) was driven by a reduction in the remaining LTA term and volatility in future Brent and TTF price curves[29](index=29&type=chunk) - The decrease in unrealized MTM loss on commodity swap derivatives (**$23.7 million**) was due to the maturity of TTF swaps on December 31, 2024, with no new swaps entered[30](index=30&type=chunk) [Other Non-Operating Income, Net](index=8&type=section&id=Other%20Non-Operating%20Income%2C%20Net) - Other non-operating income reflects a day 1 gain from the derecognition of the FLNG Gimi asset under development (**$1,823.7 million**) and recognition of a net investment in sales-type lease (**$1,767.5 million**) on COD, resulting in a **$30 million gain**[30](index=30&type=chunk) [Interest Income](index=8&type=section&id=Interest%20Income) - Interest income decreased by **$4.1 million**, primarily due to reduced short-term money-market deposits, partially offset by higher bank account balances and interest from a shareholder loan to FFH[31](index=31&type=chunk)[34](index=34&type=chunk) [(Loss)/Gain on Derivative Instruments, Net](index=8&type=section&id=%28Loss%29%2FGain%20on%20Derivative%20Instruments%2C%20Net) (Loss)/Gain on Derivative Instruments, Net (Six months ended June 30) | (in thousands of $) | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Unrealized MTM adjustment for IRS derivatives | (11,611) | 1,754 | (13,365) | | Net interest income on undesignated IRS derivatives | 973 | 4,555 | (3,582) | | **(Losses)/gains on derivative instruments, net** | **(10,638)** | **6,309** | **(16,947)** | - The **$13.4 million increase** in unrealized MTM loss on IRS derivatives was driven by lower notional values of the swap portfolio[35](index=35&type=chunk) - Net interest income on undesignated IRS derivatives decreased by **$3.6 million** due to movements in the Secured Overnight Financing Rate (SOFR)[35](index=35&type=chunk) [Net (Income)/Loss from Equity Method Investments](index=8&type=section&id=Net%20%28Income%29%2FLoss%20from%20Equity%20Method%20Investments) - Net income from equity method investments increased by **$12.6 million**, primarily due to a gain on disposal of the shareholding in Avenir[32](index=32&type=chunk) [Sales-type Lease Receivable in Excess of Interest Income](index=8&type=section&id=Sales-type%20Lease%20Receivable%20in%20Excess%20of%20Interest%20Income) - This represents the principal amortization component of total invoiced amounts under the FLNG Gimi sales-type lease, included in FLNG Adjusted EBITDA to reflect total cash earnings and economic performance[33](index=33&type=chunk) [Segment Information](index=10&type=section&id=Segment%20Information) Golar LNG now operates in two reportable segments: FLNG and Corporate and other, following the exit from shipping operations in Q1 2025. The FLNG segment's Adjusted EBITDA decreased due to lower realized gains on derivatives, despite new revenue from FLNG Gimi. The Corporate and other segment saw increased vessel management fees but decreased time and voyage charter revenues due to vessel disposals and conversions, alongside higher administrative and project development expenses - Golar LNG now has two reportable segments: FLNG (operations of FLNG Hilli, FLNG Gimi, and other FLNG projects) and Corporate and other (legacy shipping, vessel management, FSRU services, corporate overhead, and strategic investments)[24](index=24&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk) Total Operating Revenues by Segment (Six months ended June 30) | (in thousands of $) | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | FLNG | 124,800 | 112,488 | 12,312 | | Corporate and other | 13,375 | 17,160 | (3,785) | | **Total Operating Revenues** | **138,175** | **129,648** | **8,527** | Adjusted EBITDA by Segment (Six months ended June 30) | (in thousands of $) | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | FLNG | 111,910 | 138,654 | (26,744) | | Corporate and other | (21,719) | (16,351) | (5,368) | | **Total Adjusted EBITDA** | **90,191** | **122,303** | **(32,112)** | [FLNG Segment](index=10&type=section&id=FLNG%20Segment) The FLNG segment's total operating revenues increased by $12.3 million, driven by the commencement of FLNG Gimi's sales-type lease revenue and vessel management fees. However, Adjusted EBITDA decreased by $26.7 million due to a $33.1 million reduction in realized gains on oil and gas derivative instruments (TTF swaps maturity) and increased project development expenses, partially offset by FLNG Gimi's revenue contribution FLNG Segment Operating Revenues (Six months ended June 30) | (in thousands of $) | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Liquefaction services revenue | 112,200 | 112,488 | (288) | | Sales-type lease revenue | 8,219 | — | 8,219 | | Vessel management fees and other revenues | 4,381 | — | 4,381 | | **Total operating revenues** | **124,800** | **112,488** | **12,312** | FLNG Segment Key Expenses and Gains (Six months ended June 30) | (in thousands of $) | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Realized gain on oil and gas derivative instruments, net | 37,447 | 70,537 | (33,090) | | Vessel operating expenses | (45,257) | (41,549) | (3,708) | | Project development expenses | (6,513) | (2,385) | (4,128) | - FLNG Gimi's sales-type lease revenue reflects interest income on the net investment and variable lease revenue from operations since June 2025[40](index=40&type=chunk)[41](index=41&type=chunk) - Realized gain on FLNG Hilli's oil derivative instrument decreased by **$15.4 million** due to lower average oil prices, while the gas derivative instrument gain increased by **$7.0 million** due to higher TTF prices, partially offset by a weaker Euro[44](index=44&type=chunk) - Vessel operating expenses increased by **$3.7 million**, mainly due to FLNG Gimi's commissioning and operational expenses, partially offset by reduced FLNG Hilli operating expenses[43](index=43&type=chunk)[45](index=45&type=chunk) - Project development expenses increased by **$4.1 million**, driven by higher costs for FLNG contracting opportunities in Argentina, FLNG Hilli redeployment, and a Mark III FLNG FEED study[44](index=44&type=chunk)[45](index=45&type=chunk) [Corporate and Other Segment](index=13&type=section&id=Corporate%20and%20Other%20Segment) The Corporate and other segment's total operating revenues decreased by $3.8 million, primarily due to a $5.5 million reduction in time and voyage charter revenues from the Golar Arctic sale and Fuji LNG conversion. Vessel management fees increased by $1.7 million. Adjusted EBITDA for this segment decreased by $5.4 million, impacted by higher administrative expenses (employee compensation and stock costs) and a $1.6 million other operating loss from a credit loss allowance and Golar Arctic disposal Corporate and Other Segment Operating Revenues (Six months ended June 30) | (in thousands of $) | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Vessel management fees and other revenues | 12,499 | 10,830 | 1,669 | | Time and voyage charter revenues | 876 | 6,330 | (5,454) | | **Total operating revenues** | **13,375** | **17,160** | **(3,785)** | - Time and voyage charter revenues decreased by **$5.5 million** due to reduced activity from Golar Arctic (sold) and Fuji LNG (conversion)[48](index=48&type=chunk) - Vessel operating expenses decreased by **$3.6 million** due to reduced operational activity for Fuji LNG and the disposal of Golar Arctic[49](index=49&type=chunk) - Administrative expenses increased by **$2.9 million**, driven by a **$2.8 million increase** in employee compensation and benefits and a **$1.3 million increase** in employee stock compensation costs[49](index=49&type=chunk)[50](index=50&type=chunk) - Other operating loss of **$1.6 million** was due to a **$1.1 million credit loss allowance** on the Higas shareholder loan and a **$0.5 million loss** on disposal of the Golar Arctic[49](index=49&type=chunk) [Liquidity and Capital Resources](index=14&type=section&id=Liquidity%20and%20Capital%20Resources) Golar LNG's short-term liquidity needs are for debt servicing, working capital, and FLNG project expenditures. The company believes existing cash, operations cash flow, and planned liquidity initiatives will cover needs for the next 12 months. As of June 30, 2025, cash and equivalents totaled $907.3 million, with $123.9 million restricted. The company is exploring debt optimization and new corporate debt/refinancing, with a contingency plan to terminate the MKII FLNG conversion if liquidity initiatives fail. Net cash from operating activities increased significantly, while investing activities saw increased outflows for FLNG conversion