Transitioning to integrated LNG mid-stream player Our strategy and investment proposition Golars strategic intent: integrated LNG mid-stream Developed GoFLNG floating liquefaction concept services provider: - floating liquefaction,…
Golars Assets The current revenue backlog for the Golar Group is 2.7 billion Golar LNG Limited Golar LNG Partners LP Old steamers 2 units at 125,000cbm Modern steamers 1 unit at 145,000cbm 4 units between 137-145,000cbm…
LNG shipping suffering from project delays 700 600 West Africa 500 South America South & East Africa 400 North America North Africa 300 Middle East 200 Europe Asia Pacific 100 Source: Wood Mackenzie. 0 2000…
Shipping Market Set to Improve 5
FSRU Growth Story Continues Strong growth in FSRU demand FSRUs account for much of this 2000 2013: +190% FSRUs substantially cheaper than land based terminals Gas demand growing in riskier countries: floating, low capex…
Globalisation of Gas and Demand for Power Our observations and our mission in FLNG Energy demand will grow Power demand in developing countries is growing fast Gas abundant, cost effective, environment friendly Location mismatch:…
GoFLNG GoFLNG Mk I Second GoFLNG (Gimi) delivery Q1 2018 existing LNG vessel - 125,000 m3 LNG Gimi is sister ship to Hilli storage - 2.5 to 2.8 mtpa liquefaction capacity. GoFLNG based on proven B&V technology First GoFLNg (Hilli)…
GoFLNG Model GoFLNG value proposition: Low unit cost of production. Short lead time. Reduced execution risk. Underpinned by a growing demand globally for LNG. GoFLNG business model is based on targeting: Relatively dry and clean…
The Floating Cost Advantage An FSRU is Substantially cheaper than a Land-Based Alternative FLNG Costs are less than half recent greenfield onshore terminals (Source: Arctic sec) FSRU substantially cheaper than land based FLNG costs…
FLNG Comparison Economics Notes: Dotted lines represent capital cost range; assumes LNG delivery to Tokyo Bay Harbour (FOB Destination, seller pays for LNG transport); 25 year project life; Western Australia liquids yield of 15…
Golar is The Low Cost Producer 12
Why Africa West Africa offers significant high quality clean gas requiring little pre-processing Associated gas is also plentiful Nigeria is flaring 428bcf p.a. (9mtpa LNG) Domestic prices significantly below international prices FLNG…
All-in Breakeven Costs Supply Chain Cost Breakdown Associated gas (USD/Mmbtu) 1.50 Tolling fee (USD/Mmbtu) 2.00 Shipping (USD/Mmbtu) 1.30 Regasification cost (USD/Mmbtu) 0.45 All in cost (USD/Mmbtu) 5.25 Energy equivalent oil…
Crude oil substitution potential is vast Power generation from crude is equal to the current total LNG market Source: Pira Energy 15
NAV support strong liquidity position Equity of Golar USD26/share, does not take account of the General Partner interest Dividend of USD1.8/share represents a 5.5% dividend yield Golar strengthened balance sheet to weather the…
GoFLNG The Potential Economics for Golar Capex vs. EBITDA mm 1.400 Using U.S. Gulf 1.200 transactions as a reference point, annual EBITDA can 300 1.000 be expected to be in the 3x5x 800 250mm - 450mm range. 600 1.200 This…
FLNG project pipeline growing Growing Portfolio of Projects fast & cheap are their competitive advantages FLNG Operator Capacity (Mtpa) Duration Potential start-up 1 Perenco Up to 2.5 8 years 2017 2 West Africa 2.5 Life of field…
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