Golar LNG Limited (GLNG) 11 Aug 222022 Q2 Earnings call transcript

Welcome to the Golar LNG Limited Q2 2022 Results Presentation. After the slide presentation by CEO, Karl Fredrik Staubo and CFO, Eduardo Maranhao, there will be a question-and-answer session. [Operator Instructions] I will now pass the floor over to Karl Fredrik Staubo. Karl, please go ahead.

Thank you and welcome to Golar LNG’s Q2 earnings results presentation. Fredrik CEO Karl Golar is name Staubo, of the LNG. My

CFO, please get am forward-looking our to into we results. note this accompanied Eduardo quarter’s present the by I Before X. presentation, the Maranhao Slide statements today Mr. on

provides X. overview of Turning This Golar to an Slide today.

has of We the are group delivery. focused now performing simplification billion FLNG of in operational own XXX% last vessels, the been owner about sale a utilization during XXXX globally which FLNG Cameroon. XX contract operator. X since a Hilli, FLNG Perenco Following with since with $X.X best She and under and assets operation months, we the is a in

Singapore. on FLNG contract XXXX. currently million construction have backlog She of EBITDA unlock Tortue complete the Golar until the start from we billion Secondly, year earnings EBITDA $XXX a will located of Senegal for and Gimi, $X and and XX-year to next offshore Shipyard an Mauritania BP XX% under will field, in at annually Keppel or

We growth have FLNG maritime FLNG different and X designs liquefaction project All proven our are X same developed based designs. efforts are interface. and technology on focusing the on

based but Mark to width of candidate tons. differ existing X.X Golar carrier, per adding The liquefaction conversion Mark capacity liquefaction a on existing on of instead design II to units. up to LNG million [indiscernible] LNG capacity II an also converting equipment own Golar the is has – the existing This conversion of potential Mark mid-section shipyard Mark and they of remains they’re are time. to I II for existing added Gimi, new places conversion an I ship of reduces design FLNGs, allows larger the a based and carrier. capacity Both construction Mark and tankers. liquefaction However, topside liquefaction the The future Mark units, capacity has our a Gandria X.X on I for ship, location. liquefaction liquefaction annum. The a tons in up million Hilli and incremental

one for III worked of newbuild it’s a and increased which a Mark million develop liquefaction have newbuild we decade. design deck to X a space. Lastly, for on to hole, than and our tons, up is storage allows based Mark III capacity has more

As at simplifications a the of of we Avenir the undertaken and currently of own XX XX% listed million. at corporate The We own the we yesterday’s spin-off $XXX we And result LNG, during about XX% X of own over in We year. also New last we’ve small-scale close. valued $XXX established Company, Fortress of possessions. million X% LNG around a of about to Energy months, investments amounted Cool total own shipping shipping these value this QX business. significant terminal

X. to Turning Slide

per balance Golar have liquidity concentration, and had to position a or the Add through, approximately of growth. went that position a corporate we just our for listed billion of FLNG $XX simplification As now result cash share. that, $X.X quarter securities of million. we At a FLNG sheet have a we around end, total we $XXX

– to billion amortization. scheduled Our disposals reduced we net a end $X last have at Hence, was million. billion debt currently position vessel and of result of quarter $X.X a from the quarter cash This is QX. cash position $XXX around net

the levels internal growth now which XXXX phase the to additional We announced. from existing company. growth projects further meaningfully from next facilitate our EBITDA FLNG expect FLNG focus cash to and increase into could XXXX. generation be once the resources, key This will FLNG portfolio debt for We quadruple from have of capacity are

Eduardo generate until I flow to going QX to will operations now it and expect forward. refinancings Lastly, numbers. significant we hand cash to had over from quarterly to present XXXX debt our no equity

I’m everybody. provide XXXX. our morning, an good results update of the very and group second Karl, on pleased quarter for to Thanks,

to over of with our quarter. of the highlights FLNG some Starting show units. this wanted I #X, Turning to Slide

