Golar Lng Ltd
A Bermuda-based energy company that converts ordinary ships into floating factories that turn natural gas into LNG out at sea, serving oil and gas producers who can't easily build onshore plants. The name Golar is a shortened form of Gotaas-Larsen, the shipping line that traces back to 1946 and later became part of this venture in 2001. It claims a fun maritime first: in 2018 its vessel Hilli Episeyo became the world's first converted FLNG ship.
20-F · Fiscal year ended Dec 31, 2025 · SEC filing ↗
FLNG Gimi began its 20-year contract, transforming Golar's base. Total operating revenues rose 51% to $393.5 million, and was $50.8 million, as $162.4 million in new Gimi revenue offset a $78.2 million drop in realized commodity derivative gains. The company now carries three 20-year contracts and $17 billion in , but must fund a $1.79 billion uncontracted vessel conversion through an earnings gap in 2026.
Market risk arises from floating-rate debt, foreign-currency costs, and oil/gas-linked fees, hedged with swaps and contractual floors.
Golar LNG faces material risks from FLNG project execution, customer concentration, geopolitical instability, and financing constraints.
Golar LNG provides floating liquefied natural gas (FLNG) as a service, owning and operating converted LNG carriers for gas monetization.
FLNG Gimi's COD drove $141.8M revenue growth, but lower Hilli derivative gains and higher project costs limited consolidated Adjusted EBITDA growth to $1.6M.