Group 1: Marine Economy Development - The central government emphasizes the development of the marine economy, leading to accelerated investments in high-end marine equipment by Chinese manufacturing companies [2] - In 2024, China's marine economy is projected to reach 10.5 trillion yuan, accounting for 7.8% of GDP, with marine manufacturing contributing 3.2 trillion yuan [2] - Experts indicate that technological breakthroughs in high-end marine equipment support high-quality development of the marine economy and the construction of a marine power [2] Group 2: Offshore Wind Power Potential - The "Qihang" floating offshore wind turbine, developed by CRRC, has a capacity of 20 megawatts, with a rotor diameter of 260 meters, and is designed for a lifespan of 25 years [3] - Each rotation of the turbine can meet the electricity needs of a household for 2-4 days, saving approximately 25,000 tons of coal and reducing CO2 emissions by about 62,000 tons annually [3] - China's offshore wind power installed capacity has grown from less than 5 million kilowatts in 2018 to 41.27 million kilowatts in 2024, maintaining the world's leading position for four consecutive years [3][4] Group 3: Marine Engineering Equipment Industry - The marine engineering equipment manufacturing industry in China is expected to achieve an added value of 1,032 billion yuan in 2024, with a growth rate of 9.1% [6] - CIMC, a leading high-end marine engineering equipment manufacturer, focuses on FPSO and FLNG equipment, which are considered high-end due to their technical complexity [6][7] - The global market for marine engineering equipment is projected to see significant growth, with China maintaining the largest share of orders, accounting for 42.6% of the global total in 2024 [9] Group 4: Global Market Expansion - CIMC delivered the world's largest offshore wind installation vessel to Van Oord in January, showcasing China's manufacturing capabilities in the global market [8] - In 2024, China is expected to secure 106 marine engineering equipment orders, totaling approximately 11.6 billion USD, leading the global market [9] - CRRC has been expanding its overseas market presence in wind power manufacturing, collaborating with top global wind power developers [10]

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