Our uptime first vessel, quarter. XXX% Hilli continues to operate excellent performance, with this an in delivering

tailwinds which commodity-linked strong tariff from generate Brent high benefit to to incremental us. TTF our earnings prices, from incremental and at to OpEx continue We no

As a our year-over-year result has EBITDA to of that, $XX to Hilli distributable of adjusted close an XXX% million increase on increased this quarter, share basis. considerably of

XXXX. Perenco million to pleased option an tons very and X.X exercises of also Singapore XXXX We’re our to TTF-linked FLNG incremental continues from in unit, second is production XX% the technically announce until for complete. its Construction increase of production Gimi, that now

of unit Keppel Shipyard of safeguard half first XXXX. with the to the initiatives agreed within have sail-away We

We number target also producing more II development advanced LNG delivered unit, be XXXX. We’ll X.X million Mark about talk as could bit within new which of this a a to of a tons early of the have of a reiterate and project towards on as FLNG a XXXX. presentation. initiatives new We that capable announce

those of last and management $X this sold $X.X All of Tundra close efforts our to focus completed to our cash to vessels net contract and shipping simplification steps The FLNG, TFDE million The our and conversion the FSRU X fleet were on Cool last and for Arctic billion sold quarter. Snam. is to to from our end allowed released been In billion and €XXX awarded a quarter to for of Golar now at FSRU complete. quarter. transfer this for initiatives our were $X.X shipping. spin-off contractual divestments with debt our Moving us of of business the reduce and billion organization the proceeds million Company on we’ve to the $XXX line

share million have that. now shares million program, shares continued XXX.X repurchasing We have outstanding and X.X quarter after buyback this also our

Slide on to #X. Moving

incremental earnings Hilli, So of doubled this last million from year. almost $XX strong in FLNG total $XXX prices to and to have compared commodity quarter due tariffs our million to QX

to of QX an million $XXX of in discontinued year-on-year gain XXXX. compared quarter, $XXX million derivatives When $XX basis, the remaining We and million. income Arctic, TTF-linked on sale to million of million This companies million in this Golar $XX.XX operations, versus a gain at million shares this vessels on and Golar QX XXXX. on Snam QX Tundra recorded impairment of plus $XX.XX we $XX recorded of from swaps, loss XXXX increase NFE net quarter, an including Cool to $XXX adjusted management $XXX including compared in represented valued EBITDA $XXX a Company.

Our balance sheet and continues deleverage. to strengthen

our our in when and we the end new QX to FLNG reduction that Avenir, debt total was a estimate a NFE of when last more growth a liquidity Our at of contractual share debt. We we Company quarter $X.X $XXX compared of in allow position year the X cash that, of to the had position of Further value million. same billion, that. $X.X end was of XX% $X Cool cash QX have the of than to billion at listed this close could when contractual deducting billion significant share considering Total net shares of projects. fund when of $X.X billion us to

came and delivering a FLNG Hilli Slide tariff would into breakdown that bit tariff quarter-on-quarter, prices, TTF-linked continue continue generation, no since market-leading EBITDA its provide Xst comprises on will increase X Hilli. to trend X.X% strong additional we more with to components: that fixed record in up increase in of Slide continued #XX. operations operational a this see earnings of We Hilli’s year-on-year on a to our January explained to the we color like XXXX Interesting tariff perfect be and this to globally. in a track XXXX, increase us. started Moving #XX. The from a for in or Brent-linked expect year. The tariff, up X.Xx which further of into commodity a Due to OpEx earnings note FLNG to on

which million Brent-linked million stood we from QX. revenues and bit recorded more about in hand previous will he a that. over talk revenues I $XX the While will base TTF-linked from $XX close with the to tariff call now in quarters, line to Karl

Thank And Hence Golar from its option ‘XX components X.X ‘XX. share as turning million. XX, Slide produce $XX EBITDA the continue with of million generation. to exercised amounted to will you, to EBITDA mentioned, Hilli XXXX, tons In Eduardo their Hilli Eduardo. Perenco to to X

million. start-up For the ‘XX, Brent caused prices production. higher shares come The around increase expect TTF-linked Golar in $XXX at the and earnings by of we is to

we QX $XX.XX at per remain an generating TTF prices, QX for open ‘XX, At the EBITDA million forward to we make for have $XX for EBITDA TTF-linked price Golar ‘XX. hedged quarter. $XX of QX million We of QX alone. current exposure MMBtu, For the to around expect for

