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Golar LNG rebounds to profit

Federico Petersen, chief commercial officer, Golar LNG Ltd (File photograph)

Golar LNG Ltd, the Bermudian-based owner of tankers that haul liquefied natural gas, has reported first quarter net income of $55.2 million.

That compares with a net loss of $101.8 million in the prior year quarter.

The company said it continued to see attractive value in its shares and had purchased and cancelled 700,000 shares during the first quarter at an average cost of $20.87 per share.

At quarter-end, 104 million shares were issued and outstanding. Of the $150 million approved share buyback scheme, $74.1 million remained available.

Golar’s board of directors approved a total Q1 dividend of $0.25 per share to be paid on or around June 17 to shareholders of record on June 10.

As of March 31, total Golar cash was $622 million, comprised of $548 million of cash and cash equivalents and $74 million of restricted cash, the company said.

Golar’s share of contractual debt at quarter-end was $1,209 million, leaving a debt position of $587 million.

The company said increased floating liquefied natural gas business development activity had prompted it to make several hires.

“We have recruited Federico Petersen as chief commercial officer, and a further two highly experienced maritime and upstream development team members will join later this year. Together they have a combined 70-plus years of experience and a successful business development track record.”

Golar added: “We continue to advance additional FLNG developments and see increased prospective client interaction for our FLNG offering.

“Geographically, most of the activity remains in West Africa and South America. However, we are pleased to see other regions with proven stranded and associated gas reserves seek FLNG development.”

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Published May 28, 2024 at 5:14 pm (Updated May 28, 2024 at 8:03 pm)

Golar LNG rebounds to profit

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