Golar LNG Limited (NASDAQ:GLNG) Q1 2024 Earnings Conference Call May 28, 2024 8:00 AM ET
Company Participants
Karl Fredrik Staubo - CEO
Eduardo Maranhao - CFO
Conference Call Participants
Ben Nolan - Stifel
Alexander Bidwell - Weber Research Advisory
Chris Robertson - Deutsche Bank
Liam Burke - B. Riley Financial
Greg Lewis - BTIG
Operator
Welcome to the Golar LNG Limited Quarter One 2024 Presentation. After the slide presentation by CEO, Karl Fredrik Staubo; and CFO, Eduardo Maranhao, there will be a question-and-answer session. Information on how to ask a question will be provided then. At this time, all participants are in listen-only mode.
I will now pass you over to Karl Fredrik Staubo. Karl, please go ahead.
Karl Fredrik Staubo
Thank you, operator, and welcome to Golar LNG's Q1 2024 earnings results presentation. My name is Karl Fredrik Staubo, CEO of Golar LNG, and I'm accompanied today by our CFO, Eduardo Maranhao to present this quarter's results.
Before we get into the presentation, please note the forward-looking statements on Slide 2.
We start at Slide 3 and an overview of Golar today. We own two FLNG assets: Hilli, the world's first FLNG with a market-leading operational track record of 100% economic uptime since operations started in 2018; and the FLNG Gimi recently delivered to the GT hub -- GTA Hub offshore Senegal and Mauritania to start a 20-year contract for BP. We are contemplating to order our third FLNG, a Mark II, with an annual liquefaction capacity of 3.5 mtpa.
During the first quarter, we took delivery of the FLNG conversion candidate, the LNG carrier Fuji LNG. We also own a legacy shipping LNG carrier, the Golar Arctic, which we are now considering for long-term charter or an opportunistic sale of the vessel. We have two financial investments, Macaw Energies, a small-scale land-based solution for capturing and monetization of flare gas, as well as a small scale LNG carrier company called Avenir LNG where Golar was a founding shareholder together with Stolt-Nielsen and Hoegh LNG.
On the right-hand side of the slide, we've summarized some of the key stats of Golar. We have a strong financial position with a market cap of $2.8 billion, a cash position of approximately $700 million, net debt of $550 million and significant financial flexibility in debt optimization of existing assets. For 2023 we had an EBITDA of $356 million and this is before the startup of Gimi under her 20-year charter with BP, expected to add approximately $150 million of EBITDA to Golar on an annual basis.