First Quarter financial summary
(in thousands of $) Q1 2026 Q1 2025 % Change
---------------------------------- --------- --------- --------
Net income attributable to Golar
LNG Ltd 83,578 8,197 920%
Total operating revenues 137,554 62,502 120%
Adjusted EBITDA (1) 105,576 40,936 158%
Golar's share of contractual debt
(1) 2,705,245 1,494,615 81%
--------- --------- --------
Recent highlights
-- Golar LNG Limited ("Golar" or "the Company") reports Q1 2026 net income
attributable to Golar of $84 million inclusive of $37 million of non-cash
items1, Adjusted EBITDA1 of $106 million and Total Golar Cash1 of $1.0
billion.
-- FLNG Hilli offloaded 150th cargo.
-- FLNG Gimi overproduced 19% compared to contractual committed volume.
-- MKII construction on time and on budget.
-- Southern Energy S.A. ("SESA") and Securing Energy for Europe ("SEFE")
sign an 8-year LNG supply agreement for up to two million tonnes of LNG
per annum, commencing 2027.
-- Commercial pipeline expanding and advancing at pace following recent
Middle East events. Target to order 4th FLNG within 2026.
-- Divested non-core investment in OLT Offshore Toscana S.p.A. and exited
remaining FSRU Operation and Maintenance contract.
-- Goldman Sachs engaged to evaluate strategic alternatives for the Company.
-- Declared dividend of $0.25 per share for the quarter, payable on June 10,
2026, to shareholders of record on June 1, 2026. 101.8 million shares
issued and outstanding as of March 31, 2026.
CEO Comment
"Q1 saw solid operational performance with continued 100% economic uptime for the FLNG Hilli and strong operational performance from the FLNG Gimi producing 19% more than the contractual committed volume. The MKII FLNG under conversion progressed according to budget and schedule during the quarter.
Geopolitical events continuing in Ukraine and Russia combined with significant escalation in the Middle East has again driven commodity prices higher and put pressure on the global energy markets. We see strengthening demand for energy security and diversification. This reflects on Golar's business by driving strong momentum in commercial discussions for incremental FLNG projects as well as increased earnings for our commodity exposure. We are ramping up activities to order our 4(th) FLNG within 2026 and to secure attractive long term FLNG projects."
Summary and review of financial results
Business Performance(3)
2026 2025
--------------
Jan -
Jan-Mar Oct-Dec Mar
-------------- --------------- ---------------
(in thousands of $) Total Total Total
---------------------------- -------------- --------------- ---------------
Net income 101,804 23,148 12,939
Income tax expense 923 1,901 179
---------------------------- -------------- --------------- ---------------
Net income before income
taxes 102,727 25,049 13,118
Depreciation and
amortization 16,305 12,203 12,638
Unrealized (gain)/loss on
oil and gas derivative
instruments (33,501) 20,553 25,001
Other non-operating income (3,314) -- --
Interest income (10,319) (10,926) (8,699)
Interest expense, net 24,380 23,636 --
(Gains)/losses on
derivative instruments,
net (3,587) (2,269) 6,795
Other financial items, net 1,409 11,412 2,292
Net income from equity
method investments 1,213 1,032 (10,209)
Sales-type lease
receivable in excess of
interest income (1) 10,263 10,314 --
Adjusted EBITDA (1) 105,576 91,004 40,936
---------------------------- -------------- --------------- ---------------
2026
-------------------------------------------------------------------------------------------------
Jan-Mar
-------------------------------------------------------------------------------------------------
(in thousands Corporate Total Segment Consolidated
of $) FLNG and other Reporting Elimination Reporting
----------------- ---------------- ------------------- ---------------- ------------------- -------------------
Liquefaction
services
revenue 56,222 -- 56,222 -- 56,222
Sales-type
lease revenue 49,977 -- 49,977 -- 49,977
Vessel
management
fees and other
revenues 25,628 5,727 31,355 -- 31,355
Vessel
operating
expenses (36,662) (2,070) (38,732) -- (38,732)
Administrative
expenses (347) (12,338) (12,685) -- (12,685)
Project
development
expenses (2,759) 87 (2,672) -- (2,672)
