GOLAR LNG LIMITED
|
(Translation of registrant's name into English)
|
|
2nd Floor
S.E. Pearman Building
9 Par-la-Ville Road
Hamilton HM 11
Bermuda
|
(Address of principal executive office)
|
|
GOLAR LNG LIMITED
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
Date: July 30, 2018
|
By:
|
/s/ Graham Robjohns
|
|
Name:
|
Graham Robjohns
|
|
Title:
|
Principal Financial and Accounting Officer
|
|
|
|
•
|
changes in liquefied natural gas, or LNG, carrier, floating storage and regasification unit, or FSRU, or floating liquefaction natural gas vessel, or FLNG, market trends, including charter rates, vessel values or technological advancements;
|
•
|
changes in our ability to retrofit vessels as FSRUs or FLNGs and in our ability to obtain financing for such conversions on acceptable terms or at all;
|
•
|
changes in our ability to close the sale of certain of our equity interests in
Hilli
on a timely basis or at all;
|
•
|
our inability to meet our obligations under the Heads of Terms agreement entered into in connection with the BP Greater Tortue / Ahmeyim Project, prior to Final Investment Decision ("FID"), which will result in extensive termination fees;
|
•
|
changes in the supply of or demand for LNG carriers, FSRUs or FLNGs;
|
•
|
a material decline or prolonged weakness in rates for LNG carriers, FSRUs or FLNGs;
|
•
|
changes in the performance of the pool in which certain of our vessels operate and the performance of our joint venture;
|
•
|
changes in trading patterns that affect the opportunities for the profitable operation of LNG carriers, FSRUs or FLNGs;
|
•
|
changes in the supply of or demand for LNG or LNG carried by sea;
|
•
|
changes in commodity prices;
|
•
|
changes in the supply of or demand for natural gas generally or in particular regions;
|
•
|
failure of our contract counterparties, including our joint venture co-owners, to comply with their agreements with us;
|
•
|
changes in our relationships with our counterparties, including our major chartering parties;
|
•
|
changes in the availability of vessels to purchase and in the time it takes to construct new vessels;
|
•
|
failures of shipyards to comply with delivery schedules or performance specifications on a timely basis or at all;
|
•
|
our ability to integrate and realize the benefits of acquisitions;
|
•
|
changes in our ability to sell vessels to Golar LNG Partners LP ("Golar Partners"), or our joint venture Golar Power Limited ("Golar Power");
|
•
|
changes in our relationship with Golar Partners and Golar Power;
|
•
|
changes to rules and regulations applicable to LNG carriers, FSRUs, FLNGs or other parts of the LNG supply chain;
|
•
|
our inability to achieve successful utilization of our expanded fleet or inability to expand beyond the carriage of LNG and provisions of FSRUs particularly through our innovative FLNG strategy and our joint venture;
|
•
|
actions taken by regulatory authorities that may prohibit the access of LNG carriers, FSRUs or FLNGs to various ports;
|
•
|
our inability to achieve successful utilization of our expanded fleet or inability to expand beyond the carriage of LNG and provision of FSRUs, particularly through our innovative FLNG strategy, or FLNG, and our joint venture;
|
•
|
changes in our ability to obtain additional financing on acceptable terms or at all;
|
•
|
our ability to make additional equity funding payments to Golar Power to meet our obligations under the shareholders' agreement;
|
•
|
increases in costs, including, among other things, crew wages, insurance, provisions, repairs and maintenance;
|
•
|
changes in general domestic and international political conditions, particularly where we operate;
|
•
|
a decline or continuing weakness in the global financial markets;
|
•
|
challenges by authorities to the tax benefits we previously obtained under certain of our leasing agreements; and
|
•
|
other factors listed from time to time in registration statements, reports or other materials that we have filed with or furnished to the Securities and Exchange Commission, or the Commission, including our most recent annual report on Form 20-F.
|
|
Three months ended
March 31,
|
|
|
|||||
(in thousands of $, except average daily TCE)
|
2018
|
|
2017
|
|
Change
|
|
% Change
|
|
|
|
|
|
|
|
|||
Total operating revenues
|
66,190
|
|
25,110
|
|
41,080
|
|
164
|
%
|
Vessel operating expenses
|
(18,415
|
)
|
(12,944
|
)
|
(5,471
|
)
|
42
|
%
|
Voyage, charterhire and commission expenses (including expenses from collaborative arrangements)
|
(24,521
|
)
|
(16,929
|
)
|
(7,592
|
)
|
45
|
%
|
Administrative expenses
|
(12,820
|
)
|
(11,391
|
)
|
(1,429
|
)
|
13
|
%
|
Depreciation and amortization
|
(16,409
|
)
|
(25,186
|
)
|
8,777
|
|
(35
|
)%
|
Operating loss
|
(5,975
|
)
|
(41,340
|
)
|
35,365
|
|
(86
|
)%
|
|
|
|
|
|
||||
Equity in net earnings (losses) of affiliates
|
4,826
|
|
(8,524
|
)
|
13,350
|
|
(157
|
)%
|
|
|
|
|
|
||||
Other Financial Data:
|
|
|
|
|
||||
|
|
|
|
|
||||
Average daily TCE
(1)
(to the closest $100)
|
36,000
|
|
13,900
|
|
22,100
|
|
159
|
%
|
Calendar days less scheduled off-hire days
|
990
|
|
921
|
|
69
|
|
7
|
%
|
•
|
$37.1 million as a result of improved utilization and daily hire rates, including repositioning fees, from our vessels participating within the Cool Pool for the
three
months ended
March 31, 2018
compared to the same period in
2017
; and
|
•
|
$2.9 million as a result of the
Golar Glacier
commencing her new 12 month charter in February 2018.
|
•
|
$2.6 million in operating costs in relation to our vessels operating within the Cool Pool;
|
•
|
$1.5 million of reactivation and operating costs of the
Golar Viking
as she was taken out of lay-up in January 2018; and
|
•
|
$1.4 million in expenses incurred in relation to the mobilization of the
Gandria
to Keppel in Singapore to commence generic work in readiness for her conversion into a FLNG, which is expected to commence after we issue a notice to proceed.
|
•
|
$16.5 million of voyage expenses that arose from the increased utilization of our vessels participating within the Cool Pool, for which we receive credit under the Cool Pool arrangement (further described in note 16(d) "Related Parties" of our consolidated financial statements included herein); and
|
•
|
$0.4 million due to the
Golar Viking
being taken out of lay-up.
