Highlights
·
EBITDA* in the quarter reported a loss of $12.0 million compared to
3Q loss of $5.9 million.
·
Gazprom, Perenco and SNH sign a firm 8-year Sale and Purchase
contract for LNG from GoFLNG Hilli.
· Took
delivery of the FSRU Golar Tundra and executed a firm 5-year
contract with West Africa Gas Limited.
· Solid
progress on the financing side including inaugural $50 million
drawdown against the $960 million GoFLNG Hilli facility.
· Board
sets dividend at $0.05 per share for the quarter.
Subsequent events
·
Entered into a MoU with Schlumberger to co-operate globally on the
development of green field, brown field and stranded gas reserves
by use of GoFLNG vessels.
·
Agreed to drop down the FSRU Golar Tundra to Golar Partners for
$330 million.
· Golar
Arctic chartered to New Fortress Energy Transport Partners LLC in
FSU service offshore Jamaica for 2 years, commencing March
2016.
·
Appointed Ms. Lori Wheeler Naess as a Director and Audit Committee
Chairperson.
Financial Review
Business Performance
|
2015 |
2015 |
(in thousands of $) |
Oct-Dec |
Jul-Sep |
Time and voyage charter revenues |
20,118 |
24,252 |
Vessel and other management fees |
2,876 |
3,126 |
Vessel operating expenses |
(13,450) |
(13,559) |
Voyage and commission expenses |
(11,528) |
(12,384) |
Administrative expenses |
(10,061) |
(7,299) |
Depreciation and amortization |
(19,541) |
(18,376) |
|
|
|
Total Adjusted Operating
Losses*** |
(31,586) |
(24,240) |
Add back |
|
|
Depreciation and amortization |
19,541 |
18,376 |
EBITDA* |
(12,045) |
(5,864) |
Golar LNG Limited ("Golar" or "the
Company") reported today a 4Q adjusted operating loss of $31.6
million as compared to $24.2 million in 3Q. Shipping revenue
and shipping in general remained challenging during 4Q. Headline
charter rates softened progressively through the quarter resulting
in time charter revenues falling from $24.3 million in 3Q to $20.1
million in 4Q. Against this backdrop of a continuing depressed
market for LNG Carriers, initiation of the Cool Pool on October 1
helped reduce voyage costs by $0.9 million from $12.4 million in 3Q
to $11.5 million in 4Q. Furthermore, whilst improvement in vessel
utilisation did not continue into 4Q, the Cool Pool's performance
allowed utilisation for the quarter at 42% to remain consistent
with 3Q at 43%. Of the $11.5 million voyage and commission
expenses, $7.2 million represents the cost of chartering in the
Golar Grand from Golar Partners. Collectively, revenues net
of voyage costs fell $3.5 million from $15.0 million in 3Q to $11.5
million in 4Q.
Vessel operating expenses
decreased $0.1 million to $13.5 million notwithstanding the
addition of Golar Tundra to the fleet during November and the Golar
Viking the following month. Administration costs increased
$2.8 million in 4Q over 3Q to $10.1 million. The cost of
insourcing staff following Golar's buy out of its vessel management
arm, Golar Wilhelmsen, together with recruitment and relocation
costs for both commercial and technical staff contributed $1.6
million of additional administration cost. A reduction in
vessel management expenses recorded as part of vessel operating
expenses is expected to exceed the additional overheads assumed as
a result of the Golar Wilhelmsen insourcing exercise from 1Q
2016. Assuming full control of operations will also better
prepare the Company for the commencement of FLNG operations.
Most of the remaining increase in administrative expenses was due
to FLNG related project costs and non-cash share option
charges.
Collectively the above resulted in
a $6.1 million decrease in EBITDA from a loss of $5.9 million in 3Q
to a loss of $12.0 million in 4Q.
