GOLAR LNG LTD
For the period ended Mar 31, 2026. Filed Jun 18, 2026.
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Mar 31, 2026 · Filed Jun 18, 2026
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Contents
FLNG segment
This relates to activities of the FLNG Hilli, FLNG Gimi and our other FLNG projects.
| Three months ended March 31, | ||
|---|---|---|
| (in thousands of $) | 2026 | 2025 |
| Liquefaction services revenue | 56,222 | 55,688 |
| Sales-type lease revenue | 49,977 | — |
| Vessel management fees and other revenues | 25,628 | — |
| Total operating revenues | 131,827 | 55,688 |
| Realized gain on oil and gas derivative instruments, net | 9,683 | 21,213 |
| Vessel operating expenses | (36,662) | (18,785) |
| Project development expenses | (2,759) | (588) |
| Administrative expenses | (347) | (2,351) |
| Other operating income | 2,425 | — |
| Sales-type lease receivable in excess of interest income | 10,263 | — |
| Adjusted EBITDA | 114,430 | 55,177 |
Sales-type lease revenue: FLNG Gimi achieved COD in June 2025, as operations commenced in June 2025, with no comparable amounts for the three months ended March 31, 2025. Sales-type lease revenue is comprised of the following components:
| Three months ended March 31, | ||
|---|---|---|
| (in thousands of $) | 2026 | 2025 |
| Sales-type lease revenue | 27,537 | — |
| Variable lease revenue | 19,898 | — |
| Accretion of unguaranteed residual value | 1,501 | — |
| Other | 1,041 | — |
| Sales-type lease revenue | 49,977 | — |
Sales-type lease revenue: This reflects the interest income recognized on the net investment in the sales-type lease on FLNG Gimi, calculated using the implicit rate in the lease.
Variable lease revenue: This reflects variable payments not included in the fixed consideration of the lease including overproduction, underutilization, and other operational adjustments invoiced since commencement of operations.
Accretion of unguaranteed residual value: This relates to the periodic accretion in the present value of the unguaranteed residual value of FLNG Gimi, recognized over the lease term using the effective interest method.
Other: This reflects taxes that are reimbursable under the LOA and accrued demurrage costs.
Vessel management fees and other revenues: Vessel management fees and other revenues reflect the non-lease component of the FLNG Gimi's LOA, representing O&M services. Operations commenced in June 2025, and there are no comparable amounts for the three months ended March 31, 2025. Vessel management fees and other revenues is comprised of the following components:
| Three months ended March 31 | ||
|---|---|---|
| (in thousands of $) | 2026 | 2025 |
| FLNG Operation and Maintenance Agreement (“O&M”) service revenue | 24,728 | — |
| Amortization of deferred pre-COD cash flows | 455 | — |
| Other | 445 | — |
| Vessel management fees and other revenues | 25,628 | — |
O&M service revenue: This reflects the non-lease O&M services component in relation to FLNG Gimi's LOA.
Amortization of deferred pre-COD cash flows: This reflects the amortization of the non-lease component of pre-COD cash flows received from bp in relation to FLNG Gimi's LOA, recognized over the term of the LOA on a straight-line basis.
Other: This reflects taxes reimbursable under the LOA, underutilization, and accrued demurrage costs.
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