UNITED STATES
SECURITIES AND EXCHANGE COMMISSION


Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN ISSUER
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the month of September 2014

Golar LNG Partners LP
(Translation of registrant’s name into English)
Par-la-Ville Place,
14 Par-la-Ville Road,
Hamilton,
HM 08,
Bermuda

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F
Form 20-F [X]
Form 40-F [ ]

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes [ ]
No [X]

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):82-_____________________






Item 1. INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached as Exhibit 99.1 is a copy of the press release of Golar LNG Partners LP dated November 26, 2014.
Exhibit 99.1


INTERIM RESULTS FOR THE PERIOD ENDED September 30, 2014

Highlights
Golar LNG Partners LP reports net income attributable to unit holders of $66.9 million and operating income of $65.4 million for the third quarter of 2014.
Generated distributable cash flow of $53.2 million for the third quarter with a coverage ratio of 1.47.
Declared a third quarter distribution of $0.5475 per unit.

Financial Results Overview
Golar LNG Partners L.P. ("Golar Partners" or the "Partnership") reports net income attributable to unit holders of $66.9 million and operating income of $65.4 million for the third quarter of 2014 ("the third quarter"), as compared to net income attributable to unit holders of $37.8 million and operating income of $62.1 million for the second quarter of 2014 ("the second quarter") and net income attributable to unit holders of $35.4 million and operating income of $55.8 million for the third quarter of 2013.
The $9.6 million improvement in 2014 third quarter operating income over the same period in 2013 primarily reflects the addition of the FSRU Golar Igloo to the fleet during the intervening period. This FSRU, acquired on March 28 2014, added approximately $10 million to the third quarter operating income.

An increase in revenue net of voyage expenses from $100.1 million in the second quarter to $102.0 million in the third quarter is largely explained by an additional calendar day in the third quarter and 3 days less total offhire time in the second quarter. Vessel operating expenses decreased by $2.4 million with the majority of the vessels in the fleet seeing declines, predominantly due to lower repairs and maintenance and crew costs. Administration expenses at $1.5 million were marginally higher in the third quarter by $0.1 million.
  
Net interest expense at $11.1 million for the third quarter was, as expected, in line with the second quarter charge of $11.0 million. No new swaps were entered into during the quarter and no existing swaps matured. As at September 30 2014, the Partnership has undrawn credit facilities of $70 million.

Other financial items for the third quarter included a gain of $0.1 million compared with a loss of $8.0 million in the second quarter. This included non-cash mark-to-market valuation gains on unhedged interest rate swaps of $4.2 million in the third quarter compared to a $3.3 million loss in the second quarter.

Following a further reassessment of current tax liabilities, a substantial credit was recorded against tax resulting in a net credit in the third quarter of $15.1 million. $11.8 million of this credit relates to the recognition





of a deferred tax asset in respect of tax losses, relating to certain tax positions that were previously not recognised due to uncertainty. The charge for the second quarter was $2.6 million. The tax charge moving forward, ignoring the non-cash reversal of the deferred tax asset, should normalise at approximately $2.0-$2.5 million per quarter.

The Partnership's Distributable Cash Flow1 for the third quarter was $53.2 million as compared to $45.1 million in the second quarter and the coverage ratio was 1.47 as compared to 1.25 for the second quarter. The increase in coverage ratio is predominantly attributable to the tax credit noted above.

On October 29, 2014, Golar Partners declared a distribution for the third quarter of $0.5475 per unit, which was paid on November 14, 2014 on total units of 62,870,335.

Operational Review
Golar Partners fleet performed well again during the quarter with 99.9% utilization and good control over operating costs underlying a strong operating earnings result. One vessel, the Golar Mazo, drydocked in the period but under the terms of this vessels charter there was no offhire.
Financing and Liquidity
As of September 30, 2014, the Partnership had cash and cash equivalents of $57.2 million and undrawn revolving credit facilities of $70 million. Total debt and capital lease obligations net of restricted cash was $1,048.4 million as of September 30, 2014.

Based on the above debt amount and annualized2 third quarter 2014 adjusted EBITDA3 , Golar Partners has maintained a strong balance sheet with a debt to adjusted EBITDA multiple of 3.0 times.

The Partnership has a firm commitment from the incumbent lenders to extend the soon to mature Golar Maria facility for up to 12 months on terms consistent with the existing facility, and intends to accept this offer. The Partnership has recently been actively looking at the possibility of a Senior Secured Term Loan facility to refinance existing debt and to provide funds for future acquisitions. Due to current market conditions the Partnership has decided to wait before launching a Term Loan refinancing. The Partnership will however continue to monitor the Term Loan market.

