Golar LNG Announce preliminary financial year 2019 results

Total operating revenues of $139 million for Q4 2019, cash generation ramping up

Highlights

Golar Power:

Sergipe power plant commissioning reaches advanced stage, on target for an end of 1Q start-up, with no significant issues identified.


FSRU Nanook performing well with first ship-to-ship cargo transfer completed.


Awarded a 25-year power purchase agreement (“PPA”) for the construction of a 605MW combined cycle thermal power plant in Barcarena.


Entered into a partnership with Petrobras Distribuidora S.A. (“BR Distribuidora”) to facilitate a nationwide rollout of small-scale LNG supply to Brazil’s transportation and industrial sectors using their 95 distribution centers and 7,600+ fuel stations.


FLNG:

FLNG Hilli Episeyo: 100% commercial uptime maintained with 34 cargoes exported to date.


FLNG Gimi: Fully financed conversion progressing to schedule and budget.


Shipping:

4Q 2019 Average Daily Time Charter Equivalent (“TCE”)1 earnings of $77,000, negatively influenced by positioning and repositioning costs for final two TFDE vessel dry-dockings.


Fixed 62% of available 2020 revenue days through a combination of fixed and floating rate charters, securing utilization and $172 million of revenue backlog1.


Financial:

Completed first drawdown against $700 million FLNG Gimi debt facility.


$75 million of Hilli Episeyo restricted cash released to free cash.


Purchased 1.5 million of the 3 million shares underlying the Total Return Swap (“TRS”) in November, with the remaining 1.5 million shares purchased during February.


New Golar Viking debt facility and FSRU conversion facility executed upon vessel yard entry in January 2020.

Iain Ross, CEO, Golar LNG, said:

“We are pleased to announce a strong 4Q result, with total operating revenue generation up $40.4 million to $139.0 million. Comprising revenue from FLNG Hilli Episeyo, which delivered yet another quarter of 100% uptime, and shipping, which achieved a fleet Average daily TCE1 of $77,000 per day, the 41% improvement in operating revenues was driven by a seasonal upturn in shipping rates as well as an increased focus on charter coverage across the fleet. Through a combination of fixed and floating rate charters, Golar has secured charter coverage for 62% of its 2020 available shipping days.

Source / More : Golar LNG

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