Workflow
Interim results for the period ended September 30, 2024
FLNGFLEX LNG .(FLNG) GlobeNewswire News Room·2024-11-12 11:11

Core Insights - Golar LNG has made significant progress in its floating liquefied natural gas (FLNG) projects, including a Final Investment Decision (FID) for the MK II 3.5mtpa FLNG expected to be delivered by 2027 [1] - The company reported a net loss of 36millionforQ32024,butanadjustedEBITDAof36 million for Q3 2024, but an adjusted EBITDA of 59 million, indicating operational resilience despite market challenges [1][20] - Golar has secured a 20-year FLNG deployment agreement with Pan American Energy in Argentina, with expectations to commence LNG exports by 2027 [7][8] Financial Performance - Golar reported a Q3 2024 net loss of 36million,withanetprofitof36 million, with a net profit of 54 million when excluding 90millionofmarket−adjustednon−cashitems[1][20]−TheadjustedEBITDAforQ32024was90 million of market-adjusted non-cash items [1][20] - The adjusted EBITDA for Q3 2024 was 59 million, with a backlog of approximately 11billioninadjustedEBITDA,reflectingstrongfuturerevenuepotential[1][23]−Thecompanydeclaredadividendof11 billion in adjusted EBITDA, reflecting strong future revenue potential [1][23] - The company declared a dividend of 0.25 per share for the quarter, demonstrating a commitment to returning value to shareholders [1] Operational Developments - The FLNG Hilli maintained a market-leading operational track record, generating 73millionindistributableadjustedEBITDAforQ32024[2]−Golarexpectstoreceiveapproximately73 million in distributable adjusted EBITDA for Q3 2024 [2] - Golar expects to receive approximately 220 million in pre-COD compensation for FLNG Gimi, with 78millionalreadyreceivedin2024[3]−ThecommissioningofFLNGGimiisunderway,withgasbeingintroducedfromanLNGcarriertoacceleratetheschedule[4]StrategicInitiatives−Golarhasenteredintodefinitiveagreementsfora20−yearFLNGdeploymentprojectinArgentina,tappingintotheVacaMuertashaledeposit[7]−ThecompanyispursuingarefinancingofFLNGGimitoimproveliquidityandreducedebtcosts[6]−GolaristargetingtosecureacharterforitsMKIIFLNGby2025,whichwillenableasset−leveldebtfinancing[10]MarketPosition−GolarispositionedastheonlyprovenproviderofFLNGasaservice,withcompetitiveconstructioncostsandearlyavailablecapacityglobally[10]−Thecompanyhasastrongcashpositionof78 million already received in 2024 [3] - The commissioning of FLNG Gimi is underway, with gas being introduced from an LNG carrier to accelerate the schedule [4] Strategic Initiatives - Golar has entered into definitive agreements for a 20-year FLNG deployment project in Argentina, tapping into the Vaca Muerta shale deposit [7] - The company is pursuing a refinancing of FLNG Gimi to improve liquidity and reduce debt costs [6] - Golar is targeting to secure a charter for its MKII FLNG by 2025, which will enable asset-level debt financing [10] Market Position - Golar is positioned as the only proven provider of FLNG as a service, with competitive construction costs and early available capacity globally [10] - The company has a strong cash position of 807 million as of September 30, 2024, which supports its operational and strategic initiatives [23][25] - Golar's share of contractual debt stands at 1.465billion,withanetdebtpositionof1.465 billion, with a net debt position of 658 million after accounting for cash [25]