|
•
|
$7.7 million in
Golar Tundra
depreciation as a result of a $9.7 million catch-up charge recognized upon the vessel ceasing to be classified as held-for-sale in March 2017; and
|
•
|
$1.0 million from the
Gandria
as she reached the end of her useful economic life at December 31, 2017, and, accordingly, no further depreciation expense was recognized in 2018.
|
|
Three months ended
March 31, |
|
|
|||||
(in thousands of $)
|
2018
|
2017
|
Change
|
% Change
|
||||
Equity in net earnings in Golar Partners
|
4,816
|
|
8,303
|
|
(3,487
|
)
|
(42
|
)%
|
Loss on deemed disposal of investments in Golar Partners
|
—
|
|
(16,992
|
)
|
16,992
|
|
(100
|
)%
|
Share of net earnings in other affiliates
|
10
|
|
165
|
|
(155
|
)
|
(94
|
)%
|
|
4,826
|
|
(8,524
|
)
|
13,350
|
|
(157
|
)%
|
|
Three months ended
March 31,
|
|
|
|||||
(in thousands of $, except average daily TCE)
|
2018
|
|
2017
|
|
Change
|
|
% Change
|
|
|
|
|
|
|
|
|
||
Total operating expenses
|
(1,196
|
)
|
(50
|
)
|
(1,146
|
)
|
2,292
|
%
|
Unrealized gain on FLNG derivative instrument
|
13,600
|
|
—
|
|
13,600
|
|
100
|
%
|
Operating gain (loss)
|
12,404
|
|
(50
|
)
|
12,454
|
|
(24,908
|
)%
|
|
|
|
|
|
||||
Equity in net losses of affiliates
|
(1,531
|
)
|
(1,225
|
)
|
(306
|
)
|
25
|
%
|
|
Three months ended
March 31,
|
|
|
|||||
(in thousands of $, except average daily TCE)
|
2018
|
|
2017
|
|
Change
|
|
% Change
|
|
|
|
|
|
|
|
|||
Equity in net losses of affiliates
|
(4,836
|
)
|
(4,148
|
)
|
(688
|
)
|
17
|
%
|
|
Three months ended
March 31, |
|
|
|||||
(in thousands of $)
|
2018
|
2017
|
Change
|
% Change
|
||||
|
|
|
|
|
||||
Total other non-operating expense
|
—
|
|
62
|
|
(62
|
)
|
(100
|
)%
|
Interest income
|
1,944
|
|
1,024
|
|
920
|
|
90
|
%
|
Interest expense
|
(13,998
|
)
|
(19,257
|
)
|
5,259
|
|
(27
|
)%
|
Other financial items, net
|
(1,237
|
)
|
14,456
|
|
(15,693
|
)
|
(109
|
)%
|
Income taxes
|
6
|
|
(189
|
)
|
195
|
|
(103
|
)%
|
Net income attributable to non-controlling interests
|
(12,605
|
)
|
(6,652
|
)
|
(5,953
|
)
|
89
|
%
|
•
|
$6.7 million increase in capitalized interest on borrowing costs in relation to our investment in Golar Power and in respect of the
Hilli
FLNG conversion; and
|
•
|
$3.9 million decrease in interest expense arising on the loan facilities of our consolidated lessor VIEs.
|
•
|
$5.3 million in interest expense on the additional $115 million drawn down on the Hilli pre-delivery facility during the three months ended March 31, 2018;
|
•
|
$2.2 million in interest expense incurred on the deposits received from Golar Partners in relation to the
Hilli
disposal;
|
•
|
$1.0 million in interest expense from the $150.0 million margin loan that we entered into in March 2017; and
|
•
|
$0.9 million in interest expense in relation to the $402.5 million convertible bond issued in February 2017.
|
|
Three months ended March 31,
|
|
|
|||||
(in thousands of $)
|
2018
|
2017
|
Change
|
% Change
|
||||
Mark-to-market adjustment for interest rate swap derivatives
|
7,314
|
|
2,015
|
|
5,299
|
|
263
|
%
|
Interest income (expense) on undesignated interest rate swaps
|
569
|
|
(1,565
|
)
|
2,134
|
|
(136
|
)%
|
Net realized and unrealized losses on interest rate swap agreements
|
7,883
|
|
450
|
|
7,433
|
|
1,652
|
%
|
•
|
receipt of $320.0 million in incremental proceeds on draw down of the post-acceptance sale and leaseback financing in relation to the FLNG Hilli facility (see below);
|
•
|
receipt of $13.1 million in May 2018, in respect of cash distributions for the quarter ended March 31, 2018, from Golar Partners in relation to our interests in its common and general partner units held at the relevant record date, albeit $12.0 million was used to satisfy principal and interest repayments on the margin loan facility as a result of 20,852,291 of Golar Partners common units held by us being pledged as security for the obligations under the facility; and
|
•
|
receipt of $11.1 million and $1.7 million in April 2018 and June 2018, respectively, pursuant to invoices issued in relation to commissioning period fees per the
Hilli
LTA.
|
•
|
prepayment of $25.0 million in relation to the
Golar Tundra
lease financing with CMBL in order to extend the pre-condition deadline for the FSRU to be employed under an effective charter from June 30, 2018 to June 30, 2019 (see below);
|
•
|
payment of cash distributions to our shareholders of $5.1 million in April 2018 and $5.0 million in July 2018, in respect of the quarters ended December 31, 2017 and March 31, 2018, respectively;
|
•
|
an additional capital contribution of $15.0 million to Golar Power;
|
•
|
payment of $9.0 million, prior to the drop down of 50% of the base tolling income under the LTA with Perenco and SNH to Golar Partners under the terms of the Hilli Sale Agreement (further described in note 16(a)(d) "Related Parties" of our consolidated financial statements included herein) in July 2018, to Keppel for outstanding liabilities, and a further $12.3 million to minority shareholders in the
Hilli
as distributions following the conversion of the Hilli shareholder loans to equity;
|
•
|
payment of $21.1 million in July 2018 to minority shareholders in the
Hilli
in relation to the
Hilli
disposal to Golar Partners, representing their share in the net purchase price received from Golar Partners; and
|
•
|
payment of scheduled loan and interest repayments.
