2. This presentation contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of
1934, as amended) which reflects management’s current expectations, estimates and projections about its
operations. All statements, other than statements of historical facts, that address activities and events that will,
should, could or may occur in the future are forward-looking statements. Words such as “may,” “could,” “should,”
“would,” “expect,” “plan,” “anticipate,” “intend,” “forecast,” “believe,” “estimate,” “predict,” “propose,” “potential,”
“continue” or the negative of these terms and similar expressions are intended to identify such forward-looking
statements. These statements are not guarantees of future performance and are subject to certain risks,
uncertainties and other factors, some of which are beyond our control and are difficult to predict. Therefore,
actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking
statements. You should not place undue reliance on these forward-looking statements, which speak only as of the
date of this presentation. Unless legally required, Golar LNG Partners undertakes no obligation to update publicly
any forward-looking statements whether as a result of new information, future events or otherwise.
Among the important factors that could cause actual results to differ materially from those in the forward-looking
statements are: changes in liquified natural gas (LNG) and floating storage and regasification unit (FSRU) market
trends, including charter rates; changes in the supply and demand for LNG; changes in trading patterns that affect
the opportunities for the profitable operation of LNG carriers and FSRUs; Golar LNG Partners ability to acquire new
vessels from Golar LNG or third parties; increases in costs; the potential for the exercise of purchase options or
early termination of charters by the Partnerships charterers and Golar Partners inability to replace assets and/or
long-term contracts; and changes in the ability of Golar LNG Partners to obtain additional financing, in particular, in
connection with the recent turmoil in financial markets. Unpredictable or unknown factors herein also could have
material adverse effects on forward-looking statements. Please read Golar LNG Partners' filings with the Securities
and Exchange Commission for more information regarding these factors and the risks faced by Golar LNG Partners.
2
Forward Looking Statements
3. Net income attributable to unit holders of $30.3 million and
operating income of $45.2 million
Impact of periodic drydockings in 2013
Distributable cash flow generation $27.6 million
Completed third follow-on equity offering raising net proceeds of
approximately $130 million in February 2013.
Acquisition of interest in the company that owns and operates the
LNG carrier Golar Maria in February 2013 for $215 million
Quarterly distribution increased to $0.515 per unit for the first
quarter of 2013 - 3% increase from the previous quarter
3
Q1 2013: Highlights & Recent Events
4. Subsequent events:
Completion of Golar Mazo drydock and commencement of Golar
Winter and Methane Princess drydockings.
Required modifications for Golar Winter relocation underway.
4
Q1 2013: Highlights & Recent Events
5. (USD thousands)
2013
Oct-Dec
(unaudited)
2012
Oct-Dec
(unaudited)
2012
Jan-Mar
(unaudited) (1)
2012
Jan-Dec
(unaudited) (1)
Operating revenues
Vessel operating expenses
Voyage expenses
Administrative expenses
Depreciation and Amortisation
Total operating expenses
Operating income
Interest income
Interest expense
Other financial items
Income before tax & non-controlling interests
Tax
Net income attributable to non-controlling interests
Net income attributable to Golar LNG Partners LP Owners
74,927
13,130
1,694
1,266
13,675
29,765
45,162
273
(10,381)
1,080
36,134
(3,135)
(2,684)
30,315
77,172
13,037
2,252
1,555
14,367
31,211
45,961
333
(11,012)
(516)
34,766
(4,478)
(2,988)
27,300
58,603
11,075
92
1,588
10,906
23,661
34,942
74
(7,191)
(1,057)
26,768
(19)
(2,471)
24,278
286,630
45,474
4,471
7,269
51,167
108,381
178,249
1,797
(38,090)
(5,389)
136,567
(9,426)
(10,723)
116,418
Income Statement
5
(1) Results for the Golar Grand and the NR Satu for the periods prior to their acquisition by the Partnership (on November 8, 2012 and July 19, 2012,
respectively) when they were owned and operated by Golar have been combined with the previously published results of the Partnership.