Realized gain
on oil and gas
derivative
instruments
(2) 9,683 -- 9,683 -- 9,683
Other operating
income/(loss) 2,425 (260) 2,165 -- 2,165
Sales-type
lease
receivable in
excess of
interest
income (1) 10,263 -- 10,263 (10,263) --
----------------- ---------------- ------------------- ---------------- ------------------- -------------------
Adjusted EBITDA
(1) 114,430 (8,854) 105,576 (10,263) 95,313
----------------- ---------------- ------------------- ---------------- ------------------- -------------------
2025
---------------------------------------------------------------------------------------------------
Oct-Dec
---------------------------------------------------------------------------------------------------
(in thousands Corporate Total Segment Consolidated
of $) FLNG and other Reporting Elimination Reporting
----------------- ------------------- ------------------- --------------- ------------------- -------------------
Liquefaction
services
revenue 58,623 -- 58,623 -- 58,623
Sales-type
lease revenue 44,536 -- 44,536 -- 44,536
Vessel
management
fees and other
revenues 23,325 6,328 29,653 -- 29,653
Vessel
operating
expenses (42,217) (9,894) (52,111) -- (52,111)
Administrative
expenses 95 (5,354) (5,259) -- (5,259)
Project
development
expenses (2,235) (785) (3,020) -- (3,020)
Realized gain
on oil and gas
derivative
instruments
(2) 11,856 -- 11,856 -- 11,856
Other operating
gain/(loss) 2,143 (5,731) (3,588) -- (3,588)
Sales-type
lease
receivable in
excess of
interest
income (1) 10,314 -- 10,314 (10,314) --
----------------- ------------------- ------------------- --------------- ------------------- -------------------
Adjusted EBITDA
(1) 106,440 (15,436) 91,004 (10,314) 80,690
----------------- ------------------- ------------------- --------------- ------------------- -------------------
2025
-------------------------------------------------------------------------------------------------------------
Jan-Mar
-------------------------------------------------------------------------------------------------------------
(in thousands Corporate and
of $) FLNG other Total
----------------- ----------------------------------- ----------------------------------- -----------------------------------
Total operating
revenues 55,688 6,814 62,502 Vessel operating expenses (18,785) (9,685) (28,470) Administrative expenses (588) (8,999) (9,587) Project development expenses (2,351) (968) (3,319) Realized gain on oil and gas derivative instruments (2) 21,213 -- 21,213 Other operating income -- (1,403) (1,403) ----------------- ----------------------------------- ----------------------------------- ----------------------------------- Adjusted EBITDA (1) 55,177 (14,241) 40,936 ----------------- ----------------------------------- ----------------------------------- -----------------------------------
(2) The line item "Realized and unrealized gain/(loss) on oil and gas derivative instruments" in the Unaudited Consolidated Statements of Operations relates to income from the FLNG Hilli Liquefaction Tolling Agreement ("LTA") and the natural gas derivative which is split into: "Realized gain on oil and gas derivative instruments" and "Unrealized (loss)/gain on oil and gas derivative instruments".
Golar reports today Q1 2026 net income of $102 million, before non-controlling interests, inclusive of $37 million of non-cash items(1) . Adjusted EBITDA(1) at $106 million for Q1 2026 was $15 million higher than Q4 2025. Overproduction-related earnings from FLNG Gimi together with lower operating costs partially offset by lower realized gains on oil and gas derivative instruments and higher administration costs account for most of the increase.
The $37 million of Q1 2026 non-cash items(1) is comprised of:
-- TTF and Brent oil linked derivative instruments' unrealized
mark-to-market ("MTM") gains of $34 million; and
-- $3 million MTM gain on interest rate swaps.
During Q1 2026, we recognized a total of $10 million of realized gains on FLNG Hilli's oil and gas derivative instruments, comprised of a:
-- $4 million realized gain on the Brent oil linked derivative instrument;
and
-- $6 million realized gain in respect of fees for the TTF linked
production.
