Golar LNG Ltd (GLNG) 2022 Q2 法說會逐字稿

Welcome to the Golar LNG Limited Q2 2022 Results Presentation. After the slide presentation by CEO, Karl Fredrik Staubo; and CFO, Eduardo Maranhao, there will be a question-and-answer session. Information on how to ask a question will be provided then. (Operator Instructions)

歡迎來到 Golar LNG Limited 2022 年第二季度業績報告。在首席執行官 Karl Fredrik Staubo 的幻燈片演示之後；首席財務官 Eduardo Maranhao 將進行問答環節。屆時將提供有關如何提問的信息。 （操作員說明）

I will now pass the floor over to Karl Fredrik Staubo. Karl, please go ahead.

現在我將請 Karl Fredrik Staubo 發言。卡爾，請繼續。

Thank you, and welcome to Golar LNG's Q2 earnings results presentation. My name is Karl Fredrik Staubo, the CEO of Golar LNG. Before we get into the presentation, please note the forward-looking statements on Slide 2. I'm accompanied today by our CFO, Mr. Eduardo Maranhao, to present this quarter's results.

謝謝大家，歡迎來到 Golar LNG 的第二季度收益報告。我的名字是 Golar LNG 的首席執行官 Karl Fredrik Staubo。在開始演示之前，請注意幻燈片 2 中的前瞻性陳述。今天，我們的首席財務官 Eduardo Maranhao 先生陪同我介紹本季度的業績。

Turning to Slide 4. This provides an overview of Golar today. Following a group simplification and sale of about $6.8 billion of assets during the last 18 months, we are now a focused FLNG owner and operator. We own 2 FLNG vessels, the Hilli, which has been in operation since 2018 under a contract with Perenco in Cameroon. She is the best performing FLNG globally with 100% operational utilization since delivery. Secondly, we have the FLNG Gimi, currently 86% complete, under construction at Keppel Shipyard in Singapore. She will start a 20-year contract for BP on the Tortue field, located offshore Mauritania and Senegal and will unlock an EBITDA earnings backlog of $3 billion to Golar or $151 million of EBITDA annually from next year and until 2043.

轉到幻燈片 4。這提供了當今 Golar 的概述。在過去 18 個月內進行集團簡化和出售約 68 億美元的資產後，我們現在是專注於 FLNG 的所有者和運營商。我們擁有 2 艘 FLNG 船 Hilli，根據與喀麥隆 Perenco 的合同，該船自 2018 年開始運營。她是全球表現最好的 FLNG，自交付以來運行利用率為 100%。其次，我們在新加坡吉寶船廠建造的 FLNG Gimi 目前已完成 86%。她將在位於毛里塔尼亞和塞內加爾近海的 Tortue 油田與 BP 簽訂一份為期 20 年的合同，並將從明年到 2043 年為 Golar 解鎖 30 億美元的 EBITDA 積壓收入或每年 1.51 億美元的 EBITDA。

We are focusing our efforts on FLNG growth project and have developed 3 different FLNG designs. All 3 designs are based on the same proven liquefaction technology and maritime interface. However, they differ in liquefaction capacity and shipyard location. The Mark I has a liquefaction capacity of up to 2.7 million tonnes per annum. Both our existing units, Hilli and Gimi, are Mark I design FLNGs, and they're based on conversion of existing LNG tankers. The Golar Gandria remains a Golar owned conversion candidate for potential future incremental Mark I units.

我們專注於 FLNG 增長項目，並開發了 3 種不同的 FLNG 設計。所有 3 種設計均基於相同的成熟液化技術和海事接口。但是，它們的液化能力和造船廠位置不同。 Mark I 的液化能力高達每年 270 萬噸。我們現有的裝置 Hilli 和 Gimi 都是 Mark I 設計的 FLNG，它們基於現有 LNG 油輪的改裝。 Golar Gandria 仍然是 Golar 擁有的潛在未來增量 Mark I 單位的轉換候選者。

The Mark II design has a liquefaction capacity of up to 3.5 million tonnes. Mark II is also based on converting an existing LNG carrier, but instead of adding liquefaction equipment to the width of the ship, Mark II places the liquefaction topside on a new ship mid-section added to an existing carrier. This allows for larger liquefaction capacity and reduces the conversion -- construction time. Lastly, our Mark III newbuild design is one we have worked to develop for more than a decade. Mark III has a liquefaction capacity of up to 5 million tonnes, and it's based on a newbuild hull, which allows for increased storage and deck space.

Mark II 設計的液化能力高達 350 萬噸。 Mark II 也是基於改造現有的液化天然氣運輸船，但不是在船的寬度上增加液化設備，而是將液化上部放置在現有運輸船的新船中段。這允許更大的液化能力並減少轉換 - 施工時間。最後，我們的 Mark III 新建設計是我們十多年來一直致力於開發的設計。 Mark III 的液化能力高達 500 萬噸，它基於新建的船體，可增加存儲空間和甲板空間。

As a result of the corporate simplifications we've undertaken in the last 18 months, we also own 3 significant listed possessions. We currently own about 6% of New Fortress Energy valued at around $700 million at yesterday's close. We own 31% of Cool Company, the shipping spin-off we established during Q1 of this year. And we own about 24% of Avenir LNG, a small-scale LNG shipping and terminal business. The total value of these investments amounts to over $850 million.

由於我們在過去 18 個月中進行的公司簡化，我們還擁有 3 個重要的上市財產。我們目前擁有新堡壘能源約 6% 的股份，截至昨天收盤時價值約 7 億美元。我們擁有 Cool Company 31% 的股份，這是我們在今年第一季度建立的航運分拆公司。我們擁有 Avenir LNG 約 24% 的股份，這是一家小型 LNG 運輸和碼頭業務。這些投資的總價值超過 8.5 億美元。

Turning to Slide 5. As a result of the corporate simplification and FLNG concentration, we now have a balance sheet position for FLNG growth. At quarter end, we had a cash position of $602 million. Added to that, our listed securities that we just went through, we have a total liquidity of around $1.5 billion or approximately $14 per Golar share. Our net debt position was reduced from $1.7 billion last quarter to around $1 billion at quarter end Q2. This is a result of the vessel disposals and scheduled amortization. Hence we currently have a cash -- net cash position of $500 million.

轉到幻燈片 5。由於公司簡化和 FLNG 集中，我們現在擁有 FLNG 增長的資產負債表頭寸。在季度末，我們的現金頭寸為 6.02 億美元。除此之外，我們剛剛通過的上市證券，我們的總流動性約為 15 億美元或每股 Golar 股票約 14 美元。我們的淨債務頭寸從上一季度的 17 億美元減少到第二季度末的約 10 億美元。這是船舶處置和計劃攤銷的結果。因此，我們目前擁有現金——淨現金頭寸為 5 億美元。

We expect EBITDA generation from our existing FLNG portfolio to quadruple from 2021 levels into 2024. This could meaningfully increase further once additional FLNG growth projects are announced. We now have cash and debt capacity to facilitate FLNG growth from internal resources, which will be the key focus for the next phase of the company. Lastly we had no debt refinancings until 2025 and expect to generate significant quarterly cash flow to equity from operations going forward.

我們預計，從 2021 年到 2024 年，我們現有 FLNG 投資組合的 EBITDA 產生量將翻兩番。一旦宣布更多 FLNG 增長項目，這可能會進一步顯著增加。我們現在擁有現金和債務能力，可以利用內部資源促進 FLNG 增長，這將是公司下一階段的重點。最後，我們在 2025 年之前沒有進行債務再融資，預計未來的運營將產生可觀的季度現金流入股本。

I'll now hand it over to Eduardo to present our Q2 numbers.

我現在將它交給 Eduardo 來展示我們的 Q2 數據。

Thanks, Karl, and good morning, everybody. I'm very pleased to provide an update on our group results for the second quarter of 2022.

謝謝，卡爾，大家早上好。我很高興能提供我們集團 2022 年第二季度業績的最新信息。

Turning over to Slide #7. I wanted to show some of the highlights of this quarter. Starting with our FLNG units. Our first vessel, Hilli, continues to operate with an excellent performance, delivering 100% uptime in this quarter. We continue to benefit from strong tailwinds from high Brent and TTF prices, which generate incremental earnings to our commodity-linked tariff at no incremental OpEx to us.

