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 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;
changes in Golar LNG’s ability to retrofit vessels as FSRUs and the timing of the delivery and acceptance
of such retrofitted vessels; increases in costs; changes in the availability of vessels to purchase, the time it
takes to construct new vessels, or the vessels’ useful lives; and changes in the ability of Golar LNG to
obtain additional financing, in particular, currently, in connection with the turmoil in financial markets.
Unpredictable or unknown factors herein also could have material adverse effects on forward-looking
statements.
Forward Looking Statements
2
4. Q2 2013: Highlights & Subsequent Events
4
Q2 HIGHLIGHTS
Golar reports second quarter 2013 net income of $59.0 million (including
a non-cash gain of $47.9 million on interest rate swaps).
EBITDA generated in the quarter amounts to $8.2 million
Underlying dividends received from Golar LNG Partners during the
second quarter increase to $16.0 million from the first quarter level of
$14.4 million.
Spot market remains volatile and inefficient – as a result Hilli and Gandria
enter layup in Indonesia.
Board maintains dividend at $0.45 for the quarter.
5. Q2 2013: Highlights & Subsequent Events
5
SUBSEQUENT EVENTS
Golar concludes $1.1 billion funding facility for 8 of its 13 newbuilds.
Ten year FSRU time charter for the Golar Eskimo concluded with the
Hashemite Kingdom of Jordan.
Five year FSRU time charter for the Golar Igloo concluded with the
Kuwait National Petroleum Company.
Golar Tundra shipbuilding contract amended to include FSRU
capability with new delivery date of November 2015.
Golar Viking continues to trade in the spot market.
6. Financial Highlights
Deconsolidated
(unaudited)
Consolidated
(unaudited)
Audited
(USD million)
Q2
2013
Q1
2013
Q2
2013
Q1
2013
Q4
2012
Q3
2012
Q2
2012
12m to
Dec-12
Net operating revenues
Operating expenses
EBITDA
Gain on dropdown of Maria
Gain on loss of control
Net financial
income/(expenses)
Net income
Vessel numbers
Time charter equivalent
($p/day)
Utilisation (%)
Dividend
26.1
12.3
8.2
0.1
-
48.9
59.0
5
86,955
80.3%
0.45
33.4
9.6
19.5
65.2
-
(1.8)
85.6
5
66,152
61.8%
0.45
100.5
24.0
69.6
-
-
36.8
77.7
13
107,945
94.2%
0.45
105.5
21.6
78.3
-
-
(11.1)
39.0
13
94,748
82.9%
0.45
107.5
23.8
76.9
-
-
(13.4)
22.8
13
91,479
79.1%
0.425
117.8
19.4
93.4
-
-
(11.0)
44.7
13
98,473
83.2%
0.425
103.9
17.8
79.5
-
-
(12.9)
35.4
13
97,118
89.7%
0.40
400.5
86.7
288.8
-
854.0
(42.9)
971.3
6
94,400
86.8%
1.6
6
Since Partners’ IPO and subsequent dropdowns, the majority of EBITDA contribution now resides in Golar Partners
Golar continues to benefit from dropdown proceeds and increase in operating cashflow through higher dividends
7. Statement of Cash Flows
7
(USD thousands)
2013
Apr-Jun
(unaudited)
2013
Jan-Mar
(unaudited)
2013
Jan-Jun
(unaudited)
2012
Oct-Dec
(unaudited)
2012
Jan-Dec
(audited)
OPERATING ACTIVITIES
Net Income before non-controlling interests
Depreciation and amortization
Drydocking expenditure
Gain on business acquisition
Gain on loss of control
Gain on disposal to Golar Partners
Other changes in operating assets and liabilities
Dividends from Golar Partners
Net cash provided by operating activities
INVESTING ACTIVITIES
Additions to newbuildings, vessels & equipment
Other investing activities
Net cash used in investing activities
FINANCING ACTIVITIES
Proceeds from long-term debt
Proceeds from long-term debt from related parties
Repayments of long-term debt from related parties
Other
Net cash (used in) provided by financing activity
Net (decrease) increase in cash & cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
58,969
8,865
554
-
-
(126)
(67,400)
16,868
17,730
(131,112)
(30,409)
(161,521)
-
-
-
(38,723)
(38,723)
(182,514)
373,971
191,457
85,564
8,806
(789)
-
-
(65,239)
(25,857)
14,422
16,907
(167,797)
102,497
(65,300)
-
-
-
(2,350)
(2,350)
(50,743)
424,714
373,971
144,533
17,671
(235)
-
-
(65,365)
(93,257)
31,290
34,637
(298,909)
72,088
(226,821)
-
-
-
(41,073)
(41,073)
(233,257)
424,714
191,457
887,749
20,742
(186)
-
(853,996)
-
23,131
-
77,440
(94,915)
87,972
(6,943)
192,241
-
-
43,512
235,753
306,250
118,464
424,714
1,014,443
85,524
(20,939)
(4,084)
(853,996)
-
12,862
-
233,810
(342,987)
52,287
(290,700)
442,241
200,000
(280,000)
52,450
414,691
357,801
66,913
424,714
8. Dividend contribution by Partners
8
Since IPO, Golar Partners’
quarterly dividends have grown
by 34%
Golar dividend income from
Partners has increased by 82%
Since Q3 2012 total IDRs
received have increased by 300%
IDRs are currently at 23% level
(25% including GP).
