Golar LNG Reports Q3 Loss Amid Strategic Expansions

Golar LNG Limited ( (GLNG) ) has released its Q3 earnings. Here is a breakdown of the information Golar LNG Limited presented to its investors.

Golar LNG Limited is a company operating in the energy sector, specializing in the conversion of LNG carriers into floating liquefaction natural gas vessels (FLNGs), providing services that facilitate the liquefaction, transportation, and storage of natural gas. The company’s unique offering lies in its ability to provide FLNG services, which are pivotal in the liquefied natural gas industry.

In its latest earnings report for the third quarter of 2024, Golar LNG Limited announced several strategic developments, including a final investment decision for a new FLNG project and a long-term deployment agreement in Argentina. The company reported a net loss of $36 million for the quarter, impacted by substantial non-cash items, but highlighted a solid adjusted EBITDA of $59 million.

Key financial highlights include an adjusted EBITDA backlog of approximately $11 billion, underpinned by redeployment charters for its existing FLNGs, Hilli and Gimi. The company also issued a $300 million five-year senior unsecured bond and declared a quarterly dividend of $0.25 per share. Despite the quarterly net loss, Golar’s FLNG Hilli maintained a strong operational track record, generating $73 million in Q3 distributable adjusted EBITDA, demonstrating resilience in its core operations.

Looking ahead, Golar LNG Limited is poised to enhance its FLNG capabilities through strategic investments and partnerships, with an emphasis on expanding its footprint in key markets such as Argentina. The company remains focused on securing a charter for its MKII FLNG within 2025, aiming to capitalize on its competitive position in the FLNG service sector. Golar’s management anticipates continued progress in its ongoing projects, which are expected to contribute significantly to future financial performance.