|
|
Three Months Ended
March 31,
|
|
|
|||||
(in thousands of $)
|
2018
|
2017
|
Change
|
% Change
|
||||
Net cash provided by (used in) operating activities
|
31,236
|
|
(14,500
|
)
|
45,736
|
|
(315
|
)%
|
Net cash used in investing activities
|
(124,566
|
)
|
(88,114
|
)
|
(36,452
|
)
|
41
|
%
|
Net cash provided by financing activities
|
44,227
|
|
325,114
|
|
(280,887
|
)
|
(86
|
)%
|
Net (decrease) increase in cash, cash equivalents and restricted cash
|
(49,103
|
)
|
222,500
|
|
(271,603
|
)
|
(122
|
)%
|
Cash, cash equivalents and restricted cash at beginning of period
|
612,677
|
|
640,218
|
|
(27,541
|
)
|
(4
|
)%
|
Cash, cash equivalents and restricted cash at end of period
|
563,574
|
|
862,718
|
|
(299,144
|
)
|
(35
|
)%
|
•
|
the addition of $89.8 million to asset under development relating to payments made in respect of the conversion of the
Hilli
into a FLNG; and
|
•
|
additions of $43.4 million to investments in affiliates, which relates principally to capital contributions made to Golar Power.
|
•
|
the addition of $53.4 million to asset under development relating to payments made in respect of the conversion of the
Hilli
into a FLNG; and
|
•
|
additions of $34.1 million to investments in affiliates, which relates principally to capital contributions made to Golar Power.
|
•
|
loan repayments of $66.0 million, which includes a payment of $38.9 million in relation to the modification of the
Golar Tundra
lease financing; and
|
•
|
payment of dividends of $5.0 million.
|
•
|
$50.0 million further drawdown on the FLNG Hilli facility in relation to the conversion of the
Hilli
into a FLNG;
|
•
|
$112.0 million of debt proceeds in connection with our refinancing of the
Golar Crystal
debt facility;
|
•
|
$150.0 million of debt proceeds from the margin loan facility entered into in March 2017; and
|
•
|
$391.4 million of debt proceeds from the new convertible bond which closed in February 2017.
|
•
|
loan repayments of $340.4 million, which includes the settlement of the balance outstanding on the refinanced
Golar Crystal
facility of $101.3 million in March 2017 as well as the buyback of the old convertible bond, which matured in March 2017, amounting to $219.7 million;
|
•
|
payment of $31.2 million for capped call transactions entered into in conjunction with the issuance of the new convertible bond mentioned above;
|
•
|
payment of dividends of $5.1 million; and
|
•
|
payment of $1.5 million in respect of finance costs.
|
Unaudited Consolidated Statements of Income for the three months ended March 31, 2018 and 2017
|
||||
|
|
|||
Unaudited Consolidated Statements of Comprehensive Income for the three months ended March 31, 2018 and 2017
|
||||
|
|
|||
Consolidated Balance Sheets as of March 31, 2018 and December 31, 2017
|
||||
|
|
|||
Unaudited Consolidated Statements of Cash Flows for the three months ended March 31, 2018 and 2017
|
||||
|
|
|||
Unaudited Consolidated Statements of Changes in Equity for the three months ended March 31, 2018 and 2017
|
||||
|
|
|||
Notes to the Unaudited Condensed Consolidated Financial Statements
|
(in thousands of $, except per share data)
|
|
Three months ended March 31,
|
|||||
Notes
|
2018
|
|
2017
|
|
|||
Time and voyage charter revenues
|
|
45,633
|
|
12,725
|
|
||
Time charter revenues - collaborative arrangement
|
|
14,482
|
|
7,336
|
|
||
Vessel and other management fees
|
5
|
6,075
|
|
5,049
|
|
||
Operating revenues
|
4, 16
|
66,190
|
|
25,110
|
|
||
|
|
|
|
||||
Vessel operating expenses
|
|
18,415
|
|
12,944
|
|
||
Voyage, charterhire and commission expenses
|
16
|
4,791
|
|
12,593
|
|
||
Voyage, charterhire and commission expenses - collaborative arrangement
|
16
|
19,730
|
|
4,336
|
|
||
Administrative expenses
|
|
14,016
|
|
11,441
|
|
||
Depreciation and amortization
|
|
16,409
|
|
25,186
|
|
||
Total operating expenses
|
|
73,361
|
|
66,500
|
|
||
|
|
|
|
||||
Unrealized gain on FLNG derivative instrument
|
1
|
13,600
|
|
—
|
|
||
|
|
|
|
||||
Operating gain (loss)
|
|
6,429
|
|
(41,390
|
)
|
||
|
|
|
|
||||
Other non-operating income
|
|
|
|
||||
Other
|
|
—
|
|
62
|
|
||
Total other non-operating income
|
|
—
|
|
62
|
|
||
|
|
|
|
||||
Financial income (expenses)
|
|
|
|
||||
Interest income
|
|
1,944
|
|
1,024
|
|
||
Interest expense
|
16
|
(13,998
|
)
|
(19,257
|
)
|
||
Other financial items, net
|
7
|
(1,237
|
)
|
14,456
|
|
||
Net financial expenses
|
|
(13,291
|
)
|
(3,777
|
)
|
||
|
|
|
|
||||
Loss before taxes and equity in net losses of affiliates
|
|
(6,862
|
)
|
(45,105
|
)
|
||
Income taxes
|
|
6
|
|
(189
|
)
|
||
Equity in net earnings (losses) of affiliates
|
11
|
(1,541
|
)
|
(13,897
|
)
|
||
|
|
|
|
||||
Net loss
|
|
(8,397
|
)
|
(59,191
|
)
|
||
Net income attributable to non-controlling interests
|
|
(12,605
|
)
|
(6,652
|
)
|
||
Net loss attributable to stockholders of Golar LNG Ltd
|
|
(21,002
|
)
|
(65,843
|
)
|
||
Basic and diluted loss per share ($)
|
6
|
(0.21
|
)
|
(0.65
|
)
|
||
|
|
|
|
||||
Cash dividends declared and paid per share ($)
|
|
$
|
0.05
|
|
$
|
0.05
|
|
(in thousands of $)
|
|
Three months ended March 31,
|
|||
Notes
|
2018
|
|
2017
|
|
|
|
|
|
|
||
Net loss
|
|
(8,397
|
)
|
(59,191
|
)
|
|
|
|
|
||
Other comprehensive (loss) income:
|
|
|
|
||
Net (loss) gain on qualifying cash flow hedging instruments
|
|
(5,038
|
)
|
1,661
|
|
Other comprehensive (loss) income
|
14
|
(5,038
|
)
|
1,661
|
|
Comprehensive loss
|
|
(13,435
|
)
|
(57,530
|
)
|
|
|
|
|
||
Comprehensive loss attributable to:
|
|
|
