Golar LNG Ltd (GLNG) 2022 Q3 法說會逐字稿

Welcome to the Golar LNG Limited Q3 2022 Results Presentation. (Operator Instructions). After the slide presentation by CEO, Karl Fredrik Staubo, and CFO, Eduardo Maranhao, there will be a question-and-answer session. (Operator Instructions). I will now pass you over to Karl Fredrik Staubo, Karl, please go ahead.

歡迎來到 Golar LNG Limited 2022 年第三季度業績發布會。 （操作員說明）。在首席執行官 Karl Fredrik Staubo 和首席財務官 Eduardo Maranhao 進行幻燈片演示後，將進行問答環節。 （操作員說明）。我現在將你交給 Karl Fredrik Staubo，Karl，請繼續。

Thank you, operator, and good morning, and good afternoon to all. Welcome to Golar LNG's Q3 earnings results presentation. My name is Karl Fredrik Staubo, CEO of Golar LNG. I'm accompanied today by our CFO, Mr. Eduardo Maranhao, to present this quarter's results. Please note our forward-looking statements on Slide 2. Slide 3 provides an overview of Golar. We own 2 FLNGs, the Hilli operating for Perenco in Cameroon and the Gimi that will start a 20-year contract for BP next year. We are focusing our efforts on FLNG growth projects, and we have developed 3 different FLNG designs. All 3 designs are based on the same proven liquefaction technology and maritime interface but differ in liquefaction capacity.

謝謝接線員，大家早上好，下午好。歡迎來到 Golar LNG 的第三季度收益報告。我是 Golar LNG 的首席執行官 Karl Fredrik Staubo。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。請注意我們在幻燈片 2 上的前瞻性陳述。幻燈片 3 提供了 Golar 的概述。我們擁有 2 台 FLNG，Hilli 在喀麥隆為 Perenco 運營，Gimi 將於明年開始與 BP 簽訂為期 20 年的合同。我們正專注於 FLNG 增長項目，我們已經開發了 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上接口，但液化能力不同。

During the quarter, we have placed orders for long-lead items for a new Mark-FLNG with a total liquefaction capacity of 3.5 million tons. The most notable change in the company overview since our last quarters or share sales totaling $430 million, reducing our CoolCo shareholding from 31.3% to 8.3% and the sale of NFE shares, reducing our shareholding from around 6% to just shy of 3%. Turning to Slide 4 and the highlights of the quarter. Hilli generated an EBITDA to Golar of $64.1 million, a 2.6x increase from Q3 last year.

本季度，我們為總液化能力為 350 萬噸的新型 Mark-FLNG 訂購了長周期產品。自我們上個季度以來公司概況發生的最顯著變化或股票銷售額總計 4.3 億美元，將我們的 CoolCo 股權從 31.3% 減少到 8.3%，以及出售 NFE 股份，將我們的股權從大約 6% 減少到略低於 3%。轉到幻燈片 4 和本季度的亮點。 Hilli 為 Golar 帶來的 EBITDA 為 6410 萬美元，比去年第三季度增長了 2.6 倍。

During declared it's 0.2 million tons of production increase from Jan 23 to end of contract in July 2026, meaning that we will maintain production at 1.4 million tonnes per annum for the period. The incremental volume has a tariff linked to TPS gas prices. During the quarter, we entered into hedges for 50% of our Q4 2022 exposure at $70 per MMBtu. We hedged 100% of our 2023 exposure at $50 per MMBtu, and we hedged 50% of our 2024 gas exposure at $51.2 per MBG. In total, these hedges provide the cash flow visibility for EBITDA to Golar of around $260 million. As of today, the TTF hedges are currently about $75 million in the money. Turning to Gimi.

宣布從 1 月 23 日到 2026 年 7 月合同結束期間產量增加 20 萬噸，這意味著我們在此期間將保持每年 140 萬噸的產量。增量量的關稅與 TPS 天然氣價格掛鉤。在本季度，我們以每百萬英熱單位 70 美元的價格對 2022 年第四季度 50% 的敞口進行了對沖。我們以每 MMBtu 50 美元的價格對沖了 2023 年 100% 的風險敞口，並以每 MBG 51.2 美元的價格對沖了 2024 年 50% 的天然氣敞口。總的來說，這些對沖為 Golar 提供了約 2.6 億美元的 EBITDA 現金流可見性。截至今天，TTF 對沖資金目前約為 7500 萬美元。轉向吉米。

She is now 90% complete and remains on schedule. We have engaged our pre operations, and we'll have a maritime crew of about 120 persons mobilized onboard a vessel by rent. On FLNG growth, we continue to see increased client interaction and strong progress on potential new Folgadcts. During the quarter, we have been working with an upstream partner for a very attractive potential integrated FNB project.

她現在已完成 90%，並按計劃進行。我們已經開展了前期工作，我們將通過租用一艘船動員大約 120 名海事船員上船。在 FLNG 增長方面，我們繼續看到客戶互動的增加以及潛在新 Folgadcts 的強勁進展。在本季度，我們一直在與上游合作夥伴合作開發一個極具吸引力的潛在綜合 FNB 項目。

We have also signed 2 development agreements, one with a super major and another with an independent E&P company. Under these development agreements, both parties commit to deliver the fine scope of work within set deadlines to progress potential new FLNG opportunities and agree on key steps to reach FIDs. We believe that securing attractive delivery of our next petulant unit will increase Dollar's ability to drive value with prospective FLNG clients. This is the reason why we have ordered long lead items to secure delivery within 2025.

我們還簽署了 2 份開發協議，一份是與一家超級大型公司簽訂的，另一份是與一家獨立的 E&P 公司簽訂的。根據這些開發協議，雙方承諾在規定的期限內交付精細的工作範圍，以推進潛在的新 FLNG 機會，並就達成 FID 的關鍵步驟達成一致。我們相信，確保我們下一個任性單位的有吸引力的交付將增加 Dollar 為潛在 FLNG 客戶帶來價值的能力。這就是我們訂購長周期產品以確保在 2025 年內交貨的原因。

On corporate activities, we have sold 8 million Coco shares and 6.3 million NPSs. The share sales resulted in net proceeds to Golar of SEK 430 million and is in line with our communicated strategy to reduce our shareholding in financial investments to fund FLNG growth. We also bought back 400,000 shares in the quarter at an average price of $23.25 per share, and our share count now stands at 107.5 million shares. We have committed to invest up to $10 million in Macau Energy, a newly established small-scale LNG liquefaction company, targeting land-based stranded gas and associated gas resources as well as biogas. [Riccited] about the strong track record of the Maka Energies team and believe Golar's liquefaction expertise, combined with the small-scale land focus of Macau can create a successful combination for small-scale liquefaction opportunities. We are also opportunistically considering strategic partnerships or M&A throughout the LNG.

