We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Golar LNG Limited | NASDAQ:GLNG | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.20 | 0.75% | 26.86 | 26.10 | 27.46 | 27.06 | 26.37 | 26.71 | 867,809 | 00:00:02 |
Form 20-F [X]
|
|
Form 40-F [ ]
|
Yes [ ]
|
|
No [X]
|
•
|
EBITDA* and Operating Loss in the quarter reported a loss of $11.3 million and $28.3 million compared to a 2Q loss of $17.5 million and $37.2 million, respectively.
|
•
|
Golar LNG Limited (“Golar” or “the Company”) and Schlumberger formed OneLNG, a joint venture that will offer an integrated upstream and midstream solution for the development of low cost gas reserves to LNG.
|
•
|
Closed Golar Power transaction with Stonepeak to capitalise on downstream opportunities.
|
•
|
Shipping market shows positive signs with improving utilisation, rates and the re-appearance of round-trip economics.
|
•
|
Ophir and OneLNG agreed to form a Joint Operating Company to develop the 2.6Tcf Fortuna reserves in Equatorial Guinea using FLNG technology.
|
•
|
Golar Power reached a Final Investment Decision (“FID”) on Sergipe power project, signed a 25-year FSRU agreement and entered into a long-term sale and purchase agreement for the supply of LNG.
|
•
|
The Incentive Distribution Rights (“IDRs”) in Golar LNG Partners (“Golar Partners” or “the Partnership”) were reset. Golar LNG received 3.8 million new units as consideration.
|
•
|
Raised $176 million in new equity through issue of 7.5 million new shares.
|
|
2016
|
|
2016
|
|
(in thousands of $)
|
Jul-Sep
|
|
Apr-Jun
|
|
Total operating revenues
|
22,267
|
|
18,370
|
|
Vessel operating expenses
|
(12,102
|
)
|
(14,064
|
)
|
Voyage, charterhire & commission expenses
|
(8,031
|
)
|
(9,826
|
)
|
Voyage, charterhire & commission expenses - collaborative arrangements
|
(3,621
|
)
|
(2,331
|
)
|
Administrative expenses
|
(9,808
|
)
|
(9,689
|
)
|
EBITDA*
|
(11,295
|
)
|
(17,540
|
)
|
Depreciation and amortization
|
(16,997
|
)
|
(19,705
|
)
|
Operating loss
|
(28,292
|
)
|
(37,245
|
)
|
|
2016
|
|
2016
|
|
(in thousands of $)
|
Jul-Sep
|
|
Apr-Jun
|
|
Operating loss
|
(28,292
|
)
|
(37,245
|
)
|
Interest income
|
436
|
|
196
|
|
Interest expense
|
(15,564
|
)
|
(13,331
|
)
|
Other financial items
|
22,772
|
|
(27,471
|
)
|
Loss on disposal
|
(12,184
|
)
|
—
|
|
Taxes
|
(246
|
)
|
609
|
|
Equity in net earnings of affiliates
|
15,681
|
|
2,053
|
|
Net income attributable to non-controlling interests
|
(6,546
|
)
|
(9,412
|
)
|
Net loss attributable to Golar LNG Ltd
|
(23,943
|
)
|
(84,601
|
)
|
•
|
After stripping out Golar Power assets, consolidated Variable Interest Entities in respect of the six sale and leaseback financed vessels and non-cash capitalised interest adjustments, underlying 3Q interest expense is consistent with 2Q.
|
•
|
Other Financial Items report a gain of $22.8 million compared to a $27.5 million charge in 2Q. A 2Q mark to market loss on the Company’s Total Return Swap became a $16.5 million gain in 3Q following an increase in Golar’s share price from $15.50 on June 30 to $21.20 on September 30.
|
•
|
A $12.2 million non-cash loss was recognised on disposal of Golar Power, of which approximately half is expected to be recovered upon finalisation of the purchase price adjustment. This loss is based on estimates and is thus subject to change.
