Highlights
-
Solid progress in final negotiations
with Perenco on deployment of the Hilli in Cameroon.
-
Entered into MoU with Rosneft for
development of up to 2 potential FLNG projects.
-
Concluded the sale of Golar Eskimo to
Golar LNG Partners LP for $390 million.
-
Sold 7.17 million Golar Partners common
units generating net proceeds of $207 million.
-
Took delivery of new-build LNG carriers
Golar Snow, Kelvin and Ice.
-
LNG Chartering market remained weak
with fleet utilisation deteriorating as a result.
-
Chartered two newbuild LNG carriers to
Nigeria LNG for 12 months.
-
1Q reports a $24.6 million net
profit.
-
Underlying EBITDA* in the quarter
decreased to a loss of $4.3 million compared to 4Q profit of $7.8
million.
-
Board maintains dividend at $0.45 per
share for the quarter.
Subsequent events
-
Purchased the Bonny Gas Transport
vessel LNG Abuja.
-
Initiated discussions with Keppel on
option for a third GoFLNG vessel.
-
Binding Heads of Terms signed with
Ophir to support 20 yr. 2.2mtpa Equatorial Guinea FLNG
project.
Financial Review
Underlying Business
Performance
|
2015 |
2014 |
(in thousands of $) |
Jan-Mar |
Oct-Dec |
Time and voyage charter revenues |
32,145 |
32,518 |
Vessel and other management fees |
4,381 |
2,754 |
Vessel operating expenses |
(15,595) |
(12,812) |
Voyage and commission expenses |
(27,017) |
(11,850) |
Administrative expenses |
(6,952) |
(4,266) |
Depreciation and amortization |
(17,697) |
(14,124) |
Impairment of long-term assets |
- |
(500) |
Total Operating Losses (excluding gain on
disposals) |
(30,735) |
(8,280) |
Add back
Non-recurring items - Golar Grand charter loss contingency |
8,757 |
- |
Non-recurring items - Viking settlement |
- |
4,000 |
Non-recurring items - Keppel reimbursement |
- |
(2,500) |
Depreciation and amortization |
17,697 |
14,124 |
Impairment of long-term assets |
- |
500 |
Underlying EBITDA |
(4,281) |
7,844 |
* Underlying EBITDA is defined as earnings before
interest, depreciation and amortization, impairments and
non-recurring items.
Against a backdrop of continuing
weakness in the spot market for LNG Carriers, utilisation of the
Golar fleet declined from 57% in 4Q to 46% in 1Q. Having arrived
after the peak winter chartering season, the January delivered
Golar Snow and Golar Kelvin and February delivered Golar Ice all
experienced little or no utilisation for the remainder of the
quarter. Following redelivery from a three year charter in
February, the Golar Arctic was also idle for the remainder of the
quarter. Partially mitigating this was improved utilisation of the
Golar Glacier and Frost. Overall, 1Q revenues were in line
with the prior quarter. Vessel and other management fees
represent the revenue Golar receives for managing the Golar
Partners' fleet together with recharges to Golar Wilhelmsen in
respect of Golar employees seconded to this joint venture ship
management company. At $4.4 million, these increased $1.6
million over 4Q, most of which is due to additional recharges to
Golar Wilhelmsen.
Voyage and commission expenses
increased $15.2 million in 1Q. The cost of chartering in the
Golar Eskimo and the Grand from Golar Partners added $22.1 million
to voyage expenses. Included in this is an accounting charge
of $8.8m in respect of the Golar Grand that stems from the Company
giving a guarantee to Golar Partners to stand ready to charter back
the ship if BG Group did not exercise its option under the Golar
Grand charter. US GAAP requires Golar to fair value its potential
exposure by comparing the earnings potential of Golar Grand against
its charter obligations to Golar Partners and to recognise that
exposure upfront. This provision is then released to net income
over the remaining term of the Golar Grand charter with Golar
Partners which expires in October 2017. The costs associated
with chartering in the Grand and Eskimo were partly offset by $7.5
million in reduced bunker costs for the Celsius, Frost, Glacier and
the Viking, the latter having been sold during 1Q and against which
there was a non-recurring $4 million fuel claim settlement during
4Q. Bunker costs per ton have also fallen generally on the
back of the decline in oil prices.
