Latest news with #Operations
Business Recorder
7 hours ago
- Business
- Business Recorder
Minister for effective preparedness to protect marine life
KARACHI: Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry emphasised the crucial role of oil spill drills in ensuring effective preparedness to safeguard marine life and habitats from the severe and enduring effects of oil pollution on the ocean environment. Speaking to the media during his visit to the Karachi Port, where he observed Oil Spill Response Exercise (OSRC), the federal minister stated that these drills have improved national oil spill response capabilities by more than 70 percent in recent years and have been institutionalised across major ports to guarantee thorough preparedness for environmental emergencies. The minister emphasised that such exercises are vital in enabling response teams to practice containment, cleanup, and mitigation strategies. 'These drills are essential in minimizing environmental damage when actual oil spills occur,' he said. Junaid Chaudhry elaborated on the ecological threats posed by oil pollution, stating, 'Oil pollution harms vulnerable marine species by coating and poisoning them, destroying critical habitats, disrupting food webs, and causing toxic bioaccumulation. All of this leads to population declines and long-lasting damage to ocean ecosystems.' He further pointed out that natural carbon sinks such as mangroves and sea-grass beds are particularly affected, rendering them unable to play their role in mitigating climate change. 'The slow recovery of these ecosystems results in prolonged environmental stress, biodiversity loss, and significant economic and social consequences for human communities relying on marine resources.' The minister stated that nearly 80 percent of Pakistan's coastal population depends on fisheries for their livelihood. He added that about 1 million people in the coastal areas are directly engaged in fishing, while a similar number work within the fishery value chain, making fisheries a crucial source of income and sustenance for approximately 2 million people in total. Earlier, Minister Chaudhry was briefed by General Manager Operations, Rear Admiral Atiq-ur-Rehman, and Manager Marine Pollution Control, Fayyaz Rasool about the drill. The Marine Pollution Control Department team also showcased oil spill response equipment and provided detailed explanations of its functions and usage. Meanwhile, the Federal Minister also inaugurated the 300kW solarization project at KPT Izhar Abbasi Hospital on Tuesday. The initiative, implemented at a cost of Rs 31.83 million, aims to reduce the hospital's dependence on fossil fuels and address the worsening issue of climate change. The inauguration ceremony was attended by senior officials including members of the KPT Trustees (Transition Committee), General Manager Engineering, Rear Admiral Habib Ur Rehman, Rear Admiral Atiq-ur-Rehman GM Operations, Brigadier Muhammad Younis GM Administration, and other key leadership from the Ministry and KPT. Addressing the event as a chief guest, Junaid Anwar emphasized the urgent need to transition to clean energy, especially in essential public service institutions like hospitals. 'The solarization of the hospital is not only a solution to persistent power outages in Keamari but also a strategic move to reduce its carbon footprint. Generators running on fossil fuels consume up to 5,000 litres of fuel monthly, contributing heavily to carbon emissions and climate degradation.' The 25-year lifecycle of the solar project comes with minimal maintenance costs of Rs 450,000 annually, making it a cost-effective and environmentally responsible initiative. The Minister stressed that such projects not only combat climate change but also contribute to national self-reliance and economic resilience. Copyright Business Recorder, 2025
Straits Times
3 days ago
- Business
- Straits Times
Trump pulls Musk ally's NASA nomination, will announce replacement
FILE PHOTO: The NASA logo hangs in the Mission Operations Control Center at Wallops Flight Facility on Wallops Island, Virginia, U.S., October 26, 2022. REUTERS/Evelyn Hockstein/File Photo WASHINGTON - The White House on Saturday withdrew its nominee for NASA administrator, Jared Isaacman, abruptly yanking a close ally of Elon Musk from consideration to lead the space agency. President Donald Trump will announce a new candidate soon, said White House spokeswoman Liz Huston. "It is essential that the next leader of NASA is in complete alignment with President Trump's America First agenda and a replacement will be announced directly by President Trump soon," she said. Isaacman, a billionaire private astronaut who had been Musk's pick to lead NASA, was due next week for a much-delayed confirmation vote before the U.S. Senate. His removal from consideration caught many in the space industry by surprise. The White House did not explain what led to the decision. Isaacman, whose removal was earlier reported by Semafor, did not return a request for comment. Isaacman's removal comes just days after Musk's official departure from the White House, where the SpaceX CEO's role as a "special government employee" leading the Department of Government Efficiency created turbulence for the administration and frustrated some of Trump's aides. Musk, according to a person familiar with his reaction, was disappointed by Isaacman's removal and considered it to be politically