在企業活動方面，我們已售出 800 萬股 Coco 股票和 630 萬股 NPS。股票出售為 Golar 帶來了 4.3 億瑞典克朗的淨收益，這符合我們傳達的戰略，即減少我們在金融投資中的持股，為 FLNG 增長提供資金。我們還在本季度以每股 23.25 美元的平均價格回購了 400,000 股股票，目前我們的股票數量為 1.075 億股。我們已承諾向新成立的小型液化天然氣液化公司澳門能源投資高達 1000 萬美元，目標是陸上擱淺天然氣和伴生氣資源以及沼氣。 [Riccited] 關於 Maka Energies 團隊的良好記錄，相信 Golar 的液化專業知識，結合澳門的小型土地重點，可以為小型液化機會創造成功的組合。我們也在機會主義地考慮在整個液化天然氣領域建立戰略夥伴關係或併購。

I will now hand the call over to Eduardo to present our Q3 results.

我現在將把電話交給 Eduardo 來介紹我們第三季度的結果。

Thanks, Karl, and good morning, everybody. I'm very pleased to provide an update on our group results for the third quarter of 2022. Turning over to Slide #6. I wanted to show some of the financial highlights of this quarter. Our operational performance continues very strong. We recorded total FLNG tariffs of $109 million, up 81% compared to Q3 of 2021 on a year-on-year basis. FLNG tariffs is comprised of total revenues from liquefaction services and also realized gains on oil and gas derivative instruments.

謝謝，卡爾，大家早上好。我很高興提供 2022 年第三季度集團業績的最新情況。轉到幻燈片 #6。我想展示本季度的一些財務亮點。我們的經營業績繼續非常強勁。我們記錄的 FLNG 關稅總額為 1.09 億美元，與 2021 年第三季度相比同比增長 81%。 FLNG 關稅包括液化服務的總收入以及石油和天然氣衍生工具的已實現收益。

This quarter, we recorded an adjusted EBITDA of $85 million. When compared on a year-on-year basis, this represented an increase of 63% compared to Q3 2021. We ecorded net income of $141 million for this quarter, including $51 million of unrealized gains on NFC shares, $25 million of unrealized gain on interest rate swaps and other derivative issuance, $12 million of unrealized gains on TTF-linked derivatives as well as $10 million in net earnings from other and other equity method investments. Our share of contractual debt at the end of Q3 was $993 million, a significant reduction when compared to the same quarter of the last year when we had $2.1 billion of gross debt.

本季度，我們記錄了 8500 萬美元的調整後 EBITDA。與去年同期相比，這比 2021 年第三季度增長了 63%。我們本季度錄得 1.41 億美元的淨收入，其中包括 5100 萬美元的 NFC 股票未實現收益、2500 萬美元的未實現收益利率互換和其他衍生品發行、TTF 相關衍生品的 1200 萬美元未實現收益以及來自其他和其他權益法投資的 1000 萬美元淨收益。我們在第三季度末的合同債務份額為 9.93 億美元，與去年同期 21 億美元的總債務相比大幅減少。

So moving on to Slide #7. We continue to strengthen our balance sheet, which will allow the company to pursue future FLNG growth projects. Our cash position currently stands at more than $1 billion to date. Total cash at the end of Q3 was $612 million. Further to the end of the quarter, was sold, as Karl mentioned before, 8 million cool company shares and 6.3 million in efficiency, raising additional net proceeds of around $430 million. We now have total cash gain of more than $1.04 billion. When we take into account the value of our listed securities in NSE, cool company in Avenir, our total liquidity position stands just as shy at $1.5 billion. When considering our contract of debt, as I said before, of $993 million, we now have a net cash position of $452 million. As you can see on the right-hand side of the slide, we have no significant debt maturities until 2025, which is when our $300 million bonds matured.

所以繼續看幻燈片 #7。我們繼續加強我們的資產負債表，這將使公司能夠追求未來的 FLNG 增長項目。迄今為止，我們的現金頭寸目前已超過 10 億美元。第三季度末的現金總額為 6.12 億美元。到本季度末，正如卡爾之前提到的那樣，出售了 800 萬股酷公司股票和 630 萬股效率股票，籌集了約 4.3 億美元的額外淨收益。我們現在的現金收益總額超過 10.4 億美元。當我們考慮到我們在 NSE（Avenir 的一家很酷的公司）的上市證券的價值時，我們的總流動性頭寸同樣只有 15 億美元。正如我之前所說，在考慮我們的 9.93 億美元債務合同時，我們現在的淨現金頭寸為 4.52 億美元。正如您在幻燈片右側看到的那樣，我們在 2025 年之前沒有重大債務到期，也就是我們 3 億美元債券到期的時候。

So turning to Slide #8. We would like to provide some further insight into our earnings from Hilli. And I think just by way of recap, so the Hilli tariff is comprised of 3 main components. We received a fixed tolling tariff. We also have a Brent-linked tariff as well as the TTF-linked tariff, which has started in the beginning of this year. Also, as Carl mentioned before, we have managed to hedge our TTS production at a very attractive level. And as a result of that, we continue to see a very strong increase in Hilli's EBITDA generation, which this quarter totaled $64.1 million, which is 2.6x the same amount that we had a year before. So moving on to Slide #9. I wanted to provide some further updates regarding our hedging arrangements.

現在轉到幻燈片#8。我們想進一步了解我們從 Hilli 獲得的收益。我認為只是通過回顧的方式，所以 Hilli 關稅由 3 個主要部分組成。我們收到了固定的通行費。我們還有與布倫特原油掛鉤的關稅以及與今年年初開始的 TTF 掛鉤關稅。此外，正如 Carl 之前提到的，我們已經設法將我們的 TTS 生產對沖在一個非常有吸引力的水平。因此，我們繼續看到 Hilli 的 EBITDA 產生非常強勁的增長，本季度總計 6410 萬美元，是去年同期的 2.6 倍。繼續看第 9 號幻燈片。我想就我們的對沖安排提供一些進一步的更新。

We have entered into swap arrangements to hedge our exposure to TTF, including 50% of Q4 2022 at a level of $70 per million btu, which has secured $28 million of distributable EBITDA to Golar. We have also hedged 100% of 2023 and 50% of our 2024 TTF-linked production at levels of around $50 per million Btu and $51 for 2024, which in total have secured an additional $233 million of distributable adjusted EBITDA to Golar. Based on that, our share of Hilli's EBITDA generation is expected to reach $295 million in 2023. When we consider that our share of the debt service for next year is expected to be around $50 million we see an expected free cash flow to equity of around $245 million just from Hilli. I'll now hand over the call to Karl who will talk a bit more about our future LNG projects.

