Golar LNG Limited (GLNG) 30 May 232023 Q1 Earnings call transcript

Welcome to the Golar LNG Limited Q1 2023 Results Presentation. After the slide presentation by CEO, Karl Fredric Staubo; and CFO, Eduardo Maranhão, there will be a question-and-answer session. Information on how to ask a question will be provided then. At this time, all participants are in a listen-only mode.

I will now pass you over to Karl Fredrik Staubo. ahead. go please Karl,

CFO, and My Golar Staubo, name and by Golar operator, this to earnings results. quarter's CEO QX results LNG, our today accompanied presentation. is I'm Eduardo welcome you, Maranhão, LNG's present to XXXX of Mr. Thank Karl Fredrik

we the note presentation, Before the Slide on overview. statements get our Slide On company into X. X, please forward-looking we present

exited as we quarter, our well New the Cool Limited investments During Company Energy. as Fortress in

FLNG New Hilli. reacquired equity Fortress in the also We stake

We LNG LNG acquired for the Mauritania on BP key a the Gimi for also LNG FLNG the field later and Tortue FLNG to Senegal. the the operating continue delivering our start and XX-year sold Perenco this Gandria, contract Golar carrier, and to offshore in Hence, carrier, for be intended Fuji Hilli assets Cameroon FLNG conversion. year

Fuji annual advancing third a the we an with FLNG, With of we potential our Mark intend which LNG, of to be X.X MTPA. liquefaction ordering FLNG of acquisition are capacity II the

Turning for to quarter. highlights the and X Slide

the As we stake unit. million Hilli, stake equity shares X.X NFE's a our over previously Hilli taking the million of plus with side, $XXX associated New left-hand and Fortress for million, reacquired consideration in starting total NFE announced, remaining debt in of On $XXX with Energy

cash unwound our the on flow hedges operating of total TTF-linked whilst of production. also We exposure million TTF hedges, a locking $XXX maintaining to in

tons the to of agreed also in X.XX during compensate underproduction overproduction a 'XX We amount of with XXXX. similar

This will amendments presentation. our from flow margin the existing debt equity approval that cash have will and detail in Hilli. credit our improved in announce to unit. for terms we that We're later on debt free under the Eduardo and lower our to explain further agreed also pleased increase financing received

XX% now technically complete. is Gimi

yard year and increased QX fully Our from the dates half the with overall testing vessel, complete in the the conduct sail for project. this this year been to have allow at schedule to for first away until pushed line time

significant Under with business resource recontracting for development, her discussion we FLNG our have track of seen in and gas proven second for Hilli half and over solutions, recent currently We're FLNG several record. given the owners. increasing interest months XXXX availability operational the especially

with signing of deployment quarter proven during a the includes This resources memorandum on understanding explore in NMTC NNPC FLNG to Nigeria. gas controlled specific

acquired commercial of have the On already interaction for advanced FLNG LNG, described. as discussions increasing financing we and back yard the deployment, for Mark II and Fuji FLNG

cash $X $XX increase to and proceeds quarter par the Company million, to Cool and a amend to and billion, right-hand bonds more million. million We financial of financial and our bonds include of bought EBITDA side back Turning for adjusted than NFE exit highlights of unsecured net agreed position corporate flexibility. the $XXX the from at others. cash QX of $XX of

Following and pay approved to $X.XX the per have QX. we bond amendment, for have reinstated dividend share payments

ambition in to a and later is dividend, will and quarterly increasing further address overtime target Our detail presentation. our outlook dividend the stable declare in we

also million share buyback have $XXX We program. approved

are X remaining testings Slide on on some of further development business and to detail piping, The Turning works majority pre-commissioning. Gimi. and system

impact As QX updated is until gas half the the shifted sail project. mentioned, away first and expected away from sail expected 'XX not has timing on to first Tortue feed

of date working to backlog billion Part million. around updated adjusted Golar, is $XXX of now are have pre-commissioning and adjusted to disputed, will on dispute just the around equivalent flow an and to from FLNG sail XX-year delays, project Due currently to the contractual of wider resolve these cash the expected no to unlock impact execution project EBITDA is EBITDA annual BP pre-commissioning that flows flows of contractual and $X Golar cash away cash matter. overall have to started. The we

