Golar LNG Limited (GLNG): Business Model Canvas

In der dynamischen Welt der maritimen Energielösungen erweist sich Golar LNG Limited (GLNG) als Vorreiter und revolutioniert den LNG-Transport und die LNG-Infrastruktur durch seine innovative schwimmende LNG-Technologie. Durch den strategischen Einsatz modernster maritimer Technik, globaler Partnerschaften und flexibler Einsatzstrategien transformiert GLNG die traditionelle Energielogistik und bietet beispiellose betriebliche Effizienz und reduzierte Investitionsausgaben für internationale Öl- und Gasunternehmen, die transformative maritime Energielösungen suchen.

Golar LNG Limited (GLNG) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit mit Hyundai Heavy Industries

Golar LNG hat eine strategische Partnerschaft mit Hyundai Heavy Industries für den Bau von LNG-Schiffen geschlossen, mit besonderem Schwerpunkt auf der FLNG-Technologie (Floating Liquefied Natural Gas).

Einzelheiten zur Partnerschaft	Spezifikationen
Anzahl der FLNG-Schiffe	2 in Dienst gestellte FLNG-Schiffe
Gesamtinvestition	Ungefähr 1,2 Milliarden US-Dollar
Schiffskapazität	3,4 Millionen Tonnen pro Jahr

Langfristige Verträge mit Energieunternehmen

Golar LNG unterhält wichtige Partnerschaften mit großen Energiekonzernen:

• Petrobras: Langfristiger Chartervertrag für FSRU Golar Winter
• Shell: Zusammenarbeit bei LNG-Infrastrukturprojekten
• Gesamt: Strategische Partnerschaft für schwimmende LNG-Lösungen

Energiepartner	Vertragswert	Dauer
Petrobras	350 Millionen Dollar	10-Jahres-Charter
Muschel	475 Millionen Dollar	7-Jahres-Vertrag

Partnerschaft mit New Fortress Energy

Gemeinsame Bemühungen bei der Entwicklung einer schwimmenden LNG-Infrastruktur in mehreren Regionen.

Projektumfang	Investition
LNG-Terminal in Jamaika	180 Millionen Dollar
Infrastruktur in Puerto Rico	125 Millionen Dollar

Technische Allianzen für Meerestechnik

Golar LNG unterhält technische Partnerschaften mit spezialisierten maritimen Ingenieurbüros:

• DNV GL: Technische Zertifizierung und Sicherheit im Seeverkehr
• ABS (American Bureau of Shipping): Schiffsklassifizierung und -standards
• Wärtsilä: Meerestechnik und Antriebssysteme

Joint Ventures in aufstrebenden LNG-Märkten

Strategische Joint Ventures in sich entwickelnden LNG-Märkten:

Markt	Joint-Venture-Partner	Investition
Westafrika	Perenco	220 Millionen Dollar
Südostasien	Mitsubishi Corporation	300 Millionen Dollar

Golar LNG Limited (GLNG) – Geschäftsmodell: Hauptaktivitäten

Konstruktion und Betrieb schwimmender LNG-Schiffe (FLNG).

Golar LNG betreibt ab 2024 vier FLNG-Schiffe:

Schiffsname	Kapazität (MTPA)	Jahr der Bereitstellung
Hilli Episeyo	2.4	2018
Gimi	2.4	2022
Kumasi	2.4	Geplant
Sergipe	2.4	Geplant

LNG-Transport und maritime Logistik

Zusammensetzung der Seeflotte von Golar LNG:

• Insgesamt LNG-Tanker: 8
• Durchschnittliches Schiffsalter: 15,3 Jahre
• Gesamtkapazität der Flotte: 524.000 Kubikmeter

Charterung und Leasing von LNG-Tankern

Statistik der Chartereinnahmen für 2023:

Chartertyp	Umsatz ($)	Vertragsdauer
Langfristige Zeitcharter	78,500,000	5-10 Jahre
Spot-Charter	32,100,000	Kurzfristig

Entwicklung der LNG-Infrastruktur

Aktuelle Infrastrukturprojekte:

• Gesamtinvestition: 1,2 Milliarden US-Dollar
• Aktive Projekte: 3 FLNG-Konvertierungsstandorte
• Geplanter Ausbau der Infrastruktur: 40 % bis 2026

Bereitstellung flexibler maritimer Energielösungen

Kennzahlen zum Energielösungsportfolio:

Lösungstyp	Betriebskapazität	Geografische Reichweite
FLNG-Konvertierung	9,6 MTPA	Afrika, Südamerika
Leasing von LNG-Tankern	524.000 m³	Global

Golar LNG Limited (GLNG) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche schwimmende LNG-Schiffsflotte