我們已達成掉期安排，以對沖我們對 TTF 的風險敞口，包括 2022 年第四季度的 50%，每百萬英熱單位 70 美元，這已為 Golar 確保了 2800 萬美元的可分配 EBITDA。我們還以每百萬英熱單位 50 美元和 2024 年 51 美元的水平對沖了 2023 年的 100% 和 2024 年 TTF 相關生產的 50%，這總共為 Golar 額外獲得了 2.33 億美元的可分配調整後 EBITDA。基於此，我們在 Hilli 的 EBITDA 產生中所佔的份額預計將在 2023 年達到 2.95 億美元。當我們考慮到我們明年的償債份額預計約為 5000 萬美元時，我們預計股權自由現金流量約為僅來自 Hilli 的 2.45 億美元。我現在將電話轉給卡爾，他將更多地談論我們未來的液化天然氣項目。

Thank you, Eduardo. Turning to Slide 11 -- turning to Slide 11, and I'll update on Gimi construction update. The unit is now 90% complete and remains on schedule for sailaway during first half of next year and contract start-up during second half. We expect to start booking commissioning revenues during second half and contract start-up in Q4 of next year. As a reminder, Gimi will generate $151 million in EBITDA to Golar every year for 20 years once contract start-up. On Slide 12, we elaborate a bit about what we are doing in terms of the scale of the game construction projects.

謝謝你，愛德華多。轉到幻燈片 11——轉到幻燈片 11，我將更新 Gimi 構造更新。該裝置現已完成 90%，並按計劃在明年上半年開航，並在下半年按合同啟動。我們預計在下半年開始預訂佣金收入，並在明年第四季度開始合同。提醒一下，一旦合同啟動，Gimi 將在 20 年內每年為 Golar 帶來 1.51 億美元的 EBITDA。在幻燈片 12 上，我們根據遊戲建設項目的規模詳細說明了我們正在做的事情。

We now have a construction team consisting of an average daily workforce of 4,600 with 24/7 activities. We have worked 26 million man-hours today. We have done 37,000 tons of new steel and equipment installed on board. We have installed 1,500 kilometers of cables. That's equivalent to the distance between London and Rome. Pre-operations are initiated, and we will have a crew of more than 120 people mobilized to the vessel by year-end. Once in operation, the unit will produce about 2.2 million tons of LNG per year, enough to power more than 3 million U.S. arms. Turning to Slide 13 and an update on the long lead and commercial development for new FLNG projects. Based on strong client engagement for FLNG growth projects, we are of the view that securing attractive delivery for a new FLNG unit increases our ability to drive value with prospective FLNG clients.

我們現在擁有一支由 4,600 名平均每天 7 天 24 小時活動的員工組成的建築團隊。今天我們已經工作了 2600 萬個工時。我們已經完成了37000噸新鋼材和設備的安裝上船。我們已經安裝了 1,500 公里的電纜。這相當於倫敦和羅馬之間的距離。預操作已啟動，到年底，我們將動員 120 多名船員上船。一旦投入運營，該裝置每年將生產約 220 萬噸液化天然氣，足以為超過 300 萬輛美國武器提供動力。轉到幻燈片 13，了解新 FLNG 項目的長期領先和商業開發的最新情況。基於客戶對 FLNG 增長項目的強烈參與，我們認為，為新的 FLNG 裝置確保有吸引力的交付可以提高我們為潛在 FLNG 客戶創造價值的能力。

We have, therefore, placed orders for main long-lead items required for a new mark to 3.5 million tonne FLNG with total commitments of around $300 million. Included in that, we have engaged more than 200 engineers from the topside provider, shipyard, a third-party engineering company and Golar, all working on Mark II development and to secure attractive delivery within 2025. I -- on the commercial side, we are working together with an upstream company to develop an attractive integrated FLNG project. As mentioned, we have signed paid development agreements with new prospective clients for potential FLNG deployment on large proven gas reserves on behalf of a super major and an independent E&P company. We see LNG economics remaining attractive for both the integrated and tolling fee discussions we are currently having.

因此，我們已下達 350 萬噸 FLNG 的新標記所需的主要長周期項目訂單，總承諾額約為 3 億美元。其中包括，我們聘請了來自上層供應商、造船廠、第三方工程公司和 Golar 的 200 多名工程師，他們都致力於 Mark II 的開發，並確保在 2025 年內交付有吸引力的產品。我——在商業方面，我們正在與上游公司合作開發一個有吸引力的綜合 FLNG 項目。如前所述，我們已代表一家超級大型公司和一家獨立的勘探與生產公司與新的潛在客戶簽署了付費開發協議，以便在大型已探明天然氣儲量上進行潛在的 FLNG 部署。我們認為液化天然氣經濟對於我們目前正在進行的綜合和通行費討論仍然具有吸引力。

Turning to Slide 14 and in support of the value of near-term liquefaction capacity. In August, Exmar announced the sale of its FLNG Tango, which is a 0.6 MTPA liquefaction unit, which was sold to ENI for a price ranging between EUR 572 million and $694 million. This implies a price of around $1 billion per tonne of liquefaction capacity. In September, Kinder Morgan sold 25.5% of their [Elber] liquifaction plant also at an implied value of close to $1 billion per tonne. This compares to the CapEx per tonne that we have guided on of between $500 to $600 per ton. So we see that the attractiveness from charters but also from people looking to acquire liquefaction assets are valuing near-term cash flows, which is further giving support and confidence to why we have placed the long-lead items.

