Foreign Filer Report • Aug 23, 2011
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Download Source File6-K 1 c105385.htm Prepared by Imprima
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 August 2011
Golar LNG Limited (Translation of registrants 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 Limited dated June 26, 2010.
Exhibit 99.1
INTERIM RESULTS FOR THE PERIOD ENDED JUNE 30, 2011
Highlights
| | Golar
LNG reports consolidated operating income of $21.3 million for the second
quarter of 2011 and a net loss of $0.6 million after interest rate swap
valuation losses of $5.7 million |
| --- | --- |
| | Golar
LNG increases its cash dividend to $0.275 cents per share |
| | Golar's
total order book increased to 8 LNG carriers and 1 newbuild FSRU |
| | Significant
improvement in TCE rates for the quarter due to all modern vessels on charter |
| | Golar
reports weak results from trading operation and will reduce this activity |
| | Spot
and short-term LNG shipping market continue to improve |
| | Successful
acquisition of 100% of Golar LNG Energy Limited shares through transactions
involving raising $352 million in new Golar LNG equity |
Financial Review
Golar LNG Limited ("Golar" or the "Company") reports consolidated net loss of $0.6 million and consolidated operating income of $21.3 million for the three months ended June 30, 2011 (the "second quarter").
Revenues in the second quarter were $74.0 million as compared to $67.5 million for the first quarter of 2011 (the "first quarter"). The improvement reflects the fact that the Company's four modern vessels were all fully employed during the quarter at improved rates, partly offset by the effect of Golar Maria being in drydock. These vessels will now continue under their current charters through the balance of 2011 until the charters cease during 2012. Vessel utilization for the second quarter increased to 97% as compared to 91% for the first quarter. Average daily time charter equivalent rates ("TCEs") for the second quarter increased to $91,666 from $80,694 in the first quarter as a result of improved utilisation.
Voyage expenses decreased during the second quarter to $0.8 million as compared to $3.8 million in the first quarter. Vessel operating expenses were however higher at $16.2 million for the second quarter compared to $14.0 million for the first quarter, mainly due to the reactivation costs incurred for the Gimi prior to the vessel entering the charter market. Operating costs have also increased though as a function of the US dollar weakening against the Euro and thereby increasing the cost of crew remunerated in Euro's.
The total loss for Golar Commodities in the second quarter amounts to $11.7 million, of which $2.5 million is included in administrative expenses, $0.5 million in financial expenses and $0.1 million in depreciation. The remaining $8.7 million represents trading losses, inclusive of unrealised mark-to-market valuation losses, as at the end of the quarter. All trades entered into to date have now been delivered and a gain of approximately $5.0 million is expected to be recognised so far in the third quarter.
Net interest expense for the second quarter at $6.7 million is slightly down from $6.9 million in the first quarter due to a slight reduction in LIBOR.
Other financial items have increased to a loss of $9.0 million for the second quarter from a small loss in the first quarter. The increase is largely a result of increased losses on the mark-to-market valuation of interest rate swaps of $5.7 million due to the reduction in longer term interest rates. The Company will however, due to its floating interest rate exposure show improved long term results as a function of the lower interest.
The Company reports operating revenues of $141.4 million, operating income of $41.8 million and a net income of $16.4 million for the six months ended June 30, 2011. This compares to operating revenues of $109.0 million, operating income of $23.7 million and a net loss of $8.5 million for the six months ended June 30, 2010.
Financing, corporate and other matters
Dividends The Board has decided to increase the quarterly dividend to $0.275 per share. The increase is a reflection of the solid improvement in the LNG shipping market over the last nine months. The Board has also taken account of the Company's large capital spend obligations when evaluating this increase in dividend. The record date for the dividend is September 13, 2011, ex-dividend date is September 9, 2011 and the dividend will be paid on or about September 27, 2011.
Acquisition of Golar LNG Energy ("Golar Energy") As previously announced, the company increased its ownership of Golar Energy during the quarter from 61.1% to 99.6%. On June 3, 2011 a compulsory offer was made to acquire the remaining 0.4% resulting in the delisting of Golar Energy from Oslo Axess on July 4, 2011. Of the 92,333,112 Golar Energy shares acquired 70,315,792, were exchanged for newly issued Golar LNG shares where the seller received one newly-issued Golar LNG share for every 6.06 Golar Energy shares, increasing the Company's share capital by 11,603,253. The new Golar LNG shares were effectively issued for $30.30 per share and the total amount of new equity was correspondingly $352 million. The remaining Golar Energy shares were acquired at a price of approximately $5 per share.
Golar LNG Partners LP ("Golar Partners") As previously announced, in April 2011, the Company completed a public offering of 13.8 million common units (including 1.8 million units issued in respect of an over-allotment option) of its subsidiary, Golar Partners, which is listed on the NASDAQ stock exchange under the symbol "GMLP". As a result of the offering the Company's ownership of Golar Partners was reduced to approximately 65%. Golar Partners owns and operates a fleet of two LNG carriers and two FSRUs each under long-term charters. The 13.8 million units were priced at $22.50 per unit resulting in gross proceeds of $310.5 million. As part of the transaction the Company has agreed to offer to Golar Partners the right to acquire all its LNG carrier and FSRU assets that in the future obtain contracts of greater than 5 years. The Company expects to sell Golar Freeze and Khannur (both FSRU's with long-term contracts) to Golar Partners during 2011 and 2012 respectively as well as others assets as new long-term contracts are secured. Golar LNG owns as of August 17, 2011 26,074,577 Golar LNG Partners units which is unchanged from the initial public offering. The value of these shares as of August 16, 2011 was $674 million.
Newbuilding As previously announced, the Company has entered into firm contracts to build six 160,000 m 3 LNG carriers with Samsung Heavy Industries Co Ltd. Four vessels are to be delivered in 2013 and two in early 2014. The Company is also announcing that it has now added to its newbuilding programme with orders for two further LNG 160,000 m 3 carriers and a 170,000 m 3 FSRU, withal from Samsung. The LNG carriers will be delivered in 2014 and the FSRU in September of 2013. Proceeds from the Golar LNG Partners IPO and expected sale of Golar Freeze and Khannur to that entity will go
towards financing the Company's newbuilding programme. The vessels contracting prices are seen as favourable in the current market. The total cost of all nine newbuildings amounts to approximately $1.8 billion. In line with the Company's other recently ordered vessels, these newbuilding contracts have been acquired from a Company affiliated to Golar's main shareholder, World Shipholding, based on the original contract price.