Net Income
Summary
(in thousands of $) |
2015 |
2015 |
|
Oct-Dec |
Jul-Sep |
Total Adjusted Operating Loss*** |
(31,586) |
(24,240) |
Net (loss) / gain on disposals (includes amortization of
deferred gains) |
(1,033) |
127
-
- |
Impairment
of long-term assets |
(1,957) |
0 |
Dividend
income |
4,115 |
3,914 |
Net
interest expense |
(9,179) |
(16,077) |
Other
financial items |
(27,043) |
(110,412) |
Taxes |
490 |
760 |
Equity in
net earnings of affiliates |
6,321 |
2,908 |
Net loss |
(59,872) |
(143,020) |
In 4Q the Company generated a net
loss of $59.9 million. Notable contributors to this are summarised
as follows:
·
Write-off of surplus
FSRU equipment ordered in connection with the initial Golar Spirit
FSRU conversion resulting in a $2.0 million impairment charge.
·
Net interest expense at
$9.2 million is substantially lower than the 3Q cost of $16.1
million. A non-cash reduction in ICBCL funding costs in
respect of the four sale and leaseback funded vessel SPV companies
which are consolidated VIE entities accounts for most of the $6.9
million reduction in net interest expense. The cash cost to
Golar of funding the four sale and leaseback financed vessels is
not however impacted by this adjustment.
·
Other Financial Items at
$27.0 million for 4Q were substantially lower than the prior
quarter cost of $110.4 million. Mark to market losses of
$35.6 million on the Company's Total Return Swap together with $3.6
million of charges on unhedged interest rate swaps were partially
offset by non-cash gains of $16.1 million in mark to market gains
on valuations of interest rate swaps following an increase in
interest rates. The equity TRS loss as at December 31 reflects the
reduction in share price from $27.88 on September 30 to $15.79 on
31 December.
·
The Company has received
$13.3 million in cash in respect of its common units, subordinated
units, GP and IDRs in Golar Partners. The Partnership
contributed a positive $10.4 million to the Company's 4Q result
(represented by $4.1 million in dividend income and $6.3 million in
equity in net earnings of affiliates). The difference has
been booked against the balance sheet under Investment in
Affiliates.
Commercial
Review
LNG Shipping and
FSRU Performance
The "Cool Pool" comprising Golar
(8 carriers contributed), Gaslog (3 carriers) and Dynagas (3
carriers) commenced operations on October 1. A further two Golar
vessels are committed to join the pool in the near
future. The Pool has been well accepted by charterers,
generating a lot of new interest and has initiated dialogue on more
innovative chartering arrangements.
Gladstone LNG initiated operations
during 4Q 2015 and Australia Pacific LNG commenced operations
shortly after. Indonesia's Senora-Donggi project and the
second train of BG's Queensland Curtis project continue to ramp up
LNG production rates. The 15.6 mtpa Gorgon project is now
starting up and is expected to ship its first cargo shortly whilst
Cheniere has now commenced operations and loaded their first cargo
with Train 2 to follow soon. It has also been observed that ships
dedicated to the Angola LNG project are now no longer competing for
spot voyages. Start-up and ramp up of projects as well as available
cargoes from existing Pacific Basin projects such as PNG and
Bontang has led to an increase in spot activity in the Pacific and
should have a material impact on the LNG Carrier market from Q2
2016. Activity has also been driven by producers and FOB buyers
looking for new homes for cargoes as demand has been low at
originally intended destinations.
In the Atlantic, vessel
availability has been lower as owners have been reluctant to
ballast ships back west from east of Suez. Fixtures tended to come
in waves in the Atlantic with very quiet periods preceding sudden
flurries of activity, sometimes leaving extremely limited prompt
vessel availability for short periods. This presented occasional
opportunities for owners to secure full round trip economics rather
than the partial ballast bonuses typical in the market at present.
Headline rates for the quarter remained around the $30k/day mark
for TFDEs.
On the term side of the business,
three vessels were reported as fixed for 6-12 month periods around
the turn of the year, with a further multi-year requirement also
due to be concluded shortly. Demand continues to increase in new
markets, with cargo tenders recently concluded for supply into
Pakistan and Argentina.
Golar's existing fleet of 6
operating FSRUs, all of which reside within Golar Partners, have
maintained operational excellence achieving 100% availability
during the quarter.
