- FLNG Gimi completes its first LNG cargo offload, introducing Mauritania and Senegal to the international gas market.
- Golar LNG (GLNG, Financial) set to benefit with a $3 billion Adjusted EBITDA backlog from a 20-year Lease and Operate Agreement.
- Commercial Operations Date (COD) scheduled for Q2 2025, promising stable future revenue streams.
Golar LNG (GLNG) has announced a significant milestone with the successful completion of the first full LNG cargo offload from FLNG Gimi to the LNG carrier, British Sponsor. This event marks the entry of Mauritania and Senegal into the global gas market, highlighting Golar's strategic focus on LNG infrastructure development.
The successful offload has triggered the final pre-Commercial Operations Date (COD) milestone bonus payment to Golar, as per the commercial reset agreement made in August 2024. The commissioning of FLNG Gimi is proceeding as planned, with commercial operations expected to commence in the second quarter of 2025.
Once operational, the FLNG Gimi is set to initiate a 20-year Lease and Operate Agreement, providing approximately $3 billion in Adjusted EBITDA backlog for Golar. This agreement will include recognition of contractual payments, comprising both capital and operating elements, enhancing financial stability through predictable revenue streams.
This accomplishment not only underscores the technical and operational capabilities of Golar LNG but also strengthens its position within the emerging Floating Liquefied Natural Gas (FLNG) market. The company anticipates that the first cargo delivery milestone will significantly reduce execution risk, a critical factor for investors, while paving the way for future growth opportunities in the expanding LNG sector.