FLNG for Slide X potential experienced owners resource which currently increased six gas FLNG FLNG for deployments. development, and from five interest business. resource our to discussion our area We're gas to owners We the most exciting Turning solution. is of in business with

secure expiring charter priority in have of key visibility, accommodate II of before either potential end increased our to to at sufficient for Several our XX on or Hilli flow is July discussions secure current the Hilli Mark in shareholder cash II FID FLNG. resources the taking a Our FLNG. increased the distribution to contract clients Mark

through commercial with share owner, target A and price the fund liquefaction to potential based resource gas stranded of has together continue commodity be the gas resource attractive gas structures breakeven provider. forward Hilli We we, current cash field billion. owner focus on offtakes. associated where liquefaction of $X of utilized the fully in prices This LNG as Golar shared and between revenue on excess then an annual will or

largest gas a understanding the NNPC In of XX domestic Nigeria producing currently owners company. is six one of proven annually. five X reserve. to resource April, NNPC, LNG we tons million which more signed Africa's billion This described earlier. memorandum of energy tons with is of compares gas is to than

We've significant commercial ambition signing material, feet have both a technical MOU, named of significant Hence, a parties made progress. and monetization the capacity allocated for to there to gas resources of is Since and potential FLNG these develop volumes. project.

multiple try a an proven potential and on for deployed five-year as has FLNG one find one ambition gas to to opposed MOU in both to tackle duration have at all best be and to with it parties We named Nigeria. start explore projects to stranded the once. the Overall, fields

Africa and progress also gas with export Continued is America. in other made both opportunities South West

X. Slide to Turning

charter and candidate to The FLNG Gandria the LNG the larger acquire conditions, deck cargo FLNG and to of decided candidate. capacity, clear to to We lower our boil-off. key carrier, and On decided space better increased increased sell this the with age Fuji. conversion interest, includes high-grade enhanced our younger sailing option advantages back we conversion

on II of FLNG facility and/or Hilli The projects. investment to be FLNG. II Mark Mark to EPC decision progressing for charter We advance a yard continue as will as well discussions final recontracting visibility debt linked

Slide Turning FLNG potential highlight integrated to to X the further from earnings projects.

prices We sustainable sources for visibility healthy long-term advantage by energy, reverted very believe a the continue level of supported polluting We have cost to gas commodity at projects. more to in a forward to more see margins markets. FLNG

As utilized previous in equate breakeven MMBtu. you $XXX associated to stranded or be opportunities to gas costs believe for million EBITDA per to per for or shipping upstream MMBtu or have quarterly users of Europe $XXX million Asia costs in developed costs. FLNG MMBtu, we presentation, per described $X.XX delivered to upstream north per can $XX including Add fully in between fuel $X II This and annual Mark of compares between to end about $X $X of of MMBtu. forward indicating prices $X FLNG. cash Hilli a OpEx,

believe a you're costs Hence, from in be components, three model, cost and if an to continue over have the where on situation. three competitive our all key majority to incremental attractive the you shipping namely supply sourced of the next cheaper costs, U.S. We business business years will that's costs, XX and components, X we with liquefaction source gas believe

that LNG Current top in historical attractive limited As model and right upside with than forward this potential. are historical curves you reward prices. higher a in business corner, of downside significantly can context risk has significant an see the

The Turning to and cheaper XX. Slide more sources needs world of LNG.

LNG levels. suppliers year, world needs past prices has gas a the that cost-competitive become at from the it clear more range at Looking wider of over

While fuel, security. as underpins LNG unfolding been LNG ensure events long-term may the in and considered gas have part critical previously energy a of transition natural XXXX to a solutions

to not million plants compound LNG production However, around increase decade. According the XXXX. and in is will cover in to is current from growth build-out be XXX growth demand tons This X.X%. of by existing expected rate equivalent set XXX Global, S&P of million tons approximately LNG to demand sufficient the a annual coming XXXX to to

for we right-hand Turning inflation to costs The liquefaction slide, higher. cost the the side the supply projects witnessed shown steep the under recently pushing have construction. higher, CapEx cost shifting leading currently of to is estimated

ton You of CapEx U.S. liquefaction majority the capacity the you're way liquefaction of can talking projects, excess from billion. $X see in per of

of economics a us CapEx the is solutions. in confidence FLNG the factors key liquefaction impacting keeping several drivers makes and aspect are project, of continued success LNG project there one ultimate cost Golar's an of While contained the which three of liquefaction export