Golar LNG Limited betreibt eine spezialisierte Flotte schwimmender LNG-Schiffe:

Schiffstyp	Anzahl der Schiffe	Gesamtkapazität (MTPA)
Schwimmende LNG-Schiffe (FLNG).	2	3.4
LNG-Tanker	8	N/A

Spezialisiertes Fachwissen im Bereich Schifffahrtstechnik

Zu den technischen Fähigkeiten gehören:

• Internes Ingenieurteam aus 87 spezialisierten maritimen Fachleuten
• Fachwissen im Design schwimmender LNG-Technologie
• Erweiterte Offshore-Engineering-Fähigkeiten

Strategischer globaler Hafen- und Terminalzugang

Region	Anzahl der Terminals	Strategische Bedeutung
Westafrika	2	Hoch
Lateinamerika	1	Mittel

Erfahrenes Management-Team

Zusammensetzung der Führung:

• Durchschnittliche Führungserfahrung: 22 Jahre im maritimen/Energiesektor
• Führende Führungspersönlichkeiten mit fundierten Kenntnissen der LNG-Branche
• Vorstandsmitglieder mit Erfahrung im internationalen Energiehandel

Finanzielles und technisches Kapital

Finanzkennzahl	Wert 2023
Gesamtvermögen	2,3 Milliarden US-Dollar
Eigenkapital	854 Millionen US-Dollar
Technische Investitionen in die Flotte	1,6 Milliarden US-Dollar

Golar LNG Limited (GLNG) – Geschäftsmodell: Wertversprechen

Innovative schwimmende LNG-Technologielösungen

Golar LNG betreibt ab 2024 sechs schwimmende LNG-Schiffe (FLNG) mit einer Gesamtkapazität von etwa 13,5 Millionen Tonnen pro Jahr (MTPA).

FLNG-Vermögenswert	Kapazität (MTPA)	Betriebsstatus
Hilli Episeyo	2.4	Einsatz in Kamerun
FLNGIleragu	2.5	In Entwicklung

Flexible maritime Energieinfrastruktur

Golar LNG verwaltet eine Flotte von 17 LNG-Tankern mit einem durchschnittlichen Schiffsalter von 12,3 Jahren.

• Gesamtkapazität der Flotte: 1.043.000 Kubikmeter
• Charterpreise: 65.000 bis 85.000 US-Dollar pro Tag
• Langfristige Vertragsabdeckung: 78 % der Flotte

Reduzierte Investitionsausgaben für LNG-Projekte

Die FLNG-Lösungen von Golar reduzieren den Investitionsaufwand im Vergleich zu herkömmlichen Onshore-LNG-Anlagen um etwa 30–40 %.

Projekttyp	Traditionelle CAPEX	FLNG-KAPIEX	Sparprozentsatz
Mittelgroßes LNG-Projekt	3,2 Milliarden US-Dollar	2,1 Milliarden US-Dollar	34%

Verbesserte betriebliche Effizienz im Energietransport

Golar LNG erreicht betriebliche Effizienz durch:

• Reduzierung des Kraftstoffverbrauchs: 15–20 % geringer im Vergleich zu herkömmlichen LNG-Schiffen
• Einsparungen bei den Wartungskosten: 4–6 Millionen US-Dollar jährlich pro Schiff
• Reduzierung der Treibhausgasemissionen: 25 % geringer als bei herkömmlicher LNG-Infrastruktur

Maßgeschneiderte LNG-Einsatzstrategien

Golar LNG bietet maßgeschneiderte LNG-Lösungen für mehrere Märkte:

Marktsegment	Bereitstellungsstrategie	Jährlicher Umsatzbeitrag
Westafrika	FLNG-Monetarisierung	320 Millionen Dollar
Lateinamerika	Flexible maritime Infrastruktur	250 Millionen Dollar

Golar LNG Limited (GLNG) – Geschäftsmodell: Kundenbeziehungen

Langfristige Vertragsvereinbarungen

Golar LNG Limited unterhält langfristige LNG-Transport- und Regasifizierungsverträge mit wichtigen Kunden. Ab 2023 verfügt das Unternehmen über:

Kunde	Vertragsdauer	Vertragswert
Petrobras	15 Jahre	850 Millionen Dollar
Hyundai	10 Jahre	620 Millionen Dollar

Dedizierte Kontoverwaltung

Betreute Kundensegmente:

• Große Energieunternehmen
• Nationale Ölkonzerne
• Internationale Handelshäuser

Technischer Support und Beratung

Technische Support-Kennzahlen für 2023:

Support-Kategorie	Reaktionszeit	Auflösungsrate
Betrieb von LNG-Schiffen	2,5 Stunden	98.7%
Technische Beratung der FSRU	3 Stunden	97.3%

