Interim Results for the Period Ended June 30, 2015 - Seite 2

An increase in revenue net of voyage expenses from $98.5 million in the first quarter to $103.6 million in the second quarter reflects a number of factors.  An additional $8.6 million was recognised in respect of the Golar Igloo which was on charter for all of the second quarter, whereas two of its scheduled three months downtime occurred during the first quarter.  The Golar Eskimo was also receiving revenue for all of the second quarter compared to 71 days hire received in respect of the first quarter.  This resulted in an additional $2.8 million of revenue being recognised in 2Q.  Offsetting these was a $6.9 million reduction in revenue from the Golar Freeze which commenced its scheduled drydock during 2Q resulting in 51 days of offhire and a $1.2 million reduction in hire from the LNG carrier Golar Grand which spent part of 1Q on hire to BG Group at a higher rate. The majority of the remaining $1.8 million increase in revenue reflects the longer quarter (91 days versus 90 days).

Vessel operating expenses at $17.2 million were $1.6 million higher than the first quarter cost of $15.6 million.  This was mainly due to higher essential repair expenditures across the fleet and higher Golar Freeze non-drydock related repairs in particular.  It also reflects a full quarter of operations in respect of the Golar Eskimo which operated for 71 of the 90 days in the first quarter. Administration expenses at $1.5 million were in line with the prior quarter.

Net interest expense at $13.8 million for the second quarter was $1.3 million higher than the first quarter due to a full quarters interest on a $162.8 million debt facility and a $220.0 million vendor loan from Golar, which together financed the acquisition of the Golar Eskimo on January 20.  On May 12, Golar Partners issued a USD 150 million bond in the Norwegian bond market, the majority of the proceeds of which were subsequently used to repay existing debt facilities.  Other financial items for the second quarter were a loss of $1.5 million compared to a $10.4 million loss in the first quarter. This included non-cash mark-to-market valuation gains on interest rate swaps of $6.0 million in the second quarter as a result of an increase in 3-year and 5-year interest swap rates by 14bps and 26bps respectively. This compares to a $5.9 million loss in the first quarter.