Here are a few brief analogies for Golar LNG (GLNG):

• Cheniere Energy for floating LNG plants.
• SBM Offshore for natural gas liquefaction.

• Floating Liquefaction Services (FLNG): Golar LNG provides integrated offshore solutions for the liquefaction, processing, and storage of natural gas directly at the source, enabling its transportation as Liquefied Natural Gas (LNG).

Major Customers of Golar LNG (GLNG)

Golar LNG (GLNG) primarily sells its services – including LNG transportation, floating liquefaction (FLNG), and floating storage and regasification (FSRU) – to other companies. Its major customers are typically large energy companies, national oil companies, and utilities.

Based on its key strategic projects and long-term charters, major customer companies include:

• BP (BP) - A major energy company, customer for the Gimi FLNG vessel in the Greater Tortue Ahmeyim (GTA) project.
• Kosmos Energy (KOS) - An oil and gas exploration and production company, also a customer for the Gimi FLNG vessel in the GTA project.
• Perenco (Private) - An independent Anglo-French oil and gas company, customer for the Hilli Episeyo FLNG vessel operating offshore Cameroon.
• Société Nationale des Hydrocarbures (SNH) (State-owned Cameroonian company) - The national oil and gas company of Cameroon, also a customer for the Hilli Episeyo FLNG vessel.

• Samsung Heavy Industries (Symbol: 010140.KS)
• Seatrium Limited (Symbol: S51.SG)
• Wärtsilä Oyj Abp (Symbol: WRT1V.HE)

The key risks to Golar LNG's business include:

1. Project Execution, Asset Concentration, and Geopolitical Risk: Golar LNG's business is highly dependent on a limited number of Floating Liquefied Natural Gas (FLNG) assets and long-term contracts. This creates significant concentration risk. Delays, cost overruns, or operational issues with projects, such as the MKII or upgrades to existing units, could severely impact financial performance. Furthermore, operating these complex FLNG facilities in multiple emerging market countries exposes Golar LNG to geopolitical instability and adverse shifts in local political or regulatory environments, despite contractual protections.
2. Commodity Price Volatility: Although Golar LNG primarily generates earnings from fixed tolling arrangements with long-term contracts, there is an embedded commodity price risk. Significant declines in international gas prices could make it challenging to secure new contracts or lead to early termination of existing ones, and would also impact the commodity price upside components of some agreements.
3. Long-Term LNG Demand and Energy Transition Risks: While Golar LNG positions itself to benefit from global LNG demand, particularly as a transition fuel, there is a long-term risk associated with the global energy transition. Sustained LNG demand is not guaranteed, and increasing overcapacity from new FLNG units could exert pressure on charter rates and margins. Experts also suggest that LNG assets could be at risk of becoming stranded in a net-zero scenario if they are not aligned with long-term decarbonization goals.

• Acceleration of Global Decarbonization and Energy Transition Policies: The widespread global push to reduce greenhouse gas emissions and shift away from fossil fuels represents a significant long-term threat. While natural gas is often considered a "transition fuel," the accelerating pace of renewable energy adoption, electrification, and stricter environmental regulations in key markets could reduce the long-term demand for LNG infrastructure sooner and more significantly than currently anticipated. This impacts the potential for new projects and the renewal of existing long-term charters for Golar LNG's carriers and FSRUs.
• Emergence and Scaling of the Hydrogen Economy: The rapid global investment and development in green and blue hydrogen production, storage, and transport technologies pose a clear long-term threat. If hydrogen becomes an economically viable and widely adopted energy carrier for industrial processes, power generation, and heating, it could directly displace natural gas, which is the commodity Golar LNG's assets are built to handle. This would reduce the need for LNG infrastructure in favor of hydrogen-specific infrastructure, potentially rendering existing LNG assets less valuable over time.