Vessel operating expenses increased $2.8 million
to $15.6 million in 1Q. The recently delivered Snow, Kelvin
and Ice added $3.3 million to operating costs. Savings of
$0.5 million elsewhere were principally due to the sale of Golar
Viking. Administration costs increased $2.7 million from 4Q to $7.0
million in 1Q. A credit of $2.5 million in respect of
previously expensed FLNG FEED costs recognised in 4Q positively
impacted that quarters administration costs and therefore accounts
for most of the quarter-on-quarter increase. Depreciation and
amortisation in 1Q amounted to $17.7 million, an increase of $3.6
million over 4Q, mainly due to growth in the size of the fleet
following the three further new building deliveries.
Collectively the above resulted in
a $12.1 million decrease in underlying EBITDA from $7.8 million in
4Q to a loss of $4.3 million in 1Q.
Net Income
Summary
(in thousands of $) |
2015 |
2014 |
|
Jan-Mar |
Oct-Dec |
Total Operating Loss (excluding gain on disposals) |
(30,735) |
(8,280) |
Net gain
on disposals (includes amortization of deferred gains) |
97,840 |
8,563 |
Loss on
sale of Golar Partners Common Units |
(3,011) |
- |
Other
operating loss |
- |
(6,387) |
Dividend
income |
3,581 |
7,174 |
Net
interest expense |
(15,037) |
(8,696) |
Other
financial items |
(31,951) |
(35,015) |
Taxes |
1,061 |
349 |
Equity in
net earnings of affiliates |
2,819 |
4,296 |
Net income / (loss) |
24,567 |
(37,996) |
In 1Q the Company generated a net
profit of $24.6 million, driven predominantly by a provisional $100
million gain on sale of the Golar Eskimo which completed on January
20. This offset a poor operating result and significant
non-cash financial costs linked to mark to market valuation of
interest rate and TRS swaps.
As a result of Golar's
underwritten secondary offering of 7,170,000 common units
representing limited partner interests in Golar LNG Partners LP on
January 9, a $3.0 million net loss on sale was recognised during
the quarter. As the sale of the 7.17 million common units occurred
prior to the record date for the 4Q dividend, the contribution to
the Company's 1Q dividend income derived from the Company's share
of common units, its general partner stake and incentive
distribution rights ("IDRs") in Golar Partners reduced by $3.6
million to $3.6 million. The Company also received a cash dividend
of $9.0 million in respect of its ownership of the Partnership's
subordinated units and this is accounted for using the equity
accounting method. Golar has accounted for its share of the
Partnership's 1Q earnings (based on its ownership interest in the
subordinated units only) through the Equity in net earnings of
affiliates line item in the income statement. In 1Q this amounted
to $2.8 million, a fall of $1.5 million from 4Q due primarily to
lower revenue in respect of two months scheduled downtime of the
FSRU Golar Igloo. When all classes of ownership are taken into
account, the aggregate underlying cash dividend from the
Partnership received in 1Q was $12.6 million compared to $15.9
million in 4Q.
Net interest expense increased
from $8.7 million in 4Q to $15.0 million in 1Q as the Company drew
down on its debt facilities designed to fund the delivery of new
buildings. During 1Q a further $548 million net of fees was
drawn down in respect of the Golar Snow, Kelvin and Ice. A
full quarter's interest was also accrued in respect of the Golar
Frost and Glacier which were delivered during 4Q. Deemed
interest on equity invested in the remaining newbuilding program
which is capitalised and credited to interest expense also dropped
from $3.6 million in 4Q to $0.8 million in 1Q. Included in
the Other Financial Items loss of $32.0 million is a $15.8 million
non-cash mark-to-market valuation loss on interest rate swaps due
to decreases in long term interest rates in the period, an $11.8
million total return swap loss on the Company's shares and $4.4
million of swap interest on undesignated hedges.