Investment
Review
Conversion
Contracts
The GoFLNG Hilli conversion
project remains on schedule and within budget. The vessel has
now left dry dock for the final time with the sponsons attached on
both sides. Installation of pre-assembled topside plant and
equipment is well underway. Preparations have also commenced
for the installation of the on-site mooring in Cameroon.
Golar and Keppel Corp have
recently agreed to amend the deadline for issuing the Notices to
Proceed for the conversions of the Gimi and Gandria. The
deadline is now 31 December 2016 for both vessels. All other
terms remain unaltered. In the case of Gandria, the Company
is targeting that a Notice to Proceed will be issued by early
3Q.
Before year end 2018, it is
expected that approximately 115 million tonnes of new LNG
production capacity currently under construction will have
commenced operations, equivalent to a 45% increase on the world's
current LNG production. This will not only result in an increase in
the utilisation of existing regasification capacity and shipping
tonnage, but also create a need for additional regas capacity with
the opening of new markets for LNG. At present there are
three uncontracted purpose built FSRUs available to meet near-term
FSRU opportunities, one of which is being built for Golar. In
response to the weak freight market and solid economics in the FSRU
market, the Company is currently finalising a new FSRU strategy.
This strategy contemplates the conversion of a number of Golar's
modern, fuel efficient TFDE LNG carriers to FSRUs. Golar remains
the only company in the world to have successfully converted LNG
carriers into FSRUs. The target vessel conversions are
similar in specification to the Golar Eskimo, currently operating
as an FSRU in Jordan. This approach has the benefit of being able
to deliver ahead of any additional FSRU newbuildings ordered today
and tailoring the regas facilities of the FSRU to match a
particular application. Execution of this strategy in the current
environment is likely to improve Golar's earnings potential.
Business Development
Review
Shipping
Activities
Golar has now concluded a 2 year
charter agreement with New Fortress Energy Transport Partners LLC
(NFE) for the employment of Golar Arctic in Jamaica. Jamaica has
long sought to replace liquid fuels with LNG however the size of
the market has always made it difficult to justify the cost of a
conventional FSRU. NFE have now solved this challenge by utilising
Ship To Ship transfer of LNG from Golar Arctic onto smaller LNG
carriers to service a number of locations within the country of
Jamaica. Golar Arctic is scheduled to load the first LNG cargo in
support of this new business during March 2016. Golar and NFE
believe this new approach to delivering LNG to niche markets has
wide application within the Caribbean and other similar markets
around the world. NFE have with their entrepreneurial
approach to business development shown that downstream LNG markets
can be developed within a much shorter time frame than is
customary. Similar fast track solutions will be essential if
consumers are to benefit from the large incremental volumes of LNG
that will be delivered to market over the next three-four
years.
FSRU
activities
On November 4 2015, Golar and West
Africa Gas Limited ("WAGL") executed a firm contract for the
provision of the FSRU Golar Tundra to support their LNG import
operations in Ghana. The FSRU Tundra will be moored inside the port
of Tema at a jetty currently being modified by WAGL. Separately,
WAGL have also entered into firm contracts for LNG supply. Tundra
was delivered from Samsung Heavy Industries on schedule and
proceeded to Keppel for the minor modifications required to ensure
compatibility with the terminal in Ghana. Annual EBITDA** from this
five year project is expected to be $44 million.
The lower price of LNG, the clear
environmental benefits of gas over coal and oil and the large
volumes of LNG coming to market has made FSRU projects
increasingly attractive.
GoFLNG - Business
Development Progress
All material contracts for the
GoFLNG Hilli project have now been signed and on November 29 the
project took a full and final investment decision (FID). A Sale and
Purchase Agreement for the LNG off-take from the project has been
executed by Perenco and SNH with Gazprom Marketing and Trading as
part of the FID.
Increasing the production from
Hilli to 3 trains has the potential to increase Golar's EBITDA from
the current $170 million to $300 million range to between $240
million and $430 million without increasing capital costs for
Golar. The business development activities for this project are now
firmly focused toward increasing the daily production and extending
the term of employment for the vessel.
Ophir's Fortuna FLNG project in
Equatorial Guinea has made good progress over the past quarter.