|
•
|
Following a change in accounting treatment of the Company’s stake in Golar Partners, Golar now accounts for its Common Units, General Partner Units and IDRs in the same way it has previously accounted for its Subordinated Units under the equity method of accounting. The Partnerships 3Q 2016 contribution to Golar’s results is included together with the Company’s 50% share of Golar Power in equity in net earnings of affiliates. The $15.7 million 3Q equity in net earnings of affiliates is comprised of a $2.7 million loss in respect of Golar’s 50% share in Golar Power and net earnings of $18.3 million from the Company’s stake in Golar Partners. However, the change in accounting treatment of the various units does not impact the distributions receivable by the Company so that its receipt of $13.2 million in cash distributions in respect of its investment in Golar Partners is consistent with recent quarters.
|
•
|
Commencement of operations on the worlds first FLNG vessel, the PFLNG Satu in Malaysia.
|
•
|
Black & Veatch successfully commissioning, in a marine environment, an Exmar designed FLNG barge with a small-scale version of the same liquefaction technology used on FLNG Hilli.
|
•
|
Golar Power transaction closed - released $103 million of cash.
|
•
|
IDR Reset - received 3.7 million new Common units and 0.1 million General Partner units in Golar Partners (including 0.8 million earn-out units).
|
•
|
Margin Loan - secured $150 million commitment from Citibank to be secured by certain Golar Partners units.
|
•
|
Equity Issue - raised $170 million net of fees following the issue of 7.5 million new shares.
|
|
||||||||
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
(in thousands of $)
|
Jul-Sep
|
|
Apr-Jun
|
|
Jan-Sep
|
|
Jan-Sep
(3)
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
||||
Time charter revenues
|
13,576
|
|
12,345
|
|
37,798
|
|
70,009
|
|
Time charter revenues - collaborative arrangement
|
4,558
|
|
3,341
|
|
10,494
|
|
—
|
|
Vessel and other management fees
|
4,133
|
|
2,684
|
|
8,902
|
|
9,671
|
|
Total operating revenues
|
22,267
|
|
18,370
|
|
57,194
|
|
79,680
|
|
|
|
|
|
|
||||
Vessel operating expenses
|
12,102
|
|
14,064
|
|
41,739
|
|
42,857
|
|
Voyage, charter-hire and commission expenses
(1)
|
8,031
|
|
9,826
|
|
28,505
|
|
57,515
|
|
Voyage, charter-hire and commission expenses - collaborative arrangement
|
3,621
|
|
2,331
|
|
6,425
|
|
—
|
|
Administrative expenses
|
9,808
|
|
9,689
|
|
31,073
|
|
23,505
|
|
Depreciation and amortization
|
16,997
|
|
19,705
|
|
56,146
|
|
54,191
|
|
Impairment of long-term assets
|
—
|
|
—
|
|
1,706
|
|
—
|
|
Total operating expenses
|
50,559
|
|
55,615
|
|
165,594
|
|
178,068
|
|
|
|
|
|
|
||||
Net gain on disposals to Golar Partners
|
—
|
|
—
|
|
—
|
|
103,539
|
|
Impairment of vessel held-for-sale
|
—
|
|
—
|
|
—
|
|
