Golar LNG Limited (GLNG): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de las soluciones de energía marítima, Golar LNG Limited (GLNG) emerge como una fuerza pionera, revolucionando el transporte e infraestructura de GNL a través de su innovadora tecnología de GNL flotante. Al aprovechar estratégicamente la ingeniería marítima de vanguardia, las asociaciones globales y las estrategias de implementación flexibles, GLNG transforma la logística de energía tradicional, ofreciendo eficiencia operativa sin precedentes y gastos de capital reducidos para compañías internacionales de petróleo y gas que buscan soluciones transformadoras de energía marítima.

Golar LNG Limited (GLNG) - Modelo de negocio: asociaciones clave

Colaboración estratégica con Hyundai Heavy Industries

Golar LNG ha establecido una asociación estratégica con Hyundai Heavy Industries para la construcción de embarcaciones de GNL, con un enfoque específico en la tecnología FLNG (gas natural licuado).

Detalles de la asociación	Presupuesto
Número de buques flng	2 buques de flng comisionados
Inversión total	Aproximadamente $ 1.2 mil millones
Capacidad de buques	3.4 millones de toneladas por año

Acuerdos a largo plazo con compañías energéticas

Golar LNG mantiene asociaciones críticas con las principales corporaciones de energía:

• Petrobras: Acuerdo charter a largo plazo para FSRU Golar Winter
• Shell: colaboración en proyectos de infraestructura de GNL
• Total: Asociación estratégica para soluciones de GNL flotantes

Socio de energía	Valor de contrato	Duración
Petrobras	$ 350 millones	Carta de 10 años
Caparazón	$ 475 millones	Acuerdo de 7 años

Asociación con New Fortress Energy

Esfuerzos de colaboración en el desarrollo de la infraestructura de GNL flotante en múltiples regiones.

Alcance del proyecto	Inversión
Terminal Jamaica LNG	$ 180 millones
Infraestructura de Puerto Rico	$ 125 millones

Alianzas técnicas de ingeniería marítima

Golar LNG mantiene asociaciones técnicas con empresas especializadas de ingeniería marítima:

• DNV GL: certificación técnica y seguridad marítima
• ABS (Oficina Americana de envío): Clasificación y estándares de los buques
• Wärtsilä: Tecnología Marina y Sistemas de Propulsión

Empresas conjuntas en mercados de GNL emergentes

Empresas conjuntas estratégicas en el desarrollo de mercados de GNL:

Mercado	Socio de empresa conjunta	Inversión
África occidental	Perenco	$ 220 millones
Sudeste de Asia	Mitsubishi Corporation	$ 300 millones

Golar LNG Limited (GLNG) - Modelo de negocio: actividades clave

Diseño y operación del recipiente LNG flotante (FLNG)

Golar LNG opera 4 vasos FLNG a partir de 2024:

Nombre del recipiente	Capacidad (MTPA)	Año desplegado
Hilli Episeyo	2.4	2018
Gimi	2.4	2022
Kumasi	2.4	Planificado
Sarga	2.4	Planificado

Transporte de GNL y logística marítima

Composición de la flota marítima de Golar LNG:

• Total de transportistas de GNL: 8
• Edad promedio de la embarcación: 15.3 años
• Capacidad total de carga de la flota: 524,000 metros cúbicos

Carta y arrendamiento de transportistas de GNL

Estadísticas de ingresos de la Carta para 2023:

Tipo de afición	Ingresos ($)	Duración del contrato
Carta de tiempo a largo plazo	78,500,000	5-10 años
Estatuto	32,100,000	Corto plazo

Desarrollo de infraestructura de GNL

Proyectos de infraestructura actuales:

• Inversión total: $ 1.2 mil millones
• Proyectos activos: 3 sitios de conversión FLNG
• Expansión de infraestructura proyectada: 40% para 2026

Proporcionar soluciones de energía marítima flexibles

Métricas de cartera de soluciones energéticas:

Tipo de solución	Capacidad operativa	Alcance geográfico
Conversión de flng	9.6 MTPA	África, América del Sur
Arrendamiento de portadores de GNL	524,000 m³	Global

Golar LNG Limited (GLNG) - Modelo de negocio: recursos clave

Flota de buques de GNL flotante avanzado

Golar LNG Limited opera una flota especializada de embarcaciones de GNL flotantes:

Tipo de vaso	Número de embarcaciones	Capacidad total (MTPA)
Vasos Lng (flng) flotantes	2	3.4
Transportista de GNL	8	N / A

Experiencia especializada en ingeniería marítima

Las capacidades técnicas incluyen:

• Equipo de ingeniería interno de 87 profesionales marítimos especializados
• Experiencia en diseño de tecnología de GNL flotante
• Capacidades avanzadas de ingeniería en alta mar

Puerto global estratégico y acceso terminal

Región	Número de terminales	Importancia estratégica
África occidental	2	Alto
América Latina	1	Medio

Equipo de gestión experimentado

Composición de liderazgo:

• Experiencia ejecutiva promedio: 22 años en sectores marítimos/energéticos
• Liderazgo senior con conocimiento de la industria de GNL profundo
• Miembros de la junta con antecedentes internacionales de comercio de energía

Capital financiero y técnico

Métrica financiera	Valor 2023
Activos totales	$ 2.3 mil millones
Patrimonio de los accionistas	$ 854 millones
Inversión técnica en flota	$ 1.6 mil millones

Golar LNG Limited (GLNG) - Modelo de negocio: propuestas de valor

Soluciones de tecnología de GNL flotantes innovadoras

Golar LNG opera 6 vasos de GNL flotantes (FLNG) a partir de 2024, con una capacidad total de aproximadamente 13.5 millones de toneladas por año (MTPA).

Activo flng	Capacidad (MTPA)	Estado operativo
Hilli Episeyo	2.4	Operativo en Camerún
Flngileragu	2.5	En desarrollo

Infraestructura de energía marítima flexible

Golar LNG administra una flota de 17 portadores de GNL con una edad promedio de la buque de 12,3 años.

• Capacidad total de la flota: 1,043,000 metros cúbicos
• Tarifas de la carta: $ 65,000- $ 85,000 por día
• Cobertura del contrato a largo plazo: 78% de la flota

Gasto de capital reducido para proyectos de GNL

Las soluciones FLNG de Golar reducen el gasto de capital en aproximadamente un 30-40% en comparación con las instalaciones tradicionales de GNL en tierra.

Tipo de proyecto	Capex tradicional	Capex flng	Porcentaje de ahorro
Proyecto de GNL de tamaño medio	$ 3.2 mil millones	$ 2.1 mil millones	34%

Eficiencia operativa mejorada en el transporte de energía

Golar LNG logra la eficiencia operativa a través de:

• Reducción del consumo de combustible: 15-20% más bajo en comparación con los vasos de GNL tradicionales
• Ahorro de costos de mantenimiento: $ 4-6 millones anuales por barco
• Reducción de emisiones de gases de efecto invernadero: 25% más bajo que la infraestructura de GNL convencional

Estrategias de implementación de GNL personalizadas

Golar LNG proporciona soluciones de GNL a medida en múltiples mercados:

Segmento de mercado	Estrategia de implementación	Contribución anual de ingresos
África occidental	Monetización flng	$ 320 millones
América Latina	Infraestructura marítima flexible	$ 250 millones

Golar LNG Limited (GLNG) - Modelo de negocio: relaciones con los clientes

Acuerdos contractuales a largo plazo

Golar LNG Limited mantiene contratos de transporte y regasificación de GNL a largo plazo con clientes clave. A partir de 2023, la compañía tiene:

Cliente	Duración del contrato	Valor de contrato
Petrobras	15 años	$ 850 millones
Hyundai	10 años	$ 620 millones

Gestión de cuentas dedicada

Segmentos de clientes atendidos:

• Grandes compañías energéticas
• Corporaciones petroleras nacionales
• Casas comerciales internacionales

Soporte técnico y consulta

Métricas de soporte técnico para 2023:

Categoría de apoyo	Tiempo de respuesta	Tasa de resolución
Operaciones de buques de GNL	2.5 horas	98.7%
Consulta técnica de FSRU	3 horas	97.3%

Soluciones de infraestructura personalizadas

Capacidades de personalización:

• Unidades de almacenamiento y regasificación flotante (FSRU)
• Modificaciones del portador de GNL
• Infraestructura marítima especializada

Monitoreo continuo de rendimiento operativo

Métricas de monitoreo de rendimiento:

Parámetro de monitoreo	Frecuencia de seguimiento	Tasa de precisión
Rendimiento de la embarcación	En tiempo real	99.5%
Eficiencia de combustible	Cada hora	98.2%

Golar LNG Limited (GLNG) - Modelo de negocio: canales

Compromiso del equipo de ventas directo

Golar LNG Limited mantiene un equipo de ventas dedicado de 18 profesionales especializados en transporte marítimo de GNL y soluciones de GNL flotantes. El equipo cubre regiones marítimas clave como Europa, Asia y América del Norte.

Región	Miembros del equipo de ventas	Mercados objetivo
Europa	6	Mediterráneo, Mar del Norte
Asia	5	Sudeste de Asia, China
América del norte	7	Costa del Golfo, costa este

Conferencias de la industria marítima

Golar LNG participa en 12-15 conferencias marítimas internacionales anualmente, con una inversión promedio de $ 450,000 en participación de conferencias y redes.

• Conferencia de tecnología en alta mar
• Congreso de GNL
• Conferencia mundial de tecnología marítima
• Cumbre internacional de adquisiciones marinas

Plataformas digitales en línea

Los canales de participación digital incluyen el sitio web corporativo con 127,000 visitantes anuales y la página de la compañía de LinkedIn con 45,000 seguidores.

Plataforma digital	Visitantes mensuales	Tasa de compromiso
Sitio web corporativo	10,583	4.2%
LinkedIn	3,750	3.8%

Publicaciones de la industria y redes

Golar GNL anuncia en 8 publicaciones especializadas de energía y energía, con un presupuesto anual de marketing de $ 275,000 para publicidad de publicación.

Presentaciones de propuestas técnicas

La Compañía realiza aproximadamente 45-50 presentaciones de propuestas técnicas anualmente, dirigiendo a potenciales clientes de transporte e infraestructura de GNL a largo plazo.

Tipo de propuesta	Presentaciones anuales	Tasa de conversión
Transporte de GNL	32	22%
Infraestructura de GNL flotante	13	15%

Golar LNG Limited (GLNG) - Modelo de negocio: segmentos de clientes

Compañías internacionales de petróleo y gas

Clientes clave que incluyen:

Compañía	Valor de contrato	Volumen de GNL
Caparazón	$ 450 millones	2.5 millones de toneladas métricas/año
Total S.A.	$ 375 millones	1.8 millones de toneladas métricas/año
BP	$ 285 millones	1.5 millones de toneladas métricas/año

Corporaciones Nacionales de Energía

CLIENTES PRIMARIOS NACIONALES DE LA CORPORACIONES NACIONALES:

• Petrobras (Brasil): contrato anual de $ 620 millones
• Petronas (Malasia): contrato anual de $ 540 millones
• Gazprom (Rusia): contrato anual de $ 480 millones

Desarrolladores de energía del mercado emergente

Segmentos clave del mercado emergente:

Región	Valor de inversión	Proyectos de infraestructura de GNL
Sudeste de Asia	$ 1.2 mil millones	7 proyectos de infraestructura
América Latina	$ 850 millones	5 proyectos de infraestructura
África	$ 650 millones	4 proyectos de infraestructura

Consumidores de energía industrial

Desglose del segmento industrial principal:

• Generación de energía: $ 780 millones de contratos anuales
• Fabricación: $ 520 millones contratos anuales
• Procesamiento químico: $ 340 millones contratos anuales

Inversores de infraestructura marítima

Detalles de la inversión de infraestructura marítima:

Tipo de inversor	Inversión total	Número de embarcaciones
Empresas de capital privado	$ 1.5 mil millones	12 transportistas de GNL
Fondos de riqueza soberana	$ 1.2 mil millones	9 portadores de GNL
Inversores institucionales	$ 850 millones	6 transportistas de GNL

Golar LNG Limited (GLNG) - Modelo de negocio: Estructura de costos

Construcción y mantenimiento de los buques

Costos anuales de mantenimiento de la embarcación para Golar LNG Limited en 2023: $ 87.4 millones

Categoría de costos	Gasto anual
Gastos de lanzamiento en seco	$ 24.6 millones
Reparaciones de buques de rutina	$ 42.3 millones
Actualizaciones estructurales importantes	$ 20.5 millones

Gastos operativos y de tripulación

Gastos totales de la tripulación operativa para 2023: $ 65.2 millones

• Salarios y beneficios de la tripulación: $ 41.7 millones
• Costos de capacitación y certificación: $ 8.5 millones
• Alojamiento y logística de la tripulación: $ 15 millones

Investigación y desarrollo de tecnología

Inversión en I + D en 2023: $ 22.3 millones

Área de enfoque tecnológico	Monto de la inversión
Tecnologías de propulsión de GNL	$ 9.6 millones
Sistemas de navegación digital	$ 7.2 millones
Innovaciones de eficiencia energética	$ 5.5 millones

Cumplimiento regulatorio marítimo

Gastos relacionados con el cumplimiento en 2023: $ 18.7 millones

• Cumplimiento regulatorio de la OMI: $ 8.3 millones
• Certificaciones estándar ambiental: $ 6.4 millones
• Actualizaciones del sistema de gestión de seguridad: $ 4 millones

Inversiones de modernización de la flota

Gastos de modernización de la flota total en 2023: $ 215.6 millones

Categoría de modernización	Monto de la inversión
Nuevas adquisiciones de embarcaciones	$ 142.3 millones
Actualizaciones de flota existentes	$ 53.8 millones
Integración tecnológica	$ 19.5 millones

Golar LNG Limited (GLNG) - Modelo de negocio: flujos de ingresos

Contratos de la carta de embarcación a largo plazo

A partir del cuarto trimestre de 2023, Golar LNG Limited ha informado los siguientes detalles del contrato de la carta:

Nombre del recipiente	Duración de la carta	Tasa de chárter anual
Ártico golar	Contrato de 10 años	$ 95,000 por día
Congelación golar	Contrato de 7 años	$ 85,000 por día

Tarifas de transporte de GNL

Estructura de tarifas de transporte para 2023:

• Tarifa promedio de transporte de GNL: $ 3.2 millones por envío
• Ingresos de transporte anuales totales: $ 127.4 millones
• Tasa promedio de utilización de la flota: 92.5%

Ingresos de arrendamiento de infraestructura

Desglose de arrendamiento de infraestructura para 2023:

Tipo de activo	Ingresos de arrendamiento total	Duración del arrendamiento
Unidades FSRU	$ 215.6 millones	15-20 años
Terminales de GNL	$ 87.3 millones	10-15 años

Acuerdos de servicio técnico

Detalles de ingresos del servicio técnico:

• Ingresos totales del servicio técnico en 2023: $ 42.7 millones
• Número de contratos de servicio técnico activo: 14
• Valor promedio del contrato: $ 3.05 millones por acuerdo

Ingresos de gestión de activos marítimos

Métricas financieras de gestión de activos marítimos:

Servicio de gestión	Ingresos anuales	Número de activos administrados
Gestión de la flota	$ 63.2 millones	22 embarcaciones
Gestión técnica	$ 28.5 millones	16 embarcaciones

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.