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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.08 | 0.32% | 25.10 | 23.05 | 30.65 | 25.22 | 24.81 | 25.00 | 981,242 | 05:00:04 |
Form 20-F [X]
|
|
Form 40-F [ ]
|
Yes [ ]
|
|
No [X]
|
•
|
Total operating revenues for Golar LNG Limited ("Golar" or "the Company") increased from $123.1 million in 3Q to $181.9 million in 4Q. Full year 2018 operating revenues increased to $430.6 million from $143.5 million in 2017.
|
•
|
Adjusted EBITDA
1
increased from $83.5 million in 3Q to $121.2 million in 4Q. Full year 2018 Adjusted EBITDA
1
increased to $218.1 million from a loss of $24.0 million in 2017.
|
•
|
The shipping fleet recorded Time Charter Equivalent
1
("TCE") earnings of $77,600 per day ($97,300 for spot TFDE vessels).
|
•
|
Established small-scale LNG entity Avenir LNG Limited ("Avenir") in conjunction with Stolt-Nielsen Limited ("Stolt-Nielsen") and Höegh LNG Holdings Limited ("Höegh").
|
•
|
Received a Limited Notice to Proceed with the conversion of a FLNG vessel to service the BP operated Greater Tortue/Ahmeyim project offshore Mauritania and Senegal
.
|
•
|
FLNG
Hilli Episeyo
successfully completes first maintenance window ahead of schedule and maintains 100% commercial uptime.
|
•
|
Non-cash items including $195.7 million of unrealized Brent oil linked mark-to-market derivative instrument losses and a $149.4 million impairment charge in relation to its investment in Golar LNG Partners L.P. ("Golar Partners" or the "Partnership") contributed to Golar reporting a net loss of $313.0 million for 4Q.
|
•
|
Golar and BP execute contracts for the provision of an FLNG vessel to service the Greater Tortue/Ahmeyim project offshore Mauritania and Senegal for 20 years.
|
•
|
Subject to certain conditions precedent and receipt of a final Notice to Proceed, Golar enters into binding agreements to convert, sell and operate a FSRU in Croatia.
|
•
|
FSRU
Golar Nanook
commences loading operations of first Sergipe commissioning cargo from FLNG
Hilli Episeyo
on February 26.
|
•
|
Dividend of $0.15 cents per share declared for quarter.
|
|
2018
|
|||||||||||
|
Oct-Dec
|
Jul-Sep
|
||||||||||
(in thousands of $)
|
Vessel and other operations
|
FLNG
|
Total
|
Vessel and other operations
|
FLNG
|
Total
|
||||||
Total operating revenues
|
127,415
|
|
54,524
|
|
181,939
|
|
68,577
|
|
54,524
|
|
123,101
|
|
Vessel operating expenses
|
(18,407
|
)
|
(10,692
|
)
|
(29,099
|
)
|
(16,785
|
)
|
(12,065
|
)
|
(28,850
|
)
|
Voyage, charterhire & commission expenses (including expenses from collaborative arrangement)
|
(40,690
|
)
|
605
|
|
(40,085
|
)
|
(23,280
|
)
|
(1,457
|
)
|
(24,737
|
)
|
Administrative expenses
(2)
|
(12,902
|
)
|
227
|
|
(12,675
|
)
|
(14,804
|
)
|
29
|
|
(14,775
|
)
|
Project development expenses
(2)
|
(928
|
)
|
(3,798
|
)
|
(4,726
|
)
|
(1,037
|
)
|
(4,704
|
)
|
(5,741
|
)
|
Realized gain on oil derivative instrument
(3)
|
—
|
|
12,419
|
|
12,419
|
|
—
|
|
11,270
|
|
11,270
|
|
Other operating gains (losses)
|
14,740
|
|
(1,296
|
)
|
13,444
|
|
26,000
|
|
(2,740
|
)
|
23,260
|
|
Adjusted EBITDA
(1)
|
69,228
|
|
51,989
|
|
121,217
|
|
38,671
|
|
44,857
|
|
83,528
|
|
|
|
|
|
|
|
|