6. (USD thousands)
2013
Mar 31
(unaudited)
2012
Dec 31
(unaudited)
Short term assets
Cash and cash equivalents
Restricted cash and short-term investments
Other current assets
Long term assets
Restricted cash
Vessels and vessels under capital leases, net
Other long term assets
TOTAL ASSETS
32,993
37,204
10,570
181,099
1,417,221
34,035
1,713,122
66,327
30,900
10,143
190,523
1,192,779
20,302
1,510,974
Balance Sheet: Assets
6
7. (USD thousands)
2013
Mar 31
(unaudited)
2012
Dec 31
(unaudited)
Short term liabilities
Current portion of long term debt
Current portion of obligations under capital leases
Other current liabilities
Long term liabilities and equity
Long term debt (inc loans due to related parties)
Obligations under capital leases
Other long term liabilities
Total Partners’ capital
Accumulated other comprehensive (loss) / income
Non-controlling interest
TOTAL LIABILITIES AND EQUITY
Total debt and capital lease obligations net of restricted cash
Percentage of total debt/lease obligations (net of restricted cash) swapped to a
fixed rate
69,954
5,672
101,346
733,596
387,463
18,374
310,850
11,326
74,541
1,713,122
978,382
94%
64,822
5,837
99,058
674,650
406,534
18,529
178,675
(8,989)
71,858
1,510,974
930,420
82%
Balance Sheet: Liabilities
7
8. Distributable Cash Flow
(USD thousands)
Three months
ended
Mar 31, 2013
Three months
ended
Dec 31, 2012
Net Income before non controlling interest 32,999 30,288
Add:
Depreciation and Amortisation (excluding Dropdown Predecessor prior to
acquisition) 13,675 13,913
Unrealised (gain)/loss from interest rate derivatives (2,269) (1,554)
Unrealised foreign exchange & related currency derivative gain (1,424) (463)
Deferred costs amortization (including historical amortization) 1,620 -
Less:
Net income attributable to Dropdown Predecessor - (3,541)
Estimated maintenance & replacement capital expenditures (13,730) (12,624)
Non-controlling interests' share of DCF before maintenance & replacement capital
expenditure (3,250) (3,654)
Distributable cash flows for the quarter 27,621 22,363
Total Distributions declared for the period 30,615 27,250
8
9. Golar Maria
Purchase price February 2013 $215 million
Financed by: Share of $130m net equity proceeds $126 million
Debt (acquired with vessel) $89 million
Net cash from operations before interest costs $22-$24 million
Initial contract term to December 2017 5 years
Vessel delivered under charter November 2012
Quarterly Distributions increased to $0.515
Annualized distribution rate $2.06
Distribution increase per unit since April 2011 IPO 34%
9
10. 10
OptionsBase Contract Duration
Counterparty
FSRUsLNGCarriers
Golar Spirit
10-year contract
Golar Winter
10-year contract
extended to 15 years
Methane
Princess
20-year contract
Golar Mazo
18-year contract
Assets and Contracts
Golar Freeze
10-year contract
Dusup = Dubai Supply Authority. Pertamina = National oil company of Indonesia. Nusantara Regas = Joint venture between Pertamina and
PGN (National Gas distribution company of Indonesia)
Nusantara Regas
Satu
11-year contract
$2.6 billion contracted revenue – Average 7.4 years remaining contract term
Golar Grand
5-year contract
Recent dropdown
Option/put to Golar
Golar Maria
5-year contract
Recent dropdown
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Recent Dropdown
11. LNG a growth market - production capacity set to
grow by 40-50% over next 5 years creating LNG
carrier and FSRU demand
Golar LNG Limited has 11 newbuild LNG carriers
delivering in 2013/2014/2015 and 2 newbuld
FSRU’s delivering in 2013 and 2014
Golar LNG negotiating two FSRU projects –
Jordan and Chile – and short listed for two others
Floating liquefaction projects – Douglas Channel
and others – creates long-term contracted asset
opportunities including shipping
11
Growth Opportunities
12. 12
Golar
Spirit
Golar
Winter
Golar
Freeze
Khannur
Solid contract base - Golar Maria acquisition increases
revenue backlog to $2.6 billion – average contract term 7.4
years
Increased distributions - $0.515 per unit for Q1 2013
following acquisition of the Golar Maria – 3% increase from
previous quarter and 34% from IPO April 2011
Strong growth outlook - growing LNG demand and supply
and growing demand for related infrastructure including LNG
carriers and FSRU’s
Large sponsor asset base - Golar LNG fleet of 13
newbuildings providing substantial dropdown growth
potential
Summary