(1,032
|
)
|
Other operating gains - LNG Trade
|
—
|
|
—
|
|
16
|
|
—
|
|
Loss on disposal of vessel held-for-sale
|
—
|
|
—
|
|
—
|
|
(5,824
|
)
|
Operating loss
|
(28,292
|
)
|
(37,245
|
)
|
(108,384
|
)
|
(1,705
|
)
|
|
|
|
|
|
||||
Other non-operating loss
|
|
|
|
|
||||
Net loss on disposal of Golar Power
|
(12,184
|
)
|
—
|
|
(12,184
|
)
|
—
|
|
Total other non-operating loss
|
(12,184
|
)
|
—
|
|
(12,184
|
)
|
—
|
|
|
|
|
|
|
||||
Financial income (expense)
|
|
|
|
|
||||
Interest income
|
436
|
|
196
|
|
1,527
|
|
4,786
|
|
Interest expense
(2)
|
(15,564
|
)
|
(13,331
|
)
|
(34,917
|
)
|
(51,622
|
)
|
Other financial items
|
22,772
|
|
(27,471
|
)
|
(33,579
|
)
|
(91,561
|
)
|
Net financial income (expense)
|
7,644
|
|
(40,606
|
)
|
(66,969
|
)
|
(138,397
|
)
|
|
|
|
|
|
||||
Loss before taxes and equity in net earnings of affiliates
|
(32,832
|
)
|
(77,851
|
)
|
(187,537
|
)
|
(140,102
|
)
|
Taxes
|
(246
|
)
|
609
|
|
1,039
|
|
2,563
|
|
Equity in net earnings of affiliates
|
15,681
|
|
2,053
|
|
10,118
|
|
42,140
|
|
|
|
|
|
|
||||
Net loss
|
(17,397
|
)
|
(75,189
|
)
|
(176,380
|
)
|
(95,399
|
)
|
Net income attributable to non-controlling interests
|
(6,546
|
)
|
(9,412
|
)
|
(18,775
|
)
|
(8,138
|
)
|
|
|
|
|
|
||||
Net loss attributable to Golar LNG Ltd
|
(23,943
|
)
|
(84,601
|
)
|
(195,155
|
)
|
(103,537
|
)
|
|
||||||||
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
(in thousands of $)
|
Jul-Sep
|
|
Apr-Jun
|
|
Jan-Sep
|
|
Jan-Sep
|
|
|
|
|
|
|
||||
|
|
|
|
|
||||
Net loss
|
(17,397
|
)
|
(75,189
|
)
|
(176,380
|
)
|
(95,399
|
)
|
|
|
|
|
|
||||
Other comprehensive income (loss):
|
|
|
|
|
||||
Net gain (loss) on qualifying cash flow hedging instruments
|
1,514
|
|
1,010
|
|
2,606
|
|
(3,978
|
)
|
Other comprehensive income (loss)
|
1,514
|
|
1,010
|
|
2,606
|
|
(3,978
|
)
|
Comprehensive loss
|
(15,883
|
)
|
(74,179
|
)
|
(173,774
|
)
|
(99,377
|
)
|
|
|
|
|
|
||||
Comprehensive loss attributable to:
|
|
|
|
|
||||
|
|
|
|
|
||||
Stockholders of Golar LNG Limited
|
(22,429
|
)
|
(83,591
|
)
|
(192,549
|
)
|
(107,515
|
)
|
Non-controlling interests
|
6,546
|
|
9,412
|
|
18,775
|
|
8,138
|
|
|
(15,883
|
)
|
(74,179
|
)
|
(173,774
|
)
|
(99,377
|
)
|
|
2016
|
|
2015
|
|
(in thousands of $)
|
Sep-30
|
|
Dec-31
|
|
|
Unaudited
|
|
Audited
|
|
|
|
|
||
ASSETS
|
|
|
||
Current
|
|
|
||
Cash and cash equivalents
|
137,904
|
|
105,235
|
|
Restricted cash and short-term receivables
(2)
|
203,031
|
|
228,202
|
|
Other current assets
|
22,387
|
|
37,877
|
|
Assets held-for-sale
(1)(2)
|
273,320
|
|
267,034
|
|
Total current assets
|
636,642
|
|
638,348
|
|
Non-current
|
|
|
||
Restricted cash
|
266,815
|
|
180,361
|
|
Investment in affiliates
|
640,369
|
|
541,565
|
|
Cost method investments
|
7,347
|
|
7,347
|
|
Newbuildings
|
—
|
|
13,561
|
|
Asset under development
|
694,741
|
|
501,022