Financing The payments of the newbuilding program are significantly back ended. The Board anticipates that a combination of new long-term charters and long-term debt financing combined with likely drop downs to Golar LNG Partners will minimise the need for new equity for the newbuilding programme. The increase of dividend illustrates the Boards confidence in the Company's ability to finance its existing commitments.
In April 2011, the Company entered into a new $80 million revolving credit facility with a company related to its major shareholder, World Shipholding. This facility is now fully drawn and is scheduled to be repaid within the next 18 months.
Shares and options In line with the share swap noted above, 897,360 Golar LNG options were issued in the quarter. One Golar LNG option was issued for 6.06 Golar Energy option held by directors and employees at a strike price calculated to give the same intrinsic value to holders. Also during the quarter a total of 145,778 Golar LNG options were exercised. In connection with this, the Company issued 145,778 new shares. The total number of remaining Golar LNG options is 1,151,582. The total number of shares outstanding in Golar excluding options is 79,947,731.
Gimi The Gimi, which was previously in lay-up, commenced its re-activation in June and is expected to become available for chartering towards the end of August. The vessel is going through an extensive refitting programme and is expected to be available for chartering by the beginning of September. The expenditure on the vessel has increased to $20 million. Part of this increase is related to increasing the longevity of the vessel and its ability to perform under long-term charters. The Company is currently in specific discussions with regard to both short and long-term employment for the vessel and is hopeful that a conclusion can be reached shortly.
The Board has observed a modest increase in operating and administrative expenses. Part of this has been linked to the set up of Golar Commodities and Golar Partners. The Board has implemented action to closely monitor and seek to reverse this trend and is hopeful that such action will show improvements already in the second half of the year.
Shipping
During the quarter, there has remained strong demand for available modern LNG carriers. Charterers continue to secure forward available tonnage both well in advance of the commencement of their actual need (1-2 years) and for longer durations than the market had witnessed previously (5-10 years). Structural need for shipping continues to outstrip supply of tonnage, either forcing prospective Charterers to adjust their requirements, or leave many potential chartering opportunities uncovered. Small windows of availability will continue to exist in the form of backhaul and short intra-regional voyages; however, the market is expected to remain structurally tight for the foreseeable future.
Throughout the quarter, charter rates remained strong, pushing beyond $90,000 per day, on a round trip basis, for modern steam vessels tonnage. The anticipated structural tightness during 2012-2014 is expected to allow Owners to continue to demand improved freight economics.
The worldwide LNG fleet currently stands at 359 vessels including FSRUs with a further 61 on order; 39 vessels have been ordered since January 1, 2011. There is today very limited shipyard capacity available before the last quarter of 2014 and diminishing availability for 2015.
In the period 2014 to 2015, substantial new LNG supply is anticipated from Australia and the Middle East, which will require significant and as yet unsecured additional shipping capacity. Additional shipping capacity will also be needed to support the development of new liquefaction capacity, as well as the growing short term / spot LNG trading business (which accounts for, on average, between 18-22% of the overall LNG trade). The development of potential U.S. LNG export capacity will further increase the demand for tonnage.
Golar currently has four existing modern vessels and eight newbuildings available for employment over the next three years. With fundamental evidence of a structural deficit in the supply of LNG carriers in this same time period, the Board believes that the Company is advantageously positioned to lock in solid long term returns. The Company has already entered into specific discussions with regards to chartering its open tonnage and expects that a large part of this open position will be covered with charters by year end.
Additional demand for tonnage is to a large extent being driven by the large arbitrage opportunities in the existing market. These arbitrages support longer voyages and therefore increased shipping requirement. Golar's vessels will be delivered with historically low boil off rates and will have in all material respects have superior operating performance relative to the existing fleet.
Regasification
Work is continuing on schedule on the Company's FSRU project in West Java, Indonesia. The vessel Khannur is undergoing conversion operations in the Jurong yard in Singapore and the construction of the mooring facility for the vessel is also underway. The conversion project is progressing in accordance with the cost and time budget and the Company expects the terminal to be operational during the first quarter of 2012.
Market interest for the Company to provide floating regasification solutions remains strong. Golar is involved in four bidding/offer processes and expects another three processes to commence in the near term. Although the process is not completely finalised, we do not anticipate to be successful in the tender for the third FSRU in Brazil due to a lower bid. The Board is obviously disappointed but is hopeful that its decision to build a modern 170,000 m3 FSRU on a speculative basis will give the Company a competitive timing advantage in future tender processes. The Board is currently considering an option to convert one of the existing 160,000 m3 LNG carrier newbuildings into a further FSRU.
Golar Commodities
The Board is clearly disappointed with the performance of Golar Commodities since its start up. Part of the reason for the under-performance is linked to the dramatic change in trading which has occurred as a function of the tightening shipping market. Golar has further not been successful in integrating the Golar commodity team based in Tulsa fully into the Golar organisation.
The Board will, as a result of the lack of performance and the strengthening of the shipping market, reduce the trading activities until market opportunities open up again.
LNG Market
Incremental LNG supplies remained available in the market but were limited primarily to West African and Middle East supply sources.
Japan's appetite for incremental supply remained strong throughout the quarter as a result of the shutdown in nuclear production capacity. Supplied largely through divertible volumes from Qatar, Japanese longer term demand for supplies were largely addressed through a series of agreements with producers.
South American markets were very active with considerable supply moving into both Argentina and Brazil on the back of high season peak demand loads. Re-export opportunities out of the United States and Europe remained modest with only 14 cargoes exported thus far in 2011.
