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Mar 31
Golar LNG Q1 2025 Earnings Report
Golar LNG reported modest profitability in Q1 2025 amid strong FLNG chartering activity and strategic project developments.
Key Takeaways
Golar LNG delivered $62.5 million in revenue and $8.2 million in net income for Q1 2025. The company benefited from new long-term FLNG charters and made progress on major infrastructure projects, despite a decline in adjusted EBITDA and net income compared to last year.
Signed 20-year charters for FLNG Hilli and MKII FLNG with SESA, securing a $13.7 billion Adjusted EBITDA backlog.
FLNG Gimi completed commissioning and offloaded its first LNG cargo, with COD expected in Q2 2025.
Net income attributable to Golar was $8.2 million, with total operating revenue of $62.5 million.
Declared a $0.25 per share dividend and completed exit from LNG shipping segment.
Golar LNG
Golar LNG
Forward Guidance
Golar expects significant long-term earnings growth from its newly chartered FLNG units and progress on its asset conversion projects.
Positive Outlook
- FLNG Gimi expected to reach COD in Q2 2025, unlocking $3 billion in EBITDA backlog.
- Charter agreements for Hilli and MKII FLNG forecasted to generate $685M in annual EBITDA.
- MKII FLNG conversion progressing on schedule for Q4 2027 delivery.
- $1.2B refinancing facility secured for FLNG Gimi with expected $371M in net proceeds.
- Regulatory and export licenses secured for Argentinian projects offer strong legal protections.
Challenges Ahead
- Adjusted EBITDA declined 36% YoY and 31% QoQ.
- Net income dropped significantly YoY due to non-cash derivative losses.
- Commodity-linked derivative positions recorded $25M in unrealized losses.
- Macro risks remain due to geopolitical tensions and economic volatility.
- MKII FLNG charter subject to FID and regulatory approvals not yet completed.