A total of $34 million of unrealized non-cash items(1) in relation to FLNG Hilli's oil and gas derivative assets, with corresponding changes in fair value in its constituent parts have been recognized on our unaudited Q1 2026 consolidated statement of operations as follows:
-- $30 million gain on the Brent oil linked derivative asset; and -- $4 million gain on the TTF linked natural gas derivative asset.
Corporate/Other
Operating revenues and costs under corporate and other items in Q1 2026 are attributable to one FSRU Operation and Maintenance agreement in respect of the Italis LNG. This contract concluded in April 2026.
Balance sheet and liquidity
Total Golar Cash(1) as of March 31, 2026, was $1.0 billion. Golar's share of Contractual Debt(1) as of March 31, 2026, is $2.7 billion. After deducting Total Golar Cash(1) from Golar's share of Contractual Debt(1) , the net debt position as of Q1 2026 amounted to $1.7 billion.
Asset under development of $1.3 billion relates to our MKII FLNG conversion project, which has been fully equity funded to date. Total Golar Cash(1) could be used to fund remaining capital expenditure in respect of this $2.2 billion conversion project. Asset level financing on the back of MKII's confirmed 20-year contract is advancing and we are now working with a commercial bank and export credit agencies on an attractive long-term solution. Equity released from asset level financing is intended to be directed towards attractive FLNG growth opportunities.
Recent key financial transactions and updates
In March 2026, we sold our 2.69% shareholding in OLT Offshore LNG Toscana S.p.A., to SNAM S.p.A. This non-strategic investment had been fully impaired in 2019. Consideration of $3.1 million was received and recognized as a gain on disposal in other non-operating income.
Golar also entered into a shareholder's agreement for a 10% equity interest in San Matías Pipeline S.A. ("SMP"), a company that will build a 500km dedicated gas pipeline to facilitate year-round operations of both FLNG Hilli and MKII in Argentina. SMP is associated with our SESA FLNG charters and the company is planned to be equity funded amongst the SESA shareholders at a pro-rata holding to that of SESA. Once operational, the pipeline is expected to generate attractive infrastructure returns for at least the 20-year duration of the FLNG charters.
In March 2026, a formal process to evaluate strategic alternatives to accelerate our FLNG growth pipeline and maximize shareholder value was initiated. In connection with this process, we appointed Goldman Sachs International as our financial advisor. The strategic review includes a comprehensive evaluation of Golar's platform, including our industry leading FLNG technology, long-term contract backlog, attractive commodity exposure and growth pipeline. Potential alternatives to be explored include, but are not limited to, a sale of the Company, a merger or other business combination, divestiture of assets, or further optimization of the corporate structure. The Company will target solutions that unlock shareholder value and enable faster roll-out of Golar's FLNG growth pipeline. There can be no assurance that the strategic review will result in any transaction or other strategic outcome, nor have we established a definitive timetable for the completion of this process.
Liquefaction projects overview
In aggregate, across FLNG Hilli and FLNG Gimi, we have 5.1MTPA of liquefaction capacity on the water, a further 3.5MTPA currently under conversion and long-lead items for a fourth unit reserved.
FLNG Hilli
Maintained leading operational track record, offloading her 150(th) cargo in April and 152(nd) cargo this week.
The existing contract in Cameroon ends in Q3 2026. During Q2 2026, a contractor was appointed to disconnect FLNG Hilli from its mooring in July and prepare the vessel for towing to Seatrium's shipyard in Singapore where upgrades and life extension work will be carried out. Towing tugs have been contracted, prefabrication engineering is well underway , most major procurement is complete and Golar has deployed a site supervision team with ongoing presence at the yard. Of the $350 million budget for upgrade costs, positioning, operating costs, fuel and insurance during the period between the end of the contract in Cameroon and the expected Commercial Operations Date ("COD") for her 20-year contract in Argentina commencing H2 2027, $50 million has been spent as of March 31, 2026.