Commercial
Review
LNG Shipping and
FSRU Performance
1Q saw a material fall in demand
and charter rates for LNG shipping. Average spot rates during
the quarter were $40-45,000/day for TFDE vessels and $30-35,000/day
for steam turbine vessels. Activity was extremely limited across
the market, with some vessels remaining idle for almost the entire
quarter. Spot charters which were concluded typically included
ballast payments equivalent to fuel only. The most active charterer
in the market during the early part of the year was RasGas,
concluding a significant number of charters for "backhaul" voyages
from Qatar to Europe. These were generally concluded with rates at
a discount to perceived market levels. April and May have seen a
slight increase in the number of spot charters, although rates have
fallen to even lower levels as a significant number of vessels
remain open prompt.
A number of term deals have been concluded in 2015
for firm periods between 4 and 12 months with options up to a
further 2 years. Both ST and TFDE vessels have been chartered for
these requirements at rates in $20-30,000/day range. The
East-West arbitrage in LNG prices has been close to zero for most
of 2015 to date as demand has remained flat amongst Far East
buyers. As a result, LNG volumes moving from the Atlantic to East
of Suez dropped by more than 50% from those seen in the preceding
quarter. Demand has however been stimulated as new LNG importers
have entered the market from Egypt, Jordan and Pakistan.
Golar's existing fleet of 5
operating FSRU's, all of which reside within the Partnership,
continue to operate reliably and availability across the operating
FSRU fleet remains at 100%. Golar Eskimo was at Keppel
shipyard in Singapore during February to conclude modifications to
the vessel in advance of her going into FSRU service in
Jordan. The FSRU, has been chartered back by Golar Partners
to Golar for $22 million and the right to receive revenues until
June 30, was released into the spot market and remained idle until
early May when it commenced a 20-day charter at market rates to
collect and deliver a commissioning cargo. The revenue in
respect of this voyage charter will accrue to Golar. Eskimo arrived
in Aqaba, Jordon on May 25 and is expected to shortly commence
regas operations.
Investment
Review
Hilli Conversion
Contract
As of end-March, the overall Hilli
FLNG project progress was 42% against scheduled progress of 39.7%.
Including the value of the original vessel, Golar has invested $360
million in the project as of March 31.
Gimi Conversion
Contract
Long-lead orders for gas turbines
and cold-boxes have been placed. No further milestone payments have
been made since the initial $50 million payment upon making
effective the conversion contract with Keppel Shipyard in December
2014. Although the Gimi has been identified as the base case
GoFLNG vessel for Ophir's Equatorial Guinea project, the Heads of
Terms signed with Ophir allows for Golar to provide an alternate
vessel. In the event that Golar secures a new project requiring a
GoFLNG availability between 2018 and the first half of 2019, the
Gimi could be deployed for that project and an alternate vessel
converted for Equatorial Guinea. Alternatively, if such a
project is not forthcoming between now and November 2015, Golar
could issue a notice to proceed with the conversion of the Gimi in
November 2015 stipulating a start date for conversion activities
that coincides with Ophir's FID scheduled for first half
2016. Certain modifications to the vessel outside those
contemplated by Golar's initial FEED study will be required for the
Equatorial Guinea project. In particular, the addition of a
20-meter section to the vessel bow will be required to host
production and well head control equipment. The cost estimate
and detailed scope for this additional work together with the
precise mechanism as to how Golar will be remunerated for it is
currently under discussion. In the event that Golar does not
issue a notice to proceed with the conversion of Gimi by November
2015, the Company has secured certain cancellation provisions which
allow termination of the contract and recovery of any milestone
payments, less a set cancellation fee.
