GLNG Golar LNG Limited

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OR

☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)  OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended			December 31, 2019

OR

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)  OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from						to

OR

☐			SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d)  OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report

Commission file number			000-50113

 

Golar LNG Limited
(Exact name of Registrant as specified in its charter)
(Translation of Registrant's name into English)
Bermuda
(Jurisdiction of incorporation or organization)
2nd Floor, S.E. Pearman Building, 9 Par-la-Ville Road, Hamilton HM 11, Bermuda
(Address of principal executive offices)

 

2nd Floor, S.E. Pearman Building, 9 Par-la-Ville Road, Hamilton HM 11, Bermuda

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to section 12(b) of the Act.

 

Securities registered or to be registered pursuant to section 12(g) of the Act.

None
(Title of class)

 

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.

None
(Title of class)

 Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report.

 

101,302,404 Common Shares, par value $1.00 per share

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes			X			No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 of 15(d) of the Securities Exchange Act 1934.

Yes						No			X

 

Note- Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes			X			No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes			X			No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of "accelerated filer and large accelerated filer" in Rule 12b-2 of the Exchange Act. (Check one).

Large accelerated filer

X

Accelerated filer

Non-accelerated filer

Emerging growth company

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.  

† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP

X

International Financial Reporting Standards as issued by the International      Accounting Standards Board

Other

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

Item 17

Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes

No

X

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

Yes						No

INDEX TO REPORT ON FORM 20-F

PART I						PAGE
ITEM 1.			IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS			1
ITEM 2.			OFFER STATISTICS AND EXPECTED TIMETABLE			1
ITEM 3.			KEY INFORMATION			1
ITEM 4.			INFORMATION ON THE COMPANY			31
ITEM 4A.			UNRESOLVED STAFF COMMENTS			49
ITEM 5.			OPERATING AND FINANCIAL REVIEW AND PROSPECTS			50
ITEM 6.			DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES			73
ITEM 7.			MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS			78
ITEM 8.			FINANCIAL INFORMATION			79
ITEM 9.			THE OFFER AND LISTING			80
ITEM 10.			ADDITIONAL INFORMATION			80
ITEM 11.			QUANTITATIVE AND QUALITATIVE DISCLOSURES  ABOUT MARKET RISK			90
ITEM 12.			DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES			91
PART II
ITEM 13.			DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES			91
ITEM 14.			MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS			91
ITEM 15.			CONTROLS AND PROCEDURES			91
ITEM 16A.			AUDIT COMMITTEE FINANCIAL EXPERT			92
ITEM 16B.			CODE OF ETHICS			92
ITEM 16C.			PRINCIPAL ACCOUNTANT FEES AND SERVICES			93
ITEM 16D.			EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES			93
ITEM 16E.			PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS			94
ITEM 16F.			CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT			94
ITEM 16G.			CORPORATE GOVERNANCE			94
ITEM 16H.			MINE SAFETY DISCLOSURE			95
PART III
ITEM 17.			FINANCIAL STATEMENTS			95
ITEM 18.			FINANCIAL STATEMENTS			95
ITEM 19.			EXHIBITS			96
SIGNATURES									98

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Matters discussed in this report may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

We desire to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are including this cautionary statement in connection with this safe harbor legislation. This report and any other written or oral statements made by us or on our behalf may include forward-looking statements, which reflect our current views with respect to future events and financial performance. When used in this report, the words "believe," "anticipate," "intend," "estimate," "forecast," "project," "plan," "potential," "will," "may," "should," "expect" and similar expressions identify forward-looking statements.

The forward-looking statements in this report 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. As a result, you are cautioned not to rely on any forward-looking statements.

In addition to these important factors and matters discussed elsewhere herein, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include among other things:

•our inability and that of our counterparty to meet our respective obligations under the Lease and Operate Agreement entered into in connection with the BP Greater Tortue / Ahmeyim Project (“Gimi GTA Project”);

•continuing uncertainty resulting from current or potential future claims from our counterparties of purported force majeure under contractual arrangements, including but not limited to our construction projects (including the Gimi GTA Project) and other contracts to which we are a party;

•challenges by authorities to the tax benefits we previously obtained under certain of our leasing agreements;

•changes in our ability to retrofit vessels as floating storage and regasification units ("FSRUs") or floating liquefaction natural gas vessels ("FLNGs") and in our ability to obtain financing for such conversions on acceptable terms or at all;

•changes in our ability to obtain additional financing on acceptable terms or at all;

•the length and severity of outbreaks of pandemics, including the recent worldwide outbreak of the novel coronavirus ("COVID-19") and its impact on demand for LNG and natural gas, the timing of completion of our conversion projects, the operations of our charterers, our global operations and our business in general;

•Golar Power's ability to operate the Sergipe power station project and related FSRU contract and to execute its downstream liquefied natural gas ("LNG") distribution plans;

•changes in our relationship with Golar Partners, Golar Power or Avenir and the sustainability of any distributions they pay to us;

•failure of our contract counterparties, including our joint venture co-owners, to comply with their agreements with us or other key project stakeholders;

•changes in LNG carrier, FSRU, or FLNG, or small-scale LNG market trends, including charter rates, vessel values or technological advancements;

•our vessel values and any future impairment charges we may incur;

•our ability to close potential future sales of additional equity interests in our vessels, including the Hilli Episeyo and FLNG Gimi on a timely basis or at all and our ability to contract the full utilization of the Hilli Episeyo or other vessels and the benefits that may to accrue to us as the result of any such modifications;

•changes in the supply of or demand for LNG carriers, FSRUs, FLNGs or small-scale LNG infrastructure;

•a material decline or prolonged weakness in rates for LNG carriers, FSRUs, FLNGs or small-scale LNG infrastructure;

•changes in the performance of the pool in which certain of our vessels operate and the performance of our joint ventures;

•changes in trading patterns that affect the opportunities for the profitable operation of LNG carriers, FSRUs, FLNGs or small-scale LNG infrastructure;

•changes in the supply of or demand for LNG or LNG carried by sea;

•continuing volatility of commodity prices;

•changes in the supply of or demand for natural gas generally or in particular regions;

•changes in our relationships with our counterparties, including our major chartering parties;

•a decline or continuing weakness in the global financial markets;

•changes in general domestic and international political conditions, particularly where we operate;

•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 Partners or 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 provision of FSRUs, FLNGs, and small-scale LNG infrastructure particularly through our innovative FLNG strategy and our joint ventures;

•actions taken by regulatory authorities that may prohibit the access of LNG carriers, FSRUs, FLNGs or small-scale LNG vessels to various ports;

•increases in costs, including, among other things, wages, insurance, provisions, repairs and maintenance; 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.

Please see our Risk Factors in Item 3 of this report for a more complete discussion of these and other risks and uncertainties.

We caution readers of this report not to place undue reliance on these forward-looking statements, which speak only as of their dates. These forward-looking statements are not guarantees of our future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements.

We undertake no obligation to publicly update or revise any forward-looking statements, except as required by law. If one or more forward-looking statements are updated, no inference should be drawn that additional updates will be made.