Key commercial terms for FLNG Hilli's 20-year agreement with SESA in Argentina include Adjusted EBITDA(1) to Golar of $285 million per year, with an additional commodity linked FLNG tariff component of 25% of Free on Board ("FOB") prices in excess of $8/MMBtu. This will add approximately $30 million of potential annual upside to Golar for every US dollar the achieved FOB price is above the reference LNG price of $8/MMBtu. Time required to repair damaged liquefaction trains at Qatar's Ras Laffan facility and potential delays to the North Field East expansion project following recent events in the Middle East could have a material impact on the global LNG supply/demand balance into 2028. Expected earnings from FLNG Hilli's commodity-linked tariff component have increased year-to-date as a result of increases in forward LNG price indices. The FLNG tariff will also be inflation adjusted at 30% of US CPI from year six (inclusive).
There is significant potential for liquidity to be released through debt refinancing alternatives for FLNG Hilli on the back of the existing contractual debt(1) of $503 million against an Adjusted EBITDA backlog(1) of $5.7 billion. We will opportunistically evaluate debt refinancing alternatives to enhance equity returns for our FLNG Hilli ownership.
FLNG Gimi
FLNG Gimi has offloaded 33 cargoes and production remains ahead of schedule. Reflecting this, the Q1 invoiced day rate was 19% above the contractual day rate. Any over or under production has a pro-rata impact on the earnings of the unit, and performance and compensation for volumes over or under the contractual committed volume is assessed and paid monthly. FLNG Gimi continues to reliably produce at volumes that on an annualized basis would significantly surpass its contractual committed volumes of 2.4MTPA. It is however important to reiterate that the throughput of any liquefaction plant is sensitive to gas quality and ambient temperatures. Throughput variation between winter and summer months should therefore be expected, with colder ambient temperatures during the recent winter benefiting production levels. Production over the coming two quarters will likely be lower. That said, based on operations to date and commodity prices that incentivize maximum production, we continue to expect FLNG Gimi to produce above her contracted volumes on an annual average basis.
Golar owns 70% of FLNG Gimi, and the Company's share of the net earnings backlog(1) for the 20-year contract duration is expected to be approximately $3 billion.
The Company continues to actively engage with the GTA partners to identify and develop value enhancing initiatives for the GTA project to further improve the project's unit economics, including potential for further debottlenecking of the FLNG Gimi nameplate capacity and field operating cost optimizations.
Of the $1.2 billion bank facility, $1.18 billion is outstanding as of March 31, 2026.
MKII FLNG 3.5MTPA conversion
Conversion work at CIMC Raffles yard remains on schedule and on budget. All major long-lead items have either arrived at the yard, are in transit or under control; fabrication is at near peak levels of activity and over 10 million work hours have been completed. Upon completion in Q4 2027, the FLNG unit will then sail to Argentina with contract start-up scheduled for H2 2028. Golar has spent $1.2 billion to date, all equity funded.
The 20-year contract of the MKII FLNG is expected to deliver $8 billion of Adjusted EBITDA backlog(1) over 20 years, equivalent to $400 million in annual Adjusted EBITDA(1) to Golar, before commodity exposure and inflationary adjustments. The commodity linked tariff component will add approximately $40 million of potential annual upside to Golar for every US dollar the achieved FOB price is above the reference LNG price of $8/MMBtu. Current LNG prices substantially exceed this threshold. The MKII FLNG will be deployed in the Gulf of San Matías, offshore Argentina, where it will operate in proximity to FLNG Hilli. Similar to FLNG Hilli, the FLNG tariff will be inflation adjusted at 30% of US CPI from year six (inclusive).
Southern Energy S.A.
SESA is a company formed to enable LNG exports from Argentina. SESA is owned by a consortium of leading Argentinian gas producers including Pan American Energy (30%), YPF (25%), Pampa Energia (20%), Harbour Energy (15%) and Golar (10%).
