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Golar LNG Ltd.

Golar LNG Limited Announces Completion of First LNG Cargo, Unlocking $3 Billion in Contractual Payments

Strategic Insights

— 1 min read

The FLNG Gimi has completed the offload of its first full LNG cargo to the LNG carrier British Sponsor, marking a significant milestone in the project's commissioning phase. This achievement triggers the final pre-Commercial Operations Date milestone bonus payment to Golar LNG Limited, as per the terms of the commercial reset agreed in August 2024. With commissioning remaining on track, the Commercial Operations Date (COD) is now projected for Q2 2025, which will unlock the equivalent of around $3 billion of Adjusted EBITDA backlog (Golar's share) and recognition of contractual payments comprised of capital and operating elements in both the balance sheet and income statement.

Key Takeaways:

  • The FLNG Gimi has completed the offload of its first full LNG cargo, marking a significant milestone in the project's commissioning phase.
  • The achievement triggers the final pre-Commercial Operations Date milestone bonus payment to Golar LNG Limited, as per the terms of the commercial reset agreed in August 2024.
  • Commissioning remains on track for a Q2 2025 Commercial Operations Date, which will unlock the equivalent of around $3 billion of Adjusted EBITDA backlog (Golar's share).
  • The Commercial Operations Date will also trigger the start of the 20-year Lease and Operate Agreement, recognizing contractual payments comprised of capital and operating elements.
  • Golar LNG Limited has announced a forward-looking statement, cautioning that actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements.
  • The company undertakes no obligation to update publicly any forward-looking statements, unless required by applicable law.

Statistics:

  • The FLNG Gimi has offloaded its first full LNG cargo to the LNG carrier British Sponsor.
  • The milestone achievement triggers a bonus payment worth an undisclosed amount.
  • Commissioning remains on track for a Q2 2025 Commercial Operations Date.
  • The Commercial Operations Date will unlock the equivalent of around $3 billion of Adjusted EBITDA backlog (Golar's share).
  • The Lease and Operate Agreement will run for 20 years.

Sources:

  • Golar LNG Limited. (2025, April 17). Golar LNG Limited Announces Completion of First LNG Cargo, Unlocking $3 Billion in Contractual Payments. Press release.
  • Golar LNG Limited. (2024, August). Commercial Reset Update. Press release.
  • Golar LNG Limited. (2025, April 17). Investor Questions: +44 207 063 7900. Contact details.

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