projects, and financing activities were boosted by convertible bond issuance - Short-term liquidity requirements are primarily for debt servicing, working capital, FLNG modification, redeployment, and conversion projects[51](index=51&type=chunk) - As of June 30, 2025, cash and cash equivalents (including short-term deposits) were **$907.3 million**, with **$123.9 million** restricted[52](index=52&type=chunk) - The company is exploring debt optimization, new corporate debt issuance, and refinancing existing debts to meet capital commitments, with a contingency plan to terminate the MKII FLNG conversion project if necessary[89](index=89&type=chunk)[90](index=90&type=chunk) [Liquidity Overview](index=14&type=section&id=Liquidity%20Overview) - Golar believes existing cash, cash flow from operations, and planned liquidity-enhancing initiatives will be sufficient for the next 12 months[51](index=51&type=chunk) Cash and Restricted Cash (as of June 30, 2025) | Category | Amount (in thousands of $) | | :--- | :--- | | Cash and cash equivalents | 783,427 | | Restricted cash and short-term deposits | 109,824 | | Restricted cash (non-current portion) | 14,050 | | **Total** | **907,301** | - Restricted cash includes **$93.4 million** pre-COD earnings from Gimi, **$16.5 million** cash from a lessor VIE, and **$13.0 million** for the LNG Hrvatska O&M Agreement[52](index=52&type=chunk) [Borrowing Activities](index=14&type=section&id=Borrowing%20Activities) - In March 2025, Golar entered a **$1.2 billion** sale and leaseback agreement to refinance FLNG Gimi debt, pending third-party approval, while also exploring alternative financing options[54](index=54&type=chunk) - As of June 30, 2025, Golar was in compliance with all covenants under its loan agreements[55](index=55&type=chunk) [Security, Debt and Lease Restrictions](index=14&type=section&id=Security%2C%20Debt%20and%20Lease%20Restrictions) - Financing agreements impose restrictions on incurring additional debt, creating liens, selling subsidiary shares, making investments, engaging in M&A, purchasing/selling vessels, share buy-backs, and dividend distributions[56](index=56&type=chunk) - Debt agreements require compliance with financial ratios, including positive working capital, tangible net worth, and minimum free cash (**$50.0 million** consolidated)[56](index=56&type=chunk) [Cash Flows](index=15&type=section&id=Cash%20Flows) Net cash provided by operating activities increased significantly due to FLNG Gimi's pre-COD cash flows. Net cash used in investing activities increased due to higher capital expenditure for FLNG conversion projects and equity investments in SESA, partially offset by cash inflows from loan repayments and asset disposals. Net cash provided by financing activities increased substantially, driven by proceeds from the issuance of 2025 Convertible Bonds, partially offset by increased treasury share purchases and debt repayments Cash Flow Summary (Six months ended June 30) | (in thousands of $) | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Net cash provided by operating activities | 191,899 | 92,209 | 99,690 | | Net cash used in investing activities | (342,104) | (124,384) | (217,720) | | Net cash provided by/(used in) financing activities | 340,924 | (117,774) | 458,698 | | Net increase/(decrease) in cash and cash equivalents, restricted cash and short-term deposits | 190,719 | (149,949) | 340,668 | - Operating cash increased by **$99.7 million**, primarily due to a **$121.7 million increase** in net pre-COD cash flows from FLNG Gimi[60](index=60&type=chunk) - Investing cash outflows increased by **$217.7 million**, mainly due to a **$336.0 million increase** in capital expenditure for FLNG conversion projects and **$19.3 million** in equity method investments in SESA[62](index=62&type=chunk) - Financing cash inflows increased by **$458.7 million**, driven by **$564.2 million** net proceeds from the issuance of 2.75% convertible senior unsecured notes, partially offset by **$88.5 million** in treasury share purchases and **$23.7 million** in debt repayments[66](index=66&type=chunk) [Unaudited Condensed Consolidated Financial Statements](index=17&type=section&id=Unaudited%20Condensed%20Consolidated%20Financial%20Statements) [Unaudited Consolidated Statements of Operations](index=18&type=section&id=Unaudited%20Consolidated%20Statements%20of%20Operations) For the six months ended June 30, 2025, Golar LNG reported a net income of $43.7 million, a significant decrease from $101.7 million in the prior year. Total operating revenues increased to $138.2 million from $129.6 million, driven by sales-type lease revenue from FLNG Gimi. However, operating income decreased sharply to $3.4 million from $82.1 million, primarily due to a substantial shift from a $56.6 million gain to a $22.4 million loss on oil and gas derivative instruments, net of other operating losses Consolidated Statements of Operations (Six months ended June 30) | (in thousands of $) | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Total operating revenues | 138,175 | 129,648 | 8,527 | | Total operating expenses | (110,728) | (104,138) | (6,590) | | Realized and unrealized (loss)/gain on oil and gas derivative instruments | (22,370) | 56,635 | (79,005) | | Operating income | 3,449 | 82,145 | (78,696) | | Net income | 43,718 | 101,725 | (58,007) | | Net income attributable to stockholders of Golar LNG Limited | 23,836 | 81,127 | (57,291) | | Basic earnings per share ($) | 0.23 | 0.78 | (0.55) | | Diluted earnings per share ($) | 0.23 | 0.77 | (0.54) | - Sales-type lease revenue of **$8.2 million** was recognized in 2025, with no comparable amount in 2024, reflecting the commencement of FLNG Gimi's operations[69](index=69&type=chunk) - Other non-operating income of **$29.9 million** was recognized in 2025, with no comparable amount in 2024[69](index=69&type=chunk) [Unaudited Consolidated Statements of Comprehensive Income](index=19&type=section&id=Unaudited%20Consolidated%20Statements%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, Golar LNG reported comprehensive income of $45.8 million, a decrease from $100.8 million in the prior year. This includes net income of $43.7 million and net other comprehensive income of $2.1 million, which primarily consists of gains associated with pensions and share of equity method investment's comprehensive income Consolidated Statements of Comprehensive Income (Six months ended June 30) | (in thousands of $) | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Net income | 43,718 | 101,725 | (58,007) | | Net other comprehensive income/(loss) | 2,089 | (963) | 3,052 | | **Comprehensive income** | **45,807** | **100,762** | **(54,955)** | | Comprehensive income attributable to stockholders of Golar LNG Limited | 25,925 | 80,164 | (54,239) | - Net other comprehensive income in 2025 includes **$1.1 million** in gains associated with pensions and **$0.98 million** from equity method investments' comprehensive income[71](index=71&type=chunk) [Unaudited Consolidated Balance Sheets](index=20&type=section&id=Unaudited%20Consolidated%20Balance%20Sheets) As of June 30, 2025, Golar LNG's total assets increased to $4.77 billion from $4.37 billion at December 31, 2024. This was driven by a significant increase in current assets, particularly cash and cash equivalents and net investment in sales-type lease. Total liabilities also increased to $2.49 billion from $2.00 billion, mainly due to a rise in long-term debt. Stockholders' equity improved to $(1.89) billion from $(2.01) billion Consolidated Balance Sheets (as of June 30, 2025 and December 31, 2024) | (in thousands of $) | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Total current assets | 1,172,509 | 739,866 | 432,643 | | Total non-current assets | 3,599,074 | 3,627,811 | (28,737) | | **Total assets** | **4,771,423** | **4,367,677** | **403,746** | | Total current liabilities | (795,866) | (841,524) | 45,658 | | Total non-current liabilities | (1,689,487) | (1,156,749) | (532,738) | | **Total liabilities** | **(2,485,353)** | **(1,998,273)** | **(487,080)** | | Stockholders' equity | (1,886,010) | (2,014,151) | 128,141 | | Non-controlling interests | (400,060) | (355,253) | (44,807) | - Cash and cash equivalents increased by **$217.0 million**, and a current portion of net investment in sales-type lease of **$148.9 million** was recognized in 2025[74](index=74&type=chunk) - Assets under development decreased significantly from **$2.26 billion** to **$874.4 million**, primarily due to the derecognition of FLNG Gimi upon commencement of its sales-type lease[74](index=74&type=chunk) - Long-term debt increased