Golar's 10% ownership of SESA provides additional commodity exposure. Once both FLNG Hilli and the MKII FLNG are operational in Argentina, the 10% equity stake equates to additional commodity exposure to Golar for every US dollar/MMBtu change in achieved FOB prices above or below SESA's cash break even. Combined with the commodity exposure in the FLNG contracts, Golar's total commodity exposure for the two Argentinian FLNG contracts and through our ownership in SESA is up to $100 million for every $1 the FOB price is above $8/MMBtu, with a downside of approximately $28 million for every $1 the FOB price is below SESA's cash break even.
Building on a Heads of Agreement signed in December 2025, in March 2026, SESA finalized an 8-year agreement to sell up to 2 million tonnes per annum of LNG to German state-owned SEFE. SEFE has been the LNG off taker from FLNG Hilli since 2022 and will continue its collaboration with Golar via SESA as FLNG Hilli moves from Cameroon to Argentina. With LNG deliveries scheduled to commence in 2027, SEFE will be Argentina's first long-term LNG customer globally. Long--term LNG offtake arrangements from regions outside traditional supply areas contribute materially to the resilience of SEFE's portfolio by further reducing exposure to concentrated geopolitical risks.
A dedicated pipeline from Vaca Muerta, Neuquen to the Gulf of San Matías, offshore Rio Negro is planned to provide both the FLNG Hilli and MKII FLNG with year-round natural gas supply. SESA is responsible for providing the feed gas, while SMP will develop the pipeline. During Q1 2026, several EPC proposals were received for the construction of the pipeline and compressor stations. A pipeline financing facility with a syndicate of banks is currently under discussion.
FLNG business development
Golar's FLNG offering is becoming increasingly compelling in a more energy-constrained and geopolitically uncertain world. The combination of monetizing stranded and competitive gas reserves, attractive liquefaction capex, operational flexibility, speed to market, and typically shorter shipping distances that avoid contested maritime routes underpins this advantage. As the world's only independent provider of FLNG-as-a-service, Golar also enables oil majors and national oil companies to reduce their capital intensity. Offtakers and resource owners are keen to diversify sources of supply following events in the Middle East. This has created a new sense of urgency to existing commercial discussions and introduced new opportunities. Recent progress across multiple projects potentially suited to a similarly specced FLNG provides sufficient support for committing capital to a fourth FLNG. Accordingly, key long-lead items were reserved in May 2026.
Investor conference call and webcast
We will host a conference call to discuss our financial and operating results for the first quarter 2026 on Wednesday, May 20, 2026, at 8 a.m. Eastern time / 7 a.m. Central time / 1 p.m. London time / 2 p.m. Oslo time. A listen-only webcast of the call and an accompanying slide presentation may be accessed through our website at www.golarlng.com. Following the call, a recording will be made available on our website.
About Golar LNG
Golar LNG Limited $(GLNG)$ is a LNG infrastructure company. Through its 80-year history, the company has pioneered maritime LNG infrastructure including the world's first Floating LNG liquefaction terminal $(FLNG)$ and Floating Storage and Regasification Unit (FSRU) projects based on the conversion of existing LNG carriers. Today Golar is focused on its FLNG business where it remains the only proven provider of FLNG as a service.
Non-GAAP measures
In addition to disclosing financial results in accordance with U.S. generally accepted accounting principles (US GAAP), this earnings release and the associated investor presentation contains references to the non-GAAP financial measures which are included in the table below. We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business and measuring our performance.
This report also contains certain forward-looking non-GAAP measures for which we are unable to provide a reconciliation to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside of our control, such as oil and gas prices and exchange rates, as such items may be significant. Non-GAAP measures in respect of future events which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied to Golar's unaudited consolidated condensed financial statements.
These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures and financial results calculated in accordance with GAAP. Non-GAAP measures are not uniformly defined by all companies and may not be comparable with similarly titled measures and disclosures used by other companies. The reconciliations as at March 31, 2026 and for the three months ended March 31, 2026, from these results should be carefully evaluated.
