Golar LNG Q2 2025: Massive Contract Wins & Growth Ahead! (Hilli, Gimi, Mark II FLNG Updates) скачать в хорошем качестве

Golar LNG Q2 2025: Massive Contract Wins & Growth Ahead! (Hilli, Gimi, Mark II FLNG Updates)

Welcome to our deep dive into Golar LNG's Q2 2025 earnings! This quarter has been transformative for Golar, a leading FLNG (Floating Liquefaction Natural Gas) company, securing long-term contracts for its entire existing fleet and setting the stage for significant future growth. *Key Highlights of Q2 2025:* *Hilli FLNG Secures 20-Year Charter:* Golar locked in a *20-year redeployment charter for the FLNG Hilli* in Argentina with Southern Energy S.A. (SESA), adding a substantial **$5.7 billion in Adjusted EBITDA backlog**. *Mark II FLNG Reaches FID:* Definitive agreements were signed, and a **Final Investment Decision (FID) was reached for the Mark II FLNG's 20-year charter**, also with SESA. This contract alone adds **$8 billion to the Adjusted EBITDA backlog**. *Gimi FLNG Achieves Commercial Operations:* The *FLNG Gimi reached Commercial Operations Date (COD)* in June 2025, officially commencing its 20-year lease term with BP. *Strengthened Financial Position:* Golar issued *$575 million in convertible bonds**, significantly boosting its cash position to **just under $900 million* by quarter-end. A portion of these proceeds, **$103 million, was used to repurchase 2.5 million shares**. *Strategic Board Appointments:* Golar welcomed three new board members: Benoît Fouchardiere (former CEO of Perenco, adding upstream expertise), Mi Hong Yoon (Bermuda representative with strong accounting background), and Stephen Schaefer (Chairman of Talen Energy, bringing extensive financing and industry connections). *Non-Core Asset Sales:* The company successfully sold its remaining non-core assets, including its shareholding in Avenir Shipping and the Golar Arctic LNG carrier. *Financial Performance (Q2 2025):* *Total Operating Revenues:* **$75 million**. *FLNG Tariffs (Net):* **$82 million**, a notable increase driven by Gimi's COD. *Adjusted EBITDA:* *$49 million* for the quarter, with FLNG operations contributing $57 million after project development expenses. The last 12 months (LTM) Adjusted EBITDA stands at $208 million. *Net Income:* **$31 million**, which includes non-cash items like unrealized mark-to-market losses on derivatives and a $30 million day-one gain on Gimi's sales-type lease recognition. *Cash Position:* **$891 million**. *Net Debt:* **$1.158 billion**. *Dividend:* A *$0.25 per share dividend* was declared for Q2 2025. *Fleet Status and Contracts:* *FLNG Hilli**: Maintained **100% economic uptime* since 2018, having delivered 137 cargoes from Cameroon. The new 20-year charter with SESA in Argentina includes a *net charter hire of $285 million per year* and a *commodity-linked tariff* of 25% of FOB prices above $8/MMBtu, potentially adding $30 million for every dollar above this threshold. Hilli is scheduled for upgrades in Q3 2026 before starting its Argentina contract in Q2 2027. **FLNG Gimi**: Reached COD in June 2025, commencing its **20-year lease with BP**. Golar owns 70% of Gimi, with its share of net earnings backlog at approximately **$3 billion**. While it doesn't have a commodity link, it offers utilization-linked upside. Refinancing for Gimi is being explored for potentially improved terms. *Mark II FLNG**: The conversion is **almost 19% complete* and scheduled for delivery in Q4 2027, with operations expected to start in Argentina during 2028 alongside Hilli. The *20-year charter with SESA* is valued at *$400 million per year* in net charter hire and also includes a *commodity-linked tariff* of 25% of FOB prices above $8/MMBtu, adding approximately $40 million per dollar above this price. Approximately *$800 million of the $2.2 billion conversion budget* has been equity-funded to date. *Southern Energy S.A. (SESA)**: This consortium, in which Golar holds a 10% ownership, allows Golar additional commodity exposure. For every US dollar FOB price above $8/MMBtu, Golar's **total commodity upside (from charters and SESA shareholding) is approximately $100 million* annually, significantly outweighing the estimated $28 million downside below SESA’s cash break-even. *Growth Strategy and Market Outlook:* *Increased Focus on New Units**: With the existing fleet fully contracted, Golar is actively pursuing a **fourth FLNG unit* and plans for a fifth. They are signing agreements with target shipyards for EPC pricing and delivery schedules, aiming for **slot reservations for long-lead items (like gas turbines) in Q3 2025**. **Strategic Ordering**: Golar's strategy is to **order its next unit before locking in a charter**, a proven approach that drives value. **FLNG Designs**: Golar offers three main designs: **Mark I (up to 2.7 MTPA)**, **Mark II (up to 3.5 MTPA)**, and **Mark III (up to 5.4 MTPA)**. Mark I and II are vessel conversions, while Mark III is a new build.