by **$505.4 million**, largely due to the issuance of 2025 Convertible Bonds[74](index=74&type=chunk) [Unaudited Consolidated Statements of Cash Flows](index=21&type=section&id=Unaudited%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, Golar LNG reported a net increase in cash and equivalents of $190.7 million, a significant improvement from a $149.9 million decrease in the prior year. Net cash provided by operating activities increased by $99.7 million, mainly due to FLNG Gimi's pre-COD cash flows. Net cash used in investing activities increased by $217.7 million, driven by higher capital expenditures for FLNG conversion projects. Net cash provided by financing activities saw a substantial increase of $458.7 million, primarily from the issuance of 2025 Convertible Bonds Consolidated Statements of Cash Flows (Six months ended June 30) | (in thousands of $) | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Net cash provided by operating activities | 191,899 | 92,209 | 99,690 | | Net cash used in investing activities | (342,104) | (124,384) | (217,720) | | Net cash provided by/(used in) financing activities | 340,924 | (117,774) | 458,698 | | Net increase/(decrease) in cash and cash equivalents, restricted cash and short-term deposits | 190,719 | (149,949) | 340,668 | | Cash and cash equivalents, restricted cash and short-term deposits at the end of the period | 907,301 | 621,521 | 285,780 | - Adjustments to reconcile net income to net cash from operating activities include a **$29.9 million gain** on deemed sale of FLNG Gimi and a **$53.6 million change** in fair value of oil and gas derivative instruments[75](index=75&type=chunk) - Additions to assets under development increased significantly to **$425.0 million** in 2025 from **$89.0 million** in 2024[75](index=75&type=chunk) - Proceeds from long-term debt of **$575.0 million** were recorded in 2025, with no comparable amount in 2024[76](index=76&type=chunk) [Unaudited Consolidated Statements of Changes in Equity](index=23&type=section&id=Unaudited%20Consolidated%20Statements%20of%20Changes%20in%20Equity) As of June 30, 2025, total equity decreased to $2.29 billion from $2.37 billion at December 31, 2024. This was primarily influenced by net income of $43.7 million, offset by $52.3 million in cash dividends paid and $102.7 million in repurchase and cancellation of treasury shares. Other comprehensive income contributed $2.1 million, and proceeds from equity interest subscription in Gimi MS Corporation added $21.0 million Consolidated Statements of Changes in Equity (Six months ended June 30) | (in thousands of $) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Balance at beginning of period | 2,369,404 | 2,602,443 | | Net income | 43,718 | 101,725 | | Dividends | (52,330) | (56,708) | | Purchase of treasury shares | (102,725) | (14,180) | | Other comprehensive income/(loss) | 2,089 | (963) | | **Balance at end of period** | **2,286,070** | **2,664,009** | - Repurchase and cancellation of treasury shares amounted to **$102.7 million** in 2025, significantly higher than **$14.2 million** in 2024[79](index=79&type=chunk) - Proceeds from subscription of equity interest in Gimi MS Corporation were **$21.0 million** in 2025, compared to **$27.3 million** in 2024[79](index=79&type=chunk) [Notes to the Unaudited Condensed Consolidated Financial Statements](index=24&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) [1. General Information](index=24&type=section&id=1.%20General%20Information) Golar LNG Limited, incorporated in Bermuda and listed on Nasdaq, specializes in designing, constructing, owning, and operating marine infrastructure for natural gas liquefaction, focusing on FLNG as a service. As of June 30, 2025, the fleet includes operational FLNG Hilli and FLNG Gimi, with a third unit, MKII FLNG, under development. The company's going concern is supported by active exploration of debt optimization and new financing, with a contingency plan to terminate the MKII FLNG project if liquidity is insufficient - Golar LNG designs, constructs, owns, and operates marine infrastructure for natural gas liquefaction, specializing in FLNG as a service[84](index=84&type=chunk) - As of June 30, 2025, Golar operates FLNG Hilli and FLNG Gimi, with MKII FLNG under development, targeted for 2028 operations[85](index=85&type=chunk)[91](index=91&type=chunk) - The company is actively exploring debt optimization and new financing to meet significant capital expenditure commitments for FLNG projects, with a contingency plan to terminate the MKII FLNG conversion if liquidity is insufficient[87](index=87&type=chunk)[89](index=89&type=chunk)[90](index=90&type=chunk) [2. Accounting Policies](index=25&type=section&id=2.%20Accounting%20Policies) Golar LNG's unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP, consistent with prior annual statements, with specific policies for lease accounting, convertible debt instruments, contingencies, and use of estimates. Lease arrangements are classified as sales-type or operating based on specific criteria, with sales-type lease interest income recognized as 'Sales-type lease revenue' within operating revenues. Convertible debt instruments are evaluated for embedded features, and the entire gross proceeds are allocated to the host debt liability if conversion features are indexed to own stock and eligible for equity classification. Management relies on estimates and judgments for asset recoverability and derivative valuations - Financial statements are prepared in accordance with U.S. GAAP and should be read with the 2024 annual report[92](index=92&type=chunk) - Lease accounting assesses whether arrangements contain a lease and classifies them as sales-type or operating based on specific criteria (e.g., ownership transfer, purchase option, economic life, fair value, specialized nature)[94](index=94&type=chunk)[96](index=96&type=chunk)[98](index=98&type=chunk) - For sales-type leases, interest income is recognized as 'Sales-type lease revenue' within operating revenues to reflect the integrated FLNG lease and operate model[97](index=97&type=chunk) - Convertible debt instruments are evaluated for embedded features; if indexed to own stock and eligible for equity classification, the entire proceeds are allocated to the host debt liability[100](index=100&type=chunk) - Management uses estimates and judgments for asset recoverability, derivative valuations, and contingent liabilities, which are inherently uncertain[102](index=102&type=chunk) [Basis of Accounting](index=25&type=section&id=Basis%20of%20Accounting) - Unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP[92](index=92&type=chunk) [Significant Accounting Policies](index=25&type=section&id=Significant%20Accounting%20Policies) - Accounting policies are consistent with those in the audited consolidated financial statements for the year ended December 31, 2024, except for those disclosed in note 3[93](index=93&type=chunk) [Lease Accounting (Lessor)](index=25&type=section&id=Lease%20Accounting%20%28Lessor%29) - Contracts are assessed for lease components based on the counterparty's right to obtain economic benefits and direct asset use[94](index=94&type=chunk) - Leases are classified as sales-type if ownership transfers, there's a purchase option, the term covers a major part of economic life, present value of payments equals fair value, or the asset is specialized[96](index=96&type=chunk)[98](index=98&type=chunk) - Sales-type lease interest income is recognized as 'Sales-type lease revenue' within operating revenues[97](index=97&type=chunk) - Total consideration for contracts with both lease and non-lease components is allocated using the relative standalone selling price method[99](index=99&type=chunk) [Convertible Debt Instruments](index=26&type=section&id=Convertible%20Debt%20Instruments) - Convertible debt instruments are evaluated for embedded features requiring bifurcation; if indexed to own stock and eligible for equity classification, the entire proceeds are allocated to the host debt liability[100](index=100&type=chunk) [Contingencies](index=26&type=section&id=Contingencies) - Contingent liabilities are recognized if probable and reasonably estimable; contingent gains are recognized only when realized or realizable[101](index=101&type=chunk) [Use of Estimates](index=26&type=section&id=Use%20of%20Estimates) - Preparation of financial statements requires management estimates, judgments, and assumptions, particularly for asset recoverability and derivative valuations, which are subject to change[102](index=102&type=chunk) [3. Recently Issued Accounting Standards](index=26&type=section&id=3.