XX% of where the barrel, Combined generate for TTF share. ‘XX, swap Hilli equity that forward generate of to with approximately a alone price just next per ‘XX, price for in XXXX, $X.XX of cash MMBtu. terms XX% per million this Brent now we exposure the prices in in million, and for to service energy barrel. $XX EBITDA EBITDA price. Hilli $XX we the debt for $XXX expect in of $XX.X of year. With generate equivalent That’s For at TTF will currently of Golar Hilli share to million a is TTF $XXX Golar at of at $XXX Golar share Total the crude XXXX $XX.X secured is into which Golar, free flow $XXX million Brent stands entered or for will a locked have of

Keppel for its Singapore. Shipyard is technically FLNG XX to complete Gimi. Turning an and Gimi Slide now XX% at into in conversion

hours million sail-away, on amounting with EBITDA the construction, equipment We XXXX the the is have currently XX unlock team around X,XXX in ahead to for mainly currently annual XX and man Golar a build conversion The to $XXX worked million construction workers. testing years. remainder of of will over of which daily installation

shareholder safeguard to if for Golar is of of Keppel at During Gimi, of shipyard start-up milestone and from not the together, Golar will payment ‘XX. within $XX the to payment is first million Since $XX sail-away is covered owners payable are on initiatives contract agreed Gimi to is payment part the agreed of the incentive amount the million of half Golar. Keppel half date. met million retractable the by track ‘XX. Incentive be Capital, second a and a the XX% the incentive and quarter, half certain to during during Shipyard $XX of Gimi, milestones on first for sail-away

FLNG gas This is combined have the very projects. in our the XX Current most existing solution field investigating that interesting have to strong and some that during fueled tolling both seen energy decisions. to FLNG seen projects and from growth shortage we Golar new for for have developments. Slide to of during development commodity in pipeline quarter, of forward pickup gas reflected quarter, happened prices efficiencies with seems developments the progression in clients a significant also field interest gas Turning and integrated a

We designs. this, to to remain of ton CapEx FLNG maritime well updated an inflation, but highly are Mark ton EXMAR III The commit Tango a million $XXX compares yard to which we price that the discussions and a implied other of to half million with the FLNGs taken busy active $XXX both received back for received if to solutions. an very ENI’s this we This for FLNG CapEx compared cost pricing Mark between second price per year. is and of recent capacity. and and steps capacity, acquire to environment, and and $X.X seen the confirmed for think for of Mark and ton of the to XXXX of we availability On liquefaction million during also Despite I we’ve newbuild. II X shore-based within shipyard $XXX are of our announce CapEx availability designs, attractive announcement numbers billion deliver liquefaction yard during shipyards now per the million we confirm inflationary project liquefaction happy can we have in price availability X different to

acquisition We’ve approximately for Tango, of from would financing FLNGs FLNG service double EXMAR counterpart. lease Golar only term the sheets proven long-term newbuilds record track for is lease globally. construction the with So have we existing now and also Furthermore, exactly received CapEx. an a the provider relationship the of potential with where of financing

to announcements our are sheet up balance of maintain we the we X organization X project. details within and FLNG to, projects in target alluded believe our FLNG to for each Eduardo up execute As XXXX, subject project and parallel, to to set

quarter. XX elaborating in Turning the to taken on Slide and further actions

within to design lead has majority FLNG and of growing Mark can order as On the X.X activities engineering projects, of solutions. also carrier. for of we million deployed described, the an FLNG our in ramping the back safeguard Mark long based a II this vessel of the to existing capacity items up other tons. long pipeline The half of items XXXX is of both up plan year the liquefaction lead FLNG to be a to are discussion delivery. conversion The second II on And growth

a that sheet We financing on has for vessel selection integrated have off-take the a project. been an candidate term and if charter yard term suitable not and dependent long-term That concluded or also received. inspected identified conversion. is sheet The it’s is

the project have confirmation. excited the charters, We’re about multiple on we and gotten important, that proceeding the and Elaborating Mark see right made the development the delivery the can with attractive from integrated clients XX. early progress on and that we window Together is for an for charter company timeline discussions you way we’re going Slide II alternatives, field confident Mark ongoing on think the why is interest includes which II delivery with project for forward.

