Golar LNG

What Golar LNG does

Golar LNG Limited is a Bermuda-incorporated (company number 30506), NASDAQ-listed (ticker: GLNG) midstream LNG infrastructure provider that designs, converts, owns, and operates Floating LNG (FLNG) and Floating Storage and Regasification Unit (FSRU) assets. The company pioneered commercial FLNG with the deployment of the world's first FLNG vessel, the Hilli Episeyo, in Cameroon in 2018, and currently operates two FLNGs (Hilli Episeyo on Perenco's Cameroon project, and FLNG Gimi on BP's Greater Tortue Ahmeyim project offshore Senegal/Mauritania) with a third, MKII, under conversion at CIMC Raffles. With 50+ years of marine LNG infrastructure experience, 8 historical LNG carrier conversions, and 12+ million tonnes of cumulative LNG production, Golar positions itself as the only independent provider of FLNG-as-a-service, with execution speed and conversion cost-efficiency as primary competitive differentiators.

The business model is built on long-term (typically 20-year) take-or-pay Liquefaction Tolling Agreements and Lease & Operate Agreements with international oil & gas majors, national oil companies, and state-owned utilities. Golar's revenue streams include base liquefaction services fees (e.g., $56.2M from FLNG Hilli in Q1 2026), sales-type lease revenue from FLNG Gimi ($50.0M in Q1 2026), vessel management and O&M fees ($31.4M in Q1 2026), and a commodity-linked variable tariff (25% of FOB LNG prices above $8/MMBtu for Hilli, ~$30M/yr per $1; ~$40M/yr per $1 for MKII; 30% US CPI inflation adjustment from year 6). Golar has a contracted Adjusted EBITDA backlog of over $17B across three FLNG vessels, holds a 10% equity interest in Argentina's Southern Energy S.A. (SESA) consortium alongside Pan American Energy, YPF, Pampa Energía, and Harbour Energy, and as of Q1 2026 held $1.0B in cash with $2.7B in Golar's share of contractual debt. The Board initiated a strategic review with Goldman Sachs International in March 2026 evaluating a potential sale, merger, or restructuring.

Golar's customers are concentrated in three anchor contracts: BP (FLNG Gimi, $3B net earnings backlog to Golar's 70% share), Perenco/SNH (Hilli Cameroon through Q3 2026, transitioning to Argentina), and the SESA consortium (Hilli Argentina H2 2027 and MKII H2 2028 starts, ~$14B combined EBITDA backlog). SEFE, the German state-owned offtaker, has been the off-taker from Hilli since 2022 and finalized an 8-year agreement in March 2026 for up to 2 mtpa from Argentina commencing 2027. Headquartered in Hamilton, Bermuda, with operating offices in London and Oslo and a Norwegian supply chain team, Golar is currently exploring a strategic transaction while continuing the MKII conversion (targeted Q4 2027 completion) and the relocation of FLNG Hilli from Cameroon to Argentina in 2027.

Name

Golar LNG

Legal name

Golar LNG Limited

Website

https://golarlng.com

Company type

Public

Founded year

1946

Operating status

Operating

Headcount range

251–500 employees

Short description

Golar LNG is a Bermuda-incorporated, NASDAQ-listed provider of floating LNG (FLNG) infrastructure that designs, converts, owns, and operates marine vessels to liquefy natural gas under long-term take-or-pay contracts with oil majors, national oil companies, and state-owned utilities globally.

Ownership category

akta.pro rank

Product category

Floating LNG Infrastructure Services

NAICS

Pipeline Transportation (486), Pipeline Transportation of Natural Gas (48621)

SIC

Water Transportation (4400), Natural Gas Transmisison & Distribution (4923)

akta.pro primary industry

LNG Shipping & Freight Optimization (Chartering, Boil-off, Routing) (EUAGAHAC)

Keywords

• Floating LNG infrastructure
• FLNG-as-a-service
• Liquefaction tolling
• Marine LNG conversion
• Floating regasification units

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Supply Chain, Personnel, Technology or R&D, Others

