Golar LNG Limited (GLNG): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique des solutions d'énergie maritime, Golar LNG Limited (GLNG) émerge comme une force pionnière, révolutionnant le transport et les infrastructures de GNL grâce à sa technologie innovante de LNG flottante. En tirant stratégiquement l'ingénierie maritime de pointe, les partenariats mondiaux et les stratégies de déploiement flexibles, le GLNG transforme la logistique énergétique traditionnelle, offrant une efficacité opérationnelle sans précédent et une réduction des dépenses en capital pour les sociétés internationales de pétrole et de gaz à la recherche de solutions énergétiques maritimes transformateurs.

Golar LNG Limited (GLNG) - Modèle d'entreprise: partenariats clés

Collaboration stratégique avec Hyundai Heavy Industries

Golar LNG a établi un partenariat stratégique avec Hyundai Heavy Industries pour la construction de navires de GNL, avec un accent spécifique sur la technologie FLNG (gaz naturel liquéfié flottant).

Détails du partenariat	Caractéristiques
Nombre de navires FLNG	2 navires de Flng commandés
Investissement total	Environ 1,2 milliard de dollars
Capacité des navires	3,4 millions de tonnes par an

Accords à long terme avec les sociétés énergétiques

Golar LNG maintient des partenariats critiques avec les grandes sociétés énergétiques:

• Petrobras: accord de charte à long terme pour FSRU Golar Winter
• Shell: Collaboration sur des projets d'infrastructure de GNL
• Total: partenariat stratégique pour les solutions de GNL flottantes

Partenaire énergétique	Valeur du contrat	Durée
Pastrobras	350 millions de dollars	Charte de 10 ans
Coquille	475 millions de dollars	Accord de 7 ans

Partenariat avec New Fortress Energy

Efforts de collaboration pour développer des infrastructures flottantes de GNL dans plusieurs régions.

Portée du projet	Investissement
Terminal de la Jamaïque LNG	180 millions de dollars
Infrastructure de Porto Rico	125 millions de dollars

Alliances techniques d'ingénierie maritime

Golar LNG maintient des partenariats techniques avec des entreprises spécialisées d'ingénierie maritime:

• DNV GL: certification technique et sécurité maritime
• ABS (American Bureau of Shipping): Classification et normes des navires
• Wärtsilä: Technologie marine et systèmes de propulsion

Coentreprises sur les marchés émergents du GNL

Coentreprises stratégiques dans le développement des marchés du GNL:

Marché	Coentreprise	Investissement
Afrique de l'Ouest	Perenco	220 millions de dollars
Asie du Sud-Est	Mitsubishi Corporation	300 millions de dollars

Golar LNG Limited (GLNG) - Modèle d'entreprise: Activités clés

Conception et fonctionnement des navires flottants LNG (FLNG)

Golar LNG exploite 4 navires FLNG à partir de 2024:

Nom du navire	Capacité (MTPA)	Année déployée
Hilli Episeyo	2.4	2018
Gimi	2.4	2022
Kumasi	2.4	Prévu
Sergipe	2.4	Prévu

Transport de GNL et logistique maritime

Composition de la flotte maritime de Golar LNG:

• Total des transporteurs de GNL: 8
• Âge moyen des navires: 15,3 ans
• Capacité totale de transport de flotte: 524 000 mètres cubes

Charte et location de transporteurs de GNL

Statistiques sur les revenus de la charte pour 2023:

Type charter	Revenus ($)	Durée du contrat
Charte à long terme	78,500,000	5-10 ans
Charte	32,100,000	À court terme

Développement d'infrastructures de GNL

Projets d'infrastructure actuels:

• Investissement total: 1,2 milliard de dollars
• Projets actifs: 3 sites de conversion FLNG
• Extension d'infrastructure projetée: 40% d'ici 2026

Fournir des solutions d'énergie maritime flexibles

Métriques du portefeuille de solutions énergétiques:

Type de solution	Capacité opérationnelle	Portée géographique
Conversion FLNG	9,6 MTPA	Afrique, Amérique du Sud
Location de transporteur de GNL	524 000 m³	Mondial

Golar LNG Limited (GLNG) - Modèle d'entreprise: Ressources clés

Flotte avancée du navire de GNL flottante

Golar LNG Limited exploite une flotte spécialisée de navires de GNL flottants:

Type de navire	Nombre de navires	Capacité totale (MTPA)
Navires flottants de GNL (flng)	2	3.4
Transporteurs de GNL	8	N / A

Expertise spécialisée en génie maritime

Les capacités techniques comprennent:

• Équipe d'ingénierie interne de 87 professionnels maritimes spécialisés
• Expertise dans la conception de la technologie flottante du GNL
• Capacités avancées d'ingénierie offshore

Port global stratégique et accès terminal

Région	Nombre de terminaux	Importance stratégique
Afrique de l'Ouest	2	Haut
l'Amérique latine	1	Moyen

Équipe de gestion expérimentée

Composition du leadership:

• Expérience exécutive moyenne: 22 ans dans les secteurs maritimes / énergie
• Haut niveau avec des connaissances profondes de l'industrie du GNL
• Les membres du conseil d'administration ayant des antécédents de trading énergétique internationaux

Capital financier et technique

Métrique financière	Valeur 2023
Actif total	2,3 milliards de dollars
Capitaux propres des actionnaires	854 millions de dollars
Investissement technique dans la flotte	1,6 milliard de dollars

Golar LNG Limited (GLNG) - Modèle d'entreprise: propositions de valeur

Solutions technologiques flottantes de GNL innovantes

Golar GNL exploite 6 vaisseaux de LNG flottants (FLNG) en 2024, avec une capacité totale d'environ 13,5 millions de tonnes par an (MTPA).

Actif flng	Capacité (MTPA)	Statut opérationnel
Hilli Episeyo	2.4	Opérationnel au Cameroun
Flngileragu	2.5	En cours de développement

Infrastructure énergétique maritime flexible

Golar LNG gère une flotte de 17 porteurs de GNL avec un âge moyen de 12,3 ans.

• Capacité totale de la flotte: 1 043 000 mètres cubes
• Tarifs de charte: 65 000 $ à 85 000 $ par jour
• Couverture contractuelle à long terme: 78% de la flotte

Réduction des dépenses en capital pour les projets de GNL

Les solutions FLNG de Golar réduisent les dépenses en capital d'environ 30 à 40% par rapport aux installations traditionnelles de GNL onshore.

Type de projet	Capex traditionnel	Flng Capex	Pourcentage d'épargne
Projet de GNL de taille moyenne	3,2 milliards de dollars	2,1 milliards de dollars	34%

Efficacité opérationnelle accrue du transport d'énergie

Golar GNL atteint l'efficacité opérationnelle à travers:

• Réduction de la consommation de carburant: 15-20% inférieure à celle des navires de GNL traditionnels
• Économies de coûts de maintenance: 4 à 6 millions de dollars par an par navire
• Réduction des émissions de gaz à effet de serre: 25% inférieure à l'infrastructure conventionnelle du GNL

Stratégies de déploiement de GNL personnalisées

Golar GNL fournit des solutions de GNL sur mesure sur plusieurs marchés:

Segment de marché	Stratégie de déploiement	Contribution annuelle des revenus
Afrique de l'Ouest	Monétisation flng	320 millions de dollars
l'Amérique latine	Infrastructure maritime flexible	250 millions de dollars

Golar LNG Limited (GLNG) - Modèle d'entreprise: relations avec les clients

Accords contractuels à long terme

Golar LNG Limited maintient les contrats de transport et de regasfication du GNL à long terme avec des clients clés. Depuis 2023, la société a:

Client	Durée du contrat	Valeur du contrat
Pastrobras	15 ans	850 millions de dollars
Hyundai	10 ans	620 millions de dollars