%20Recently%20Issued%20Accounting%20Standards) Golar LNG has adopted ASU 2023-05 on Business Combinations - Joint Venture Formations, which does not directly affect its existing accounting policies but may indirectly impact newly formed equity method investees. The company is currently assessing the impact of several other recently issued ASUs, including those related to Income Tax Disclosures (ASU 2023-09), Income Statement Expense Disaggregation (ASU 2024-03), Debt with Conversion and Other Options (ASU 2024-04), Business Combinations and Consolidation (ASU 2025-03), Stock Compensation and Revenue from Contracts with Customers (ASU 2025-04), and Financial Instruments - Credit Losses (ASU 2025-05) - ASU 2023-05 (Business Combinations - Joint Venture Formations) has been adopted, with no direct impact on GLNG's existing policies but potential indirect effects on new equity method investees[103](index=103&type=chunk) - Golar is assessing the impact of ASU 2023-09 (Income Tax Disclosures), ASU 2024-03 (Income Statement Expense Disaggregation), ASU 2024-04 (Debt with Conversion and Other Options), ASU 2025-03 (Business Combinations and Consolidation), ASU 2025-04 (Stock Compensation and Revenue from Contracts with Customers), and ASU 2025-05 (Financial Instruments - Credit Losses)[104](index=104&type=chunk)[105](index=105&type=chunk) [4. Segment Information](index=28&type=section&id=Segment%20Information%20%28Note%204%29) Golar LNG now reports in two segments: FLNG and Corporate and other, having exited shipping operations in Q1 2025. The FLNG segment's total assets were $3.98 billion as of June 30, 2025, compared to $3.62 billion at December 31, 2024, while Corporate and other segment assets were $793.9 million and $744.3 million, respectively - Golar LNG has exited shipping operations and now classifies activities into **two reportable segments**: FLNG and Corporate and other[106](index=106&type=chunk)[107](index=107&type=chunk) - FLNG Gimi achieved COD in June 2025, expanding the FLNG segment's earnings base[107](index=107&type=chunk) Total Assets by Segment (as of June 30, 2025 and December 31, 2024) | (in thousands of $) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | FLNG | 3,977,509 | 3,623,417 | | Corporate and other | 793,914 | 744,260 | | **Total assets** | **4,771,423** | **4,367,677** | - Other operating loss in the Corporate and other segment includes a **$0.5 million loss** on disposal of Golar Arctic and a **$1.1 million credit loss allowance** on the Higas shareholder loan[113](index=113&type=chunk)[114](index=114&type=chunk) [5. Revenue](index=30&type=section&id=Revenue%20%28Note%205%29) Total operating revenues for the six months ended June 30, 2025, increased to $138.2 million from $129.6 million in 2024. This increase was primarily driven by the commencement of FLNG Gimi's sales-type lease revenue ($8.2 million) and higher vessel management fees. Conversely, time and voyage charter revenues decreased significantly due to the exit from shipping operations. Revenue from contracts with customers includes liquefaction services and vessel management fees, while lease revenues comprise sales-type lease revenue from FLNG Gimi and operating lease revenue from legacy time and voyage charters. Contract liabilities increased substantially due to deferred pre-COD cash flows for FLNG Gimi Total Operating Revenues (Six months ended June 30) | (in thousands of $) | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Liquefaction services revenue | 112,200 | 112,488 | (288) | | Sales-type lease revenue | 8,219 | — | 8,219 | | Vessel management fees and other revenues | 16,880 | 10,830 | 6,050 | | Time and voyage charter revenues | 876 | 6,330 | (5,454) | | **Total operating revenues** | **138,175** | **129,648** | **8,527** | [5.1 Revenue from Contracts with Customers](index=30&type=section&id=5.1%20Revenue%20from%20Contracts%20with%20Customers) Revenue from Contracts with Customers (Six months ended June 30) | (in thousands of $) | 2025 | 2024 | | :--- | :--- | :--- | | Liquefaction services revenue | 112,200 | 112,488 | | Vessel management fees and other revenues | 16,880 | 10,830 | - Liquefaction services revenue includes base tolling fees, amortization of Day 1 gains, incremental base tolling fees (linked to TTF prices), and amortization of deferred commissioning period revenue[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk)[123](index=123&type=chunk) - Vessel management fees and other revenues include management fees and FLNG O&M service revenue from FLNG Gimi's LOA, with total contract consideration allocated between lease and non-lease components[124](index=124&type=chunk)[125](index=125&type=chunk) [5.2 Lease Revenues](index=32&type=section&id=5.2%20Lease%20Revenues) Lease Revenues (Six months ended June 30) | (in thousands of $) | 2025 | 2024 | | :--- | :--- | :--- | | Sales-type lease revenue | 8,219 | — | | Operating lease revenue | 596 | 3,581 | | Variable operating lease revenue | 280 | 2,749 | | **Time and voyage charter revenues** | **876** | **6,330** | - FLNG Gimi achieved COD on June 12, 2025, commencing its 20-year lease term and resulting in a **$30.0 million gain** on deemed sale[129](index=129&type=chunk)[130](index=130&type=chunk) - Sales-type lease revenue for FLNG Gimi includes interest income on the net investment, variable lease revenue, and accretion of unguaranteed residual value[135](index=135&type=chunk)[136](index=136&type=chunk) Maturity Analysis of Net Investment in Sales-type Lease (as of June 30, 2025) | Period ending December 31, | Amount (in thousands of $) | | :--- | :--- | | 2025 (six months) | 73,714 | | 2026 | 153,300 | | 2027 | 153,300 | | 2028 | 153,720 | | 2029 | 153,300 | | 2030 and thereafter | 2,369,640 | | **Total minimum lease receivable** | **3,056,974** | | Unguaranteed residual value | 332,400 | | Gross investment in sales-type lease | 3,389,374 | | Less: unearned interest income | (1,623,632) | | **Net investment in sales-type lease** | **1,765,742** | [Contract Assets and Liabilities](index=31&type=section&id=Contract%20Assets%20and%20Liabilities) Contract Assets and Liabilities (as of June 30, 2025 and December 31, 2024) | (in thousands of $) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Contract assets | 23,477 | 19,696 | | Current contract liabilities | (6,064) | (4,220) | | Non-current contract liabilities | (35,078) | (2,145) | | **Total contract liabilities** | **(41,142)** | **(6,365)** | - Total contract liabilities increased significantly due to the deferral of **$36.9 million** in pre-COD cash flows related to the FLNG Gimi LOA[128](index=128&type=chunk)[134](index=134&type=chunk) [6. Earnings Per Share](index=33&type=section&id=Earnings%20Per%20Share%20%28Note%206%29) For the six months ended June 30, 2025, Golar LNG reported basic and diluted EPS of $0.23, a decrease from $0.78 and $0.77, respectively, in the prior year. This reflects a lower net income attributable to stockholders. The weighted average number of common shares outstanding for diluted EPS increased to 105.5 million, including a dilutive impact from the 2025 Convertible Bonds Earnings Per Share (Six months ended June 30) | | 2025 | 2024 | | :--- | :--- | :--- | | Basic earnings per share ($) | 0.23 | 0.78 | | Diluted earnings per share ($) | 0.23 | 0.77 | Weighted Average Common Shares Outstanding (Six months ended June 30) | (in thousands of $) | 2025 | 2024 | | :--- | :--- | :--- | | Basic: Weighted average number of common shares outstanding | 104,655 | 104,278 | | Dilutive: Dilutive impact of share options and RSUs | 807 | 724 | | Dilutive impact of 2025 Convertible Bonds | 55 | — | | **Weighted average number of common shares outstanding (Diluted)** | **105,517** | **105,002** | - Net income attributable to non-controlling interests decreased to **$19.9 million** in 2025 from **$20.6 million** in 2024[69](index=69&type=chunk) [7. Realized and Unrealized (Loss)/Gain on Oil and Gas Derivative Instruments](index=34&type=section&id=7.