翻到幻燈片#7。我想展示本季度的一些亮點。從我們的 FLNG 裝置開始。我們的第一艘船 Hilli 繼續以出色的性能運行，在本季度實現了 100% 的正常運行時間。我們繼續受益於高布倫特原油和 TTF 價格帶來的強勁順風，這為我們的商品相關關稅帶來了增量收益，而不會增加我們的運營支出。

As a result of that, our share of Hilli's distributable adjusted EBITDA has increased considerably to $62 million this quarter, an increase of close to 150% on year-over-year basis. We're also very pleased to announce that Perenco exercises its option to increase production for an incremental 0.2 million tonnes of TTF-linked production from 2023 until 2026. Construction of our second FLNG unit, the Gimi, continues in Singapore and is now 86% technically complete. We have agreed initiatives with Keppel Shipyard to safeguard sail-away of the unit within the first half of 2023.

因此，本季度我們在 Hilli 的可分配調整後 EBITDA 中的份額大幅增加至 6200 萬美元，同比增長近 150%。我們也很高興地宣布，Perenco 行使選擇權，從 2023 年到 2026 年增加 20 萬噸與 TTF 相關的產量。我們的第二個 FLNG 裝置 Gimi 繼續在新加坡建設，目前已完成 86%技術上完備。我們已與吉寶船廠達成協議，以保障該裝置在 2023 年上半年的航行安全。

We have also advanced a number of initiatives towards the development of a new Mark II unit, capable of producing 3.5 million tonnes of LNG and which could be delivered as early as 2025. We'll talk a bit more about that on this presentation. We reiterate a target to announce a new FLNG project within 2022.

我們還推進了多項舉措，以開發新的 Mark II 裝置，該裝置能夠生產 350 萬噸液化天然氣，最早可在 2025 年交付。我們將在本次演講中詳細討論這一點。我們重申在 2022 年宣布新的 FLNG 項目的目標。

Moving on to shipping. The last steps of the spin-off of our TFDE fleet were completed this quarter. The last 4 vessels were sold to Cool Company and the transfer of our shipping and FSRU management organization is now complete.

繼續運輸。我們的 TFDE 機隊分拆的最後一步已於本季度完成。最後 4 艘船已出售給 Cool Company，我們的航運和 FSRU 管理組織的移交現已完成。

In line with our simplification efforts and to focus our business on FLNG, we've been awarded a conversion contract for Golar Arctic for EUR 269 million and sold our FSRU Tundra for $350 million to Snam. All those initiatives and divestments released net cash proceeds of close to $0.5 billion this quarter and allowed us to reduce our contractual debt from $1.7 billion to $1 billion at the end of the quarter. We have also continued our share buyback program, repurchasing 0.2 million shares this quarter and now have 107.8 million shares outstanding after that.

根據我們的簡化工作並將我們的業務重點放在 FLNG 上，我們以 2.69 億歐元的價格獲得了 Golar Arctic 的轉換合同，並以 3.5 億美元的價格將我們的 FSRU Tundra 出售給了 Snam。所有這些舉措和撤資在本季度釋放了近 5 億美元的淨現金收益，並使我們能夠在本季度末將我們的合同債務從 17 億美元減少到 10 億美元。我們還繼續我們的股票回購計劃，本季度回購了 20 萬股股票，之後現在有 1.078 億股流通股。

Moving on to Slide #8. So due to strong commodity prices and incremental earnings from Hilli, our total FLNG tariffs have almost doubled to $108 million this quarter compared to $55 million in Q1 of last year. This quarter, we recorded an adjusted EBITDA of $101 million. When compared on a year-on-year basis, this represented an increase of $153 million compared to Q2 2021. We recorded net income of $230 million in this quarter, including $122 million gain from discontinued operations, including the sale of Golar Tundra to Snam and remaining vessels plus management companies to Cool Company. $182 million gain on TTF-linked derivatives and swaps, a $76 million impairment of Golar Arctic, $49 million loss on NFE shares valued at $39.57 in Q1 2022 versus $42.61 in Q1 2021.

轉到幻燈片#8。因此，由於大宗商品價格強勁和 Hilli 的收益增加，本季度我們的 FLNG 關稅總額幾乎翻了一番，達到 1.08 億美元，而去年第一季度為 5500 萬美元。本季度，我們的調整後 EBITDA 為 1.01 億美元。與去年同期相比，這比 2021 年第二季度增加了 1.53 億美元。我們在本季度錄得 2.3 億美元的淨收入，其中包括 1.22 億美元的終止業務收益，包括將 Golar Tundra 出售給 Snam剩下的船隻和管理公司歸Cool Company。 TTF 相關衍生品和掉期收益 1.82 億美元，Golar Arctic 減值 7600 萬美元，2022 年第一季度價值 39.57 美元的 NFE 股票損失 4900 萬美元，而 2021 年第一季度為 42.61 美元。

Our balance sheet continues to strengthen and deleverage. Our share of contractual debt at the end of Q2 was $1 billion, a significant reduction of more than 54% when compared to the same quarter last year when we had $2.2 billion of debt. Total cash at the end of Q2 was $604 million. Further to that, when considering the value of our listed shares in NFE Cool Company in Avenir, we have a total liquidity position of close to $1.5 billion and a net cash position of $0.5 billion when deducting our share of contractual debt. We estimate that this could allow us to fund 2 new FLNG growth projects.

我們的資產負債表繼續加強和去槓桿化。我們在第二季度末的合同債務份額為 10 億美元，與去年同期的 22 億美元債務相比，顯著減少了 54% 以上。第二季度末的總現金為 6.04 億美元。此外，在考慮我們在 Avenir 的 NFE Cool Company 上市股票的價值時，我們的總流動資金頭寸接近 15 億美元，扣除我們的合同債務份額後，我們的淨現金頭寸為 5 億美元。我們估計這可以讓我們資助 2 個新的 FLNG 增長項目。

Moving on to Slide #10. I would like to provide a bit more color into the breakdown of our earnings from Hilli. The FLNG continued its perfect operational track record since delivering in 2018, market-leading for FLNG operations globally. The Hilli tariff comprises of 3 components: A fixed tariff, a Brent-linked tariff and a TTF-linked tariff that started up on 1st of January this year. Due to increase in commodity prices, we continue to see a strong increase in Hilli's EBITDA generation, up 2.5x year-on-year or 9.5% quarter-on-quarter, a trend we expect to continue into 2023 and which will be further explained on Slide #11.

轉到幻燈片 #10。我想為 Hilli 的收益細分提供更多色彩。自 2018 年交付以來，FLNG 繼續保持其完美的運營記錄，在全球 FLNG 運營中處於市場領先地位。 Hilli 關稅包括 3 個部分：固定關稅、與布倫特原油掛鉤的關稅和與今年 1 月 1 日開始的 TTF 掛鉤關稅。由於商品價格上漲，我們繼續看到 Hilli 的 EBITDA 產生強勁增長，同比增長 2.5 倍或環比增長 9.5%，我們預計這一趨勢將持續到 2023 年，並將進一步解釋在幻燈片 #11 上。

Interesting to note that this increase in earnings came with no additional OpEx to us. While the base tariff stood in line with previous quarters, we recorded $29 million from Brent-linked revenues and close to $20 million from TTF-linked revenues in Q2.

有趣的是，收入的增加並沒有給我們帶來額外的運營支出。雖然基本關稅與前幾個季度保持一致，但我們在第二季度從與布倫特原油相關的收入中錄得 2900 萬美元，從與 TTF 相關的收入中錄得近 2000 萬美元。

I will now hand over the call to Karl, which he'll talk a bit more about that.

我現在將把電話轉給 Karl，他將對此進行更多討論。

Thank you, Eduardo. And turning to Slide 11. As Eduardo mentioned, Perenco exercised their option to produce the 0.2 million tonnes from '23 to '26. Hence Hilli will continue with 3 components to its EBITDA generation. In 2021, Golar share of Hilli EBITDA amounted to $95 million. For '22, we expect Golar shares to come in at around $270 million. The earnings increase is caused by higher Brent prices and the start-up of the TTF-linked production. For '22, we have hedged the TTF price exposure for Q3 at $25.37 per MMBtu, generating $19 million of TTF-linked EBITDA to Golar for the quarter.

