Financial Review
Business Performance
|
2018 |
|
Jul-Sep |
Apr-Jun |
(in thousands of $) |
Vessel and other operations |
FLNG |
Total |
Vessel and other operations |
FLNG |
Total |
Total operating revenues |
68,577 |
|
54,524 |
|
123,101 |
|
40,797 |
|
18,577 |
|
59,374 |
|
Vessel operating expenses |
(16,785 |
) |
(12,065 |
) |
(28,850 |
) |
(16,940 |
) |
(3,556 |
) |
(20,496 |
) |
Voyage, charterhire & commission expenses (including
expenses from collaborative arrangement) |
(23,280 |
) |
(1,457 |
) |
(24,737 |
) |
(16,030 |
) |
(453 |
) |
(16,483 |
) |
Administrative expenses(2) |
(14,804 |
) |
29 |
|
(14,775 |
) |
(13,257 |
) |
(99 |
) |
(13,356 |
) |
Project development expenses(2) |
(1,037 |
) |
(4,704 |
) |
(5,741 |
) |
(1,145 |
) |
(6,798 |
) |
(7,943 |
) |
Realized gain on oil derivative instrument(3) |
- |
|
11,270 |
|
11,270 |
|
- |
|
3,048 |
|
3,048 |
|
Other operating gains (losses) |
26,000 |
|
(2,740 |
) |
23,260 |
|
10,000 |
|
(9,982 |
) |
18 |
|
Adjusted EBITDA(1) |
38,671 |
|
44,857 |
|
83,528 |
|
3,425 |
|
737 |
|
4,162 |
|
|
|
|
|
|
|
|
Reconciliation to operating income
(loss) |
|
|
|
|
|
|
Unrealized gain on oil derivative instrument(3) |
- |
|
77,470 |
|
77,470 |
|
- |
|
94,700 |
|
94,700 |
|
Depreciation and amortization |
(16,477 |
) |
(12,051 |
) |
(28,528 |
) |
(16,366 |
) |
(4,091 |
) |
(20,457 |
) |
Operating income (loss) |
22,194 |
|
110,276 |
|
132,470 |
|
(12,941 |
) |
91,346 |
|
78,405 |
|
(2) With effect from the quarter
ended June 30, 2018, we presented a new line item, "Project
development expenses", which includes costs associated with
pursuing future contracts and developing our pipeline of activities
that have not met our internal threshold for capitalization.
Previously, these costs were presented within "Administrative
expenses" along with our general overhead costs. This presentation
change has been retrospectively adjusted in prior periods.
(3)With effect from the quarter
ended September 30, 2018, we have split the line item "Realized and
unrealized gain on oil derivative instrument" relating to income
from the FLNG Hilli Episeyo Liquefaction
Tolling Agreement into two line items, "Realized gain on oil
derivative instrument" and "Unrealized gain on oil derivative
instrument". The unrealized component includes a mark-to-market
movement of $77.5 million (June 30, 2018: $94.7 million) on the oil
embedded derivative, which represents the estimate of expected
receipts under the remainder of the Brent oil linked clause of the
Hilli Episeyo Liquefaction Tolling Agreement.
The realized component amounts to $11.3 million (June 30, 2018:
$3.0 million) and represents the income in relation to the
Hilli Episeyo Liquefaction Tolling Agreement
receivable in cash. This presentation change has been
retrospectively adjusted in prior periods.
Including Golar Partners' interest
in FLNG Hilli Episeyo, which is consolidated
by Golar, the Company reports today 3Q 2018 operating income of
$132.5 million compared to $78.4 million in 2Q 2018 ("2Q").
Total operating revenues net of
voyage, charterhire and commission expenses increased from $42.9
million in 2Q to $98.4 million in 3Q. Of the 3Q total, $45.3
million is derived from vessel and other operations and $53.1
million is from FLNG operations.
Revenues from vessel and other
operations, including management fee income, net of voyage,
charterhire and commission expenses increased by $20.5 million to
$45.3 million in 3Q. Revenue was negatively impacted by one vessel
dry-docking during the quarter. Rising LNG production and ton miles
together with a seasonal increase in trading activity absorbed
vessels resulting in improving utilization and increasing charter
rates. Fleet utilization increased from 62% in 2Q to 86% in 3Q.