|
|
Vessels and equipment, net
|
1,899,446
|
|
2,336,144
|
|
Other non-current assets
|
33,595
|
|
50,850
|
|
Total assets
|
4,178,955
|
|
4,269,198
|
|
|
|
|
||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
||
Current
|
|
|
||
Current portion of long-term debt and short-term debt
(2)
|
732,183
|
|
491,398
|
|
Amounts due to related parties
(1)
|
158,185
|
|
7,128
|
|
Other current liabilities
|
228,513
|
|
254,691
|
|
Liabilities held-for-sale
(1)(2)
|
214,905
|
|
201,213
|
|
Total current liabilities
|
1,333,786
|
|
954,430
|
|
Non-current
|
|
|
||
Long-term debt
(2)
|
1,068,108
|
|
1,344,509
|
|
Other long-term liabilities
|
53,090
|
|
54,080
|
|
Total liabilities
|
2,454,984
|
|
2,353,019
|
|
|
|
|
||
Equity
|
|
|
||
Stockholders' equity
|
1,684,383
|
|
1,895,366
|
|
Non-controlling interests
|
39,588
|
|
20,813
|
|
|
|
|
||
Total liabilities and stockholders' equity
|
4,178,955
|
|
4,269,198
|
|
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
(in thousands of $)
|
Jul-Sep
|
|
Apr-Jun
|
|
Jan-Sep
|
|
Jan-Sep
|
|
|
|
|
|
|
||||
|
|
|
|
|
||||
OPERATING ACTIVITIES
|
|
|
|
|
||||
Net loss
|
(17,397
|
)
|
(75,189
|
)
|
(176,380
|
)
|
(95,399
|
)
|
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
16,997
|
|
19,705
|
|
56,146
|
|
54,191
|
|
Amortization of deferred tax benefits on intra-group transfers
|
—
|
|
(843
|
)
|
(1,715
|
)
|
(2,616
|
)
|
Amortization of deferred charges and debt guarantee
|
1,598
|
|
9,583
|
|
14,037
|
|
(2,454
|
)
|
Gain on disposal to Golar Partners
|
—
|
|
—
|
|
—
|
|
(103,539
|
)
|
Loss on disposal of Golar Power
|
12,184
|
|
—
|
|
12,184
|
|
—
|
|
Equity in net earnings of affiliates
|
(15,681
|
)
|
(2,053
|
)
|
(10,118
|
)
|
(42,140
|
)
|
Impairment of vessel held-for-sale
|
—
|
|
—
|
|
—
|
|
1,032
|
|
Loss on sale of vessel
|
—
|
|
—
|
|
—
|
|
5,824
|
|
Dividends received
|
13,477
|
|
13,300
|
|
40,166
|
|
39,474
|
|
Drydocking expenditure
|
—
|
|
—
|
|
—
|
|
(10,405
|
)
|
Stock-based compensation
|
409
|
|
1,505
|
|
3,193
|
|
3,611
|
|
Change in market value of derivatives
|
(27,213
|
)
|
13,734
|
|
(1,184
|
)
|
59,664
|
|
Impairment of loan receivable
|
—
|
|
(422
|
)
|
7,627
|
|
15,010
|
|
Other current and long-term assets
|
(1,026
|
)
|
1,660
|
|
13,701
|
|
(18,032
|
)
|
Other current and long-term liabilities
|
15,337
|
|
(45,211
|
)
|
(20,486
|
)
|
2,332
|
|
Net foreign exchange gain
|
(114
|
)
|
792
|
|
707
|
|
1,883
|
|
Impairment of long-term assets
|
—
|
|
—
|
|
1,706
|
|
—
|
|
Restricted cash and short-term receivables
|
13,571
|
|
(217
|
)
|
13,354
|
|
—
|
|
Net cash provided by (used in) operating activities
|
12,142
|
|
(63,656
|
)
|
(47,062
|
)
|
(91,564
|
)
|
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
(in thousands of $)
|
Jul-Sep
|
|
Apr-Jun
|
|
Jan-Sep
|
|
Jan-Sep
|
|
|
|
|
|
|
||||
|
|
|
|
|
||||
INVESTING ACTIVITIES
|