謝謝你，愛德華多。轉到幻燈片 11。正如 Eduardo 所提到的，Perenco 行使了他們的選擇權，從 23 年到 26 年生產了 20 萬噸。因此，Hilli 將繼續在其 EBITDA 生成中使用 3 個組件。 2021 年，Golar 在 Hilli EBITDA 中的份額為 9500 萬美元。對於 22 年，我們預計 Golar 的股價將達到 2.7 億美元左右。收益增加是由於布倫特原油價格上漲和 TTF 相關生產的啟動所致。對於 22 年，我們將第三季度的 TTF 價格風險對沖為每 MMBtu 25.37 美元，本季度與 Golar 產生了 1900 萬美元的與 TTF 相關的 EBITDA。

We remain open for Q4 '22. At current Q4 forward prices, we expect to make an EBITDA of around $47 million for Q4 alone. For 2023, we have just entered into a TTF price swap for 50% of the TTF exposure of $49.5 per MMBtu. That's the energy equivalent of crude Brent prices at $291 a barrel. With TTF at $49.5 for '23, this will generate approximately $160 million in EBITDA to Golar, where 50% of that is now secured in terms of locked in the price. Combined with the Brent forward price for '23, which currently stands at $88 a barrel, we expect to generate $305 million in Golar share of Hilli EBITDA next year.

我們對 22 年第四季度保持開放。按照當前第四季度的遠期價格，我們預計僅第四季度的 EBITDA 就約為 4700 萬美元。對於 2023 年，我們剛剛以每 MMBtu 49.5 美元的 TTF 風險敞口的 50% 進行了 TTF 價格互換。這相當於每桶 291 美元的布倫特原油價格的能源當量。以 23 年的 TTF 為 49.5 美元，這將為 Golar 產生約 1.6 億美元的 EBITDA，其中 50% 現在以鎖定價格獲得。再加上 23 年布倫特原油遠期價格（目前為每桶 88 美元），我們預計明年將在希利 EBITDA 的 Golar 份額中產生 3.05 億美元。

Total debt service for Golar share of Hilli is $50 million, and Hilli alone will generate free cash flow to equity of $255 million for 2023 or $2.35 per Golar share.

Hilli 的 Golar 股份的總償債額為 5000 萬美元，僅 Hilli 一項將在 2023 年產生 2.55 億美元的股本自由現金流或每股 Golar 2.35 美元。

Turning to Slide 12 and Gimi. Gimi is now 86% technically complete for its conversion into an FLNG at Keppel Shipyard in Singapore. We have currently worked over 22 million man hours on the conversion with the daily construction team currently amounting to 4,200 workers. The remainder of the build is mainly around construction, installation and testing of equipment ahead of the 2023 sail-away, which will unlock $151 million in annual EBITDA to Golar for 20 years.

轉向幻燈片 12 和 Gimi。 Gimi 現在在新加坡吉寶船廠轉換成 FLNG 的技術完成度為 86%。目前，我們已經為改造工作了超過 2200 萬工時，目前每天的施工團隊達到 4,200 名工人。其餘的建設主要圍繞 2023 年航行之前的設備建設、安裝和測試，這將為 Golar 釋放 1.51 億美元的年度 EBITDA，為期 20 年。

During the quarter, Golar and Keppel Capital, together, the owners of Gimi, agreed to a $50 million incentive payment to Keppel Shipyard for initiatives to safeguard sail-away within the first half of '23. Incentive payment is payable at certain milestone and part of the amount is retractable if milestones are not met on agreed date. Since Golar is the 70% shareholder of Gimi, $35 million of the $50 million incentive payment will be covered by Golar. Gimi is on track to sail away from the shipyard during the first half and for contract start-up during the second half of '23.

在本季度，Gimi 的所有者 Golar 和 Keppel Capital 同意向 Keppel Shipyard 支付 5000 萬美元的獎勵金，用於在 23 年上半年採取措施保障航行安全。獎勵金應在某個里程碑支付，如果在約定日期未達到里程碑，部分金額可收回。由於 Golar 是 Gimi 的 70% 股東，因此 5000 萬美元的獎勵金中的 3500 萬美元將由 Golar 支付。 Gimi 有望在上半年離開造船廠，並在 23 年下半年進行合同啟動。

Turning to Slide 13, and some of the most interesting developments that happened to Golar during the quarter. We have seen a significant pickup in interest from new clients investigating FLNG solution for gas field developments. Current and forward gas commodity prices, combined with energy shortage seems to have fueled efficiencies in gas field development positions. This is also reflected in our existing pipeline of FLNG growth projects that have seen a very strong progression during the quarter, both for tolling and integrated projects. On the back of this, we've taken active steps to confirm yard availability and updated CapEx pricing for our 3 different FLNG designs.

轉到幻燈片 13，以及本季度 Golar 發生的一些最有趣的發展。我們看到新客戶對研究用於氣田開發的 FLNG 解決方案的興趣顯著增加。當前和未來的天然氣商品價格，加上能源短缺，似乎提高了氣田開發職位的效率。這也反映在我們現有的 FLNG 增長項目管道中，這些項目在本季度取得了非常強勁的進展，無論是收費項目還是綜合項目。在此背景下，我們已採取積極措施確認堆場可用性並更新我們 3 種不同 FLNG 設計的資本支出定價。

We received confirmed price and yard availability for both Mark I and Mark II designs, and we are now in discussions with the Mark III shipyard for price and availability of a 5 million tonne newbuild. Despite busy shipyards and an inflationary cost environment, we are happy to announce that we can deliver FLNGs during 2025 if we commit to a project during the second half of this year. The CapEx numbers received have seen inflation, but remain within the $500 million to $600 million of CapEx per tonne of liquefaction capacity, which we think is highly attractive compared to other maritime and shore-based liquefaction solutions.

我們收到了 Mark I 和 Mark II 設計的確認價格和船廠可用性，我們現在正在與 Mark III 造船廠討論 500 萬噸新建船的價格和可用性。儘管造船廠繁忙且成本上漲，但我們很高興地宣布，如果我們在今年下半年承諾一個項目，我們可以在 2025 年交付 FLNG。收到的資本支出數據出現了通脹，但仍保持在每噸液化能力 5 億至 6 億美元的資本支出範圍內，我們認為與其他海上和岸基液化解決方案相比，這極具吸引力。

This also compares very well to ENI's recent announcement to acquire the FLNG EXMAR Tango for an implied price of between $950 million to $1.1 billion per tonne of liquefaction capacity. So approximately exactly double of where we would have the CapEx. Furthermore with the acquisition of the EXMAR Tango, Golar is now the only service provider of FLNGs with a proven track record globally. We've also received financing term sheets for construction and long-term lease financing for potential FLNG newbuilds from an existing relationship lease counterpart. As Eduardo alluded to, we maintain our target for FLNG project announcements within 2022, and we believe our organization and balance sheet are set up to execute up to 2 to 3 FLNG projects in parallel, subject to the details of each project.

這也與埃尼最近宣布以每噸液化能力 9.5 億美元至 11 億美元的隱含價格收購 FLNG EXMAR Tango 相比非常好。因此，大約是我們擁有資本支出的兩倍。此外，通過收購 EXMAR Tango，Golar 現在是唯一一家在全球擁有良好業績記錄的 FLNG 服務提供商。我們還收到了來自現有關係租賃對方的潛在 FLNG 新建船的建設和長期租賃融資的融資條款表。正如 Eduardo 所暗示的那樣，我們維持在 2022 年發布 FLNG 項目的目標，並且我們相信我們的組織和資產負債表旨在並行執行多達 2 至 3 個 FLNG 項目，具體取決於每個項目的細節。

Turning to Slide 14 and further elaborating on actions taken in the quarter. On the back of the growing pipeline of FLNG growth projects, we are ramping up both engineering activities and plan to order long lead items for a Mark II FLNG within the second half of this year to safeguard 2025 vessel delivery. The majority of the long lead items in discussion can also be deployed to our other FLNG solutions. The Mark II design has a liquefaction capacity of up to 3.5 million tonnes. And as described, is based on the conversion of an existing carrier.

轉到幻燈片 14 並進一步詳細說明本季度採取的行動。在 FLNG 增長項目不斷增長的背景下，我們正在加強工程活動，併計劃在今年下半年為 Mark II FLNG 訂購長鉛項目，以保障 2025 年的船舶交付。討論中的大多數長期領先項目也可以部署到我們的其他 FLNG 解決方案中。 Mark II 設計的液化能力高達 350 萬噸。並且如前所述，是基於現有運營商的轉換。

We have identified and inspected a suitable vessel candidate for that conversion. The yard selection is concluded and the financing term sheet has been received. That term sheet is also not dependent on a charter or long-term offtake if it's an integrated project. We're excited about the progress made on the Mark II project and the attractive delivery window that we have gotten confirmation. Together with the interest from charters, which includes ongoing discussions for an integrated field development project and multiple clients for charter alternatives, we're confident that proceeding with Mark II is the right way for the company going forward.