market discussed last saw is coming As year, in the half attractive, demand $XX attributes. of attractive source In QX whilst for both first geopolitical world energy the increasingly delivery onwards. LNG There tight above on situation from the on incremental environmental project calls, was gas late LNG liquefaction FLNG previous and is most as continue we early per demand production comes is with LNG sources of before expected ‘XX new decade, the this the of to on of to point Hence, an price a from stable Europe. looking MMBtu. is of prices view. limited very capacity quarterly of

Furthermore, the million if XXXX period. XXXX tons we Russian accounts projects growth from and liquefaction million exports. of dependency breakdown Europe between of is million tons of or are for FID’d demand into regions, to XXX is to effects is That’s likely to in are liquefaction XX XXX million New other to meet of the stands million come be and now estimated on U.S. reducing online the we the pressure liquefaction volume online currently coming under tons from the possible the the new and anticipated additional add to timelines. gas at Interestingly, where if before tons that XX total projects of situation projects XXXX of project geopolitical to An construction. execution XXX sourced million taking single-source Russia tons expected capacity needed from about tons exports. XX further, expected

prices $X.X to cost MMBtu U.S. $X source in liquefaction. $X per in is cost Source the currently before gas at forward and long-term suggest

In long-term most sold addition U.S. to of the that, are volumes on off-take contracts.

components lifting by reserves favorable lack from Turning on world. the that’s mainly characteristics the Hub than X the develop to resource size cheaper end long-term development, $X Slide of LNG, that’s we’re current in this cost African-proven by gas or and the can the see key XX, to in of the and encouraged very we dependent projects cost of costs, anywhere source We cost between as liquefaction you field, and strengthened what shipping are is source distance significantly gas that We of think liquefaction delivery of encouraged Henry prices. we a to gas price cheapest believe focus the driving stable furthermore $X the user. we on

Secondly, CapEx technology liquefaction floating per to compared has Golar’s liquefaction lower and a shore-based ton other solutions.

of lower clients that the input gas shorter have a to you or is Asia. African costs competitive end as we drivers sailing a users, the Hence, if LNG, cost physically Europe three in compelling whether are see advantage. key Lastly, distance on

turning slide describe Mark have a you numbers this earlier familiar it occasions. But II Slide If adjusted that we’ve is we into that presented XX, growth this FLNG possible to projects. elaborate to and time, at again

per projects fee, of tolling what $X to a to source LNG a at MMBtu, ranging charging per gas assume you can are we similar $X.XX, to $X for end you $X. at around $X cost BP between users MMBtu shipping African deliver If and

that and is If gas proposition. a solid historical prices, both you compare to current economic this very

II most Golar Mark give end, would per from highlighted yet in the than we have project, liquefaction low EBITDA the tolling of shore-based example, an we to recent lower illustrative U.S. the for Xx capital to a which is to fee return. they rates As similar Hilli Xx XX% scenarios ranging current around commodity some MMBtu CapEx capital tolling $X to EBITDA CapEx employed. that employed, unlevered If achieve prices, reduces multiple can so of at on most

what If can can focus our you now work further going delivery forward current asset out hydrocarbons giving we and gears think go the for on closer two and Hilli. business, to price our projects through similar We gas done the early in concluded have exposure a fixtures FSRU on the TTF prices currently X months. on and was our hydrocarbon prices, at have section. an on time, during lot highlighted to on you integrated than that of We payback Shifting you the of towards hedge disposals last the Slide we volatility on XX, less update the integrated understand have quarter.

