Page 16 - GLNG Week 08 2022

GLNG NEWS IN BRIEF GLNG

Initiated the Driftwood LNG financing $6.2bn and the refinancing of around $1bn production of 1.6mtpa from 2023, Golar’s
process; of debt. This has crystalised underlying value share of annual Adjusted EBITDA generation
Paid outstanding debt and strengthened and significantly strengthened our cash and from Hilli and Gimi could exceed $400mn
the balance sheet; marketable securities position to more than within 3 years, a quadrupling of 2021 FLNG
Drilled and put into production four $1.1bn, facilitating attractive future growth. related earnings.
new Haynesville operated natural gas wells, Golar will now focus on further increasing the GOLAR LNG, February 24, 2022
increasing our proved developed reserves value generated by FLNG Hilli and delivering
by approximately 51bn cubic feet (Bcf) as of FLNG Gimi to BP. We will seek further FLNG
December 31, 2021; growth projects, leveraging on our market ASIA
Committed to invest $25mn in United leading track record of FLNG development,
States reforestation projects with the National construction and operations. We continue ADNOC L&S signs
Forest Foundation over the next five years. to make significant progress on new FLNG
President and CEO Octávio Simões said, projects with existing and new prospective agreement for second long-
“The global economy is in the early stages clients and expect a contract award within
of an energy super cycle driven by strong 2022. term charter of a floating
demand for natural gas and several years of The FLNG Hilli achieved another quarter
underinvestment in energy infrastructure. of 100% commercial uptime. As announced storage unit with AG&P as
Tellurian is optimally positioned with fully in July 2021, production has seen a 0.2MTPA
executed market-based LNG SPAs and increase, effective Q1 2022, where the tariff it delivers on its ambitious
a permitted project. Bechtel will begin for the incremental production is linked to
construction of Driftwood LNG in April and TTF gas prices. Based on expected TTF linked growth plans
we will seek to conclude the financing process earnings for Q1 of $22.1mn, $19.0mn for
shortly thereafter.” each of Q2 and Q3, and a current Q4 TTF ADNOC Logistics & Services (ADNOC L&S)
“Tellurian will continue our natural gas forward price of $29/MMBtu, Golar’s share and Atlantic Gulf & Pacific International
development program and expects to drill, of Hilli’s 2022 TTF linked income is expected Holdings (AG&P), a leading downstream
complete and place into production additional to be approximately $80mn. This can be LNG platform and infrastructure
operated Haynesville wells during 2022,” expected to increase (or decrease) by $0.9mn development company have signed a charter
Simões added. for each $1.00 per mmBtu change in the TTF agreement to utilise ADNOC L&S’s LNG
TELLURIAN, February 23, 2022 forward price. Current customer of FLNG Carrier Ish as a floating storage facility (FSU).
Hilli, Perenco is progressing with its drilling Under the terms of the agreement, starting
Golar LNG Limited campaign with the purpose to take advantage Q3 2022, AG&P will use the carrier for the
of its one-time three year option expiring
first LNG Import Terminal in the Philippines
preliminary fourth quarter in July 2022 to increase production by up to at Ilijan in Batangas Bay (PHLNG). The
0.4mtpa from 2023-2026 on the same TTF
agreement, which is valid for 11 years
and financial year 2021 linked tolling agreement. with the option of extension by 4 years,
FLNG Gimi is 80% technically complete.
strengthens an existing relationship between
results Pre-commissioning and testing of multiple the two companies and builds on a previous
systems is now underway with construction
agreement between the two companies to
The formation and funding of LNG shipping on track to meet the scheduled 2023 start- provide another FSU in India, signed in 2021.
pure-play CoolCo marks the last major step up date for the 20-year lease and operate It continues ADNOC L&S’ ongoing drive
of Golar LNG’s corporate simplification agreement with BP. This will unlock around to diversify its customer base and enhance
process. Over the last 12 months that process $3.0bn of earnings backlog1 to Golar. revenue streams.
has involved the sale of assets and subsidiaries Assuming current Brent oil and TTF prices The vessel is part of a fleet of eight LNG
for a total enterprise value of approximately prevail and Perenco is able to support vessels operated by ADNOC L&S and is

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