我們已經確定並檢查了適合該轉換的候選船舶。船廠選擇已完成，融資條款表已收到。如果它是一個綜合項目，該條款清單也不依賴於章程或長期承購。我們對 Mark II 項目取得的進展以及我們已經得到確認的有吸引力的交付窗口感到興奮。再加上章程的興趣，其中包括對綜合油田開發項目的持續討論和多個客戶對章程替代方案的討論，我們相信繼續使用 Mark II 是公司前進的正確方式。

Elaborating on the delivery timeline and why we think early is important, you can see on Slide 15. As discussed on previous quarterly calls, the gas market was tight before the geopolitical situation in Europe. In Q4 of last year, we saw LNG prices above $50 per MMBtu. LNG demand is expected to continue as the world is looking to source stable sources of energy with attractive environmental attributes. There is very limited new liquefaction capacity coming on for the first half of this decade, whilst most of the incremental production comes on from late '25 onwards. Hence, early delivery of an FLNG project is increasingly attractive, both from a demand and LNG price point of view.

您可以在幻燈片 15 上詳細說明交付時間表以及為什麼我們認為提早很重要。正如在之前的季度電話會議中所討論的，在歐洲地緣政治局勢出現之前，天然氣市場很緊張。去年第四季度，我們看到液化天然氣價格超過每 MMBtu 50 美元。隨著世界尋求具有有吸引力的環境屬性的穩定能源，預計液化天然氣需求將持續。本十年前五年新增的液化能力非常有限，而大部分增量生產是從 25 年末開始的。因此，從需求和液化天然氣價格的角度來看，早期交付 FLNG 項目越來越有吸引力。

New liquefaction capacity from 2021 to 2030 currently stands at 130 million tonnes of FID'd or projects under construction. An additional 42 million tonnes of liquefaction projects are needed between now and 2030 if we are to meet the estimated demand growth for the period. That's before taking into the accounts the possible effects of Europe and other regions, reducing dependency on single-source Russian gas exports. Interestingly, if we break down the anticipated 130 million tonnes of new liquefaction projects coming online further, about 12 million tonnes of that volume is expected to be sourced from Russia where the geopolitical situation is likely to add pressure to project execution and timelines.

從 2021 年到 2030 年，新的液化能力目前為 1.3 億噸 FID 或在建項目。如果我們要滿足這一時期的估計需求增長，從現在到 2030 年還需要額外的 4200 萬噸液化項目。那是在考慮歐洲和其他地區可能產生的影響之前，減少對單一來源俄羅斯天然氣出口的依賴。有趣的是，如果我們進一步分解預計的 1.3 億噸新液化項目上線，預計其中約 1,200 萬噸來自俄羅斯，那裡的地緣政治局勢可能會增加項目執行和時間表的壓力。

Furthermore, 55 million tonnes of the 130 million tonnes in total is expected to come online from U.S. exports. Source cost in the U.S. is currently at $8.5 per MMBtu and long-term forward prices suggest $4 to $5 in gas source cost before liquefaction. In addition to that, most of the U.S. volumes are sold on long-term offtake contracts.

此外，預計 1.3 億噸總量中的 5500 萬噸將來自美國出口。美國的氣源成本目前為每 MMBtu 8.5 美元，長期遠期價格表明液化前的氣源成本為 4 至 5 美元。除此之外，美國的大部分銷量都是根據長期承購合同出售的。

Turning to Slide 16. We're encouraged by this development, and we're furthermore encouraged by the lack of liquefaction projects from what we think is the cheapest gas resource in the world. We mainly focus on African-proven or strengthened gas reserves as we see very favorable characteristics of the 3 key components driving delivery cost of LNG, that's source costs, liquefaction cost and the shipping distance to the end user.

轉到幻燈片 16。我們對這一發展感到鼓舞，而且我們對缺乏液化項目感到鼓舞，因為我們認為這是世界上最便宜的天然氣資源。我們主要關注非洲已探明或強化的天然氣儲量，因為我們看到推動 LNG 交付成本的 3 個關鍵要素具有非常有利的特徵，即來源成本、液化成本和到最終用戶的運輸距離。

We believe that you can develop a stable source gas price of anywhere between $1 to $3 in lifting cost dependent on the size of the field. That's significantly cheaper than current and long-term Henry Hub prices. Secondly, Golar's liquefaction technology has a lower CapEx per tonne compared to other floating and shore-based liquefaction solutions. Lastly, African gas is physically a shorter sailing distance to end users, whether the clients are in Europe or Asia. Hence, if you have lower input costs on the 3 key cost drivers of LNG, we see that as a compelling competitive advantage.

我們相信，您可以根據油田的規模製定一個穩定的氣源價格，提升成本在 1 到 3 美元之間。這比當前和長期的亨利中心價格便宜得多。其次，與其他浮動和岸基液化解決方案相比，Golar 的液化技術每噸的資本支出較低。最後，無論客戶是在歐洲還是亞洲，非洲天然氣到最終用戶的航行距離實際上更短。因此，如果您在 LNG 的 3 個關鍵成本驅動因素上的投入成本較低，我們認為這是一個引人注目的競爭優勢。

If you elaborate that into numbers and turning to Slide 17, this is again a familiar slide that we have presented at earlier occasions. But this time, we've adjusted it to describe possible Mark II FLNG growth projects. If you assume a source gas for African projects of $1 per MMBtu, a tolling fee, similar to what we are charging BP ranging between $2 to $3 per MMBtu and shipping cost at $1.50, you can deliver LNG to end users at around $5. If you compare that to both historical and current gas prices, this is a very solid economic proposition.

如果您將其詳細說明為數字並轉到幻燈片 17，這又是一張我們在較早場合展示過的熟悉幻燈片。但這一次，我們對其進行了調整，以描述可能的 Mark II FLNG 增長項目。如果您假設非洲項目的氣源價格為每 MMBtu 1 美元、通行費（類似於我們向 BP 收取的每 MMBtu 2 至 3 美元和運費為 1.50 美元），您可以以 5 美元左右的價格向最終用戶交付 LNG。如果將其與歷史和當前的天然氣價格進行比較，這是一個非常可靠的經濟命題。

As an illustrative example, we have highlighted some Mark II tolling fee scenarios ranging from $2 per MMBtu in the low end, which is lower than for most the most recent U.S. shore-based liquefaction project, yet they would give Golar a CapEx to EBITDA of around 5x on capital employed, so 20% unlevered return. If we can achieve tolling rates similar to that of Hilli at current commodity prices, the CapEx to EBITDA multiple reduces to 2x capital employed. If you further go closer to the hydrocarbons and work on integrated projects at current gas prices, you currently have payback in less than 6 months.

作為一個說明性的例子，我們強調了一些 Mark II 通行費方案，低端為每 MMBtu 2 美元，這低於大多數最近的美國岸基液化項目，但它們將使 Golar 的資本支出為 EBITDA所用資本約為 5 倍，因此無槓桿回報率為 20%。如果我們能夠以當前的商品價格實現與 Hilli 相似的收費率，那麼資本支出與 EBITDA 的倍數將減少到所用資本的 2 倍。如果您進一步接近碳氫化合物並以當前的天然氣價格開展綜合項目，您目前可以在不到 6 個月的時間內獲得回報。

We can now understand our focus on early delivery and going towards the integrated section. We think you can hedge out a lot of the volatility of hydrocarbon prices through forward price fixtures similar to what we have done on our TTF exposure on Hilli. Shifting gears and for the last time, giving an update on our FSRU business, on Slide 19, we have highlighted the 2 asset disposals that was concluded during the quarter. First, we agreed to sell our steam LNG carrier called Golar Arctic to Snam for EUR 269 million. The transaction entails that Golar will undertake the vessel conversion and deliver the FSRU in Italy.

我們現在可以理解我們對早期交付和走向集成部分的關注。我們認為您可以通過類似於我們對 Hilli 的 TTF 敞口所做的遠期價格固定來對沖大量碳氫化合物價格的波動。換檔，最後一次，在幻燈片 19 上更新我們的 FSRU 業務，我們強調了本季度完成的 2 項資產處置。首先，我們同意以 2.69 億歐元的價格將我們名為 Golar Arctic 的蒸汽液化天然氣運輸船出售給 Snam。該交易要求 Golar 將進行船舶改裝並在意大利交付 FSRU。

The estimated conversion cost for the unit is around $160 million before the cost of the vessel and contingencies. We expect Snam to give final Notice-to-Proceed towards the end of this year or early next year. This project is very similar to the previous vessel to FSRU conversion when we converted the Golar Viking and sold her to LNG Croatia. The second transaction we announced with Snam was the sale of the FSRU Tundra for $350 million. The transaction was announced and closed on May 31, raising net proceeds to Golar of $193 million. We have agreed to charter Tundra back from the acquisition date until mid-November, and we expect to make an additional positive cash contribution from in this period.

