Golar LNG Ltd. has reported $75.67 million in operating revenue for the second quarter, up 17 percent from the same three-month period last year.
Liquefaction services revenue totaled $56.51 million for 2Q 2025, compared to $56.12 million for 2Q 2024. Vessel management fees and other revenues doubled to $10.94 million from $5.44 million.
Hamilton, Bermuda-based Golar reported no time and voyage charter revenues for 2Q 2025 while $3.13 million was reported for 2Q 2024. It reported no sales-type lease revenue for 2Q 2024 while $8.22 million was reported for 2Q 2025.
“Upon COD [commercial operations date] in June 2025, the FLNG Gimi asset under development was de-recognized, with a sales type lease receivable recognized on the balance sheet in its place”, Golar said.
The COD marked the start of a 20-year-lease term with BP PLC. Golar owns 70 percent of the vessel and expects $3 billion in net earnings backlog for the contract duration.
Net profit landed at $15.64 million, down 40 percent year-on-year. Net income before income taxes was $31.22 million for 2Q 2025, down from $35.37 million for 2Q 2024. Income taxes increased to $439,000 from $140,000. Golar declared a dividend of $0.25 per share for 2Q 2025.
2Q 2025 saw a net gain of $3.84 million from derivative instruments, compared to a derivatives net loss of $107,000 for 2Q 2024. Golar recognized an unrealized loss on oil and gas derivative instruments of $34.82 million for 2Q 2025, compared to $16.05 million for 2Q 2024.
Adjusted EBITDA totaled $47.17 million for 2Q 2025, down from $58.72 million for 2Q 2024.
“With the existing fleet committed to 20-year charters, we have increased focus on securing attractive FLNG growth units”, the company said.
“We are working with three prospective shipyards for different FLNG designs (MKI, MKII and MKIII with liquefaction capacities ranging from 2.0 to 5.4 million tons per annum) to obtain updated EPC price and delivery schedules. In order to secure attractive delivery we plan to enter into slot reservations for long-lead equipment within Q3 2025.
“We see increasing industry recognition of the benefits of FLNG solutions versus land-based liquefaction terminals, driven by the proven track record of the fleet on the water, lower capex, shorter construction time and increased flexibility. This in turn drives prospective charter interest in our FLNG solutions. Golar is the only proven provider of FLNG as a service.
“Based on the increasing demand for FLNG to monetize stranded, associated and flared or re-injected gas reserves, we plan to order our next FLNG before locking in a charter to drive competitive tension and terms for our next FLNG project. This is the same approach successfully executed for the FLNG Hilli and for the MKII FLNG. Based on yard availability we are confident that a contemplated fourth Golar FLNG will be the only open and available FLNG capacity within this decade.
“We expect to decide on vessel design for our fourth FLNG once final EPC prices and delivery schedules are obtained. We are in parallel working on the commercial pipeline to match commercial opportunities to the contemplated fleet addition. We also expect that a fifth unit could follow shortly after a fourth unit has been ordered and chartered”.
Golar ended 2Q 2025 with $890.84 million in cash and $1.95 billion in total current and non-current debt net of deferred finance charges.
To contact the author, email jov.onsat@rigzone.com
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