Golar LNG Limited

Q2 total operating revenue was $130 million. EBITDA was $127 million, up about 20% quarter on quarter from $106 million in Q1. Net income was $56 million, bringing year-to-date net income to $158 million. Gimi delivered earnings approximately 15% above contracted base rate and produced 15% above contracted capacity; Hilli generated $37 million of commodity-linked earnings in the quarter versus $10 million in Q1. Management said backlog is $17 billion before commodity upside and inflation adjustments, liquidity is approximately $1.5 billion including the undrawn $600 million revolver, and cash at quarter end was about $900 million with net interest-bearing debt of about $1.8 billion. Guidance and targets included Hilli’s redeployment to Argentina with expected annual EBITDA of $285 million, Esperanza start-up in the second half of 2028, and an annual run-rate EBITDA of approximately $800 million by 2028 before commodity upside and inflation adjustments; with FLNG #4 contracted on similar terms, EBITDA could rise to more than $1.2 billion by 2030 before commodity upside and inflation adjustments.

Karl Staubo emphasized that the fourth FLNG order strengthens Golar’s position as the leading FLNG owner and gives the company the earliest available capacity globally. He framed the move as part of a disciplined growth strategy: secure long-term charter visibility first, then add units, with a stated policy of never having more than one open vessel at a time. He was optimistic about FLNG market growth, saying supply concentration and geopolitical risk increase the need for diversified LNG supply, where FLNG can play a vital role.

Eduardo Maranhao said Q2 was another strong quarter operationally, with EBITDA rising to $127 million from $106 million in Q1 and revenue at $130 million. He highlighted $37 million of commodity-linked earnings from Hilli, the $56 million quarterly net income, and the $0.25 per share dividend. On the balance sheet, he noted roughly $900 million of cash, $1.8 billion of net interest-bearing debt, and about $1.5 billion of available liquidity including the new $600 million RCF. He also said Golar has already equity funded about $1.3 billion of Esperanza, and that optimizing Hilli financing plus locking long-term financing for Esperanza could release about $2.3 billion of incremental liquidity.

Analysts focused on how Golar will commercialize the fourth vessel, what milestones to watch before a customer is signed, and how quickly the company could build toward a fleet of seven. Management said the usual sequence is a term sheet or framework agreement, then a definitive contract, then lifting conditions precedent such as regulatory approvals. On shipyard choice, management said the decision for the next unit will depend mainly on price, payment terms, delivery, and potentially charter preferences; they also said the Mark II order was chosen because it had the strongest charter engagement and attractive economics. Questions also covered leverage and financing, and management said they do not want to overextend, but expect the debt-to-EBITDA ratio not to change meaningfully as backlog grows and asset-level financing is added.