Interim results for the period ended 31 March 2019
Gross contract earnings backlog1 increased from $7.3 billion to $10.3 billion.
Golar's ("Golar" or "the Company") total operating revenues decreased from $181.9 million in 4Q 2018 to $114.3 million in 1Q 2019.
Adjusted EBITDA1 decreased from $121.2 million in 4Q 2018 to $62.9 million in 1Q 2019.
After recognition of $28.4 million of unrealized Brent oil linked mark-to-market derivative instrument gains and a $34.3 million impairment charge in relation to the Golar Viking, Golar reported operating income of $28.9 million for 1Q 2019.
Golar and BP executed contracts for the provision of an FLNG vessel to service the Greater Tortue/Ahmeyim project offshore Mauritania and Senegal for 20 years.
Golar received a Final Notice to Proceed with the conversion, sale and subsequent operation of Golar Viking as a FSRU in Croatia. The sale is expected to generate net positive cash of approximately $40 million in 2020.
The shipping fleet recorded Time Charter Equivalent1 ("TCE") earnings of $39,300 per day ($39,100 for spot TFDE vessels).
FSRU Golar Nanook loaded first Sergipe commissioning cargo from FLNG Hilli Episeyo.
Net of financing expenses, equity in net losses of affiliates, taxes and net income attributable to non-controlling interests, Golar reported a 1Q 2019 net loss of $41.7 million.
Gimi MS Corporation ("Gimi MS") received a firm $700 million underwritten financing commitment for the FLNG Gimi.
As intended, First FLNG Holdings Pte. Ltd, an indirect wholly owned subsidiary of Keppel Corporation Limited held through Keppel Capital Holdings Pte Ltd. subscribed to 30% of the issued ordinary share capital of Gimi MS.
Gimi MS issued Keppel Shipyard with a Final Notice to Proceed with FLNG Gimi conversion works.
A 2-year extension to the Golar Tundra sale and leaseback facility was agreed and a 5-year restated and amended facility in respect of the Golar Arctic was credit approved.
Dividend of $0.15 cents per share declared for quarter.
At a recent meeting in Bermuda, the Board decided to proceed with a spin-off of the Company's Trifuel Diesel Electric ("TFDE") LNG carrier business, subject to satisfactory market conditions, and to focus the Company's future activities primarily around FLNG and downstream assets. This will allow LNG shipping investors more direct exposure to the LNG shipping market and reposition Golar's core business toward LNG infrastructure on long-term contracts.