motivated. "It is rare to find someone so competent and good-hearted," Musk wrote of Isaacman on X, replying to the news of the White House's decision. Musk did not immediately respond to a request for comment. It was unclear whom the administration might tap to replace Isaacman. One name being floated is retired U.S. Air Force Lt. General Steven Kwast, an early advocate for the creation of the U.S. Space Force and Trump supporter, according to three people familiar with the discussions. Isaacman, the former CEO of payment processor company Shift4, had broad space industry support but drew concerns from lawmakers over his ties to Musk and SpaceX, where he spent hundreds of millions of dollars as an early private spaceflight customer. The former nominee had donated to Democrats in prior elections. In his confirmation hearing in April, he sought to balance NASA's existing moon-aligned space exploration strategy with pressure to shift the agency's focus on Mars, saying the U.S. can plan for travel to both destinations. As a potential leader of NASA's some 18,000 employees, Isaacman faced a daunting task of implementing that decision to prioritize Mars, given that NASA has spent years and billions of dollars trying to return its astronauts to the moon. On Friday, the space agency released new details of the Trump administration's 2026 budget plan that proposed killing dozens of space science programs and laying off thousands of employees, a controversial overhaul that space advocates and lawmakers described as devastating for the agency. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
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First Post
7 days ago
- First Post
Pakistan probes how police weapons worth Rs 246 mn went 'missing'
The audit report of the Punjab Home Department for the year 2023-2024 detailed the theft, disappearance and non-recovery of arms from police stores across 12 districts. A valuation of the stolen items revealed that the weapons are worth more than Rs 245.5 million read more Pakistan has reported the 'disappearance' of police weapons worth millions, a massive surveillance failure under the Punjab Home Department's watch that is now being investigated. The audit report of the Punjab Home Department for the year 2023-2024 detailed the theft, disappearance and non-recovery of arms from police stores across 12 districts. A valuation of the stolen items revealed that the weapons are worth more than Rs 245.5 million. None of the arms have been recovered till date. STORY CONTINUES BELOW THIS AD What has all been stolen? According to the report, weapons valued at over Rs83.4 million went missing from the Muzaffargarh DPO office between 2021 and 2023. Additionally, arms and ammunition worth more than Rs 47.1 million are unaccounted for at the DIG Operations office in Lahore, while weapons worth over Rs 46.8 million missing from the Police Office in Lahore remain unrecovered. Similarly, rifles and ammunition worth over Rs7.4 million have gone missing from the CPO Multan's office. Records of rifles issued to various officers in 2009 are untraceable at Central Jail Lahore. Weapons and equipment valued at Rs5.614 million are missing from the DPO Sialkot office, while arms worth Rs4.3 million have disappeared from the DPO Sahiwal office. Additionally, weapons and equipment worth more than Rs3.8 million are unaccounted for at the DPO Okara office. Inquiry committee formed Authorities have formed an inquiry committee to ascertain the whereabouts of the missing arms and ammunition. The committee will be headed by the Additional IG Special Branch, with the Director-General Monitoring and the Additional Secretary Judicial (Home) as members. The committee has been asked to submit a report on its findings in 10 days, with details about the irregularities mentioned. Meanwhile, the home department clarified that it does not directly store weapons; instead, the arms are held by law enforcement agencies, which are responsible and accountable for their use. Action will be taken against those found liable once the inquiry report is received, the spokesperson said, quoting the home secretary.
Yahoo
27-05-2025
- Business
- Yahoo
Spring Storm Update: CenterPoint Energy has restored 90% of the 167,000 outages experienced overnight across Greater Houston
Fewer than 15,000 customers remain out of service as of 4:45 PM on Tuesday Storm was strongest of the spring season with 60-70 mph winds in some locations Hardest-hit areas included North and Central Harris County; Tomball to Bush International Airport; and Kingwood and Humble CenterPoint brought in additional personnel to be prepared to respond to the overnight storms Company is already planning and preparing for Wednesday afternoon storms HOUSTON, May 27, 2025 /PRNewswire/ -- After the strongest storm of the spring season, CenterPoint Energy has restored power to approximately 152,000 customers (or 90%) who experienced an outage overnight due to severe weather, significant lightning and strong winds. The vast majority of CenterPoint's customers did not experience power interruptions despite wind gusts of 60-70 miles per hour in some areas. In addition to our own personnel and contractors, CenterPoint enhanced its workforce and deployed additional resources across the system since midnight last night, with all personnel working to safely repair equipment and restoring power as quickly as possible for the remaining less than 