Gimi Achieves First LNG Offloading: A Major Milestone for Golar
Golar LNG Celebrates Major Milestone
Golar LNG Limited is thrilled to share that its floating LNG facility, FLNG Gimi, has successfully offloaded its first complete LNG cargo to the LNG carrier, British Sponsor. This pivotal event not only signifies a significant achievement for Golar but also marks the entry of Mauritania and Senegal into the expansive international gas market.
Unlocking Economic Potential
The completion of this offload triggers a vital milestone—specifically, the payment related to the pre-Commercial Operations Date (COD) milestone bonus to Golar, outlined in the recent commercial agreement. This agreement stands as a testament to Golar's strategic efforts and foresight in managing their operations effectively.
Looking Ahead to Operations
With the successful offload now behind, Golar is aiming for a projected commissioning timeline set for the second quarter of 2025. Upon meeting this timeline, Golar will enter into the 20-year Lease and Operate Agreement. This agreement is expected to release a substantial Adjusted EBITDA backlog estimate, which amounts to about $3 billion of Golar's share, providing a much-anticipated financial boost.
Financial Stability and Growth
As Golar moves closer to the COD, the anticipation around the contractual payments—both capital and operational processes—will also be recognized across their financial statements. Such significant movements in capital and income demonstrate the company’s commitment to transparently managing the economic aspects of their operations, ensuring a stable financial future.
Leadership Commitment
Golar’s leadership, including CEO Karl Fredrik Staubo and CFO Eduardo Maranhão, expresses unwavering confidence in the company's direction as they navigate through this crucial phase. With the head of Investor Relations, Stuart Buchanan, Golar ensures that stakeholder communication remains pivotal during this transitioning phase.
Ongoing Commitment to Excellence
As Golar LNG Limited embraces these advancements, the company's overarching goal centers around operational excellence and sustainable growth in the global energy market. Their journey signifies a broader re-entry into key gas markets that are set to expand further.
Frequently Asked Questions
What milestone did Golar achieve with FLNG Gimi?
Golar LNG successfully completed the offload of its first full LNG cargo to the British Sponsor.
When is the expected Commercial Operations Date for Golar?
The commissioning is on track for a projected date in the second quarter of 2025.
How much Adjusted EBITDA backlog is anticipated for Golar?
Golar expects an Adjusted EBITDA backlog of approximately $3 billion from this operation.
Who are the key leaders at Golar LNG Limited?
Key leaders include Karl Fredrik Staubo (CEO), Eduardo Maranhão (CFO), and Stuart Buchanan (Head of Investor Relations).
What markets are being introduced by this LNG offload?
This event introduces Mauritania and Senegal to the international gas market, expanding Golar's reach.
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