Golar LNG Limited (GLNG): Canvas de modelo de negócios [Jan-2025 Atualizado]

No mundo dinâmico das soluções de energia marítima, a Golar LNG Limited (GLNG) surge como uma força pioneira, revolucionando o transporte e a infraestrutura de GNL por meio de sua inovadora tecnologia flutuante de GNL. Ao alavancar estrategicamente engenharia marítima de ponta, parcerias globais e estratégias flexíveis de implantação, o GLNG transforma a logística de energia tradicional, oferecendo eficiência operacional sem precedentes e redução do gasto de capital para empresas internacionais de petróleo e gás que buscam soluções transformadoras de energia marítima.

Golar LNG Limited (GLNG) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com a Hyundai Heavy Industries

O Golar GNL estabeleceu uma parceria estratégica com a Hyundai Heavy Industries para a construção de embarcações de GNL, com um foco específico na tecnologia FLNG (Gás Natural Liquefeito).

Detalhes da parceria	Especificações
Número de navios FLNG	2 navios comissionados de flng
Investimento total	Aproximadamente US $ 1,2 bilhão
Capacidade de embarcação	3,4 milhões de toneladas por ano

Acordos de longo prazo com empresas de energia

O Golar GNL mantém parcerias críticas com as principais corporações de energia:

• Petrobras: Acordo de Carta de Longo Prazo para FSRU Golar Winter
• Shell: colaboração em projetos de infraestrutura de GNL
• Total: Parceria estratégica para soluções de GNL flutuantes

Parceiro de energia	Valor do contrato	Duração
Petrobras	US $ 350 milhões	Carta de 10 anos
Concha	US $ 475 milhões	Contrato de 7 anos

Parceria com a New Fortress Energy

Esforços colaborativos no desenvolvimento de infraestrutura flutuante de GNL em várias regiões.

Escopo do projeto	Investimento
Terminal Jamaica LNG	US $ 180 milhões
Infraestrutura de Porto Rico	US $ 125 milhões

Alianças de engenharia marítima técnica

O Golar GNL mantém parcerias técnicas com empresas de engenharia marítima especializadas:

• DNV GL: Certificação técnica e segurança marítima
• ABS (American Bureau of Shipping): Classificação e padrões de embarcações
• Wärtsilä: Sistemas de Tecnologia e Propulsão Marinha

Joint ventures nos mercados emergentes de GNL

Ventuos de articulação estratégicos no desenvolvimento de mercados de GNL:

Mercado	Parceiro de joint venture	Investimento
África Ocidental	Perenco	US $ 220 milhões
Sudeste Asiático	Mitsubishi Corporation	US $ 300 milhões

Golar LNG Limited (GLNG) - Modelo de negócios: Atividades -chave

Projeto e operação da embarcação de GNL (FLNG) flutuantes

O Golar LNG opera 4 navios FLNG a partir de 2024:

Nome do navio	Capacidade (MTPA)	Ano implantado
Hilli Episeyo	2.4	2018
Gimi	2.4	2022
Kumasi	2.4	Planejado
Sargipe	2.4	Planejado

Transporte de GNL e logística marítima

Composição da frota marítima do Golar LNG:

• Total de transportadores de GNL: 8
• Idade média do navio: 15,3 anos
• Capacidade total de transporte de frota: 524.000 metros cúbicos

Fretamento e arrendamento de transportadoras de GNL

Estatísticas de receita de fretamento para 2023:

Tipo de fretamento	Receita ($)	Duração do contrato
Carta de longo prazo	78,500,000	5-10 anos
Carta de ponto	32,100,000	Curto prazo

Desenvolvimento de infraestrutura de GNL

Projetos atuais de infraestrutura:

• Investimento total: US $ 1,2 bilhão
• Projetos ativos: 3 sites de conversão FLNG
• Expansão de infraestrutura projetada: 40% até 2026

Fornecendo soluções de energia marítima flexível

Métricas de portfólio de soluções de energia:

Tipo de solução	Capacidade operacional	Alcance geográfico
Conversão de flng	9.6 MTPA	África, América do Sul
Leasing de transportadora de GNL	524.000 m³	Global

Golar LNG Limited (GLNG) - Modelo de negócios: Recursos -chave

Frota avançada de embarcação de GNL flutuante

A Golar LNG Limited opera uma frota especializada de navios de GNL flutuantes:

Tipo de embarcação	Número de embarcações	Capacidade total (MTPA)
Vasos flutuantes de GNL (flng)	2	3.4
Transportadoras de GNL	8	N / D

Experiência especializada em engenharia marítima

Os recursos técnicos incluem:

• Equipe de engenharia interna de 87 profissionais marítimos especializados
• Especialização em design de tecnologia flutuante de GNL
• Recursos avançados de engenharia offshore

Acesso estratégico de porto global e terminal

Região	Número de terminais	Importância estratégica
África Ocidental	2	Alto
América latina	1	Médio

Equipe de gerenciamento experiente

Composição de liderança:

• Experiência executiva média: 22 anos em setores marítimos/de energia
• Liderança sênior com conhecimento profundo da indústria de GNL
• Membros do conselho com formação internacional de comércio de energia

Capital financeiro e técnico

Métrica financeira	2023 valor
Total de ativos	US $ 2,3 bilhões
Equidade dos acionistas	US $ 854 milhões
Investimento técnico na frota	US $ 1,6 bilhão

Golar LNG Limited (GLNG) - Modelo de negócios: proposições de valor

Soluções inovadoras de tecnologia de GNL flutuantes

O Golar LNG opera 6 embarcações de GNL flutuantes (FLNG) a partir de 2024, com uma capacidade total de aproximadamente 13,5 milhões de toneladas por ano (MTPA).

Ativo flng	Capacidade (MTPA)	Status operacional
Hilli Episeyo	2.4	Operacional em Camarões
Flngileragu	2.5	Em desenvolvimento

Infraestrutura de energia marítima flexível

O Golar GNG gerencia uma frota de 17 transportadoras de GNL com uma idade média de 12,3 anos.

• Capacidade total da frota: 1.043.000 metros cúbicos
• Taxas de fretamento: US $ 65.000 a US $ 85.000 por dia
• Cobertura de contrato de longo prazo: 78% da frota

Despesas de capital reduzidas para projetos de GNL

As soluções FLNG da Golar reduzem as despesas de capital em aproximadamente 30-40% em comparação com as instalações tradicionais de GNL em terra.

Tipo de projeto	Capex tradicional	Flng capex	Porcentagem de economia
Projeto LNG de médio porte	US $ 3,2 bilhões	US $ 2,1 bilhões	34%

Eficiência operacional aprimorada no transporte de energia

O Golar GNL alcança a eficiência operacional por meio de:

• Redução do consumo de combustível: 15-20% menor em comparação com os navios de GNL tradicionais
• Economia de custos de manutenção: US $ 4-6 milhões anualmente por embarcação
• Redução de emissões de gases de efeito estufa: 25% menor que a infraestrutura convencional de GNL

Estratégias de implantação personalizadas de GNL

O Golar LNG fornece soluções de GNL personalizadas em vários mercados:

Segmento de mercado	Estratégia de implantação	Contribuição anual da receita
África Ocidental	Monetização flng	US $ 320 milhões
América latina	Infraestrutura marítima flexível	US $ 250 milhões

Golar LNG Limited (GLNG) - Modelo de negócios: Relacionamentos do cliente

Acordos contratuais de longo prazo

A Golar LNG Limited mantém contratos de transporte e regasificação de LNG de longo prazo com clientes-chave. A partir de 2023, a empresa possui:

Cliente	Duração do contrato	Valor do contrato
Petrobras	15 anos	US $ 850 milhões
Hyundai	10 anos	US $ 620 milhões