Revenue model

1. Liquefaction services revenue: Long-term take-or-pay liquefaction tolling fees from FLNG Hilli under the Liquefaction Tolling Agreement (LTA), with contractual base fees plus commodity-linked component tied to Brent oil prices and Dutch Title Transfer Facility (TTF) natural gas prices. Q1 2026 liquefaction services revenue was $56.2 million.
2. Sales-type lease revenue: Revenue from FLNG Gimi under a 20-year Lease and Operate Agreement (LOA) with BP (commenced June 2025), recognized as sales-type lease. Q1 2026 sales-type lease revenue was $50.0 million.
3. Vessel management fees and other revenues: FSRU Operation and Maintenance agreement fees and other vessel management services (e.g., the Italis LNG O&M contract). Q1 2026 vessel management fees and other revenues were $31.4 million.
4. Commodity-linked FLNG tariff component: Variable revenue tied to FOB LNG prices above reference thresholds — 25% of FOB prices above $8/MMBtu for FLNG Hilli (~$30M/yr per $1), and similar structure for MKII (~$40M/yr per $1), with 30% US CPI inflation adjustment from year six.
5. Asset sale gains and dividend income from affiliates: Income from equity affiliates (SESA 10% stake in Argentina; CoolCo 31% holding during 2022; Avenir LNG) and one-time gains from asset sales (e.g., Golar Arctic, 58% stake in LOGAS for $10.5M, 2.69% in OLT Offshore LNG Toscana for $3.1M).

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels6 records

Core offering

Golar LNG designs, converts, owns, and operates marine infrastructure that turns natural gas into LNG, providing FLNG-as-a-service to international oil & gas majors, national oil companies, and state-owned utilities. The company generates long-term contracted cash flow from three FLNG vessels (Hilli Episeyo, FLNG Gimi, and MKII under construction) under 20-year Liquefaction Tolling Agreements and Lease & Operate Agreements, supplemented by FSRU charters and vessel management (O&M) services.

Product overview

No product/technology source material with resolvable source IDs was provided for Golar LNG, so no product overview can be factually extracted.

Differentiator

Problem solved

Functional benefit

Brands

• FLNG Hilli Episeyo: Floating LNG (FLNG) vessel deployed for the Perenco-operated project offshore Cameroon.
• FLNG Gimi

Products and services

• FLNG Hilli Episeyo (liquefaction services) World's first floating LNG (FLNG) vessel providing liquefaction services under a 20-year Liquefaction Tolling Agreement, originally deployed in Cameroon for Perenco/SNH and being relocated to Argentina (SESA consortium) for H2 2027 commercial operations. Generates contractual base fees plus a commodity-linked component of 25% of FOB prices above $8/MMBtu (~$30M/yr potential upside per $1) with 30% US CPI indexation from year six.
• FLNG Gimi (Lease & Operate) FLNG vessel on a 20-year Lease & Operate Agreement (LOA) with BP, deployed on the Greater Tortue Ahmeyim (GTA) project offshore Senegal/Mauritania. Golar owns 70% (Keppel 30%). Commenced commercial production in June 2025; revenue recognized as sales-type lease with commodity-linked overproduction upside. ~$3 billion net earnings backlog to Golar's 70% share.
• MKII FLNG (under construction) 3.5 MTPA newbuild-style FLNG being converted at CIMC Raffles yard, contracted under a 20-year charter with SESA consortium in Argentina (H2 2028 commercial operations expected). Generates ~$400M annual Adjusted EBITDA to Golar before commodity exposure and inflationary adjustments, plus ~$40M/yr per $1 above $8/MMBtu FOB commodity-linked component and 30% US CPI inflation adjustment from year six. $8 billion Adjusted EBITDA backlog over 20 years.
• FSRU (Floating Storage and Regasification Unit) services Floating Storage and Regasification Units (FSRUs) — charters, sales, and operation & maintenance — provided to LNG importers, utilities, and gas infrastructure operators. Historical customers include Snam S.p.A. (Italy — $350M sale in 2022) and LNG Croatia (2020 sale). First-mover capability based on conversion of existing LNG carriers.
• Vessel management and O&M services Fees from FSRU Operation and Maintenance agreements and other vessel management services (e.g., the Italis LNG O&M contract), providing long-term recurring services revenue alongside Golar's FLNG franchise.
• FLNG-as-a-Service Integrated service offering in which Golar designs, converts, owns, and operates FLNG infrastructure on behalf of oil & gas majors and NOCs, providing turnkey liquefaction capacity under long-term take-or-pay contracts without the capital intensity of land-based LNG.

Quantifiable outcome

• $17 billion contracted Adjusted EBITDA backlog across three FLNG vessels (20+ year contracts)
• +5 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Twelve partnerships are on record, tiered strategic — 10-year marine services contract for argentina flng, core — independent auditor, core — yard for flng hilli life-extension upgrades, core — flng installation and hook-up for argentine flng project, core — state-backed offtaker de-risking argentina flng cash flows, core — mkii flng conversion yard, major — 30% partner in flng gimi, flagship — central to golar's growth strategy and ~$14b ebitda backlog, major — former subsidiary / spin-out of lng shipping fleet, major — acquirer of hygo energy transition; golar received nfe shares, flagship — anchor customer for flng gimi on 20-year loa and core — flng hilli customer in cameroon (2018-2026).