Negotiation of the Tolling Agreement and Umbrella Agreement is now
at an advanced stage. Shortlisting of the LNG buyers is down to the
last 3 contenders and Ophir continue to make good progress on this
front. Ophir are also progressing rapidly with a synthetic
farm-in which could see Schlumberger contribute to Ophir's upstream
development costs and strengthen the project's upstream execution.
Schlumberger's participation in the project also has the potential
to bring forward to 2019 a FID on a second Fortuna FLNG vessel.
In line with what was expected in
the 3Q report, Golar has now received term sheets from banks
interested in financing the GoFLNG Gandria conversion
project. The level of financing proposed is higher and more
flexible than what was achieved with the GoFLNG Hilli
financing. Driving these improved terms are the full
utilisation of the vessel and the significantly higher minimum
EBITDA. It is important to note that the current security package
for the Ophir project does not anticipate an LC structure that
would restrict additional cash. The Fortuna project remains
on track to achieve FID in mid-2016.
Interest in developing FLNG
projects remains strong and new opportunities are being added to
the list of potential projects. Lower gas prices have forced
oil companies and resource holders to entertain more cost effective
solutions to monetise their reserves. The successes Golar has
had with Perenco and Ophir and the solid progress at the
construction yard have strengthened that case. Golar has, of
necessity, prioritised its efforts toward finalising 2 additional
projects. Each of these projects has the potential to employ
multiple FLNG vessels. Good progress is being made toward signing a
Heads of Terms agreement, similar in nature to the document signed
with Ophir in May of 2015, in relation to at least one of these
multi vessel projects by the middle of this year. There is
now growing confidence that the Company will be able to deliver on
its target to have 5 or more GoFLNG vessels operating or undergoing
construction by the end of the decade.
Power Project
Development
The Golar GenPower Brasil (GGB)
joint venture developing the previously announced green field power
project in Sergipe State, Brazil has made very good progress over
the past quarter. All three main areas of activity including
finalising the EPC contract for the construction of the power
plant, the finalisation of the charter party with Golar for the
employment of a new FSRU and securing LNG supply matching the
demand profile for the project are at an advanced stage. Terms of
the EPC and LNG supply contracts have improved over original
assumptions and are expected to be entered into with major industry
participants. The project remains on track to take FID during
3Q against the PPA secured at auction last year. Total
committed capital as of today in respect of the Sergipe project is
$5 million in cash and $20.4 million in guarantees. The project is
estimated to cost $ 1.2 billion and is expected to generate annual
EBITDA of minimum $230 million based on capacity payment, with the
potential to increase this further if the power station is called
upon dispatch. The unlevered project return is expected to be
in excess of 18 % p.a. Golar owns 25% of the Sergipe project and is
working very constructively with its two partners E-Brasil (50%)
and GenPower (25%) to execute this project. The major part of the
equity investments in this project are scheduled for 2018 and 2019
at a time when GoFlng Hilli has commenced operation.
In line with prior communications,
Golar is currently considering the separation of its downstream
business into a standalone entity. One of the options
currently being contemplated is the combination of Golar's FSRU
activities with the power business, the target being the creation
of a "one stop shop" for customers wanting to develop new LNG based
power solutions. A part separation of the business where
Golar remains a major shareholder will focus the activities and
make it possible to grow the power business with external capital
without reducing Golar's ability to fund its core FLNG
activities. The Company believe potential exists to replicate
the Brazil project in other geographies.
Financing Review
LNG Carrier refinancing
During November Golar accelerated
and exercised its option to repossess the mortgage free Salju
(formerly Golar Viking) from PT Equinox based on a market valuation
of $125 million. Subsequent to this, Golar entered into a
$62.5 million term loan secured against the vessel, renamed
Viking. The facility amortises quarterly over 12-years with a
balloon payment of $37.8 million at the end of year 5.
FSRU financing
On October 23 Golar received an
underwritten financing commitment for the FSRU new build, Golar
Tundra. On delivery of the Tundra on November 25, $204
million was drawn down releasing $50 million in equity to the
balance sheet. Golar anticipates that this facility will
shortly be increased to $230 million to take into account the time
charter now attached to the FSRU.
On November 25, Golar Partners
repaid the $100 million Golar Eskimo vendor financing facility
provided by Golar.