在船舶成本和應急費用之前，該裝置的估計轉換成本約為 1.6 億美元。我們預計 Snam 將在今年年底或明年初發出最終通知。這個項目與我們之前將 Golar Viking 改裝並出售給 LNG 克羅地亞時的船舶轉換為 FSRU 非常相似。我們與 Snam 宣布的第二筆交易是以 3.5 億美元的價格出售 FSRU Tundra。該交易於 5 月 31 日宣布並完成，為 Golar 籌集了 1.93 億美元的淨收益。我們已同意從收購日期到 11 月中旬將 Tundra 租回，我們預計在此期間將做出額外的正現金貢獻。

We're also in the final stages of entering into a development agreement where Golar will assist Snam in minor vessel upgrades before the unit is expected to start FSRU operations in the first half of next year. This development agreement will likely add further value to Golar. Turning now to corporate and the earnings potential from our existing asset portfolio. Again, a familiar slide, but increasingly simplified as we are selling off the noncore assets. Our 2021 adjusted EBITDA comprised of Hilli earnings, less G&A, giving us an EBITDA of $74 million. Add to that the commodity upside on Brent and TTF-linked production from Hilli, we expect earnings for her to increase by $220 million on 2023 over 2021 levels.

我們也處於簽訂開發協議的最後階段，Golar 將協助 Snam 進行小型船舶升級，然後該裝置預計將在明年上半年開始 FSRU 運營。該開發協議可能會為 Golar 增加更多價值。現在轉向企業和我們現有資產組合的盈利潛力。再次，一張熟悉的幻燈片，但隨著我們出售非核心資產而變得越來越簡單。我們 2021 年調整後的 EBITDA 包括 Hilli 收益，減去 G&A，使我們的 EBITDA 為 7400 萬美元。再加上布倫特原油和 Hilli 與 TTF 相關產量的大宗商品上漲，我們預計她的收入將在 2023 年比 2021 年水平增加 2.2 億美元。

Add to that the contracted EBITDA from Gimi from start-up in second half of next year, we expect to have a run rate EBITDA of north of $400 million and subject to commodity prices ranging between $400 million to $500 million. Our net debt position is negative. So we have a net cash position of $0.5 billion. Hence, we think the company is in a very good shape, both on a cash flow basis, debt basis and liquidity basis to be positioned for growth. So finally, to summarize the company highlights on Slide 22. Our key focus is on FLNG growth, and we are targeting an FLNG announcement within '22.

加上 Gimi 明年下半年啟動的合同 EBITDA，我們預計 EBITDA 的運行率將在 4 億美元以上，商品價格在 4 億美元至 5 億美元之間。我們的淨債務頭寸為負。因此，我們的淨現金頭寸為 5 億美元。因此，我們認為公司的狀況非常好，無論是在現金流基礎、債務基礎和流動性基礎上，都可以為增長做好準備。最後，總結一下幻燈片 22 上的公司亮點。我們的重點是 FLNG 的增長，我們的目標是在 22 年內發布 FLNG 公告。

Before growth, we expect our EBITDA earnings to quadruple from '24 over -- from '21 to '24. We have cash and listed securities of $1.5 billion targeted to fund FLNG growth projects and have significant free cash flow to equity generation in the interim. Our book value stands at $2.7 billion, again expected to continue to increase as we are free cash flow to equity positive. Golar has a proud history, celebrating 75 years of existence this year, 50 of which in LNG where we have been a proven market pioneer being a first-mover on FSRU, FLNG and integrated FSRU to power projects.

在增長之前，我們預計我們的 EBITDA 收益將從 24 年翻兩番——從 21 年到 24 年。我們擁有 15 億美元的現金和上市證券，旨在為 FLNG 增長項目提供資金，並在此期間擁有大量自由現金流用於股權生成。我們的賬面價值為 27 億美元，隨著我們的自由現金流轉為正股本，預計還會繼續增加。 Golar 擁有令人自豪的歷史，今年慶祝成立 75 年，其中 50 年在液化天然氣領域，我們一直是公認的市場先驅，是 FSRU、FLNG 和集成 FSRU 發電項目的先行者。

This concludes our Q2 earnings presentation. Thank you for taking time to listen in. And we will now hand it over to the operator for any questions.

我們的第二季度收益報告到此結束。感謝您花時間收聽。我們現在將其交給接線員以解決任何問題。

(Operator Instructions) We will take our first question and your question comes from the line of Chris Tsung from Webber Research & Advisory.

（操作員說明）我們將回答第一個問題，您的問題來自 Webber Research & Advisory 的 Chris Tsung。

Yes. So I was saying we've seen the target sail-away date through the Gimi slide from Q1 '23 to first half of '23. And now with the $50 million incentive payment to Keppel to maintain the first half '23 date. Can you provide some color on the risk of Gimi would be further delayed in terms of like months or was it quarters?

是的。所以我說我們已經看到了從 23 年第一季度到 23 年上半年的 Gimi 滑坡的目標航行日期。現在有了向吉寶支付 5000 萬美元的獎勵金，以維持 23 年上半年的日期。您能否提供一些關於 Gimi 的風險會進一步延遲幾個月或幾個季度的顏色？

I think if you listen to Kosmos earnings call on the [edge] earlier this week, I think they also provided some updates on where they are, both on the FPSO progress, which is somewhat delayed but reiterated the contract start-up date. So I think the combination of -- to answer the question, this is a combination of making sure we build the best quality unit and to align the schedule with BP. We do not expect any further delays. As we have been highlighting on several of our previous quarterly calls, we've taken very active steps to ensure the current timeline, which is basically the driver of the $50 million cost increase, which then safeguards that timeline, and we are very happy with the progress we're making basically on a daily basis and feel very comfortable with the current delivery date.

我認為，如果您在本週早些時候在 [edge] 上收聽 Kosmos 收益電話會議，我認為他們還提供了一些關於 FPSO 進展情況的最新信息，雖然這有點延遲，但重申了合同的啟動日期。所以我認為結合 - 回答這個問題，這是確保我們建立最優質的單位並與 BP 保持一致的結合。我們預計不會有任何進一步的延誤。正如我們在之前的幾個季度電話會議中所強調的那樣，我們已經採取了非常積極的措施來確保當前的時間表，這基本上是 5000 萬美元成本增加的驅動因素，從而保障了這個時間表，我們非常滿意我們基本上每天都在取得進展，並且對當前的交貨日期感到非常滿意。

So, it wasn't something that systemic conversion projects and you just one-off and aligning the schedule with Kosmos.

所以，這不是系統轉換項目的事情，你只是一次性地將時間表與 Kosmos 保持一致。

Yes.

是的。

Okay. And just as of -- sorry, this is my second question, probably the last one. When would you need to reserve slots for at the yard for Mark I and II? Like would you risk losing it if the order is in place this year?

好的。就像——抱歉，這是我的第二個問題，可能是最後一個問題。您什麼時候需要在院子里為 Mark I 和 II 預留位置？如果今年訂單到位，你會冒失去它的風險嗎？

I think what we have confirmed on the call today is that we have agreements in place with the shipyard that would construct the Mark I and Mark II, where we have also secured the available slot space. And as we have highlighted a few times, we are targeting to make an FLNG announcement within the second half of this year. I think it's possible to lock in the slot for somewhat longer than just this year, but we -- if you delay a day, you also delay delivery and for us, early delivery is going to be important going forward.

我認為我們今天在電話會議上確認的是，我們與建造 Mark I 和 Mark II 的造船廠達成了協議，我們還在那裡確保了可用的船位空間。正如我們多次強調的那樣，我們的目標是在今年下半年發布 FLNG 公告。我認為鎖定時間可能會比今年稍長一些，但是我們 - 如果你延遲一天，你也會延遲交貨，對我們來說，提前交貨將很重要。

Sure.

當然。

We will take our next question. Your question comes from the line of Ben Nolan from Stifel.

我們將回答下一個問題。您的問題來自 Stifel 的 Ben Nolan。

So I wanted to ask first, just to make sure that I understand it with respect to the ordering and/or conversion. Am I right in understanding that you guys would be willing to order a conversion on spec or without a contract? Is that the implication here?

