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Q1 2015 Earnings Call – Golar Lng Partners Lp

Golar Lng Partners Lp · May 28, 2015 · 14 slides

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Slides

  1. Q1 2015 Earnings Call – Golar Lng Partners Lp – slide 1
    First Quarter Results 2015 May 28, 2015
  2. Q1 2015 Earnings Call – Golar Lng Partners Lp – slide 2
    Agenda 1. Q1 Highlights 2. Q1 Financial Highlights 3. Business Update 4. Summary and Outlook 3
  3. Q1 2015 Earnings Call – Golar Lng Partners Lp – slide 3
    Q1 2015: Highlights & Subsequent Events Solid progress in final negotiations with Perenco on deployment of the FLNG Hilli in Cameroon. Entered into MoU with Rosneft for development of up to 2 potential FLNG projects. Concluded the…
  4. Q1 2015 Earnings Call – Golar Lng Partners Lp – slide 4
    Financial Highlights Unaudited Audited (USD million) Q1 Q4 12 m to 12 m to 2015 2014 Dec-14 Dec-13 Total operating revenues 36.5 35.3 106.2 99.8 Voyage expenses Grand charter and fair value guarantee (a) (11.9) - - - Eskimo…
  5. Q1 2015 Earnings Call – Golar Lng Partners Lp – slide 5
    Dividend contribution by Partners 45000 45.0C 45.0C 45.0C 45.0C Since IPO, Golar 40000 Partners quarterly 45.0C 45.0C 45.0C 45.0C dividends have grown 35000 42.5C by 50%. 42.5C 40.0C Golars total dividend 30000 35.0C income…
  6. Q1 2015 Earnings Call – Golar Lng Partners Lp – slide 6
    Balance Sheet 2015 2014 2014 2014 2014 (USD thousands) Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 (unaudited) (audited) (unaudited) (unaudited) (unaudited) Short term assets Cash and cash equivalents 376,085 191,410 390,004 484,683 158,579…
  7. Q1 2015 Earnings Call – Golar Lng Partners Lp – slide 7
    Cash Flow 2015 2014 2014 2014 2014 Jan - Mar Oct - Dec Jul - Sep Apr - Jun Jan Dec (unaudited) (unaudited) (unaudited) (unaudited) (audited) (USD thousands) Net cash (used in)/provided by operating activities (60,963) 13,489…
  8. Q1 2015 Earnings Call – Golar Lng Partners Lp – slide 8
    Continuing to build a strong liquidity position Financing activities during the quarter further strengthens liquidity position from 4Q14: 180m newbuild equity release now realised. 207m GMLP unit secondary offering. 20m restricted…
  9. Q1 2015 Earnings Call – Golar Lng Partners Lp – slide 9
    Golars Portfolio Ship Owned Built m3 Containment Charterer 2015 2016 2017 2018 2019 2020 2021 2022 GOLAR LNG PARTNERS: Methane Princess 100% 2003 138,000 Mem brane BG Group B G GROUP (LNGC) Golar Winter 100% 2004 138,000 Mem brane…
  10. Q1 2015 Earnings Call – Golar Lng Partners Lp – slide 10
    Shipping 1Q utilisation and rates decline in line with expectations. 2Q will deteriorate further. Around 40 LNG carriers currently idling. Bottom of the market should be reached during 2Q. New production is being prepared for start-up…
  11. Q1 2015 Earnings Call – Golar Lng Partners Lp – slide 11
    FSRU Golar Group has seven floating regasification vessels 6 operating and 1 vessel on order, scheduled for delivery Q4, 2015. Over 25 mmtpa of base load and peak regas capacity. Significant spot and term offtake potential under 5…
  12. Q1 2015 Earnings Call – Golar Lng Partners Lp – slide 12
    GoFLNG Project Development Africa Cameroon summary: 500n Bcf gas. 8 year project life at production of 1.2 mtpa. Potential exists for increased project volume and life. Suitable gas quality in shallow, benign met- ocean…
  13. Q1 2015 Earnings Call – Golar Lng Partners Lp – slide 13
    Conversion Project Progress Hilli conversion now 42% complete against a schedule of 39.7% Value of work completed 320M (excluding vessel value), project contingency remains intact. Keppel and Black & Veatch have taken equity in…
  14. Q1 2015 Earnings Call – Golar Lng Partners Lp – slide 14
    Summary and Outlook Current spot market to remain poor until 2H 2015. Golar maintaining focus on utilisation and efficient operations. Golar Eskimo FSRU has delivered on time for Jordan, project start up in first half of 2015. Ghana…

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