|
||
|
|
|
|
||
Stockholders of Golar LNG Limited
|
|
(26,040
|
)
|
(64,182
|
)
|
Non-controlling interests
|
|
12,605
|
|
6,652
|
|
Comprehensive loss
|
|
(13,435
|
)
|
(57,530
|
)
|
|
|
2018
|
|
2017
|
|
(in thousands of $)
|
Notes
|
Mar-31
|
|
Dec-31
|
|
|
|
Unaudited
|
|
Audited
|
|
ASSETS
|
|
|
|
||
Current
|
|
|
|
||
Cash and cash equivalents
|
|
172,380
|
|
214,862
|
|
Restricted cash and short-term deposits
|
9
|
215,412
|
|
222,265
|
|
Trade accounts receivable
(1)
|
|
19,482
|
|
14,980
|
|
Inventories
|
|
9,204
|
|
7,408
|
|
Other current assets
|
|
10,296
|
|
6,047
|
|
Amounts due from related parties
|
16
|
4,906
|
|
7,898
|
|
Total current assets
|
|
431,680
|
|
473,460
|
|
Non-current
|
|
|
|
||
Restricted cash
|
9
|
175,782
|
|
175,550
|
|
Investments in affiliates
|
11
|
726,736
|
|
703,225
|
|
Asset under development
|
10
|
1,212,762
|
|
1,177,489
|
|
Vessels and equipment, net
|
|
2,061,027
|
|
2,077,059
|
|
Other non-current assets
|
12
|
176,159
|
|
157,504
|
|
Total assets
|
|
4,784,146
|
|
4,764,287
|
|
|
|
|
|
||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
||
Current
|
|
|
|
||
Current portion of long-term debt and short-term debt
|
13
|
731,053
|
|
1,384,933
|
|
Trade accounts payable
|
|
8,780
|
|
70,430
|
|
Accrued expenses
|
|
103,652
|
|
105,895
|
|
Other current liabilities
|
|
74,801
|
|
62,282
|
|
Amounts due to related parties
|
16
|
12,144
|
|
8,734
|
|
Total current liabilities
|
|
930,430
|
|
1,632,274
|
|
Non-current
|
|
|
|
||
Long-term debt
|
13
|
1,735,559
|
|
1,025,914
|
|
Amounts due to related parties
|
16
|
177,247
|
|
177,247
|
|
Other non-current liabilities
|
|
160,322
|
|
132,548
|
|
Total liabilities
|
|
3,003,558
|
|
2,967,983
|
|
|
|
|
|
||
Equity
|
|
|
|
||
Stockholders' equity
|
|
1,686,995
|
|
1,715,316
|
|
Non-controlling interests
|
|
93,593
|
|
80,988
|
|
|
|
|
|
||
Total liabilities and stockholders' equity
|
|
4,784,146
|
|
4,764,287
|
|
GOLAR LNG LIMITED
UNAUDITED CONSOLIDATED STATEMENTS OF CASHFLOWS
|
|||||
|
|
2018
|
|
2017
|
|
(in thousands of $)
|
Notes
|
Jan-Mar
(1)
|
|
Jan-Mar
(1)
|
|
|
|
|
|
||
OPERATING ACTIVITIES
|
|
|
|
||
Net loss
|
|
(8,397
|
)
|
(59,191
|
)
|
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
|
|
|
|
||
Depreciation and amortization
|
|
16,409
|
|
25,186
|
|
Amortization of deferred charges and debt guarantees
|
|
1,835
|
|
835
|
|
Equity in net earnings (losses) of affiliates
|
|
1,541
|
|
13,897
|
|
Dividends received
(1)
|
|
4,305
|
|
12,797
|
|
Compensation cost related to stock options
|
|
1,952
|
|
2,376
|
|
Net foreign exchange loss
|
|
572
|
|
353
|
|
Change in assets and liabilities:
|
|
|
|
||
Trade accounts receivable
|
|
(4,502
|
)
|
541
|
|
Inventories
|
|
(1,796
|
)
|
1,199
|
|
Other current and non-current assets
|
|
(23,430
|
)
|
(3,380
|
)
|
Amounts due to related companies
|
|
6,580
|
|
(9,238
|
)
|
Trade accounts payable
|
|
(5,029
|
)
|
(2,485
|
)
|
Accrued expenses
|
|
(2,296
|
)
|
5,492
|
|
Other current and non-current liabilities
|
|
43,492
|
|
(2,882
|
)
|
Net cash provided by (used in) operating activities
|
|
31,236
|
|
(14,500
|
)
|
|
|
|
|
||
INVESTING ACTIVITIES
|
|
|
|
||
Additions to vessels and equipment
|
|
(323
|
)
|
(545
|
)
|
Additions to asset under development
|
|
(89,849
|
)
|
(53,422
|
)
|
Additions to investments in affiliates
|
|
(43,399
|
)
|
(34,147
|
)
|
Dividends received
(1)
|
|
9,005
|
|
—
|
|
Net cash used in investing activities
|
|
(124,566
|
)
|
(88,114
|
)
|
|
|
|
|
||
FINANCING ACTIVITIES
|
|
|
|
||
Proceeds from short-term and long-term debt
|
|
115,000
|
|
703,431
|
|
Repayments of short-term and long-term debt
|
|
(66,012
|
)
|
(340,445
|
)
|
Payment for capped call in connection with bond issuance
|
|
—
|
|
(31,194
|
)
|
Cash dividends paid
|
|
(5,033
|
)
|
(5,135
|
)
|
Proceeds from exercise of share options
|
|
436
|
|
—
|
|
Financing costs paid
|
|
(164
|
)
|
(1,543
|
)
|
Net cash provided by financing activities
|
|
44,227
|
|
325,114
|
|
Net (decrease) increase in cash, cash equivalents and restricted cash
(2)
|
|
(49,103
|
)
|
222,500
|
|
Cash, cash equivalents and restricted cash at beginning of period
(2)
|
9
|
612,677
|
|
640,218
|
|
Cash, cash equivalents and restricted cash at end of period
(2)
|
9
|
563,574
|
|
862,718
|
|
(in thousands of $)
|
Share Capital
|
Treasury Shares
|
Additional Paid-in Capital
|
Contributed Surplus
(1)
|
Accumulated Other Comprehensive (Loss) Income
|
Accumulated Retained Earnings (Losses)
|
Total before Non- controlling Interest
|
Non-controlling Interest
|
Total Equity
|
|||||||||
Balance at December 31, 2016
|
101,081
|
|
(20,483
|
)
|
1,488,556
|
|
200,000
|
|
(9,542
|
)
|
103,650
|
|
1,863,262
|
|
46,564
|
|
1,909,826
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net loss
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(65,843
|
)
|
(65,843
|
)
|
6,652
|
|
(59,191
|
)
|
Dividends
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(4,906
|
)
|
(4,906
|
)
|
—
|
|
(4,906
|
)
|
Grant of share options
|
—
|
|
—
|
|
2,900
|
|
—
|
|
—
|
|
—
|
|
2,900
|
|
—
|
|
2,900
|
|
Other comprehensive income (see note 14)
|
—
|
|
—
|
|
—
|
|
—
|
|
1,661
|
|
—
|
|
1,661
|
|
—
|
|
1,661
|
|
Issuance of convertible bonds
|
—
|
|
—
|
|
39,861
|
|
—
|
|
—
|
|
—
|
|
39,861
|
|
—
|
|
39,861
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance at March 31, 2017
|
101,081
|
|
(20,483
|
)
|
1,531,317
|
|
200,000
|
|
(7,881
|
)
|
32,901
|
|
1,836,935
|
|
53,216
|
|
1,890,151
|
|
(in thousands of $)
|
Share Capital
