HAMILTON, BERMUDA- Despite a positive initial
response to the October 24, 2018 distribution cut, the Board of
Golar LNG Partners L.P. (the "Partnership"; NASDAQ: GMLP) believes
that the current unit price does not reflect the underlying value
of the business, its prospects or the sustainability of the new
distribution. Given the current yield of approximately 13%, unit
repurchases also represent an attractive rate of return on the
Partnership's surplus cash. The Board has therefore authorized an
increase to the common unit repurchase program announced in March
2018, from $25 million to $50 million. This facility will remain
available until March 2020. Under the terms of the repurchase
program, the Partnership may repurchase common units from time to
time, at the Partnership's discretion, on the open market or in
privately negotiated transactions. Any repurchases are subject to
market conditions, applicable legal requirements and other
considerations. Common units will be purchased only during periods
where the Partnership is not aware of material inside information
that would likely affect a seller's decision to sell. The
Partnership is not obligated under the repurchase program to
repurchase any specific dollar amount or number of common units,
and the repurchase program may be modified, suspended or
discontinued at any time. Any common units repurchased by the
Partnership under the program will be cancelled.
FORWARD LOOKING
STATEMENTS
This press release contains certain
forward-looking statements concerning future events and the
Partnership's 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. Such statements are
generally not historical in nature and specifically include
statements about the Partnership's plans, strategies, business
prospects and changes and trends in the business in which it
operates. In particular, statements regarding the
Partnership's cash distributions and common unit repurchase plan
are considered forward looking statements. 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 the
Partnership's control. Actual results may differ materially from
those expressed or implied by such forward-looking statements. New
factors emerge from time to time, and it is not possible for the
Partnership to predict all of these factors. Further, the
Partnership 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. The Partnership
does not intend to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in the Partnership's expectations with respect thereto or any
change in events, conditions or circumstances on which any such
statement is based.
Hamilton, Bermuda
December 4, 2018
Investor relations enquiries:
Golar Management Limited - +44 207 063 7900
Brian Tienzo
Stuart Buchanan
This information is subject
of the disclosure requirements pursuant to section 5-12 of the
Norwegian Securities Trading Act.