$X a of five later Macaw flared and liquefying XX by Slide an Golar the investment Power created shore on between through a joint an Stonepeak inception to Golar and grew and started model the side. founded Xx gas was on sold the Power, update and invested Energies. is start-up Energies but entity Macaw Turning million initial stranded which to Hygo. Xx treating replicating capital. same at that in was Macaw years team and Golar's was renamed after and Golar with venture

businesses liquefaction activity, $XX high This with trucking several on to the a its develop and of of constructing gas currently as as like in EV the unit up partnering in include well committed modularized proprietary has Golar for flaring charging demand South small-scale America. grid trucks. concentrate LNG-to-EV not to to small-scale the will team LNG U.S. and of efforts Permian capable million areas the stranded supercharging in significant areas resources complementary

continued but offshore, funded will we believe and at to the team Energies in then has development that's time. replicating previously to proven lifted later be markets in. this requirement model from CapEx of out the explore a Golar a a at sheet scale be us not larger sheet. a business fund Golar a the It's Macaw for by team capital to are management we Macaw, Macaw spin-off the and it. Subject balance It's of significant It to point that will will what doing balance deliver

to hand results. to Eduardo QX now call the will our over I present

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

to to we if of had of highlights We to number XX% Slide XXXX. quarter. wanted operating I of can million, up the total QX XX, this $XX some show over compared turn financial So revenues

when services instruments. FLNG gas total also and realized to is had XX% a compared of XXXX. of and liquefaction gains comprised metric from tariffs tariffs non-GAAP million, on LNG QX up revenues key We $XXX derivative oil

operations earnings The adjusted million. consolidated this Hilli an from recorded EBITDA recorded when this of of million, quarter XX% basis, contribution $XX QX from On a XXXX. increased very up strong were quarter, we compared close and we $XX our to FLNG to

to attributable of a loss $XXX the As a charges quarter. in we noncash result recorded million of $XXX us of mark-to-market net million,

Those $X.X stood charges in million, billion. After of stake just the movements total and million listed of value acquisition in of derivatives inclusive of swaps securities in rate our of $XX are NFE's contractual debt interest share equity Hilli the at Brent TTF million. our of and $XXX March, of $XXX changes in closing

position liquidity billion. cash to quarter the continue end over just and We of $X at have to the our access ample was

to our color of further on increased the units, in moving some exchange control, our So NFE Slide to XX. which for I wanted and $XXX In the consideration remaining also XX% million to a cash Hilli. $XXX shareholding plus we debt. to paid of common of of million stake X.X shares assumed million didn't on provide FLNG total we we

Hilli to As run $XX expected of increase million year. EBITDA previously This is adjusted transaction March by closed announced, our XX. per the on acquisition rate has

this benefit However, to us since of year. the effective economic is January X

million result terms reduced of strong the track $XX additional some until distributable financial under amortization in to corporate of of and unit schedule from the A key of maturity As management confidence record, flows contract. the to a us the our extended to received is generate current existing current recontracting, simplification combination end operational the facility. cash lender approval the expected we approximately and reduced interest margins, improve

those of that year. will become this QX in expect changes We affected

to our recap XX. Slide a of wanted provide historical earnings to Hilli. Moving from I

be transaction last contribution fee The on as $XX fixed slide, more can see tariffs January with can from tolling components: a million of of main result of the of a and this a fee on into Xst tariff, that fees closing this NFE. fixed As broken Brent-linked a than you doubled TTF-linked Hilli to three down quarter tolling started year. the

quarter we $XX EBITDA million, this quarter TTF than adjusted Brent-linked this from to contribution the In when $XX from total, XXXX. $XX million compare to Lower Hilli gas an same million of we XX% had respectively. increase have prices and fees the oil quarter, and the of of reduced more and

Hilli, debt to to some on I now our Slide XX. which strategy further around I on Moving touched for wanted before. details optimization provide

We're of received we leverage of existing our the as of before, optimize or existing the approval those changes approximately but $XX the $XX explained facility. lender certain have until So to free allow alone to units, from increase the conditions year to I equity contract. our end planning management should to cash our the million not us current generation increase tune per flow million of overall to