Non-GAAP Closest Adjustments to Rationale for adjustments
measure equivalent US reconcile to
GAAP measure primary financial
statements
prepared under US
GAAP
------------- --------------- ------------------- -------------------------
Performance measures
------------------------------------------------------------------------------
Adjusted Net +/- Income taxes Increases the
EBITDA income/(loss) + Depreciation comparability of total
and amortization business performance from
+ Impairment of period to period and
long-lived against the performance
assets +/- of other companies by
Unrealized excluding the results of
(gain)/loss on our equity investments,
oil and gas removing the impact of
derivative unrealized movements on
instruments +/- embedded derivatives,
Other depreciation, impairment
non-operating charge, financing costs,
(income)/losses tax items, discontinued
+/- Net operations and including
financial sales-type lease
(income)/expense receivable in excess of
+/- Net interest income.
(income)/losses
from equity
method
investments +/-
Net
loss/(income)
from
discontinued
operations +
Sales-type lease
receivable in
excess of
interest income
Liquidity measures(1)
------------------------------------------------------------------------------
Contractual Total debt +/-Variable During the year, we
debt (current and Interest Entity consolidate a lessor VIE
non-current), ("VIE") for our Hilli sale and
net of consolidation leaseback facility. This
deferred adjustments means that on
financing +/-Deferred consolidation, our
costs financing costs contractual debt is
eliminated and replaced
with the lessor VIE debt.
Contractual debt
represents our debt
obligations under our
various financing
arrangements before
consolidating the lessor
VIE. The measure enables
investors and users of
our financial statements
to assess our liquidity,
identify the split of our
debt (current and
non-current) based on our
underlying contractual
obligations and aid
comparability with our
competitors.
------------- --------------- ------------------- -------------------------
Total Golar Golar cash -VIE restricted We consolidate a lessor
cash based on GAAP cash VIE for our sale and
measures: + leaseback facility. This
Cash and cash means that on
equivalents + consolidation, we include
Restricted restricted cash held by
cash (current the lessor VIE. Total
and Golar Cash represents our
non-current) cash and cash equivalents
and restricted cash
(current and non-current)
before consolidating the
lessor VIE. Management
believes that this
measure enables investors
and users of our
financial statements to
assess our liquidity and
aids comparability with
our competitors.
------------- --------------- ------------------- -------------------------
Adjusted Interest +/-Variable During the year, we
interest expense, net Interest Entity consolidate a lessor VIE
expense ("VIE") for our Hilli sale and
consolidation leaseback facility. This
adjustments means that on
+Capitalized consolidation, our
deemed interest contractual debt interest
-Deferred expense is eliminated and
financing costs replaced with the lessor
amortization VIE debt interest
expense. Adjusted
interest expense removes
the effects of VIE
consolidation, adjusted
for capitalized deemed
interest on qualifying
assets and deferred
financing costs
amortization. Management
believes this measure
provides useful
supplemental information
to investors by enhancing
period-over-period and
peer comparability and
facilitating an
assessment of our capital
structure.
------------- --------------- ------------------- -------------------------
(1) Please refer to reconciliation below for Golar's share of contractual debt
Adjusted EBITDA backlog: This is a non-GAAP financial measure and represents the share of contracted fee income for executed contracts less forecasted operating expenses for these contracts/agreements. Adjusted EBITDA backlog should not be considered as an alternative to net income / (loss) or any other measure of our financial performance calculated in accordance with U.S. GAAP.
Non-cash items: Non-cash items comprised of impairment of long-lived assets, release of prior year contract underutilization liability, mark-to-market ("MTM") movements on our TTF and Brent oil linked derivatives, listed equity securities and interest rate swaps ("IRS") which relate to the unrealized component of the gains/(losses) on oil and gas derivative instruments, unrealized MTM (losses)/gains on investment in listed equity securities, gains on derivative instruments, net, and gain/(loss) on debt extinguishment.
Sales-type lease receivable in excess of interest income: Sales-type lease receivable in excess of interest income represents the lease receivable principal amortization component of the total amounts invoiced under the FLNG Gimi sales-type lease which commenced in June 2025. We included the total invoiced amounts comprising both interest income and principal repayment in our FLNG Adjusted EBITDA to reflect the total cash earnings and economic performance of the FLNG Gimi. This amount is eliminated from the unaudited consolidated statement of operations in accordance with U.S. GAAP.