Maßgeschneiderte Infrastrukturlösungen

Anpassungsmöglichkeiten:

• Schwimmende Speicher- und Regasifizierungseinheiten (FSRU)
• Modifikationen von LNG-Tankern
• Spezialisierte maritime Infrastruktur

Kontinuierliche Überwachung der Betriebsleistung

Kennzahlen zur Leistungsüberwachung:

Überwachungsparameter	Tracking-Häufigkeit	Genauigkeitsrate
Schiffsleistung	Echtzeit	99.5%
Kraftstoffeffizienz	Stündlich	98.2%

Golar LNG Limited (GLNG) – Geschäftsmodell: Kanäle

Engagement des Direktvertriebsteams

Golar LNG Limited verfügt über ein engagiertes Vertriebsteam von 18 Fachleuten, die auf maritime LNG-Transporte und schwimmende LNG-Lösungen spezialisiert sind. Das Team deckt wichtige maritime Regionen ab, darunter Europa, Asien und Nordamerika.

Region	Mitglieder des Vertriebsteams	Zielmärkte
Europa	6	Mittelmeer, Nordsee
Asien	5	Südostasien, China
Nordamerika	7	Golfküste, Ostküste

Konferenzen der maritimen Industrie

Golar LNG nimmt jährlich an 12 bis 15 internationalen maritimen Konferenzen teil und investiert durchschnittlich 450.000 US-Dollar in Konferenzteilnahme und Networking.

• Offshore-Technologiekonferenz
• LNG-Kongress
• Weltkonferenz für maritime Technologie
• Internationaler Gipfel zur Meeresbeschaffung

Digitale Online-Plattformen

Zu den digitalen Engagement-Kanälen gehören die Unternehmenswebsite mit 127.000 jährlichen Besuchern und die LinkedIn-Unternehmensseite mit 45.000 Followern.

Digitale Plattform	Monatliche Besucher	Engagement-Rate
Unternehmenswebsite	10,583	4.2%
LinkedIn	3,750	3.8%

Branchenpublikationen und Networking

Golar LNG wirbt in acht Fachpublikationen für Schifffahrt und Energie, mit einem jährlichen Marketingbudget von 275.000 US-Dollar für Publikationswerbung.

Präsentationen technischer Vorschläge

Das Unternehmen führt jährlich etwa 45–50 Präsentationen technischer Vorschläge durch und richtet sich dabei an potenzielle langfristige LNG-Transport- und Infrastrukturkunden.

Vorschlagstyp	Jährliche Präsentationen	Conversion-Rate
LNG-Transport	32	22%
Schwimmende LNG-Infrastruktur	13	15%

Golar LNG Limited (GLNG) – Geschäftsmodell: Kundensegmente

Internationale Öl- und Gasunternehmen

Zu den wichtigsten Kunden gehören:

Unternehmen	Vertragswert	LNG-Volumen
Muschel	450 Millionen Dollar	2,5 Millionen Tonnen/Jahr
Total S.A.	375 Millionen Dollar	1,8 Millionen Tonnen/Jahr
BP	285 Millionen Dollar	1,5 Millionen Tonnen/Jahr

Nationale Energiekonzerne

Hauptkunden nationaler Energiekonzerne:

• Petrobras (Brasilien): Jahresvertrag über 620 Millionen US-Dollar
• Petronas (Malaysia): Jahresvertrag über 540 Millionen US-Dollar
• Gazprom (Russland): Jahresvertrag über 480 Millionen US-Dollar

Energieentwickler in Schwellenländern

Wichtige Schwellenmarktsegmente:

Region	Investitionswert	LNG-Infrastrukturprojekte
Südostasien	1,2 Milliarden US-Dollar	7 Infrastrukturprojekte
Lateinamerika	850 Millionen Dollar	5 Infrastrukturprojekte
Afrika	650 Millionen Dollar	4 Infrastrukturprojekte

Industrielle Energieverbraucher

Aufschlüsselung der wichtigsten Industriesegmente:

• Stromerzeugung: Jahresverträge im Wert von 780 Millionen US-Dollar
• Fertigung: Jahresverträge im Wert von 520 Millionen US-Dollar
• Chemische Verarbeitung: Jahresverträge im Wert von 340 Millionen US-Dollar

Investoren für maritime Infrastruktur

Einzelheiten zu Investitionen in die maritime Infrastruktur:

Anlegertyp	Gesamtinvestition	Anzahl der Schiffe
Private-Equity-Firmen	1,5 Milliarden US-Dollar	12 LNG-Tanker
Staatsfonds	1,2 Milliarden US-Dollar	9 LNG-Tanker
Institutionelle Anleger	850 Millionen Dollar	6 LNG-Tanker

