Vessel owner Golar LNG reports boost in Q1 revenues
Bermuda-based LNG vessel owner Golar LNG said May 20 that streamlining its operations led to a 6% increase in total operating revenues from the fourth quarter.
Golar LNG reported total operating revenue in Q1 2021 of $125.8mn, a 6% increase from Q4 2020 and a 3% improvement y/y. Net income of $25.4mn marked a 124% increase sequentially and a 212% increase from Q1 2020. Adjusted Ebidta of $77.6mn was 2% higher than Q4, but 1% less than during the same period last year.
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The company said that, with so few shipyards building new LNG carriers, orders will likely remain muted through 2024. LNG trade, however, is showing signs of improvement.
“Current and forward energy prices are also strengthening, increasing the attractiveness of LNG upstream investments and our FLNG technology,” the company said.
That marks a sharp reversal from last year when BP declared force majeure over a floating LNG agreement with Golar LNG. BP at the time said the strains from the then-emerging COVID-19 pandemic meant it would not be ready to receive the FLNG Gimi as agreed.
The company has been beset by other problems. In October, US law firm Pomerantz said it was investigating claims of securities fraud on behalf of investors in Golar LNG.
Pomerantz did not explicitly state the nature of the claims, but pointed to media reports that Eduardo Navarro Antonello, former CEO of Golar subsidiary Hygo Energy Transition, had been implicated in Brazil's ongoing Operation Car Wash criminal investigation into fraud at state energy company Petróleo Brasileiro.
Antonello subsequently stepped down from his role after the announcement.
This year, however, saw Golar LNG turn the corner. US LNG developer New Fortress Energy in January agreed to buy Hygo Energy Transition and Golar LNG Partners, two subsidiaries of Golar LNG, for a combined $5bn.
“Golar has made significant progress simplifying its business, crystalizing the value of its asset portfolio, and strengthening its balance sheet,” it said May 20.