Abbreviations used:
FLNG: Floating Liquefaction Natural Gas vessel
FSRU: Floating Storage and Regasification Unit
MMBtu: Million British Thermal Units
MTPA: Million Tons Per Annum
Reconciliations - Liquidity Measures
Total Golar Cash
March 31, December March 31,
(in thousands of $) 2026 31, 2025 2025
---------------------------- ---------------- ---------------- ---------------
Cash and cash equivalents 1,007,085 1,151,221 521,434
Restricted cash (current
and non-current) 53,889 64,196 172,879
Less: VIE restricted cash (15,721) (11,429) (16,745)
---------------------------- ---------------- ---------------- ---------------
Total Golar Cash 1,045,253 1,203,988 677,568
---------------------------- ---------------- ---------------- ---------------
Contractual Debt
March 31, December March 31,
(in thousands of $) 2026 31, 2025 2025
---------------------------- ---------------- ---------------- ----------------
Total debt (current and
non-current) net of
deferred financing costs 2,726,664 2,758,024 1,418,816
VIE consolidation
adjustments 288,313 283,886 251,728
Deferred financing costs 44,643 47,013 20,946
Total Contractual Debt 3,059,620 3,088,923 1,691,490
Less: Keppel's share of
the Gimi debt (354,375) (360,000) (196,875)
---------------------------- ---------------- ---------------- ----------------
Golar's share of
Contractual Debt 2,705,245 2,728,923 1,494,615
---------------------------- ---------------- ---------------- ----------------
Please see Appendix A for the repayment profile for Golar's Contractual Debt.
Adjusted interest expense
2026 2025 2025
(in thousands
of $) Jan-Mar Oct-Dec Jan-Mar
---------------- ------------------ ------------------ --------------------
Interest
expense, net 24,381 23,636 --
Capitalized
deemed
interest on
qualifying
assets 19,341 17,521 14,675
VIE
consolidation
adjustments
(1) 6,614 7,054 7,067
Deferred
financing
costs (2,370) (2,427) (964)
---------------- ------------------ ------------------ --------------------
Adjusted
interest
expense 47,966 45,784 20,778
Less: Keppel's
share of the
Gimi debt
interest
expense (5,637) (4,490) (4,424)
---------------- ------------------ ------------------ --------------------
Golar's share
of adjusted
interest
expense 42,329 41,294 16,354
---------------- ------------------ ------------------ --------------------
(1) This represents the difference between the VIE debt and our contractual debt
Forward Looking Statements
This press release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflect management's current expectations, estimates and projections about its operations. All statements, other than statements of historical facts, that address activities and events that will, should, could or may occur in the future are forward-looking statements. Words such as "if," "subject to," "believe," "assuming," "anticipate," "intend, " "estimate," "forecast," "project," "plan," "potential," "will," "may," "should," "expect," "could," "would," "predict," "propose," "continue," or the negative of these terms and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Golar undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise. Other important factors that could cause actual results to differ materially from those in the forward-looking statements include but are not limited to:
-- our ability to fulfill our obligations under our commercial agreements,
including the Liquefaction Tolling Agreement (the "LTA") for the FLNG
Hilli Episeyo ("FLNG Hilli") and the 20-year Lease and Operate Agreement
(the "LOA") for the FLNG Gimi ("FLNG Gimi");
-- our ability to perform under our agreements with Southern Energy S.A.