New projects slated to come on line in the coming quarters have been delayed. Woodside announced a further delay in the start up of their Pluto Project Train 1 to end first quarter 2012 while the developing project in Angola, slated to come on line in February 2012, has indicated a delay into the 2 nd quarter and possibly later. This new production together with debottlenecking projects and the ramp up of the significant number of new projects that have recently started up could add up to 47 million tonnes of LNG (or approximately 21% of total current production) to the market by the end of 2012. The fleet will in the same timeframe is expected to increase with only 10 ships or 3% of the existing fleet.
Outlook
The focus of the Company in the near term will be to leverage its open LNG carrier and FSRU positions into high value long-term contracted employment. On the back of natural gas and LNG taking an ever prominent role in the evolving global energy industry, market fundamentals are very supportive of the ability to lock in long term relationships with LNG players in need of reliable LNG carrier capacity to support their growing trade requirements.
With the addition of a newbuild FSRU vessel, the Company has increased its commitment to this market space where Golar is already a leader. Successful operational track records on our three existing FSRU's and a positive outlook for delivery of the next vessel in Indonesia creates a solid platform in a fast expanding industry. The outlook for the Company's FSRU business remains strong and we believe that next committed project will be realized prior to the end of 2011 or early 2012.
The Company will, as stated above, reduce its LNG trading activity until markets change or a more successful trading model has been established.
Operating income in the third quarter is expected to increase as a function of already realised gains from commodity trades. The results from vessel operations in the second half of the year should be positively impacted by the addition of Gimi. Results for 2012 are likely to improve as a function of the four existing modern vessels timecharters that come up for re-contracting in 2012. The commencement of the Khannur Charter in the first quarter of 2012 is likely to increase operating income, before depreciation and amortisation, by in excess of $40 million per annum.
The Board is pleased with the large investments the Company has been able to execute in the recent months. The development in the market shows a strong trend which is likely to continue for at least the next few years. With its shipping exposure and the organisational and corporate set up Golar is well positioned to convert this opportunity into long term value for shareholders.
Shareholders should expect strong growth in operating income over the next four quarters.
Forward Looking Statements
This press release contains forward looking statements. These statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including examination of historical operating trends made by the management of Golar LNG. Although Golar LNG believes that these assumptions were reasonable when made, because assumptions are inherently subject to significant uncertainties and contingencies, which are difficult or impossible to predict and are beyond its control, Golar LNG cannot give assurance that it will achieve or accomplish these expectations, beliefs or intentions.
Included among the factors that, in the Company's view, could cause actual results to differ materially from the forward looking statements contained in this press release are the following:
inability of the Company to obtain financing for the new building vessels at all or on favourable terms; changes in demand; a material decline or prolonged weakness in rates for LNG carriers; political events affecting production in areas in which natural gas is produced and demand for natural gas in areas to which our vessels deliver; changes in demand for natural gas generally or in particular regions; changes in the financial stability of our major customers; adoption of new rules and regulations applicable to LNG carriers and FSRU's; actions taken by regulatory authorities that may prohibit the access of LNG carriers or FSRU's to various ports; our inability to achieve successful utilisation of our expanded fleet and inability to expand beyond the carriage of LNG; increases in costs including: crew wages, insurance, provisions, repairs and maintenance; changes in general domestic and international political conditions; the current turmoil in the global financial markets and deterioration thereof; changes in applicable maintenance or regulatory standards that could affect our anticipated dry-docking or maintenance and repair costs; our ability to timely complete our FSRU conversions; failure of shipyards to comply with delivery schedules on a timely basis andother factors listed from time to time in registration statements and reports that we havefiled with or furnished to the Securities and Exchange Commission, including ourRegistration Statement on Form 20-F and subsequent announcements and reports.Nothing contained in this press release shall constitute an offer of any securities for sale.
August 17, 2011 The Board of Directors Golar LNG Limited Hamilton, Bermuda.
Questions should be directed to: Golar Management Limited - +44 207 063 7900 Doug Arnell - Chief Executive Officer Brian Tienzo - Chief Financial Officer
Golar LNG Limited