With 2 FSRUs contracted and
potential dropdowns, the level of
IDRs gets closer to the highest
level of 50% (including GP).
Through its Partnership
dividends, operational cashflow
from its newbuildings, Golar is
confident of at least maintaining
its current level of dividend.
0
5000
10000
15000
20000
25000
30000
35000
40000
Q2
2011
Q3
2011
Q4
2011
Q1
2012
Q2
2012
Q3
2012
Q4
2012
Q1
2013
Q2
2013
IDRs
Sub Units
Common Units
GLNG Divs
GMLP Divs
30.0c
27.5c
40.0c
43.0c 43.0c
44.0c
47.5c
50.0c
51.5c 51.5c
32.5c
35.0c
40.0c
42.5c
42.5c
45.0c 33.4c
33.4c
9. Balance Sheet: Assets
(USD thousands)
2013
Jun 30
(unaudited)
2013
Mar 31
(unaudited)
2012
Dec 31
(audited)
2012
Sep 30
(unaudited)
2012
Jun 30
(unaudited)
Short term assets
Cash and cash equivalents
Restricted cash and short-term investments
Other current assets
Long term assets
Restricted cash (relates to leases)
Investments in available-for-sale securities
Investment in affiliates
Cost method investments
Vessels and equipment, net
Newbuildings
Other long term assets
TOTAL ASSETS
191,457
-
58,854
-
417,540
356,890
201,144
424,961
734,358
78,879
2,464,083
373,971
1,551
17,370
-
404,079
362,294
201,144
435,648
603,656
47,824
2,447,537
424,714
1,551
13,660
-
353,034
367,656
198,524
573,615
435,859
45,786
2,414,399
118,464
45,787
16,412
189,409
-
5,677
-
1,791,169
347,437
28,234
2,542,589
77,489
37,420
15,691
186,812
-
5,455
-
1,800,453
300,382
27,322
2,451,024
9
10. Balance Sheet: Liabilities
(USD thousands)
2013
Jun 30
(unaudited)
2013
Mar 31
(unaudited)
2012
Dec 31
(audited)
2012
Sep 30
(unaudited)
2012
Jun 30
(unaudited)
Short term liabilities
Current portion of long term debt
Current portion of capital lease obligations
Other current liabilities
Long term liabilities
Long term debt
Long term debt to related parties
Long term capital lease obligations
Other long term liabilities
Golar LNG Ltd’s stockholders’ equity
Non-controlling interest
TOTAL LIABILITIES & EQUITY
9,400
-
35,519
403,605
-
-
87,583
1,927,976
-
2,464,083
9,400
-
51,815
404,784
-
-
90,965
1,890,573
-
2,447,537
14,400
-
72,659
490,506
-
-
72,515
1,764,319
-
2,414,399
74,763
5,866
155,630
799,577
-
406,430
108,113
841,802
150,408
2,542,589
71,636
6,131
175,701
811,201
90,000
399,677
109,912
703,192
83,574
2,451,024
10
11. Financing of Newbuilding Programme
11
Having confirmed that the Golar Tundra is to be built as an FSRU, the total
newbuild program CAPEX stands at $2.74 billion.
To date the Company has paid $749m in pre-delivery instalments. A further
$20m is expected to be paid before the first delivery in September. The
Company currently has unrestricted cash reserves of approximately $146m.
