Golar Acquires All Outstanding Minority Interests in the FLNG Hilli

24 Dec 2024 11:16 CET

Golar LNG Limited ("Golar" or "the Company") is pleased to announce that the
company has acquired Seatrium’s and Black & Veatch’s minority ownership
interests in the FLNG Hilli. The acquisitions comprise all third-party interests
in the asset, including a total of 5.45% common units, 10.9% Series A shares and
10.9% Series B shares. The transaction is equivalent to ~8% of the full FLNG
capacity. The total consideration for the acquisitions is $90.2 million, of
which $59.9m is in equity and $30.3 million is a pro-rata share in the existing
FLNG Hilli debt facility. The full economic interest of the increased ownership
in FLNG Hilli will be effective from 1st of January 2025.

The FLNG Hilli is currently contracted to Perenco in Cameroon, until contract
expiry in July 2026. The asset is then intended to relocate to Argentina to
start a 20-year contract for Southern Energy, a consortium of leading natural
gas producers in Argentina. The Southern Energy contract remains subject to
defined conditions precedent, including an export license, environmental
assessment and Final Investment Decision by Southern Energy.

Since her contract start-up in 2018 the FLNG Hilli has demonstrated market
leading operational uptime for FLNGs globally. The asset has delivered 124 LNG
cargoes and offloaded more than 8.5 million tons of LNG.

In addition, Seatrium and Golar have agreed to resolve other remaining open
items, resulting in a $7 million payment by Golar to Seatrium in relation to a
Hilli Train 3 utilization bonus and settlement of historical work related to
former Golar owned LNGC, the Golar Gandria. Following these resolutions there
are no outstanding contractual arrangements between Seatrium and Golar related
to existing assets.

Golar CEO Karl-Fredrik Staubo commented: “Golar is pleased to take full
ownership of FLNG Hilli. The increased ownership will give immediate cash flow
accretion and is expected to add approximately $0.5bn of Adjusted EBITDA
backlog1. We would like to thank our long-term partners Seatrium and Black
&Veatch as co-investors and we look forward to continue to work with both
organizations in our ongoing and future FLNG growth ambitions.”

1) Adjusted EBITDA backlog: This is a non-U.S. GAAP financial measure. In the
context of this press release it represents the Seatrium and Black & Veatch
share of FLNG Hilli’s estimated contracted fee income for the assets current
contract together with a future contract that is subject to a Final Investment
Decision, less forecast operating expenses for these contracts. Adjusted EBITDA
backlog should not be considered as an alternative to net income/(loss) or any
other measure of our financial performance calculated in accordance with U.S.
GAAP.

FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements (as defined in Section
21E of the Securities Exchange Act of 1934, as amended) which reflect
management’s current expectations, estimates and projections about its
operations. All statements, other than statements of historical facts, that
address activities and events that will, should, could or may occur in the
future are forward-looking statements. Words such as “may,” “could,” “should,”
“would,” “expect,” “plan,” “anticipate,” “intend,” “forecast,” “believe,”
“estimate,” “predict,” “propose,” “potential,” “continue,” “subject to” or the
negative of these terms and similar expressions are intended to identify such
forward-looking statements.

These statements are not guarantees of future performance and are subject to
certain risks, uncertainties and other factors, some of which are beyond our
control and are difficult to predict. Therefore, actual outcomes and results may
differ materially from what is expressed or forecasted in such forward-looking
statements. You should not place undue reliance on these forward-looking
statements, which speak only as of the date of this press release. Golar LNG
Limited undertakes no obligation to update publicly any forward-looking
statements whether as a result of new information, future events or otherwise,
unless required by applicable law.

Hamilton, Bermuda
December 24, 2024
Investor Questions: +44 207 063 7900
Karl Fredrik Staubo - CEO
Eduardo Maranhão - CFO
Stuart Buchanan - Head of Investor Relations

This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act

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