Arctic LNG to called the million FSRU Italy. deliver entails the agreed the and in unit undertake of conversion to vessel for cost the Snam vessel the sell around is will €XXX before transaction we and our steam for Golar Golar estimated the contingencies. The First, carrier $XXX million, cost conversion that

towards previous year. LNG year to sold is the We this we or next Golar vessel final conversion end the when to expect This to her Snam and early give the of to very Croatia. project Viking converted Notice-to-Proceed FSRU similar

announced Golar May $XXX was net the million. million. the for sale to The transaction raising transaction FSRU The of proceeds second was $XXX on and with of XX, we announced Tundra Snam closed

in an make additional agreed and to period. expect positive from date cash the back Tundra charter acquisition have from to contribution We this we mid-November, until

the unit where before vessel is in of will half first Golar. start FSRU will Snam next Golar entering to agreement operations development of We’re expected also upgrades stages development agreement final This the further likely assist to into add in value year. a minor the in

and to the the Again, but assets. increasingly our Turning potential portfolio. existing non-core from asset simplified selling earnings now familiar off slide, corporate as we a are

$XX run EBITDA less TTF-linked that XXXX second earnings $XXX. for rate expect from expect EBITDA of we Hilli over subject from $XXX her and earnings, million to adjusted $XXX an between of that increase commodity XXXX Gimi north of by startup million. Add we comprised of commodity the production the giving Hilli, to Our a Brent on on us to to G&A, upside to contracted in to levels. next EBITDA EBITDA ranging XXXX prices have million half $XXX of and from year, Add

debt is negative. net Our position

we both So shape, is position basis to for cash net a of have a we company and on flow positioned billion. basis, in $X.X think a cash Hence, be basis good debt growth. very liquidity the

So highlights summarize finally, the Slide on company to XX.

focus and we on growth, an FLNG ‘XX. targeting key within is Our are FLNG announcement

from Before to from earnings to expect ‘XX EBITDA growth, – ‘XX ‘XX. we our over quadruple

securities interim. cash flow have and We billion and projects of FLNG the fund have listed targeted to significant generation growth to equity in $X.X cash free

to stands we expected to XX which equity flow again book market positive. integrated for proud our power of now billion, the we FSRU, continue been any being free earnings has a are value increase in. cash XX a in at Thank it to Golar to existence FLNG $X.X years where of Our year, as have we And a LNG hand history, on this celebrating over time will This proven to listen projects. to FSRU presentation. taking QX questions. operator concludes for pioneer you first-mover and

[Operator our and your ask your Instructions] Research & comes first question Advisory. question. the Please Webber Chris from take Tsung of line from We question will

afternoon, Eduardo. you? How Karl are good and Hi,

Thanks.

You?

wanted the on Thank seen we’ve touch – [indiscernible] to you. I just the

Sorry.

speak Any can you closer to speaker? the You are to breaking. chance try

is – better? you Can this

Yes, please.

Yes.

like the slide ‘XX to payment of incentive now be can Keppel would the we’ve half target you was the half And date Gimi to ‘XX ‘XX. first $XX terms months of through further seen I quarters? saying maintain risk the it of with sail-away in delayed So some provide first from or QX Gimi color million was to on the date,

I week, FPSO they progress, to some are, if date. think on both they delayed I this the contract the on where start-up but earnings somewhat call also you on which earlier think provided listen reiterated Kosmos’ updates is

So a – the answer I schedule BP. this making think to build unit of with is the further we not the combination to We sure and do the delays. expect quality question, align best combination any of

taken timeline, basis we daily which $XX and on we’ve been our have we calls, the safeguards very on and which current driver active the with timeline, feel then As delivery with we’re to comfortable steps making basically happy that of ensure progress date. several of the quarterly previous current increase, highlighting very are very is the a the basically cost million

you. thank Great,

schedule projects wasn’t and something you aligning the and just it that one-off So, conversion systemic Kosmos. with

Yes.

just risk at it last II? And question, When in one. as of I for my yard if Like reserve place year? need you this the would is losing for Okay. Mark would slots to – the is sorry, second you and this order probably the

would half what today the as I the an construct Mark slot targeting we the second and I announcement secured year. have available a FLNG that this also II, we on times, confirmed the of place space. are few we Mark where have call in to highlighted make And agreements is the we we think shipyard within that have with have

just longer in if to lock a important for we you to you possible it’s be year, delay delivery also think the and going than is early forward. slot delivery – delay day, somewhat for us, this I but going

color. Sure. Thanks the for

Thank you.