%20Realized%20and%20Unrealized%20%28Loss%29%2FGain%20on%20Oil%20and%20Gas%20Derivative%20Instruments%20%28Note%207%29) For the six months ended June 30, 2025, Golar LNG reported a net realized and unrealized loss of $22.4 million on oil and gas derivative instruments, a significant decline from a $56.6 million gain in 2024. This shift was primarily due to a $33.1 million decrease in realized gains from the maturity of TTF swaps and a $45.9 million increase in unrealized losses, driven by changes in the fair value of FLNG Hilli's oil and gas derivative instruments Realized and Unrealized (Loss)/Gain on Oil and Gas Derivative Instruments (Six months ended June 30) | | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Realized gain on FLNG Hilli's oil derivative instrument | 21,249 | 36,656 | (15,407) | | Realized gain on FLNG Hilli's gas derivative instrument | 16,198 | 9,162 | 7,036 | | Realized MTM adjustment on commodity swap derivatives | — | 24,719 | (24,719) | | **Realized gain on oil and gas derivative instruments** | **37,447** | **70,537** | **(33,090)** | | Unrealized (loss)/gain on FLNG Hilli's oil derivative instrument | (39,450) | 15,092 | (54,542) | | Unrealized loss on FLNG Hilli's gas derivative instrument | (20,367) | (5,294) | (15,073) | | Unrealized MTM adjustment on commodity swap derivatives | — | (23,700) | 23,700 | | **Unrealized loss on oil and gas derivative instruments** | **(59,817)** | **(13,902)** | **(45,915)** | | **Realized and unrealized (loss)/gain on oil and gas derivative instruments** | **(22,370)** | **56,635** | **(79,005)** | - The commodity swaps hedging FLNG Hilli's TTF-linked earnings matured on December 31, 2024, resulting in no realized or unrealized MTM adjustments in 2025[143](index=143&type=chunk) - Realized gains result from monthly billings above the base tolling fee and incremental capacity, while unrealized gains/losses stem from movements in forecasted oil and natural gas prices and Euro/U.S. Dollar exchange rates[144](index=144&type=chunk) [8. (Loss)/Gain on Derivative Instruments and Other Financial Items, Net](index=35&type=section&id=8.%20%28Loss%29%2FGain%20on%20Derivative%20Instruments%20and%20Other%20Financial%20Items%2C%20Net%20%28Note%208%29) For the six months ended June 30, 2025, Golar LNG reported a net loss of $10.6 million on derivative instruments, a reversal from a $6.3 million gain in 2024. This was primarily due to an $11.6 million unrealized MTM adjustment loss on interest rate swap (IRS) derivatives. Other financial items, net, resulted in a $3.3 million loss, mainly from financing arrangement fees and foreign exchange losses (Loss)/Gain on Derivative Instruments, Net (Six months ended June 30) | (in thousands of $) | 2025 | 2024 | | :--- | :--- | :--- | | Unrealized MTM adjustment for interest rate swap ("IRS") derivatives | (11,611) | 1,754 | | Net interest income on undesignated IRS derivatives | 973 | 4,555 | | **(Losses)/gains on derivative instruments, net** | **(10,638)** | **6,309** | Other Financial Items, Net (Six months ended June 30) | (in thousands of $) | 2025 | 2024 | | :--- | :--- | :--- | | Financing arrangement fees and other related costs | (2,064) | (3,768) | | Foreign exchange loss on operations | (1,138) | 460 | | Amortization of debt guarantees | 106 | 827 | | Others | (169) | (213) | | **Other financial items, net** | **(3,265)** | **(2,694)** | - The unrealized MTM adjustment for IRS derivatives shifted from a **$1.8 million gain** in 2024 to an **$11.6 million loss** in 2025[145](index=145&type=chunk) [9. Variable Interest Entities ("VIEs")](index=35&type=section&id=9.%20Variable%20Interest%20Entities%20%28%22VIEs%22%29%20%28Note%209%29) Golar LNG consolidates three Variable Interest Entities (VIEs): a lessor VIE for FLNG Hilli, Golar Hilli LLC (which ceased being a VIE after Golar acquired 100% ownership in December 2024), and Gimi MS Corporation for FLNG Gimi. The lessor VIE's assets and liabilities, including restricted cash and debt, significantly impact Golar's balance sheet. Gimi MS Corporation, where Golar is the primary beneficiary, also has a significant impact on consolidated financial statements, particularly with sales-type lease revenue and additions to assets under development - Golar consolidates a lessor VIE for FLNG Hilli, Golar Hilli LLC (now a Voting Interest Entity), and Gimi MS Corporation for FLNG Gimi[146](index=146&type=chunk)[151](index=151&type=chunk)[153](index=153&type=chunk) [9.1 Lessor VIE](index=35&type=section&id=9.1%20Lessor%20VIE) - Golar leases FLNG Hilli from a CSSC entity via a sale and leaseback, with an option/obligation to repurchase the vessel[146](index=146&type=chunk) Lessor VIE Assets and Liabilities (as of June 30, 2025 and December 31, 2024) | (in thousands of $) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Restricted cash and short-term deposits | 16,466 | 17,472 | | Accrued expenses | (17,011) | (12,244) | | Other current liabilities | (184,000) | (184,000) | | Total debt | (271,313) | (311,983) | Lessor VIE Impact on Operations (Six months ended June 30) | (in thousands of $) | 2025 | 2024 | | :--- | :--- | :--- | | Other financial items, net | 1,216 | 3,749 | | Interest expense | 7,730 | 10,381 | | Net debt repayments | (40,882) | (42,670) | [9.2 Golar Hilli LLC](index=36&type=section&id=9.2%20Golar%20Hilli%20LLC) - Golar repurchased all remaining non-controlling interest in Hilli LLC in December 2024, achieving **100% ownership**, and the entity ceased to be a VIE, becoming a Voting Interest Entity[151](index=151&type=chunk) Golar Hilli LLC Impact on Operations (Six months ended June 30, 2024) | (in thousands of $) | 2024 | | :--- | :--- | | Liquefaction services revenue | 112,488 | | Realized and unrealized gain/(loss) on oil and gas derivative instruments | 56,635 | | Net debt repayments | (42,670) | | Cash dividends paid | (4,737) | [9.3 Gimi MS Corporation](index=36&type=section&id=9.3%20Gimi%20MS%20Corporation) - Gimi MS Corporation is consolidated as a VIE, with Golar as the primary beneficiary, retaining sole control and the greatest exposure to variability in returns[153](index=153&type=chunk) Gimi MS Corporation Assets and Liabilities (as of June 30, 2025 and December 31, 2024) | (in thousands of $) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current assets | 203,896 | 139,911 | | Non-current assets | 1,766,641 | 1,795,646 | | Current liabilities | (125,058) | (186,149) | | Non-current liabilities | (611,353) | (602,819) | Gimi MS Corporation Impact on Operations (Six months ended June 30) | (in thousands of $) | 2025 | 2024 | | :--- | :--- | :--- | | Sales-type lease revenue | 5,682 | — | | Vessel management fees and other revenues | 3,293 | — | | Other non-operating income | 29,981 | — | | Additions to asset under development | 152,583 | 88,965 | | Proceeds from subscription of equity interest | 21,020 | 27,278 | [10. Restricted Cash and Short-Term Deposits](index=37&type=section&id=10.%20Restricted%20Cash%20and%20Short-Term%20Deposits%20%28Note%2010%29) As of June 30, 2025, total restricted cash and short-term deposits decreased to $123.9 million from $150.2 million at December 31, 2024. This includes $93.4 million related to FLNG Gimi (pre-commissioning contractual cash flows), $16.5 million held by a lessor VIE, and $13.0 million for the LNG Hrvatska O&M Agreement. Notably, $61.0 million in restricted cash related to FLNG Hilli was released in June 2025 Restricted Cash and Short-Term Deposits (as of June 30, 2025 and December 31, 2024) | (in thousands of $) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Restricted cash in relation to the FLNG Gimi | 93,351 | 58,107 | | Restricted cash and short-term deposits held by lessor VIE | 16,466 | 17,472 | | Restricted cash relating to the LNG Hrvatska O&M Agreement | 12,987 | 12,715 | | Restricted cash in relation to the FLNG Hilli | — | 60,955 | | **Total restricted cash and short-term deposits** | **123,874** | **150,198** | - Restricted cash for FLNG Gimi increased due to pre-commissioning contractual cash flows, remaining restricted post-COD[155](index=155&type=chunk) - The **$61.0 million** cash collateral supporting a letter of credit for FLNG Hilli was released in June 2025[157](index=157&type=chunk) [11. Other Current Assets](index=38&type=section&id=11.%20Other%20Current%20Assets%20%28Note%2011%29) Other current assets decreased to $13.0 million as of June 30, 2025, from $47.9 million at December 31, 2024. This significant reduction is primarily due to the reclassification of $31.6 million in receivables from bp to 'Trade receivables' following FLNG Gimi's COD. Prepaid expenses and interest receivable remained relatively stable Other Current Assets (as of June 30, 2025 and December 31, 2024) | (in thousands of $) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Prepaid expenses | 3,730 | 2,939 | | Interest receivable from money market deposits and bank accounts | 1,962 | 2,053 | | Receivable from IRS derivatives | 1,415 | 1,745 | | Inventories | 870 | 2,077 | | MTM asset on IRS derivatives | — | 422 | | Other | 5,048 | 38,646 | | **Total Other current assets** | **13,025** | **47,882** | - Receivables from bp of **$31.6 million** were reclassified from 'Other current assets' to 'Trade receivables' following FLNG Gimi's COD[158](index=158&type=chunk) [12. Assets Under Development](index=38&type=section&id=12.