所以我想先問一下，只是為了確保我在訂購和/或轉換方面理解它。我是否理解你們願意在規格或沒有合同的情況下訂購轉換？這就是這裡的含義嗎？

Yes. This would be similar to how we would view Hilli when she was first ordered. She was not ordered against the contract, but with a clear view as to where the unit would likely end up. At that time, that was a bigger risk because it was an unproven technology. We see now with the scramble to secure new liquefaction as late as by the move by ENI to acquire an idle FLNG at a very high price, that time is the key attribute of the market and also all of the chartering discussions we have. And we think negotiating power would slightly move tough if we move ahead on this basis. But we have a very clear view of where it will end up, whether the contract is secured before simultaneously or in the not too distant timing just after, we feel very confident about where we sit right now.

是的。這類似於我們第一次訂購 Hilli 時的看法。她沒有被命令違反合同，但清楚地知道該單位可能最終會在哪裡結束。當時，這是一個更大的風險，因為它是一項未經證實的技術。我們現在看到，隨著 ENI 採取行動以非常高的價格收購閒置的 FLNG，我們現在都在爭先恐後地獲得新的液化，那時時間是市場的關鍵屬性，也是我們進行的所有租船討論。而且我們認為，如果我們在此基礎上繼續前進，談判力量會稍微變強。但是我們對最終的結果有一個非常清晰的認識，無論合同是在同一時間之前還是在不久之後的時間獲得，我們對我們現在所處的位置非常有信心。

Okay. That's helpful. And I'm going to try to squeeze 2 into one here. So as it relates to sort of those contract negotiations, I know one of the things that you have called out is wanting to have some element of commodity exposure similar to what you have on the Hilli, but less so on the Gimi. First, I guess, is that something that gas owners are willing to do or increasingly willing to do versus where we might have been earlier? And then sort of connected with that, you called out specifically Mark II, but I know that you already own the Gandria, is there a reason why it seems like there's a little bit more of a Mark II focus versus a Mark I that might be a little bit more bird in hand?

好的。這很有幫助。我將在這裡嘗試將 2 合二為一。因此，當它涉及到那種合同談判時，我知道你所說的其中一件事是希望有一些類似於你在 Hilli 上的商品暴露元素，但在 Gimi 上則更少。首先，我想，這是天然氣所有者願意做的事情還是越來越願意做的事情，而不是我們之前可能做的事情？然後有點與此相關，你特別提到了 Mark II，但我知道你已經擁有 Gandria，有沒有理由為什麼看起來 Mark II 的關注點比 Mark I 多一點？多一點鳥在手？

Yes. Okay. So that's 3 questions. But to answer the first part, yes, we think that it's easier to have commodity linked production discussions now than earlier. I think the gas fields that we are targeting are either stranded or associated gas. And we don't think that the owners of those resources have many, if any, alternatives to utilize those pits. Hence, if either an FLNG or it's not monetizing the unit and with the amount of pressure to secure new liquefaction right now, we think that it's an easier environment to have those negotiations. I think it's also fair to say that the more oil major you go and the longer duration you go, the least -- the less the incentive are wanting to give commodity exposure, but we think we can obtain attractive commodities exposure to solid counterparts.

是的。好的。所以這是3個問題。但要回答第一部分，是的，我們認為現在進行與商品相關的生產討論比以前更容易。我認為我們所針對的氣田要么是擱淺氣體，要么是伴生氣。而且我們認為這些資源的所有者沒有很多（如果有的話）替代方案來利用這些坑。因此，如果 FLNG 或它沒有將裝置貨幣化，並且現在面臨確保新液化的壓力，我們認為進行這些談判是一個更容易的環境。我認為公平地說，你去的石油巨頭越多，你去的時間越長，最少 - 想要給予大宗商品敞口的動機就越少，但我們認為我們可以獲得對可靠同行的有吸引力的大宗商品敞口。

And the second part of your question, I think as we highlighted, we have confirmed price and yard availability for both Mark I and II. What we see as a key attraction of the Mark II is the fact that you have somewhat higher liquefaction capacity, somewhat higher storage capacity and due to the way the vessel is converted a quicker conversion time. We also have a fairly good view of the FLNG growth pipeline, and we're confident that ordering a Mark II present a very attractive risk reward, and that's why we want to proceed that. Saying that, we would not rule out building another Mark I with the starting point from Gandria, but Gandria is not suited for Mark II.

你問題的第二部分，我認為正如我們強調的那樣，我們已經確認了 Mark I 和 II 的價格和碼數。我們認為 Mark II 的主要吸引力在於您具有更高的液化能力、更高的存儲容量以及由於容器轉換方式更快的轉換時間。我們對 FLNG 增長管道也有相當好的看法，我們相信訂購 Mark II 會帶來非常有吸引力的風險回報，這就是我們想要繼續進行的原因。話雖如此，我們不排除以 Gandria 為起點建造另一個 Mark I，但 Gandria 不適合 Mark II。

All right. I appreciate the -- you taking both, albeit somewhat just different questions.

好的。我很感激——你同時接受了這兩個問題，儘管只是有些不同的問題。

We will take our next question. And your question comes from the line of Craig Shere from Tuohy Brothers.

我們將回答下一個問題。您的問題來自 Tuohy Brothers 的 Craig Shere。

So as far as future capital availability and liquidity, first question is, is it reasonable to assume that you could cash out over $0.5 billion combined in low cost refinancings for both the Hilli and Gimi? And then could you opine on the timing and size of liquidity needed for an initially FID spec build versus one that's contracted upfront?

因此，就未來的資本可用性和流動性而言，第一個問題是，假設您可以在 Hilli 和 Gimi 的低成本再融資中套現超過 5 億美元，這是否合理？然後，您能否就初始 FID 規範構建所需的流動性時間和規模與預先簽訂合同的流動性的時間和規模發表意見？

To answer the first part, yes, we can. I think we can expect more than $0.5 billion if you were to refinance Hilli and Gimi today. I think the way we see it is that we have a healthy cash and listed securities position. And we think we can further optimize the debt on those 2 units once construction risk is taken out of Gimi and once re-contracting risk is taking out of Hilli. That's why we are not pushing forward on that right now. We have a sufficient cash at hand together with the term sheets received for both Mark I and Mark II newbuilds to proceed with the spec build without having to use anything, but our cash position and available credit or receipt term sheets for potential new credit facilities.

回答第一部分，是的，我們可以。如果你今天為 Hilli 和 Gimi 再融資，我認為我們可以期待超過 5 億美元。我認為我們看到它的方式是我們擁有健康的現金和上市證券頭寸。我們認為，一旦 Gimi 的建設風險被消除，Hilli 的重新承包風險被消除，我們可以進一步優化這兩個單位的債務。這就是為什麼我們現在不推進這方面的工作。我們手頭有足夠的現金以及收到的 Mark I 和 Mark II 新造船的條款清單，可以在無需使用任何東西的情況下繼續進行規格構建，但我們的現金狀況和可用的信貸或潛在新信貸設施的收據條款清單。

So even if you build on spec, the shipyard will let you kind of put in your equity over time. So you don't have immediate issues as far as needing more liquidity.

所以即使你建立在規格上，造船廠也會讓你隨著時間的推移投入你的資產。因此，就需要更多流動性而言，您沒有直接的問題。

That's correct.

這是正確的。

We will take our next question. And your question comes from the line of Sean Morgan from Evercore.

我們將回答下一個問題。你的問題來自 Evercore 的 Sean Morgan。

Karl, so as we step up in terms of the volumes for Mark II to Mark III with the 5 mtpa, is that going to require, I guess, preceding offtaker work? Or do you think that the E&P partner that you select for the development of that project would be able to basically take full offtake at 5 mtpa?

卡爾，所以當我們以 5 mtpa 增加 Mark II 到 Mark III 的數量時，我猜這是否需要在承購人之前進行工作？或者您認為您為該項目的開發選擇的勘探與生產合作夥伴基本上能夠以 5 mtpa 的速度完全承擔？

Just to confirm, we would not do a Mark III on spec because that's a large volume and it's a bigger impact. So on those, you would typically -- that's more towards tolling arranged contracts where we would expect that the offtaker would lock in some of the production volume.

只是為了確認一下，我們不會在規格上做 Mark III，因為那是一個很大的體積，而且影響更大。因此，在這些方面，您通常會 - 這更傾向於安排收費合同，我們預計承購商將鎖定部分產量。

And then you talked about -- in the presentation about the kind of low cost of the asset development off of the West Coast of Africa in the proximity to Europe. So it would indicate that Europe would be the primary market for these projects. So have you been surprised at all of kind of the slowness of Europe to sign long-term SPAs on sort of the percentage of SPAs and signed in '22 since the war started relative to, say, Asia? And do you think is that carbon driving that? Or what's causing sort of the delay in heavy European contracting?

