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August 23, 2012, 09:45 am ET
Brian Tienzo - CFO
Doug Arnell - CEO
Jon Chappell - Evercore Partners
Michael Webber - Wells Fargo
Fotis Giannakoulis - Morgan Stanley
Martin Korsvold - Pareto
Rishav Puri - Linden Advisors
Good day ladies and gentlemen and welcome to the second quarter 2012 results presentation conference call. For your information, today’s conference is being recorded. At this time, I would like to turn the conference over to Mr. Brian Tienzo. Please go ahead sir.
Thank you. Hello everyone and welcome to Golar LNG second quarter results presentation. And my name is Brian Tienzo and I will be going through with you the second quarter highlights as well as financial highlights. I am joined here today by our CEO, Doug Arnell, who will take you through the business update and the outlook section.
On that note let’s turn now to page four and to go through our second quarter highlights. Consolidated operating income increased by 108% over Q1 to $58 million. Alongside that, we had net income increase of approximately 133% to $35.4 million.
Quarterly cash dividend been increased by 14% to $0.40 per share. That’s a jump of $0.05 from Q1 and again reflects the Board’s confidence in the company’s earnings capability. There were material increases in average time charter rates and virtual 100% utilization on charted vessels. There is also a significant decrease in operating expenses of 36%.
As announced during the quarter, Nusantara Regas Satu commenced charter on May 4th; the vessel there then completed commissioning and was expected on July 13th. She was subsequently sold out to Golar LNG Partners on July 19th. That SRU has been working well since completion.