TTF important highlight between this of until program. that between XXX% we QX prices as million open around we it's December to $XXX and crystallized March But when as gains hedging XXXX TTF expires. remain XXXX, under exposed In XXXX contract our the and of well year current to

in change dollar $X.X million of Golar. incremental every prices, TTF will For this earnings to contribute

In to year. barrel, dollar every will for above per Brent we addition that, $XX million in $X.X a change prices generate

Slide on XX. Moving to

is million back a of by issuance sheet now to balance net continues and million. for the receivables are of for approximately TTF unwinding owned and our have million, the cash original $XXX adjusting to Our have greater debt-free $XXX now from strengthen, million $XXX bought we position at When our Out practically to bondholders. with FLNG the amount hedges, returns our $XX we debt allow time, just shareholder and public growth same flexibility program. fund of we of

On XX announce our strong under XX% were now a $XXX distribution assets months income. also dividend XX, certain returns, anticipate net adjusted amend to distribution total flow from bonds, Based Cool contracted that, reinstatement $XXX share as as proceeds, to the and approval visibility including our of million to we're of pleased a on of cash program. distribute which last well the received buyback very Hilli those Gimi establishment as shareholder as due XX% cash us the of million Company to allow May to to we up well the to up which conditions ability will

Now moving Hilli Gimi. at that both cost is XX. per of from on liquefaction, the dollar ton we share of considering priced Golar When to look liquefaction we implied capacity and believe Slide attractively our net

in FLNG only and one leading at announcement our buybacks, world's $XXX solution allocation our liquefaction is That supports proven to approach the our reasons update share floating Our a this LNG to strategy. market. offers extremely ton supported and of the the to technology capital which was competitive

I hand shareholder to the will bit closing approach talk to returns also more and call over a our now who Karl, some about provide remarks. can

with the allocation, coming Eduardo. more commodity you, clear upside as exposure, XX, it Slide with update fixed flow Eduardo And we on XXXX Thank flow expected turning is visibility strong think XX% way about earnings than the the we mentioned, have in cash to tariffs cash based capital on of further visibility, and over years.

also delivery that the balance in strong enhances operating Add the flow. significant FLNG to further should a believe growth. that is further should projects. cash upside cash sheet flows of from enable There dividend Gimi FLNG We whilst position be paid

numerous call, than cash more billion. an attractive have now position We're reiterated we As of have and times pricing. practically market we a during the debt-free, $X capital

a facility well the believe optimization of balance and a we current construction as FLNG. Gimi Mark post II debt of program sheet FLNG as a enables delivery securing debt Hence, growth, the buyback potential for

the will distributions growth. upside further work So to Hilli. balance the of stable again, sheet And is dividend be delivery the FLNG flow for put alongside in growing to reiterate, cash for quarterly operating and Gimi

Turning XX summary. to Slide and

quarterly have recontracting as and in a Gimi embedded initiated growth earnings from therefore FLNG opportunities put growth valuation further share program. place earnings attractive have We dividend million of commodity delivery, following the buyback course, increased see We We exposure potential and, $XXX Hilli new XXXX projects. see and current distribution,

us Therefore, Mark and the option with interaction see growth. we and we commercial of opportunities MOU recontracting prospective acquire momentum FLNG II. fund Fuji further to confidence LNG. Hilli gives with including the And to capacity the attractive NNPC for building has clients, increasing sheet signed balance and The exercised in FLNG of the the

the now any operator we'll our QX earnings dialing for call for This questions. you hand Thank presentation. the over to in, concludes and

question. Instructions] take [Operator Please first standby. now We'll our

Chris ahead. First from go Robertson the question Deutsche line of from Bank. Please

you you're I these you've any in And two discussions? America. between counterparties of regions? think about cost another briefly that Could differential you're the region cost But five mentioned advantage with one South in this mentioned does or in Guys, the six is as to or talk you of one often African the you currently bias that gas. possible discussions

Chris.

what a West market amount the reserves, than So we offtake the in -- cannot of what that gas gas abundant development source we not cost see the the American is domestic and different African too a South opportunities potential see for opportunities.

end we're what both on with, also FLNG end Africa. and than to longer at them they're of up And as subject users America distances. South somewhat However, other another But why we area see that's for development. sailing focusing that, interest