%20Assets%20Under%20Development%20%28Note%2012%29) Assets under development decreased significantly to $874.4 million as of June 30, 2025, from $2.26 billion at December 31, 2024. This was primarily due to the derecognition of FLNG Gimi ($1.82 billion) upon commencement of its sales-type lease. Conversely, MKII FLNG development costs increased, with $76.3 million from the Fuji LNG vessel reclassified and $284.6 million in additions, bringing its total to $874.4 million. The total estimated budget for MKII FLNG conversion is $2.2 billion, with delivery expected in Q4 2027 Assets Under Development (as of June 30, 2025 and December 31, 2024) | (in thousands of $) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | FLNG Gimi | — | 1,762,632 | | MKII FLNG | 874,408 | 498,565 | | **Total** | **874,408** | **2,261,197** | [12.1. FLNG Gimi](index=38&type=section&id=12.1.%20FLNG%20Gimi) - FLNG Gimi achieved COD on June 12, 2025, leading to the derecognition of its **$1.82 billion** asset under development and recognition of a sales-type lease receivable[160](index=160&type=chunk) - **$43.2 million** of capital spares and consumables were invoiced to bp upon COD, reducing the asset under development[160](index=160&type=chunk) [12.2 MKII FLNG](index=38&type=section&id=12.2%20MKII%20FLNG) - Golar entered an EPC agreement with CIMC for a **3.5 mtpa** MKII FLNG conversion, with B&V providing technology and design[161](index=161&type=chunk) - All MKII FLNG costs (**$255.3 million**) were reclassified to 'Assets under development' following the binding EPC agreement[162](index=162&type=chunk) - The Fuji LNG donor vessel (net book value **$76.3 million**) was reclassified to 'Assets under development' upon its arrival at CIMC's yard in February 2025[163](index=163&type=chunk) - The total estimated budget for MKII FLNG conversion is **$2.2 billion**, excluding financing costs, with delivery expected in Q4 2027[165](index=165&type=chunk) Estimated Outstanding Payments for MKII FLNG Conversion (as of June 30, 2025) | Period ending December 31, | Amount (in thousands of $) | | :--- | :--- | | 2025 (six months) | 368,400 | | 2026 | 433,569 | | 2027 | 433,573 | | 2028 | 289,891 | | **Total** | **1,525,433** | [13. Equity Method Investments](index=39&type=section&id=13.%20Equity%20Method%20Investments%20%28Note%2013%29) Net income from equity method investments increased to $10.3 million for the six months ended June 30, 2025, from a $2.3 million loss in 2024, primarily due to a $10.3 million gain on the disposal of Avenir shares. As of June 30, 2025, Golar's equity method investments totaled $35.1 million, including a new 10% equity interest in Southern Energy S.A. (SESA) for $19.3 million, and investments in LOGAS, ECGS, and Aqualung. The remaining 39.1 million shares in Avenir were divested in February 2025 Net Income/(Loss) from Equity Method Investments (Six months ended June 30) | (in thousands of $) | 2025 | 2024 | | :--- | :--- | :--- | | Gain/(loss) on disposal | 10,288 | (518) | | Share of net loss of equity method investments | (1) | (1,821) | | **Net income/(loss) from equity method investments** | **10,287** | **(2,339)** | Carrying Values of Equity Method Investments (as of June 30, 2025 and December 31, 2024) | (in thousands of $) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Southern Energy S.A. ("SESA") | 19,271 | — | | Logística e Distribuição de Gás S.A. ("LOGAS") | 8,060 | 7,183 | | Egyptian Company for Gas Services S.A.E ("ECGS") | 5,737 | 5,502 | | Aqualung Carbon Capture AS ("Aqualung") | 1,992 | 2,046 | | Avenir LNG Limited ("Avenir") | — | 28,934 | | **Equity method investments** | **35,060** | **43,665** | - Golar contributed **$19.3 million** to SESA for a **10% equity interest** and significant influence, adopting the equity method of accounting[169](index=169&type=chunk) - Golar divested its remaining **39.1 million shares** in Avenir in February 2025 for **$1.0 per share**, recognizing a **$10.3 million gain**[170](index=170&type=chunk) [14. Other Non-Current Assets](index=40&type=section&id=14.%20Other%20Non-Current%20Assets%20%28Note%2014%29) Other non-current assets decreased to $95.4 million as of June 30, 2025, from $160.2 million at December 31, 2024. This reduction is primarily due to decreases in the fair value of gas and oil derivative instruments. Pre-operational assets increased, including costs for Macaw Energies' F2X project and FLNG Hilli redeployment, as well as FEED study costs for a Mark III FLNG unit Other Non-Current Assets (as of June 30, 2025 and December 31, 2024) | (in thousands of $) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Gas derivative instrument | 26,785 | 47,152 | | MTM asset on IRS derivatives | 21,806 | 32,995 | | Oil derivative instrument | 19,226 | 58,676 | | Pre-operational assets | 12,518 | 8,782 | | Operating lease right-of-use-assets | 7,075 | 6,771 | | Other | 7,961 | 5,855 | | **Total Other non-current assets** | **95,371** | **160,231** | - Pre-operational assets include **$8.3 million** for Macaw Energies' F2X project, **$4.2 million** for FLNG Hilli redeployment engineering costs, and FEED study costs for a potential Mark III FLNG unit[173](index=173&type=chunk) [15. Debt](index=40&type=section&id=15.%20Debt%20%28Note%2015%29) As of June 30, 2025, total debt, net of deferred financing costs, increased to $1.95 billion from $1.45 billion at December 31, 2024. This was primarily driven by the issuance of $575.0 million in 2.75% convertible senior unsecured notes (2025 Convertible Bonds) maturing in December 2030. The Gimi facility debt decreased, and the CSSC VIE debt also saw a reduction. The 2025 Convertible Bonds are recognized as a debt liability at amortized cost, with the conversion feature not requiring bifurcation Total Debt (Gross) (as of June 30, 2025 and December 31, 2024) | (in thousands of $) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Gimi facility | (641,667) | (670,833) | | 2025 Convertible Bonds | (575,000) | — | | 2021 Unsecured Bonds | (189,678) | (189,642) | | 2024 Unsecured Bonds | (300,000) | (300,000) | | CSSC VIE debt - FLNG Hilli facility | (273,584) | (314,466) | | **Total debt (gross)** | **(1,979,929)** | **(1,474,941)** | | Less: Deferred financing costs | 31,474 | 22,686 | | **Total debt, net of deferred financing costs** | **(1,948,455)** | **(1,452,255)** | - The 2025 Convertible Bonds, issued for **$575 million**, have an initial conversion rate of **17.3834 common shares per $1,000 principal amount**, equivalent to **$57.53 per share**[175](index=175&type=chunk) - A portion of the convertible bond proceeds was used to repurchase and cancel **2.5 million common shares** for **$102.7 million**[176](index=176&type=chunk) Debt Breakdown (as of June 30, 2025) | (in thousands of $) | Golar debt | VIE debt | Total debt | | :--- | :--- | :--- | :--- | | Current portion of long-term debt and short-term debt | (244,060) | (267,985) | (512,045) | | Long-term debt | (1,433,082) | (3,328) | (1,436,410) | | **Total** | **(1,677,142)** | **(271,313)** | **(1,948,455)** | [16. Accrued Expenses](index=41&type=section&id=16.%20Accrued%20Expenses%20%28Note%2016%29) Accrued expenses significantly increased to $169.8 million as of June 30, 2025, from $66.1 million at December 31, 2024. This rise was primarily driven by a substantial increase in vessel-related accrued expenses, particularly for MKII FLNG conversion and FLNG Gimi commissioning works. Finance-related and administrative-related accrued expenses remained relatively stable Accrued Expenses (as of June 30, 2025 and December 31, 2024) | (in thousands of $) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Vessel related | (125,000) | (24,999) | | Finance related | (31,662) | (27,560) | | Administrative related | (12,966) | (13,502) | | Corporate income tax payable | (212) | (10) | | **Accrued expenses** | **(169,840)** | **(66,071)** | - Vessel-related accrued expenses increased significantly, including **$66.2 million** for MKII FLNG conversion and **$43.5 million** for FLNG Gimi commissioning works[177](index=177&type=chunk) [17. Other Current Liabilities](index=42&type=section&id=17.