Daily TCE1 earnings
increased from $19,600 in 2Q to $41,200 in 3Q.
FLNG Hilli
Episeyo completed its first full quarter of operations.
Operating revenues of $54.5 million include base tolling fees and
amortization of pre-acceptance amounts recognized. Assuming
uninterrupted operations, future quarterly operating revenues
should be consistent at around the $54 million level recorded in
3Q.
Total vessel operating expenses
increased by $8.4 million to $28.9 million in 3Q. FLNG operating
costs for Hilli Episeyo were slightly higher
than expected average operating costs for the vessel.
At $14.8 million for the quarter,
total administrative expenses were $1.4 million higher than 2Q.
Additional employment costs, including non-cash share option
expenses which totaled $3.7 million, together with higher property
and office expenses as a result of an office move account for the
increase.
Project development expenses
include costs associated with the pursuit of potential projects and
contracts. These expenses decreased from $7.9 million in 2Q to
$5.7million in 3Q. Reduced engineering fees incurred in respect of
the BP-Kosmos Tortue FLNG conversion and Mark II FLNG Front End
Engineering and Design ("FEED") studies account for the
decrease.
The Brent oil linked component of
Hilli Episeyo's fees generates additional
annual operating cash flows of approximately $3 million for every
dollar increase in Brent Crude prices between $60.00 per barrel and
the contractual ceiling. Billing of this component is based on a
three month look-back at average Brent Crude prices. Amounting to
$11.3 million in 3Q, the realized gain on the oil derivative
instrument was up $8.2 million on 2Q. The increase in this hire
component is predominantly a function of the vessel's first full
quarter in service, but also a result of higher oil prices.
The fair value of the derivative
asset (i.e. the value at September 30 of the potential future cash
flow from the oil linked hire component) increased by $77.5 million
during the quarter, with a corresponding unrealized gain of the
same amount recognized in the income statement. The fair value
increase was driven by an upward movement in the future market for
Brent Oil.
Other operating gains and losses
reported a 3Q gain of $23.3 million for the quarter. A cash
recovery of $26.0 million was made during the quarter as a result
of proceedings in respect of a former contract for the Golar Tundra. Proceedings are expected to end shortly.
Mitigating the 3Q cash recovery in respect of Golar Tundra were FLNG related costs of $2.7 million in
connection with the dissolution of OneLNG. Future costs in
connection with this dissolution are expected to be minimal.
Depreciation and amortization
increased by $8.1 million to $28.5 million in 3Q. The increase is
once again due to the FLNG Hilli Episeyo,
which was a depreciating asset for three months in 3Q versus one
month in 2Q.
Net Income
Summary
|
2018 |
2018 |
(in thousands of $) |
Jul-Sep |
Apr-Jun |
Operating income |
132,470 |
|
78,405 |
|
Interest
income |
3,106 |
|
2,100 |
|
Interest
expense |
(32,645 |
) |
(24,014 |
) |
Losses on
derivative instruments(4) |
(10,730 |
) |
(85 |
) |
Other
financial items, net(4) |
2,499 |
|
1,916 |
|
Income
taxes |
(156 |
) |
(490 |
) |
Equity in
net earnings (losses) of affiliates |
2,668 |
|
(4,674 |
) |
Net
income attributable to non-controlling interests |
(31,000 |
) |
(16,839 |
) |
Net income attributable to Golar LNG Limited |
66,212 |
|
36,319 |
|
(4) With effect from the quarter
ended September 30, 2018, we presented a new line item, "(Losses)
gains on derivative instruments", which relates to the movement of
our derivative instruments. Previously, these items were presented
within "Other financial items, net" along with our general finance
costs. This presentation change has been retrospectively adjusted
in prior periods.
In 3Q, the Company generated net
income of $66.2 million. In addition to the increase in Operating
Income, other items contributing to the $29.9 million increase in
3Q are summarized as follows:
-
Interest expense increased by $8.6
million to $32.6 million mainly due to a full quarter's interest
expense in respect of Hilli Episeyo. These
costs had been capitalized up until the vessel's acceptance on May
31.
-
3Q recorded a $10.7 million loss on
derivative instruments compared to a 2Q loss of $0.1 million.