Thank you.

take our next will question. We

Ben the Please of question. line from from Nolan Your comes your Stifel. ask question

Thank you, operator. Hi, Karl.

spec in just make with understand wanted I without a right to and/or I contract? guys Am or ask that willing you I the Is conversion. here? implication the that would [Technical conversion to ordering So be to on a to Difficulty] it understanding first, order that sure

the be we She up. to time key but view was first likely very clear high FLNG an with it basis. think as as unproven view move was against timing view new an slightly we right acquire now is liquefaction the the negotiating will that ENI too where the of not chartering a time, contract, end sit late This But to she would with ordered. up, the would to And attribute we move risk as the that and tough the was idle At would also similar have. this Yes. if price, it see that of ahead a scramble when bigger to technology. power where market ordered all how at We by would very a unit a by Hilli discussions secure because on we move have secured we where the now. not of end whether confident or the after, before very just is clear we distant simultaneously contract about we in feel was

helpful. two And here. to That’s into one going to try Okay. squeeze I’m

sort contract similar is but of So as some one the of on have to to have you what less the relates wanting things out the of have to on element called it know that so negotiations, Gimi. exposure you commodity I those Hilli,

is know a own be been Mark more little And willing versus the in a little to a there or willing I where versus already gas that that, sort more is that guess, it Mark why increasingly that like earlier? out a seems do to something Gandria, II but hand? a are focus of owners there’s might bit you I called specifically you with do then have II, reason bird Mark First, I bit might we that connected of

Yes.

Okay.

we part, earlier. yes, now first than easier discussions that that’s linked it’s answer to So the to commodity have production think But three questions.

and any, we are targeting either associated an easier the Hence, gas don’t we stranded it’s new are unit we it’s fields right think those to negotiations. if those owners now, environment that secure the gas. think pressure of the the if alternatives to of that many, either I to monetizing not or an amount FLNG those resources have that with utilize or think have pits. And liquefaction

think think question, you attractive that also but commodity highlighted, attraction we somewhat both and exposure, price of less storage oil higher incentive somewhat the And that the give key you least obtain we duration liquefaction and the vessel more the the as for and are quicker to can What II fair have the capacity we commodities and second – major a yard II. go you of counterparts. fact is exposure Mark I as part way conversion capacity, go, confirmed the due availability to to it’s think I your time. say the wanting we longer solid Mark I have to is the a we converted higher the see

also view growth We that, have reward, we’re with and to proceed that’s is Mark for suited of the ordering a Mark II. very Gandria a not and good that why pipeline, risk FLNG Gandria, starting confident out attractive another not that. Mark we point I present want we fairly Saying II a the would rule but from building

the Alright. I appreciate somewhat – albeit you taking Thank you. both, just different questions.

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line Brothers. the next your Shere and question from Tuohy Please of question. Craig your our by, from comes take will stand question. We Please ask

time. York New morning, good Hi,

Good morning.

cost and opine on then capital $X.X and you of assume FID refinancings cash build first So billion as timing the combined Hilli future as it question one that’s contracted needed upfront? far size Gimi? an reasonable out versus to over that could you liquidity, availability could and for low is And both liquidity spec is, the for initially in

To the answer part, first yes, can. we

I $X.X refinance Gimi think to today. Hilli expect if you we were billion can more and than

on a of once we is re-contracting That’s listed it risk those units out forward and that now. have Gimi we we risk construction cash And and I why not right is healthy pushing two think that the out we the on is once further debt taken of optimize Hilli. think taking position. way can are see securities we