|
Treasury Shares
|
Additional Paid-in Capital
|
Contributed Surplus
(1)
|
Accumulated Other Comprehensive Loss
|
Accumulated Retained Losses
|
Total before Non- controlling Interest
|
Non-Controlling Interest
|
Total Equity
|
|||||||||
Balance at December 31, 2017
|
101,119
|
|
(20,483
|
)
|
1,538,191
|
|
200,000
|
|
(7,769
|
)
|
(95,742
|
)
|
1,715,316
|
|
80,988
|
|
1,796,304
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net loss
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(21,002
|
)
|
(21,002
|
)
|
12,605
|
|
(8,397
|
)
|
Dividends
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(5,033
|
)
|
(5,033
|
)
|
—
|
|
(5,033
|
)
|
Exercise of share options
|
19
|
|
—
|
|
417
|
|
—
|
|
—
|
|
—
|
|
436
|
|
—
|
|
436
|
|
Grant of share options
|
—
|
|
—
|
|
3,016
|
|
—
|
|
—
|
|
—
|
|
3,016
|
|
—
|
|
3,016
|
|
Forfeiture of share options
|
—
|
|
—
|
|
(700
|
)
|
—
|
|
—
|
|
—
|
|
(700
|
)
|
—
|
|
(700
|
)
|
Other comprehensive loss (see note 14)
|
—
|
|
—
|
|
—
|
|
—
|
|
(5,038
|
)
|
—
|
|
(5,038
|
)
|
—
|
|
(5,038
|
)
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance at March 31, 2018
|
101,138
|
|
(20,483
|
)
|
1,540,924
|
|
200,000
|
|
(12,807
|
)
|
(121,777
|
)
|
1,686,995
|
|
93,593
|
|
1,780,588
|
|
|
|
Three months ended March 31, 2017
|
|||||
(in thousands of $)
|
Cash flow line item
|
As previously reported
|
Adjustments Increase/(Decrease)
|
As adjusted
|
|||
OPERATING ACTIVITIES
|
Restricted cash and short-term deposits
|
(186
|
)
|
186
|
|
—
|
|
INVESTING ACTIVITIES
|
Restricted cash and short-term deposits
|
10,359
|
|
(10,359
|
)
|
—
|
|
FINANCING ACTIVITIES
|
Restricted cash and short-term deposits
|
(153
|
)
|
153
|
|
—
|
|
|
|
|
|
|
|||
As a result of the above changes, the following subtotals as retrospectively restated are as follows:
|
|||||||
Net increase/(decrease) in cash, cash equivalents and restricted cash
|
232,520
|
|
(10,020
|
)
|
222,500
|
|
|
Cash, cash equivalents and restricted cash at beginning of period
|
224,190
|
|
416,028
|
|
640,218
|
|
|
Cash, cash equivalents and restricted cash at end of period
|
456,710
|
|
406,008
|
|
862,718
|
|
•
|
Vessel operations
– We operate and subsequently charter out vessels on fixed terms to customers.
|
•
|
FLNG
– In 2014, we ordered our first FLNG based on the conversion of our existing LNG carrier, the
Hilli.
The
Hilli
FLNG conversion has been completed and the vessel has been accepted by the Customer under the LTA.
|
•
|
Power
– In July 2016, we entered into certain agreements forming a 50/50 joint venture, Golar Power, with private equity firm Stonepeak. Golar Power offers integrated LNG based downstream solutions, through the ownership and operation of FSRUs and associated terminal and power generation infrastructure.
|
|
|
March 31, 2018
|
|
March 31, 2017
(3)
|
||||||||||||||||||
(in thousands of $)
|
|
Vessel operations
|
FLNG
|
Power
|
Other
(1)
|
Total
|
|
Vessel operations
|
FLNG
|
Power
|
Other
(1)
|
Total
|
||||||||||
Statement of Operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total operating revenues
|
|
66,190
|
|
—
|
|
—
|
|
—
|
|
66,190
|
|
|
25,110
|
|
—
|
|
—
|
|
—
|
|
25,110
|
|
Depreciation and amortization
|
|
(16,409
|
)
|
—
|
|
—
|
|
—
|
|
(16,409
|
)
|
|
(25,186
|
)
|
—
|
|
—
|
|
—
|
|
(25,186
|
)
|
Other operating expenses
|
|
(55,756
|
)
|
(1,196
|
)
|
—
|
|
—
|
|
(56,952
|
)
|
|
(41,264
|
)
|
(50
|
)
|
—
|
|
—
|
|
(41,314
|
)
|
Other operating gains and losses
|
|
—
|
|
13,600
|
|
—
|
|
—
|
|
13,600
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Operating (loss) income
|
|
(5,975
|
)
|
12,404
|
|
—
|
|
—
|
|
6,429
|
|
|
(41,340
|
)
|
(50
|
)
|
—
|
|
—
|
|
(41,390
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Inter segment operating income
(loss)
(2)
|
|
101
|
|
—
|
|
—
|
|
(101
|
)
|
—
|
|
|
104
|
|
—
|
|
—
|
|
(104
|
)
|
—
|
|
Segment operating (loss) income
|
|
(5,874
|
)
|
12,404
|
|
—
|
|
(101
|
)
|
6,429
|
|
|
(41,236
|
)
|
(50
|
)
|
—
|
|
(104
|
)
|
(41,390
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity in net earnings (losses) of affiliates
|
|
4,826
|
|
(1,531
|
)
|
(4,836
|
)
|
—
|
|
(1,541
|
)
|
|
(8,524
|
)
|
(1,225
|
)
|
(4,148
|
)
|
—
|
|
(13,897
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance Sheet:
|
|
March 31, 2018
|
|
December 31, 2017
|
||||||||||||||||||
(in thousands of $)
|
|
Vessel operations
|
FLNG
|
Power
|
Other
(1)
|
Total
|
|
Vessel operations
|
FLNG
|
Power
|
Other
(1)
|
Total
|
||||||||||
Total assets
|
|
2,979,110
|
|
1,543,284
|
|
266,969
|
|
(5,217
|
)
|
4,784,146
|
|
|
3,025,244
|
|
1,515,463
|
|
228,696
|
|
(5,116
|
)
|
4,764,287
|
|
Investment in affiliates
|
|
459,251
|
|
516
|
|
266,969
|
|
—
|
|
726,736
|
|
|
472,482
|
|
2,047
|
|
228,696
|
|
—
|
|
703,225
|
|
|
Three months ended March 31,
|
|||||||
(in thousands of $)
|
2018
|
2017
|
||||||
Cool Pool (note 16)
|
54,958
|
|
91
|
%
|
17,784
|
|
89
|
%
|
An energy and logistics company
|
2,277
|
|
4
|
%
|
2,277
|
|
11
|
%
|
(in thousands of $)
|
Contract assets
|
|
Opening balance on January 1, 2018
|
17,245
|
|
Payments received for services billed
|
(12,728
|
)
|
Services provided and billed in current period
|
6,041
|
|
Closing balance on March 31, 2018
|
10,558
|
|
•
|
$4.0 million is included in balance sheet line item "Amounts due from related parties" under current assets ($7.2 million at December 31, 2017), and
|
•
|
$6.6 million is included in "Amounts due to related parties" under current liabilities ($10.0 million at December 31, 2017).