%20Other%20Current%20Liabilities%20%28Note%2017%29) Other current liabilities decreased to $31.1 million as of June 30, 2025, from $55.3 million at December 31, 2024. This change is mainly due to the reclassification of pre-COD cash flows, which were previously recognized as a liability, into deferred non-lease components. The current portion of Day 1 gain deferred revenue remained stable, while deferred revenue and pre-COD cash flows saw reductions Other Current Liabilities (as of June 30, 2025 and December 31, 2024) | (in thousands of $) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Day 1 gain deferred revenue - current portion | (12,783) | (12,783) | | Deferred revenue | (4,220) | (5,360) | | Current portion of operating lease liability | (1,997) | (1,587) | | Current portion of deferred pre-COD cash flows | (1,844) | — | | Pre-COD cash flows | — | (23,842) | | Other | (10,228) | (11,693) | | **Total Other current liabilities** | **(31,072)** | **(55,265)** | - Net contractual payments of **$123.1 million** were received from bp prior to COD, including project milestones and temporary crew accommodation payments, partially offset by **$109.9 million** in liquidated damages paid to bp[180](index=180&type=chunk)[184](index=184&type=chunk) - The deferred non-lease component of pre-COD cash flows amounted to **$36.8 million**, with **$1.8 million** in current liabilities and **$35.0 million** in non-current liabilities, to be recognized evenly over the 20-year LOA term[180](index=180&type=chunk) [18. Other Non-Current Liabilities](index=42&type=section&id=18.%20Other%20Non-Current%20Liabilities%20%28Note%2018%29) Other non-current liabilities increased to $253.1 million as of June 30, 2025, from $225.8 million at December 31, 2024. This increase is primarily due to the recognition of $35.0 million in deferred pre-COD cash flows related to the FLNG Gimi LOA. The VIE dividend payable remained stable at $184.0 million, while Day 1 gain deferred revenue and deferred commissioning period revenue saw reductions Other Non-Current Liabilities (as of June 30, 2025 and December 31, 2024) | (in thousands of $) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | VIE dividend payable | (184,000) | (184,000) | | Deferred pre-COD cash flows | (34,976) | — | | Pension obligations | (20,550) | (21,209) | | Non-current portion of operating lease liabilities | (5,668) | (5,124) | | Day 1 gain deferred revenue | (384) | (6,604) | | Deferred commissioning period revenue | (102) | (2,145) | | Other | (7,397) | (6,694) | | **Total Other non-current liabilities** | **(253,077)** | **(225,776)** | - A **$184.0 million dividend** declared by the lessor VIE to a CSSC entity is fully consolidated as an unpaid, unsecured, interest-free liability due in late 2026[181](index=181&type=chunk) - Deferred pre-COD cash flows of **$35.0 million** were recognized, representing the non-lease component of FLNG Gimi's LOA, to be recognized evenly over the 20-year term[181](index=181&type=chunk) [19. Financial Instruments](index=43&type=section&id=19.%20Financial%20Instruments%20%28Note%2019%29) Golar LNG's financial instruments are valued using a fair value hierarchy. As of June 30, 2025, cash and equivalents, restricted cash, and trade receivables are classified as Level 1. Debt instruments, including current and long-term debt, are primarily Level 2, with 2021 and 2024 Unsecured Bonds now Level 1 due to quoted market prices. Oil and gas derivative instruments and IRS derivatives are classified as Level 2.

Financial Data and Key Metrics Changes - Total operating revenues reached $75 million, with FLNG tariffs at $82 million, a significant increase due to Gimi's commercial operations date [34] - Total EBITDA for Q2 was $49 million, positively impacted by Gimi's COD, with a trailing twelve-month EBITDA of $208 million [34][35] - Net income for the quarter was $31 million, including a $30 million gain recognized upon Gimi's startup [35][36] - The company raised $575 million through convertible bonds and repurchased 2.5 million shares for approximately $103 million, strengthening liquidity to nearly $900 million [36][38] Business Line Data and Key Metrics Changes - The Hilli unit secured a 20-year redeployment charter in Argentina, adding $5.7 billion to the EBITDA backlog [12] - Gimi reached its commercial operations date in June, marking a significant milestone for the company [13] - Total EBITDA from FLNG operations was $57 million after project development expenses [37] Market Data and Key Metrics Changes - The global FLNG fleet consists of seven units on the water and four under construction, with Golar being the market leader in liquefaction capacity [5][6] - Increased interest from gas resource owners in FLNG solutions is noted, indicating a strengthening demand for monetizing gas [6] Company Strategy and Development Direction - Golar plans to continue its growth trajectory by adding additional FLNG units, with a focus on securing long-term contracts before ordering new units [8][9] - The company aims to maintain a strategy of having only one open FLNG unit at a time, ensuring financial flexibility for growth [8][9] - The company is exploring opportunities for a fourth FLNG unit, with discussions ongoing regarding potential contracts in various regions [70] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the FLNG market's growth potential, drawing parallels to the FPSO industry's development [31] - The company anticipates significant upside potential from commodity exposure linked to its contracts, particularly with a breakeven profit share mechanism [61][62] - Management emphasized the importance of running the business effectively to reflect its value in the market [66] Other Important Information - The company has a total EBITDA backlog of $17 billion, which is expected to grow significantly with the addition of new contracts and units [42][46] - A dividend of $0.25 per share was declared, with payment scheduled for early September [36] Q&A Session Summary Question: What skills do the new board members bring? - The new board members include individuals with strong backgrounds in accounting, financing, and energy infrastructure, expected to enhance Golar's commercial discussions [50][52] Question: Is there a possibility of swapping Gimi for a Mark III unit? - All options are being evaluated, and a Mark III could either replace Gimi or be an addition, depending on infrastructure needs [54] Question: How does the company evaluate its backlog valuation? - The company sees a fixed EBITDA of around $800 million per year and believes the unique commodity exposure adds significant value [60][61] Question: What are the commercial prospects for a fourth unit? - The company sees opportunities for both Mark I and II in West Africa, while larger projects may require a Mark III [70] Question: Are there economies of scale with larger units? - While CapEx per ton may not differ significantly, operating costs show economies of scale for larger units [81] Question: Will the company divest Gimi? - The Gimi contract is seen as a proof of concept, and there are no current plans to divest it [92]

Financial Data and Key Metrics Changes - Total operating revenues reached $75 million, with FLNG tariffs increasing to $82 million due to Gimi's commercial operations date on June 12 [31][32] - Total EBITDA for Q2 was $49 million, positively impacted by Gimi's COD, with a trailing twelve-month EBITDA of $208 million [31][32] - Net income for the quarter was $31 million, including a $30 million gain recognized upon Gimi's startup [32][33] - The company raised $575 million through convertible bonds and repurchased 2.5 million shares for approximately $103 million, strengthening liquidity to nearly $900 million [32][34] Business Line Data and Key Metrics Changes - The Hilli unit secured a twenty-year redeployment charter in Argentina, adding $5.7 billion to the EBITDA backlog [11] - Gimi reached its commercial operations date, marking a significant milestone for the company and its partners [12] - The Mark II FLNG conversion is progressing, with 19% completion and expected delivery in Q4 2027 [15][16] Market Data and Key Metrics Changes - The global FLNG fleet consists of seven units on the water and four under construction, with Golar being the market leader in liquefaction capacity [5][6] - Increased interest from gas resource owners in FLNG solutions is noted, indicating a strengthening demand for monetizing stranded gas [6] Company Strategy and Development Direction - Golar aims to add additional FLNG units in response to strengthening demand, with a focus on securing long-term contracts before ordering new units [7][10] - The company plans to maintain a strategy of having only one open FLNG unit at a time, ensuring financial flexibility for growth [7][10] - Golar is committed to optimizing financing based on long-term charters and is exploring opportunities for a fourth FLNG unit [42][44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory of FLNG technology, comparing it to the FPSO industry in the 1980s [29] - The company anticipates significant upside potential from commodity exposure linked to its contracts, particularly with CESA [39][40] - Management emphasized the importance of running the business effectively to reflect its intrinsic value in the market [63] Other Important Information - The company has a total EBITDA backlog of $17 billion, which is expected to grow significantly with the addition of new contracts and units [39][44] - Golar's board has seen changes, with the addition of three new members who bring valuable industry experience and connections [50] Q&A Session Summary Question: What skills do the new board members bring? - The new board members include individuals with strong backgrounds in accounting, financing, and energy infrastructure, which are expected to enhance Golar's commercial discussions [48][50] Question: Is there a possibility of swapping Gimi for a Mark III unit? - All options are being evaluated, and a Mark III could either replace Gimi or be an addition, depending on infrastructure needs [51][52] Question: How does Golar evaluate the valuation of its backlog? - The company sees a fixed EBITDA of around $800 million per year and believes the unique commodity exposure adds significant value [58][59] Question: What are the commercial prospects for a fourth unit? - Demand for smaller units is higher, but larger units are still being considered for specific projects in South America and the Middle East [67][68] Question: Are there economies of scale with larger units? - While CapEx per ton may not differ significantly, operating costs show economies of scale for larger units [75] Question: Will Golar consider divesting the Gimi asset? - Currently, there are no plans to divest Gimi, as it serves as a proof of concept for future FLNG deployments [86]

Group 1 - Golar LNG reported quarterly earnings of $0.26 per share, missing the Zacks Consensus Estimate of $0.29 per share, and down from $0.42 per share a year ago, representing an earnings surprise of -10.34% [1] - The company posted revenues of $75.67 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 14.20%, compared to year-ago revenues of $62.98 million [2] - Golar LNG shares have lost about 5% since the beginning of the year, while the S&P 500 has gained 10% [3] Group 2 - The earnings outlook for Golar LNG is uncertain, with current consensus EPS estimates of $0.55 on $121.38 million in revenues for the coming quarter and $1.47 on $375.67 million in revenues for the current fiscal year [7] - The Zacks Industry Rank for Oil and Gas - Integrated - International is currently in the bottom 24% of over 250 Zacks industries, indicating potential challenges for the sector [8] - New Fortress Energy, another company in the same industry, is expected to report a quarterly loss of $0.29 per share, with revenues projected to be $686.21 million, up 60.3% from the year-ago quarter [9]

Financial Highlights - Golar reported a market capitalization of $4.2 billion[11] - The company's total Golar cash stands at $891 million[11] - Golar's net interest-bearing debt is $1.2 billion[11] - The Adjusted EBITDA backlog is approximately $17 billion[14] - Last Twelve Months (LTM) Adjusted EBITDA is $208 million[15] Operational Highlights - FLNG Hilli has a 20-year redeployment contract in Argentina[7, 24] with an annual Adjusted EBITDA of $285 million[30] and an Adjusted EBITDA backlog of $5.7 billion before commodity upside[30] - FLNG Gimi commenced a 20-year contract[9, 31] with an annual Adjusted EBITDA of approximately $151 million[35] and an Adjusted EBITDA backlog of $3 billion[35] - FID reached on MKII FLNG for a 20-year charter in Argentina[10, 36] with an Adjusted EBITDA backlog of $8 billion before commodity upside[39, 71] Strategic Developments - $575 million in convertible bonds were issued, and 2.5 million shares were repurchased[22, 52] - The company declared a dividend of $0.25 per share payable in September 2025[52] - The company is targeting a 5th FLNG unit, to follow shortly after the 4th FLNG unit has been ordered and chartered[41]

Core Insights - Golar LNG Limited has secured a 20-year charter agreement for the FLNG Hilli in Argentina, generating a net charter hire of $285 million per year, totaling $5.7 billion over the contract term [2][6][7] - The company reported a Q2 2025 net income of $16 million and an Adjusted EBITDA of $49 million, with a total cash position of $891 million [6][20][27] - Golar's share of contractual debt as of June 30, 2025, is approximately $2.05 billion, reflecting a significant increase from the previous year [20][28][38] Financial Performance - The company experienced a 13% decrease in net income year-over-year for Q2 2025, with total operating revenues increasing by 17% [20][21] - Adjusted EBITDA backlog increased by $13.7 billion, with significant upside potential from commodity-linked tariffs [6][11] - The company declared a dividend of $0.25 per share for Q2 2025, with a total of 102.3 million shares outstanding [18][20] Operational Developments - The FLNG Gimi achieved Commercial Operations Date (COD) in June 2025, with Golar owning 70% of the asset and an expected net earnings backlog of approximately $3 billion [4][6] - The MKII FLNG conversion project is on schedule, with $0.8 billion spent to date, and is expected to be delivered in Q4 2027 [5][8] - Golar is exploring additional FLNG growth units and has engaged with three prospective shipyards for future projects [12][13] Market Position and Strategy - Golar is positioned as a leading provider of FLNG solutions, capitalizing on the increasing demand for flexible LNG export options [13][14] - The company aims to optimize asset-level debt and secure attractive financing for future FLNG projects [3][5] - Golar's 10% ownership in Southern Energy S.A. (SESA) provides additional commodity exposure, equating to approximately $28 million in annual commodity exposure for every $1/MMBtu change in achieved FOB prices [10][11]

Core Viewpoint - Golar LNG Limited announces the appointment of Mr. Stephen J. Schaefer to its Board of Directors effective August 1, 2025, highlighting his extensive experience in the natural gas and electricity markets [1][3]. Company Summary - Mr. Schaefer has been involved in the natural gas and electricity sectors since 1993 and currently serves as Chairman of Talen Energy Corporation and is a board member of GenOn Energy [2]. - His previous roles include Chairman of GenOn Energy and Texgen Power LLC, and board member for Homer City Holdings LLC and Element Markets LLC [2]. - Prior to retirement in 2015, Mr. Schaefer was a Partner at Riverstone Holdings, focusing on energy investments, and was a Managing Director at Huron Consulting Group, where he founded its Energy Practice [2]. - From 1998 to 2003, he served as Managing Director and Vice President of Duke Energy North America, overseeing mergers and acquisitions [2]. - Mr. Schaefer is a Chartered Financial Analyst and holds a B.S. in Finance and Accounting from Northeastern University [2]. Industry Insight - The appointment of Mr. Schaefer is expected to enhance Golar's growth ambitions due to his deep expertise in global energy markets and strategic vision [3]. - The company anticipates valuable insights and leadership from Mr. Schaefer, which will be instrumental in advancing its objectives [3].

Core Viewpoint - Golar LNG Limited has announced the pricing of $500 million in 2.75% Convertible Senior Notes due 2030, with an option for initial purchasers to buy an additional $75 million, expected to close on June 30, 2025 [1][5]. Group 1: Notes Details - The Notes will bear interest at 2.75% per annum, payable semi-annually starting December 15, 2025, and maturing on December 15, 2030 [2]. - The initial conversion rate is set at 17.3834 common shares per $1,000 principal amount, equating to an initial conversion price of approximately $57.53 per share, representing a 40% premium over the average share price of $41.09 on June 25, 2025 [2]. - The Notes are redeemable at the company's option starting December 20, 2028, if the common shares' price exceeds 130% of the conversion price for a specified period [3]. Group 2: Fundamental Change and Use of Proceeds - In the event of a fundamental change, holders can require the company to purchase the Notes at a price equal to 100% of the principal amount plus accrued interest [4]. - The net proceeds from the sale of the Notes will be used to repurchase 2.5 million common shares and for general corporate purposes, including potential growth investments and repaying debt [5].