This includes mark-to-market valuations on the Total Return Swap
("TRS"), interest rate swaps ("IRS") and the Golar Partners
Earn-Out Units derivative.
-
Other financial items reported a 3Q
gain of $2.5 million compared to a 2Q gain of $1.7 million. This
includes cash settled undesignated swap receipts together with
foreign exchange gains and losses.
-
The $2.7 million 3Q equity in net
earnings of affiliates is primarily comprised of the
following:
-
Net income attributable to
non-controlling interests represents external interests in the
Hilli Episeyo and the finance lease variable
interest entities ("VIEs").
Commercial
Review
LNG
Shipping
Increasing US LNG production and
start-up of Yamal T2 together with strong Asian demand and rising
ton miles prompted a number of multi-month and multi-year charters
ahead of the summer cooling season. Vessel availability declined
and rates increased, briefly surpassing their 2017 winter highs.
Activity then eased over the summer months before regaining its
positive momentum in September as strong end-user demand and rising
oil prices fed through to increasing LNG prices, vessel fixtures,
and spot rates approaching $100,000 per day. Newbuild deliveries
also began to decline and commercial terms for Pacific basin
fixtures exceeded those in the Atlantic for the first time since 3Q
2014. JKM and European gas prices ended the quarter up 86% and 43%
respectively year-on-year, once again driven by strong demand from
China and Korea. Comprised of a TCE1 of $48,100 in
respect of its TFDE fleet (taking into account the dry-docking of
one vessel during the quarter) and $11,000 for its two steam
vessels, Golar recorded a 3Q 2018 TCE1 of $41,200
per day, up 210% on the $13,300 per day achieved in 3Q 2017 and
110% on the $19,600 achieved in 2Q 2018.
Dominated by new US volumes, LNG
trade is expected to increase by 10% per annum from 290 million
tons in 2017 to around 388 million tons in 2020. According to
industry analysts, ton mile demand is expected to increase by 40+%
over the same time frame. Annual fleet growth of 5% through to
2020, will, according to industry analysts, not be sufficient to
meet this demand. Leading brokers continue to expect a 30-40 vessel
shortfall. As of today there are minimal prompt available vessels
worldwide and it is no longer possible to order a vessel for
delivery before 2021. Multi-month and multi-year contracts continue
to present themselves adding upward pressure on rates. The
reactivated steam vessel Golar Viking is in
the process of concluding an 11-month charter at a rate that is
expected to improve the Adjusted EBITDA1 of the
company by $17 million relative to the vessel's layup position.
Spot rates in excess of $100,000 are now routinely being achieved
for TFDE vessels with some vessels being fixed on short-duration
voyages at substantially higher rates.
As previously indicated, Golar is
working with other ship owners to establish a consolidated
structure that will allow LNG shipping investors more direct
exposure to the LNG shipping market. Some progress with these
discussions has been made in the last quarter.
Golar Partners (a
non-consolidated affiliate of Golar LNG)
Triggered by the dry-docking of
Golar Freeze on July 19, all remaining
revenues receivable in respect of a prior contract for the FSRU
were recognized during the quarter contributing to a significant
improvement in the Partnership's 3Q results. Dry-dock and
modifications necessary to service Golar
Freeze's new 15-year contract were completed on October 20. By
virtue of its 50% interest in Hilli Episeyo's
common units, the Partnership is entitled to 50% of the net
earnings of Hilli Episeyo attributable to
common unit holders after July 12 when the acquisition closed. The
Partnership's reported share of net earnings in 3Q amounted to a
loss of $0.1 million which includes non-cash charges of $7.3
million related to the depreciation and amortization of fair value
adjustments made upon acquisition of the common units.
In line with what was communicated
in 2Q, management completed its review of the Partnership's
distribution capacity on October 23. After a thorough review, the
Partnership's Board approved a quarterly distribution going forward
of $0.4042 per unit, effective 3Q 2018. Based on the conservative
assumptions used for recontracting the Partnership believes that
this level of distribution, which represents a 30% cut, is
sustainable for the foreseeable future. Reflective of a vessel
dry-dock during the quarter and less than a full quarter's
contribution from Hilli Episeyo, but excluding
the additional revenues recognized during 3Q in respect of
Golar Freeze's prior contract, 3Q distribution
coverage1 increased to
1.02, from 0.56 in 2Q.