SECOND QUARTER CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)
| INCOME
STATEMENT — (in
thousands of $) | 2011 — Apr-Jun | | 2011 — Jan-Jun | | 2010 — Apr-Jun | | 2010 — Jan-Jun | | 2010 — Jan-Dec | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | unaudited | | unaudited | | unaudited | | unaudited | | audited | |
| Operating
revenues | 73,968 | | 141,455 | | 55,668 | | 109,003 | | 244,045 | |
| Vessel
operating expenses | 16,224 | | 30,224 | | 12,089 | | 25,134 | | 52,910 | |
| Voyage
and charterhire expenses | 819 | | 4,663 | | 10,002 | | 20,594 | | 32,311 | |
| Administrative
expenses | 9,364 | | 17,621 | | 4,380 | | 7,625 | | 22,832 | |
| Depreciation
and amortization | 17,570 | | 34,925 | | 16,158 | | 31,961 | | 65,076 | |
| Impairment
of long-term assets | - | | - | | - | | - | | 4,500 | |
| Total
operating expenses | 43,977 | | 87,433 | | 42,629 | | 85,314 | | 177,629 | |
| Other
operating gains and losses | (8,681 | ) | (12,267 | ) | - | | - | | (6,230 | ) |
| Operating
income | 21,310 | | 41,755 | | 13,039 | | 23,689 | | 60,186 | |
| Gain
on sale of available-for-sale-securities | - | | 541 | | 658 | | 1,420 | | 4,196 | |
| Financial
income (expenses) | | | | | | | | | | |
| Interest
income | 324 | | 764 | | 983 | | 2,414 | | 4,290 | |
| Interest
expense | (6,991 | ) | (14,299 | ) | (8,203 | ) | (16,037 | ) | (32,654 | ) |
| Other
financial items | (8,988 | ) | (9,024 | ) | (11,247 | ) | (19,463 | ) | (38,597 | ) |
| Net
financial expenses | (15,655 | ) | (22,559 | ) | (18,467 | ) | (33,086 | ) | (66,961 | ) |
| Income
(loss) before taxes, equity in net earnings of associates and non-controlling
interests | 5,655 | | 19,737 | | (4,770 | ) | (7,977 | ) | (2,579 | ) |
| Taxes | 1,189 | | 1,612 | | (449 | ) | (900 | ) | (1,427 | ) |
| Equity
in net earnings of investees | (540 | ) | (1,229 | ) | (323 | ) | (724 | ) | (1,435 | ) |
| Net
income (loss) | 6,304 | | 20,120 | | (5,542 | ) | (9,601 | ) | (5,441 | ) |
| Net
(income) loss attributable to non-controlling interests | (6,925 | ) | (4,393 | ) | (168 | ) | 1,139 | | 5,825 | |
| Net
(loss) income attributable to Golar LNG Ltd | (621 | ) | 15,727 | | (5,710 | ) | (8,462 | ) | 384 | |
| Basic
& diluted earnings / (loss) per share ($) | $0.00 | | $0.20 | | $(0.08 | ) | $(0.13 | ) | $0.01 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
Golar LNG Limited
SECOND QUARTER CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)
| Statement
of Comprehensive Income | 2011 | | 2011 | 2010 | | 2010 | | 2010 | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (in
thousands of $) | Apr-Jun | | Jan-Jun | Apr-Jun | | Jan-Jun | | Jan
- Dec | |
| | unaudited | | unaudited | unaudited | | unaudited | | audited | |
| Net
income (loss) | 6,304 | | 20,120 | (5,542 | ) | (9,601 | ) | (5,441 | ) |
| Other
comprehensive (loss) income: | | | | | | | | | |
| Losses
associated with pensions | | | | | | | | (95 | ) |
| Unrealized
losses on marketable securities | | | | (2,438 | ) | (9,955 | ) | (9,942 | ) |
| Unrealized
net (loss)/gain on qualifying cash flow hedging instruments | (2,858 | ) | 400 | (6,729 | ) | (10,157 | ) | (8,578 | ) |
| Other
comprehensive (loss) income | (2,858 | ) | 400 | (9,167 | ) | (20,112 | ) | (18,615 | ) |
| Comprehensive
(loss) income | 3,446 | | 20,520 | (14,709 | ) | (29,713 | ) | (24,056 | ) |
| Comprehensive
(loss) income attributable to: | | | | | | | | | |
| Stockholders
of Golar LNG Limited | (3,258 | ) | 15,887 | (12,694 | ) | (24,760 | ) | (14,108 | ) |
| Non-controlling
interest | 6,704 | | 4,813 | (2,015 | ) | (4,953 | ) | (9,948 | ) |
| | 3,446 | | 20,520 | (14,709 | ) | (29,713 | ) | (24,056 | ) |
The accompanying notes are an integral part of these condensed consolidated financial statements.
Golar LNG Limited
SECOND QUARTER CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)
| BALANCE
SHEET — (in
thousands of $) | 2011 | 2010 | 2010 |
| --- | --- | --- | --- |
| | Jun-30 | Jun-30 | Dec-31 |
| | unaudited | unaudited | audited |
| ASSETS | | | |
| Short-term | | | |
| Cash
and cash equivalents | 148,897 | 135,360 | 164,717 |
| Restricted
cash and short-term investments | 34,291 | 43,162 | 21,815 |
| Inventory | 44,037 | 6,378 | 5,664 |
| Other
current assets | 38,370 | 11,436 | 11,914 |
| Amounts
due from related parties | 174 | 518 | 222 |
| Long-term | | | |
| Restricted
cash | 191,861 | 530,451 | 186,041 |
| Equity
in net assets of non-consolidated investees | 19,270 | 20,648 | 20,276 |
| Vessels
and equipment, net | 1,649,656 | 1,635,178 | 1,618,803 |
| Newbuildings | 117,322 | - | - |
| Other
long-term assets | 33,639 | 42,865 | 48,320 |
| Total
assets | 2,277,517 | 2,425,996 | 2,077,772 |
| LIABILITIES
AND STOCKHOLDERS EQUITY | | | |
| Short-term | | | |
| Short-term
debt | 23,600 | - | - |
| Current
portion of long-term debt | 63,019 | 101,893 | 105,629 |
| Current
portion of capital lease obligations | 5,949 | 19,317 | 5,766 |
| Other
current liabilities | 202,805 | 132,932 | 135,323 |
| Amounts
due to related parties | 305 | 431 | 438 |
| Long-term | | | |
| Long-term
debt | 694,722 | 732,750 | 691,549 |
| Long-term
capital lease obligations | 410,951 | 748,188 | 406,109 |
| Other
long-term liabilities | 113,107 | 74,827 | 133,636 |
| Equity | | | |
| Non-controlling
interest | 168,610 | 156,061 | 188,734 |
| Stockholders
equity | 594,449 | 459,597 | 410,588 |
| Total
liabilities and stockholders equity | 2,277,517 | 2,425,996 | 2,077,772 |
The accompanying notes are an integral part of these condensed consolidated financial statements.