|
(in thousands of $)
|
Three months ended March 31,
|
||||
|
2018
|
|
2017
|
|
|
Net loss attributable to Golar LNG Ltd stockholders - basic and diluted
|
(21,002
|
)
|
(65,843
|
)
|
(in thousands)
|
Three months ended March 31,
|
||||
|
2018
|
|
2017
|
|
|
Weighted average number of common shares outstanding
|
100,618
|
|
100,581
|
|
|
Three months ended March 31,
|
||||||
|
2018
|
|
2017
|
|
|||
Basic and diluted
|
$
|
(0.21
|
)
|
$
|
(0.65
|
)
|
(in thousands of $)
|
Three months ended March 31,
|
|||
|
2018
|
|
2017
|
|
Mark-to-market adjustment for interest rate swap derivatives
|
7,314
|
|
2,015
|
|
Interest income (expense) on undesignated interest rate swaps
|
569
|
|
(1,565
|
)
|
Mark-to-market adjustment for equity derivatives
|
(9,200
|
)
|
13,920
|
|
Financing arrangement fees and other costs
|
(20
|
)
|
(220
|
)
|
Amortization of debt guarantee
|
178
|
|
453
|
|
Foreign exchange loss on operations
|
(572
|
)
|
(312
|
)
|
Others
|
494
|
|
165
|
|
|
(1,237
|
)
|
14,456
|
|
(in thousands of $)
|
Golar Glacier
|
Golar Kelvin
|
Golar Snow
|
Golar Ice
|
Golar Tundra
|
Golar Seal
|
Golar Crystal
|
March 31, 2018
|
|
December 31, 2017
|
|||||||||
Assets
|
|
|
|
|
|
|
|
Total
|
|
Total
|
|||||||||
Restricted cash and short-term deposits
|
20,396
|
|
57,563
|
|
14,290
|
|
21
|
|
—
|
|
18,494
|
|
4,905
|
|
115,669
|
|
|
130,063
|
|
|
20,396
|
|
57,563
|
|
14,290
|
|
21
|
|
—
|
|
18,494
|
|
4,905
|
|
115,669
|
|
|
130,063
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Debt:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Short-term interest bearing debt
(1)
|
31,660
|
|
182,540
|
|
22,397
|
|
130,754
|
|
159,717
|
|
143,849
|
|
—
|
|
670,917
|
|
|
818,014
|
|
Long-term interest bearing debt - current portion
(1)
|
7,650
|
|
—
|
|
8,000
|
|
—
|
|
—
|
|
—
|
|
13,152
|
|
28,802
|
|
|
15,650
|
|
Long-term interest bearing debt - non-current portion
(1)
|
121,626
|
|
—
|
|
127,147
|
|
—
|
|
—
|
|
—
|
|
90,854
|
|
339,627
|
|
|
252,691
|
|
|
160,936
|
|
182,540
|
|
157,544
|
|
130,754
|
|
159,717
|
|
143,849
|
|
104,006
|
|
1,039,346
|
|
|
1,086,355
|
|
9.
|
RESTRICTED CASH AND SHORT-TERM DEPOSITS
|
(in thousands of $)
|
March 31, 2018
|
|
December 31, 2017
|
|
Restricted cash relating to the total return equity swap
|
65,750
|
|
58,351
|
|
Restricted cash in relation to the
Hilli
(1)
|
174,931
|
|
174,737
|
|
Restricted cash and short-term deposits held by lessor VIEs
|
115,669
|
|
130,063
|
|
Restricted cash relating to the $1.125 billion debt facility
|
33,885
|
|
33,752
|
|
Restricted cash relating to office lease
|
851
|
|
813
|
|
Bank guarantee
|
108
|
|
99
|
|
Total restricted cash and short-term deposits
|
391,194
|
|
397,815
|
|
Less: Amounts included in current restricted cash and short-term deposits
|
215,412
|
|
222,265
|
|
Long-term restricted cash
|
175,782
|
|
175,550
|
|
(in thousands of $)
|
March 31, 2018
|
|
December 31, 2017
|
|
March 31, 2017
|
|
December 31, 2016
|
|
Cash and cash equivalents
|
172,380
|
|
214,862
|
|
456,710
|
|
224,190
|
|
Restricted cash and short-term deposits (current portion)
|
215,412
|
|
222,265
|
|
173,083
|
|
183,693
|
|
Restricted cash (non-current portion)
|
175,782
|
|
175,550
|
|
232,925
|
|
232,335
|
|
|
563,574
|
|
612,677
|
|
862,718
|
|
640,218
|
|
(in thousands of $)
|
March 31, 2018
|
|
December 31, 2017
|
|
Purchase price installments
|
956,434
|
|
962,709
|
|
Interest costs capitalized
|
134,255
|
|
116,416
|
|
Other costs capitalized
|
122,073
|
|
98,364
|
|
|
1,212,762
|
|
1,177,489
|
|
(in thousands of $)
|
March 31, 2018
|
Payable within nine months to December 31, 2018
|
70,659
|
|
70,659
|
|
Three Months Ended March 31,
|
|||
(in thousands of $)
|
2018
|
|
2017
|
|
Share of net earnings (losses) in Golar Partners
(1)
|
4,816
|
|
(8,689
|
)
|
Share of net loss in Golar Power
|
(4,836
|
)
|
(4,148
|
)
|
Share of net loss in OneLNG
|
(1,531
|
)
|
(1,225
|
)
|
Share of net earnings in Egyptian Company for Gas Services ("ECGS")
|
10
|
|
165
|
|
|
(1,541
|
)
|
(13,897
|
)
|
(in thousands of $)
|
March 31, 2018
|
|
December 31, 2017
|
|
Golar Partners
|
453,856
|
|
467,097
|
|
Golar Power
|
266,969
|
|
228,696
|
|
OneLNG
|
516
|
|
2,047
|
|
ECGS
|
5,395
|
|
5,385
|
|
Equity in net assets of affiliates
|
726,736
|
|
703,225
|
|
(in thousands of $)
|
March 31, 2018
|
|
December 31, 2017
|
|
FLNG derivative
(1)
|
108,300
|
|
94,700
|
|
Other non-current assets
(2)
|
37,600
|
|
37,891
|
|
Mark-to-market interest rate swaps valuation
|
15,512
|
|
10,166
|
|
Investment in OLT Offshore LNG Toscana S.p.A
(3)
|
7,347
|
|
7,347
|
|
Derivatives - other
(4)
|
7,400
|
|
7,400
|
|
|
176,159
|
|
157,504
|
|
(in thousands of $)
|
March 31, 2018
|
|
December 31, 2017
|
|
Golar Arctic facility