然後您在演講中談到了在靠近歐洲的非洲西海岸進行資產開發的低成本。因此，這表明歐洲將成為這些項目的主要市場。那麼，自從戰爭開始以來，你對歐洲在 SPA 的百分比上簽署長期 SPA 並在 22 年簽署的速度緩慢感到驚訝嗎？例如，亞洲？你認為是碳驅動的嗎？或者是什麼導致了歐洲大型合同的延遲？

I'm not surprised by it because we know what it takes to kick in FLNG project off the line and offtake is only part of the puzzle. I think if you secure the offtake, you still need to have the development plans, the regulatory approvals, everything that's needed to produce the gas. I think to some extent to the contrary, I think the European countries have been very swift to move on FSRU, fairly swift on the LNG carriers.

我對此並不感到驚訝，因為我們知道 FLNG 項目下線需要什麼，而承購只是難題的一部分。我認為，如果您獲得了承購權，您仍然需要製定開發計劃、獲得監管批准以及生產天然氣所需的一切。我認為在某種程度上相反，我認為歐洲國家在 FSRU 上的行動非常迅速，在 LNG 運輸船上也相當迅速。

And I think right now, they're actively working on how to crack increased gas production. I think a further testimony to that is when Senegal is invited to G7, at least the last time I checked in the previous meeting, Senegal wasn't invited to G7. So I think they're starting to get what's going on here. And I don't think it's really down to just the offtake. It's way more -- you have to sort of embrace the full project and all the scopes. So these are not just things that's tying up offtake sorts the problem.

而且我認為現在，他們正在積極研究如何破解增加的天然氣產量。我認為進一步的證明是，當塞內加爾被邀請參加 G7 時，至少我上次在上次會議上查看時，塞內加爾沒有被邀請參加 G7。所以我認為他們開始明白這裡發生了什麼。而且我認為這不僅僅取決於承購。更重要的是——你必須接受整個項目和所有範圍。因此，這些不僅僅是阻礙承銷商解決問題的事情。

And I know that several European countries are looking at offtake and financing to help lift some of these projects. We also need a stable geopolitical environment in the country that you want to operate if you are to put billions of dollars of infrastructure there. Our advantage, of course, is that an FLNG is floating. So the infrastructure is mainly upstream. The unit can always be redeployed, and we are, as you know, a generic asset. So we are not customized to the specific deals. So we think that our technology suits well for those type of projects.

我知道幾個歐洲國家正在考慮承購和融資，以幫助推進其中一些項目。如果您要在該國投入數十億美元的基礎設施，我們還需要一個穩定的地緣政治環境。當然，我們的優勢在於 FLNG 是浮動的。所以基礎設施主要是上游。該單元始終可以重新部署，如您所知，我們是通用資產。因此，我們不是針對特定交易進行定制的。所以我們認為我們的技術非常適合這些類型的項目。

Appreciate it.

欣賞它。

We will take our next question. And the question comes from the line of Wayne Cooperman who is an individual investor.

我們將回答下一個問題。這個問題來自個人投資者韋恩·庫珀曼（Wayne Cooperman）的說法。

2 quick questions. On Hilli, the Perenco didn't take all the amount they wanted. Is there any chance that you can get more volume from somebody else? Or does that really you have to wait until their contract expires? And secondly, since you sold 1/3 of the NFE at a lower price, I mean, is it the plan to continue to monetize that, especially now that their stock has gone up a lot.

2個快速問題。在 Hilli 上，Perenco 並沒有拿走他們想要的所有數量。有沒有機會從別人那裡得到更多的音量？還是真的必須等到他們的合同到期？其次，既然你以較低的價格出售了 1/3 的 NFE，我的意思是，是否有計劃繼續將其貨幣化，特別是現在他們的股票已經上漲了很多。

I think for the first part of the question, the -- as you know, the production on the incremental volume is linked to TTF. If you take a TTF cargo and deliver it, is put into Europe today, you're looking at a fairly steep discount of somewhere between $5 to $10. Hence it wasn't in the interest of the offtaker from Perenco to meaningfully increase volumes at the agreed tariff. And there was no incentive from neither Golar nor Perenco to go to the negotiating table to increase volumes beyond the 0.2 if that meant the renegotiating of the TTF-linked tariff.

我認為對於問題的第一部分，如您所知，增量產量與 TTF 相關。如果您將 TTF 貨物運送到今天進入歐洲，您會看到 5 到 10 美元之間的相當大的折扣。因此，Perenco 的承購商以商定的關稅顯著增加交易量不符合其利益。如果這意味著重新談判與 TTF 掛鉤的關稅，那麼 Golar 和 Perenco 都沒有動力去談判桌以增加超過 0.2 的交易量。

I think the way we have viewed this is that let's just see what happens to the option that was declared at 0.2. I think there is scope to increase production further, but that would likely be at a tariff to be negotiated. Theoretically, there is capacity to sell it away from the current offtaker. Practically that's going to be very difficult. So I think the solution to this is that the offtaker (inaudible) needs to sit around the table and see if there is a solution that works for all the 3 parties. If not, the current TTF prices take care of the earnings credit limits and I think everyone is aligned to see if the rates where we can boost that further.

我認為我們對此的看法是，讓我們看看在 0.2 聲明的選項會發生什麼。我認為還有進一步增加產量的空間，但這可能需要協商關稅。從理論上講，有能力將其從當前的承購商處出售。實際上，這將非常困難。因此，我認為解決方案是承購方（聽不清）需要坐在桌旁，看看是否有適用於所有 3 方的解決方案。如果沒有，當前的 TTF 價格會考慮收入信用額度，我認為每個人都同意看看我們是否可以進一步提高利率。

When it comes to the second part of your question, it's correct that we sold 1/3 of our NFE holding. I think we've further said that we would rather sit NFE than cash and I think to date, that's been the right decision. We like the progress of NFE. And currently, we have plenty of cash and available liquidity to execute our ambitions. So for now, that position remains the same, but we obviously keep a close eye on the development of the company. We think they've been very successful in executing large improvements to the company just in the last quarter. So we like the development currently.

當談到您問題的第二部分時，我們出售了 1/3 的 NFE 持股是正確的。我認為我們已經進一步表示，我們寧願坐在 NFE 而不是現金，我認為迄今為止，這是正確的決定。我們喜歡 NFE 的進步。目前，我們有充足的現金和可用流動性來實現我們的雄心壯志。所以現在，這個位置保持不變，但我們顯然密切關注公司的發展。我們認為他們在上個季度對公司進行了重大改進方面非常成功。所以我們喜歡目前的發展。

All right. Congratulations.

好的。恭喜。

We would take our next question. And the question comes from the line of Barry Haimes from Sage Asset Management.

我們將回答下一個問題。這個問題來自 Sage Asset Management 的 Barry Haimes。

Congrats on all the progress. My question is you talked about having enough funding for 2 additional FLNGs. Would that include Mark II and a Mark III? Could you fund a Mark III? And maybe just talk about the relative costs of 1 versus 2 versus 3 because those numbers were not on that one slide where you laid out the differences.

祝賀所有進展。我的問題是你談到有足夠的資金用於另外 2 個 FLNG。這會包括 Mark II 和 Mark III 嗎？你能資助一個 Mark III 嗎？也許只是談論 1 與 2 與 3 的相對成本，因為這些數字不在您列出差異的那張幻燈片上。

I think if you take the liquefaction capacity and multiply by the guidance $500 million to $600 million a tonne, I think you get to the price. So that's your price. Sorry, what was the rest of the question?

我認為，如果您將液化能力乘以每噸 5 億至 6 億美元的指導價，我認為您會得到價格。所以這就是你的價格。抱歉，剩下的問題是什麼？

Could you fund a Mark II and a Mark III with the existing...

你能用現有的資金資助 Mark II 和 Mark III 嗎？

Yes. Basically, the answer to that depends on the project. So for some of these projects, if you have long-term offtake, you get very attractive financing and then you can easily do both. For some of the long-term contracts, we know that the charter would also like to take equity participation in the units, especially if it's contracted for the life of the unit. And hence, that would enable us to let those 2 projects. But I think for now, the most likely one to proceed is Mark II, and we have a significant backlog of interested parties across all 3 designs. And in total, we can run 2 to 3 of them. So it's a matter of prioritizing the ones that have the most attractive economics and most attractive total scope.

