Golar revealed this in its first-quarter report on Tuesday.
“On the back of the recent commitments for the existing fleet and with ongoing detailed commercial discussions, we are working with shipyards and topside equipment providers to firm-up prices and schedules for potential ordering of additional unit(s) within 2025,” the firm said.
“Any growth initiatives are planned to be funded with recycled liquidity from debt optimization of the existing FLNG fleet on the back of their long-term charters,” Golar said.
The company did not provide further information regarding the potential orders.
Golar noted that detailed discussions for FLNG opportunities continue.
With limited yard capacity for FLNG delivery before the 2030s, and with the current Golar fleet committed, Golar sees “firming demand for the remaining available 2020s deliveries.”
“Progress is being made on FLNG projects ranging from MKI, MKII, and MKIII FLNG developments,” the company said.
“We target FLNG opportunities with competitive wellhead gas to secure attractive base tariff and commodity upside participation. We are also in commercial negotiations with potential charterers seeking equity participation in the FLNG to align project stakeholders,” Golar said.
Three FLNGs
Golar currently has two operational floating LNG units, which were converted from LNG carriers, including the 2.7 mtpa FLNG Gimi, which is located at the GTA hub offshore Mauritania and Senegal.
Moreover, Pan American Energy, Golar LNG, YPF, Pampa Energia, and Harbour Energy recently took a final investment decision for the Southern Energy floating LNG export project in Argentina.
Under a 20-year charter deal, the 2.4 mtpa FLNG Hilli, which is currently located offshore Cameroon, will work for Southern Energy (SESA) offshore Argentina.
In addition, Golar and SESA have signed definitive agreements for a 20-year charter for the 3.5 mtpa MKII FLNG, currently under conversion at CIMC Raffles shipyard in Yantai, China.
This charter remains subject to FID.
The Golar MK II design is an evolution of the MK I design of FLNG Hilli and FLNG Gimi.
As part of the $1.6 billion EPC agreement signed with CIMC Raffles last year, Golar has also secured an option for a second MK II FLNG conversion slot at CIMC for delivery within 2028.
This expected delivery is subject to the unit being ordered in 2025.
According to Golar’s presentation, in the case of an MK I FLNG order, Seatrium would build the unit, whereas in the case of an MK III FLNG, which would be the world’s largest FLNG with a capacity of up to 5.4 mtpa, Samsung Heavy Industries would build the unit.
Results
Golar reported first-quarter net income attributable to Golar of $8 million, down 81 percent compared to the same quarter last year and up 82 percent compared to the previous quarter.
Adjusted Ebitda of $41 million was 36 percent down year-on-year and 31 percent lower compared to the previous quarter.
As of March 31, 2025, total Golar’s cash was $678 million, comprising $522 million of cash and cash equivalents and $156 million of restricted cash.
Golar declared dividend of $0.25 per share for the quarter.
