Here are 1-3 brief analogies to describe Golar LNG:

• Maersk for natural gas shipping.
• Kinder Morgan for floating natural gas infrastructure.

• LNG Transportation Services: Golar LNG operates and charters LNG carriers to transport liquefied natural gas globally.
• LNG Liquefaction Services (FLNG): The company provides offshore natural gas liquefaction services using its Floating Liquefaction Natural Gas Vessels (FLNGs).
• LNG Storage and Regasification Services (FSRU): Golar LNG operates Floating Storage Regasification Units (FSRUs) that store LNG and regasify it for supply into gas networks.

Golar LNG (GLNG) sells its services primarily to other companies, specifically those involved in the energy, natural gas, and power generation sectors, as well as state-owned entities. Its major customers often enter into long-term charter agreements for its Floating Liquefaction Natural Gas Vessels (FLNGs), Floating Storage Regasification Units (FSRUs), and LNG carriers.

Based on their operational contracts and disclosures, major customers include:

• BP plc (Symbol: BP) - A major energy company that has chartered Golar's Gimi FLNG vessel for its Greater Tortue Ahmeyim project.
• Perenco - A private Anglo-French oil and gas company that, along with Société Nationale des Hydrocarbures (SNH) of Cameroon, is a key client for the Hilli Episeyo FLNG vessel.
• Société Nationale des Hydrocarbures (SNH) - Cameroon's state-owned oil and gas company, also a client for the Hilli Episeyo FLNG.
• Centrais Elétricas de Sergipe S.A. (CELSE) (part of Eneva S.A., Symbol: ENEV3 on B3, Brazil) - For the Golar Nanook FSRU in Brazil.
• Government of Pakistan / Port Qasim Electric Power Company (a subsidiary of Qatar Petroleum) - For the Golar Tundra FSRU in Pakistan.

• Samsung Heavy Industries Co., Ltd. (010140.KS)
• HD Korea Shipbuilding & Offshore Engineering Co., Ltd. (009540.KS)
• Keppel Corporation Limited (BN4)
• GTT (Gaztransport & Technigaz) (GTT)

Karl Fredrik Staubo, Chief Executive Officer

Karl Fredrik Staubo was appointed Chief Executive Officer of Golar LNG on May 13, 2021. He previously served as Golar LNG's Chief Financial Officer from September 2020 and as Chief Executive Officer of Golar LNG Partners LP from May 2020 to April 2021. Before joining Golar, Mr. Staubo spent a decade advising and investing in Shipping, Energy, and Infrastructure companies with Magni Partners Ltd. (2018-2020) and Clarksons Platou Securities (2010-2018). During his tenure as CEO, he oversaw the sale of Golar's gas-to-power business, Hygo Energy Transition, and its Master Limited Partnership to New Fortress Energy.

Eduardo Maranhão, Chief Financial Officer

Eduardo Maranhão has served as Chief Financial Officer since May 13, 2021. Prior to this role, he was the CFO of former affiliate company Hygo Energy Transition Ltd. (Golar Power), which was a joint venture established with private equity firm Stonepeak Infrastructure Partners and later sold to New Fortress Energy. Mr. Maranhão also served as both CEO and a director of Centrais Electricas de Sergipe S.A. and was a partner at Magni Partners. He possesses extensive experience in international energy projects and infrastructure financing, having worked at various financial institutions including Lakeshore Partners, Santander, Credit Agricole, Banco Votorantim, and Citibank.

Ragnar Nes, Chief Operating Officer

Ragnar Nes joined Golar in November 2017 and was appointed Chief Operating Officer in April 2022, following his role as Head of FLNG since March 2018. Before his time at Golar, Mr. Nes spent 10 years as Operations Manager and Asset Manager for FPSOs at Fred Olsen, Yinson, and BW Offshore. He also held various positions in ship management for Odfjell and Wilhelmsen.

Federico Petersen, Chief Commercial Officer

Federico Petersen assumed the role of Chief Commercial Officer at Golar on April 1, 2024. Previously, he was the Global Head of Business Development for VTTI, a large liquid bulk storage operator. Prior to that, Mr. Petersen accumulated 18 years of experience in senior M&A and Business Development roles at Schlumberger, Equinor, BG Group, and Wintershall, where he was responsible for originating and executing asset and corporate transactions in the energy sector globally.

Morten Skjong, Chief Technical Officer

Morten Skjong was appointed Chief Technical Officer in December 2024. Since joining Golar in 2016, he has held several positions, most recently as Project Manager for the Mk II FLNG project. He also managed front-end business development opportunities and was part of the project management team for the FLNG Gimi project. Before joining Golar, Mr. Skjong worked as an advisor on safety and risk management frameworks and process safety for energy companies at Safetec Nordic AS.

The key risks to Golar LNG's business include:

1. Project Execution Risk: Golar LNG faces significant risks related to the timely completion and on-budget delivery of its Floating Liquefaction Natural Gas (FLNG) units, such as the MKII project and the Hilli's upgrade. Delays, supply chain issues, budget overruns, or engineering challenges in these capital-intensive projects could directly impact the timing of cash flows and push back anticipated start dates for contracts.

