Achieved record execution in 2025, securing a $14 billion EBITDA backlog for the Argentina contracts and doubling the operating fleet with FLNG Gimi's commencement.

FLNG Gimi is currently producing above contracted volumes due to technical optimizations and favorable winter ambient temperatures.

Management is pivoting from speculative growth to a more disciplined 'business as usual' approach, prioritizing the maturation of commercial terms before committing significant capital to a fourth unit.

The strategic shift aims to align heavy investment phases for future vessels with the massive cash flow influx expected when the Argentina projects commence in 2027-2028.

Argentina infrastructure progress is accelerating, with $500 million in land-based investments awarded and key pipeline components for Vaca Muerta secured.

The company fully exited the LNG shipping sector after 50 years to focus exclusively on the high-margin FLNG service provider model.

Management maintains that Golar's proprietary conversion expertise provides a 40% capital expenditure advantage over land-based liquefaction alternatives.

Projected annual adjusted EBITDA to reach approximately $800 million once the three-vessel fleet is fully operational in Argentina by 2028.

Free cash flow is expected to scale to $500 million per year, potentially supporting a fivefold increase in current dividend levels.

The Hilli is scheduled for a mid-2025 shipyard stay in Singapore for life extension work before its 20-year Argentina charter begins in late 2027.

Future FLNG designs (Mark I, II, and III) have confirmed yard availability, though Mark III timelines have extended beyond 4 years due to shipyard competition.

Guidance for the Argentina contracts includes a commodity upside of $100 million for every $1 increase in LNG prices above an $8/mmBtu threshold.

The Board has initiated a formal strategic review with external advisors to explore industrial partnerships or corporate structural changes to address perceived equity undervaluation.

Significant cost inflation is noted in topside long-lead equipment, driven by competition for gas turbines from AI data center developments.

A $1.2 billion refinancing of FLNG Gimi successfully released $400 million in liquidity, proving the bankability of operational FLNG assets.

Share buybacks remain a primary capital allocation tool, with $190 million in remaining authorization as management views the stock as more attractive than speculative newbuilds.

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Chairman Tor Olav Troim declined to specify if a total company sale is the primary goal but confirmed the Board is seeking ways to bridge the gap between share price and asset value.

The process involves discussions with financial and industrial partners to potentially lower the cost of capital for future multi-billion dollar projects.

Management noted that while BP and Kosmos require 12-18 months of well data, Gimi's over-performance on production validates the project's expansion potential.

Incremental expansion via FLNG is expected to be significantly more cost-effective than the initial phase due to existing infrastructure.

Management confirmed active discussions for FLNG deployment in the Middle East, linked to the region's ramping unconventional gas production.

The pace of progress in these specific regional discussions is currently among the most active in Golar's commercial pipeline.

The surge in AI data centers is creating direct competition for the same gas turbines used in FLNG topsides, leading to increased prices and longer lead times.

Golar is mitigating this by focusing on vessel conversions (Mark I and II) which remain more insulated from inflation than newbuild Mark III designs.

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