轉到幻燈片 14 並支持近期液化能力的價值。 8 月，Exmar 宣佈出售其 FLNG Tango，這是一個 0.6 MTPA 液化裝置，以 5.72 億至 6.94 億美元的價格出售給 ENI。這意味著每噸液化能力的價格約為 10 億美元。 9 月，金德摩根出售了其 [Elber] 液化廠 25.5% 的股份，隱含價值也接近每噸 10 億美元。相比之下，我們指導的每噸資本支出在 500 至 600 美元之間。因此，我們看到包租以及尋求收購液化資產的人的吸引力正在評估近期現金流，這進一步支持和信心我們為什麼放置長周期項目。

Turning to Slide 15. We have prepared an overview of historically liquefaction FIDs by year. As you can see from the overview, so far in 2022, there's been 26 million tons of liquefaction capacity entered into. One could argue that that's somewhat surprising given the geopolitical theme and the gas prices, both in Europe and Asia. We are less surprised by this development because we know how long the SLNB projects take in terms of environmental sign of governmental approvals and does the share size of the engineering required for large offshore infrastructure projects. We are, however, very encouraged by the activity, and we agree to S&P Connect's view that next year, we'll see a significant uptick in FLD, in liquefaction FIDs.

轉到幻燈片 15。我們按年份準備了歷史上液化 FID 的概覽。從概覽中可以看出，到 2022 年為止，已經有 2600 萬噸液化產能投入使用。有人可能會爭辯說，考慮到歐洲和亞洲的地緣政治主題和天然氣價格，這有點令人驚訝。我們對這一發展並不感到驚訝，因為我們知道 SLNB 項目在政府批准的環境標誌方面需要多長時間，並且知道大型離岸基礎設施項目所需的工程份額大小。然而，我們對這項活動感到非常鼓舞，我們同意 S&P Connect 的觀點，即明年，我們將看到液化 FID 的 FLD 顯著上升。

And hopefully, a significant part of that will be FLNGs. Interestingly, U.S. is driving the majority of new supply growth with 95 million tons of the 148 million tonnes of new liquefaction capacity forecasted until 2030. Turning to Slide 16. We continue to mainly focus on African LNG projects for 3 reasons. When you do an FLNG project, you have 3 key cost inputs, source yes, liquefaction costs and shipping distance to end users. We believe we can source African gas reserves at around $1 to $2 per MMBtu versus current [Henry Hub] prices of $6. So 65% of new liquefaction projects has a cost of 2 to 4x our input cost from the outset, we think we're advantaged. As alluded to, our CapEx per ton is cheaper than competition, both maritime and land-based liquefaction solutions.

希望其中很大一部分將是 FLNG。有趣的是，到 2030 年，預計新增 1.48 億噸液化產能中，美國將推動大部分新增供應增長，其中 9500 萬噸。轉到幻燈片 16。我們繼續主要關注非洲液化天然氣項目，原因有 3 個。當你做一個 FLNG 項目時，你有 3 個關鍵成本輸入，來源是，液化成本和到最終用戶的運輸距離。我們相信我們可以以每百萬英熱單位 1 到 2 美元左右的價格採購非洲天然氣儲備，而目前 [Henry Hub] 的價格為 6 美元。因此，從一開始，65% 的新液化項目的成本是我們投入成本的 2 到 4 倍，我們認為我們處於優勢地位。正如所提到的，我們的每噸資本支出比競爭對手便宜，無論是海上還是陸上液化解決方案。

And West Africa happens to be closer to end users, both in Europe and Asia. And if you have a business model with 3 key cost inputs and you're lower on all 3, we think that's a good competitive advantage from the outset. To summarize, turning to Slide 18, a familiar slide from all of our quarterly treatment patients, but yet summarizing the company in one slide. In 2021, we had adjusted EBITDA in the company of $74 million. Add to that, the oil upside and the TTF linkage that Eduardo explained, we see commodity-linked production, adding another $200-plus million Delivery of Guinea will add another $151 million of contracted EBITDA, bringing our adjusted EBITDA at current market rates to well north of $400 million. As explained, we now have a cash and listed securities position of $1.4 billion, where $1 billion is cash and the rest is listed securities.

西非恰好更接近歐洲和亞洲的最終用戶。如果你的商業模式有 3 個關鍵成本投入，而你在所有 3 個方面都較低，我們認為這從一開始就是一個很好的競爭優勢。總而言之，轉向幻燈片 18，這是我們所有季度治療患者熟悉的幻燈片，但在一張幻燈片中總結了公司。 2021 年，我們調整後的公司 EBITDA 為 7400 萬美元。除此之外，Eduardo 解釋的石油上漲和 TTF 聯繫，我們看到與商品相關的生產，增加 200 多萬美元幾內亞的交付將再增加 1.51 億美元的合同 EBITDA，使我們調整後的 EBITDA 按當前市場利率計算良好超過 4 億美元。如前所述，我們現在擁有 14 億美元的現金和上市證券頭寸，其中 10 億美元為現金，其餘為上市證券。

Our contractual debt stands at just shy of $1 billion, leaving us with a net cash position of around $0.5 billion. We believe we're uniquely positioned for FLNG growth, as highlighted on Slide 19. We have 3 FLNG designs ranging from 2.7 million to 5 million tonnes. On slide to the right, you can see the track record of FLNGs globally. -- stability and production of reliability is key for any liquefaction project. And you can see that Hilli has a very stable production since start-up, which has not been the case for other FLNG solutions in the same time period.

我們的合同債務略低於 10 億美元，使我們的淨現金頭寸約為 5 億美元。正如幻燈片 19 中強調的那樣，我們相信我們在 FLNG 增長方面處於獨特的位置。我們有 3 種 FLNG 設計，從 270 萬噸到 500 萬噸不等。在右側的幻燈片上，您可以看到全球 FLNG 的跟踪記錄。 ——穩定和生產的可靠性是任何液化項目的關鍵。你可以看到 Hilli 自啟動以來的生產非常穩定，這是同期其他 FLNG 解決方案所沒有的。

We have the lowest CapEx per tonne, and we also have the lowest carbon footprint per tonne of liquefaction produced, which altogether gives us a compelling story for people considering FLB. To summarize, we are focused on attractive FLNG growth projects and have now placed orders for Mk-II long lead items. We expect our earnings growth to quadruple from 2021 to 2024 levels. We have $1.4 billion of cash and listed securities. We have a book value of $2.8 billion in building as we continue to generate healthy free cash flow to equity. Golar has been around for 75 years, 50 of which in LNG, where we have been a market leader in FLNG, both with our proven design and strong operational track record. -- combined, this is what gives us confidence to focus our growth efforts on FLNG. That concludes the prepared remarks.

