Interim Results for the Period Ended 31 March 2016
(Thomson Reuters ONE) -
Highlights
· EBITDA* in the quarter reported a loss of $21.7 million compared to a 4Q
loss of $12.0 million.
· Agreed to drop down the FSRU Golar Tundra to Golar Partners for $330
million.
· Entered into a MoU with Schlumberger to co-operate globally on the
development of green field, brown field and stranded gas reserves using GoFLNG
vessels.
· Golar GenPower Brasil Participações S.A. and ExxonMobil Titan LNG Limited
("ExxonMobil") agree heads of terms for supply of LNG to the approximately
1,500MW Porto de Sergipe project.
· Refinanced first newbuild LNG carrier Golar Seal releasing $48.7 million
of additional liquidity.
· Dividend maintained at $0.05 per share for the quarter.
Subsequent events
· Concluded sale of FSRU Golar Tundra to Golar Partners generating
additional $100 million of 2Q liquidity for Golar.
· Completed site specific modifications to Golar Tundra. FSRU now
proceeding to Ghana.
· Oscar Spieler who has previous experience as Golar CEO and a proven and
successful track record delivering complex engineering projects is appointed as
CEO.
· The subordination period for Golar's subordinated units in Golar Partners
expires. By June 30, 2016 15.9 million subordinated units will convert to
common units.
Financial Review
Business Performance
+-----------------------------------+----------+----------+
| | 2016 | 2015 |
| | | |
| (in thousands of $) | Jan-Mar | Oct-Dec |
+-----------------------------------+----------+----------+
| Time and voyage charter revenues | 16,560 | 20,118 |
| | | |
| Vessel and other management fees | 2,085 | 2,876 |
| | | |
| Vessel operating expenses | (15,573) | (13,450) |
| | | |
| Voyage and commission expenses | (13,209) | (11,528) |
| | | |
| Administrative expenses | (11,576) | (10,061) |
| | | |
| Depreciation and amortization | (19,444) | (19,541) |
| | | |
| | | |
| +----------+----------+
| Total Adjusted Operating Losses** | (41,157) | (31,586) |
| | | |
| Add back | | |
| | | |
| Depreciation and amortization | 19,444 | 19,541 |
| | | |
| EBITDA* | (21,713) | (12,045) |
+-----------------------------------+----------+----------+
* EBITDA is defined as earnings before interest, depreciation and amortization.
EBITDA is a non-GAAP financial measure. A non-GAAP financial measure is
generally defined by the Securities and Exchange Commission as one that purports
to measure historical or future financial performance, financial position or
cash flows, but excludes or includes amounts that would not be so adjusted in
the most comparable U.S. GAAP measure. We have presented EBITDA as we believe
it provides useful information to investors because it is a basis upon which we
measure our operations and efficiency. EBITDA is not a measure of our financial
performance under U.S. GAAP and should not be construed as an alternative to net
income (loss) or other financial measures presented in accordance with U.S.
GAAP.
** Adjusted Operating Losses exclude gains and losses on disposals and
impairments of assets.
Golar LNG Limited ("Golar" or "the Company") reported today a 1Q adjusted
operating loss of $41.2 million as compared to $31.6 million in 4Q 2015.
Although headline shipping rates remained relatively unchanged, utilisation fell
from 42% in 4Q 2015 to 24% in 1Q and revenue dropped accordingly from $20.1
million in 4Q of 2015 to $16.6 million in 1Q. The two carriers employed by
Nigeria LNG in January 2015 concluded their charters during March 2016 and have
both since been entered into the Cool Pool. Partially mitigating the loss of
this income was revenue earned by the Golar Arctic which commenced its two year
FSU service with New Fortress Energy offshore Jamaica. Layup of the steam
turbine vessel Golar Grand at the end of 4Q 2015 together with efficient
deployment of vessels by the Cool Pool has helped to mitigate bunker costs
associated with the increase in idle time. Of the $13.2 million voyage and
commission expenses, $5.8 million represents the cost of chartering in the Golar
Grand from our affiliate Golar LNG Partners LP ("Golar Partners"). As
charterers of the Golar Grand, Golar have now placed the vessel into layup
pending a recovery in the shipping market. This has resulted in operating cost
savings of approximately $10,000 per day during the quarter which are being
passed back to Golar by way of a lower daily hire rate under the terms of the
charter agreement.