15,000 customers still without power. Ahead of more predicted severe weather Wednesday, and out of an abundance of caution, CenterPoint is activating its Emergency Operations Center, and additional crews are ready to be deployed. "For those who lost power, we know how hard it is to manage your businesses and your lives, and we are working around the clock to restore customers who are able to receive service ahead of more severe weather this week," said Darin Carroll, Senior Vice President, Electric Business. "Safety continues to be our highest priority as we work to restore power for our customers and communities. With damaged trees and power lines we want to remind people to stay at least 35 feet away from downed power lines and report damage to CenterPoint." Actions CenterPoint is taking to respond More than 1,300 personnel deployed to assess damage and restore power. 143 vegetation crews deployed. Activated Emergency Operations Center (EOC) for storm response to proactively address forecasted storms for Wednesday. The initial focus in the storm's aftermath is assessing the type of damage to the electric system and leveraging our smart grid to reroute power on unaffected power lines. For more information and real-time updates, follow us on social media at X and visit our Outage Tracker. We encourage customers to enroll in Power Alert Service® to receive outage details, estimated restoration times, as available or determined, and customer-specific restoration updates sent directly via email, text or phone call. To sign up, visit About CenterPoint Energy, Inc. CenterPoint Energy, Inc. (NYSE: CNP) is a multi-state electric and natural gas delivery company serving approximately 7 million metered customers across Indiana, Minnesota, Ohio, and Texas. The company is headquartered in Houston and is the only Texas-domiciled investor-owned utility. As of March 31, 2025, the company had approximately $44 billion in assets. With approximately 8,300 employees, CenterPoint Energy and its predecessor companies have been serving customers for more than 150 years. For more information, visit For more information, contact: View original content to download multimedia: SOURCE CenterPoint Energy
Yahoo
27-05-2025
- Business
- Yahoo
Golar LNG Limited Interim results for the period ended March 31, 2025
Highlights and subsequent events Golar LNG Limited ('Golar' or 'the Company') reports Q1 2025 net income attributable to Golar of $8 million, Adjusted EBITDA1 of $41 million and Total Golar Cash1 of $678 million. Concluded the 20-year charter of FLNG Hilli for Southern Energy S.A. ('SESA') in Argentina. Signed definitive agreements for a 20-year charter for the MKII FLNG to SESA. Combined with the FLNG Hilli charter, the project will be for 5.95 mtpa of nameplate capacity – one of the world's largest FLNG development projects. FLNG Gimi in final stages of commissioning on the GTA field, Commercial Operations Date ("COD") expected within Q2. MKII FLNG conversion vessel Fuji LNG arrived at the shipyard for conversion works, conversion project on schedule for Q4 2027 delivery. FLNG Hilli maintained market-leading operational track record and delivered its 132nd LNG cargo since contract start-up. Sold minority shareholding in Avenir LNG Limited. Completed exit from LNG shipping segment with sale of Golar Arctic. Declared dividend of $0.25 per share for the quarter. Progressed FLNG growth opportunities with commercial leads, shipyard availability and long lead equipment timing. FLNG : Maintained leading operational track record with 132 cargoes offloaded to date and over 9 million tons of LNG produced since operations commenced. Final Investment Decision ('FID') for the 20-year redeployment of FLNG Hilli to Southern Energy in Argentina concluded (further details provided in the SESA charter agreements section). A dedicated team has progressed detailed work on Hilli's re-deployment scope, vessel upgrade and transit to her new location. Following the conclusion of FLNG Hilli's re-deployment contract, we will initiate discussions for debt optimization that reflects the strong earnings visibility for the FLNG unit. FLNG : In January 2025, the bp operated FPSO provided feedgas from the GTA field allowing for full commissioning to commence, triggering the final upward adjustment to the commissioning rate under the commercial reset agreed in August 2024. First LNG was achieved in February and in April 2025, FLNG Gimi completed the offload of its first full LNG cargo. This introduced Mauritania and Senegal as LNG exporters to the international gas market and triggered the final pre-COD milestone bonus payment to Golar under the terms of the commercial reset. COD, which remains on schedule for Q2 2025, triggers the start of the 20-year Lease and Operate Agreement that unlocks the equivalent of around $3 billion of Adjusted EBITDA backlog1 (Golar's share) and recognition of contractual payments comprised of capital and operating elements in both the balance sheet and income statement. As of May 2025, Golar has invoiced $195.9 million of pre-COD fees under the commercial reset arrangements, with this amount currently recognized on the balance sheet. On March 20, 2025, a $1.2 billion debt facility to refinance FLNG Gimi was signed with a consortium of leading Chinese leasing companies. The contemplated sale and leaseback facility features a tenor of 12 years and a 17-year amortization profile. Upon closing and repayment