我們的每噸資本支出最低，每噸液化產生的碳足跡也最低，這為考慮 FLB 的人們提供了一個令人信服的故事。總而言之，我們專注於有吸引力的 FLNG 增長項目，現在已經訂購了 Mk-II 長鉛項目。我們預計我們的收入增長將從 2021 年到 2024 年的水平翻兩番。我們擁有 14 億美元的現金和上市證券。隨著我們繼續為股權產生健康的自由現金流，我們的建築賬面價值為 28 億美元。 Golar 已有 75 年的歷史，其中 50 年是在液化天然氣領域，我們一直是 FLNG 的市場領導者，我們擁有經過驗證的設計和良好的運營記錄。 ——綜合起來，這讓我們有信心將我們的增長努力集中在 FLNG 上。準備好的發言到此結束。

So I'll hand it over to the operator for any questions.

因此，如有任何問題，我會將其交給接線員。

(Operator Instructions). Our first question comes from the line of Chris Tsung from Webber Research.

（操作員說明）。我們的第一個問題來自 Webber Research 的 Chris Tsung。

Just touching on the divestments of CoolCo and nonfeature I guess, financing LNG project, do you plan to divest the rest for future projects? Or will there be some percentage of these companies you plan to hold on to? And also, what about Avenir?

只是談到 CoolCo 和非特徵的撤資，我想，為液化天然氣項目融資，你打算為未來的項目剝離其餘部分嗎？或者你會計劃持有這些公司中的一部分嗎？還有，Avenir 呢？

I think what we have previously said and definitely stand by is that we view all of our shareholdings as attractive financial investments, but we will reduce financial investments to focus on core growth if and when we have core growth. We feel like with our current cash position, we are very comfortable to fund the Mark II project that we're now undertaking. It's safe to say that we don't need to sell any of our shares to fund that project. But if we do other growth initiatives, we will consider to further reduce our shareholdings. But at the moment, as we have previously communicated, we have to be shareholders in all those names and we being shareholders there as better than sitting cash.

我認為我們之前說過並且絕對支持的是，我們將所有股權視為有吸引力的金融投資，但如果我們有核心增長，我們將減少金融投資以專注於核心增長。我們覺得以我們目前的現金狀況，我們很樂意為我們現在正在進行的 Mark II 項目提供資金。可以肯定地說，我們不需要出售任何股份來為該項目提供資金。但如果我們做其他增長舉措，我們會考慮進一步減持。但目前，正如我們之前所傳達的那樣，我們必須以所有這些名義成為股東，而且我們在那裡成為股東比持有現金更好。

Okay. And another one is just -- I know that you -- in this press release, you guys have ordered the only item for Mark II. Did that more or less secured timing of when it could be delivered in 2025? Or does that depend on when you guys take FID?

好的。另一個是——我知道你們——在本新聞稿中，你們已經為 Mark II 訂購了唯一的物品。這是否或多或少地確定了 2025 年交付的時間？或者這取決於你們什麼時候服用 FID？

That is what is required to ensure that we still can deliver in 2025. So by definition, a long lead is the critical timeline. So as long as you secure the delivery of those, you ensure that you can still take 25 delivery. But of course, you need to progress the market investments to safeguard that delivery. So that means formal FID at some point as well. But for now, we have done everything to ensure that we're on track for delivery in '25.

這是確保我們仍然能夠在 2025 年交付所需的條件。因此，根據定義，較長的領先時間是關鍵的時間表。因此，只要您確保這些貨物的交付，您就可以確保您仍然可以進行 25 次交付。但當然，您需要推進市場投資以保障交付。所以這也意味著在某些時候正式的 FID。但就目前而言，我們已盡一切努力確保我們按計劃在 25 年交付。

All right. And just to confirm the Mark II, that's an integrated model?

好的。只是為了確認 Mark II，這是一個集成模型？

t? So the units can be used on integrated and selling. It's not like a ship is customized to the commercial model of the ship. The ship is hardware at the end of the day. We have discussions for Mark II, both for integrated and falling, and there are several attractiveness of Mark II. One thing is construction timing, but the way the engineering has been put together, we have received very strong feedback on that design.

噸？因此，這些單元可以用於集成和銷售。這不像是根據船舶的商業模型定制的船舶。歸根結底，這艘船是硬件。我們對Mark II有討論，包括集成的和下降的，Mark II有幾個吸引人的地方。一件事是施工時間，但工程組合在一起的方式，我們收到了對該設計的非常強烈的反饋。

We will now move on to our next question. Our next question comes from the line of Ben Nolan from Stifel.

我們現在將繼續我們的下一個問題。我們的下一個問題來自 Stifel 的 Ben Nolan。

This is Frank Galanti on for Ben. I wanted to actually dig into Chris' last question there on the Mark II design, specifically around the vessel. Given that, that's a conversion, have you -- can you talk about what vessel type you need? Have you guys already picked that out? And can you talk around how much that's going to cost?

這是 Ben 的 Frank Galanti。我想真正深入探討克里斯關於 Mark II 設計的最後一個問題，特別是圍繞船隻的問題。鑑於此，這是一個轉換，你能談談你需要什麼類型的船隻嗎？你們已經挑出來了嗎？你能談談這要花多少錢嗎？

Yes. So basically, you use most fine ship. So you can take an existing carrier. There are plenty of [MOS] finds out there. And one of the disadvantages of MOS as a shipping vessel is that they're all steam-fired, which means that especially with the new regulations coming into effect from 1st of Jan next year, these ships are far less competitive than the more modern ships for shipping activities, meaning that you should be able to pick them up if you want to acquire them for conversion. We have inspected several suitable candidates, and we are discussing to if and when we will acquire a ship for a conversion. We can also use the Gandria, which we own, so we can also use that one. So we're not 100% dependent on buying another ship. We would like to buy one with somewhat higher storage capacity, but it's not a requirement.

是的。所以基本上，你使用最好的船。所以你可以使用現有的運營商。那裡有很多 [MOS] 發現。 MOS 作為一艘航運船的缺點之一是它們都是蒸汽燃燒的，這意味著特別是隨著明年 1 月 1 日起生效的新規定，這些船的競爭力遠不及更現代的船用於運輸活動，這意味著如果您想獲取它們以進行轉換，您應該能夠提取它們。我們已經檢查了幾個合適的候選者，我們正在討論是否以及何時我們將獲得一艘船進行改裝。我們也可以使用我們擁有的 Gandria，所以我們也可以使用那個。所以我們不是 100% 依賴於購買另一艘船。我們想買一個存儲容量稍高的，但這不是必需的。

Okay. That's helpful. Great. And then I wanted to switch gears a little bit over under the Hilli. Obviously, given extremely elevated global LNG prices and increased European demand. And can you talk about the possibility of increasing production on the Hilli? Is there -- is there a feed gas in the region that could be easily tapped? And is there any update you can give around the increasing Hilli production before the end of the current contract?