Third GoFLNG
vessel under negotiation with Keppel Shipyard
Due to significant interest being
stimulated by Golar's new approach to developing FLNG projects, the
Company has commenced discussions with partners Keppel and Black
& Veatch aimed at exercising an option, under an existing
framework agreement, for the ordering of a third GoFLNG unit
similar to the Hilli and the Gimi. Golar intends to pursue
the third GoFLNG vessel on a similar contractual basis as the
second vessel, preserving flexibility on design and delivery
schedule, and including cancellation provisions. Although subject
to business development uncertainty, further opportunities for
deploying facilities similar to Hilli and Gimi are being pursued
and work continues to mature these leads.
New-build
Deliveries
During the quarter, three TFDE LNG
carriers were delivered - Golar Snow, Golar Kelvin and Golar Ice.
All three were financed under the ICBCL sale and leaseback
facility. In aggregate, $368 million was payable to the yard
on delivery and $548 million net of fees was received from
ICBCL. A total of $180 million in equity was therefore
released to the balance sheet upon delivery. All ten newbuild LNG
carriers have now been delivered as have two of the three newbuild
FSRUs, which have been subsequently sold to Golar Partners.
The last of the thirteen vessel newbuild program, the FSRU Golar
Tundra remains on schedule for delivery in the fourth quarter of
2015.
Completion of the
Sale of Golar Eskimo
The sale of Golar Eskimo for $390
million was completed on January 20, 2015. Golar Partners
financed the purchase using $7.2 million cash on hand, the proceeds
of a $220 million loan from the Company and the assumption of bank
debt in respect of the Golar Eskimo which at completion amounted to
$162.8 million. The loan from Golar has a two year term with
interest chargeable at LIBOR plus a blended margin of 2.84%.
Subsequent to quarter end Golar Partners successfully completed a
$150 million Norwegian USD bond issue. A substantial share of
the proceeds will likely be applied against the $220 million loan
prior to the end of 2Q.
Sale of Golar
Viking ("Salju")
On February 16 Golar concluded the
sale of the 2005 built LNG carrier Golar Viking (renamed Salju) to
Equinox at a sale price of $135 million. Shortly before
the sale Golar repaid an existing $82 million outstanding debt on
the vessel. Golar provided a $133 million loan facility, $80
million of which Equinox intends to refinance and repay upon
successful placement of the Salju on a long-term charter. Post
refinancing, approximately $53 million of the loan from Golar,
secured with a second priority security over the vessel, will
remain outstanding. This will have a tenor of 10 years and incur
interest at LIBOR plus a blended margin of 4% with a further
benefit to Golar driven by the ship's actual operational
performance which could potentially reduce the tenor.
Purchase of the
LNG carrier Abuja
On April 20, Golar acquired the
1980 built moss-type LNG carrier, Abuja from Bonny Gas Transport
for a consideration of $20 million. Although not a
prerequisite for winning the Nigeria LNG two-carrier 12-month
charters that Golar secured in January, it assisted NLNG with their
vessel renewal program and may therefore have resulted in the
differentiation of Golar's tender in this competitive process. The
Board is currently considering strategic alternatives for Abuja.
Realistic alternatives include sale of the vessel to a third party
or use as a future conversion candidate.
Business Development
Review
FSRU
activities
Golar Eskimo arrived off Aqaba on
May 25 and is shortly expected to commence operations under its
10-year time charter with the Hashemite Kingdom of Jordan. Earnings
received under this time charter prior to June 30 will also be for
Golar's account as will approximately $9.2 million in late start
fees received from Jordan. After June 30 Golar Partners will
receive all future revenue earned by this FSRU. In accordance
with the Eskimo sale and purchase agreement Golar paid a $9.6
million timecharter fee during 1Q for the use of the vessel.
A further $12.4 million will be paid in respect of 2Q after which
no further timecharter payments will be due to Golar Partners and
no further revenue in respect of the Eskimo will be receivable by
Golar.