GoFLNG
financing
Having satisfied all of the
conditions precedent, Golar completed its first drawdown against
the $960 million CSSCL GoFLNG Hilli facility on December 16.
To date, $100 million has been advanced against this facility and
$500 million has been spent on the Hilli conversion. Drawdowns
under this facility are submitted in tranches of $50 million and
the next drawdown will be completed once the total investment in
Hilli has reached $550 million or more. All remaining
conversion and site specific costs for the GoFLNG Hilli are
expected to be satisfied by this facility.
As stated above, Golar remains on
track with its plans to secure a committed facility for the GoFLNG
Gandria early in 2Q. It is the Boards target to finance long-term
FLNG deals with approximately 4x EBITDA. This can be higher
or lower depending on a range of variables including the credit
quality of the upstream counterparty and off-takers, length of the
contract as well as the risk involved in field development. Based
on current building prices and rate levels this should require
equity of approximately $200-$300 million per project. This
target is supported by current discussions with banks, and is lower
than the levels we presently see in the market for long term FPSO
contracts.
Liquidity
Total cash as at December 31 was
$543.1 million, of which $437.9 million is restricted cash.
Included in restricted cash is $280 million in respect of the
GoFLNG Hilli letter of credit and $92.8 million in respect of the
Company's Total Return Swap. The remainder relates to cash in SPVs
which, as required by US GAAP, the Company consolidates but which
belongs to Lenders.
Since year end the Company has
pursued additional financing activities in order to fund its legacy
shipping business, which has a cash-breakeven of approximately
$49,500 per day (including fleet operating cost, interest and debt
instalment), and to ensure sufficient cash also remains available
to progress current and future GoFLNG projects. As previously
announced in the 3Q 6K, the Company is finalising documentation to
refinance two of its newbuild LNG carriers and the first of these
is expected to be concluded during March. Upon completion of the
first of these, approximately $60 million will be released to
Golar. A second LNG carrier refinancing that will generate a
similar release of equity is expected to follow shortly
thereafter.
During February 2016 Golar
Partners exercised its rights under its Omnibus Agreement with
Golar to purchase the FSRU Golar Tundra. The resulting sale
released $30 million of cash, and, after Golar Partners has assumed
the existing debt on the FSRU, is expected to release a further
$100 million upon completion. It should be noted that until the
FSRU commences its contract with WAGL, Golar will continue to
consolidate the Golar Tundra and its associated debt. To fund its
purchase, Golar Partners is currently refinancing a number of its
existing facilities into one new multi-vessel facility and this new
facility is now fully subscribed. The refinancing will remove
the majority of Golar Partners' 2018 refinancing requirements as
well as releasing sufficient liquidity to acquire the Tundra
without recourse to equity markets. Both Golar Partners'
refinancing and completion of the Tundra dropdown are expected to
close during March.
The Company is progressing
discussions with various financial institutions about its options
to address its convertible bonds that mature in March 2017, shortly
before GoFLNG Hilli is expected to start operating. Several
proposals including possible extension have been tabled by third
parties including existing bondholders. The existing bonds are
secured by the majority of the Golar's subordinated units in Golar
Partners. These subordinated units will become common units in
April 2016. Today, Golar's investment in Golar Partners is valued
at $239 million. This does not include the General Partner interest
which has reached a 50% IDR split level and generates approximately
$8.6 million in yearly dividend income. The Board is
optimistic that an attractive solution can be found and will revert
with a clearer plan for how this will be dealt with in connection
with announcement of the Q1 2016 results.
Clearly, preserving liquidity and
the various challenges in achieving this continue to be a focus of
the Company. To this end, the Board is pleased to see the addition
of approximately $250 million to year end liquidity.
Management are also pursuing other specific opportunities to
improve liquidity, address the maturing 2017 convertible bond and
to fund future FLNG growth and downstream activities without
raising new equity. A key part of this will be the potential carve
out of the downstream power and FSRU activities into a separate
company where Golar will remain a major shareholder.