Mark the a have for and spec term received sufficient sheets or our for sheets cash position anything, I new use to with cash credit facilities. credit newbuilds having the to II both build hand without term receipt We available at with and but together Mark potential proceed

if you even build shipyard the kind time. let you in on will So put spec, of equity over your

don’t needing liquidity. more as far you So, immediate issues have as

correct. That’s

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your ask line comes our your We And question. Morgan take question. Sean next from question the Please Evercore. of will from

Mark going is take so mtpa? as do in select at of mtpa, or with that to the project full E&P to X to the Mark partner think for of basically Karl, you for guess terms the be Hi work, step X III would off-take you we require, I that volumes up that II off-taker that the able development preceding

confirm, and do a would on III a because that’s to Just we a spec volume impact. Mark large bigger not it’s

some those, contracts where on of – more towards would would lock that’s production off-taker the tolling that you would So, typically we in arranged expect the volume.

about – kind asset presentation in the And of Africa the of Coast talked low the to Okay. the development you of Europe. cost the in of about then proximity West off

So, it these indicate market be that the Europe would projects. primary would for

you to have been you think to, Europe started long-term causing SPAs relative delay at do is in sort surprised of what’s and of ‘XX of of war all the SPAs contracting? And the the European percentage since that on kind signed carbon sign sort So, that, driving or of this say, slowness heavy in of Asia?

only FLNG I to kick we what by the off of in takes puzzle. am the line surprised and it part project is because it not know off-take

gas. regulatory to to off-take, I everything approvals, still plans, have that’s needed you think produce if you need the the the secure the development

FSRU, think to gas think the fairly I how And now, to have contrary, carriers. actively the some crack are right production. I I countries very they the on extent increased on move swift on been to European working think swift to LNG

Senegal checked invited in is at to testimony the to to GX, wasn’t is last Senegal further meeting, previous a the that GX. invited I least time think when I

full and way just starting are think all of embrace get – to So, what’s I It’s the have more here. And the sort to going I think it’s you down don’t the scopes. project really to on they off-take.

So, sorts countries European problem. several financing tying that’s these I the looking And just projects. off-take lift that to not know and up help things of are off-take are these at some

of also need that want put if country you We environment billions are stable in of operate to a geopolitical dollars the there. infrastructure to you

is an Our FLNG is advantage, course, floating. of that

unit So, asset. redeployed, you infrastructure are, the can we always is The as a know, upstream. generic be mainly and

specific to customized not are deals. we So, the

well So, we those technology think that our of suits type for projects.

it. Appreciate Karl. Thanks Alright.

you. Thank

line Wayne of the your is investor. the Cooperman question. our And question an who take individual will We comes question. Please from ask next

the quick Hilli, can volume the there at sold that wait all of since does really the from that, Two have a didn’t chance lot. that price, you mean especially get wanted. a I guys. Is On to you plan somebody gone Perenco that the until or continue And up you a expires? else, they any is more contract it NFE third lower take questions. to their amount stock secondly, to monetize has their now Hi

you. Thank

volume the – to as know, is I part think TTF. linked the production the the on for the question, incremental first of you

the nor no at X.X incentive to beyond and tariff. meaningfully tariff the was the take looking negotiating discount it increase the increase from if there and of table meant agreed Perenco the the neither volumes you wasn’t spoked are TTF in to at today, If somewhere cargo it Europe the into Perenco go renegotiating a that $X Golar deliver Hence, off-taker interest to $XX. a you between of fairly to steep TTF-linked volumes to from of

that way X.X. just we this option the happens see declared at the is was what think to have I that viewed let’s

offtaker. to difficult. increase be Theoretically, away current further, to it the likely would to from that production there negotiated. there is scope but to be be going I very sell a capacity at Practically, is that’s think tariff

the see aligned everyone to that comes a question, NFE we the sold it’s holding. is our further. second around can I of and earnings solution If off-taker, needs your correct prices where part solution clearly, is table see the for the it So, third three that the the of current is that we a there When if care but that to the all I TTF rates not, to think of take parties. boost works the Perencono this think to sit if

would have of said liquidity NFE. I the And think ambitions. to-date, rather NFE that And I we and available progress sit we we like of further have cash that’s than cash. execute been the currently, We decision. right to our plenty think

on the of the been the we think the in We last improvements development the So, company company. close eye but for very keep now, that same, in position successful executing just large they have quarter. to obviously a remains

So, like currently. we development the

Alright. Thank you. Congratulations.