2. LNG Price Volatility and Demand Weakness: Although Golar LNG benefits from long-term, fixed-rate contracts for its FLNG units, a portion of its earnings can be tied to commodity prices. A protracted decline in international gas prices could reduce the commodity-linked upside from existing contracts, affect the solvency of counterparties, and make it difficult for the company to secure new contracts on attractive terms for future FLNG units.

3. Financial and Capital Structure Risk: As a capital-intensive business, Golar LNG requires substantial funding for its projects and expansion initiatives. While the company has managed its balance sheet, concerns exist regarding potential cash burn and the need for significant capital to fund new FLNG developments. High operating expenses have also been noted as a challenge to the company's profitability.

The accelerated global transition away from natural gas towards renewable energy sources and alternative low-carbon fuels (e.g., green hydrogen), potentially reducing long-term demand for LNG transportation, liquefaction, and regasification infrastructure.

Golar LNG (GLNG) operates in the marine infrastructure sector for liquefied natural gas (LNG), with its main products and services encompassing LNG carriers, Floating Liquefaction Natural Gas Vessels (FLNGs), and Floating Storage Regasification Units (FSRUs).

Addressable Markets:

• LNG Carriers: The global LNG carrier market size was valued at approximately USD 16.71 billion in 2025. This market is projected to grow to about USD 33.37 billion by 2034, demonstrating a Compound Annual Growth Rate (CAGR) of 7.99% during the forecast period. The Asia-Pacific region is a significant driver of this market, holding nearly 50% of the market share in 2023.
• Floating Liquefaction Natural Gas Vessels (FLNGs): The global market for floating liquefied natural gas (FLNG) terminals was estimated at USD 28.42 billion in 2025 and is expected to grow to USD 66.62 billion by 2034, with a CAGR of 9.93% from 2025 to 2034. The Asia Pacific region leads this market, accounting for a 45% share in 2024.
• Floating Storage Regasification Units (FSRUs): The global Floating Storage and Regasification Unit (FSRU) market size was valued at over USD 8.63 billion in 2025. It is anticipated to exceed USD 17.14 billion by 2035, growing at a CAGR of over 7.1% between 2026 and 2035. North America is a significant region for the FSRU market, with the U.S. holding the largest market share at approximately 60%.

1. Full Contribution and Enhanced Performance from FLNG Gimi: The FLNG Gimi commenced commercial operations in June 2025, and its 20-year lease with BP is expected to significantly boost FLNG tariffs and drive substantial revenue growth. The vessel has already exceeded performance expectations, producing above contracted capacity.
2. Redeployment of FLNG Hilli and Commercial Operations of MKII FLNG: Golar LNG expects its EBITDA growth to materialize further between 2027 and 2028, primarily driven by the redeployment of FLNG Hilli to Argentina under definitive agreements announced in July 2024, and the commercial operations of the MKII FLNG. The MKII FLNG, with a new 20-year charter, locks in an additional $8 billion in Adjusted EBITDA backlog.
3. Expansion of the FLNG Fleet and New Project Development: Golar LNG's core growth strategy centers on expanding its FLNG fleet and capitalizing on its low-cost solution for monetizing stranded gas reserves. The company has a total contracted EBITDA backlog of approximately $17 billion, providing long-term revenue visibility, and analysts project Golar's fully contracted EBITDA to quadruple by 2028.
4. Commodity-Linked Earnings Upside from SESA: The company has significant earnings leverage through its exposure to commodity price movements via the Southern Energy S.A. (SESA) joint venture. Each $1 increment in FOB LNG prices is projected to translate to approximately $100 million in additional adjusted EBITDA, providing potential upside to revenue.

Share Repurchases

• In 2025, Golar LNG executed $144 million in share buybacks, and a new $150 million share buyback program was announced in November 2025, with $109 million remaining available for allocation.
• During Q4 2025, the company repurchased 1.1 million shares at an average price of $37.76 per share.
• In July 2025, Golar repurchased 2.5 million common shares in connection with a convertible senior notes offering.

Share Issuance

• In July 2025, Golar LNG completed a private placement of $575 million in 2.75% Convertible Senior Notes due 2030.
• In October 2025, the company issued $500 million in 7.50% unsecured senior notes due in 2030. Of the net proceeds, $190 million was used to repay outstanding 2021 Unsecured Bonds.

Outbound Investments

• Golar LNG ordered a third FLNG, a Mark II unit, expected to increase the company's liquefaction capacity by 70% upon its delivery in Q4 2027.
• In May 2025, Golar entered into 20-year agreements for 5.95 mtpa nameplate capacity in Argentina for its FLNG Hilli and a MKII FLNG.
• As of October 2025, Golar LNG satisfied all conditions precedent for the 20-year charter of its 3.5 MTPA MK II FLNG to Southern Energy S.A. (SESA) in Argentina, securing an $8 billion EBITDA backlog and including a 10% equity stake in SESA.

Capital Expenditures

• The MKII FLNG conversion project has an approximate budget of $2.2 billion, with $1.1 billion fully equity funded as of Q4 2025. The conversion is expected to complete in Q4 2027.
• A final payment of $62 million was made in Q1 2024 for the Fuji LNG, a MKII FLNG conversion candidate.
• Golar invested $85 million in FLNG Gimi during Q2 2024, bringing the total FLNG Gimi asset under development to $1.7 billion as of June 30, 2024. The company does not anticipate significant capital expenditures for a potential fourth FLNG unit until commercial terms are finalized.