Golar LNG Limited
SECOND QUARTER CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)
| STATEMENT
OF CASH FLOWS — (in
thousands of $) | 2011 | | 2011 | | 2010 | | 2010 | | 2010 | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | Apr-Jun | | Jan-Jun | | Apr-Jun | | Jan-Jun | | Jan-Dec | |
| | unaudited | | unaudited | | unaudited | | unaudited | | audited | |
| OPERATING
ACTIVITIES | | | | | | | | | | |
| Net
income (loss) | 6,304 | | 20,120 | | (5,542 | ) | (9,601 | ) | (5,441 | ) |
| Adjustments
to reconcile net income (loss) to net cash | | | | | | | | | | |
| provided
by operating activities: | | | | | | | | | | |
| Depreciation
and amortization | 17,570 | | 34,925 | | 16,158 | | 31,961 | | 65,076 | |
| Amortization
of deferred tax benefits on intragroup transfer | (1,814 | ) | (3,059 | ) | - | | - | | - | |
| Amortization
of deferred charges | 365 | | 758 | | 666 | | 990 | | 1,494 | |
| Loss
on termination of financing arrangements | - | | - | | - | | - | | 7,777 | |
| Undistributed
net earnings of non-consolidated investee | 540 | | 1,229 | | 323 | | 724 | | 1,435 | |
| Drydocking
expenditure | (6,934 | ) | (9,657 | ) | (6,531 | ) | (7,326 | ) | (7,369 | ) |
| Stock-based
compensation | 251 | | 666 | | 441 | | 893 | | 1,869 | |
| Gain
on available-for-sale-securities | - | | (541 | ) | (658 | ) | (1,420 | ) | (4,196 | ) |
| Change
in market value of derivatives | (2,416 | ) | (10,712 | ) | - | | - | | - | |
| Trade
accounts receivable | (28,214 | ) | (26,988 | ) | 1,355 | | 830 | | (2,010 | ) |
| Inventories | (10,113 | ) | (38,347 | ) | 2,012 | | 452 | | 1,166 | |
| Prepaid
expenses, accrued income and other assets | 9,548 | | (2,876 | ) | 727 | | (4,686 | ) | (17,629 | ) |
| Amount
due from/to related companies | (268 | ) | (85 | ) | 72 | | 410 | | 713 | |
| Trade
accounts payable | 10,912 | | 40,837 | | (11,546 | ) | (16,063 | ) | (7,221 | ) |
| Accrued
expenses | 9,253 | | 22,133 | | (1,079 | ) | (1,824 | ) | 409 | |
| Interest
element included in capital lease obligations | 165 | | 376 | | 212 | | 487 | | 762 | |
| Unrealised
foreign exchange loss/(gain) | 268 | | 5,357 | | (1,731 | ) | (9,648 | ) | (5,180 | ) |
| Impairment
of long-term assets | - | | - | | - | | - | | 4,500 | |
| Change
in operating assets and liabilities/other liabilities | (3,662 | ) | (8,081 | ) | 9,012 | | 18,601 | | 15,555 | |
| Net
cash provided by operating activities | 1,755 | | 26,055 | | 3,891 | | 4,780 | | 51,710 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
Golar LNG Limited
SECOND QUARTER CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)
| STATEMENT
OF CASH FLOWS (continued) — (in
thousands of $) | 2011 — Apr-Jun | | 2011 — Jan-Jun | | 2010 — Apr-Jun | | 2010 — Jan-Jun | | 2010 — Jan-Dec | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | unaudited | | unaudited | | unaudited | | unaudited | | audited | |
| INVESTING
ACTIVITIES | | | | | | | | | | |
| Additions
to vessels and equipment | (26,341 | ) | (41,230 | ) | (9,544 | ) | (27,344 | ) | (33,927 | ) |
| Additions
to newbuildings | (117,322 | ) | (117,322 | ) | - | | - | | - | |
| Additions
to unlisted investments | (92 | ) | (222 | ) | - | | - | | (469 | ) |
| Net
proceeds from sale of non-controlling investee | - | | - | | 1,398 | | 2,713 | | 2,713 | |
| Proceeds
from disposal of marketable securities | - | | 901 | | - | | - | | 4,998 | |
| Restricted
cash and short-term investments | (7,901 | ) | (14,215 | ) | 5,269 | | 1,754 | | 391,421 | |
| Net
cash used in investing activities | (151,656 | ) | (172,088 | ) | (2,877 | ) | (22,877 | ) | 364,736 | |
| FINANCING
ACTIVITIES | | | | | | | | | | |
| Proceeds
from short-term debt | 23,600 | | 23,600 | | - | | - | | - | |
| Proceeds
from long-term debt | 35,120 | | 35,123 | | 125,000 | | 125,000 | | 125,000 | |
| Repayments
of long-term capital lease obligation | (1,625 | ) | (3,039 | ) | (5,540 | ) | (7,425 | ) | (354,881 | ) |
| Repayments
of long-term debt | (51,277 | ) | (74,558 | ) | (59,058 | ) | (72,583 | ) | (110,037 | ) |
| Cash
dividends paid | (19,890 | ) | (40,314 | ) | (8,176 | ) | (13,190 | ) | (45,761 | ) |
| Acquisition
of non-controlling interest | (107,775 | ) | (107,775 | ) | - | | - | | (15,741 | ) |
| Non-controlling
interest dividend | - | | (1,000 | ) | - | | (520 | ) | (3,120 | ) |
| Proceeds
from exercise of options (including disposal of treasury shares) | 4,159 | | 10,381 | | - | | - | | 2,985 | |
| Net
proceeds from the disposal of equity in subsidiary | 287,795 | | 287,795 | | - | | - | | - | |
| Proceeds
from issuance of equity in subsidiaries to non-controlling interests | - | | - | | - | | (56 | ) | 5,549 | |
| Proceeds
from issuance of equity | - | | - | | - | | - | | 3,304 | |
| Payments
arising from exercise of warrants | - | | - | | - | | - | | 18,742 | |
| Net
cash provided by (used in) financing activities | 170,107 | | 130,213 | | 52,226 | | 31,226 | | (373,960 | ) |
| Net
increase/(decrease) in cash and cash equivalents | 20,206 | | (15,820 | ) | 53,240 | | 13,129 | | 42,486 | |
| Cash
and cash equivalents at beginning of period | 128,691 | | 164,717 | | 82,120 | | 122,231 | | 122,231 | |
| Cash
and cash equivalents at end of period | 148,897 | | 148,897 | | 135,360 | | 135,360 | | 164,717 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
Golar LNG Limited
SECOND QUARTER CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)
| STATEMENT
OF CHANGES IN EQUITY (in
thousands of $) | Share Capital | Treasury Shares | | Additional Paid
in Capital | Contributed Surplus | Accumulated Other Comprehensi
- ve loss | | Accumulated Retained Earnings | | Total
before Non- Controlling Interest | | Non- Controlling Interest | | Total Stockholders Equity | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Balance
at December 31, 2010 | 67,808 | (2,280 | ) | 100,285 | 200,000 | (33,311 | ) | 78,086 | | 410,588 | | 188,734 | | 599,322 | |
| Net
income | - | - | | - | - | - | | 15,727 | | 15,727 | | 4,393 | | 20,120 | |