of the existing debt facility, Gimi MS Corporation is expected to generate net proceeds of approximately $530 million. This amount includes the release of existing interest rate swaps. Golar stands to benefit from 70% of these proceeds, equivalent to approximately $371 million. The transaction remains subject to customary closing conditions and third party stakeholder approvals. Golar has also progressed a rating process to further evaluate debt optimization alternatives for the vessel during the quarter. MKII FLNG 3.5 MTPA conversion: Conversion work on the $2.2 billion MKII FLNG is proceeding to schedule. The conversion vessel Fuji LNG entered CIMC's Yantai yard in February 2025 and in April the vessel was successfully separated into forward and aft sections. A mid-ship section housing the liquefaction unit will be inserted between and attached to the refurbished forward and aft sections later in the conversion process. Fabrication of the topsides for the mid-ship section is also underway. As of March 31, 2025, Golar has spent $0.7 billion on the MKII FLNG conversion, all of which is equity funded. The MKII FLNG is expected to be delivered in Q4 2027. With a definitive agreement that contemplates a 2H 2025 FID now secured, Golar will consider alternatives for asset level MKII FLNG financing. Southern Energy charter agreements: On May 2, 2025, Golar announced a FID for the 20-year charter of FLNG Hilli. The vessel will be chartered to SESA offshore Argentina. Golar and SESA also signed definitive agreements for a 20-year charter of the MKII FLNG. The MKII FLNG charter remains subject to FID and the same regulatory approvals as those granted to the FLNG Hilli project, expected within 2025. Key commercial terms for the respective 20-year charter agreements include: FLNG Hilli (nameplate capacity of 2.45mtpa): Expected contract start-up in 2027, expected Adjusted EBITDA1 to Golar of $285 million per year, plus a commodity linked tariff component of 25% of Free on Board ('FOB') prices in excess of $8/MMBtu; and, MKII FLNG (nameplate capacity of 3.5mtpa): Expected contract start-up in 2028, expected Adjusted EBITDA1 to Golar of $400 million per year, plus a commodity linked tariff component of 25% of FOB prices in excess of $8/MMBtu. The two FLNG agreements are expected to add $13.7 billion in Adjusted EBITDA backlog1 to Golar over 20 years, before inflationary adjustments (30% of U.S. CPI from year 6) to the charter hire, and before the commodity linked tariff upside. Where achieved FOB prices exceed the $8/MMBtu reference price, Golar will receive 25% of the excess amount (this reference price is subject to the same 30% US CPI adjustment from year 6). The commodity linked element in the FLNG charter provides an upside of $70 million per year to Golar for every $ 1/MMBtu the achieved FOB price is higher than the USD 8/MMBtu reference price. The upside calculation is based on monthly achieved FOB prices. While the commodity linked tariff component is upside oriented, the Company has also agreed to a mechanism where the charter hire can be partially reduced for FOB prices below $7.5/MMBtu, down to a floor of $6/MMBtu. Under this mechanism, the maximum accumulated discount over the life of both contracts has a cap of $210 million, and any outstanding discounted charter hire amounts will be recovered through additional upside sharing if FOB prices return to levels above $7.5/MMBtu. Golar is not exposed to further downside in the commodity linked FLNG charter mechanism. The upside calculation is based on monthly achieved FOB prices, whilst the downside adjustment is based on annual average achieved FOB prices. The downside mechanism is based on annual average achieved FOB prices. SESA, a company formed to export Argentinian LNG, is owned by a consortium of leading Argentinian gas producers including Pan American Energy (30%), YPF (25%), Pampa Energia (20%), Harbour Energy (15%) and Golar (10%). The four gas producers have committed to supply their pro-rata share of natural gas to the FLNGs under Gas Sales Agreements at a fixed price per MMBtu. Golar's 10% shareholding in SESA provides additional commodity exposure. The 10% equity stake equates to approximately $28 million in annual additional commodity exposure to Golar for every $1/MMBtu change in achieved FOB prices versus SESA's cash break even. With the combination of the fixed charter hire with 30% of U.S. CPI inflation from year 6, operating expenses pass through, 25% commodity exposure in the FLNG tariff for FOB prices above $8/MMBtu and Golar's 10% shareholding in SESA, Golar believes it has secured a highly attractive risk-reward in the SESA charters. For every $1 FOB price above $8/MMBtu, Golar's total commodity upside is approximately $100 million, versus approximately $28 million in downside for every $1/MMBtu that realized FOB prices are below SESA's cash break even. Located offshore in close proximity of each other in Rio Negro's Gulf of San Matias, the FLNG's will monetize gas from the Vaca Muerta formation, the world's second largest shale gas resource, located onshore in Argentina's Neuquen province. FLNG Hilli will initially utilize spare volumes from the existing pipeline network. SESA intends to facilitate the construction of a dedicated pipeline from Vaca Muerta to the Gulf of San Matias to supply gas to the FLNGs and the project expects to benefit from significant operational efficiencies and synergies from two