Corporate and
other matters
Share and
Convertible Bond Buybacks
As at December 31, 2015, Golar had
forward contracts to repurchase 3.2 million of its own shares at an
average price of $41.10 per share. On January 6 the Company
announced that it had settled and reduced its exposure by an
aggregate amount of 0.5 million shares, 0.3 million of which had
been settled prior to year-end.
To date, 240,000 shares in Golar
Partners have been purchased outright at a cost of $5.0 million
under the $25 million unit purchase program approved in
August. No units have been purchased during 4Q to date.
By virtue of Golar Partners' own share buyback program which saw
534,000 shares repurchased, Golar's stake in the Partnership has
increased to 30.7%, as of today.
Shares and
options
As at December 31, 2015, there
were 93.2 million Golar shares outstanding including the 3.2
million Total Return Swap shares. This was reduced to 93.0
million shares in January following the direct acquisition of a
further 0.2 million TRS shares.
During October the Board
authorised the issue of up to 500,000 share options to Directors
and employees of the Company and its subsidiaries under the
Company's existing share option scheme. As of today, these
options have a strike price of $56.25. As at December 31
there were 2.2 million outstanding stock options in issue with an
average strike price of approximately $51.95 per share.
Dividend
The Board has set the dividend to
$0.05 per share for the quarter and expect to maintain this
dividend until the GoFLNG Hilli commences operations in 2H
2017. The reduction in dividend reflects the need to invest a
significant amount of capital to fund the Company's growth within
the FLNG business. This is also a reflection of the current
poor results from shipping operations.
The record date for the dividend
will be March 16, the ex-dividend date is March 14 and the dividend
will be paid on or about March 30, 2016.
New Director and
Audit Committee Chairperson
Effective today, the Company has
appointed Ms. Lori Wheeler Naess as a Director and Audit Committee
Chairperson. Ms. Naess was most recently a Director with PWC in
Oslo and was a Project Leader for the Capital Markets Group.
Between 2010 and 2012 she was a Senior Advisor for the Financial
Supervisory Authority in Norway and prior to this she was also with
PWC in roles in the U.S., Norway and Germany. Ms. Naess is a
U.S. Certified Public Accountant.
Outlook
The company has now passed a very
significant milestone in the roll out of its GoFLNG strategy. The
recent FID of the Cameroon GoFLNG Hilli project fully validates
both the technical and commercial aspects of the Company's FLNG
business model. Furthermore, achievement of this FID in the current
distressed Oil and Gas market is the clearest possible
demonstration of a very robust new business proposition. The good
progress toward FID being made with Ophir, now greatly enhanced by
the potential participation of Schlumberger in the project, is
adding to the GoFLNG momentum.
The LNG carrier spot market
remains a significant concern for the Company. Whilst the Cool Pool
is increasing access to the spot market and improving operational
efficiency, we continue to incur losses. The depressed level of
activity in the shipping market is expected to continue throughout
1Q 2016. This can also be expected to result in weak
operating results for 1Q. Increasing production volumes do
however give reason to expect improvement from 2Q onwards. The
Board will consider lowering its rate expectations to facilitate
the conclusion of long term charters, the objective being to free
up capital from shipping activities to be redeployed in the higher
return FLNG business.
The development of the Sergipe
power project on the contractual and cost side is positive and the
potential to create significant shareholder value out of this long
term project is most encouraging.
The recent charter of Golar Arctic
is likely to open new markets and be a model for fast track
downstream LNG developments. The company believes the access to
small scale markets, achieved in Jamaica where Golar has supported
NFE, to be an exciting new addition to the portfolio of business
opportunities under development.
The market for FSRU's is
increasingly attractive but sensitive to additional capacity being
introduced by new participants. By combining FSRU activities with
power generation Golar believes it will be able to deliver a more
integrated product to customers and secure a competitive
advantage. This is analogous to the relationship being
developed with Schlumberger on the upstream side of the business.
Such business models will likely reduce the time and complexity of
integrated LNG fuelled power projects. Through these ventures
Golar will effectively position itself as one of the few companies
that can develop an integrated product from "Well to Wire."
The Board do not find the current
valuation of Golar as attractive with respect to issuance of new
equity to fund growth. Management will therefore continue to
focus on solutions which can externally finance as well as free up
existing equity to fund future FLNG projects. Significant progress
has been made in this regard over the last quarter.