("SESA") for the deployment of FLNG Hilli and MKII FLNG ("MKII FLNG") in
Argentina, including the timely completion of redeployment, conversion
and commissioning activities, as well as SESA's ability to meet its
commitments to us;
-- our ability to complete the MKII conversion and FLNG Hilli refurbishment
in a timely manner and within budget;
-- any failure of shipyards to comply with work standards, project schedules,
performance specifications or agreed prices;
-- an increase in tax liabilities in the jurisdictions where we are
currently operating, have previously operated or expect to operate;
-- our ability to obtain additional financing or refinance existing debt on
acceptable terms or at all;
-- the outcome and timing of the Company's strategic review process,
including the possibility that the review may not result in any
transaction, strategic alternative, or other outcome; the potential for
disruption to operations, commercial activities, financings or
relationships during the review process; the ability to identify and
execute transactions or structural alternatives that enhance shareholder
value or accelerate the FLNG growth pipeline; market, regulatory,
financing, and counterparty conditions affecting any potential
transaction; and costs, opportunity costs, management distraction, or
other uncertainties associated with the process;
-- global economic trends, competition, and geopolitical risks, including
actions by the U.S. government, trade tensions or conflicts such as those
between the U.S. and China or the U.S. and Iran, related sanctions, and
the potential effects of any Russia-Ukraine or U.S.-Iran peace settlement
on liquefied natural gas ("LNG") supply and demand;
-- continuing volatility in the global financial markets, including
commodity prices, foreign exchange rates, interest rates and global trade
policy;
-- changes in general domestic and international political conditions,
particularly where we operate, or where we seek to operate;
-- changes in our ability to retrofit vessels as FLNGs, including the
availability of donor vessels to purchase, lead times for critical
components and the time it takes to build new vessels;
-- any material decline or prolonged weakness in tolling rates for FLNGs;
-- any failure of our contract counterparties to comply with their
agreements with us or other key project stakeholders;
-- continuing uncertainty resulting from potential future claims from our
counterparties of purported force majeure under contractual arrangements,
including our future projects and other contracts to which we are a
party;
-- our ability to close potential future transactions in relation to equity
interests in our vessels or to monetize our remaining investments on a
timely basis or at all;
-- increases in operating costs as a result of inflation or trade policy,
including salaries and wages, insurance, crew and related costs, repairs
and maintenance and spares;
-- claims made or losses incurred in connection with our continuing
obligations;
-- the ability of certain parties to meet their respective obligations to us,
including indemnification obligations;
-- changes to rules and regulations applicable to FLNGs or other parts of
the natural gas and LNG supply chain;
-- rules on climate-related disclosures promulgated by the European Union,
including but not limited to disclosure of certain climate-related risks
and financial impacts, as well as greenhouse gas emissions;
-- actions taken by regulatory authorities that may prohibit the access of
FLNGs to various ports and locations; and
-- other factors listed from time to time in registration statements,
reports or other materials that we have filed with or furnished to the
Commission, including our annual report on Form 20-F for the year ended
December 31, 2025, filed with the U.S. Securities and Exchange Commission
("U.S. SEC") on March 26, 2026 (the "2025 Annual Report").
As a result, you are cautioned not to rely on any forward-looking statements. Actual results may differ materially from those expressed or implied by such forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise unless required by law.
Responsibility Statement
We confirm that, to the best of our knowledge, the unaudited consolidated financial statements for the three months ended March 31, 2026, which have been prepared in accordance with accounting principles generally accepted in the United States give a true and fair view of Golar's unaudited consolidated assets, liabilities, financial position and results of operations. To the best of our knowledge, the report for the three months ended March 31, 2026, includes a fair review of important events that have occurred during the period and their impact on the unaudited consolidated financial statements, the principal risks and uncertainties and major related party transactions.
May 20, 2026
The Board of Directors
Golar LNG Limited
Hamilton, Bermuda
Investor Questions: +44 207 063 7900
Karl Fredrik Staubo - CEO
Eduardo Maranhão - CFO
Tor Olav Trøim (Chairman of the Board)
Benoît de la Fouchardiere (Director)
Carl Steen (Director)
Dan Rabun (Director)
Lori Wheeler Naess (Director)
Mi Hong Yoon (Director)
Niels Stolt-Nielsen (Director)
Stephen J. Schaefer (Director)
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
Attachment
-- Golar LNG Limited Interim results for the period ended March 31, 2026
(END) Dow Jones Newswires
May 20, 2026 06:42 ET (10:42 GMT)
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