| Cash
dividends | - | - | | - | - | - | | (40,315 | ) | (40,315 | ) | - | | (40,315 | ) |
| Grant
of share options | - | - | | 666 | - | - | | - | | 666 | | - | | 666 | |
| Non-controlling interest
dividend | - | - | | - | - | - | | - | | - | | (1,000 | ) | (1,000 | ) |
| Disposal
of treasury shares | - | 2,280 | | - | - | - | | - | | 2,280 | | - | | 2,280 | |
| Incorporation
costs write back | - | - | | 40 | - | - | | - | | 40 | | - | | 40 | |
| Exercise
of share options | 537 | - | | 7,471 | - | - | | (2,641 | ) | 5,367 | | 669 | | 6,036 | |
| Acquisition
of shares in non-controlling interest¹ | 11,603 | - | | 4,113 | - | 1,378 | | - | | 17,094 | | (129,380 | ) | (112,286 | ) |
| Creation
of non-controlling interest² | - | - | | 183,022 | - | - | | - | | 183,022 | | 104,773 | | 287,795 | |
| Other
comprehensive (loss) income | - | - | | - | - | (20 | ) | - | | (20 | ) | 421 | | 401 | |
| Balance
at June 30, 2011 | 79,948 | - | | 295,597 | 200,000 | (31,953 | ) | 50,857 | | 594,449 | | 168,610 | | 763,059 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
Footnote:
| 1. | In connection with the acquisition of the Golar Energy shares
the company increased its ownership of Golar Energy during the quarter from
61.1% to 99.6%. On June 3, 2011 a compulsory offer was made to acquire the
remaining 0.4% resulting in the delisting of Golar Energy from Oslo Axess
on July 4, 2011. Of the 92,333,112 Golar Energy shares acquired 70,315,792
were exchanged for newly issued Golar LNG shares where the seller received
one newly-issued Golar LNG share for every 6.06 Golar Energy shares, increasing
the Companys share capital by 11,603,253 and share premium by $340.0
million. The new Golar LNG shares were effectively issued for $30.30 per
share. The remaining Golar Energy shares were acquired at a price of approximately
$5 per share. As a result of this non-controlling interest of $129.4 million
was eliminated and the difference between the NCI and consideration paid
was recognised as a reduction in APIC of $335.9 million. |
| --- | --- |
| 2. | In April 2011, the Company completed a public offering of 13.8
million common units (including 1.8 million units issued in respect of an
over-allotment option) of its subsidiary, Golar LNG Partners LP (Golar Partners),
which is listed on the NASDAQ stock exchange under the symbol "GMLP". As
a result of the offering the Companys ownership of Golar Partners
was reduced to approximately 65%. The 13.8 million units were priced at
$22.50 per unit resulting in gross proceeds of $310.5 million (net proceeds
of $287.8 million). |
Golar LNG Limited
Notes to Condensed Consolidated Interim Financial Statements
Golar LNG Limited (the "Company" or "Golar") was incorporated in Hamilton, Bermuda on May 10, 2001 for the purpose of acquiring the liquefied natural gas ("LNG") shipping interests of Osprey Maritime Limited, which was owned by World Shipholding Limited ("World Shipholding"), a company indirectly controlled by Trusts established by John Fredriksen for the benefit of his immediate family. Mr. Fredriksen is a Director, the Chairman and President of Golar. As of June 30, 2011, World Shipholding owned 46.05% (December 31, 2010: 45.75%) of Golar.
Basis of accounting The condensed consolidated interim financial statements are prepared in accordance with accounting principles generally accepted in the United States. The condensed consolidated interim financial statements do not include all of the disclosures required in the annual consolidated financial statements, and should be read in conjunction with the Companys annual financial statements for the year December 31, 2010.
As explained in further detail in the Companys 2010 annual financial statements, certain amounts reported in prior periods have been reclassified to be consistent with the current quarters and years presentation. In the opinion of management these condensed consolidated interim financials include all adjustments, of a normal recurring nature, necessary for a fair statement.
Significant accounting policies The accounting policies adopted in the preparation of the condensed consolidated interim financial statements are consistent with those followed in the preparation of the Companys annual consolidated financial statements for the year ended December 31, 2010.
The Company provides vessel operations on charters, including time charters and spot rentals, and trades in physical and future LNG contracts. Golar's reportable segments consist of the primary services it provides. Although Golar's segments are generally influenced by the same economic factors, each represents a distinct product in the LNG industry. There have not been any intersegment sales during the periods presented. Segment results are evaluated based on operating income. The accounting principles for the segments are the same as for the Company's consolidated financial statements.
The business is split into two segments based on differences in management structure and reporting, economic characteristics, customer base, asset class and contract structure. The Company operates in the following two segments:
| | Vessel Operations The Company owns or leases, and subsequently
charters out LNG vessels and FSRUs for fixed terms to customers. |
| --- | --- |
| | LNG Trading Provides physical and financial risk management
in LNG and gas markets for its customers around the world. Activities include
structured services to outside customers, arbitrage service as well as proprietary
trading |
Prior to the creation of the LNG trading business in September 2010, the Company had not presented segmental information as it considered it operated in one reportable segment, the LNG vessel market. The LNG trading operations meets the definition of an operating segment as the business is a financial trading business and its financial results are reported directly to the chief operating decision maker.