||||||
Reconciliation to operating income (loss)
|
|
|
|
|
|
|
||||||
Unrealized (loss) gain on oil derivative instrument
(3)
|
—
|
|
(195,740
|
)
|
(195,740
|
)
|
—
|
|
77,470
|
|
77,470
|
|
Depreciation and amortization
|
(16,244
|
)
|
(12,051
|
)
|
(28,295
|
)
|
(16,477
|
)
|
(12,051
|
)
|
(28,528
|
)
|
Operating income (loss)
|
52,984
|
|
(155,802
|
)
|
(102,818
|
)
|
22,194
|
|
110,276
|
|
132,470
|
|
|
2018
|
|
2018
|
|
(in thousands of $)
|
Oct-Dec
|
|
Jul-Sep
|
|
Operating (loss) income
|
(102,818
|
)
|
132,470
|
|
Interest income
|
2,983
|
|
3,106
|
|
Interest expense
|
(31,251
|
)
|
(32,645
|
)
|
Losses on derivative instruments
(4)
|
(23,605
|
)
|
(8,004
|
)
|
Other financial items, net
(4)
|
(780
|
)
|
(227
|
)
|
Income taxes
|
(627
|
)
|
(156
|
)
|
Equity in net (losses) earnings of affiliates
|
(154,089
|
)
|
2,668
|
|
Net income attributable to non-controlling interests
|
(2,770
|
)
|
(31,000
|
)
|
Net (loss) income attributable to Golar LNG Limited
|
(312,957
|
)
|
66,212
|
|
•
|
4Q recorded a $23.6 million loss on derivative instruments compared to a 3Q loss of $8.0 million. This includes mark-to-market valuations on the Total Return Swap ("TRS") and interest rate swaps ("IRS").
|
•
|
The
$154.1 million
4Q equity in net losses of affiliates is primarily comprised of a loss of $157.9 million in respect of Golar's stake in Golar Partners. Included in this loss is a $149.4 million impairment of the carrying value of Golar's interest in the Partnership. A more sustainable distribution and improving coverage following the distribution cut have not translated into a higher unit price. Golar Partners' unit price as at December 31 was $10.80, whereas the unit price at IPO was $22.50. The impairment is based on the year-end unit price of $10.80. Given the time that the Partnership's unit price has traded below its carry value, the reduction is now considered other than temporary. The unit price on February 26 was $13.78, which equates to $292.5 million for Golar's common unit equity stake. The $8.5 million balance is comprised of Golar's share of the Partnership's 4Q net loss, net of fair value adjustments. Non-cash losses on interest rate swaps were a major contributor to the Partnership's 4Q net loss.
|
•
|
FLNG
Hilli Episeyo
is operational, cash flow generative and constructive progress is being made with respect to utilization of its spare capacity.
|
•
|
The underlying recovery in the shipping market.
|
•
|
Golar Power's Sergipe power project and FSRU
Golar Nanook
are fully financed and less than 11 months from contractual start-up.
|
•
|
The award by BP of a 20-year FLNG contract that is expected to deliver annual contracted revenues less forecasted operating costs of approximately $215 million.
|
•
|
Forecasted Gross Contract Earnings Backlog
1
for the Golar group of companies of $10.3 billion comprised of $3.5 billion from Golar, $4.9 billion from Golar Power and $1.9 billion from the Partnership. Total forecasted Contract Earnings backlog
1
,
including our proportionate share from equity investments, is $6.6 billion, comprised of $2.5 billion from Golar Power, $0.6 billion from Golar Partners and $3.5 billion from Golar.