As of September 30, 2014, Golar Partners had interest rate swaps with a notional outstanding value of approximately $1,059.9 million (including swaps with a notional value of $227.2 million in connection with the Partnership's bonds but excluding $100 million of forward starting swaps) representing approximately 101% of total debt and capital lease obligations, net of restricted cash. The average fixed interest rate of swaps related to bank debt is approximately 2.06% with average maturity of approximately 3.4 years as of September 30, 2014.

1Distributable cash flow is a non-GAAP financial measure used by investors to measure the performance of master limited partnerships. Please see Appendix A for a reconciliation to the most directly comparable GAAP financial measure.
2Annualized means the figure for the quarter multiplied by 4.
3Adjusted EBITDA: Earnings before interest, other financial items, taxes, non-controlling interest, depreciation and amortization. Adjusted EBITDA is a non-GAAP financial measure used by investors to measure our performance. Please see Appendix A for a reconciliation to the most directly comparable GAAP financial measure.





As of September 30, 2014, the Partnership had outstanding bank debt of $837.3 million with average margins, in addition to LIBOR or fixed swap rates, of approximately 2.3%. In addition, the Partnership has bonds of $202.3 million with a fixed rate of 6.485%.

Outlook

Golar Partners fleet performed well again during the quarter underlying a strong operating earnings result and distributable cash flow coverage of 1.47. The Partnership is also in a strong financial position with a net debt to EBITDA ratio of 3.0, which enables it to increase debt levels to fund future acquisitions.

Operating performance in the fourth quarter is also expected to be strong. In addition the Golar Igloo, which operates on a nine month a year contract and would normally not expect to receive hire during December, January and February, will likely earn hire for the the full month of December as its charterer has requested an extension to operations for this year.

As at the end of the third quarter Golar Partners has a total order backlog of $2.3 billion with an average remaining contract term of 5.7 years.

The Partnership's next identified acquisition is the FSRU Golar Eskimo, which has been chartered to the Government of Jordan under a 10 year contract. The Partnership has commenced discussions with Golar LNG Limited ("Golar LNG") with regards to the acquisition of the Golar Eskimo in the first quarter of 2015. Given the Partnerships strong balance sheet position it has the potential to acquire the Golar Eskimo without raising additional equity.

Golar Partners’ expected distribution growth for the full year 2014 is approximately 5%. In 2015, as a function of the likely acquisition of the Golar Eskimo, distribution growth is expected to be at least the level of 2014. Beyond this there are good possibilities of further FSRU and LNG carrier acquisition opportunities from Golar LNG over the next 24 months. For example, the Ghana FSRU opportunity with Quantum Power for the FSRU Golar Tundra, which is a project Golar LNG is helping to develop as exclusive provider of FSRU services.

Looking further forward, the Board is excited about the potential acquisition of floating liquefaction assets from Golar, which will likely be high margin and long contract duration assets. This growth potential underpins the Board’s confidence in the Partnership's ability to continue to grow its earnings and distributions over time.



November 26, 2014
Golar LNG Partners L.P.
Hamilton, Bermuda.

Questions should be directed to:
C/o Golar Management Ltd - +44 207 063 7900
Brian Tienzo or Graham Robjohns





Golar LNG Partners LP
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

 
2014

2013

2014

2014

2013

 
Jul-Sept

Jul-Sept

Apr-Jun

Jan-Sept

Jan-Sept

(in thousands)
 
 
 
 
 
 
 
 
 
 
 
Total operating revenues
$
104,505

$
87,633

$
101,587

$
293,782

$
240,859

Vessel operating expenses
14,326

12,575

16,697

44,654

39,775

Voyage and commission expenses
2,475

736

1,534

5,198

3,948

Administrative expenses
1,486

1,020

1,337

4,272

3,614

Depreciation and amortization
20,828

17,485

19,895

58,371

48,150

Total operating expenses
39,115

31,816

39,463

112,495

95,487

 
 
 
 
 
 
Operating income
65,390

55,817

62,124

181,287

145,372

 
 
 
 
 
 
Financial (expenses) income
 
 
 
 
 
Interest income
279

266

277

856

798

Interest expense
(11,377
)
(11,381
)
(11,291
)
(32,549
)
(32,350
)
Other financial items
145

