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Golar LNG Partners L.P.:PRELIMINARY FOURTH QUARTER AND FINANCIAL YEAR 2013 RESULTS

Stocks in this article: GMLP

Hamilton, Bermuda, Feb. 28, 2014 (GLOBE NEWSWIRE) -- Highlights

  • Golar LNG Partners LP ("Golar Partners" or the "Partnership") reports net income attributable to unit holders of $47.6 million and operating income of $54.7 million for the fourth quarter of 2013 ("the fourth quarter")
  • Generated distributable cash flow of $44.8 million for the fourth quarter of 2013 with a coverage ratio of 1.32
  • Declared distribution of $0.5225 per unit for the fourth quarter of 2013
  • Completed fourth follow-on offering raising net proceeds of $150 million
  • Agreed to acquire from Golar LNG Limited ("Golar") the Floating Storage and Regas Unit ("FSRU") Golar Igloo for $310 million subject to certain closing conditions
  • Entered into $200 million interest rate swaps at fixed rates of between 2.206% and 2.955%

Financial Results Overview

Golar Partners reports net income attributable to unit holders of $47.6 million and operating income of $54.7 million for the fourth quarter, as compared to net income attributable to unit holders of $35.4 million and operating income of $55.8 million for the third quarter of 2013 ("the third quarter") and net income attributable to unit holders of $27.3 million and operating income of $46.0 million for the fourth quarter of 2012.

The improvement in operating income over the same period in 2012 is a reflection of three factors.  First, the Golar Spirit entered her first post retrofit drydock during December 2012 and this resulted in approximately three weeks of offhire and associated positioning costs during that quarter. Secondly, during the intervening period a biennial uplift to the capital component of the Golar Spirit and Golar Winter and a further increase in the charter rate for Golar Winter to compensate for modification works completed took effect.  Thirdly, the fourth quarter results include the contribution from Golar Maria. Comparable results for 2012 do not as this vessel was not under the common control of Golar at the time of her acquisition by the Partnership in February 2013.  The improved results are partially offset by increased depreciation and amortization as a consequence of the acquisition of the Golar Maria, the additional investment in Golar Winter modifications and four vessel drydocks over the intervening 12 months.     As anticipated, fourth quarter 2013 operating results were broadly in line with the third quarter.  Revenue net of voyage expenses and operating expenses were both consistent with the prior quarter.  Administration expenses were however increased in the fourth quarter by $0.5 million.

Net interest expenses decreased to $10.5 million for the fourth quarter of 2013 compared to $11.1 million for the third quarter. The reduction primarily reflects the maturity of a relatively high cost interest rate swap that matured during November. 

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