Vessel operating expenses increased $2.1 million to $15.6 million. Of this
increase, $1.7 million is due to a full quarter's cost of the Golar Tundra,
having been delivered on 25 November 2015, and additional repairs and
maintenance and storing up costs incurred in advance of the Golar Arctic
commencing service off Jamaica. Administration costs at $11.6 million were $1.5
million higher than 4Q 2015. Project costs increased by $1.0 million and share
option charges normalised following a credit in 4Q of 2015 in respect of options
forfeited.
Collectively the above resulted in a $9.7 million decrease in EBITDA from a loss
of $12.0 million in 4Q to a loss of $21.7 million in 1Q.
Net Income Summary
+------------------------------------------------------------+--------+--------+
| (in thousands of $) | 2016| 2015|
| | | |
| | Jan-Mar| Oct-Dec|
| +--------+--------+
|Total Adjusted Operating Loss** |(41,157)|(31,586)|
| | | |
|Net gain / (loss) on disposals (includes amortization of | | |
|deferred gains) | 126| (1,033)|
| | | |
|Impairment of long-term assets | (1,706)| (1,957)|
| | | |
|Other gains and losses (LNG trade) | 16| 0|
| | | |
|Dividend income | 4,178| 4,115|
| | | |
|Net interest expense | (5,127)| (9,179)|
| | | |
|Other financial items |(28,880)|(27,043)|
| | | |
|Taxes | 676| 490|
| | | |
|Equity in net earnings of affiliates | (5,397)| 6,321|
| | | |
|Non-controlling Interests | (2,817)|(11,020)|
| | | |
|Net loss |(80,088)|(70,892)|
+------------------------------------------------------------+--------+--------+
In 1Q the Company generated a net loss of $80.1 million. Notable contributors to
this are summarised as follows:
· 1Q net interest expense at $5.1 million has decreased from the prior
quarters $9.2 million. The funding costs in respect of the six bank owned
subsidiaries set up for the sale and leaseback financed vessels, which Golar
consolidates, have increased. This has been more than offset by an increase in
capitalised interest (a credit to interest expense) in respect of assets under
construction.
· Other Financial Items at $28.9 million for 1Q were in line overall with
the prior quarter cost of $27.0 million. A 1Q mark to market gain of $11.1
million was recorded against the Company's Total Return Equity Swap compared to
a 4Q loss of $35.6 million representing the increase in Golar's share price from
$15.79 on December 31 to $17.97 on 31 March. Following a decrease in interest
rates a 4Q non-cash gain of $16.1 million on mark-to-market valuations of
interest rate swaps became a 1Q loss of $23.4 million. An impairment charge of
$8.1 million was recorded in respect of a loan receivable from the now cancelled
0.6mtpa Douglas Channel project. Repayment of the loan was dependent on the
projects replacement sponsors reaching a Final Investment Decision ("FID").
Amortisation of debt related expenses increased from $1.8 million in 4Q to $4.4
million in 1Q following the write off of expenses in connection with a former
Golar Seal facility which was extinguished during the quarter. Charges in
respect of unhedged interest rate swaps amounted to $3.1 million for the
quarter.
· Golar Partners overall contribution to the Company's 1Q result was lower
by $11.6 million compared to 4Q following a $40.4 million decrease in Golar
Partner's reported net income. Cash flows are not however impacted by this. In
line with 4Q, the Company has received $13.2 million in cash in respect of its
common units, subordinated units, GP and IDRs in Golar Partners.
Commercial Review - Existing Assets and Contracts
LNG Shipping
The early part of 2016 has witnessed a continuation of the weak LNG freight
market. The majority of fixtures have been in the Pacific basin, however they
have tended to be for relatively short periods, and this is also where the
largest number of idle vessels are located. Owners' economics have remained
under pressure as charterers have taken full advantage of this over capacity.