|
63,775
|
|
65,600
|
|
Golar Viking facility
|
50,781
|
|
52,083
|
|
2017 convertible bonds
|
343,374
|
|
340,173
|
|
FLNG Hilli facility
|
640,000
|
|
525,000
|
|
Hilli shareholder loans
|
49,066
|
|
49,066
|
|
$1.125 billion facility
|
190,061
|
|
195,449
|
|
ICBCL VIE loans
(1)
|
633,736
|
|
641,936
|
|
CCBFL VIE loan
(1)
|
143,849
|
|
143,849
|
|
CMBL VIE loan
(1)
|
159,717
|
|
198,613
|
|
COSCO Shipping VIE loan
(1)(2)
|
104,006
|
|
104,006
|
|
Margin loan
|
108,724
|
|
119,125
|
|
Total debt
|
2,487,089
|
|
2,434,900
|
|
Less: Deferred finance charges, net
|
(20,477
|
)
|
(24,053
|
)
|
Total debt, net of deferred financing costs
|
2,466,612
|
|
2,410,847
|
|
|
Golar debt
|
|
VIE debt
(1)
|
|
Total debt
|
|
(in thousands of $)
|
|
|
|
|||
Current portion of long-term debt and short-term debt
|
31,334
|
|
699,719
|
|
731,053
|
|
Long-term debt
|
1,395,932
|
|
339,627
|
|
1,735,559
|
|
Total
|
1,427,266
|
|
1,039,346
|
|
2,466,612
|
|
(in thousands of $)
|
Pension and post-retirement benefit plan adjustments
|
Share of affiliates' comprehensive income
|
Total accumulated comprehensive loss
|
|||
Balance at December 31, 2016
|
(12,956
|
)
|
3,414
|
|
(9,542
|
)
|
Other comprehensive income
|
—
|
|
1,661
|
|
1,661
|
|
Balance at March 31, 2017
|
(12,956
|
)
|
5,075
|
|
(7,881
|
)
|
|
|
|
|
|||
Balance at December 31, 2017
|
(12,799
|
)
|
5,030
|
|
(7,769
|
)
|
Other comprehensive loss
|
—
|
|
(5,038
|
)
|
(5,038
|
)
|
Balance at March 31, 2018
|
(12,799
|
)
|
(8
|
)
|
(12,807
|
)
|
|
|
March 31, 2018
|
December 31, 2017
|
||||||
(in thousands of $)
|
Fair value
hierarchy
|
Carrying value
|
Fair value
|
Carrying value
|
Fair value
|
||||
Non-Derivatives:
|
|
|
|
|
|
||||
Cash and cash equivalents
|
Level 1
|
172,380
|
|
172,380
|
|
214,862
|
|
214,862
|
|
Restricted cash and short-term deposits
|
Level 1
|
391,194
|
|
391,194
|
|
397,815
|
|
397,815
|
|
Current portion of long-term debt and short-term debt
(1)(2)
|
Level 2
|
734,279
|
|
734,279
|
|
1,393,229
|
|
1,393,229
|
|
Long-term debt - convertible bonds
(2)
|
Level 2
|
343,374
|
|
412,470
|
|
340,173
|
|
430,361
|
|
Long-term debt
(2)
|
Level 2
|
1,409,436
|
|
1,409,436
|
|
701,498
|
|
701,498
|
|
|
|
|
|
|
|
||||
Derivatives:
|
|
|
|
|
|
||||
FLNG derivative
(3)(7)
|
Level 2
|
108,300
|
|
108,300
|
|
94,700
|
|
94,700
|
|
Interest rate swaps asset
(3)(4)
|
Level 2
|
17,480
|
|
17,480
|
|
10,166
|
|
10,166
|
|
Foreign exchange swaps asset
(3)
|
Level 2
|
272
|
|
272
|
|
51
|
|
51
|
|
Foreign exchange swaps liability
(3)
|
Level 2
|
—
|
|
—
|
|
223
|
|
223
|
|
Total return equity swap liability
(3)(4)(5)
|
Level 2
|
49,341
|
|
49,341
|
|
40,141
|
|
40,141
|
|
Earn-Out Units asset
(6)
|
Level 2
|
7,400
|
|
7,400
|
|
7,400
|
|
7,400
|
|
Instrument
(in thousands of $)
|
Notional value
|
|
Maturity dates
|
Fixed interest rates
|
Interest rate swaps:
|
|
|
|
|
Receiving floating, pay fixed
|
1,250,000
|
|
2018 to 2021
|
1.13% to 1.94%
|
|
March 31, 2018
|
|
December 31, 2017
|
|
||||||||||||||
(in thousands of $)
|
Gross amounts presented in the consolidated balance sheet
|
|
Gross amounts not offset in the consolidated balance sheet subject to netting agreements
|
|
Net amount
|
|
Gross amounts presented in the consolidated balance sheet
|
|
Gross amounts not offset in the consolidated balance sheet subject to netting agreements
|
|
Net amount
|
|
||||||
Total asset derivatives
|
17,480
|
|
|
—
|
|
|
17,480
|
|
|
10,166
|
|
|
—
|
|
|
10,166
|
|
|
|
Three Months Ended
March 31, |
|||
(in thousands of $)
|
2018
|
|
2017
|
|
Management and administrative services revenue (a)
|
1,889
|
|
1,443
|
|
Ship management fees revenue (b)
|
1,300
|
|
996
|
|
Charterhire expense (c)
|
—
|
|
(3,548
|
)
|
Interest expense on deposits payable (d)
|
(2,247
|
)
|
(680
|
)
|
Total
|
942
|
|
(1,789
|
)
|
(in thousands of $)
|
March 31, 2018
|
|
December 31, 2017
|
|
Deposit payable (d)
|
(177,247
|
)
|
(177,247
|
)
|
Methane Princess security lease deposit movement (e)
|
(3,303
|
)
|
(3,464
|
)
|
Trading balances owing to Golar Partners and affiliates (f)
|
(2,912
|
)
|
(4,144
|
)
|
Total
|
(183,462
|
)
|
(184,855
|
)
|
a)
|
Management and administrative services agreement -
On March 30, 2011, Golar Partners entered into a management and administrative services agreement with Golar Management, a wholly-owned subsidiary of Golar, pursuant to which Golar Management will provide to Golar Partners certain management and administrative services. The services provided by Golar Management are charged at cost plus a management fee equal to
5%
of Golar Management’s costs and expenses incurred in connection with providing these services. Golar Partners may terminate the agreement by providing
120 days
written notice.