Golar LNG Limited
Notes to Condensed Consolidated Interim Financial Statements (continued)
The LNG trading segment is a distinguishable component of the Company from which it earns revenues and incurs expenses and whose operating results are regularly reviewed by the chief operating decision maker, and which is subject to risks and rewards different from the vessel operations segment.
| (in
thousands of $) | Three
months ended June 30, 2011 — Vessel operations | | LNG Trading | | Total | | Six
months ended June 30, 2011 — Vessel operations | | LNG Trading | | Total | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Revenue
from external customers | 73,968 | | - | | 73,968 | | 141,455 | | - | | 141,455 | |
| Vessel
and voyage operating expenses | (17,043 | ) | - | | (17,043 | ) | (34,887 | ) | - | | (34,887 | ) |
| Administrative
expenses | (6,819 | ) | (2,545 | ) | (9,364 | ) | (12,500 | ) | (5,121 | ) | (17,621 | ) |
| Depreciation
and amortization | (17,449 | ) | (121 | ) | (17,570 | ) | (34,697 | ) | (228 | ) | (34,925 | ) |
| Other
operating gains and losses | - | | (8,681 | ) | (8,681 | ) | - | | (12,267 | ) | (12,267 | ) |
| Operating
income (loss) | 32,657 | | (11,347 | ) | 21,310 | | 59,371 | | (17,616 | ) | 41,755 | |
| Gain
on sale of available-for-sale securities | - | | - | | - | | 541 | | - | | 541 | |
| Net
financial expenses | (15,303 | ) | (352 | ) | (15,655 | ) | (22,201 | ) | (358 | ) | (22,559 | ) |
| Income
taxes | 1,189 | | - | | 1,189 | | 1,612 | | - | | 1,612 | |
| Equity
in net losses of investees | (540 | ) | - | | (540 | ) | (1,229 | ) | - | | (1,229 | ) |
| Net
income (loss) | 18,003 | | (11,699 | ) | 6,304 | | 38,094 | | (17,974 | ) | 20,120 | |
| Non-controlling
interests | (6,925 | ) | - | | (6,925 | ) | (4,393 | ) | - | | (4,393 | ) |
| Net
income attributable to Golar LNG Ltd | 11,078 | | (11,699 | ) | (621 | ) | 33,701 | | (17,974 | ) | 15,727 | |
| Total
assets | 2,139,952 | | 87,565 | ¹ | 2,227,517 | | 2,139,952 | | 87,565 | ¹ | 2,227,517 | |
¹ LNG trading segment total assets include inventory of $36.0 million (December 2010: $nil) and a $32.3 million (December 2010: $nil) receivable which is shown in other current assets on the face of the balance sheet.
Revenues from external customers
The vast majority of the Companys Vessel Operations under time charters and in particular with three charterers, Petrobras, Dubai Supply Authority and Pertamina. Petrobras is a Brazilian energy company. Dubai Supply Authority, or DUSUP is a government entity which is the sole supplier of natural gas to the Emirate. Pertamina is the state-owned oil and gas company of Indonesia. In time charters, the charterer, not the Company, controls the choice of which routes the Company's vessel will serve. These routes can be worldwide. Accordingly, the Company's management, including the chief operating decision maker, does not evaluate the Companys performance either according to customer or geographical region.
For the three and six months period ended June 30, 2011 and 2010, revenues from the following customers accounted for over 10% of the Companys consolidated revenues:
Golar LNG Limited
Notes to Condensed Consolidated Interim Financial Statements (continued)
| (in
thousands of $) — Petrobras | Three
months ended June 30, 2011 — 23,611 | 32% | Three
months ended June 30, 2010 — 22,457 | 40% | Six
months ended June 30, 2011 — 46,010 | 33% | Six
months ended June 30, 2010 — 44,997 | 41% |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| DUSUP | 11,364 | 15% | 6,246 | 17% | 23,144 | 16% | - | - |
| Pertamina | 9,704 | 13% | 9,326 | 11% | 18,896 | 13% | 18,415 | 17% |
| BG Group
Plc | 6,203 | 8% | 5,829 | 10% | 12,411 | 9% | 12,423 | 11% |
As of June 30, 2011 and December 31, 2010, the Company had total debt outstanding of $781.3 million and $797.2 million, respectively.
The Companys capital lease obligations as at June 30, 2011, and December 31, 2010, were $416.9 million and $411.9 million, respectively.
In April 2011, the Company entered into a new $80 million revolving credit facility with a company related to its major shareholder, World Shipholding. See note 6 for details.
In April 2011, the Company drew down an initial amount of $3.6 million with BNP Paribas and further $20.0 million in May 2011. The facility bears fixed rate of interest of 1.76% and 1.77% respectively. The entire loan was repaid in July 2011.
Fair values The Company recognizes its fair value estimates using a fair value hierarchy based on the inputs used to measure fair value. The fair value of hierarchy has three levels on reliability of inputs used to determine fair value as follows:
Level 1: Quoted market prices in active markets for identical assets and liabilities. Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data.
The carrying value and estimated fair value of the Companys financial instruments at June 30, 2011 and December 31, 2010 are as follows:
| (in
thousands of $) | Fair
value Hierarchy | June
30, 2011 — Carrying Value | Fair value | December
31, 2010 — Carrying Value | Fair Value |
| --- | --- | --- | --- | --- | --- |
| Non-Derivatives: | | | | | |
| Cash
and cash equivalents | Level
1 | 148,897 | 148,987 | 164,717 | 164,717 |
| Restricted
cash and short-term
investments | Level
1 | 226,152 | 226,152 | 207,856 | 207,856 |
| Long-term
unlisted investments (1) | | 7,347 | N/a | 7,347 | N/a |
| Long-term
debt fixed (1) | | - | - | 10,000 | 10,000 |
| Long-term
debt floating (1) | | 757,741 | 757,741 | 787,078 | 787,078 |
| Short-term
debt (1) | | 23,600 | 23,600 | - | - |
| Obligations
under capital leases (1) | | 416,900 | 416,900 | 411,875 | 411,875 |
| Derivatives: | | | | | |
| Commodity
contracts asset (2) | Level
2 | - | - | 111 | 111 |
| Commodity
contracts liability (2) | Level
3 | 514 | 514 | - | - |
| Interest
rate swaps liability (2) | Level
2 | 51,686 | 51,686 | 50,051 | 50,051 |
| Foreign
currency swaps liability (2) | Level
2 | 20,681 | 20,681 | 26,205 | 26,205 |
Golar LNG Limited Notes to Condensed Consolidated Interim Financial Statements (continued)
| 5. | |
|---|---|
| (1) | The |
| fair value hierarchy is only applicable to each financial instrument on | |
| the consolidated balance sheets that are recorded at fair value on a recurring | |
| basis. | |
| (2) | Derivative |
| liability is captured within other current liabilities and derivative asset | |
| is captured within lon-term assets on the balance sheet. |
The carrying value of cash and cash equivalents, which are highly liquid, is a reasonable estimate of fair value.