In the Atlantic there are fewer vessels but there have also been fewer fixtures
as reload activity from Europe remains subdued. Middle Eastern activity was
light during 1Q but has picked up as we approach mid-year when Middle East and
South American importers increase gas demand.
Slower than expected start-ups at Sabine Pass in the US, Gorgon in Australia and
Angola LNG have weighed negatively on the shipping market although most of the
dedicated ships for these projects have been withdrawn from the spot market in
recent weeks. Portfolio players with large fleets continue to be long on
carriers, though some who were expecting to be long on tonnage have found
themselves more balanced than originally anticipated.
The recent Enarsa tender for 35 cargoes into Argentina stimulated additional
chartering activity in early 2Q however it is too early to determine to what
extent this might translate into an improvement over 1Q utilisation. A gradual
recovery, hand in hand with the ramp up and start-up of projects should result
in improving utilisation and charter terms, initially for newbuild TFDE tonnage,
and then for modern steam vessels. Golar has therefore decided to place its
spot traded modern steam vessels Golar Viking and Golar Grand into layup.
Although headline rates for newbuild TFDE vessels remain unchanged at around
$25-30k/day, round-trip economics result in a substantially lower effective
rate. All of Golar's ten newbuilds are now operating inside the Cool Pool.
During the quarter Golar concluded a 2 year charter agreement with New Fortress
Energy Transport Partners LLC for the employment of Golar Arctic in Jamaica.
FSRUs
Golar's existing fleet of six operating FSRUs, all of which reside within Golar
Partners but managed by the Company, have maintained operational excellence
achieving 100% availability during scheduled 1Q operations.
Toward the end of 1Q the FSRU Golar Tundra proceeded to Keppel Shipyard for the
minor modifications required to ensure compatibility with receiving facilities
inside the port of Tema, Ghana. The vessel modifications were completed in May
and the Tundra is now proceeding to Ghana where it is due to arrive shortly.
The Partnership is preparing to tender notice of readiness in the very near
future and payments under the contract commence 30 days thereafter.
FLNG
The GoFLNG Hilli conversion project remains on schedule and within budget.
Preparations for pre-operations, commissioning, start-up and the development of
an Operations Management system continue apace. Recruitment of operations
personnel has also started. Our Cameroon site representative has been appointed
and a mooring provider has been selected. Golar expects to deliver its
midstream contribution to the project by the contract start-up date in September
2017. Development of the upstream part of the project is proceeding well and is
also expected to be ready in time.
Ophir's recent announcement that they are to extend the project FID to 4Q 2016
for their Fortuna field remains within Golar's revised deadline with Keppel for
issuing a Notice to Proceed with the conversion of the Gandria.
Business Development Review
Shipping Activities
As noted above, this market continues to be particularly challenging. The
Company's pursuit of long-term charters is restricted by a spot market that
currently creates little incentive to secure long-term tonnage. There are
however signs of increased activity in the spot market as a result of the new
production which has commenced. Market fundamentals remain supportive of a
recovery commencing during 2H 2016 with further strengthening anticipated as
more production comes on in 2017 and 2018.
FSRU activities
In response to the weak freight market and multiple FSRU opportunities, Golar
will aggressively pursue the FSRU market and will look to convert some of its
newbuild TFDE carriers into FSRUs. To date Golar is the only company to have
cost effectively and quickly converted LNG carriers into FSRUs. The market for
FSRU services shows healthy signs of activity with an increasing number of
projects being promoted to start within the next three years. This is expected
given the low LNG price. What continues to be a challenge is determining which
projects will actually come to fruition and by when. Golar is working on
several opportunities which have the potential to be awarded over the next year
and start over the next three years. While there appear to only be three
uncommitted FSRU newbuild orders, of which Golar has one, there are some
existing regasification vessels and a number of potential LNG carriers being
promoted for conversion by their owners to meet the prospective FSRU project
demand. Golar is currently in serious discussions with various customers to
provide bespoke carrier conversions.
GoFLNG - Business Development Progress
Ophir have announced that a FID for their Fortuna FLNG project in Equatorial
Guinea has been delayed until 4Q 2016. Golar and Ophir are working
constructively together in order to bring this project forward. This also
includes considering alternative ways to develop and finance the project. The
project benefits from world class gas reserves that aide robust economics which
have been further improved by significantly reduced development costs. Golar
anticipates that a final decision regarding its participation in this project
will be taken within the next three months.
A number of FLNG opportunities are being progressed with target first LNG
production between 2019 and 2020. These projects are well matched to our
generic GoFLNG technology and have the potential to be multi vessel deployments
enabling phased development of the upstream resource. Although most of these
opportunities are located in the West Africa region, we also note that there are
a number in other locations confirming the growing appetite for rapid
monetisation options.
Significant efforts have been, and continue to be invested into formalising our
joint cooperation framework with Schlumberger that seeks to jointly develop end-
to-end stranded gas solutions utilising Golar's GoFLNG technology.
Golar Power
The development of "Golar Power" took a significant step forward during the
quarter with Golar GenPower Brasil Participações S.A. ("Golar GenPower"), a
joint venture between LNG Power Limited (UK), a standalone non-recourse
subsidiary of Golar LNG Limited and GenPower Participações S.A., signing a
framework agreement for the supply of LNG to the natural gas fired power
generation project it is developing in the Brazilian state of Sergipe. Golar
GenPower and ExxonMobil have agreed heads of terms covering the supply of LNG to
the approximately 1,500MW Porto de Sergipe project. The LNG supply is
conditional on execution of a fully termed LNG SPA. Development of a turnkey EPC
contract and financing of the project are also progressing well. Collectively
these represent significant steps toward a positive final investment decision
for this project. The Company anticipates a FID before the end of 2016 which
provides sufficient time to complete construction of the power plant and
supporting infrastructure ahead of the contractual January 2020 project start-
up.
Financing Review
LNG Carrier refinancing
During March Golar refinanced the LNG carrier Golar Seal. Formerly one of the
vessels financed by the $1.125 billion export credit backed multi vessel
facility, the refinancing involved the repayment of $108.4 million in principal
and interest and the drawdown of $162.4 million against a new sale and leaseback
facility provided by China Construction Bank Finance Leasing. After settlement
of set-up fees and prepayment of 3-months principal, the net cash added to
Golar's 1Q liquidity amounted to $48.7 million.
FSRU Tundra dropdown and financing
During 1Q Golar entered into an agreement to sell the FSRU Golar Tundra to Golar
Partners for $330.0 million. Golar Partners agreed to prepay approximately
$30.0 million upon execution of the purchase agreement in February with the
balance payable upon completion. The Tundra financing facility which was
arranged prior to securing the 5-year charter with West Africa Gas Limited
provided for an additional 10% leverage draw-able in the event that a long-term
charter was secured. Having subsequently satisfied this requirement, Golar drew
a further $25.5 million against this facility in April which has been added to
2Q liquidity. The outstanding debt in respect of the FSRU Golar Tundra due to
China Merchants Bank Leasing now stands at $222.7 million. On May 23 the sale
completed and this debt will be novated to Golar Partners. Having drawn down
against its 7-vessel $800 million refinance facility the Partnership
simultaneously settled in cash the outstanding $77.3 million due to Golar.
GoFLNG financing
As at March 31, 2016, $572 million has been spent on the GoFLNG Hilli
conversion. To date Golar has drawn down $150 million against the $960 million
CSSCL GoFLNG Hilli facility. Drawdowns are submitted in tranches of $50 million
and $50 million has been drawn in each of the quarters 4Q 2015, 1Q and 2Q 2016.
Remaining conversion and site specific costs for the GoFLNG Hilli are expected
to be satisfied by this facility. Part of the $680 million equity tied up in
this project is also expected to be released to Golar when the last debt tranche
is drawn down at contract commencement.