(4,097
)
(7,995
)
(14,054
)
(3,132
)
Net financial expenses
(10,953
)
(15,212
)
(19,009
)
(45,747
)
(34,684
)
 
 
 
 
 
 
Income before tax
54,437

40,605

43,115

135,540

110,688

Tax
15,116

(2,599
)
(2,588
)
9,724

(9,753
)
 
 
 
 
 
 
Net income
69,553

38,006

40,527

145,264

100,935

Less: Net income attributable to non-controlling interests
(2,623
)
(2,627
)
(2,766
)
(7,832
)
(7,271
)
 
 
 
 
 
 
Net income attributable to Golar LNG Partners LP Owners
$
66,930

$
35,379

$
37,761

$
137,432

$
93,664

 
 
 
 
 
 
Weighted average units outstanding (in thousands of units):
 
 
 
 
 
Common units
45,663

40,563

45,663

45,663

40,010

Subordinated units
15,949

15,949

15,949

15,949

15,949

General partner units
1,257

1,153

1,257

1,257

1,142

 
 
 
 
 
 














Golar LNG Partners LP
 
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

 
At September 30,

At December 31,

 
2014

2013

(in thousands)
 
 
 
 
 

ASSETS
 
 

Short-term
 
 

Cash and cash equivalents
$
57,151

$
103,100

Restricted cash
24,823

24,451

Inventories
91

1,085

Other current assets
19,252

7,743

Total Short-Term Assets
101,317

136,379

Long-term
 
 
Restricted cash
142,790

145,725

Vessels and vessels under capital leases, net
1,666,175

1,409,284

Other long term assets
29,804

29,831

Total Assets
$
1,940,086

$
1,721,219

 
 
 

 
 
 

LIABILITIES AND EQUITY
 
 

Short-term
 
 

Short-term debt due to related parties
$
20,000

$

Current portion of long-term debt
120,596

156,363

Other current liabilities
93,767

78,720

Amounts due to related parties
11,723

5,989

Total Short-Term Liabilities
246,086

241,072

Long-term
 
 
Long-term debt
919,049

733,108

Obligations under capital leases
156,337

159,008

Other long-term liabilities
17,436

17,904

Total Liabilities
1,338,908

1,151,092

 
 
 
Equity
 
 
Total Partners' capital
535,553

501,744

Accumulated other comprehensive loss
(2,044
)
(2,394
)
Non-controlling interest
67,669

70,777

 
 
 
Total Liabilities and Equity
$
1,940,086

$
1,721,219









Golar LNG Partners LP
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASHFLOWS
(in thousands )
2014

2013

2014

2014

2013

 
Jul-Sept

Jul-Sept

Apr-Jun

Jan-Sept

Jan-Sept

 
 
 
 
 
 
OPERATING ACTIVITIES
 
 
 
 
 
Net income
$
69,553

$
38,006

$
40,527

$
145,264

$
100,935

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
Depreciation and amortization
20,828

17,485

19,895

58,371

48,150

Unrealized foreign exchange (gains)/ losses
(627
)
298

234

(526
)
(7,637
)
Interest element included in obligations under capital leases
804

56


818

174

Amortization of deferred charges
996

868

990

2,847

4,943

Drydocking expenditure
(989
)
(11,239
)
(1,231
)
(2,468
)
(48,832
)
Deferred tax asset
(11,832
)


(11,832
)

Trade accounts receivable
21,478

3,958

(21,991
)
(899
)
(5,815
)
Inventories
335

(1,163
)
332

1,004

(845
)
Prepaid expenses, accrued income and other assets
(1,565
)
(325
)
2,531

7,850

(3,614
)
Amount due to/ from related companies
3,163

5,452

3,408

5,795

4,244

Trade accounts payable
702

(6,246
)
520

1,204

(1,728
)
Accrued expenses
(7,143
)
1,154

2,531

(2,201
)
3,442

Other current liabilities
(2,970
)
9,121

4,382

353

4,854

Net cash provided by operating activities
92,733

57,425

52,128

205,580

98,271

 
 
 
 
 
 
INVESTING ACTIVITIES
 
 
 
 
 
Additions to vessels and equipment
(574
)
(13,537
)
(527
)
(1,293
)
(15,980
)
Acquisition of subsidiaries, net of cash acquired from Golar
(7,271
)


(155,319
)
(117,517
)
Restricted cash and short-term investments
(507
)
(4,512
)
(51
)
(360
)
51,464