The fact that Golar has
executed in accordance with its original business plan and has
developed and financed or progressed financing for the Perenco,
Ophir and Sergipe projects in an environment where gas and oil
prices have fallen 70-80% is the strongest possible demonstration
of the strength of its business proposition.
The reduction in dividend to
allocate more capital to growth and a business model focusing on
delivering FLNG units in conjunction with industry leading upstream
and downstream players has the strong support of the Company's
major shareholders.
Golar looks forward to delivering
superior long term earnings to shareholders when these contracts
commence, starting with the Cameroon project in 2017. By
integrating the business from "Well to Wire" Golar will reduce its
exposure to part of the cyclicality we today see in the gas and
power industry and at the same time also be one of the lowest cost
producers of LNG.
Non-Gaap
Measures:
* EBITDA is defined as earnings before interest,
depreciation and amortization, impairments and non-recurring
items.
** Expected annual EBITDA is based on certain
assumptions that management believes are accurate but because of
factors described under the heading "Forward Looking Statements"
actual results may differ materially.
*** Adjusted Operating Losses exclude gains and
losses on disposals and impairments of assets.
Forward Looking
Statements
This press release contains
forward-looking statements (as defined in Section 21E of the
Securities Exchange Act of 1934, as amended) which reflects
management's current expectations, estimates and projections about
its operations. All statements, other than statements of
historical facts, that address activities and events that will,
should, could or may occur in the future are forward-looking
statements. Words such as "may," "could," "should," "would,"
"expect," "plan," "anticipate," "intend," "forecast," "believe,"
"estimate," "predict," "propose," "potential," "continue," or the
negative of these terms and similar expressions are intended to
identify such forward-looking statements. These statements
are not guarantees of future performance and are subject to certain
risks, uncertainties and other factors, some of which are beyond
our control and are difficult to predict. Therefore, actual
outcomes and results may differ materially from what is expressed
or forecasted in such forward-looking statements. You should
not place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. Unless
legally required, Golar undertakes no obligation to update publicly
any forward-looking statements whether as a result of new
information, future events or otherwise.
Among the important factors that
could cause actual results to differ materially from those in the
forward-looking statements are: changes in LNG carriers, FSRU
and floating LNG vessel market trends, including charter
rates, ship values and technological advancements; changes in the
supply and demand for LNG; changes in trading patterns that affect
the opportunities for the profitable operation of LNG carriers,
FSRUs; and floating LNG vessels; changes in Golar's ability to
retrofit vessels as FSRUs and floating LNG vessels, Golar's ability
to obtain financing for such retrofitting on acceptable terms or at
all and the timing of the delivery and acceptance of such
retrofitted vessels; increases in costs; changes in the
availability of vessels to purchase, the time it takes to construct
new vessels, or the vessels' useful lives; changes in the ability
of Golar to obtain additional financing; changes in Golar's
relationships with major chartering parties; changes in Golar's
ability to sell vessels to Golar LNG Partners LP; Golar's ability
to integrate and realize the benefits of acquisitions; changes in
rules and regulations applicable to LNG carriers, FSRUs and
floating LNG vessels; changes in domestic and international
political conditions, particularly where Golar operates; as well as
other factors discussed in Golar's most recent Form 20-F filed with
the Securities and Exchange Commission. Unpredictable or
unknown factors also could have material adverse effects on
forward-looking statements.
February 29, 2016
The Board of Directors
Golar LNG Limited
Hamilton, Bermuda
Questions should be directed
to:
Golar Management Limited - +44 207
063 7900
Gary Smith - Chief Executive
Officer
Brian Tienzo - Chief Financial
Officer
Stuart Buchanan - Head of Investor Relations
Preliminary Fourth Quarter and
Financial Year 2015 Results
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Golar LNG via Globenewswire
HUG#1990242
Gol Linhas Aereas Inteli... (NYSE:GOL)
Historical Stock Chart
From Sep 2024 to Oct 2024
Gol Linhas Aereas Inteli... (NYSE:GOL)
Historical Stock Chart
From Oct 2023 to Oct 2024