$1.125 billion ECA funding secured against first 8 vessel deliveries:
Represents approximately 65% LTV.
12-Year repayment profile.
All-in interest cost for first 7-years of 3.74%.
Transferrable between Golar and Golar Partners.
Balance of approximately $720m will be funded as follows:
Potential dropdowns to GMLP of Golar Igloo and Golar Eskimo.
Another multi-unit facility, high yield bonds or short-term revolvers.
Operating cashflows, MLP dividends and IDRs.
12. Market Outlook
Recent fixtures in $100,000 to 110,000 range for steam vessels
LNG day rates continue to be driven by historically wide AB-PB spread and high tonne miles
Initial Dry docking of the 2007 – 2009 fleet build out will continue in 2013-2014 – keeping dry
docks at high levels
African supply likely supportive
Angola and Algerian (Skikda) ramps may finally be taking place
Continued problems in Egypt on going but factored into market
Long term charter rates continue to be supported by US exports:
Lake Charles approval could add 15 million tonnes of capacity by end of decade
~ 40 million tonnes have now been approved for export to Non-FTA - Cove Point and
Cameron approval expected in 2013 & 2014
12
Arctic Securities
13. Market Outlook
New Build Tri-Fuel Diesel Electric day rates should be supported by fuel efficiency premium:
Currently ~ $15,000 per day.
Fully loaded TFDEs could have a benefit as high as ~ $30,000 day at current LNG
prices.
Golar will control much of the undedicated TFDE fleet.
First generation vessels will continue to be scrapped – laid up – converted –
~ 10% of current fleet capacity.
Replacing vessels over 20 years would require about 30-40% of the new build
orderbook.
Exit of first generation tonnage should cushion arrival of new builds.
13
Based on Fearnley LNGs weekly market report; chart prepared by Arctic Securities Based on Clarksons Fleet List; chart prepared by Arctic Securities
14. Golar’s Existing Portfolio
14
Capacity Current
Ship Owned Built m3
Containment Charterer 2013 2014 2015 2016 2017 2018 2020 2021 2022
GOLAR LNG PARTNERS:
Methane Princess 100% 2003 138,000 Membrane BG Group
Golar Winter 100% 2004 138,000 Membrane Petrobras
Golar Spirit 100% 1981 129,000 Moss Petrobras
Golar Mazo 60% 2000 135,000 Moss Pertamina
Golar Freeze 100% 1977 126,000 Moss DUSUP
Nusantara Regas Satu 100% 1977 125,000 Moss Nusantara
Golar Grand 100% 2006 145,700 Membrane BG Group
Golar Maria 100% 2006 145,700 Membrane Eni SpA
GOLAR LNG LTD
Gimi 100% 1976 125,000 Moss E&P Major
Hilli 100% 1975 125,000 Moss Layup
Gandria 100% 1977 126,000 Moss Layup
Golar Viking 100% 2005 140,000 Membrane E&P Major
Golar Arctic 100% 2003 140,650 Membrane Trading House
Spot Options Contracted FLNG Conversion Candidates
2019
PERTAMINA (LNGC)
PETROBRAS (FSRU)
DUSUP (FSRU)
NUSANTARA REGAS (FSRU)
ENI (LNGC)
BG GROUP/GOLAR LNG (LNGC)
BG GROUP (LNGC)
PETROBRAS (FSRU)
15. 15
Current Newbuild Delivery Schedule
Capacity
Ship/Hull No: Built m3
Type
Seal 2013 160,000 LNGC * 26 September 2013
Celsius 2013 160,000 LNGC * 16 October 2013
Igloo 2013 170,000 FSRU * 15 December 2013
Crystal 2013 160,000 LNGC * 3 January 2014
Penguin 2013 160,000 LNGC * 25 January 2014
Bear 2014 160,000 LNGC * 15 March 2014
Frost 2014 160,000 LNGC * 15 June 2014
Glacier 2014 162,000 LNGC * 11 July 2014
Snow 2014 160,000 LNGC * 30 September 2014
Kelvin 2014 162,000 LNGC * 2 October 2014
Ice 2014 160,000 LNGC * 30 November 2014
Eskimo 2014 160,000 FSRU * 24 December 2014
Tundra 2015 170,000 FSRU 30 November 2015 *
20152013 2014
16. Operations
16
Through its subsidiary management company, Golar Wilhelmsen Management,
Golar ensures:
An operation in compliance with ISO 9001 and 14001 with a goal of zero
harm to people and a minimal environmental footprint.