|
|
2018
|
|
2018
|
|
2018
|
|
2017
|
|
(in thousands of $)
|
Oct-Dec
|
|
Jul-Sep
|
|
Jan-Dec
|
|
Jan-Dec
|
|
Net (loss) income attributable to Golar LNG Limited
|
(312,957
|
)
|
66,212
|
|
(231,428
|
)
|
(179,703
|
)
|
Adjusted for:
|
|
|
|
|
||||
Interest income
|
(2,983
|
)
|
(3,106
|
)
|
(10,133
|
)
|
(5,890
|
)
|
Interest expense
|
31,251
|
|
32,645
|
|
101,908
|
|
59,305
|
|
Losses on derivative instruments
|
23,605
|
|
8,004
|
|
30,541
|
|
(20,696
|
)
|
Other financial items, net
|
780
|
|
227
|
|
1,481
|
|
69
|
|
Other non-operating loss
|
—
|
|
—
|
|
—
|
|
81
|
|
Income taxes
|
627
|
|
156
|
|
1,267
|
|
1,505
|
|
Equity in net losses (earnings) of affiliates
|
154,089
|
|
(2,668
|
)
|
157,636
|
|
25,448
|
|
Net income attributable to non-controlling interests
|
2,770
|
|
31,000
|
|
63,214
|
|
34,424
|
|
Operating (loss) income
|
(102,818
|
)
|
132,470
|
|
114,486
|
|
(85,457
|
)
|
Adjusted for:
|
|
|
|
|
||||
Unrealized loss (gain) on oil derivative instrument
|
195,740
|
|
(77,470
|
)
|
9,970
|
|
(15,100
|
)
|
Depreciation and amortization
|
28,295
|
|
28,528
|
|
93,689
|
|
76,522
|
|
Adjusted EBITDA
|
121,217
|
|
83,528
|
|
218,145
|
|
(24,035
|
)
|
(in thousands of $)
|
December 31, 2018
|
|
Net debt as calculated by GAAP
|
|
|
Total debt (current and non-current) net of deferred finance charges
|
2,565,359
|
|
Less
|
|
|
Cash and cash equivalents
|
(217,835
|
)
|
Restricted cash and short-term deposits - current and non-current portion
|
(486,426
|
)
|
Net debt as calculated by GAAP
|
1,861,098
|
|
VIE Consolidation Adjustment
|
87,045
|
|
VIE Restricted Cash
|
176,428
|
|
Deferred Finance Charges
|
21,546
|
|
Adjusted Net Debt
|
2,146,117
|
|
(in thousands of $)
|
December 31, 2018
|
|
Total debt (current and non-current) net of deferred finance charges
|
2,565,359
|
|
VIE Consolidation Adjustments
|
87,045
|
|
Deferred Finance Charges
|
21,546
|
|
Golar’s Contractual Debt
|
2,673,950
|
|
|
2018
|
|
2018
|
|
(in thousands of $)
|
Oct-Dec
|
|
Jul-Sep
|
|
Total operating revenues
|
181,939
|
|
123,101
|
|
Less: Liquefaction services revenue
|
(54,524
|
)
|
(54,524
|
)
|
Less: Vessel and other management fees
|
(8,241
|
)
|
(4,767
|
)
|
Time and voyage charter revenues
|
119,174
|
|
63,810
|
|
Less: Voyage and commission expenses
|
(40,690
|
)
|
(23,280
|
)
|
|
78,484
|
|
40,530
|
|
Calendar days less scheduled off-hire days
|
1,012
|
|
984
|
|
Average daily TCE rate (to the closest $100)
|
77,600
|
|
41,200
|
|
•
|
our inability and that of our counterparty to meet our respective obligations under the Lease and Operate agreement entered into in connection with the BP Greater Tortue / Ahmeyim Project;
|
•
|
changes in liquefied natural gas, or LNG, carrier, floating storage and regasification unit, or FSRU, or floating liquefaction natural gas vessel, or FLNG, or small-scale LNG market trends, including charter rates, vessel values or technological advancements;
|
•
|
Golar Power's ability to successfully complete and start up the Sergipe power station project and related FSRU contract;
|
•
|
changes in our ability to retrofit vessels as FSRUs or FLNGs and in our ability to obtain financing for such conversions on acceptable terms or at all;