|
|
|
|
||||
Additions to vessels and equipment
|
(634
|
)
|
(8,753
|
)
|
(13,893
|
)
|
(3,633
|
)
|
Additions to newbuildings
|
—
|
|
(19,065
|
)
|
(19,220
|
)
|
(405,331
|
)
|
Additions to asset under development
|
(54,879
|
)
|
(18,539
|
)
|
(129,161
|
)
|
(80,985
|
)
|
Additions to available-for-sale securities
|
—
|
|
—
|
|
—
|
|
(5,023
|
)
|
Additions to investments
|
(10,200
|
)
|
—
|
|
(10,200
|
)
|
—
|
|
Acquisition of vessel
|
—
|
|
—
|
|
—
|
|
(20,000
|
)
|
Proceeds from disposal of fixed assets
|
—
|
|
—
|
|
—
|
|
18,987
|
|
Investment in subsidiary, net of cash acquired
|
—
|
|
—
|
|
—
|
|
(16
|
)
|
Proceeds from disposal of business to Golar Partners, net of cash disposed (including repayments on related vendor financing loans granted)
(1)
|
—
|
|
77,247
|
|
107,247
|
|
126,872
|
|
Proceeds from disposal of Golar Power
|
113,321
|
|
—
|
|
113,321
|
|
—
|
|
Repayment of short-term loan granted to third party
|
—
|
|
—
|
|
—
|
|
400
|
|
Loans granted (including related parties)
|
—
|
|
—
|
|
(1,000
|
)
|
(1,000
|
)
|
Repayment of short-term loan granted to Golar Partners
|
—
|
|
—
|
|
—
|
|
20,000
|
|
Proceeds from disposal of investments in available-for-sale securities
|
—
|
|
—
|
|
—
|
|
207,428
|
|
Restricted cash and short-term receivables
|
14,883
|
|
(10,621
|
)
|
9,453
|
|
(843
|
)
|
Net cash provided by (used in) investing activities
|
62,491
|
|
20,269
|
|
56,547
|
|
(143,144
|
)
|
|
|
|
|
|
||||
FINANCING ACTIVITIES
|
|
|
|
|
||||
Proceeds from short-term and long-term debt (including related parties)
|
50,000
|
|
93,417
|
|
355,817
|
|
570,077
|
|
Repayments of short-term and long-term debt (including related parties)
|
(20,555
|
)
|
(36,041
|
)
|
(184,912
|
)
|
(138,299
|
)
|
Financing costs paid
|
(2,966
|
)
|
(1,397
|
)
|
(7,395
|
)
|
(11,291
|
)
|
Cash dividends paid
|
(4,682
|
)
|
—
|
|
(49,743
|
)
|
(121,358
|
)
|
Proceeds from exercise of share options
|
—
|
|
—
|
|
—
|
|
23
|
|
Purchase of treasury shares
|
—
|
|
—
|
|
(8,214
|
)
|
—
|
|
Restricted cash and short-term receivables
|
(23,246
|
)
|
(40,788
|
)
|
(82,369
|
)
|
(33,012
|
)
|
Net cash (used in) provided by financing activities
|
(1,449
|
)
|
15,191
|
|
23,184
|
|
266,140
|
|
Net increase (decrease) in cash and cash equivalents
|
73,184
|
|
(28,196
|
)
|
32,669
|
|
31,432
|
|
Cash and cash equivalents at beginning of period
|
64,720
|
|
92,916
|
|
105,235
|
|
191,410
|
|
Cash and cash equivalents at end of period
|
137,904
|
|
64,720
|
|
137,904
|
|
222,842
|
|
(in thousands of $)
|
Share Capital
|
Treasury Shares
|
Additional Paid-in Capital
|
Contributed Surplus
(1)
|
Accumulated Other Comprehensive (Loss) Income
|
Accumulated Retained Earnings
|
Total before Non- controlling Interests
|
Non-controlling Interests
|
Total Equity
|
|||||||||
Balance at December 31, 2014
|
93,415
|
|
—
|
|
1,307,087
|
|
200,000
