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]