Receipt of a committed facility in respect of the Gandria is subject to
confirmation of charter terms and a minimum level of EBITDA for Golar. Further
progress with financiers will therefore be subject to confirmation of the new
upstream partners, the LNG offtaker(s), and crucially, the finalised tolling
contract with Ophir. Based on current project discussions and developments, the
Board remains optimistic than an attractive financing package can be arranged.
Liquidity
Golar's total cash position as at March 31 was $460.8 million. Of this $280.0
million and $81.9 million respectively is restricted cash relating to the GoFLNG
Hilli letter of credit and the Company's total return swap.
During March 2016, the Company completed the first of its ship re-financings.
The LNG carrier Golar Seal, formerly financed as part of the $1.125 billion ECA
backed facility was refinanced with a sale and leaseback facility provided by
China Construction Bank Leasing. This released $48.7 million of equity and also
removed one of the Company's two 4Q 2018 refinancing requirements.
As announced, the Company completed the dropdown of the FSRU Golar Tundra to
Golar Partners on May 23, 2016. Net of debt repayments on the Golar Tundra
facility, this transaction will add $100 million of liquidity to Golar's 2Q
balance sheet. The Company will continue to consolidate the company that owns
the Golar Tundra until its contract with West Africa Gas Limited commences.
Golar continues to engage with financial institutions with regard to options in
respect of the March 2017 maturing convertible bond. Various alternatives are
under review, however the Company is working on the basis that the Bond will be
paid in full at maturity in March 2017 and that the collateral linked to this
bond could be released for alternative financing. As at 27 May, 2016, the total
value of Golar's holding in GMLP, most of which secures the convertible bond, is
$322.7 million.
Corporate and other matters
Share Buybacks
As at March 31, 2016, Golar had forward contracts to repurchase 3.0 million of
its own shares at an average price of $41.10 per share. On January 6 the
Company announced that it had settled and reduced its exposure by an aggregate
0.5 million shares.
Golar's stake in Golar Partners remains unchanged at 30.7%. No shares in Golar
Partners have been purchased since 3Q 2015.
Shares and options
As at March 31, 2016, there were 93.0 million Golar shares outstanding including
the 3.0 million Total Return Swap shares. There were also 2.3 million
outstanding stock options in issue with an average strike price of approximately
$51.97 per share.
Dividend
The Board has left the dividend unchanged at $0.05 per share for the quarter and
expects to maintain this dividend until the GoFLNG Hilli commences operations in
2H 2017. The record date for the dividend will be June 15, the ex-dividend date
is June 13 and the dividend will be paid on or about July 7, 2016.
Changes to Directors and Officers
On February 29 the Company appointed Ms. Lori Wheeler Naess as a Director and
Audit Committee Chairperson. Ms. Naess was most recently a Director with PWC in
Oslo and has previously served as a Senior Advisor for the Financial Supervisory
Authority in Norway and held other roles with PWC in the US, Norway and Germany.
On May 10 Gary Smith resigned from his position as Chief Executive Officer and
Mr. Oscar Spieler was appointed as his replacement. Mr. Spieler is based in
Oslo where the majority of Golar's operations and employees now reside. Most
recently Mr. Spieler has been responsible for the development of the GoFLNG
Hilli project which has now progressed into its crucial execution phase. Mr.
Spieler previously served as CEO of Golar between July 2009 and June 2011 and is
a Naval Architect with a successful track record of delivering complex offshore
and shipping related projects. He has previously served with Bergessen, DNV and
also held senior positions within John Fredriksen's Seatankers group.
Outlook
The Cool Pool concluded eight voyages that commenced during the first quarter of
2016. During the second quarter to date, 20 have been fixed. Whilst the
shipping market remains weak, Golar retains the view that this will improve
during the second half of 2016 ahead of an ongoing recovery as additional
production commences in 2017 and 2018.
In contrast to the shipping market, the FSRU business remains strong and
supports a more positive outlook. Although the last contract award was six
months ago, the lack of recent announcements by Golar or its main competitors
belies high levels of enquiry behind the scenes. FSRU contracts take time to
develop from conception to contract, however current gas prices and levels of
availability are creating an urgency to shorten these lead times from those keen
to maximise the benefit derived from rapid access to gas.
