PRELIMINARY FOURTH QUARTER AND FINANCIAL YEAR 2013 RESULTS
Highlights
- Golar LNG ("Golar" or the "Company") reports a fourth quarter 2013 ("fourth quarter") net income of $4.3 million (including a non-cash gain of $13.2 million on interest rate swaps).
- EBITDA* generated in the quarter amounts to a loss of $5.5 million.
- The Company takes delivery of the Golar Seal ("Seal") and Golar Celsius ("Celsius") in October.
- LNG carrier Golar Arctic completes scheduled drydock during November on time and budget.
- Golar agrees to sell its interest in the floating storage and regasification unit ("FSRU") Golar Igloo to Golar LNG Partners (the "Partnership" or "Golar Partners") for $310 million, subject to certain closing conditions.
- Golar Partners completes its fourth follow-on equity offering raising net proceeds of $150 million. Concurrent to this public offering, Golar sells 3.4 million of its common units representing limited partner interests in Golar Partners raising net proceeds of $98.9 million.
- Gimi proceeds to layup in Far-East.
- Spot and short term chartering market becomes challenging driven by production shutdowns and an increasing number of available vessels.
- Board maintains dividend at $0.45 for the quarter.
* Adjusted EBITDA is defined as earnings before interest, depreciation and amortization equal to operating income plus depreciation and amortization.
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GLNG Q4-2013
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