Strong and competent shore organisation with vast experience in LNG
operation of LNGCs and FSRUs.
Highly motivated and skilled crew, with a retention rate above 99%.
Excellent safety statistics with a zero LTIF both in 2012 and 1st half 2013.
Excellent operational performance with an up-time of close to 100% for the
fleet.
An extensive crewing programme ongoing to recruit, train and plan for crew
to join the 13 newbuilds.
17. 17
FSRUs – Continued Success
Continued growth in the FSRU Market anticipated
Golar established as preferred FSRU provider for
long term service.
6 firm long term (5 years or more) contracts
for FSRUs representing approximately 40-
50% of the long term market.
Firm contract signed with Samsung Heavy
Industries to add regasification capacity to the
Golar Tundra:
170,000 cubic meters of storage with 750
mmscf/day regasification capacity.
Ability to trade as an LNGC with DFDE
propulsion.
Delivery in Q4 2015.
Golar may also pursue niche opportunities using
conversions – several smaller <3.0 mmtpa
regasifcation projects well suited for fast track
conversions.
18. 18
FSRUs – Jordan
FSRU with Jordan finalized - 10 year
contract:
First 5 years EBITDA of $46 Million.
Second 5 years EBITDA of $43
Million.
Jordan has option to terminate
contract after 5 years with payment
of a termination fee.
FSRU is Golar Eskimo:
160,000 cubic meters of storage.
Up to 750 mmscf/day of
regasification capacity.
Fuel efficient regasification process.
Project start up expected Q4 2014 or Q1
2015.
Excellent candidate for MLP drop down.
19. 19
FSRUs – Kuwait
5 year contract with Kuwait National Petroleum
Company:
$213 Million TCP value over 5 years.
Contract is for 9 months of regasifaction
service per year.
Golar will trade vessel as LNG carrier
during off season.
FSRU is Golar Igloo:
170,000 cubic meters of storage.
Up to 750 mmscf/day of regasification
capacity.
Fuel efficient regasification process.
DFDE engines allow if to trade as very
efficient LNG carrier.
Project start up March 2014.
Middle East is a significant area of LNG supply
and demand – potential fixtures on both
departure and return legs of off season.
Excellent candidate for MLP drop down.
20. Floating Storage and Liquefaction Vessel
FEED with Keppel near completion.
Expected to confirm technical and economic viability of liquefaction solution.
Construction time of approximately 30 months.
Toll of $3-$4 per mmbtu.
Based on converting a 125,000 cubic meter LNG Carrier:
2 to 4 liquefaction trains.
Each train 0.5 to 0.7 mmtpa of liquefaction capacity.
Flexible liquefaction solution will allow Golar to offer contracts of 10 to 25
years.
Modular design allows solution to be easily and efficiently scaled up or down
depending on field requirements.
Golar is working on projects with reserve sizes that range from 500 BCF
to 4 TCF.
20
21. Floating Liquefaction
Continued progress on Douglas Channel:
FEED continues to progress.
Permitting process well underway.
Several key commercial and shareholder issues
remain to be clarified before FID.
Additional opportunities progressing in the Americas
and West Africa.
West Africa is an excellent fit for Golar’s technology:
Mature basin with a large number of offshore
stranded fields.
Many opportunities to reduce gas flaring.
Offshore conditions relatively benign.
Most gas is relatively clean – low CO2 content.
Host governments have been very supportive of
Golar’s fast track solution.
Technical due diligence and commercial
discussions underway.
21
22. Summary and Outlook
Significant milestones recently achieved: 2 long term FSRU contracts
secured and $1.1bn newbuild facility concluded.
Solid operational up time and safety performance despite some cost
overruns on drydocking budgets.
Medium to long term shipping fundamentals looking strong however some
volatility anticipated short term as market rebalances.
Vast majority of vessel earnings reside in Golar Partners - Golar LNG LTD’s
non consolidated earnings will appear challenged pending chartering of
newbuild fleet and subsequently leveraging MLP structure.
Newbuild finance package supports superior competitive position for Golar
newbuilds.
Near term process being planned to structure and finance our commitment to
FLNG business where tremendous potential exists - entry barriers remain
high.
22