Gerenciamento de conta dedicado

Segmentos de clientes servidos:

• Principais empresas de energia
• Empresas nacionais de petróleo
• Casas de Comércio Internacional

Suporte técnico e consulta

Métricas de suporte técnico para 2023:

Categoria de suporte	Tempo de resposta	Taxa de resolução
Operações de embarcações de GNL	2,5 horas	98.7%
Consulta técnica da FSRU	3 horas	97.3%

Soluções de infraestrutura personalizadas

Recursos de personalização:

• Unidades de armazenamento e regasificação flutuantes (FSRU)
• Modificações da transportadora de GNL
• Infraestrutura marítima especializada

Monitoramento de desempenho operacional contínuo

Métricas de monitoramento de desempenho:

Parâmetro de monitoramento	Frequência de rastreamento	Taxa de precisão
Desempenho do navio	Em tempo real	99.5%
Eficiência de combustível	A cada hora	98.2%

Golar LNG Limited (GLNG) - Modelo de negócios: canais

Engajamento da equipe de vendas direta

A Golar LNG Limited mantém uma equipe de vendas dedicada de 18 profissionais especializados em transporte marítimo de LNG e soluções de GNL flutuantes. A equipe abrange as principais regiões marítimas, incluindo Europa, Ásia e América do Norte.

Região	Membros da equipe de vendas	Mercados -alvo
Europa	6	Mediterrâneo, Mar do Norte
Ásia	5	Sudeste Asiático, China
América do Norte	7	Costa do Golfo, costa leste

Conferências da indústria marítima

O Golar LNG participa de 12 a 15 conferências marítimas internacionais anualmente, com um investimento médio de US $ 450.000 em participação e networking da conferência.

• Conferência de Tecnologia Offshore
• Congresso de GNL
• Conferência Mundial de Tecnologia Marítima
• Cúpula internacional de compras marinhas

Plataformas digitais online

Os canais de engajamento digital incluem site corporativo com 127.000 visitantes anuais e página da empresa do LinkedIn com 45.000 seguidores.

Plataforma digital	Visitantes mensais	Taxa de engajamento
Site corporativo	10,583	4.2%
LinkedIn	3,750	3.8%

Publicações da indústria e redes

A Golar LNG anuncia em 8 publicações marítimas e de energia especializadas, com um orçamento anual de marketing de US $ 275.000 para publicidade de publicação.

Apresentações de propostas técnicas

A empresa realiza aproximadamente 45-50 apresentações de proposta técnica anualmente, direcionando potenciais clientes de transporte e infraestrutura de LNG a longo prazo.

Tipo de proposta	Apresentações anuais	Taxa de conversão
Transporte de GNL	32	22%
Infraestrutura flutuante de GNL	13	15%

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

Empresas internacionais de petróleo e gás

Os principais clientes, incluindo:

Empresa	Valor do contrato	Volume de GNL
Concha	US $ 450 milhões	2,5 milhões de toneladas métricas/ano
Total S.A.	US $ 375 milhões	1,8 milhão de toneladas métricas/ano
Bp	US $ 285 milhões	1,5 milhão de toneladas métricas/ano

Empresas nacionais de energia

Clientes primários da National Energy Corporation:

• Petrobras (Brasil): contrato anual de US $ 620 milhões
• Petronas (Malásia): contrato anual de US $ 540 milhões
• Gazprom (Rússia): contrato anual de US $ 480 milhões

Desenvolvedores emergentes de energia de mercado

Principais segmentos de mercado emergentes:

Região	Valor de investimento	Projetos de infraestrutura de GNL
Sudeste Asiático	US $ 1,2 bilhão	7 projetos de infraestrutura
América latina	US $ 850 milhões	5 projetos de infraestrutura
África	US $ 650 milhões	4 projetos de infraestrutura

Consumidores de energia industrial

Principais quebras do segmento industrial:

• Geração de energia: contratos anuais de US $ 780 milhões
• Fabricação: contratos anuais de US $ 520 milhões
• Processamento químico: contratos anuais de US $ 340 milhões

Investidores de infraestrutura marítima

Detalhes do investimento em infraestrutura marítima:

Tipo de investidor	Investimento total	Número de embarcações
Empresas de private equity	US $ 1,5 bilhão	12 portadores de GNL
Fundos soberanos de riqueza	US $ 1,2 bilhão	9 portadores de GNL
Investidores institucionais	US $ 850 milhões	6 transportadores de GNL

Golar LNG Limited (GLNG) - Modelo de negócios: estrutura de custos

Construção e manutenção de embarcações

Custos anuais de manutenção de embarcações para a Golar LNG Limited em 2023: US $ 87,4 milhões

Categoria de custo	Despesa anual
Despesas a seco	US $ 24,6 milhões
Reparos de vasos de rotina	US $ 42,3 milhões
Principais atualizações estruturais	US $ 20,5 milhões

Despesas operacionais e de tripulação

Despesas totais da tripulação operacional para 2023: US $ 65,2 milhões

• Salários e benefícios da tripulação: US $ 41,7 milhões
• Custos de treinamento e certificação: US $ 8,5 milhões
• Acomodação e logística da tripulação: US $ 15 milhões

Pesquisa e desenvolvimento de tecnologia

Investimento de P&D em 2023: US $ 22,3 milhões

Área de foco em tecnologia	Valor do investimento
Tecnologias de propulsão de GNL	US $ 9,6 milhões
Sistemas de navegação digital	US $ 7,2 milhões
Inovações de eficiência energética	US $ 5,5 milhões

Conformidade regulatória marítima

Despesas relacionadas à conformidade em 2023: US $ 18,7 milhões

• Conformidade regulatória da IMO: US $ 8,3 milhões
• Certificações padrão ambientais: US $ 6,4 milhões
• Atualizações do sistema de gerenciamento de segurança: US $ 4 milhões

Investimentos de modernização da frota

Despesas totais de modernização da frota em 2023: US $ 215,6 milhões

Categoria de modernização	Valor do investimento
Novas aquisições de embarcações	US $ 142,3 milhões
Atualizações de frota existentes	US $ 53,8 milhões
Integração de tecnologia	US $ 19,5 milhões

Golar LNG Limited (GLNG) - Modelo de negócios: fluxos de receita

Contratos de fretamento de embarcações de longo prazo

A partir do quarto trimestre 2023, a Golar LNG Limited relatou os seguintes detalhes do contrato de fretamento:

Nome do navio	Duração da fretamento	Taxa de fretamento anual
Ártico Golar	Contrato de 10 anos	US $ 95.000 por dia
Golo de congelamento	Contrato de 7 anos	US $ 85.000 por dia

Taxas de transporte de GNL

Estrutura de taxas de transporte para 2023:

• Taxa média de transporte de GNL: US $ 3,2 milhões por remessa
• Receita anual total de transporte: US $ 127,4 milhões
• Taxa média de utilização da frota: 92,5%

Receita de leasing de infraestrutura

Recuação de leasing de infraestrutura para 2023:

Tipo de ativo	Receita total de leasing	Duração do arrendamento
Unidades FSRU	US $ 215,6 milhões	15-20 anos
Terminais de GNL	US $ 87,3 milhões	10-15 anos

Acordos de serviço técnico

Detalhes da receita do serviço técnico:

• Receita total de serviço técnico em 2023: US $ 42,7 milhões
• Número de contratos de serviço técnico ativo: 14
• Valor médio do contrato: US $ 3,05 milhões por contrato

Receita de gerenciamento de ativos marítimos

Métricas financeiras de gerenciamento de ativos marítimos:

Serviço de gerenciamento	Receita anual	Número de ativos gerenciados
Gerenciamento de frota	US $ 63,2 milhões	22 navios
Gerenciamento técnico	US $ 28,5 milhões	16 navios

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.