The estimated fair value for restricted cash and short-term investments is considered to be equal to the carrying value since they are placed for periods of less than six months. The estimated fair value for long-term restricted cash is considered to be equal to the carrying value since it bears variable interest rates, which are reset on a quarterly basis.
As at June 30, 2011, the Company did not identify any events or changes in circumstances that would indicate the carrying value of its unlisted investment in OLTO were not recoverable. Accordingly, the Company did not estimate the fair value of this investment as at June 30, 2011.
The estimated fair value for floating long-term debt is considered to be equal to the carrying value since it bears variable interest rates, which are reset on a quarterly or six monthly basis.
The estimated fair value for short-term debt is considered to be equal to the carrying value.
The estimated fair values of obligations under capital leases are considered to be equal to the carrying value since they bear interest at rates which are reset on a quarterly basis.
The fair value of the Companys derivative instruments is the estimated amount that the Company would receive or pay to terminate the agreements at the reporting date, taking into account current interest rates, foreign exchange rates, closing quoted market prices and the creditworthiness of the Company and its swap counterparties.
Commodity contracts are measured at fair value with gains and losses recorded in the income statement within other operating gains and losses. Trading losses of $8.7 million and $12.3 million were recognized in the three and six month period ended June 30, 2011, respectively.
Receivables (payables) from related parties:
| (in
thousands of $) — Frontline | At
Jun 30, 2011 — (216 | ) | At
Dec 31, 2010 — (278 | ) |
| --- | --- | --- | --- | --- |
| Ship
Finance | 85 | | 124 | |
| Seatankers | - | | (62 | ) |
| | (131 | ) | (216 | ) |
Receivables and payables with related parties comprise primarily of unpaid management fees, advisory and administrative services. In addition, certain receivables and payables arise when the Company pays an invoice on behalf of a related party and vice versa. Receivables and payables are generally settled quarterly in arrears.
Faraway Maritime Shipping Company, which is 60% owned by the Company and 40% owned by China Petroleum Corporation ("CPC"), paid dividends totalling $nil and $2.5 million during the three and six month period ended June 30, 2011, respectively and $nil and $1.3 million for the three and six months period ended June 30, 2010, respectively.
Golar LNG Limited Notes to Condensed Consolidated Interim Financial Statements (continued)
Receivables (payables) from related parties (continued):
In April 2011, the Company entered into a new $80 million revolving credit facility with a company related to our major shareholder, World Shipholding. World Shipholding Limited is a company indirectly controlled by Trusts established by John Fredriksen for the benefit of his immediate family. The Company drew down an initial amount of $35 million in April 2011. The facility bears interest at LIBOR plus 3.5% together with a commitment fee of 0.75% of any undrawn portion of the credit facility. The facility is available until September 2013; all amounts due under the facility must be repaid by then.
In connection with the acquisition of the shares in its subsidiary, Golar Energy the Company increased its ownership of Golar Energy during the quarter from 61.1% to 99.6%. On June 3, 2011 a compulsory offer was made to acquire the remaining 0.4% resulting in the delisting of Golar Energy from Oslo Axess on July 4, 2011. Of the 92,333,112 Golar Energy shares acquired 70,315,792 were exchanged for newly issued Golar LNG shares where the seller received one newly-issued Golar LNG share for every 6.06 Golar Energy shares, increasing the Companys share capital by 11,603,253 and share premium by $340.0 million. The new Golar LNG shares were effectively issued for $30.30 per share. The remaining Golar Energy shares were acquired at a price of $5 per share. As a result of this the non-controlling interest ("NCI") of $129.3 million was eliminated and the difference between the NCI and the consideration paid was recognized as a reduction in additional paid in capital of $335.9 million.
In April 2011, the Company completed a public offering of 13.8 million common units (including 1.8 million units issued in respect of an over-allotment option) of its subsidiary, Golar LNG Partners LP ("Golar Partners"), which is listed on the NASDAQ stock exchange under the symbol "GMLP". As a result of the offering the Companys ownership of Golar Partners was reduced to approximately 65%. The 13.8 million units were priced at $22.50 per unit resulting in gross proceeds of $310.5 million.
| Assets
Pledged — (in
thousands of $) | At
Jun 30, | At
Dec 31, |
| --- | --- | --- |
| | 2011 | 2010 |
| Book
value of vessels secured against long-term loans and capital leases | 1,647,584 | 1,616,790 |
In connection with the Companys increased ownership of Golar Energy during the quarter, a compulsory offer was made to acquire the remaining 0.4% of the outstanding share of Golar Energy, resulting in the delisting of Golar Energy from Oslo Axess on July 4, 2011.
As mentioned earlier, in April 2011, the Company entered into a new $80 million revolving credit facility with a company related to its major shareholder, World Shipholding. The Company drew down an initial amount of $35 million in April 2011 and a further $45 million in July 2011. The facility is now fully utilized and secured.
In line with the Companys target dividend level and in conjunction with the Boards continuing review of its capital spend obligations, a cash dividend of $0.275 per share in respect of the second quarter of 2011 has been proposed. The record date for the dividend is September 13, 2011, ex-dividend date is September 9, 2011 and the dividend will be paid on or about September 28, 2011.
Golar Partners which is 65% owned by the Company and 35% owned by non-controlling interests made a cash distribution totalling $13.3 million paid on August 12, 2011.
Responsibility Statement
We confirm, to the best of our knowledge, that the condensed consolidated interim financial statements for the period January 1 to June 30, 2011 have been prepared in accordance with U.S generally accepted accounting principles, and give a true and fair view of the Companys assets, liabilities, financial position and profit or loss as a whole. We also confirm, to the best of our knowledge, that the interim management report includes a fair review of important events that have occurred during the first nine months of the financial year and their impact on the condensed interim financial statements, a description of the principal risks and uncertainties for the remaining six months of the financial year, and major related parties transactions.
The Board of Directors
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.
| Date: August 23, 2011 | Golar
LNG Limited (Registrant) — By: | /s/ Graham Robjohns Graham Robjohns Principal Financial Officer |
| --- | --- | --- |
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