|
•
|
our ability to close potential future sales of additional equity interests in
Golar Hilli LLC on a timely basis or at all;
|
•
|
changes in the supply of or demand for LNG carriers, FSRUs, FLNGs or small-scale LNG infrastructure;
|
•
|
a material decline or prolonged weakness in rates for LNG carriers, FSRUs, FLNGs or small-scale LNG infrastructure;
|
•
|
changes in the performance of the pool in which certain of our vessels operate and the performance of our joint ventures;
|
•
|
changes in trading patterns that affect the opportunities for the profitable operation of LNG carriers, FSRUs, FLNGs or small-scale LNG infrastructure;
|
•
|
changes in the supply of or demand for LNG or LNG carried by sea;
|
•
|
changes in commodity prices;
|
•
|
changes in the supply of or demand for natural gas generally or in particular regions;
|
•
|
failure of our contract counterparties, including our joint venture co-owners, to comply with their agreements with us;
|
•
|
changes in our relationships with our counterparties, including our major chartering parties;
|
•
|
challenges by authorities to the tax benefits we previously obtained under certain of our leasing agreements;
|
•
|
a decline or continuing weakness in the global financial markets;
|
•
|
changes in general domestic and international political conditions, particularly where we operate;
|
•
|
changes in the availability of vessels to purchase and in the time it takes to construct new vessels;
|
•
|
failures of shipyards to comply with delivery schedules or performance specifications on a timely basis or at all;
|
•
|
our ability to integrate and realize the benefits of acquisitions;
|
•
|
changes in our ability to sell vessels to Golar Partners or Golar Power;
|
•
|
changes in our relationship with Golar Partners, Golar Power or Avenir and the sustainability of any distributions they pay to us;
|
•
|
changes to rules and regulations applicable to LNG carriers, FSRUs, FLNGs or other parts of the LNG supply chain;
|
•
|
our inability to achieve successful utilization of our expanded fleet or inability to expand beyond the carriage of LNG and provision of FSRUs, FLNGs, and small-scale LNG infrastructure particularly through our innovative FLNG strategy and our joint ventures;
|
•
|
actions taken by regulatory authorities that may prohibit the access of LNG carriers, FSRUs, FLNGs or small-scale LNG vessels to various ports;
|
•
|
changes in our ability to obtain additional financing on acceptable terms or at all;
|
•
|
increases in costs, including, among other things, wages, insurance, provisions, repairs and maintenance; and
|
•
|
other factors listed from time to time in registration statements, reports or other materials that we have filed with or furnished to the Securities and Exchange Commission, or the Commission, including our most recent annual report on Form 20-F.
|
|
||||||||
|
2018
|
|
2018
|
|
2018
|
|
2017
|
|
(in thousands of $)
|
Oct-Dec
|
|
Jul-Sep
|
|
Jan-Dec
|
|
Jan-Dec
|
|
|
|
|
|
|
||||
Time and voyage charter revenues
|
81,425
|
|
46,981
|
|
204,839
|
|
88,634
|
|
Time charter revenues - collaborative arrangement
|
37,749
|
|
16,829
|
|
73,931
|
|
28,327