FLNGs in the same area. The charters are also subject to strong legal and regulatory protections including: both charter agreements are subject to English Law with dispute resolution pursuant to ICC arbitration in Paris, France; hire and other payments under both contracts are fully paid in U.S. dollars; SESA has obtained Argentina's first ever 30-year non-interruptible LNG export license for FLNG Hilli, providing security of exports, necessary for the significant upstream and midstream investments, as well as securing offtake contracts; and MKII FLNG is expected to obtain a similar term export license within 2025. FLNG Hilli has been approved for adherence to the Large Investments Incentive Scheme ('RIGI'), as a Long-Term Strategic Export project. The RIGI was implemented by the current administration of President Milei to incentivize large investments in Argentina. Under the RIGI, there are incentives and protections granted to the project company (SESA), with Golar benefiting as an international asset provider and investor, mostly notably: guaranteed legal certainty and regulatory stability for the duration of the project, covering taxes, customs, duties, and foreign exchange controls; any new national, provincial, or municipal taxes or restrictions would not apply to RIGI projects beyond those existing when the project was approved; and freedom to repatriate profits, dividends, and capital including exemption from potential Central Bank restrictions on access to foreign exchange for repatriation purposes. If Argentina breaches the RIGI framework (e.g. by purporting to change the regime unilaterally), the beneficiary of the RIGI status can: bring legal action against the National or Provincial Government (as applicable) under ICC arbitration, or elect to challenge the revocation through administrative channels; and challenge the constitutionality of enacted law which breaches the RIGI protections. Business development: Detailed discussions for FLNG opportunities continue. With limited yard capacity for FLNG delivery before the 2030s, and with the current Golar fleet committed, we see firming demand for the remaining available 2020s deliveries. Progress is being made on FLNG projects ranging from MKI, MKII and MKIII FLNG developments. We target FLNG opportunities with competitive wellhead gas to secure attractive base tariff and commodity upside participation. We are also in commercial negotiations with potential charterers seeking equity participation in the FLNG to align project stakeholders. On the back of the recent commitments for the existing fleet and with ongoing detailed commercial discussions, we are working with shipyards and topside equipment providers to firm-up prices and schedules for potential ordering of additional unit(s) within 2025. Any growth initiatives are planned to be funded with recycled liquidity from debt optimization of the existing FLNG fleet on the back of their long term charters. Corporate/Other: Operating revenues and costs under corporate and other items are comprised of two FSRU operate and maintain agreements in respect of the LNG Croatia and Italis LNG together with the Golar Arctic up to her point of sale in March 2025, for $24 million, and the Fuji LNG, up to the point she entered CIMC's yard in February 2025 for FLNG conversion. In February 2025, Golar also closed the sale of its non-core 23.4% interest in Avenir LNG Limited, for $39 million. Shares and dividends: As of March 31, 2025, 104.7 million shares are issued and outstanding. Golar's Board of Directors approved a total Q1 2025 dividend of $0.25 per share to be paid on or around June 10, 2025. The record date will be June 3, 2025. Financial Summary (in thousands of $) Q1 2025 Q1 2024 % Change Q4 2024 % Change Net income 12,939 66,495 (81)% 15,037 (14)% Net income attributable to Golar LNG Ltd 8,197 55,220 (85)% 4,494 82% Total operating revenues 62,502 64,959 (4)% 65,917 (5)% Adjusted EBITDA 1 40,936 63,587 (36)% 59,168 (31)% Golar's share of Contractual Debt 1 1,494,615 1,209,407 24% 1,515,357 (1)% Financial Review Business Performance: 2025 2024 (in thousands of $) Jan-Mar Oct-Dec Jan-Mar Net income 12,939 15,037 66,495 Income taxes 179 (504) 138 Net income before income taxes 13,118 14,533 66,633 Depreciation and amortization 12,638 13,642 12,476 Impairment of long-term assets — 22,933 — Unrealized loss/(gain) on oil and gas derivative instruments 25,001 14,269 (2,148) Other non-operating loss — 7,000 — Interest income (8,699) (9,866) (10,026) Loss/(gain) on derivative instruments, net 6,795 (8,711) (6,202) Other financial items, net 2,292 1,153 2,640 Net (income)/loss from equity method investments (10,209) 4,215 214 Adjusted EBITDA 1 40,936 59,168 63,587 2025 2024 Jan-Mar Oct-Dec (in thousands of $) FLNG Corporate and other Total FLNG Corporate and other Total Total operating revenues 55,688 6,814 62,502 56,396 9,521 65,917 Vessel operating expenses (18,785) (9,685) (28,470) (19,788) (8,121) (27,909) Voyage, charterhire & commission expenses — — — — (446) (446) Administrative expenses (588) (8,999) (9,587) (264) (7,241) (7,505) Project development expenses (2,351) (968) (3,319) (3,624) (1,236) (4,860) Realized gain on oil and gas derivative instruments (2) 21,213 — 21,213 33,502 — 33,502 Other operating income — (1,403) (1,403) 469 — 469 Adjusted EBITDA 1 55,177 (14,241) 40,936 66,691 (7,523) 59,168 (2) The line item 'Realized and unrealized (loss)/gain on oil and gas derivative instruments' in the Unaudited Consolidated Statements of Operations relates to income from the Hilli Liquefaction Tolling Agreement ('LTA') and the natural gas derivative which is split into: 'Realized gain on oil and gas derivative instruments' and 'Unrealized (loss)/gain on oil and gas derivative instruments'. 