• Adani Ports and Special Economic Zone (APSEZ) / Adani Harbour International FZCOstrategic — 10-year marine services contract for argentina flngChannel Partner/ Reseller/ Distributor · 8 June 2026APSEZ's step-down subsidiary Adani Harbour International FZCO, in a 51:49 joint venture (Meridian Transportes Marítimos S.A.) with Argentina-based Meridian Group, won a 10-year marine services contract (~$70 million investment) awarded by Southern Energy S.A. following a global competitive tender. Covers tugboat operations, offshore logistics, and crew transfer services for the Southern Energy FLNG project. Commercial operations scheduled to begin in September 2027.
• Ernst & Young LLP (London)core — independent auditorOthers · 19 May 2026Re-appointed as the company's independent auditors at the 2026 Annual General Meeting on May 19, 2026 (and re-appointed in prior years). Audited consolidated financial statements for the year ended December 31, 2025 were presented at the 2026 AGM.
• Seatrium (shipyard)core — yard for flng hilli life-extension upgradesImplementation/ SI/ Consulting Partner · 21 April 2026Seatrium shipyard in Singapore selected for FLNG Hilli upgrade and life-extension work prior to relocation from Cameroon to Argentina. Of the $350 million budget for upgrade costs, positioning, operating costs, fuel and insurance during the period between end of Cameroon contract and Argentine COD (H2 2027), $50 million was spent as of March 31, 2026.
• Jumbo Offshore and CoreMarinecore — flng installation and hook-up for argentine flng projectImplementation/ SI/ Consulting Partner · 13 April 2026Contracted by Southern Energy S.A. for transport, installation, and hook-up of soft-yoke mooring systems for two FLNG vessels in Argentina's Golfo San Matías. FLNG Hilli Episeyo scheduled for installation in 2027; MKII FLNG in 2028. Project represents Argentina's first application of SSY (soft yoke) mooring technology.
• Securing Energy for Europe (SEFE)core — state-backed offtaker de-risking argentina flng cash flowsStrategic or Co-development Partner · 19 December 2025German state-owned SEFE. Has been the LNG off-taker from FLNG Hilli since 2022. Signed Heads of Agreement in December 2025 with SESA for 2.0 mtpa of LNG from Argentina; in March 2026 finalized an 8-year agreement for up to 2 mtpa commencing 2027, with deliveries to start in 2027 — making SEFE Argentina's first long-term LNG customer.
• CIMC Raffles (Yard)core — mkii flng conversion yardImplementation/ SI/ Consulting Partner · 23 October 2025Yard where the MKII FLNG 3.5MTPA conversion is being executed. Conversion at CIMC Raffles remains on schedule and on budget with completion targeted for Q4 2027. Golar has spent $1.2 billion to date, all equity funded. Total conversion cost approximately $2.2 billion. Over 10 million work hours completed.
• Keppel Corporation (Keppel's share of FLNG Gimi)major — 30% partner in flng gimiStrategic or Co-development Partner · 1 June 2025Keppel holds 30% interest in FLNG Gimi; Golar owns 70%. Keppel's share of the Gimi debt is deducted in calculating Golar's share of contractual debt and adjusted interest expense.
• Southern Energy S.A. (SESA) consortiumflagship — central to golar's growth strategy and ~$14b ebitda backlogStrategic or Co-development Partner · 5 May 2025Consortium formed to enable LNG exports from Argentina. Golar holds 10% equity. Other consortium members: Pan American Energy (30%), YPF (25%), Pampa Energía (20%), Harbour Energy (15%). SESA anchors Golar's FLNG Hilli (H2 2027 COD) and MKII FLNG (H2 2028 COD) deployments at Argentina's Gulf of San Matías; signed 8-year LNG supply agreement with German state-owned SEFE for up to 2 mtpa commencing 2027. SESA responsible for feed gas; related entity San Matías Pipeline S.A. (SMP) builds ~500km gas pipeline.
• Cool Company Ltd. (CoolCo)major — former subsidiary / spin-out of lng shipping fleetStrategic or Co-development Partner · 28 January 2022CoolCo was spun out of Golar in 2022 as a separate listed LNG shipping pure-play, taking over 8 TFDE LNG carriers. Golar retained ~31% interest. Eastern Pacific Shipping (EPS) holds 38% as largest shareholder. Eastern Pacific subsequently launched a takeover bid for CoolCo in September 2025 at $9.65/share.
• New Fortress Energy (NFE)major — acquirer of hygo energy transition; golar received nfe sharesStrategic or Co-development Partner · 13 January 2021NFE acquired 100% of Hygo Energy Transition Ltd. from Golar and Stonepeak in 2021 (transaction value: $3.1B enterprise value, $2.18B equity value). Golar received 18.6 million NFE Class A shares + $50M cash. Golar sold approximately one third of its NFE shares in April 2022 for ~$250M to deploy to FLNG growth projects.
• BPflagship — anchor customer for flng gimi on 20-year loaStrategic or Co-development Partner · 26 February 2019BP is the 20-year Lease and Operate Agreement (LOA) counterparty for FLNG Gimi serving the Greater Tortue Ahmeyim (GTA) project offshore Senegal/Mauritania (West Africa). FLNG Gimi commenced commercial production in June 2025; contract represents ~$3 billion net earnings backlog to Golar's 70% share.
• Perenco (and SNH)core — flng hilli customer in cameroon (2018-2026)Strategic or Co-development Partner · 4 June 2018Perenco (and SNH — Société Nationale des Hydrocarbures of Cameroon) are the customers of FLNG Hilli Episeyo under the Liquefaction Tolling Agreement (LTA) in Cameroon. Contract ends Q3 2026. In July 2021 Golar, Perenco and SNH agreed to increase FLNG Hilli capacity utilisation by 0.2MTPA from 2022 (TTF-linked). Perenco has a one-time three-year option to increase production by up to 0.4mtpa from 2023-2026.