Floating Liquefied Natural Gas (FLNG) Solutions

Floating Storage and Regasification Units (FSRUs)

LNG Carriers (Shipping)

Golar LNG (GLNG) is poised for significant revenue growth over the next 2-3 years, driven by the expansion and optimization of its Floating Liquefied Natural Gas (FLNG) fleet and strategic contract structures. The key drivers include:

1. Full Operationalization and Ramp-up of FLNG Gimi: The FLNG Gimi achieved its Commercial Operations Date (COD) in June 2025, initiating a 20-year lease agreement with BP. This marks the commencement of a substantial revenue stream, with daily production frequently exceeding base capacity and contributing to increased FLNG tariffs and EBITDA.

2. Deployment and Operation of MKII FLNG in Argentina: Golar LNG has finalized a 20-year charter for its MKII FLNG unit with Southern Energy S.A. (SESA) in Argentina. With the Final Investment Decision (FID) reached and conversion work progressing on schedule for a Q4 2027 delivery, operations are anticipated to begin in 2028. This contract alone is expected to add a considerable $8 billion to the adjusted EBITDA backlog.

3. Redeployment of FLNG Hilli to Argentina: Following the conclusion of its current contract in Cameroon in July 2026, the FLNG Hilli is scheduled for upgrades and life extension work in Q3 2026. Subsequently, it will commence a new 20-year charter in Argentina with SESA in Q2 2027, adding $5.7 billion to the adjusted EBITDA backlog.

4. Addition of a Fourth FLNG Unit: Golar LNG is actively progressing plans for a fourth FLNG unit, with an intent to order long-lead equipment in Q4 2025 and select a vessel design in the coming months. The company observes strong demand for additional FLNG units and aims to maintain a policy of having no more than one unchartered FLNG at any given time, indicating a continuous expansion strategy for its FLNG fleet.

5. Leveraging Commodity Upside and Profit-Sharing Mechanisms: Golar’s FLNG contracts, particularly those for Hilli and the new Argentina charters, incorporate commodity-linked tariff components. These mechanisms, such as a 25% share of FOB prices exceeding $8/MMBtu for the Argentina contracts, could generate approximately $100 million in additional annual earnings for every $1/MMBtu increase in LNG price above the reference price. This structure provides significant upside potential from favorable or rising LNG and oil prices.

Share Repurchases

• A new $150 million share buyback program was approved by the board in November 2025.
• In June 2025, Golar LNG repurchased and subsequently cancelled 2.5 million common shares, fully utilizing a previous buyback program, in conjunction with a convertible bond offering.
• Golar LNG paid more than $168 million in dividends and share buybacks in 2023, with $117.3 million of a $150 million approved share buyback scheme remaining available as of Q3 2023.

Share Issuance

• In October 2025, Golar LNG entered the U.S. rated bond market by issuing $500 million of 5-year 7.5% senior unsecured notes.
• The company closed an offering of $575 million of 2.75% Convertible Senior Notes due 2030 in July 2025, which included the exercise of a $75 million option by initial purchasers.
• In December 2020, Golar LNG raised $100.3 million in net proceeds from a public follow-on offering of 12,067,789 common shares.

Outbound Investments

• In December 2024, Golar LNG acquired all remaining minority interests in FLNG Hilli for $60 million in cash and a $30 million increase in contractual debt, establishing a 100% economic interest in the unit.
• During Q4 2022 and Q1 2023, Golar LNG exited its investment in New Fortress Energy Inc. (NFE) by selling 8.3 million shares for $418 million and exchanging remaining NFE shares plus $100 million cash for NFE's interest in Golar Hilli LLC.
• Golar LNG completed its exit from LNG shipping in 2024 with the sale of the LNG carrier Golar Arctic for $24 million and sold its shareholding in Avenir LNG Limited for $39 million.

Capital Expenditures

• Golar LNG has committed to an MKII FLNG conversion project, which had assets under development amounting to $1.0 billion as of Q3 2025, entirely equity-funded.
• A Final Investment Decision (FID) was made in Q3 2025 for a 20-year MKII FLNG charter to Southern Energy S.A. (SESA) in Argentina, with the MKII FLNG conversion project underway and the Fuji LNG arriving at the shipyard.
• FLNG Hilli is scheduled to undergo upgrades and life extension works at Seatrium's Singapore yard in Q3 2026, ahead of its 20-year contract in Argentina commencing Q2 2027.