是的。基本上，答案取決於項目。因此，對於其中一些項目，如果您有長期承購，您可以獲得非常有吸引力的融資，然後您可以輕鬆地做到這兩點。對於一些長期合同，我們知道章程也希望參與單位的股權，特別是如果它是在單位的生命週期內簽訂的。因此，這將使我們能夠讓這兩個項目。但我認為目前最有可能繼續進行的是 Mark II，我們在所有 3 種設計中都有大量的相關方積壓。總的來說，我們可以運行 2 到 3 個。因此，優先考慮那些具有最具吸引力的經濟性和最具吸引力的總體範圍的問題。

We will take our next question. And the question comes from the line of Frode Morkedal from Clarksons.

我們將回答下一個問題。這個問題來自 Clarksons 的 Frode Morkedal。

Yes, just a question on -- so that EXMAR sold the Tango FLNG last week at a pretty good price, it seems. That is, of course, a barge and it's smaller. So maybe if you could just compare if it's -- if I just like extrapolate to a 2.5 million tonne conversion candidate, it gives me quite compelling valuation potential. So curious if you can talk about their differences.

是的，只是一個問題——EXMAR 上週似乎以相當不錯的價格出售了 Tango FLNG。那當然是一艘駁船，而且它更小。所以也許如果你可以比較一下——如果我只是想推斷一個 250 萬噸的轉換候選者，它給了我相當引人注目的估值潛力。很好奇你能不能談談他們的不同之處。

I think if you look at the announcement, they're saying they're going to pay between $572 million and $694 million subject to performance of the unit and that's 0.6 million tonne. Hence your $950 million to $1,150 million, $1,156 million if you -- to be specific on price. So if you compare that to a Mark I, let's say, that means that you compare between $2.4 billion and $2.9 billion per unit or approximately exactly twice the CapEx that we are guiding on between $500 million to $600 million. You're also right that Tango is a smaller unit with less liquefaction capacity and significantly less storage compared to our FLNG technology and also with the -- not with the same strong operational track record. They did, of course, operate for YPF in Argentina, but she's been idle for some time after that.

我想如果你看一下公告，他們會說他們將支付 5.72 億至 6.94 億美元，具體取決於該部門的表現，即 60 萬噸。因此，你的 9.5 億美元到 11.5 億美元，如果你是 11.56 億美元——具體來說是價格。因此，如果您將其與 Mark I 進行比較，比方說，這意味著您比較每單位 24 億美元至 29 億美元，或者大約是我們指導的 5 億美元至 6 億美元資本支出的兩倍。您也說得對，與我們的 FLNG 技術相比，Tango 是一個較小的裝置，具有較少的液化能力和顯著較少的存儲量，而且與 - 沒有同樣強大的運營記錄。當然，他們確實在阿根廷為 YPF 工作，但在那之後她已經閒置了一段時間。

Perfect. That's good color. There seems to be quite significant upside potential then.

完美的。這個顏色不錯那時似乎有相當大的上漲潛力。

We do have a follow-up question. Are you happy to take that question?

我們確實有一個後續問題。你樂意接受這個問題嗎？

Yes, please.

是的，請。

And you have a follow-up question from the line of Ben Nolan from Stifel.

還有一個來自 Stifel 的 Ben Nolan 的後續問題。

I didn't get quite enough out of my 2.5 questions last time. The -- a little bit more on the potential opportunity to expand in Mauritania and Senegal. Just to be clear, my understanding was that, that was likely to be a Mark III design. Do you have any further color on sort of the direction that, that might be headed?

上次我的 2.5 個問題沒有得到足夠的答案。 - 更多關於在毛里塔尼亞和塞內加爾擴張的潛在機會。為了清楚起見，我的理解是，這很可能是 Mark III 的設計。你對可能走向的方向有什麼進一步的看法嗎？

I think we don't normally comment on specific projects, but we would lean then on the quarterly earnings call that Kosmos held earlier this week where they said that they are targeting concept select for the growth of the Tortue phase within Q3 of this year. And it's interesting that last time they did a concept select, they ended on FLNG, which is the Gimi. And with the CapEx per tonne liquefied and the carbon footprint per tonne liquefied that our FLNG technology can provide.

我認為我們通常不會對具體項目發表評論，但我們會傾向於 Kosmos 本週早些時候舉行的季度收益電話會議，他們表示他們的目標是為今年第三季度 Tortue 階段的增長制定概念選擇。有趣的是，上次他們進行概念選擇時，他們最終選擇了 FLNG，也就是 Gimi。我們的 FLNG 技術可以提供每噸液化資本支出和每噸液化碳足跡。

We struggle to see how there are other liquefaction solutions that can be deployed on that site that would be competitive on those 2 parameters at least. So we're looking forward to that concept select. So I think that's what we would say. And whether they want to grow from 2.5, which is Gimi to 5 instead of 2 Mark IIs or whether they want to add a Mark III, I think it's a question better directed to Kosmos and BP. But we did note that Kosmos was talking about both Phase 2 and 3 of Tortue within 2024.

我們很難看到如何在該站點上部署其他液化解決方案，至少在這兩個參數上具有競爭力。所以我們很期待這個概念選擇。所以我認為這就是我們要說的。他們是否想從 2.5（即 Gimi）增長到 5 而不是 2 個 Mark II，或者他們是否想添加一個 Mark III，我認為這是一個更好地針對 Kosmos 和 BP 的問題。但我們確實注意到 Kosmos 正在談論 2024 年 Tortue 的第 2 階段和第 3 階段。

Yes. That's helpful. And then again, sort of I'm doing to on an unrelated topic. You guys did buy back some shares -- a little bit of shares in the quarter. Maybe just thinking about capital allocation. As I recall, you're a little bit limited on your ability to pay dividends until the delivery of Gimi. First of all, is that still the case? And how are you thinking about sort of in the intermediate term capital allocation as it relates to shareholder returns?

是的。這很有幫助。再說一次，我正在做一個不相關的話題。你們確實回購了一些股票——本季度的一些股票。也許只是考慮資本配置。我記得，在 Gimi 交付之前，您支付股息的能力有點有限。首先，現在還是這樣嗎？您如何看待與股東回報相關的中期資本分配？

You're correct, Ben. So the only debt facility we have with such restriction is this $300 million unsecured bond, which prevents us from paying a cash dividend until Gimi delivers. We are, however, allowed to do an incremental $15 million of buyback from where we stand today. We are also allowed to dividend out either the 51% of the total equity value of our share in Cool Company, either through shares or cash. So since we sold 2/3 for cash and remain 1/3 shareholding, the entire CoolCo position could either be monetized and distributed in cash or distributed in shares.

你是對的，本。因此，我們唯一具有此類限制的債務工具是這 3 億美元的無擔保債券，它阻止我們在 Gimi 交付之前支付現金股息。但是，我們被允許從我們今天的位置進行 1500 萬美元的增量回購。我們還可以通過股票或現金將我們在 Cool Company 的股份總股本價值的 51% 分紅。因此，由於我們以現金出售 2/3 並保留 1/3 的股權，因此整個 CoolCo 頭寸可以貨幣化並以現金分配或以股票分配。

When it comes to capital allocation, we are generating a healthy free cash flow from every quarter from now onwards. I think we're having active discussions with the board to introduce cash dividends from when Gimi delivers. Currently there are no plans to ask for an amendment to the unsecured bond or otherwise bring that dividend forward as we think our key focus should be on FLNG growth. But subject to how that materializes over the next 6 to 9 months, that could change.

在資本配置方面，從現在開始，我們每個季度都會產生健康的自由現金流。我認為我們正在與董事會進行積極討論，以在 Gimi 交付時引入現金股息。目前沒有計劃要求修改無擔保債券或以其他方式提前派息，因為我們認為我們的重點應該放在 FLNG 的增長上。但根據未來 6 到 9 個月的具體情況，情況可能會發生變化。

All right. Perfect. I appreciate you taking the follow-up, Karl.

好的。完美的。感謝您跟進，卡爾。

We have a hard stop now in -- basically now in 1 minute. So thank you all for dialing in. If anyone has further follow-up questions, please do not hesitate to reach out to us. Thank you for listening to us this morning, and have a great day.

我們現在有一個硬停止 - 基本上現在在 1 分鐘內。因此，感謝大家撥入。如果有人有進一步的後續問題，請隨時與我們聯繫。感謝您今天早上收聽我們，祝您有美好的一天。

That does conclude our conference for today. You may now disconnect.

這確實結束了我們今天的會議。您現在可以斷開連接。