Golar report Q1 2025

Investment Analysis Clubs Hohum's RollerCoaster Ride
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05/27
Golar LNG (GLNG) announced their Q1 2025 results today. In prior years, Golar had a shipping & FSRU segment. First, the FSRU got sold. Then, Golar sold the TFDE-powered shipping fleet. The company still had one older LNG tanker. But, that has since been sold. Hence, Golar has no shipping element. Which means I struggle to report this name on the shipping board, and instead report their results here. Golar is strictly an FLNG player. So the initial slides are mostly about the FLNGs and new contracts and potential contracts. FLNG Gimi is coming online soon (in Q2 2025), and GLNG’s 70% portion of the asset’s EBITDA is $150M/year.

Discussed the firm FLNG contract and potential contract (FLNG Mark II) in an earlier post. What I did find useful is Slide 23 - which breaks down GLNG’s debt obligations. It also projects the potential financing if there is FID on the Mark II.

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There was another item in the presentation slides. FLNG Gimi was supposed to be COD (Commercial Operations Date) in 2024. It hasn’t occurred yet. Since it is not Golar’s fault, there is around $190M of billable revenue accrued. I was wondering about this element - answered in the Earnings Call – [Edit: The revenue will be recognized during the course of the contract - so likely, $9M - $10M each year, once the production officially starts.
There is also a variable component to the FLNG Gimi charter. The contract assumes 90% utilization. If the production exceeds 90%, GLNG receives a prorata compensation for the additional output ]