好的。這很有幫助。偉大的。然後我想在 Hilli 下稍微換檔。顯然，鑑於全球液化天然氣價格極高且歐洲需求增加。你能談談增加 Hilli 產量的可能性嗎？該地區是否有可以輕鬆獲取的原料氣？在當前合同結束之前，您是否可以就 Hilli 產量的增加提供任何更新？

Yes, sure. So Perenco took up the 0.2%, so we're now producing 1.4. The 2 constraints in terms of increasing capacity is the size of the existing gas reserve and the second is the gas flow from the wells. But I think it would be in everybody's interest to increase production. It would benefit us. It would benefit Perenco the offtake, which used to be Gazprom has now been nationalized by Germany and changed name to See. Sef stands for securing energy for Europe. So all else equal, Europe wants more energy, not less energy.

是的，當然。所以 Perenco 佔了 0.2%，所以我們現在生產 1.4。產能增加的兩個制約因素是現有天然氣儲量的規模，其次是來自氣井的天然氣流量。但我認為增加產量符合每個人的利益。這將使我們受益。 Perenco 的收購對 Perenco 有利，它曾經是 Gazprom，現在已被德國國有化並更名為 See。 Sef 代表為歐洲確保能源。所以在其他條件相同的情況下，歐洲想要更多的能源，而不是更少的能源。

So it could be a triple win where [Setagets] more volume Perenco and we increase production. But it's really down to the upstream part of it, which is under Perenco's control. And for now, it's standing at 1.4 million tonnes. And I think it's fair to say that we're all trying to encourage increased production and see what's possible. I don't think it's right of us to give any guidance on whether or not we think that can happen because it's a bit too early to say, but it's certainly a potential of time.

所以這可能是一個三重勝利，[Setagets] 增加了 Perenco 的產量，我們增加了產量。但這實際上取決於它的上游部分，它在 Perenco 的控制之下。目前，它的產量為 140 萬噸。我認為可以公平地說，我們都在努力鼓勵增加產量，看看有什麼可能。我認為我們不應該就我們認為這是否會發生提供任何指導，因為現在說還為時過早，但這肯定是一個潛在的時間。

We'll now move on to our next question. Our next question comes from the line of Craig Shere from Tuohy Brothers.

我們現在將繼續我們的下一個問題。我們的下一個問題來自 Tuohy Brothers 的 Craig Shere。

So with the Mark II, you're now preparing necessarily be targeted to one of the prospective super major independent E&P FLNG customers you're negotiating with? Or in a really best-case scenario, is there a way you could envision perhaps 3 FIDs over the next 18 months?

因此，對於 Mark II，您現在是否準備好針對您正在與之談判的潛在超大型獨立 E&P FLNG 客戶之一？或者在真正最好的情況下，您是否可以設想在接下來的 18 個月內進行 3 個 FID？

Let's do one at a time. But for sure, our business is to do FLNG and FLNG growth. We like the development, both of prospective clients and projects. And we are ramping up activities as we have shown both from ordering long list, but equally important to engage a significant engineering team. So we would certainly not rule out that it could be more than 1. I think let's do one at a time because these are large projects. So I think let's focus on one at a time. But for – yes, we're here to move on this opportunity. We have a balance sheet to support it. We have an organization to support it, and we have focus across the company.

讓我們一次做一個。但可以肯定的是，我們的業務是進行 FLNG 和 FLNG 增長。我們喜歡潛在客戶和項目的發展。我們正在加強活動，正如我們從訂購長清單中所展示的那樣，但同樣重要的是要吸引一支重要的工程團隊。所以我們當然不排除它可能超過 1 個。我認為讓我們一次做一個，因為這些都是大型項目。所以我認為讓我們一次專注於一個。但是對於——是的，我們來這裡是為了抓住這個機會。我們有一個資產負債表來支持它。我們有一個組織來支持它，我們在整個公司都有重點。

So when you rightly point out, these are large projects, and you don't want to get too far over your SKIs, you also noted that the negotiations included both integrated and tolling arrangements, the latter looking a little more like your BP [game], I presume. So I guess my question is, given your successful execution on construction of these things, shipyard interest and potential for another highly rated investment-grade decades-long toll. How do you think about your capital funding options if you were to get a long-term attractive toll? Could that lift a lot of the investment considerations off your shoulders, given the ability to lever that far better than the original Guinea contract?

所以當你正確地指出，這些是大項目，你不想在你的 SKIs 上走得太遠時，你還注意到談判包括綜合和收費安排，後者看起來有點像你的 BP [遊戲]， 我相信。所以我想我的問題是，鑑於你成功地建造了這些東西、造船廠的興趣以及另一個高評級投資級數十年通行費的潛力。如果您要獲得長期有吸引力的通行費，您如何考慮您的資本融資方案？考慮到比原始幾內亞合同更好地利用槓桿的能力，這是否可以讓您擺脫很多投資考慮？

Yes is the short answer. I think a couple of things. So we obviously have $1 billion in cash. We have $450 million or so in listed securities. I think it's fair to say that there is significant refinancing potential on both Hilli and Gimi, Gimi in particular, post-delivery, that could free up cash and improved terms. If you read the Q2 presentation when we also spoke about FLNG growth, we have received term sheets for financing of FLNG growth projects even during construction at attractive terms and a healthy LTV. So we do not see any balance sheet constraints for FLNG growth for [Opto] the units, we can do, we're really engineering and operations is basically what cuts the cap on capacity and not balance sheet.

是的是簡短的回答。我想幾件事。所以我們顯然有 10 億美元的現金。我們有 4.5 億美元左右的上市證券。我認為可以公平地說，Hilli 和 Gimi，尤其是 Gimi，在交付後都有很大的再融資潛力，這可以釋放現金並改善條款。如果您在我們也談到 FLNG 增長時閱讀了第二季度的介紹，我們已經收到了 FLNG 增長項目融資的條款清單，即使在建設期間也有吸引力的條款和健康的 LTV。因此，我們沒有看到 [Opto] 單位的 FLNG 增長有任何資產負債表限制，我們可以做到，我們真的在設計和運營，基本上是削減產能上限而不是資產負債表。

We'll now move on to our next question. Our next question comes from the line of Liam Burke from B. Riley Financial.

我們現在將繼續我們的下一個問題。我們的下一個問題來自 B. Riley Financial 的 Liam Burke。

Karl, on Slide 16, you highlight the production or African gas vis-a-vis Henry Hub. When you look at the FLNG production, just the process itself, are your next-generation FLNGs more efficient? And can they reduce the production cost per MMBtu vis-a-vis Hilli or Gimi?