Net cash used in investing activities
(8,352
)
(18,049
)
(578
)
(156,972
)
(82,033
)
 
 
 
 
 
 
FINANCING ACTIVITIES
 
 
 
 
 
Proceeds from issuance of equity




130,244

Proceeds from short-term debt due to related parties



20,000

20,000

Proceeds from long-term debt

5,000

5,000

75,000

230,000

Payments in connection with the lease termination(including payment in respect of related Golar Winter currency swap termination)




(250,980
)
Repayments of obligations under capital leases


(41
)
(41
)
(2,365
)
Repayments of long-term debt
(35,946
)
(19,091
)
(19,192
)
(74,296
)
(60,698
)
Non-controlling interest dividend
(3,520
)
(5,597
)
(3,760
)
(10,940
)
(5,597
)
Cash distributions paid
(36,068
)
(30,615
)
(34,014
)
(104,073
)
(88,698
)
Financing costs paid
(174
)
(326
)

(207
)
(4,639
)
Net cash used in financing activities
(75,708
)
(50,629
)
(52,007
)
(94,557
)
(32,733
)
 
 
 
 
 
 
Net increase/(decrease) in cash and cash equivalents
8,673

(11,253
)
(457
)
(45,949
)
(16,495
)
Cash and cash equivalents at beginning of period
48,478

61,085

48,935

103,100

66,327

Cash and cash equivalents at end of period
$
57,151

$
49,832

$
48,478

$
57,151

$
49,832









APPENDIX A - RECONCILATION OF NON-GAAP FINANCIAL MEASURES
Distributable Cash Flow (“DCF”)
Distributable cash flow represents net income adjusted for depreciation and amortization, unrealized gains and losses from derivatives, unrealized foreign exchange gains and losses, other non-cash items, and maintenance and replacement capital expenditures. Maintenance and replacement capital expenditures, including expenditure on drydocking, represent capital expenditures required to maintain over the long-term the operating capacity of, or the revenue generated by, Golar Partners' capital assets. Distributable cash flow is a quantitative standard used by investors in publicly-traded partnerships to assist in evaluating a partnership's ability to make quarterly cash distributions. Distributable cash flow is a non-GAAP financial measure and should not be considered as an alternative to net income or any other indicator of Golar Partner's performance calculated in accordance with GAAP. The table below reconciles distributable cash flow to net income, the most directly comparable GAAP measure.
(in thousands)
Three months ended September 30, 2014

Three months ended June 30, 2014

Net income*
69,553

$
40,527

Add:
 
 
  Depreciation and amortization
20,828

19,895

  Unrealized (gain) loss from interest rate derivatives
(4,190
)
3,294

  Unrealized net (gain)/loss from foreign exchange retranslation
(627
)
234

Deferred costs amortization
996

990

Costs indemnified by Golar LNG
(300
)
750

NR Satu Deferred Tax
(11,832
)

 
 
 
Less:
 
 
Estimated maintenance and replacement capital expenditures (including drydocking reserve)
(17,137
)
(16,937
)
Non-controlling interest's share of DCF before maintenance and replacement capital expenditure
(4,126
)
(3,647
)
 
 
 
Distributable cash flow
$
53,165

$
45,106

 
 
 
Distributions declared:
 
 
Limited partners
$
34,454

$
34,454

General partner
1,614

1,614

 
 
 
Coverage ratio
1.47

1.25


* Net income for the third quarter of 2014 includes a $15.1million net credit in the tax line which principally relates to the recognition of deferred tax asset from reassessment of historically uncertain tax positions and a write back of the tax provision.
Adjusted EBITDA
Adjusted EBITDA refers to earnings before interest, other financial items, taxes, non-controlling interest, depreciation and amortization. Adjusted EBITDA is a non-GAAP financial measure used by investors to measure our performance.
The Partnership believes that adjusted EBITDA assists its management and investors by increasing the comparability of its performance from period to period and against the performance of other companies in its industry that provide adjusted EBITDA information. This increased comparability is achieved by excluding the potentially disparate effects between periods or companies of interest, other financial items, taxes and depreciation and amortization, which items are affected by various and possibly changing financing methods, capital structure and historical cost basis and which items may significantly affect net income between periods. The Partnership believes that including adjusted EBITDA as a financial and operating measure benefits investors in (a) selecting between investing in the Partnership and other investment alternatives and (b) monitoring the Partnership's ongoing financial and operational strength in assessing whether to continue to hold common units. Adjusted EBITDA is a non-GAAP financial measure and should not be considered as an alternative to net income or any other indicator of Golar Partners' performance calculated in accordance with GAAP. The table below reconciles Adjusted EBITDA to net income, the most directly comparable GAAP measure.