|
b)
|
Ship management fees
- Golar and certain of its affiliates charge ship management fees to Golar Partners for the provision of technical and commercial management of Golar Partners' vessels. Each of Golar Partners’ vessels is subject to management agreements pursuant to which certain commercial and technical management services are provided by Golar Management. Golar Partners may terminate these agreements by providing
30 days
written notice.
|
c)
|
Charterhire expenses -
For the three months ended
March 31, 2017
, this consists of charterhire expenses that we incurred for the charter back from Golar Partners of the
Golar Grand
,
less any time charter revenues that Golar Partners generated through subleasing the
Golar Grand
from Golar during the period
.
On November 1, 2017, the
Golar Grand
arrangement concluded.
|
d)
|
Interest expense on deposits payable
|
e)
|
Methane Princess Lease security deposit movements
- This represents net advances from Golar Partners since its IPO, which correspond with the net release of funds from the security deposits held relating to the Methane Princess Lease. This is in connection with the Methane Princess tax lease indemnity provided to Golar Partners under the Omnibus Agreement. Accordingly, these amounts will be settled as part of the eventual termination of the Methane Princess Lease.
|
f)
|
Trading balances
- Receivables and payables with Golar Partners and its subsidiaries are comprised primarily of unpaid management fees, interest expense and expenses for management, advisory and administrative services and may include working capital adjustments in respect of disposals to the Partnership, as well as charterhire expenses. In addition, certain
|
|
Three Months Ended
March 31, |
|||
(in thousands of $)
|
2018
|
|
2017
|
|
Management and administrative services revenue
|
1,215
|
|
943
|
|
Ship management fees income
|
350
|
|
131
|
|
Debt guarantee compensation (a)
|
178
|
|
209
|
|
Other
|
(123
|
)
|
—
|
|
Total
|
1,620
|
|
1,283
|
|
(in thousands of $)
|
March 31, 2018
|
|
December 31, 2017
|
|
Trading balances due to Golar Power and affiliates (b)
|
(5,822
|
)
|
(935
|
)
|
Total
|
(5,822
|
)
|
(935
|
)
|
a)
|
Debt guarantee compensation -
In connection with the closing of the formation of the joint venture Golar Power with Stonepeak, Golar Power entered into agreements to compensate Golar in relation to certain debt guarantees relating to Golar Power and subsidiaries. This compensation amounted to an aggregate of
$0.2 million
and
$0.2 million
income for the
three
months ended
March 31, 2018
and
2017
, respectively.
|
b)
|
Trading balances
- Receivables and payables with Golar Power and its subsidiaries are comprised primarily of unpaid management fees, charterhire expenses, advisory and administrative services and may include working capital adjustments in connection with the initial formation of the joint venture and transaction with Stonepeak. In addition, certain receivables and payables arise when we pay an invoice on behalf of a related party and vice versa. Receivables and payables are generally settled quarterly in arrears. Trading balances owing to or due from Golar Power and its subsidiaries are unsecured, interest-free and intended to be settled in the ordinary course of business. They primarily relate to recharges for trading expenses paid on behalf of Golar Power, including ship management and administrative service fees due to us.
|
|
Three Months Ended
March 31, |
|||
(in thousands of $)
|
2018
|
|
2017
|
|
Management and administrative services revenue
|
1,288
|
|
1,585
|
|
Total
|
1,288
|
|
1,585
|
|
(in thousands of $)
|
March 31, 2018
|
|
December 31, 2017
|
|
Trading balances due from OneLNG (a)
|
4,906
|
|
7,898
|
|
Total
|
4,906
|
|
7,898
|
|
a)
|
Trading balances
- Receivables and payables with One LNG and its subsidiaries are comprised primarily of unpaid management fees, charterhire expenses, advisory and administrative services. In addition, certain receivables and payables arise when we pay an invoice on behalf of a related party and vice versa. Receivables and payables are generally settled quarterly in arrears. Trading balances owing to or due from OneLNG are unsecured, interest-free and intended to be settled in the ordinary course of business.
|
|
Three Months Ended
March 31, |
|||
(in thousands of $)
|
2018
|
|
2017
|
|
Time and voyage charter revenues
|
40,476
|
|
10,448
|
|
Time charter revenues - collaborative arrangement
|
14,482
|
|
7,336
|
|
Voyage, charterhire and commission expenses
|
(4,260
|
)
|
(2,595
|
)
|
Voyage, charterhire and commission expenses - collaborative arrangement
|
(19,730
|
)
|
(4,336
|
)
|
Net income from the Cool Pool
|
30,968
|
|
10,853
|
|
(in thousands of $)
|
March 31, 2018
|
|
December 31, 2017
|
|
Cool Pool (a)
|
8,358
|
|
14,004
|
|
|
8,358
|
|
14,004
|
|
a)
|
Trade accounts receivable includes amounts due from the Cool Pool arising from our collaborative arrangement, amounting to
$8.4 million
as of
March 31, 2018
(December 31, 2017:
$14.0 million
). From our participation in the Cool Pool, we recognized net income of
$31.0 million
and
$10.9 million
for the
three
months ended
March 31, 2018
and
2017
, respectively.
|
(in thousands of $)
|
March 31, 2018
|
|
December 31, 2017
|
|
Book value of vessels secured against long-term loans
|
2,016,735
|
|
2,032,747
|
|