As a result of the cut, annual
cash distributions to Golar in respect of its 31.8% interest in the
Partnership will be reduced by approximately $15.7 million. Scope
for improvement exists should the shipping market outperform
moderate positive expectations or should the FSRU Golar Spirit find employment. There are also
acquisition opportunities for the Partnership including Hilli Episeyo Train 2, the FSRU Golar
Nanook, cash flows from the Sergipe project and a pipeline of
potential carriers and FSRUs available for long-term fixtures.
These opportunities are, however, to a large extent dependent on
more effectively priced Golar Partners equity or realization of a
flatter debt amortization profile that better reflects the economic
life of the Partnership's assets.
FLNG
FLNG Hilli
Episeyo continues to operate with 100% commercial availability.
Currently in the process of exporting its 10th LNG cargo, the
vessel's proof of concept continues to add momentum to both
existing and new opportunities under discussion. Discussions also
continue with field operator Perenco as to the timing of
utilization of Hilli Episeyo's excess
capacity.
On July 12, Golar and affiliates
of Keppel Shipyard Limited and Black and Veatch closed the sale of
50% of the common units in Golar Hilli LLC to the Partnership.
Although Golar continues to consolidate Golar Hilli LLC, after this
transaction, net of non-controlling interests, Golar is entitled to
44.6% of cash flows from the initially contracted toll fee under
the liquefaction tolling agreement, 89.1% of the Brent oil linked
cash flows and 86.9% of any future cash flows from the vessel's
expansion capacity. Annual cash generation to Golar based on
current Brent Crude prices of $73bbl is expected to amount to
approximately $40 million.
FEED work for the provision of a
FLNG vessel to service the BP operated Greater Tortue/Ahmeyim
project offshore Mauritania and Senegal has made significant
progress and is in its final stages. BP has previously communicated
to their shareholders that they expect to take FID on the project
before the end of 2018. Golar remains ready to support this.
Golar has also spent considerable
time developing the Mark II FLNG vessel design. This work has been
done in conjunction with other Asian yards. Significant progress
has been made on the 3mtpa design and indications are that this
will be cost competitive with the Mark I (Hilli
Episeyo) design. These yards, in combination with export credit
agencies and domestic banks, are likely to offer more attractive
financing packages. The Mark II concept has applications that
include the US Gulf Coast Delfin LNG ("Delfin") project and
Fortuna.
Recent changes in leadership and
sponsorship put the Delfin project on a clear path to FID and see
the project take on an increased level of activity for Golar. When
connected to Delfin's existing pipeline infrastructure, the Mark II
FLNG solution is expected to deliver the lowest cost liquefaction
solution in North America giving Delfin and Golar an early mover
advantage marketing a relatively small parcel of LNG into a demand
driven market. Further to the Joint Development Agreement signed in
June 2017, Golar and Delfin are now working to finalize terms for
the establishment of a joint venture company to own and develop the
first floating liquefaction vessel.
Golar Power
(50/50 Golar/Stonepeak Infrastructure Partners non-consolidated
downstream joint venture)
Construction of the Sergipe power
plant and associated FSRU mooring, pipeline and transmission line
infrastructure continues to plan and remains on track for
commencement of operations on January 1, 2020. Over 2,000 workers
are currently on site.
Assuming no dispatch under the
Power Purchase Agreements ("PPA"), forecast annual Adjusted
EBITDA1 including
inflation uplifts to date from the power project (of which Golar is
entitled to a 25% interest which will be included within "equity in
net earnings of affiliates" in the consolidated statements of
income) is BRL 1.16 billion, equivalent to approximately US$313
million at a USD/BRL rate of 3.7. Payments under the executed PPA
are inflation indexed over the 25-year term and provide for
pass-through of fuel costs when the power plant is called upon to
dispatch. Around 94% of the project finance facility is also BRL
denominated. Net debt1 equates to
approximately $1.24 billion at the same USD/BRL rate, thus creating
a natural hedge for currency movements.