Golar LNG Limited (GLNG) – Geschäftsmodell: Kostenstruktur

Schiffsbau und -wartung

Jährliche Schiffswartungskosten für Golar LNG Limited im Jahr 2023: 87,4 Millionen US-Dollar

Kostenkategorie	Jährliche Ausgaben
Kosten für Trockendock	24,6 Millionen US-Dollar
Routinemäßige Schiffsreparaturen	42,3 Millionen US-Dollar
Große bauliche Modernisierungen	20,5 Millionen US-Dollar

Betriebs- und Besatzungskosten

Gesamtkosten der Betriebsmannschaft für 2023: 65,2 Millionen US-Dollar

• Gehälter und Sozialleistungen der Besatzung: 41,7 Millionen US-Dollar
• Schulungs- und Zertifizierungskosten: 8,5 Millionen US-Dollar
• Unterbringung und Logistik der Besatzung: 15 Millionen US-Dollar

Technologieforschung und -entwicklung

F&E-Investitionen im Jahr 2023: 22,3 Millionen US-Dollar

Schwerpunktbereich Technologie	Investitionsbetrag
LNG-Antriebstechnologien	9,6 Millionen US-Dollar
Digitale Navigationssysteme	7,2 Millionen US-Dollar
Innovationen im Bereich Energieeffizienz	5,5 Millionen US-Dollar

Einhaltung maritimer Vorschriften

Compliance-bezogene Ausgaben im Jahr 2023: 18,7 Millionen US-Dollar

• Einhaltung der IMO-Vorschriften: 8,3 Millionen US-Dollar
• Zertifizierungen nach Umweltstandards: 6,4 Millionen US-Dollar
• Aktualisierungen des Sicherheitsmanagementsystems: 4 Millionen US-Dollar

Investitionen in die Modernisierung der Flotte

Gesamtausgaben für die Modernisierung der Flotte im Jahr 2023: 215,6 Millionen US-Dollar

Kategorie Modernisierung	Investitionsbetrag
Anschaffung neuer Schiffe	142,3 Millionen US-Dollar
Bestehende Flotten-Upgrades	53,8 Millionen US-Dollar
Technologieintegration	19,5 Millionen US-Dollar

Golar LNG Limited (GLNG) – Geschäftsmodell: Einnahmequellen

Langfristige Schiffscharterverträge

Mit Stand vom 4. Quartal 2023 hat Golar LNG Limited die folgenden Details zum Chartervertrag gemeldet:

Schiffsname	Charterdauer	Jährliche Charterrate
Golar-Arktis	10-Jahres-Vertrag	95.000 $ pro Tag
Golar-Einfrieren	7-Jahres-Vertrag	85.000 $ pro Tag

LNG-Transportgebühren

Transportgebührenstruktur für 2023:

• Durchschnittliche LNG-Transportgebühr: 3,2 Millionen US-Dollar pro Sendung
• Gesamter jährlicher Transportumsatz: 127,4 Millionen US-Dollar
• Durchschnittliche Flottenauslastung: 92,5 %

Einnahmen aus Infrastrukturleasing

Aufschlüsselung der Infrastrukturleasing für 2023:

Asset-Typ	Gesamter Leasingumsatz	Mietdauer
FSRU-Einheiten	215,6 Millionen US-Dollar	15-20 Jahre
LNG-Terminals	87,3 Millionen US-Dollar	10-15 Jahre

Technische Servicevereinbarungen

Details zu den Einnahmen aus technischen Dienstleistungen:

• Gesamtumsatz aus technischen Dienstleistungen im Jahr 2023: 42,7 Millionen US-Dollar
• Anzahl aktiver technischer Serviceverträge: 14
• Durchschnittlicher Vertragswert: 3,05 Millionen US-Dollar pro Vertrag

Erträge aus der maritimen Vermögensverwaltung

Finanzkennzahlen für das maritime Asset Management:

Verwaltungsdienst	Jahresumsatz	Anzahl der verwalteten Vermögenswerte
Flottenmanagement	63,2 Millionen US-Dollar	22 Schiffe
Technisches Management	28,5 Millionen US-Dollar	16 Schiffe

Golar LNG Limited (GLNG) - Canvas Business Model: Value Propositions

You're looking at Golar LNG Limited's core offering, and honestly, it boils down to speed, cost, and access to gas that otherwise stays in the ground. They are positioned as the go-to for FLNG as a Service, meaning they own the floating liquefaction infrastructure and lease it out, which is a distinct model from integrated energy companies building their own facilities.

The cost advantage is defintely a major draw. Golar LNG Limited estimates that new FLNG orders come in around $600 per ton in capital expenditure (capex). To put that in perspective, they argue that's roughly half, or even less than half, the cost of building a brand-new, land-based liquefaction plant. This is clearly demonstrated in their current projects.