The Ghana FSRU project continues
to advance towards a Final Investment Decision now expected in Q3
2015. The project has continued to make steady progress across a
range of outstanding technical and commercial issues. The Board
remains optimistic and committed to the deployment of the Golar
Tundra in Ghana with lead partner Quantum Power. Golar has however
also noted an improving FSRU opportunity set and continues to
market the Tundra outside of West Africa. Brazil, Egypt, Indonesia,
and South Africa are all in the market for new-build FSRUs and in
some cases tenders have been issued.
GoFLNG - Business
Development Progress
Good progress continues to be made
in advancing the Cameroon GoFLNG project with a first production
target of April 2017 remaining as originally scheduled. The Company
is currently focused on working with SNH and Perenco to finalise
the Tolling Agreement terms and the Midstream Gas Convention that
sets out the fiscal and regulatory regimes governing the FLNG
operations. All parties remain focussed on completing both these
documents in full by mid-year, following which the project will
move for final approval from the Cameroon Government, expected near
the end of Q3 2015. Separately, the upstream partnership of SNH and
Perenco have been progressing the marketing of the LNG to be
produced from the project with a strong level of interest shown.
Golar announced on May 5 that it
had signed a binding Heads of Terms with Ophir Energy Plc for the
provision of the GoFLNG vessel Gimi or alternate. The agreement
will be structured as a 20-year tolling contract, commencing
commercial operations in the first half 2019. Block R's 2.5 tcf of
high purity 2P gas resources, situated in an area of benign sea
conditions, are ideally suited for the application of Golar's
GoFLNG technology.
Golar with its partners Keppel
Shipyard and Black and Veatch committed to the Gimi FLNG conversion
in December 2014. Gimi will benefit from utilising the same
configuration of utilities and liquefaction facilities as its
sister ship Hilli, with variations to accommodate production direct
from the deep-water reservoir. At full production the vessel
will have a contracted capacity in the range of 2.2 to 2.5 mtpa of
LNG, to be marketed by Ophir, GEPetrol and Sonagas. The
integrated Ophir/GEPetrol/Sonagas/Golar project is expected to take
FID during the first half of 2016 following completion of the
upstream FEED study.
The Cedar LNG Project continued
with development activities focused on negotiating detailed terms
for the Phase I gas transportation capacity, pre-filing activity
with respect to key permit applications, and support of the NEB
export license application. A revised LNG export application
was submitted by Cedar on May 1. In parallel, the Haisla
Nation and Golar have been in discussions to finalize appropriate
governance and organizational frameworks to fully support the Cedar
initiative through to a final investment decision (currently
scheduled for late 2016) and beyond. The Parties hope to
conclude those discussions in the near term. As the Cedar LNG
project is dependent on successful implementation of large scale
pipeline infrastructure projects delivering into the Douglas
Channel area, Golar is closely monitoring the relevant development
activities of primary stakeholders with the goal of maintaining an
activity level commensurate with the progress of those
projects.
Investors are reminded once again
that each of the Company's opportunities involve the development
and execution of a complex set of commercial and technical
agreements between Golar, its counterparties and the relevant host
nation. Therefore, notwithstanding positive progress on many
fronts, these projects cannot be considered firm until parties have
entered into binding contractual commitments.
Financing and Liquidity
Review
Newbuild financing
Both the 8-vessel debt facility
and the 4-vessel ICBCL sale and leaseback facility collectively
worth close to $1.9 billion have now been fully drawn down. The
three LNG carriers delivered in 1Q were financed by ICBCL and
together released around $180 million of equity which will be
substantially redeployed toward Golar's FLNG projects. Discussions
regarding financing in respect of the 4Q delivering FSRU Tundra are
also at an advanced stage at attractive levels and terms.
This financing is also expected to release some equity to reinvest
into FLNG.
FLNG
financing
As at March 31, $320 million of
the Hilli conversion cost (excluding the value of the vessel
itself) has been paid by Golar. Keppel's 10% equity
participation in Golar Hilli Corporation will contribute up to $130
million. Further progress has been made with lenders willing to
finance around 70% of the project cost upon execution of the
commercial LNG services agreements. These proposals make provision
for financing the pre-delivery construction phase of the project
and will, subject to employment contract, finance the remaining
construction cost.