|
|
(6,579
|
)
|
641,844
|
|
2,235,767
|
|
1,655
|
|
2,237,422
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net loss
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(103,537
|
)
|
(103,537
|
)
|
8,138
|
|
(95,399
|
)
|
Dividends
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(121,359
|
)
|
(121,359
|
)
|
—
|
|
(121,359
|
)
|
Exercise of share options
|
8
|
|
—
|
|
15
|
|
—
|
|
—
|
|
—
|
|
23
|
|
—
|
|
23
|
|
Grant of share options
|
—
|
|
—
|
|
4,891
|
|
—
|
|
—
|
|
—
|
|
4,891
|
|
—
|
|
4,891
|
|
Forfeiture of share options
|
—
|
|
—
|
|
(1,734
|
)
|
—
|
|
—
|
|
—
|
|
(1,734
|
)
|
—
|
|
(1,734
|
)
|
Cancellation of share options
|
—
|
|
—
|
|
787
|
|
—
|
|
—
|
|
—
|
|
787
|
|
—
|
|
787
|
|
Transfer of additional paid-in capital
|
—
|
|
—
|
|
6,003
|
|
—
|
|
(4,424
|
)
|
—
|
|
1,579
|
|
—
|
|
1,579
|
|
Other comprehensive loss
|
—
|
|
—
|
|
—
|
|
—
|
|
(3,978
|
)
|
—
|
|
(3,978
|
)
|
—
|
|
(3,978
|
)
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance at September 30, 2015
|
93,423
|
|
—
|
|
1,317,049
|
|
200,000
|
|
(14,981
|
)
|
416,948
|
|
2,012,439
|
|
9,793
|
|
2,022,232
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
(in thousands of $)
|
Share Capital
|
Treasury Shares
|
Additional Paid-in Capital
|
Contributed Surplus
(1)
|
Accumulated Other Comprehensive (Loss) Income
|
Accumulated Retained Earnings
|
Total before Non- controlling Interests
|
Non-controlling Interests
|
Total Equity
|
|||||||||
Balance at December 31, 2015
|
93,547
|
|
(12,269
|
)
|
1,317,806
|
|
200,000
|
|
(12,592
|
)
|
308,874
|
|
1,895,366
|
|
20,813
|
|
1,916,179
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net loss
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(195,155
|
)
|
(195,155
|
)
|
18,775
|
|
(176,380
|
)
|
Dividends
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(13,883
|
)
|
(13,883
|
)
|
—
|
|
(13,883
|
)
|
Grant of share options
|
—
|
|
—
|
|
4,555
|
|
—
|
|
—
|
|
—
|
|
4,555
|
|
—
|
|
4,555
|
|
Forfeiture of share options
|
—
|
|
—
|
|
(892
|
)
|
—
|
|
—
|
|
—
|
|
(892
|
)
|
—
|
|
(892
|
)
|
Other comprehensive income
|
—
|
|
—
|
|
—
|
|
—
|
|
2,606
|
|
—
|
|
2,606
|
|
—
|
|
2,606
|
|
Treasury shares
|
—
|
|
(8,214
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
(8,214
|
)
|
—
|
|
(8,214
|
)
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance at September 30, 2016
|
93,547
|
|
(20,483
|
)
|
1,321,469
|
|
200,000
|
|
(9,986
|
)
|
99,836
|
|
1,684,383
|
|
39,588
|
|
1,723,971
|
|
(in thousands of $)
|
September 30, 2016
|
|
December 31, 2015
|
|
Restricted cash
and short-term receivables
|
88,220
|
|
35,450
|
|
|
|
|
||
Current portion of long-term debt and short-term debt
|
443,676
|
|
424,628
|
|
Long-term debt
|
423,064
|
|
285,700
|
|
|
|
|
1 Year Golar LNG Chart |
1 Month Golar LNG Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions