LNG News Editor:
Golar LNG Ltd, the shipping company with a small but growing fleet of floating liquefied natural gas production and project vessels including the “Hilli Episeyo” offshore Cameroon and the “FLNG Gimi” for offshore Mauritania and Senegal, swung to a profit from a previous loss.
Golar reported net income to the end of March 2024 of $66.49 million compared with a loss of $31.07M in the same three months of 2023.
However, total operating revenues were lower at $64.96M versus $73.97M in the prior-year quarter.
Investment
The company said that a total of $45M was invested in “FLNG Gimi” during the quarter, with the total asset under development balance as at March 31, 2024 amounting to $1.6 billion.
The “Gimi FLNG” is now stationed at a nearshore hub located on the Mauritania and Senegal maritime border.
It will begin production as part of the first phase of the Greater Tortue Ahmeyim project owned by UK major BP and US partner Kosmos Energy.
“Hook-up and commissioning of the FPSO are on the critical path to first gas and are expected to be completed in the third quarter of 2024,” explained Golar.
“Commissioning of ‘FLNG Gimi’ can commence thereafter and is expected to last for approximately six months,” Golar noted.
The “Gimi FLNG” was converted from a 1975-built Moss-type LNG carrier with a storage capacity of 125,000 cubic metres and has liquefaction capacity of 2.7 million tonnes per annum.
Cameroon FLNG
Golar said that the “FLNG Hilli” offshore Cameroon maintained her market-leading operational track record, generating $68M quarterly distributable adjusted gross earnings.
The company noted in its results presentation that the “FLNG Hilli” has offloaded 112 cargoes since it began operations in 2018.
Golar explained that the FLNG business development plans were already focusing on the re-deployment of the “FLNG Hilli” following the end of her current charter in July 2026, and thereafter ordering and securing commercial terms for a third FLNG production vessel.
The framework agreement for potential FLNG deployment has now progressed to detailed contract negotiations for an up to a 20-year FLNG deployment.
Golar said that the next FLNG development has a planned start-up during 2027.
“Geographically, most of the activity remains in West Africa and South America, however we are pleased to see other regions with proven stranded and associated gas reserves seek FLNG development,” said Golar.
Due to increased FLNG business development activity Golar has recruited Federico Petersen as Chief Commercial Officer. Golar added that a further two highly experienced maritime and upstream development team members will join later this year.