Additional to the forecast annual
Adjusted EBITDA1 from the
power project, the FSRU is expected to generate annual US CPI
Adjusted EBITDA1 of
approximately US$41.0 million (of which Golar is entitled to a 50%
interest which will be included within "equity in net earnings of
affiliates" in the consolidated statements of income). The modified
FSRU Golar Nanook was delivered from the
shipyard on September 27. Upon delivery a $235.5 million China
Construction Bank Financial Leasing sale and leaseback facility was
drawn down and used to settle the final yard installment of $174.6
million. Of the remaining $60.9 million liquidity released to Golar
Power, $21.6 million was paid to project developer Genpower in
October as part consideration for the acquisition of Genpower's
initial 25% share in the power station. A final payment of
approximately $10.0 million will be payable to Genpower upon
commencement of commercial operations in January 2020. Remaining
liquidity will be used to fund Golar Power working capital
requirements through to commencement of operations at Sergipe.
Commencing in approximately 14
months, Golar's share of annual run rate Adjusted EBITDA1
less debt service from the fully financed Sergipe Power project and
FSRU is expected to amount to approximately $45 million in 2020
assuming no dispatch. Golar Power is examining several alternate
projects that could utilize the FSRU's 65% spare capacity and
further augment cash generation.
Although the generic FSRU market
remains over supplied and very competitive, Golar Power has
invested heavily in securing licenses that allow it to bid at
future Brazilian power auctions, of which there are usually 2-4 per
annum. In addition to creating attractive new markets for LNG,
these potential projects are expected to create more appealing
opportunities to deploy Golar FSRUs.
Avenir (25%
interest in LNG small-scale venture, a non-consolidated
affiliate)
Building on a teaming agreement
previously signed with Stolt-Nielsen, Golar announced on October 1,
2018 an investment of $24.8 million in small-scale LNG services
provider Avenir. This investment represents part of a combined
commitment of up to $182.0 million from initial shareholders
Stolt-Nielsen (50%), Höegh (25%) and Golar (25%). Golar's overall
commitment to Avenir, which plans to list on the Oslo OTC market,
is therefore $45.5 million. Small-scale opportunities to be pursued
by Avenir include delivery of LNG to areas of stranded demand,
development of LNG bunkering services and supply of LNG to the
transportation sector. Savings as a result of high-margin
oil-to-gas switching, policy changes including IMO2020, and the
environmental merits of LNG relative to other fossil fuels are all
expected to generate significant growth in this sector.
Avenir has taken FID and has
started to build a LNG receiving terminal in Sardinia and is
targeting distribution of LNG locally. Avenir may also be able to
support future FSRU projects being pursued by two of its sponsors.
Spare capacity on board FSRUs could be utilized to develop
small-scale LNG distribution opportunities. Markets developed by
Avenir together with demand for regasified LNG from an anchor
tenant could then collectively support an otherwise marginal FSRU
project. The company believes that early access to small-scale ship
capacity might be critical to a tailor made solution for an
oil-to-gas switch for potential customers. Avenir has ordered four
7,500cbm vessels and is in the process of committing to
significantly more shipping capacity. Logistics and shipping
services provided by Avenir may also be utilized in the event that
Golar Power elects to use some of the spare capacity on board the
FSRU Golar Nanook to break-bulk LNG in
Sergipe.
Golar will equity account for its
interest in Avenir. A shorter capex cycle relative to traditional
LNG infrastructure means that this business has the potential to be
generating cash flows as early as 2020.
Financing
Review
Golar's total current cash
position as at September 30 was $764.2 million (including long-term
restricted cash), of which $306.4 million was unrestricted and
$175.5 million relates to the Hilli Episeyo
letter of credit. This is after having settled amounts due to
non-controlling (10.89%) shareholders Keppel and Black and Veatch
following the final debt draw down and subsequent drop down of 50%
of the common units of Golar Hilli LLC to Golar Partners. Of the
$175.5 million restricted cash securing the Hilli
Episeyo letter of credit, approximately $126.2 million is
expected to be released to free cash1 between 2019
and 2021.
During the quarter amendments to
the existing margin loan facility, secured by units in Golar
Partners, were agreed. Subject to the satisfaction of certain
covenants, no further principal repayments will be required ahead
of loan maturity in March 2020. As at September 30, $100 million
was outstanding against this facility.
During 4Q 2018 to date, $24.8
million has been paid to Avenir in respect of Golar's 25%
investment and an expected $38.0 million representing final sums
due in respect of the Hilli Episeyo conversion
will be settled. Against this, a further $14.0 million has been
received from former charterers of the FSRU Golar
Tundra.