Yes, that That's you about an relates stuff. broadly the question can would but just that just makes not MOU, maybe specific sense. MOU current the I to process speaking, this guess good to MOU second to And talk of typically that how to there? of a reach? go long typically have getting would of take? through bit have to a detail contract in kind you just little terms in milestones What terms my more

Chris. Thanks,

in we since in to signed the only there's made MOU, about. don't as think think then custom most. and only FLNG a past. the time between gotten I of us how whoever the being text And go be time, world, provider we've the service counterparty times I and to that's the deals the the question It's it two from is these book

think bit little standard hard describe. how it not a is, it's to So or I

to are we NNPC that difference unlock group an formalized advanced mentioned, the to we're have have -- potential through we NNPC, the at but said, comes of significant six as NNPC. least the other the the signing certainly where the NNPC have felt we equally with not as post charters MOU discussions of within MOU. MOU the That five which we a sorry, to and pre specific it When with resources MOU is in the requirement we side, from of

from with the the timing and requirement. meet is than later. NOC, it's it being sooner encouraged difficult as think some procurement been of well. I is that That's done neutral is deadlines exact to charters resolution want to signed NNPC by really have And, An I in MOU are track we none both process momentum and a rather the where agreed, be for real to those. down say, us of us What we to signing So think see we're met, on the sake to MOU a but of that advance.

from line the is Thank now standby. Please And take you. ahead. Nolan We'll question. next Please from Ben of go this Stifel.

will I as ask it wanted are Is the guys to Hilli. to of bit relates And then Karl, there about think of to it move to a in advance. place we get hope to fair well. should Eduardo, move? will how utilization Because in the likely to some full contracting? asset that if with put timing infrastructure of little need obviously, it along does I you into need that, order recontracting it the assume the be

a a with be to is work this expect little contracting to Or event? on we XXXX bit time should so, the more And there side?

other likely to So the move could that There Cameroon yes, the it is resources within existing fields Hilli. facilitate are to have from site.

likely So very stay MOU it stay NNPC could current in signup. well like it the go will the with It site. not could -- elsewhere on with it could equally and Cameroon,

from are commercial point would and operational want need, site is to aspects a view. you any relocation why and from it clear and we engineering earlier, of That mid obviously, would timing by just In planning for should then terms for like an see to point think pretty you view, of recontracting. but mid-'XX an preparation we 'XX. there have when as engineering should the And dealer to around I would know of sufficient give view, operational

the then my timing. vessel, the helpful. of it So Am through second understanding is as of the contract That's you right just Hilli order FID? think follow-up. guess go that Okay. would priority and trying in order which a the I first then need to on recontracting And I to

that on So as Or the, necessarily not the next center months, Hilli, point much order? be XX have to contract for as it, call in go II it the months if but be to in it does expect is XX after the that? anywhere should the Mark we could

In you're broad correct. strokes,

Mark recontract II. thinking in the So is is coming XX to rationale to priority Hilli, be time number around FID Mark exposed is the thereafter Hilli to when want one behind deliver. off-contract the II also don't a The that to will we July

before Hilli we we one. II. that it's to FID least interest want And not against fixing current fix there's fixed II. it's from fix II even if Mark with day go likely attractively, you discussions, based contract sufficient of So at that significantly ahead one you the if on But more the Mark believe Hilli two Mark before charter you

you. Shere now ahead. And standby. Thank line take Please go from We'll from the question. the Craig Brothers. of is next Please Tuohy this

Congratulations need your II shipyard And on kind does originally in what's on the that you questioning, time time drop that to the progress. stand? commit of Mark the Ben's up, lock Picking dead it to you maintain order up where availability, that envisioned? queue line

There's is across, in increasing an guess, slots maritime I that space. no the challenge harm whole yard

Hilli and We construct on Singapore, we opportunities And built yard shipyards, we focused we I would team Mark think right have in believe China to relationships. also strong have unit. in explore are the II where also a and where Gimi we've obviously

II and But out of land, day for you a you work one engineering on timeline longer have, items push the of that less FID somewhat the know, to the potentially as FID, day like, sleep delivery the we of lead somewhat. preparational for longer you is long delivery example, course, We delivery. construction day -- on progress Mark lay acquiring Based safeguards continue delay Fuji. than because secured current the two

not it's the II of Got deployment. recontracting have think that as with the you the additional about something suppose, half you. I have. beyond dozen the Hilli II your Mark could conversion you and inconceivable prospects And and discussions, you Mark

your kind prepared how you of do just on much balance be for So to liquidity maintain sheet? in need that order to

