LNG

Seatrium has reported a net order book of S$16.6 billion for the third quarter 2025, with 24 projects scheduled for delivery through 2031. The upgrade of FLNG Hilli Episeyo was completed during the quarter.

Argentina's Vaca Muerta shale play has achieved significant first-quarter gains, with oil output rising 26% and gas production up 16% yoy, underpinning the Southern Energy LNG project. Financial close on MK II – one of two FLNG vessels supplied by Golar – is slated for Q3-2025.

Golar LNG Ltd shares surged over the weekend as the company entered a definitive agreements with Pan American Energy (PAE) for a 20-year deployment of one of its floating LNG production units in Argentina to tap the vast resources of the Vaca Muerta Shale.

Golar LNG Ltd, the shipping company with a small but growing fleet of floating liquefied natural gas production and import project vessels including the “Hilli Episeyo” offshore Cameroon and the “FLNG Gimi” that sailed from Singapore to start a 20-year contract for BP offshore Mauritania and Senegal, posted a 35 percent fall in third-quarter profits on lower prices while revenues remained stable.

New Fortress Energy Inc., the US developer of floating LNG production and import terminal projects, reported soaring annual revenues and net profits as its array of projects advanced.

New Fortress Energy (NFE), the US LNG-for-power project developer has reached an agreement with shipping company Golar LNG for the sale of NFE’s ownership stake in a floating LNG production hull deployed off Cameroon in West Africa.

Golar LNG, the shipping company now specialising in a small but growing fleet of floating LNG project vessels, increased revenues as well as net profits due to one-items while forecasting future high revenues from floating liquefaction and FLNG terminal projects as it also spun off eight modern carriers to a joint venture.

Golar LNG, which has an operated and owned fleet of 28 vessels, reported a more than four-fold increase in losses as it reorganized the business following the sale of the Hygo Energy stake and Golar LNG Partners to New York-based LNG-to-power firm New Fortress Energy.

Golar LNG Ltd, the operator of conventional carriers, floating import and export terminals and a power affiliate backed by its fleet of 27 ships, reported business progress while posting a first-quarter loss amid increased operating revenues.

Golar reported a net loss of $104.24 million for the first quarter compared with $41.74M of losses in the same three months of 2019.

However, total operating revenues were higher at $122.55M versus 114.28M in the year-ago quarter.

“Golar is pleased to report Q1 operating revenues and adjusted EBITDA of $76.2M, that were driven by a solid performance in FLNG, with 100 percent commercial uptime on ‘Hilli Episeyo’ (Cameroon FLNG exports), and strong seasonal results in Shipping,” said Iain Ross, Chief Executive of Golar LNG.

At the Golar Power affiliate, the 1.5 gigawatts Sergipe power plant in northeast Brazil reached its Commercial Operation Date acceptance which triggered earnings under the 25-year Power Purchase Agreement (PPA) and the associated FSRU “Golar Nanook” charter.

Golar LNG said that the first three small-scale customers have also now been formally signed up and LNG distribution operations are expected to start in 2021.

“This short time to cash flow and the very strong project return confirms the attractiveness of our small-scale business,” said the company.

“To date, a further 200 potential customers have signed letters of intent to pursue various small-scale opportunities with Golar Power, demonstrating the robust consumer appetite to reduce both energy costs and environmental footprints,” it added.

Among other highlights, Golar LNG said the power unit entered into a partnership with Petrobras Distribuidora S.A. to facilitate a nationwide rollout of small-scale LNG supply to Brazil's transportation and industrial sectors.

Golar Power also signed an accord with the Brazilian state government of Pernambuco to develop an LNG import terminal in the Port of Suape.

“We also expect to finalize arrangements for locating a Floating Storage Unit (FSU) at Suape over the course of the year,” said Golar.

The affiliate is additionally working with BR Distribuidora S.A to overlay its geographical coverage of LNG distribution onto BR Distribuidora’s 7,600 Brazilian fuel stations.

“This will optimize the roll-out of the necessary infrastructure to convert current diesel, heavy fuel oil and coal consumers to cleaner and cheaper LNG through the provision of a stable and secure LNG supply,” it said.

The floating LNG production from the “Hilli Episeyo” hull deployed offshore Cameroon in West Africa is heading for its 40th export cargo with 100 percent commercial uptime maintained.

Golar also noted that regarding the “FLNG Gimi” being built for production offshore Mauritania and Senegal in West Africa, the company received a “force majeure” claim from UK major BP in relation to a delay in the order of 12 months to the target connection date.

“We are in advanced and positive discussions with our main building contractor, Keppel Shipyard Limited, and with engineering topsides subcontractor, Black and Veatch, on a revised cost and time schedule for the ‘FLNG Gimi ‘conversion that can be implemented as a contingency in response to the 12-month delay claimed by BP on its Tortue project,” Golar explained.

In the LNG Shipping segment, Golar said it expected second-quarter time charters to be at around $40,000 per day, with utilization of at least 80 percent of the fleet based on fixtures to date and the prevailing spot market.

“The current chartering strategy to de-risk the business by targeting more fixed and floating coverage has been successful and we intend to fix more portfolio term-based deals to further de-risk shipping exposure and to hedge expected volatility,” said Golar LNG.

“Except for the ‘Golar Tundra’, scheduled to dry-dock during June, no other dry-docks are planned this year,” it added.

Golar LNG, the owner and operator with its affiliates of a fleet of 27 vessels, has been experiencing setbacks in plans to spin off shipping operations and to become an infrastructure company in gas-fired power joint ventures.