Golar LNG (GLNG) Q3 2023

Golar LNG (GLNG) announced Q3 2023 results earlier today. One significant event was announced yesterday - the second FLNG asset leaving the construction yard and heading to its work location in offshore Mauritania-Senegal.

  • Operating revenue of $67M
  • FLNG tariffs of $95M
  • Net income of $114M
  • Declared dividend of 25c/sh
  • Exploring options for FLNG Hilli beyond 2026, and FLNG Mk II (larger FLNG vessel)


While the FLNG Gimi asset has some nice revenue streams, those streams are not going to start right away. Once the asset arrives at its intended location, it will go through a validation period prior to COD (Commercial Operations Date). While Golar will be compensated during the validation period, it is more on a cost basis rather than an operational basis. Golar mgmt are attempting to shorten the validation period and initiate COD.

Golar LNG (GLNG) has an investment in a subsidiary. Macaw Energies. GLNG have plans on multiples tests with the subsidiary’s technology in 2024, and ultimately spin the entity off.

Golar have plenty of liquidity at this time (over $800M). However, with FLNG Gimi needing to “prove” itself, GLNG is totally dependent on FLNG Hilli. GLNG does also have the carrier “Golar Arctic” that appears to have been rejected by SNAM as an FSRU candidate. Yes, it is a functional LNG carrier. But, it really needs to “graduate” into an FSRU

Despite what New Fortress Energy (NFE) management say, Floating Liquefaction of Natural Gas (FLNG) is neither easy nor fast. That is why there are ONLY 5 operational FLNG projects currently, and three more (Tango LNG, NFE’s Pioneer jack-up rigs and FLNG Gimi) scheduled for 2024. Could NFE’s project start earlier? Yes, but they have been making a similar statement since early 2023 with schedule slipping from March 2023, to May 2023, to July 2023, … to Dec 2023.