Eduardo, do a you want to go? have

sure. Yes,

a minimum payment of after maintain cash $XXX see million an under amendment, have the also can stash Craig, committed dividend. position a of you the So incurrent to current as of we

a stated that quarterly on dividend plan to basis. program reinstate we the have We

So, a I sustainable from from be think operations. the this today mentioned call basis done, as on flow cash will Karl during our

our position that than to develop the to Mark is We current believe project. more allow II liquidity enough us

a will liquidity that will benefit have, spread the have mind we also also that out CapEx to not cash period the time, be period. position from of You bear which but currently we in be only generating during over we'll

So, development that we current as is to the than dividend of feel the fund II. well confident position more Mark as quite our program enough both

And refinancing on levers, million to just EBITDA also increase add, leverage total of billion that. That's potential $X Hilli which I has also think debt course, we upon liquidity a backlog, recontracting. have the several currently completion. to of upon in Gimi $XXX There's against

today, strong the through facilities also significant. support construction of experiencing from existing And unit. I are support think for during refinancing a is lenders very Mark the II announced we debt the even

combined, including that growth. foreseeable Eduardo confident those we So, the fund cash alluded can that we flows the are to,

Thank you.

ahead. standby. Please question. of is from next Lewis from Please our line the go Gregory take now This BTIG. will We

get year. going to was cash I that a debt try unit little congrats rate we Gimi about the thinking can just working about as more but color that's to strokes us on of it's little bit broad next available flow to hoping guess, give out days, kind Really dividend figure around get once potential as and optimization. be starting any to starts you we think and dividend. was the how -- more I we're a early hoping the I realizing color --

are seeing like I type broad what helpful. you -- are going more? to unit, type any be, be So How I Any us, super financed type thinking of interest much or debt give what mean, that really, of type this for we would is potentially can of kind yes, XX% strokes of duration we think, of rates about?

Eduardo?

Yes. one Sure, on provide I that Greg, here. I can think update some

which Yes, when alternatives it And under $XXX example, that highly is basically on look of or over few I basis, we we think few we considering unit high-level from we one. have comes a key I the debt all Gimi, facility. have leveraged. we think existing the some have have at for existing we the million months been that agree upsizing bank to on a of the last alternatives today, So exploring when range,

it comes So $X.X that XX the when XX I say, attractive to we potentially comes explore syndicate be level from to anywhere we billion. could potential current when when in is Today, But around a banks between facility. also comes that I years. the a this have can tenor, would volume upsize to would not facility anywhere $X it to eight alternative of and to it to cost. billion most, to say

alternatives, see So probably to longer sale tenors, agreement, anywhere the from have moving that this XX we I to And leasing most up entering here. attractive on say into be so to when compared idea between bank the potentially in we XX years. $X.X billion at which I also to to duration look other $X.X could potential as a leaseback a say, billion one the in total would we financing amount. anywhere alternatives would of explored unlock, of financing, would When

duration to XX tail -- years. still So comes contract when a of it remaining of the

potential believe a could offering same a the the as of potential while see duration and alternative private very and also bonds time placement benefit fully highest U.S. offer competitive the we volume the that where us contract the we contract at biggest could full issuance But this the backlog. from alternative We cost.

the this is Of market on the where will the at issuance. course, of time depend

billion on that project from from on the the when that the based billion. flows on raise we total $X.X sized amount $X.X potential to based cash basis, fact the SCR anywhere and looking But this will be believe the alternative could

volume But we in then as could we can of move will bit in by they you most, as the see, a reach the the terms decision point to refinancing we quite benefit that So And we until wait with as believe time, we Gimi. alternatives, a that on range COD. tenor. well take if of

XXX%. you Yes, announced see. Thank Karl, was the I Eduardo. I And good you That guess mean, then, to buyback. for that just

on liquefaction over $X,XXX ton a from you're we is with that was ton. capacity. that undervalued. Any transactions believe it where not today? market As guess a seen getting that I you're the kind but at -- thoughts nevertheless a of kind trading what and was of Any was a around stock is well some clearly, you're $XXX I clearly, large, feedback talking out guess there Golar investors, -- between is where we've below dislocation

we of run need set we questions of the of the ability to day, thereafter. trading where one the to our to best the the also trading. most, At stock the why the business try market and end needs is That's is price it's the get to the

