Interim Results for the Period Ended June 30, 2015
Highlights
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Golar LNG Partners LP reports net income attributable to unit holders of $41.0 million and operating income of $62.3 million for the second quarter of 2015.
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Generated distributable cash flow of $41.4 million for the second quarter with a coverage ratio of 1.07.
Financial Results Overview
Golar LNG Partners L.P. ("Golar Partners" or the "Partnership") reports net income attributable to unit holders of $41.0 million and operating income of $62.3 million for the second quarter of 2015 ("the second quarter or 2Q"), as compared to net income attributable to unit holders of $31.3 million and operating income of $58.7 million for the first quarter of 2015 ("the first quarter or 1Q") and net income attributable to unit holders of $37.8 million and operating income of $62.1 million for the second quarter of 2014.
Lesen Sie auch
Second quarter operating income was in line with the same period in 2014. Additional revenue in respect of the Golar Eskimo, which was acquired on January 20, 2015, was offset by reduced earnings from the Golar Freeze as a result of its drydock during the quarter, a full quarter of reduced earnings for the Golar Grand given its new contract rate and associated ownership and operating costs in respect of the Golar Eskimo FSRU. Second quarter 2015 revenue increased by $4.1 million over 2Q 2014 and includes an additional $12.4 million hire in respect of the Golar Eskimo. This was offset in part by a reduction in revenue due to the drydock of the Golar Freeze equivalent to $6.7 million and a $2.1 million revenue reduction in respect of the Golar Grand which was returned at the end of its contract by BG Group in mid-February and re-chartered to Golar LNG Limited ("Golar") at a lower rate. Vessel operating expenses, voyage and commission costs, administration expenses and depreciation and amortisation increased by a collective $4.0 million compared to the same period in 2014 primarily reflecting the additional ownership and operating costs of the Golar Eskimo. Despite additional debt servicing costs on financing of the Golar Eskimo, second quarter 2015 net financial expenses were $3.8 million lower than 2Q 2014. The reduction is predominantly reflective of a $6.0 million non-cash mark-to-market valuation gain on interest rate swaps compared to a $3.3 million loss in 2014. Taxes in respect of 2Q 2015 were $0.8 million higher than the same period in 2014 when a credit to tax expense resulting from a year-to-date reassessment of current tax estimates was recognised.