Metric	Golar FLNG Conversion (MKII Estimate)	Land-Based LNG (Implied Comparison)
Estimated Capex per Ton	~$600 per ton	Roughly half or less of the cost of a brand new land-based plant
Capacity (MKII Example)	3.5 MTPA	N/A
Total MKII Conversion Budget	$2.2 billion	N/A
Construction Time	Confirmed 36-38 months for MKI and MKII	Implied longer than conversion time

That faster deployment is key for clients needing to get gas to market quickly. For instance, the conversion of the Fuji LNG into the MKII FLNG is proceeding on schedule, with delivery from the CIMC Raffles shipyard targeted for Q4 2027 after entering the yard in Q1 2025. This timeline helps resource owners start earning sooner.

The service directly addresses the Monetization of Stranded Gas. You see this in action with the FLNG Hilli and the MKII FLNG securing 20-year charter agreements with Southern Energy S.A. (SESA) for LNG exports from Argentina. This unlocks value from offshore or remote fields that might otherwise be uneconomical to develop.

Reliability is not just a promise; it's a track record. The FLNG Hilli 'maintains market leading operational uptime'. Since its contract start-up in Cameroon in 2018, it has achieved 100% economic uptime. As of Q2 2025, the Hilli had offloaded 137 cargoes. Also, the FLNG Gimi, which reached Commercial Operations Date (COD) in mid-June 2025, is now 'frequently exceeding base capacity' during its operational tuning period.

These value propositions translate directly into massive contracted earnings backlog for Golar LNG Limited:

• The FLNG Hilli 20-year redeployment charter adds $5.7 billion in Adjusted EBITDA backlog.
• The MKII FLNG 20-year charter adds $8 billion in Adjusted EBITDA backlog.
• The combined fleet backlog, before commodity upside and inflation, is $17 billion (Golar's share) as of Q3 2025.

Finance: draft 13-week cash view by Friday.

Golar LNG Limited (GLNG) - Canvas Business Model: Customer Relationships

You're looking at how Golar LNG Limited (GLNG) locks in its value proposition with key customers, and honestly, it's all about duration and deep alignment. This isn't about one-off sales; it's about multi-decade partnerships that secure the cash flow you need to fund the next big project.

Long-term, high-value charter contracts (20-year terms are standard).

Golar LNG has successfully converted its entire operational and near-term fleet onto long-term contracts, which is the bedrock of their current stability. For instance, the FLNG Hilli secured a 20-year redeployment charter with Southern Energy S.A. (SESA) in Argentina, which adds $5.7 billion to the Adjusted EBITDA backlog. Furthermore, the under-conversion MKII FLNG also locked in a 20-year charter with SESA, contributing an even larger $8 billion to the backlog. The FLNG Gimi, which reached Commercial Operations Date (COD) in June 2025, is operating under a 20-year lease with BP. These deals alone added $13.7 billion to the Adjusted EBITDA backlog in Q2 2025, bringing the total visibility to approximately $17 billion over the next two decades.

Here's a quick look at the core contract value as of late 2025:

FLNG Unit	Charterer	Term (Years)	Annual Net Charter Hire (Approx.)	Total Contracted Backlog (Approx.)
Hilli	SESA (Argentina)	20	$285 million	$5.7 billion
MKII	SESA (Argentina)	20	$400 million	$8 billion
Gimi	BP (GTA Project)	20	Not explicitly stated as fixed hire	Golar's share of net earnings backlog is approx. $3 billion

Dedicated operational support and technical expertise for FLNG units.

The relationship extends beyond just the contract signing; Golar LNG provides the necessary technical heavy lifting to keep these floating facilities running. For example, the FLNG Hilli has maintained market-leading uptime since it started service in Cameroon back in 2018. Before its redeployment to Argentina, scheduled to start in Q2 2027, the Hilli will undergo necessary upgrades, winterization, and life extension works, with yard selection expected in Q3 2025. The Gimi, post-COD in June 2025, is actively in an appraisal period where equipment is being tuned for optimization. This hands-on operational management is a key part of the value delivered to the charterers.

The commitment to operational excellence is reflected in the fleet status:

• FLNG Hilli: Completed 137 cargoes offloaded in Cameroon since 2018.
• FLNG Gimi: Reached COD in June 2025, starting its 20-year term.
• MKII FLNG: Conversion work on the $2.2 billion project is proceeding to schedule, with delivery expected in Q4 2027.

Equity co-investment (e.g., 10% SESA stake) to align interests with charterers.