Karl，在幻燈片 16 上，您強調了 Henry Hub 的生產或非洲天然氣。當您關注 FLNG 生產時，僅關注過程本身，您的下一代 FLNG 是否更高效？與 Hilli 或 Gimi 相比，他們能否降低每 MMBtu 的生產成本？

So anything like when you build a new model of a car, you make it -- when you have a facelift model of a car, it tends to be somewhat more efficient than the previous one. So we constantly do improvements. So it's slightly more efficient. I don't think at the end of the day, that's what's going to make it or break it. When it comes to operational cost, the market is 3.5 million tonnes versus around 2.5 million for mark-on and there is some economies of scale because you don't need to staff up accordingly. So if you like operating costs per MMBTU produced will be somewhat more efficient by economies of scale and slight efficiency improvements of the design.

所以任何事情，比如當你製造一輛新車型時，你就成功了——當你擁有一輛改款車型時，它往往比以前的車型更有效率。所以我們不斷地做改進。所以效率稍微高一點。我不認為在一天結束時，這就是成功或失敗的原因。就運營成本而言，市場規模為 350 萬噸，而加價市場約為 250 萬噸，並且存在一定的規模經濟，因為您不需要相應地增加人員。因此，如果您喜歡每生產 MMBTU 的運營成本，那麼通過規模經濟和設計的輕微效率改進，效率會更高一些。

And do you see any competitive development by anyone else in developing FLNGs? It seems that you're increasing production, you're increasing efficiency, and you seem to have a great deal of interest from the energy majors and independent E&P companies.

您是否看到其他任何人在開發 FLNG 方面有任何競爭性發展？看起來你在增加產量，你在提高效率，而且你似乎對能源專業和獨立的 E&P 公司很感興趣。

Yes. Right now, we are the only ones that FLNG as a service. The only other fonts that operate in the world are oil and gas companies owning FLNGs on their own balance sheet for their own operations. So the only one that is doing this as the service today is Golar. And based on what we see out there, you have other people pursuing that. I think most notably is what NFE is doing on the liquid traction solutions. We encourage that because we think it's needed in the industry to be able to provide shorter time frames and new liquid faction solutions. But they too are focusing on producing hydrocarbons mainly for their own merchant and where they can use it in their downstream development or portfolio. So as a service, we see limited competition for the size of liquefaction solutions we have from credible competitors.

是的。目前，我們是唯一一家將 FLNG 作為服務的公司。在世界上運營的唯一其他字體是石油和天然氣公司，他們在自己的資產負債表上擁有 FLNG 用於自己的運營。因此，今天唯一這樣做的服務是 Golar。根據我們在那裡看到的情況，還有其他人在追求它。我認為最值得注意的是 NFE 在液體牽引解決方案方面所做的工作。我們鼓勵這樣做，因為我們認為行業需要能夠提供更短的時間框架和新的流動派系解決方案。但他們也專注於主要為自己的商人生產碳氫化合物，並在下游開發或投資組合中使用這些碳氫化合物。因此，作為一項服務，我們認為來自可靠競爭對手的液化解決方案規模競爭有限。

We'll now move on to our next question. Our next question comes from the line of Sean Morgan from Evercore.

我們現在將繼續我們的下一個問題。我們的下一個問題來自 Evercore 的 Sean Morgan。

I think on the last call for 2Q, we talked about a target date for a new FID announcement by the end of 2022. And we have 1.5 months left. So obviously, there's still a possibility for that. But when you think about what the biggest bottlenecks are for reaching an agreement and I guess, FID a new project, is it the upstream negotiations with partners that are extracting the molecules? Or is it the nation-states that you have to work with the national oil companies in these West African countries? And just what do you see as the major sticking points in terms of slowing down the time frame for new announcements?

我認為在第二季度的最後一次電話會議上，我們討論了在 2022 年底之前發布新 FID 公告的目標日期。我們還有 1.5 個月的時間。很明顯，仍然有這種可能性。但是當你想到達成協議的最大瓶頸是什麼時，我猜，FID 一個新項目，是否是與合作夥伴的上游談判正在提取分子？還是必須與這些西非國家的國家石油公司合作的民族國家？在放慢新公告的時間框架方面，您認為主要的癥結是什麼？

The key gating item for all these projects is all of the, call it, engineering upstream integration with midstream, technically making -- planning the project and making it work. Once you have a plan that everybody is comfortable with, then you need to get the governmental and environmental approvals. Subject to what restriction that can take very long, but it can also be somewhat more efficient. I think at the end of the day, the commercial terms are super important, but it's not the sticky because if all the other things work, it's a matter of dividing the cake. But the one thing that takes time is to bake the cake, not to divide it to fit it that way. In terms of timing, I think what we see is that -- and we're trying to highlight that a bit in this presentation is it's important to secure the attractive delivery, and we really see that our ability to drive value with these clients is more significant. If you have more people wanting something, then there is available that tends to drive value in our favor. For now, I think we're most focused on the correct execution to drive value as opposed to have a firm deadline and having to be painted into a corner.

所有這些項目的關鍵門控項目都是，稱之為工程上游與中游的集成，技術上製定 - 規劃項目並使其運作。一旦你有了一個大家都滿意的計劃，你就需要獲得政府和環境部門的批准。受制於可能需要很長時間的限制，但它也可以更有效率。我認為歸根結底，商業條款非常重要，但不是最棘手的，因為如果所有其他事情都奏效，那就是分蛋糕的問題了。但是需要時間的一件事是烤蛋糕，而不是把它分成這樣。就時間而言，我認為我們看到的是 - 我們試圖在本次演示中強調一點，確保有吸引力的交付很重要，我們確實看到我們與這些客戶一起推動價值的能力是更重要。如果你有更多的人想要某樣東西，那麼就會有可用的東西來推動對我們有利的價值。目前，我認為我們最關注的是正確執行以推動價值，而不是有一個明確的截止日期並且不得不被逼到牆角。

Yes. I think that goes without saying you don't want to sign up to bad commercial terms. And then obviously, a lot of success selling towards some of your, I guess, floating exposure volumes on [TTF] and oil. Just curious what's the limit on, I guess, it's probably different for TTF and oil in terms of forward selling some of that commodity exposure you have. You've gone to 2024. As you look out at the forward curves over the next few months, would you try and sell forward more exposure to end of '24, '25? And how far could that process really take you from where we are right now?