I not dollars Board ton, think Gimi the in management and at given views multiples we attractive, of least very to which the we buyback do. through just program. place we think from intend valuation, what is valuation in cash why put and And the some as of what per I flow delivery following but that's parts see,

obviously This explained, grow which combined. investors based at visible buyback have started of quarters on end us which the of returns, significantly coming But to and the Some of course, the people want top program, of as shareholder is, start is I flows significant the the them if some we have we upside, and years. we the market that, cash dividend, speculating over $XXX just the ability for about should significantly larger meaningful. us, you both of on million the day, go on of what to are share, see think the on. And

a if the then forward kind unit things were about what thoughts to on get I just that mega up like the that, to -- the cost for that any could all there's decide with a realizing conversion And Fuji, availability, candidate we shipyard there's move project this, for that we inflation, and running like as of any doing of basis? kind Yes. into of think go

definitely We Yes. inflation. see

sees $XXX Golar, cash think that the pricing and I around it achievable we construction we everybody and where so mind, years the everywhere. in risk is we where of flow. ton. lead couple with see based it currently keep of that's But it, without EPC believe a a have placed on items, current contract But long call

cash and generating delivering flow Hilli Gimi today, Golar this buy is starting you and delivered year If cash is flow.

which integrated it new have to having take account, you it Hilli but of to balance also current as expensive you go that a why more fund for economics Gimi, impact we and as sheet dividend build base it contract on to see sense, you if can So is into that makes opportunities, superior without flow. contract dividend don't and you long from cash is think operating the

Please Morgan line Thank of now the you. take Evercore. from This our Sean question. is next from standby. We'll

of we 'XX. circle the is I Hilli, back July So, as of to in contract up kind think

not all challenges So FLNG in there logistical mean, I the to Perenco then most are are whole lot concerns? with does they environmental do what FLNG in the cost, equipment undersea connected of when precedent do And of bear what I it's moving imagine surface? a the happening, of an terms longer there customers sort And to who disconnecting? there's cases what's offsite? on are no of the

is different which unit, locations. is because simple this standardized is That a be at surprisingly redeployed designed to actually

and effectively, is the So disconnect pipe go. propeller. to which system soft you even and upstream The you do is the off need and the unit mooring yoke, has to engine what from

a need part, to And fixed is the don't you decommissioning probably you the even go, around the but theoretically, which bottom mooring decommission which you where has subject a leave tag. $X of we to only thing The we ground, in which the total think of seabed So that's to system, need it. need million. tugs, is we

two have basis, a markets ahead you management equity on and uncertainty. guess -- look guys I obviously about the years. realized to don't love then you markets equity a as you start tend And to calendar as team, Okay. But

and have the then. by up game You running would

any bit you like have overhang? so you sort what wouldn't not moved of run into but assets and producing, an uncertainty to thinking completed about are don't line when of time of start sort get this you it's needs to So, internally for a

unit you comfortable time have I explain engineering That have next you the very and will time where mid if think as of plan for by decommissioning. leaves to plenty an -- as operational visibility we of view, earlier, tried from charter long point year recontract. to as

a required. potential upgrades and shore mooring locations up new that's Any set amendments everything or base new vessel and

us appreciate capital It's earlier comfortable. So and visibility on that lost not do certainly markets frankly the we. so that's

one see see the to to necessarily delivers around first the door on there's but want industrially the best. economics fixing versus interest the of internal terms ship now, what's who of dance of of an marry the the with you don't uncertainty. we project that little at the up just day, between end the at But optimizing trade-off right the And shows in have a floor level round

analogy. like I that Okay. super

we So turns the on ball girl the lot that at to be asset where hopefully, a lot of Hilli this prettiest have Thanks a and choices goes. Karl. out

questions will Thank there Staubo for remarks. no time. And back further are Karl closing hand to you. this at the call I

listening not, the ability. relevant and speak you we continue we Thanks next will progress to quarter. for and the the speak and before. will in interest again, Hopefully, everybody, Company But in to to our to the and of questions us dialing very we'll all if again best

So thanks again, and have a great day.

for Thank today. you now you conference conclude disconnect. and stand may Speakers you. does for by. participating, the This please Thank