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]

Financial Data and Key Metrics Changes - The company achieved total operating revenues of $63 million in Q1 2025, with FLNG tariffs reaching $73 million for the quarter [34] - Total EBITDA for Q1 was $41 million, driven largely by lower Brent and TTF prices, with a twelve-month EBITDA of $218 million [35] - The net income for the quarter was $13 million, consistent with the previous quarter, including $32 million of non-cash items [36] - The company maintains a strong liquidity position with approximately $680 million in cash at the end of the quarter [36] Business Line Data and Key Metrics Changes - The Hilli FLNG unit maintained a 100% operational uptime and has delivered 132 cargoes since 2018, producing over 9.2 million tonnes of LNG [4][5] - The Gimi FLNG is in the final stages of commissioning, with a contractual EBITDA of $151 million based on 90% capacity utilization [6] - The Mark II FLNG conversion is progressing well, with a projected delivery by the end of 2027 [8][9] Market Data and Key Metrics Changes - The global LNG market is projected to grow significantly, with the U.S. being the largest producer, holding a 23% market share [21] - The delivered price of U.S. export projects is above $10 per MMBtu, while Golar's contracts in Argentina have a gross tariff of around $2.45 per MMBtu [22][24] Company Strategy and Development Direction - Golar LNG is focused on becoming a market-leading infrastructure company with a significant backlog of contracts, currently standing at $17 billion [11][69] - The company aims to secure additional FLNG units and is in discussions for potential projects with competitive wellhead gas [29] - The strategic focus includes risk mitigation through regulatory frameworks and maintaining a strong position in the LNG market [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth potential, citing a robust backlog and favorable market conditions for LNG [66] - The company anticipates significant additional EBITDA contributions from commodity price increases, with a focus on long-term contracts [15][17] - Management highlighted the importance of maintaining a strong team and innovative approaches to capture market opportunities [59][62] Other Important Information - The company declared a dividend of $0.25 per share for the quarter, with a record date of June 3 and payment scheduled for June 10 [36] - Golar has fully exited LNG shipping with the sale of Golar Arctic and its equity stake in Avenir LNG [3] 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 [74] Question: Is there any additional upside on the base charter rate for excess production similar to the Gimi contract? - No, the charter for the Argentina project is for full capacity, with earnings above 90% captured through the shareholding in Southern Energy [76] Question: When do we start thinking about ordering the long lead items for another new build? - For Mark I and II, the conversion time is approximately three years, while Mark III would take about four years [77] Question: How do we think about 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 by CESA [78] Question: Is the company currently considering strategic alternatives if the share price stays low? - The focus remains on running the business, but the board will consider options if the share price does not reflect the company's value over time [84][90] Question: Can you clarify around 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 [92]