Financial Data and Key Metrics Changes - The existing fleet of three FLNGs is fully contracted with a total EBITDA backlog of $17 billion before commodity upside and inflationary adjustments [2][4] - The company generated $221 million of adjusted EBITDA over the last 12 months, with a net income of $46 million for the quarter [3][28] - The cash position stands at $1 billion, with a net debt position of approximately $1.4 billion [3][28] Business Line Data and Key Metrics Changes - Hilli generated $51 million of adjusted EBITDA, while GIMI contributed $48 million during the quarter [27] - The company added $8 billion of firm EBITDA backlog through the successful fulfillment of all conditions precedent (CPs) for the Mark II's 20-year charter in Argentina [6][7] Market Data and Key Metrics Changes - The company is observing strong interest in long-term offtake agreements in Argentina, particularly due to the country's significant shale gas reserves [42] - The FLNG industry is experiencing increased adoption, with a growing number of projects being planned globally [22][75] Company Strategy and Development Direction - The key focus is on developing the fourth FLNG unit, with significant technical and commercial progress made in deciding on size and design [2][3] - The company aims to maintain a maximum of one unchartered FLNG at a time while pursuing long-term infrastructure contracts [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the earnings visibility for all assets through 2045 and beyond, with expectations for EBITDA to quadruple by 2028 [4][30] - The company is positioned to benefit from lower production costs compared to the largest LNG producers, enhancing its competitive advantage [25][81] Other Important Information - A new $150 million buyback program has been approved, continuing the company's track record of returning capital to shareholders [30][38] - The company is in advanced stages of securing a $1.2 billion bank refinancing facility for GIMI, expected to close within the quarter [11][31] Q&A Session Summary Question: Comments on CESSA's strategy for long-term offtake agreements - Management noted that CESSA is actively working to lock in offtake for Hilli volumes and expects to sign contracts soon, given the strong interest from major industrial and trading houses [42][43] Question: Future projects and CAPEX to EBITDA ratio - Management indicated that while there is cost inflation, they aim to target similar CAPEX to EBITDA ratios for new projects as seen in existing projects [44][45] Question: GIMI's capacity and potential for production increase - Management confirmed that GIMI's nameplate capacity is 2.7 MTPA, with potential to produce more than 2.4 MTPA through debottlenecking exercises [48][49] Question: Competition in the FLNG market - Management acknowledged increased competition for shipyard slots and long lead items but emphasized that Golar remains the only proven provider of FLNG as a service [51][52] Question: Buyback program metrics and deployment - Management stated that the new buyback program will be executed opportunistically, similar to past approaches [56][57] Question: Status of the pipeline for Argentina - Management provided updates on the pipeline construction timeline, indicating that it is expected to be completed within the timeline for Mark II's arrival [70][71]

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]