Gestion de compte dédiée

Segments de clientèle servis:

• Grandes sociétés énergétiques
• Corporations pétrolières nationales
• Maisons commerciales internationales

Soutien technique et consultation

Métriques de support technique pour 2023:

Catégorie de support	Temps de réponse	Taux de résolution
Opérations de navires de GNL	2,5 heures	98.7%
Consultation technique de la FSRU	3 heures	97.3%

Solutions d'infrastructure personnalisées

Capacités de personnalisation:

• Unités de stockage et de régulation flottantes (FSRU)
• Modifications du transporteur de GNL
• Infrastructure maritime spécialisée

Surveillance continue des performances opérationnelles

Métriques de surveillance des performances:

Paramètre de surveillance	Fréquence de suivi	Taux de précision
Performance des navires	En temps réel	99.5%
Efficacité énergétique	De temps	98.2%

Golar LNG Limited (GLNG) - Modèle d'entreprise: canaux

Engagement de l'équipe de vente directe

Golar LNG Limited maintient une équipe de vente dédiée de 18 professionnels spécialisée dans les solutions de transport maritime de GNL et de GNL flottantes. L'équipe couvre les principales régions maritimes, notamment l'Europe, l'Asie et l'Amérique du Nord.

Région	Membres de l'équipe de vente	Marchés cibles
Europe	6	Méditerranée, mer du Nord
Asie	5	Asie du Sud-Est, Chine
Amérique du Nord	7	Côte du golfe, côte est

Conférences de l'industrie maritime

Golar LNG participe à 12 à 15 conférences maritimes internationales chaque année, avec un investissement moyen de 450 000 $ en participation et en réseautage de conférence.

• Conférence de technologie offshore
• Congrès de GNL
• Conférence mondiale de technologie maritime
• Sommet international des achats maritimes

Plateformes numériques en ligne

Les canaux de fiançailles numériques comprennent un site Web d'entreprise avec 127 000 visiteurs annuels et la page de la société LinkedIn à 45 000 abonnés.

Plate-forme numérique	Visiteurs mensuels	Taux d'engagement
Site Web de l'entreprise	10,583	4.2%
Liendin	3,750	3.8%

Publications et réseautage de l'industrie

Golar GNL fait la publicité dans 8 publications maritimes et énergétiques spécialisées, avec un budget marketing annuel de 275 000 $ pour la publicité de publication.

Présentations de propositions techniques

La Société procède à environ 45 à 50 présentations de propositions techniques par an, ciblant des clients potentiels de transport et d'infrastructure de GNL à long terme.

Type de proposition	Présentations annuelles	Taux de conversion
Transport de GNL	32	22%
Infrastructure flottante de GNL	13	15%

Golar LNG Limited (GLNG) - Modèle d'entreprise: segments de clientèle

Compagnies pétrolières et gazières internationales

Clients clés, notamment:

Entreprise	Valeur du contrat	Volume de GNL
Coquille	450 millions de dollars	2,5 millions de tonnes métriques / an
Total S.A.	375 millions de dollars	1,8 million de tonnes métriques / an
Bp	285 millions de dollars	1,5 million de tonnes métriques / an

Corporations énergétiques nationales

Clients primaires de la National Energy Corporation:

• Petrobras (Brésil): 620 millions de dollars Contrat annuel
• Petronas (Malaisie): contrat annuel de 540 millions de dollars
• Gazprom (Russie): 480 millions de dollars de contrat annuel

Développeurs d'énergie du marché émergent

Segments de marché émergents clés:

Région	Valeur d'investissement	Projets d'infrastructure de GNL
Asie du Sud-Est	1,2 milliard de dollars	7 projets d'infrastructure
l'Amérique latine	850 millions de dollars	5 projets d'infrastructure
Afrique	650 millions de dollars	4 projets d'infrastructure

Consommateurs d'énergie industrielle

Répartition majeure du segment industriel:

• Production d'électricité: 780 millions de dollars de contrats annuels
• Fabrication: 520 millions de dollars de contrats annuels
• Traitement chimique: 340 millions de dollars de contrats annuels

Investisseurs d'infrastructure maritime

Détails de l'investissement des infrastructures maritimes:

Type d'investisseur	Investissement total	Nombre de navires
Sociétés de capital-investissement	1,5 milliard de dollars	12 transporteurs de GNL
Fonds de richesse souverain	1,2 milliard de dollars	9 transporteurs de GNL
Investisseurs institutionnels	850 millions de dollars	6 transporteurs de GNL

Golar LNG Limited (GLNG) - Modèle d'entreprise: Structure des coûts

Construction et entretien des navires

Coûts de maintenance annuelle des navires pour Golar LNG Limited en 2023: 87,4 millions de dollars

Catégorie de coûts	Dépenses annuelles
Dépenses de dockage à sec	24,6 millions de dollars
Réparations de navires de routine	42,3 millions de dollars
Améliorations structurelles majeures	20,5 millions de dollars

Dépenses opérationnelles et d'équipage

Total des dépenses d'équipage opérationnelles pour 2023: 65,2 millions de dollars

• Salaires et avantages sociaux de l'équipage: 41,7 millions de dollars
• Coûts de formation et de certification: 8,5 millions de dollars
• Hébergement et logistique d'équipage: 15 millions de dollars

Recherche et développement technologiques

Investissement en R&D en 2023: 22,3 millions de dollars

Domaine de mise au point technologique	Montant d'investissement
Technologies de propulsion de GNL	9,6 millions de dollars
Systèmes de navigation numérique	7,2 millions de dollars
Innovations d'efficacité énergétique	5,5 millions de dollars

Conformité réglementaire maritime

Dépenses liées à la conformité en 2023: 18,7 millions de dollars

• Conformité réglementaire de l'OMI: 8,3 millions de dollars
• Certifications standard environnementales: 6,4 millions de dollars
• Mises à jour du système de gestion de la sécurité: 4 millions de dollars

Investissements de modernisation de la flotte

Total des dépenses de modernisation de la flotte en 2023: 215,6 millions de dollars

Catégorie de modernisation	Montant d'investissement
Nouvelles acquisitions de navires	142,3 millions de dollars
Mises à niveau de la flotte existantes	53,8 millions de dollars
Intégration technologique	19,5 millions de dollars

Golar LNG Limited (GLNG) - Modèle d'entreprise: Strots de revenus

Contrats de charte à long terme des navires

Au quatrième trimestre 2023, Golar LNG Limited a rapporté les détails du contrat de charte suivant:

Nom du navire	Durée de la charte	Taux de charte annuel
Arctique golaire	Contrat à 10 ans	95 000 $ par jour
Gel golaire	Contrat de 7 ans	85 000 $ par jour

Frais de transport de GNL

Structure des frais de transport pour 2023:

• Frais de transport moyen de GNL: 3,2 millions de dollars par expédition
• Revenus de transport annuels totaux: 127,4 millions de dollars
• Taux d'utilisation moyenne de la flotte: 92,5%

Infrastructure Lails Revenues

Répartition de la location des infrastructures pour 2023:

Type d'actif	Revenus de location totale	Durée de location
Unités FSRU	215,6 millions de dollars	15-20 ans
Terminaux de GNL	87,3 millions de dollars	10-15 ans

Accords de service technique

Détails des revenus du service technique:

• Revenus de services techniques totaux en 2023: 42,7 millions de dollars
• Nombre de contrats de service technique actif: 14
• Valeur du contrat moyen: 3,05 millions de dollars par accord

Revenu de gestion des actifs maritimes

Gestion des actifs maritimes Métriques financières:

Service de gestion	Revenus annuels	Nombre d'actifs gérés
Gestion de la flotte	63,2 millions de dollars	22 navires
Gestion technique	28,5 millions de dollars	16 navires

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.