|
|
Liquefaction services revenue
|
54,524
|
|
54,524
|
|
127,625
|
|
—
|
|
Vessel and other management fees
|
8,241
|
|
4,767
|
|
24,209
|
|
26,576
|
|
Total operating revenues
|
181,939
|
|
123,101
|
|
430,604
|
|
143,537
|
|
|
|
|
|
|
||||
Vessel operating expenses
|
29,099
|
|
28,850
|
|
96,860
|
|
55,946
|
|
Voyage, charterhire and commission expenses
|
7,318
|
|
5,200
|
|
22,625
|
|
22,511
|
|
Voyage, charterhire and commission expenses - collaborative arrangement
|
32,767
|
|
19,537
|
|
83,201
|
|
38,781
|
|
Administrative expenses
(1)
|
12,675
|
|
14,775
|
|
51,542
|
|
38,031
|
|
Project development expenses
(1)
|
4,726
|
|
5,741
|
|
21,690
|
|
12,303
|
|
Depreciation and amortization
|
28,295
|
|
28,528
|
|
93,689
|
|
76,522
|
|
Total operating expenses
|
114,880
|
|
102,631
|
|
369,607
|
|
244,094
|
|
|
|
|
|
|
||||
Other operating (loss) income
|
|
|
|
|
||||
Realized and unrealized (loss) gain on oil derivative instrument
(2)
|
(183,321
|
)
|
88,740
|
|
16,767
|
|
15,100
|
|
Other operating gains and losses
|
13,444
|
|
23,260
|
|
36,722
|
|
—
|
|
Operating (loss) income
|
(102,818
|
)
|
132,470
|
|
114,486
|
|
(85,457
|
)
|
|
|
|
|
|
||||
Other non-operating loss
|
|
|
|
|
||||
Other
|
—
|
|
—
|
|
—
|
|
(81
|
)
|
Total other non-operating loss
|
—
|
|
—
|
|
—
|
|
(81
|
)
|
|
|
|
|
|
||||
Financial income (expense)
|
|
|
|
|
||||
Interest income
|
2,983
|
|
3,106
|
|
10,133
|
|
5,890
|
|
Interest expense
|
(31,251
|
)
|
(32,645
|
)
|
(101,908
|
)
|
(59,305
|
)
|
(Losses) gains on derivative instruments
(3)
|
(23,605
|
)
|
(8,004
|
)
|
(30,541
|
)
|
20,696
|
|
Other financial items, net
(3)
|
(780
|
)
|
(227
|
)
|
(1,481
|
)
|
(69
|
)
|
Net financial expense
|
(52,653
|
)
|
(37,770
|
)
|
(123,797
|
)
|
(32,788
|
)
|
|
|
|
|
|
||||
(Loss) income before income taxes, equity in net (losses) earnings of affiliates and non-controlling interests
|
(155,471
|
)
|
94,700
|
|
(9,311
|
)
|
(118,326
|
)
|
Income taxes
|
(627
|
)
|
(156
|
)
|
(1,267
|
)
|
(1,505
|
)
|
Equity in net (losses) earnings of affiliates
|
(154,089
|
)
|
2,668
|
|
(157,636
|
)
|
(25,448
|
)
|
|
|
|
|
|
||||
Net (loss) income
|
(310,187
|
)
|
97,212
|
|
(168,214
|
)
|
(145,279
|
)
|
Net income attributable to non-controlling interests
|
(2,770
|
)
|
(31,000
|
)
|
(63,214
|
)
|
(34,424
|
)
|
|
|
|
|
|
||||
Net (loss) income attributable to Golar LNG Limited
|
(312,957
|
)
|
66,212
|
|
(231,428
|
)
|
(179,703
|
)
|
|
||||||||
|
2018
|
|
2018
|
|
2018
|
|
2017
|
|
(in thousands of $)
|
Oct-Dec
|
|
Jul-Sep
|
|
Jan-Dec
|
|
Jan-Dec
|
|
|
|
|
|
|
||||
Net (loss) income
|
(310,187
|
)
|
97,212
|
|
(168,214
|
)
|
(145,279
|
)
|
|
|
|
|
|
||||
Other comprehensive (loss) income:
|
|
|
|
|
||||
Gain associated with pensions, net of tax
|
3,581
|
|
—
|
|
3,581
|
|
157
|
|
Net (loss) gain on qualifying cash flow hedging instruments
|
—
|
|
—
|
|
(5,038
|
)
|
1,616
|
|
Net gain (loss) on foreign currency translation
|
3,544
|
|
(3,731
|
)
|
(19,286
|
)
|
—
|
|
Other comprehensive income (loss)
|
7,125
|
|
(3,731
|
)
|
(20,743
|
)
|
1,773
|
|
Comprehensive (loss) income
|
(303,062
|
)
|
93,481
|
|
(188,957
|
)
|
(143,506
|
)
|
|
|
|
|
|
||||
Comprehensive (loss) income attributable to:
|
|
|
|
|
||||
|
|
|
|
|
||||
Stockholders of Golar LNG Limited
|
(305,832
|
)
|
62,481
|
|
(252,171
|
)
|
(177,930
|
)
|
Non-controlling interests
|
2,770
|
|
31,000
|
|
63,214
|
|
34,424
|
|
Comprehensive (loss) income
|
(303,062
|
)
|
93,481
|
|
(188,957
|
)
|
(143,506
|
)
|
|
2018
|
|
2017
|
|
(in thousands of $)
|
Dec-31
|
|
Dec-31
|
|
|
Unaudited
|
|
Audited
|
|
|
|
|
||
ASSETS
|
|
|
||
Current assets
|
|
|
||
Cash and cash equivalents
|
217,835
|
|
214,862
|
|
Restricted cash and short-term deposits
(1)
|
332,033
|
|
222,265
|
|
Other current assets
|
90,644
|
|
28,435
|
|
Amounts due from related parties
|
9,425
|
|
7,898
|
|
Total current assets
|
649,937
|
|
473,460
|
|
Non-current assets
|
|
|
||
Restricted cash
|
154,393
|
|
175,550
|
|
Investments in affiliates
|
571,782
|
|
703,225
|
|
Asset under development
|
20,000
|
|
1,177,489
|
|
Vessels and equipment, net
|
3,271,379
|
|
2,077,059
|
|
Other non-current assets
|
139,104
|
|
157,504
|
|
Total assets
|
4,806,595
|
|
4,764,287
|
|
|
|
|
||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
||
Current liabilities
|
|
|
||
Current portion of long-term debt and short-term debt
(1)
|
730,257
|
|
1,384,933
|
|
Amounts due to related parties
|
5,417
|
|
8,734
|
|
Other current liabilities
|
264,464
|
|
238,607
|
|
Total current liabilities
|
1,000,138
|
|
1,632,274
|
|
Non-current liabilities
|
|
|
||
Long-term debt
(1)
|
1,835,102
|
|
1,025,914
|
|
Amounts due to related parties
(2)
|
—
|
|
177,247
|
|
Other long-term liabilities
|
145,564
|
|
132,548
|
|
Total liabilities
|
2,980,804
|
|
2,967,983
|
|
|
|
|
||
Equity
|
|
|
||
Stockholders' equity
|
1,745,125
|
|
1,715,316
|
|
Non-controlling interests
|
80,666
|
|
80,988
|
|
|
|
|
||
Total liabilities and stockholders' equity
|
4,806,595
|
|
4,764,287
|
|
|
2018
|
|
2018
|
|
2018
|
|
2017
|
|
(in thousands of $)
|
Oct-Dec
|
|
Jul-Sep
|
|
Jan-Dec
|
|
Jan-Dec
|
|
|
|
|
|
|
||||
OPERATING ACTIVITIES
|
|
|
|
|
||||
Net (loss) income
|
(310,187
|
)
|
97,212
|
|
(168,214
|
)
|
(145,279
|
)
|
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
28,295
|
|
28,528
|
|
93,689
|
|
76,522
|
|
Amortization of deferred charges and debt guarantees
|
984
|
|
1,715
|
|
7,734
|
|
(900
|
)
|
Equity in net losses (earnings) of affiliates
|
154,089
|
|
(2,668
|
)
|
157,636
|
|
25,448
|
|
Dividends received
(1)
|
—
|
|
7,718
|
|
15,837
|
|
27,553
|
|
Net foreign exchange losses
|
1,024
|
|
355
|
|
1,997
|
|
1,620
|
|
Compensation cost related to stock options
|
2,368
|
|
3,746
|
|
11,481
|
|
8,991
|
|
Change in fair value of derivative instruments
|
26,352
|
|
10,730
|
|
38,610
|
|
(24,498
|
)
|
Change in fair value of oil derivative instrument
|
195,740
|
|
(77,470
|
)
|
9,970
|
|
(15,100
|
)
|
Change in assets and liabilities:
|
|
|
|
|
||||
Trade accounts receivable
|
(27,444
|
)
|
(9,614
|
)
|
(49,938
|
)
|
(11,413
|
)
|
Inventories
|
(1,008
|
)
|
1,445
|
|
402
|
|
(151
|
)
|
Other current and non-current assets
|
(17,014
|
)
|
(2,961
|
)
|
(13,532
|
)
|
(80,897
|
)
|
Amounts due to related companies
|
(3,490
|
)
|
(18,737
|
)
|
(16,540
|
)
|
(27,130
|
)
|
Trade accounts payable
|
1,279
|
|
(20,957
|
)
|
(24,813
|
)
|
1,593
|
|
Accrued expenses