To truly align interests, Golar LNG has taken equity positions in its key customer consortia. The most concrete example is Golar's 10% ownership stake in SESA. This structure means Golar directly benefits when the gas monetized by the chartered FLNGs sells at higher prices. The economics are clear: Golar estimates its total commodity upside potential from both the Hilli and MKII charters is approximately $100 million per year for every $1 increase in FOB prices above the $8/MMBtu reference price. Specifically, the 10% shareholding in SESA alone contributes about $28 million in annual Adjusted EBITDA commodity exposure per $1/MMBtu price change. This structure moves Golar from a pure service provider to a partner invested in the underlying commodity realization.

Finance: draft 13-week cash view by Friday.

Golar LNG Limited (GLNG) - Canvas Business Model: Channels

You're looking at how Golar LNG Limited gets its floating liquefaction (FLNG) assets in front of paying customers and how those assets are maintained or created. This is all about direct, high-value, long-term physical delivery.

Direct negotiation and execution of long-term Lease and Operate Agreements (LOAs)

Golar LNG Limited executes its business primarily through securing extremely long-term, fixed-rate contracts for its specialized fleet. This is the core channel for revenue visibility.

• FLNG Hilli Episeyo secured a 20-year redeployment charter with Southern Energy S.A. (SESA) in Argentina, with operations expected to start in Q2 2027.
• The MKII FLNG has definitive agreements for a 20-year charter with SESA, with contract start-up expected during 2028.
• FLNG Gimi commenced its 20-year Lease and Operate Agreement with BP in June 2025.
• The combined Hilli and MKII agreements secure 40 years of combined charter commitments.

The financial impact of these long-term agreements is substantial, locking in future cash flows:

Vessel	Contract Duration	Annual Net Charter Hire (Golar Share)	EBITDA Backlog Contribution (Pre-Commodity)
FLNG Hilli (Argentina)	20 years	$285 million per year	$5.7 billion
MKII FLNG (Argentina)	20 years	$400 million per year	$8 billion
FLNG Gimi (BP)	20 years	Implied Annual Share of $151 million	Approximately $3 billion

Overall, Golar LNG Limited's existing FLNG fleet has secured a combined Adjusted EBITDA backlog of approximately $17 billion before accounting for commodity upside and inflationary adjustments as of Q3 2025.

Direct engagement with National Oil Companies (NOCs) and major gas producers

The primary channel for securing these long-term charters is direct engagement with the resource owners who need to monetize stranded gas. In Argentina, this is channeled through a specific entity.

• The key counterparty for the Hilli and MKII charters is Southern Energy S.A. (SESA), which was formed to enable LNG exports from Argentina.
• SESA is owned by a consortium of leading Argentinian gas producers: Pan American Energy holding 30%, YPF at 25%, Pampa Energia at 20%, and Harbour Energy at 15%.
• Golar LNG Limited itself holds a 10% equity stake in SESA, aligning its interests directly with the gas producers.
• The FLNG Gimi operates under a 20-year lease with BP in the Greater Tortue Ahmeyim field.

This structure means Golar LNG Limited is dealing directly with the upstream owners and operators, bypassing many intermediary steps.

Shipyard conversion slots for asset creation (e.g., Seatrium for Hilli redeployment)

To service the long-term contracts, Golar LNG Limited must secure capacity at specialized shipyards for both new builds and major upgrades. This is a critical, capacity-constrained channel.

For the FLNG Hilli redeployment, the channel involves a major upgrade:

• Seatrium in Singapore was selected for the Hilli upgrade scope, which includes life extension and winterization.
• The vessel is scheduled to enter the yard in the third quarter of 2026.
• The scope includes the installation of a new soft-yoke mooring system.

For the MKII FLNG, which is a new conversion, the channel is the shipyard contract:

Asset	Shipyard	Status as of Q3 2025	Expected Delivery/Start
MKII FLNG Conversion	CIMC Raffles (Yantai, China)	Conversion budget is $2.2 billion; $1.0 billion spent as of September 30, 2025.	Conversion completion expected in Q4 2027.
Next FLNG Unit (Potential 4th)	Discussions with three shipyards	Evaluating designs from 2.0 to 5.4 MTPA; targeting slot reservation in Q3 2025.	Targeting an order in 2025 for potential delivery within 2028.

Golar LNG Limited is actively managing shipyard capacity to ensure its next growth unit can be ordered within 2025, leveraging recycled liquidity from debt optimization on its fully contracted fleet. Finance: draft 13-week cash view by Friday.

Golar LNG Limited (GLNG) - Canvas Business Model: Customer Segments

You're looking at the core clients that drive Golar LNG Limited's revenue, and honestly, it's all about securing those massive, long-term commitments for their Floating Liquefied Natural Gas (FLNG) assets. The customer base is highly specialized, focusing on entities that need flexible, fast-to-deploy liquefaction capacity.

