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TheStreet Open House

INTERIM RESULTS FOR THE PERIOD ENDED SEPTEMBER 30, 2013

Stocks in this article: GLNG

HAMILTON, Bermuda, Nov. 27, 2013 (GLOBE NEWSWIRE) --

Highlights

  • Golar LNG ("Golar" or the "Company") reports third quarter 2013 ("third quarter") net loss of $13.1 million (including a non-cash loss of $8.2 million on interest rate swaps).
  • EBITDA* generated in the quarter amounts to a loss of $3.3 million.
  • Golar concludes $1.1 billion funding facility for eight of its thirteen newbuilds.
  • Ten year FSRU time charter for the Golar Eskimo concluded with the Hashemite Kingdom of Jordan.
  • Five year FSRU time charter for the Golar Igloo concluded with the Kuwait National Petroleum Company.
  • Golar Tundra shipbuilding contract amended to include FSRU capability with a revised delivery date of November 2015.
  • Spot charter rates hold firm however market remains volatile and inefficient - Gimi and Golar Viking experience prolonged periods of offhire.
  • Board maintains dividend at $0.45 for the quarter.

* EBITDA is defined as earnings before interest, depreciation and amortization equal to operating income plus depreciation and amortization.

Subsequent events

  • The Company takes delivery of the Golar Seal ("Seal") and Golar Celsius ("Celsius") in October.
  • Golar Arctic commences scheduled drydock.
  • Golar receives financing commitment in respect of four of its remaining five unfinanced newbuildings.

Note on Accounting Treatment for Golar Partners

Effective December 13, 2012, the operating income of Golar LNG excludes the operating results of Golar Partners. This means that the Company's share of the Partnership's results are now split and recorded below operating income based on the class of shares held. 

Dividends pertaining to the Company's common unit holding in the Partnership, General Partner stake and Incentive Distribution Rights (IDRs) will be treated and reported as dividend income.  Equity in Net Earnings of Affiliates will include Golar's share of the Partnership's results in respect of the Company's holding in the subordinated units only.  Against these earnings will be a charge in relation to amortization of a share of the basis difference representing the fair value gain recognized upon deconsolidation.  Where there has been an asset sale to the Partnership, as was the case in the first quarter ("first quarter") the asset concerned will be recorded at fair value and a gain or loss on sale will be recognized within operating income. A portion of the gain or loss will be deferred and amortized over the remaining useful life of the asset concerned.

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