To part finance the anticipated
conversion of the Gimi the Company sold 7,170,000 of its common
units, representing limited partner interests in Golar Partners in
an underwritten secondary offering. The offering launched on
January 8, priced on January 9 at $29.90 per unit and generated net
proceeds of approximately $207 million. Following the sale,
Golar's interest in the Partnership reduced from 40.4% to 30% where
it is expected to remain for the foreseeable future.
The current schedule anticipates
that the LNG services agreements for Hilli will be fully documented
by mid-year and become effective during 3Q. The Board is confident
that attractive financing will be available subsequent to
completion of the Perenco contract. Proceeds from this financing
together with the proceeds of the secondary offering, the repayment
of facilities provided to Golar Partners and other sources of
liquidity will create the necessary financial basis for advancing
the Gimi project.
Liquidity
The Company has built up a strong
liquidity position to fund its current operational and FLNG
conversion commitments. In addition to the March 31 cash balance of
$427 million the Company also had a $240 million receivable from
Golar Partners in respect of the Eskimo sale and the scheduled 2Q
repayment of an interest free $20 million revolver. A
significant share of this $240 million receivable is expected to be
repaid by Golar Partners prior to the end of 2Q.
In addition to receiving ongoing annual dividends from the
Partnership exceeding $50 million and, subject to charters being in
place, Golar also expects to receive equity release in respect of
the Tundra during the fourth quarter and repayment of its $80
million contribution in extinguishing the Golar Viking's debt
further ahead.
Corporate and
other matters
Share and
Convertible Bond Buybacks
As at March 31, 2015, Golar had
forward contracts to repurchase 3.5 million shares at an average
price of $40.39 per share. No further shares were repurchased
during the quarter and none have been purchased since March 31. The
forward contract was marked to market as of March 31st (GLNG share
price $32.82 ) which resulted in an unrealised loss of $11.8
million for the quarter.
Shares and
options
As at March 31, 2015, the total
number of shares outstanding in Golar including the 3.5 million
shares repurchased by the Company is 93.4 million.
Additionally, there are currently 2.4 million outstanding stock
options in issue.
Dividend
With respect to 1Q, the Board has
decided to maintain the dividend at $0.45 per share. The Company
does not expect further material growth in the dividend ahead of an
upturn in the shipping market or until the floating LNG
liquefaction units become free cash generative.
The record date for the dividend
will be June 12, ex-dividend date is June 10 and the dividend will
be paid on or about June 26, 2015.
Outlook
In line with previous forecasts, the market for
chartering of LNG shipping has remained weak for the first half of
2015. With close to 40 LNG Carriers currently idle it will take
some time to see a full recovery. Utilisation, underlying
revenue net of voyage expenses and consequently operating results
are expected to deteriorate further during 2Q however the Company
believes that the bottom of this challenging shipping market has
been reached. The first signs of an improved chartering
environment, albeit from a very low base, are starting to become
evident as new LNG production capacity is prepared for start-up and
new markets for receiving LNG in Pakistan, Jordan and Egypt have
started to receive their first cargoes. Golar hope to see
this manifest itself in a gradual improvement to utilisation, net
revenue and operating results from 3Q onwards.
In contrast to the market for LNG
Carriers, the level of enquiry and interest for FSRU's is the
strongest it has been for some time. The Company is therefore very
optimistic that the FSRU Tundra will be contracted on terms that
make it a suitable near-mid-term dropdown candidate to Golar
Partners.
Over the past nine months Golar
has developed a significant pipeline of interesting leads for
future FLNG contracts that include development of non-associated
gas reserves as well as monetization of flared and associated gas.
The Company continues to be encouraged by levels of enquiry and the
geographical diversity of the opportunities for Golar's unique
approach to floating liquefaction; GoFLNG. The ability to
provide a cost efficient, fast track mid-stream solution to
monetise otherwise stranded gas reserves is proving to be an
attractive proposition to resource owners and Governments seeking
swift access to LNG export capacity. For the time being, Golar sees
limited competition from other players within the FLNG segment.
The Board is clearly not satisfied
with the 1Q results or with the underlying results anticipated for
2Q linked to the poor spot market and the charter back of Golar
Eskimo and Golar Grand. With this in mind, all alternatives
to improve this weak performance are being contemplated ahead of
the improvement expected for 3Q once the Eskimo charterback has
terminated and the chartering market begins to recover.
Supporting the more positive sentiment for 3Q, Golar have, recently
employed 7 of its idle ships on spot voyages commencing between
June and July.
Net income for Q2 will be
materially influenced by mark to market of interest swaps and total
return swaps on the Company's shares. Based on interest rate
curves and the Golar share price as of May 26th these
items are expected to contribute positively to net income by
approximately $50 million.
The Board is pleased by the way
the Company is strategically positioned. The solid groundwork which
have been laid and the discussions which have been initiated create
a realistic opportunity that Golar by 2020 will have a broad
portfolio of GoFLNG units in operation and under construction.
Forward Looking
Statements
This press release contains
forward-looking statements (as defined in Section 21E of the
Securities Exchange Act of 1934, as amended) which reflects
management's current expectations, estimates and projections about
its operations. All statements, other than statements of
historical facts, that address activities and events that will,
should, could or may occur in the future are forward-looking
statements. Words such as "may," "could," "should," "would,"
"expect," "plan," "anticipate," "intend," "forecast," "believe,"
"estimate," "predict," "propose," "potential," "continue," or the
negative of these terms and similar expressions are intended to
identify such forward-looking statements. These statements
are not guarantees of future performance and are subject to certain
risks, uncertainties and other factors, some of which are beyond
our control and are difficult to predict. Therefore, actual
outcomes and results may differ materially from what is expressed
or forecasted in such forward-looking statements. You should
not place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. Unless
legally required, Golar undertakes no obligation to update publicly
any forward-looking statements whether as a result of new
information, future events or otherwise.
Among the important factors that
could cause actual results to differ materially from those in the
forward-looking statements are: changes in LNG carriers, FSRU
and floating LNG vessel market trends, including charter
rates, ship values and technological advancements; changes in the
supply and demand for LNG; changes in trading patterns that affect
the opportunities for the profitable operation of LNG carriers,
FSRUs; and floating LNG vessels; changes in Golar's ability to
retrofit vessels as FSRUs and floating LNG vessels, Golar's ability
to obtain financing for such retrofitting on acceptable terms or at
all and the timing of the delivery and acceptance of such
retrofitted vessels; increases in costs; changes in the
availability of vessels to purchase, the time it takes to construct
new vessels, or the vessels' useful lives; changes in the ability
of Golar to obtain additional financing; changes in Golar's
relationships with major chartering parties; changes in Golar's
ability to sell vessels to Golar LNG Partners LP; Golar's ability
to integrate and realize the benefits of acquisitions; changes in
rules and regulations applicable to LNG carriers, FSRUs and
floating LNG vessels; changes in domestic and international
political conditions, particularly where Golar operates; as well as
other factors discussed in Golar's most recent Form 20-F filed with
the Securities and Exchange Commission. Unpredictable or
unknown factors also could have material adverse effects on
forward-looking statements.
May 27, 2015
The Board of Directors
Golar LNG Limited
Hamilton, Bermuda.
Questions should be directed
to:
Golar Management Limited - +44 207
063 7900
Gary Smith - Chief Executive
Officer
Brian Tienzo - Chief Financial
Officer
Stuart Buchanan - Investor
Relations
INTERIM RESULTS FOR THE PERIOD
ENDED 31 MARCH 2015
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Golar LNG via Globenewswire
HUG#1924443
Gol Linhas Aereas Inteli... (NYSE:GOL)
Historical Stock Chart
From Apr 2024 to May 2024
Gol Linhas Aereas Inteli... (NYSE:GOL)
Historical Stock Chart
From May 2023 to May 2024