Announced 08/14
- Operating rev of $75M
- Adjusted EBITDA of $49M
- Net Income of $31M
- Declared div of 25c/sh
- FLNG Gimi officially COD in Q2 2025. That means it is now earning that portion of $150M of annual EBITDA, and a prorated portion of 2024-2025 production activity.
- As noted in a recent post, FID on the FLNG Mark II. That is a major de-risk on GLNG’s part.
https://ml-eu.globenewswire.com/Resource/Download/c18fe34b-99fd-4345-90bf-e3f7cdfe0e88
Company lays out the options on different FLNG asset types. Since FLNG Mark III has such a large capacity, it would not be a vessel conversion. Not sure, Golar will opt for a speculative Mark III. The other two sizes, I am sure Golar might consider a speculative option. I am guessing an existing LNG carrier might be cheaper this time around - IIRC, Golar paid close to $80M for the carrier Fuji.
GLNG’ debt increased - they took money out via a refinance of FLNG Gimi. But, GLNG also increased their cash position by > $100M. GLNG also repurchased 2.5M shares @ $41.09 [provides a marker].
Had no expectation of a dividend increase for Q2. Mainly because FLNG Gimi was not operational the full quarter. But, the bigger news, IMO, was the FID decision on FLNG Mark II. The move just puts Golar LNG in a better position in planning its next steps. I expected a more positive reaction to stock price on that development. I will be patient and wait for the news to sink in for other players.