|
2,510
|
|
(5,327
|
)
|
12,191
|
|
28,666
|
|
Other current and non-current liabilities
|
1,906
|
|
(780
|
)
|
40,164
|
|
99,886
|
|
Net cash provided by (used in) operating activities
|
55,404
|
|
12,935
|
|
116,674
|
|
(35,089
|
)
|
|
|
|
|
|
||||
INVESTING ACTIVITIES
|
|
|
|
|
||||
Additions to vessels and equipment
|
(30,112
|
)
|
(1,198
|
)
|
(33,111
|
)
|
(1,349
|
)
|
Additions to asset under development
|
—
|
|
—
|
|
(116,715
|
)
|
(390,552
|
)
|
Additions to investments in affiliates
|
(29,531
|
)
|
(3,728
|
)
|
(95,503
|
)
|
(123,107
|
)
|
Dividends received
(1)
|
9,425
|
|
5,425
|
|
33,185
|
|
25,113
|
|
Proceeds from disposals to Golar Partners
|
9,652
|
|
—
|
|
9,652
|
|
70,000
|
|
Net cash (used in) provided by investing activities
|
(40,566
|
)
|
499
|
|
(202,492
|
)
|
(419,895
|
)
|
|
|
|
|
|
||||
FINANCING ACTIVITIES
|
|
|
|
|
||||
Proceeds from short-term and long-term debt
|
—
|
|
1,748
|
|
1,177,748
|
|
928,432
|
|
Repayments of short-term and long-term debt
|
(57,978
|
)
|
(62,640
|
)
|
(994,874
|
)
|
(446,626
|
)
|
Payment for capped call in connection with bond issuance
|
—
|
|
—
|
|
—
|
|
(31,194
|
)
|
Cash effect of consolidating Hilli Lessor VIE
(2)
|
—
|
|
—
|
|
36,532
|
|
—
|
|
Cash dividends paid
|
(15,788
|
)
|
(17,179
|
)
|
(42,873
|
)
|
(20,438
|
)
|
Proceeds from exercise of share options
|
89
|
|
1,414
|
|
2,686
|
|
(1,167
|
)
|
Financing costs paid
|
(1,063
|
)
|
—
|
|
(1,817
|
)
|
(1,564
|
)
|
Net cash (used in) provided by financing activities
|
(74,740
|
)
|
(76,657
|
)
|
177,402
|
|
427,443
|
|
Net (decrease) increase in cash, cash equivalents and restricted cash
(3)
|
(59,902
|
)
|
(63,223
|
)
|
91,584
|
|
(27,541
|
)
|
Cash, cash equivalents and restricted cash at beginning of period
(3)
|
764,163
|
|
827,386
|
|
612,677
|
|
640,218
|
|
Cash, cash equivalents and restricted cash at end of period
(3)
|
704,261
|
|
764,163
|
|
704,261
|
|
612,677
|
|
(in thousands of $)
|
Share Capital
|
Treasury Shares
|
Additional Paid-in Capital
|
Contributed Surplus
(1)
|
Accumulated Other Comprehensive Loss
|
Accumulated Retained Earnings (Losses)
|
Total before Non- controlling Interests
|
Non-controlling Interests
|
Total Equity
|
|||||||||
Balance at December 31, 2016
|
101,081
|
|
(20,483
|
)
|
1,488,556
|
|
200,000
|
|
(9,542
|
)
|
103,650
|
|
1,863,262
|
|
46,564
|
|
1,909,826
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net loss
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(179,703
|
)
|
(179,703
|
)
|
34,424
|
|
(145,279
|
)
|
Dividends
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(19,689
|
)
|
(19,689
|
)
|
—
|
|
(19,689
|
)
|
Exercise of share options
|
38
|
|
—
|
|
(1,204
|
)
|
—
|
|
—
|
|
—
|
|
(1,166
|
)
|
—
|
|
(1,166
|
)
|
Grant of share options
|
—
|
|
—
|
|
11,098
|
|
—
|
|
—
|
|
—
|
|
11,098
|
|
—
|
|
11,098
|
|
Forfeiture of share options
|
—
|
|
—
|
|
(120
|
)
|
—
|
|
—
|
|
—
|
|
(120
|
)
|
—
|
|
(120
|
)
|
Other comprehensive income
|
—
|
|
—
|
|
—
|
|
—
|
|
1,773
|
|
—
|
|
1,773
|
|
—
|
|
1,773
|
|
Issuance of convertible bonds
|
—
|
|
—
|
|
39,861
|
|
—
|
|
—
|
|
—
|
|
39,861
|
|
—
|
|
39,861
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance at December 31, 2017