 
Three months ended September 30,
(in thousands)
2014

2013

Net income
$
69,553

$
38,006

 
 
 
Depreciation and amortization
20,828

17,485

Net financial expenses
10,953

15,212

Tax
(15,116
)
2,599

 
 
 
Adjusted EBITDA
$
86,218

$
73,302

Annualized adjusted EBITDA
$
344,872

$
293,208










FORWARD LOOKING STATEMENTS

This press release contains certain forward-looking statements concerning future events and Golar Partners operations, performance and financial condition. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words “believe”, “anticipate”, “expect”, “estimate”, “project”, “will be”, “will continue”, “will likely result”, “plan”, “intend” or words or phrases of similar meanings. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond Golar Partners control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially include, but are not limited to:

statements about market trends in the floating storage and regasification unit (or FSRU), liquefied natural gas (or LNG) carrier and floating liquefied natural gas vessel (or FLNGV) industries, including charter rates, factors affecting supply and demand, and opportunities for the profitable operations of FSRUs, LNG carriers and FLNGVs;
statements about Golar Partners and Golar LNG's ability to retrofit vessels as FSRUs or FLNGVs and the timing of the delivery and acceptance of any such retrofitted vessels by their respective charterers;
Golar Partners ability to increase distributions and the amount of any such increase;
Golar Partners ability to integrate and realize the expected benefits from acquisitions, including the acquisition of the FSRU, Golar Igloo, which we acquired from Golar in March 2014;
Golar Partners anticipated growth strategies;
the effect of the worldwide economic slowdown;
turmoil in the global financial markets;
fluctuations in currencies and interest rates;
general market conditions, including fluctuations in charter hire rates and vessel values;
changes in Golar Partners operating expenses, including drydocking and insurance costs and bunker prices;
forecasts of Golar Partners ability to make cash distributions on the units or any increases in cash distributions;
Golar Partners future financial condition or results of operations and future revenues and expenses;
the repayment of debt and settling of interest rate swaps;
Golar Partners ability to make additional borrowings and to access debt and equity markets;
planned capital expenditures and availability of capital resources to fund capital expenditures;
the exercise of purchase options by the Partnerships charterers;
Golar Partners ability to maintain long-term relationships with major LNG traders;
Golar Partners ability to leverage Golar LNG's relationships and reputation in the shipping industry;
Golar Partners ability to purchase vessels from Golar LNG in the future;
Golar Partners continued ability to enter into long-term time charters, including charters for floating storage and regasification projects;
Golar Partners ability to maximize the use of its vessels, including the re-deployment or disposition of vessels no longer under long-term time charter;
timely purchases and deliveries of newbuilding vessels;
future purchase prices of newbuildings and secondhand vessels;
Golar Partners ability to compete successfully for future chartering and newbuilding opportunities;
acceptance of a vessel by its charterer;
termination dates and extensions of charters;
the expected cost of, and Golar Partners ability to comply with, governmental regulations, maritime self-regulatory organization standards, as well as standard regulations imposed by its charterers applicable to Golar Partners business;
availability of skilled labor, vessel crews and management;
Golar Partners general and administrative expenses and its fees and expenses payable under the fleet management agreements and the management and administrative services agreement;
the anticipated taxation of Golar Partners and distributions to Golar Partners unitholders;
estimated future maintenance and replacement capital expenditures;
Golar Partners ability to retain key employees;
customers' increasing emphasis on environmental and safety concerns;
potential liability from any pending or future litigation;
potential disruption of shipping routes due to accidents, political events, piracy or acts by terrorists;
future sales of Golar Partners securities in the public market;
Golar Partners business strategy and other plans and objectives for future operations; and
other factors listed from time to time in the reports and other documents that Golar Partners file with the U.S. Securities and Exchange Commission.






All forward-looking statements included in this release are made only as of the date of this release on. New factors emerge from time to time, and it is not possible for us to predict all of these factors. Further, Golar Partners cannot assess the impact of each such factor on its business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement. Golar Partners does not intend to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Golar Partners expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.







SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
Golar LNG Partners LP
(Registrant)
 
 
 
Date: November 26, 2014
By:
/s/ Graham Robjohns
 
 
Graham Robjohns
Principal Executive Officer



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