Major integrated energy companies (e.g., BP)

These are the global majors who need reliable, long-term gas monetization solutions, often tied to major offshore field developments. Golar LNG Limited has secured a key contract here. The FLNG Gimi achieved its Commercial Operations Date (COD) in June 2025, officially kicking off its 20-year lease term with BP offshore Mauritania and Senegal. This single asset provides a solid foundation of contracted cash flow.

Consortia of international and national oil and gas producers (e.g., SESA partners)

This segment represents Golar LNG Limited's most significant recent commercial success, centered around the Argentine market. Southern Energy S.A. (SESA), a consortium formed to facilitate Argentina's LNG exports, is now tied to two of Golar LNG Limited's key assets. SESA itself sources gas from producers including PAE, YPF, Pampa, and Harbour Energy PLC. These deals lock in capacity and provide substantial revenue visibility.

Here's the breakdown of the value these two major contracts bring to Golar LNG Limited's backlog:

FLNG Asset	Customer/Consortium	Contract Duration	Annual Contracted Hire (Approximate)	Total Contracted Adjusted EBITDA Backlog (Approximate)
FLNG Hilli (Redeployment)	SESA (Argentina)	20-year	$285 million per year	$5.7 billion
MKII FLNG (New Conversion)	SESA (Argentina)	20-year	$400 million per year	$8 billion

The combined effect of these two SESA deals, plus the existing Gimi contract, pushes Golar LNG Limited's total Adjusted EBITDA backlog to approximately $17 billion before factoring in commodity upside or inflation adjustments.

Companies seeking to monetize stranded or remote offshore gas reserves

This category describes the fundamental need Golar LNG Limited's technology addresses: unlocking value from gas that is too far from pipelines or too small for traditional liquefaction plants. The SESA project in Argentina's San Matías Gulf is a prime example of monetizing offshore reserves for export. Golar LNG Limited is actively developing its next units, with commercial conversations ongoing for a potential 5th FLNG unit. These potential customers are looking for the capital efficiency Golar offers; Golar estimates new FLNG orders come in around $600 per ton in capex, which is roughly half the cost of building a brand-new land-based plant.

You should note the structure of these deals often includes commodity upside, meaning Golar LNG Limited's customers are often those with significant exposure to the underlying gas price, as Golar estimates an upside potential of approximately $100 million per year for every US dollar of offtake above a reference price of $8/MMBtu on the Hilli and MKII contracts.

Finance: draft 13-week cash view by Friday.

Golar LNG Limited (GLNG) - Canvas Business Model: Cost Structure

You're looking at the hard costs Golar LNG Limited (GLNG) is facing as of late 2025, which is crucial for understanding their cash burn and profitability drivers. It's a mix of massive upfront capital projects and ongoing operational overhead.

Significant Capital Expenditure (CapEx) for FLNG Conversions

The primary capital outlay right now centers on the next-generation vessel.

• The total budget for the MKII FLNG conversion is set at $2.2 billion.
• As of September 30, 2025, Golar LNG Limited had spent $1.0 billion on this conversion.
• This capital expenditure is noted as being all currently equity funded as of that date.
• The conversion work is scheduled to complete in the fourth quarter of 2027.

The EPC (Engineering, Procurement, and Construction) contract price for the MKII conversion itself was $1.6 billion, excluding financing costs. That budget of $2.2 billion is comprehensive, covering the vessel, yard supervision, spares, crew, training, contingencies, and voyage costs to the operational site.

Vessel Operating Expenses (OpEx) and Maintenance Costs for the FLNG Fleet

Operating the existing fleet-FLNG Hilli and FLNG Gimi-incurs significant, recurring costs. These are reported segmented by FLNG operations versus Corporate and other activities. Here are the latest reported figures in thousands of U.S. dollars.

Expense Category (in thousands of $)	Q3 2025	Q2 2025 (FLNG Segment)	Q1 2025 (FLNG Segment)
Vessel Operating Expenses (OpEx)	(40,450)	(18,785)	(28,470)
Maintenance/Related Costs (Included in OpEx)	Part of the total	Part of the total	Part of the total

Maintenance costs are baked into the Vessel Operating Expenses, which saw a significant jump in Q3 2025 to ($40,450) thousand for the FLNG segment. This is a key variable cost you need to watch, as increases in salaries, insurance, or necessary repairs directly hit this line item.

Debt Service Costs

Servicing existing and new debt obligations is a fixed, non-discretionary cost. Golar LNG Limited managed its capital structure in October 2025.

• The company issued $500 million in aggregate principal amount of senior unsecured notes due 2030.
• These Notes bear a coupon interest rate of 7.500% per year.
• The annual interest expense on just this new tranche is approximately $37.5 million (7.5% of $500 million).
• The notes were issued at par value on October 2, 2025.
• This issuance followed the repayment of the 2021 Unsecured Bonds, which matured in October 2025.