|
101,119
|
|
(20,483
|
)
|
1,538,191
|
|
200,000
|
|
(7,769
|
)
|
(95,742
|
)
|
1,715,316
|
|
80,988
|
|
1,796,304
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
(in thousands of $)
|
Share Capital
|
Treasury Shares
|
Additional Paid-in Capital
|
Contributed Surplus
(1)
|
Accumulated Other Comprehensive Loss
|
Accumulated Retained Losses
|
Total before Non- controlling Interests
|
Non-controlling Interests
|
Total Equity
|
|||||||||
Balance at December 31, 2017
|
101,119
|
|
(20,483
|
)
|
1,538,191
|
|
200,000
|
|
(7,769
|
)
|
(95,742
|
)
|
1,715,316
|
|
80,988
|
|
1,796,304
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net loss
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(231,428
|
)
|
(231,428
|
)
|
63,214
|
|
(168,214
|
)
|
Dividends
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(37,076
|
)
|
(37,076
|
)
|
(20,882
|
)
|
(57,958
|
)
|
Exercise of share options
|
184
|
|
—
|
|
2,502
|
|
—
|
|
—
|
|
—
|
|
2,686
|
|
—
|
|
2,686
|
|
Grant of share options
|
—
|
|
—
|
|
14,125
|
|
—
|
|
—
|
|
(133
|
)
|
13,992
|
|
—
|
|
13,992
|
|
Forfeiture of share options
|
—
|
|
—
|
|
(2,090
|
)
|
—
|
|
—
|
|
—
|
|
(2,090
|
)
|
—
|
|
(2,090
|
)
|
Effect of consolidating Hilli Lessor VIE
(2)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
28,703
|
|
28,703
|
|
Sale of equity interest in common units
(3)
|
—
|
|
—
|
|
304,468
|
|
—
|
|
—
|
|
—
|
|
304,468
|
|
(126,491
|
)
|
177,977
|
|
Conversion of debt to equity
(3)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
55,134
|
|
55,134
|
|
Other comprehensive loss
|
—
|
|
—
|
|
—
|
|
—
|
|
(20,743
|
)
|
—
|
|
(20,743
|
)
|
—
|
|
(20,743
|
)
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance at December 31, 2018
|
101,303
|
|
(20,483
|
)
|
1,857,196
|
|
200,000
|
|
(28,512
|
)
|
(364,379
|
)
|
1,745,125
|
|
80,666
|
|
1,825,791
|
|
(in thousands of $)
|
December 31, 2018
|
Scheduled capital repayments over the next 12 months
|
||
|
|
|
||
Non-VIE debt
|
|
|
||
2017 convertible bonds
|
353,661
|
|
—
|
|
Margin loan
|
100,000
|
|
—
|
|
Golar Arctic
|
58,300
|
|
(58,300
|
)
|
Golar Viking
|
46,875
|
|
(5,208
|
)
|
Golar Bear
|
86,200
|
|
(10,774
|
)
|
Golar Frost
|
87,532
|
|
(10,942
|
)
|
|
|
|
||
Capital lease obligations between Golar and the lessor VIE
(1)
|
|
|
||
Golar Glacier
|
162,236
|
|
(7,985
|
)
|
Golar Kelvin
|
163,837
|
|
(6,511
|
)
|
Golar Ice
|
164,354
|
|
(6,476
|
)
|
Golar Snow
|
163,837
|
|
(6,511
|
)
|
Golar Crystal
|
103,154
|
|
(5,396
|
)
|
Golar Tundra
(2)
|
140,064
|
|
(12,987
|
)
|
Golar Seal
(2)
|
133,400
|
|
(19,700
|
)
|
Hilli Episeyo
|
910,500
|
|
(66,000
|
)
|
|
|
|
||
Total Contractual Debt
|
2,673,950
|
|
(216,790
|
)
|
(in thousands of $)
|
December 31, 2018
|
|
December 31, 2017
|
|
|
|
|
||
Restricted cash
and short-term deposits
|
176,428
|
|
130,063
|
|
|
|
|
||
Current portion of long-term debt and short-term debt, net of deferred finance charges
|
646,512
|
|
833,664
|
|
Long-term debt, net of deferred finance charges
|
1,200,774
|
|
252,691
|
|
Total debt, net of deferred finance charges
|
1,847,286
|
|
1,086,355
|
|
1 Year Golar LNG Chart |
1 Month Golar LNG Chart |
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