2024 Jan-Mar (in thousands of $) FLNG Corporate and other Total Total operating revenues 56,368 8,591 64,959 Vessel operating expenses (18,784) (7,078) (25,862) Voyage, charterhire & commission expenses — (1,770) (1,770) Administrative expenses (471) (6,604) (7,075) Project development expenses/(income) (1,085) 273 (812) Realized gain on oil and gas derivative instruments 34,147 — 34,147 Adjusted EBITDA 1 70,175 (6,588) 63,587 Golar reports today Q1 2025 net income of $13 million, before non-controlling interests, inclusive of $32 million of non-cash items1, comprised of: TTF and Brent oil unrealized mark-to-market ('MTM') losses of $25 million; and A $7 million MTM loss on interest rate swaps. The Brent oil linked component of FLNG Hilli's fees generates additional annual cash of approximately $3.1 million for every dollar increase in Brent Crude prices between $60 per barrel and the contractual ceiling. Billing of this component is based on a three-month look-back at average Brent Crude prices. During Q1 2025, we recognized a total of $21 million of realized gains on FLNG Hilli's oil and gas derivative instruments, comprised of a: $12 million realized gain on the Brent oil linked derivative instrument; and $9 million realized gain in respect of fees for the TTF linked production. We also recognized $25 million of non-cash losses in relation to FLNG Hilli's oil and gas derivative assets, with corresponding changes in the fair value in its constituent parts recognized on our unaudited consolidated statement of operations as follows: $13 million loss on the Brent oil linked derivative asset; and $12 million loss on the TTF linked natural gas derivative asset. Balance Sheet and Liquidity: As of March 31, 2025, Total Golar Cash1 was $678 million, comprised of $522 million of cash and cash equivalents and $156 million of restricted cash. Golar's share of Contractual Debt1 as of March 31, 2025 is $1,495 million. Deducting Total Golar Cash1 of $678 million from Golar's share of Contractual Debt1 leaves a net debt position of $817 million. Assets under development amounts to $2.5 billion, comprised of $1.8 billion in respect of FLNG Gimi and $0.7 billion in respect of the MKII FLNG. The carrying value of LNG carrier Fuji LNG, previously included under Vessels and equipment, net in Q4 2024 was transferred to Assets under development in Q1 2025. Non-GAAP measures In addition to disclosing financial results in accordance with U.S. generally accepted accounting principles (US GAAP), this earnings release and the associated investor presentation contains references to the non-GAAP financial measures which are included in the table below. We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business and measuring our performance. This report also contains certain forward-looking non-GAAP measures for which we are unable to provide a reconciliation to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside of our control, such as oil and gas prices and exchange rates, as such items may be significant. Non-GAAP measures in respect of future events which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied to Golar's unaudited consolidated financial statements. These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures and financial results calculated in accordance with GAAP. Non-GAAP measures are not uniformly defined by all companies and may not be comparable with similarly titled measures and disclosures used by other companies. The reconciliations as at March 31, 2025 and for the three months ended March 31, 2025, from these results should be carefully evaluated. Non-GAAP measure Closest equivalent US GAAP measure Adjustments to reconcile to primary financial statements prepared under US GAAP Rationale for adjustments Performance measuresNet income/(loss) +/- Income taxes+ Depreciation and amortization+ Impairment of long-lived assets+/- Unrealized (gain)/loss on oil and gas derivative instruments+/- Other non-operating (income)/losses+/- Net financial (income)/expense+/- Net (income)/losses from equity method investments+/- Net loss/(income) from discontinued operations Increases the comparability of total business performance from period to period and against the performance of other companies by excluding the results of our equity investments, removing the impact of unrealized movements on embedded derivatives, depreciation, impairment charge, financing costs, tax items and discontinued income/(loss) +/- Income taxes+ Depreciation and amortization+ Impairment of long-lived assets+/- Unrealized (gain)/loss on oil and gas derivative instruments+/- Other non-operating (income)/losses+/- Net financial (income)/expense+/- Net (income)/losses from equity method investments+/- Net loss/(income) from discontinued operations - Amortization of deferred commissioning period revenue- Amortization of Day 1 gains- Accrued overproduction revenue+ Overproduction revenue received- Accrued underutilization adjustment Increases the comparability of our operational FLNG Hilli from period to period and against the performance of other companies by removing the non-distributable income