An anticipated movement toward the delinking of LNG prices from oil prices will
likely create additional demand for LNG. Significant cost reduction can be
achieved by energy consumers converting fuel oil based energy production to LNG.
Coincident with this, approximately 115 million tonnes of new LNG capacity (45%
of current global production) will deliver into the market by the end of 2018.
Although most of this new LNG has already been earmarked for specific markets, a
reasonable portion is now looking for a new market, a fact that further enhances
the FSRU business case. It is the Company's belief that this new supply will
ultimately be sold into the market and that this will require additional
infrastructure. However, conventional approaches to executing LNG projects
currently look unlikely to cost effectively deliver new supply in the future.
This fact underpins Golar's belief in the viability of its flexible and low cost
GoFLNG offering.
The Company has some significant and interesting growth opportunities in the
form of new FSRU business, the GoFLNG business development with Schlumberger and
the development of Golar Power. To a certain extent the attractiveness of these
opportunities depends on attractive available debt and equity financing. The
current price of Golar's equity clearly places limits on such a growth strategy.
The structuring of Golar Power as a stand alone entity with third party
investors is progressing well and further clarifications should be expected over
the coming months. If successful, the new structure is expected to take out
shipping capacity for conversion, free up cash and provide a material portion of
the growth capital required to finance FSRU and power activities going forward.
Golar's number one priority however is to complete and deliver its first GoFLNG
unit to the Cameroon Project on time and on budget, a task that it is well on
the way to achieving. The financial return of the Hilli project will be
materially improved if increased utilisation can be achieved through use of
trains 3 and 4. Based on existing available gas reserves, the competitive
situation and the government of Cameroon's wish to develop stranded gas
reserves, the Board is cautiously optimistic that increased utilisation of Hilli
can be achieved after production start-up without further midstream investment
by the Company.
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 reflects
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 "may," "could," "should,"
"would," "expect," "plan," "anticipate," "intend," "forecast," "believe,"
"estimate," "predict," "propose," "potential," "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 subject to certain risks, uncertainties and other factors, some of which
are beyond our control and are difficult to predict. 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.
Among the important factors that could cause actual results to differ materially
from those in the forward-looking statements are: changes in LNG carriers, FSRU
and floating LNG vessel market trends, including charter rates, ship values and
technological advancements; changes in the supply and demand for LNG; changes in
trading patterns that affect the opportunities for the profitable operation of
LNG carriers, FSRUs; and floating LNG vessels; changes in Golar's ability to
retrofit vessels as FSRUs and floating LNG vessels, Golar's ability to obtain
financing for such retrofitting on acceptable terms or at all and the timing of
the delivery and acceptance of such retrofitted vessels; increases in costs;
changes in the availability of vessels to purchase, the time it takes to
construct new vessels, or the vessels' useful lives; changes in the ability of
Golar to obtain additional financing; changes in Golar's relationships with
major chartering parties; changes in Golar's ability to sell vessels to Golar
LNG Partners LP; Golar's ability to integrate and realize the benefits of
acquisitions; changes in rules and regulations applicable to LNG carriers, FSRUs
and floating LNG vessels; changes in domestic and international political
conditions, particularly where Golar operates; as well as other factors
discussed in Golar's most recent Form 20-F filed with the Securities and
Exchange Commission. Unpredictable or unknown factors also could have material
adverse effects on forward-looking statements.
May 31, 2016
The Board of Directors
Golar LNG Limited
Hamilton, Bermuda
Questions should be directed to:
Golar Management Limited - +44 207 063 7900
Oscar Spieler - Chief Executive Officer
Brian Tienzo - Chief Financial Officer
Stuart Buchanan - Head of Investor Relations
Interim Results for the Period Ended 31 March 2016:
http://hugin.info/133076/R/2016813/748140.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Golar LNG via GlobeNewswire
[HUG#2016813]
Unternehmensinformation / Kurzprofil:
Datum: 31.05.2016 - 14:56 Uhr
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