Included within the $830.9 million
current portion of long-term debt and short-term debt is $799.0
million relating to lessor-owned VIE subsidiaries that Golar is
required to consolidate in connection with 8 sale and leaseback
financed vessels, including the Hilli Episeyo.
Of the balance associated with VIE financings, one facility
amounting to $134.8 million is due for refinancing by the end of
2018. Refinancing discussions are progressing.
Corporate and
Other Matters
As at September 30, 2018, there
were 101.3 million shares outstanding, including 3.0 million TRS
shares that had an average price of $44.55 per share. The TRS was
marked-to-market as of September 30, 2018 when the closing price
was $27.80 per share. There were also 4.0 million outstanding stock
options in issue with an average price of $36.37.
Over recent quarters Golar has
focused on strengthening its balance sheet. As of today a solid
cash and cash flow position have created a strong financial
platform to equity finance a new FLNG project.
In light of the successful
start-up of Hilli Episeyo and strong
improvement in the shipping market the Board has approved an
increase in the quarterly dividend from $0.125 to $0.15. It is the
Board's intention to continue to grow the distribution. The size of
this growth will be dependent on the development of the LNG
shipping market as well as the equity required to finance further
FLNG projects.
At Golar's Annual General Meeting
on September 26, 2018, Thorleif Egeli was appointed as a Director,
replacing Fredrik Halvorsen. Thorleif brings to Golar a wealth of
upstream experience gained predominantly from a long career at
Schlumberger.
Outlook
FLNG Hilli
Episeyo, operational for its first full quarter, delivered
consolidated Adjusted EBITDA1 exclusive of
unrealized oil derivative related income of $52.3 million.
Charterers Perenco and SNH are pleased with the vessel's
performance and discussions have commenced with Perenco on the
utilization of the vessel's spare capacity. Golar anticipates being
able to have some clarity of when the additional capacity will be
taken up around the end of 4Q 2018. The Company also remains
focused on being able to support BP on their Tortue project, and
developing its pipeline of other FLNG opportunities.
Illustrative economics of shipping
rate scenarios that only a few months ago may have appeared
ambitious are beginning to materialize. Third quarter Adjusted
EBITDA1 from vessel
and other operations amounted to $38.7 million. For every $10,000
increase in TCE, Adjusted EBITDA1 from ships
trading in the spot market will increase by approximately $40
million on an annual basis. 4Q TCE1 in the range
of $70,000 - $80,000 is expected based on current fixtures which
includes TFDE vessels in the range of $85,000 - $95,000. A
strengthening market together with the resumption of trading by the
Golar Viking during December are expected to
result in further improvements to Adjusted EBITDA1 and net
cash generation in 1Q 2019.
Golar Power is now less than 14
months away from commencing regas and power generation operations
at its Sergipe power plant. Upon commencement in January 2020 and
assuming no dispatch, this is expected to generate approximately
$99 million in annual run rate Adjusted EBITDA1 based
on a BRL/USD rate of 3.7, and approximately $45 million after the
deduction of debt service.
The Board is particularly pleased
with the way management is executing complex projects using new
technology in a cost effective and efficient manner. The strong
operational track record from these projects gives Golar unique
credibility and a market leading position in the fast growing
integrated LNG market.
A prolonged period of investment
of around $4 billion worth of LNG infrastructure, including
carriers, FSRUs, Hilli Episeyo and the Sergipe
project is drawing to a close. Although it has been a challenge in
the low oil price environment to carry this through without
dilution to equity holders, concepts and investments are finally
being transformed into operations and cash flows. Commencement of
Hilli Episeyo, a resurgent shipping market and
the pending start-up of Sergipe have transformed Golar into a fully
financed cash generative company. It is the Board's intention to
use part of the cash flow to grow the Company further, and to
increase the distribution to the Company's shareholders.
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 "may," "could," "should," "would," "expect," "plan,"
"anticipate," "intend," "forecast," "believe," "estimate,"
"predict," "propose," "potential," "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 subject to certain risks, uncertainties
and other factors, some of which are beyond our control and are
difficult to predict. 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.
Among the important factors that
could cause actual results to differ materially from those in the
forward-looking statements are:
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 law.