of FLNG Hilli, project development costs, the operating costs of the Gandria (prior to her disposal) and FLNG Gimi. Liquidity measuresTotal debt (current and non-current), net of deferred finance charges +/-Variable Interest Entity ('VIE') consolidation adjustments+/-Deferred finance charges During the year, we consolidate a lessor VIE for our Hilli sale and leaseback facility. This means that on consolidation, our contractual debt is eliminated and replaced with the lessor VIE debt represents our debt obligations under our various financing arrangements before consolidating the lessor measure enables investors and users of our financial statements to assess our liquidity, identify the split of our debt (current and non-current) based on our underlying contractual obligations and aid comparability with our net debt based onGAAP measures:-Total debt (current andnon-current), net ofdeferred financecharges- Cash and cashequivalents- Restricted cash andshort-term deposits(current and non-current)- Other current assets (Receivable from TTF linked commodity swap derivatives) Total debt (current and non-current), net of:+Deferred finance charges+Cash and cash equivalents +Restricted cash and short-term deposits (current and non-current)+/-VIE consolidation adjustments+Receivable from TTF linked commodity swap derivatives The measure enables investors and users of our financial statements to assess our liquidity based on our underlying contractual obligations and aids comparability with our cash based on GAAP measures:+ Cash and cash equivalents+ Restricted cash and short-term deposits (current and non-current) -VIE restricted cash and short-term deposits We consolidate a lessor VIE for our sale and leaseback facility. This means that on consolidation, we include restricted cash held by the lessor Golar Cash represents our cash and cash equivalents and restricted cash and short-term deposits (current and non-current) before consolidating the lessor believe that this measure enables investors and users of our financial statements to assess our liquidity and aids comparability with our competitors. (1) Please refer to reconciliation below for Golar's share of contractual debt Adjusted EBITDA backlog (also referred to as 'earnings backlog'): This is a non-GAAP financial measure and represents the share of contracted fee income for executed contracts or definitive agreements less forecasted operating expenses for these contracts/agreements. Adjusted EBITDA backlog should not be considered as an alternative to net income / (loss) or any other measure of our financial performance calculated in accordance with U.S. GAAP. Non-cash items: Non-cash items comprised of impairment of long-lived assets, release of prior year contract underutilization liability, MTM movements on our TTF and Brent oil linked derivatives, listed equity securities and interest rate swaps ('IRS') which relate to the unrealized component of the gains/(losses) on oil and gas derivative instruments, unrealized MTM (losses)/gains on investment in listed equity securities and gains on derivative instruments, net, in our unaudited consolidated statement of operations. Abbreviations used: FLNG: Floating Liquefaction Natural Gas vesselFSRU: Floating Storage and Regasification UnitMKII FLNG: Mark II FLNGFPSO: Floating Production, Storage and Offloading unit MMBtu: Million British Thermal Unitsmtpa: Million Tons Per Annum Reconciliations - Liquidity Measures Total Golar Cash (in thousands of $) March 31, 2025 December 31, 2024 March 31, 2024 Cash and cash equivalents 521,434 566,384 547,868 Restricted cash and short-term deposits (current and non-current) 172,879 150,198 92,159 Less: VIE restricted cash and short-term deposits (16,745) (17,472) (17,933) Total Golar Cash 677,568 699,110 622,094 Contractual Debt and Adjusted Net Debt (in thousands of $) March 31, 2025 December 31, 2024 March 31, 2024 Total debt (current and non-current) net of deferred finance charges 1,418,816 1,452,255 1,195,063 VIE consolidation adjustments 251,728 241,666 213,042 Deferred finance charges 20,946 22,686 22,337 Total Contractual Debt 1,691,490 1,716,607 1,430,442 Less: Keppel's and B&V's share of the FLNG Hilli contractual debt — — (32,035) Less: Keppel's share of the Gimi debt (196,875) (201,250) (189,000) Golar's share of Contractual Debt 1,494,615 1,515,357 1,209,407 Please see Appendix A for a capital repayment profile for Golar's Contractual Debt. Forward Looking Statements This press release 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 'if,' 'subject to,' 'believe,' 'assuming,' 'anticipate,' 'intend,' 'estimate,' 'forecast,' 'project,' 'plan,' 'potential,' 'will,' 'may,' 'should,' 'expect,' 'could,' 'would,' 'predict,' 'propose,' '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 based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. 