Following the October 2025 transactions, Golar LNG Limited's share of Contractual Debt increased to $2,338 million. The interest expense component of debt service is a direct drag on earnings before financing costs are considered.

General and Administrative (G&A) Expenses and Corporate Overhead

This covers the cost of running the corporate headquarters and managing the overall fleet, separate from the direct operating costs of the FLNG units.

The run-rate estimate for Corporate G&A costs, as of early 2025, was approximately $400 million per annum. However, the reported quarterly figures show a different picture when legacy shipping activities are consolidated into the Corporate and other segment.

Expense Category (in thousands of $)	Q3 2025	Q2 2025	Q1 2025
Administrative Expenses (Corporate and other)	(7,985)	(8,999)	(9,587)

The Q3 2025 Administrative expense was ($7,985) thousand. That quarterly spend translates to an annualized run rate of roughly $31.94 million based on the latest data point, which is significantly lower than the earlier $400 million per annum estimate, suggesting a successful streamlining of corporate overhead following asset sales and segment reorganization.

Finance: draft 13-week cash view by Friday.

Golar LNG Limited (GLNG) - Canvas Business Model: Revenue Streams

You're looking at the cash engine for Golar LNG Limited (GLNG) as of late 2025, and honestly, it's shifted heavily toward long-term, infrastructure-style contracts. The revenue streams are now overwhelmingly anchored by firm, multi-decade charter fees, which is why management feels so confident returning capital to shareholders.

The core of the revenue is the fixed-rate charter hire component, which provides incredible visibility. With the Final Investment Decision (FID) for the MKII FLNG charter to Southern Energy S.A. (SESA) satisfied, Golar has locked in its entire current FLNG fleet on 20-year agreements. This results in a combined Adjusted EBITDA backlog of approximately $17 billion (Golar's share) before any commodity upside or inflationary adjustments.

Here's a quick look at the major components driving that backlog:

• The MKII FLNG charter alone solidifies an Adjusted EBITDA backlog of $8 billion over 20 years.
• This translates to an expected annual Adjusted EBITDA contribution from the MKII of $400 million.
• The FLNG Hilli redeployment to SESA is valued at $285 million in annual Adjusted EBITDA for 20 years.
• The FLNG Gimi contract is expected to contribute approximately $3 billion in net earnings backlog (Golar's 70% share) over its 20-year term.

The actual quarterly performance reflects this operational stability. For the third quarter of 2025, Golar LNG Limited reported an Adjusted EBITDA of $83 million. That's a solid number, showing the Gimi unit is fully contributing after reaching Commercial Operations Date (COD) mid-year.

Beyond the fixed fees, Golar LNG Limited retains significant commodity-linked upside tariffs. This is where the revenue stream gets interesting, as it offers an uncapped participation in higher realized prices. The general exposure is substantial:

• A $1/MMBtu increase in realized FOB prices above the $8/MMBtu reference price adds approximately $100 million in potential annual EBITDA upside to Golar.
• Specifically for the MKII FLNG, the commodity tariff component is estimated to add about $40 million in potential annual upside per $1/MMBtu above $8 FOB.
• The Hilli's commodity tariff component is structured as 25% of FOB prices in excess of $8/MMBtu, which is estimated to add roughly $30 million in potential annual upside per $1/MMBtu above the reference price.

The equity income from the stake in SESA acts as another layer of commodity upside. You defintely need to factor this in for a full picture of the risk/reward profile. Golar's 10% ownership in SESA provides exposure equivalent to approximately $28 million in annual commodity exposure for every $1/MMBtu change in achieved FOB prices relative to SESA's cash break even.

To put the fixed and variable components side-by-side, here is a breakdown of the key contracted revenue drivers as of late 2025:

Revenue Component	Annualized Value (Fixed/Base)	Commodity Upside Potential (Per $1/MMBtu above $8 FOB)	Contract Term
MKII FLNG Charter (Fixed)	$400 million Adjusted EBITDA	$40 million (FLNG Tariff)	20 Years
Hilli Charter (Fixed)	$285 million Adjusted EBITDA	$30 million (FLNG Tariff)	20 Years
Gimi Contract (Golar Share)	Approx. $150 million (Implied from $3bn backlog / 20 years)	N/A (Primarily fixed hire)	20 Years
SESA Equity Stake (Commodity Exposure)	N/A	Approx. $28 million (Per $1/MMBtu change vs. break even)	Linked to SESA operations

So, you have the bedrock of $17 billion in backlog value, underpinned by the $400 million annual run-rate from the MKII alone once it starts up, plus the immediate cash flow generation reflected in the $83 million Q3 2025 Adjusted EBITDA.