Scale indicators15 records

Recent moves17 records

Expansion highlights6 records

Direct peers

• Excelerate Energy: Pure-play FSRU operator and LNG regasification services provider, publicly traded. Closest direct peer to Golar's FSRU/regasification business line, with comparable long-term charter model serving utilities and state-owned importers in similar geographies.
• Höegh LNG Holdings (now part of Höegh Evi): Pure-play floating LNG infrastructure company specializing in FSRU (Floating Storage Regasification Unit) design, charter and operation. Directly comparable to Golar's FSRU heritage and broader floating LNG infrastructure business model, with overlapping customer base in European and emerging-market LNG importers.
• Cool Company Ltd. (CoolCo): Spun out of Golar in 2022 as a pure-play LNG shipping company with 8 TFDE LNG carriers. Golar retained ~31% interest, making CoolCo a directly comparable peer in marine LNG infrastructure with shared operational DNA and customer overlap.

Broad incumbents

• Flex LNG: Public LNG shipping company with modern fleet of LNG carriers on multi-year charters. Closely comparable to Golar's pre-CoolCo LNG carrier franchise and adjacent to its broader marine LNG infrastructure platform.
• Petronas (via FLNG 1 & 2): Malaysian national oil company that operates two FLNG units (FLNG 1 and FLNG 2) offshore Sabah. Operates proprietary FLNG assets in direct competition with Golar's FLNG-as-a-service for stranded gas monetization opportunities in Southeast Asia and globally.
• Shell (Prelude FLNG): Operates the Prelude FLNG (the world's first operational FLNG in some classifications) offshore Australia. Comparable as a vertically integrated oil major with captive FLNG capability, competing with Golar for third-party FLNG tenders.
• BW LNG: Major LNG carrier owner/operator with a large modern fleet on long-term charters. Adjacent peer in marine LNG infrastructure, with comparable customer base of LNG majors and utilities.

Emerging players

• Delfin Midstream: Developer of FLNG-based LNG export project (Delfin LNG) in the Gulf of Mexico. Comparable as a floating LNG infrastructure developer using FLNG technology to monetize offshore gas reserves.
• New Fortress Energy (NFE): LNG infrastructure company focused on fast LNG, FSRU and downstream LNG distribution; acquired Golar's Hygo Energy Transition in 2021. Comparable in developing floating and modular LNG solutions, though more focused on downstream offtake than upstream liquefaction.

Regional players

• Stolt-Nielsen LNG: LNG shipping and small-scale LNG distribution subsidiary of Stolt-Nielsen; comparable in marine LNG transport and small-scale LNG infrastructure, serving overlapping European and emerging-market customers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/103135859726795

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries7 records

Funding overview

Funding rounds6 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Golar LNG