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 press release. Unless legally required, Golar undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise. Other important factors that could cause actual results to differ materially from those in the forward-looking statements include but are not limited to: our ability and that of our counterparty to meet our respective obligations under the 20-year lease and operate agreement (the 'LOA') with BP Mauritania Investments Limited, a subsidiary of BP p.l.c. ('bp'), entered into in connection with the Greater Tortue Ahmeyim Project (the 'GTA Project'), including the commissioning and start-up of various project infrastructure. Delays to FLNG commissioning works and the start of operations for our FLNG Gimi ('FLNG Gimi') could result in incremental costs to both parties to the LOA; our ability to meet our obligations under our commercial agreements, including the liquefaction tolling agreement (the 'LTA') entered into in connection with the FLNG Hilli Episeyo ('FLNG Hilli'); our ability to meet our obligations to SESA in connection with the recently signed agreement to deploy FLNG Hilli in Argentina, and SESA's ability to meet its obligations to us; our ability to meet our obligations to SESA in connection with the recently signed definitive agreement to deploy our FLNG in conversion, MKII FLNG in Argentina, including reaching a final investment decision, and SESA's ability to meet its obligations to us; our ability to obtain additional financing or refinance existing debt on acceptable terms or at all including the satisfaction of the conditions precedent to the consummation of the FLNG Gimi sale leaseback transaction; global economic trends, competition, and geopolitical risks, including U.S. government actions, trade tensions or conflicts such as between the U.S. and China, related sanctions, a potential Russia-Ukraine peace settlement and its potential impact on liquefied natural gas ('LNG') supply and demand; a material decline or prolonged weakness in tolling rates for FLNGs; failure of shipyards to comply with schedules, performance specifications or agreed prices; failure of our contract counterparties to comply with their agreements with us or other key project stakeholders; an increase in tax liabilities in the jurisdictions where we are currently operating, have previously operated, or expect to operate; continuing volatility in the global financial markets, including commodity prices, foreign exchange rates and interest rates and global trade policy, particularly the recent imposition of tariffs by the U.S. government; changes in general domestic and international political conditions, particularly where we operate, or where we seek to operate; changes in our ability to retrofit vessels as FLNGs, including the availability of vessels to purchase and in the time it takes to build new vessels or convert existing vessels; continuing uncertainty resulting from potential future claims from our counterparties of purported force majeure under contractual arrangements, including our future projects and other contracts to which we are a party; our ability to close potential future transactions in relation to equity interests in our vessels or to monetize our remaining equity method investments on a timely basis or at all; increases in operating costs as a result of inflation or trade policy, including salaries and wages, insurance, crew provisions, repairs and maintenance, spares and redeployment related modification costs; claims made or losses incurred in connection with our continuing obligations with regard to New Fortress Energy Inc. ('NFE'), Energos Infrastructure Holdings Finance LLC ('Energos'), Cool Company Ltd ('CoolCo'), and Snam S.p.A. ('Snam'); the ability of NFE, Energos, CoolCo, and Snam to meet their respective obligations to us, including indemnification obligations; changes to rules and regulations applicable to FLNGs or other parts of the natural gas and LNG supply chain; rules on climate-related disclosures promulgated by the European Union, including but not limited to disclosure of certain climate-related risks and financial impacts, as well as greenhouse gas emissions; actions taken by regulatory authorities that may prohibit the access of FLNGs to various ports and locations; and other factors listed from time to time in registration statements, reports or other materials that we have filed with or furnished to the Commission, including our annual report on Form 20-F for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission on March 27, 2025 (the '2024 Annual Report'). As a result, you are cautioned not to rely on any forward-looking statements. Actual results may differ materially from those expressed or implied by such forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise unless required by Statement We confirm that, to the best of our knowledge, the unaudited consolidated financial statements for the three months ended March 31, 2025, which have been prepared in accordance with accounting principles generally accepted in the United States give a true and fair view of Golar's unaudited consolidated assets, liabilities, financial position and results of operations. To the best of our knowledge, the report for the three months ended March 31, 2025, includes a fair review of important events that have occurred during the period and their impact on the unaudited consolidated financial statements, the principal risks and uncertainties and major related party transactions. May 27, 2025The Board of DirectorsGolar LNG LimitedHamilton, BermudaInvestor Questions: +44 207 063 7900Karl Fredrik Staubo - CEOEduardo Maranhão - CFO Stuart Buchanan - Head of Investor Relations Tor Olav Trøim (Chairman of the Board)Benoît de la Fouchardiere (Director)Carl Steen (Director)Dan Rabun (Director)Lori Wheeler Naess (Director)Mi Hong Yoon (Director)Niels Stolt-Nielsen (Director) This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading ActError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