Thank you.

you. Thank

take of your from our ask Asset comes from Sage line And Management. the will Barry next question. question Please We the Haimes question.

fund III? FLNGs. the on additional question is a congrats and enough Would funding about you two progress. My include for a you much talked maybe Could where one one Mark And talk Mark Mark so Thanks all because having on relative slide that II Thanks the III? that those about costs three, not versus of differences. the out versus just were two numbers you much. laid so and

think million the guidance the you $XXX a if take and liquefaction $XXX to get think ton, capacity by to I price. million multiply you the I

So, that’s your price.

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on the the that Basically, depends project. Yes. to answer

these and easily of you some long-term have you financing attractive if you very off-take, do get both. for So, projects, then can

know the equity significant those most also two interested in we proceed that life enable But one for likely For the in of and And parties the now, Mark is especially it’s take have unit. hence, projects. let for units, three the II, total, like three think would run some contracts, to the of long-term designs. two contracted us can that to backlog participation of if charter I we to to a And the of we all them. across would

So, it’s most the total the prioritizing of scope. attractive that have attractive and a most ones matter economics

so Thanks much.

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extrapolate compare gives So to candidate, I it’s maybe it a if me compelling just ton conversion quite if like X.X you could valuation – just if million potential.

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going and announcement, million million, subject between pay if $XXX are if price. unit you the million $X,XXX they you million at specific X.X $X,XXX be your $XXX of Hence, are saying ton. that’s think and the to to million, on $XXX to they million look performance to I –

to unit exactly between on So, that Mark that you million compare means the guiding between $XXX billion if say, CapEx we $X.X $X.X I, that are billion let’s or approximately twice a compare per you and that to $XXX million.

that You in Argentina, operational idle capacity – less for track strong some to less are unit with of Tango with did, They FLNG compared with our and that. but for smaller record. is the and right YPF she same time the significantly not operate also has technology after also liquefaction been a course, storage

good That’s potential significant There quite to upside then. seems Thanks. Thank Perfect. you. be color.

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sort further headed? Just that, to likely you to be any that, understanding on direction III my be Mark clear, was Do be might of have that a the color was that design.

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looking that are to select. forward So, we concept

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guys buyback in Maybe quarter. a – You some allocation. about of just did capital shares thinking the shares bit little

you are to delivery your limited on the pay ability I As recall, dividends a of bit Gimi. little until

is sort allocation relates of First in you And to case? the shareholder intermediate still term that as are it of capital returns? how all, the about thinking

You are correct, Ben.

delivers. have we bond, this restriction unsecured dividend cash only us such which $XXX until is prevents debt Gimi the So, with facility from paying a million

incremental are, allowed an of We to $XX however, from do buyback we stand million today. where

dividend to the the allowed shares also equity share or through Company, of are total in cash. either out Cool either of We value our XX%

we cash sold every entire position distributed So, or quarter in one-third from cash distributed for could from in shares. it to two-thirds Cool since a Co onwards. cash When either generating shareholding, the comes are now healthy allocation, remaining be flow and we capital and free monetized

are cash otherwise I or when bond the delivers. think no to for next bring there introduce key change. think that having our dividends we active be the could ask subject discussions to on that dividend But we over focus Board are growth. Gimi to to nine months Currently, should unsecured from amendment plans forward as FLNG with an to the months, six materializes how that

taking Karl. Alright. you. follow-up, you the I Perfect. appreciate Thank

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to all have dialing reach great not you do us this So, and please morning, questions, out a for in. anyone day. thank listening has to follow-up hesitate you to further for If us. Thank

conference our today. for conclude does That

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