是的。我認為不用說您不想簽署糟糕的商業條款。然後很明顯，我猜你在 [TTF] 和石油上的一些浮動曝光量取得了很多成功。只是好奇的限制是什麼，我想，就遠期銷售您所擁有的某些商品敞口而言，TTF 和石油可能有所不同。你已經到了 2024 年。當你觀察未來幾個月的遠期曲線時，你會嘗試賣出更多的遠期敞口到 24 年、25 年末嗎？這個過程真的能讓你從我們現在的位置走多遠？

So the commodity linkages are on Hilli, and Hilli has the contract until July 26. So what we are looking to do is we can and probably will hedge TTS volumes all the way out there if we like the overall price. So for us, it's really a matter of weighing the price dynamics in the market with what we can then lock in and provide cash flow visibility for. You also have to have some relationship to the margin or value at risk that we have between now and the timing of when you start producing those forward volumes. But with our balance sheet now, that's not a real constraint.

所以商品鏈接在 Hilli 上，Hilli 的合同到 7 月 26 日為止。所以我們要做的是，如果我們喜歡整體價格，我們可以並且可能會一直對沖 TTS 交易量。所以對我們來說，這實際上是一個權衡市場價格動態與我們可以鎖定並提供現金流可見性的問題。您還必須與我們從現在到開始生產這些遠期交易量的時間之間的保證金或風險價值有某種關係。但現在有了我們的資產負債表，這並不是真正的限制。

On the Brent, we haven't hedged thus far. Part of the reason is because we have a ceiling on the Brent [at 1 or 2]. So if you do it, you need to do a color to make sure that you don't end up with 2 massive margin calls and it's bigger potential margin volumes there. So we are likely to do more TTF if we find the overall price level attractive. We are currently less likely to do anything on the Brent side, but that can change subjects. Like if we can lock in 1 or 2 at a long period, you do it because that's your max earnings anyway.

在布倫特原油方面，我們到目前為止還沒有對沖。部分原因是因為我們對布倫特原油有上限 [1 或 2]。所以如果你這樣做，你需要做一個顏色來確保你不會以 2 次大量追加保證金通知告終，而且那裡的潛在保證金量更大。因此，如果我們發現整體價格水平具有吸引力，我們可能會做更多的 TTF。我們目前不太可能在布倫特方面做任何事情，但這可以改變主題。就像我們可以長期鎖定 1 或 2 一樣，你這樣做是因為那是你的最大收入。

We'll now move on to our next question. Our next question comes from the line of Greg Lewis from BTIG.

我們現在將繼續我們的下一個問題。我們的下一個問題來自 BTIG 的 Greg Lewis。

Karl, I had a question. You mentioned and realizing you have a pretty strong cash position at this point in time. But you mentioned around potentially refinancing existing projects. As we think about the loan-to-value comment you made, and I can appreciate the slide earlier where you were marking where other projects have been reselling. Could we see potential financing based on implied value, which could be higher than the construction price?

卡爾，我有一個問題。你提到並意識到你此時擁有相當強勁的現金頭寸。但是你提到了可能對現有項目進行再融資。當我們考慮您所做的貸款價值評論時，我可以欣賞您之前標記其他項目轉售位置的幻燈片。我們能否看到基於隱含價值的潛在融資，這可能高於建築價格？

Greg, this is Eduardo here. Yes. So I think the short answer to your question is yes. We have -- as Karl said, we have received indications from a few potential blenders to new FLNG projects, which have indicated that they could be willing to look and to fund for levels beyond the actual construction price of the vessel. So I think when we look at the Gimi, for instance, as we have a 20-year contract with such a long duration, we do have the ability to look at leverage beyond what the usual lender would look like in terms of a regular loan-to-value or 70% or 75% LTV.

Greg，我是 Eduardo。是的。所以我認為對你的問題的簡短回答是肯定的。正如卡爾所說，我們已經收到一些潛在攪拌機對新 FLNG 項目的指示，這些指示表明他們可能願意尋找並為超出船舶實際建造價格的水平提供資金。因此，我認為當我們查看 Gimi 時，例如，由於我們有一份 20 年期限如此長的合同，我們確實有能力考慮超出普通貸方在常規貸款方面的槓桿作用-價值比或 70% 或 75% LTV。

So I think in that case, we're effectively looking at the ability of the contract to serve the debt. So for instance, we believe that finance is in excess of $1.5 billion to $1.6 billion could be feasible, just looking at the Gimi alone. But other banks have a different approach and look at those assets on a loan-to-value basis. So on those instances, we believe that levels at around 70% to 80% of the value of the asset could be achieved. So just to summarize, it's not driven for those that propose those type of financing is driven by the contract value and not the LTV on the steel.

所以我認為在那種情況下，我們正在有效地研究合同償還債務的能力。因此，例如，我們認為僅看 Gimi 就可以實現超過 15 億美元至 16 億美元的融資。但其他銀行有不同的方法，並在貸款價值基礎上查看這些資產。因此，在這些情況下，我們認為可以實現資產價值 70% 至 80% 左右的水平。因此，總而言之，對於那些提出那些類型的融資是由合同價值而不是鋼材的 LTV 驅動的人來說，這並不是驅動因素。

Okay. That's good to hear. I did want to ask also around the -- you highlighted the investment in Macaw Energy, realizing that's small-scale LNG. Is there any timelines or framework, you can you tell us where that stands? In other words, could we see a project from this company in the next 2 to 3 years? Or could it be something sooner? I guess how active is Macaw? I'm just not really familiar with that company.

好的。聽起來還不錯。我確實也想問 - 你強調了對 Macaw Energy 的投資，意識到這是小型液化天然氣。是否有任何時間表或框架，你能告訴我們它的立場嗎？換句話說，我們能否在未來 2 到 3 年內看到這家公司的項目？還是可以更早一些？我猜金剛鸚鵡有多活躍？我只是不太熟悉那家公司。

I think one of the attractions there is that what they are looking to do is modularized shore-based small-scale liquefaction. One of the advantages, building smaller scale and in modules is that in the cash flow is shorter. You have plenty of examples of flare gas and stranded gas today. And if you can liquIfy the flare gas and use it to something sensible, it's not only economically attractive. -- it's also environmentally the right thing to do. So those would focus mainly on the U.S. and Latin America. And the plan there is to have the modularized design ready for sure within 12 months and subject to how that design then performs, we will take the next steps on that one. But all else equal, it's exactly what we do on the floating side, we’re based and smaller size.

我認為那裡的吸引力之一是他們正在尋求做的是模塊化的岸基小型液化。建造更小規模和模塊化的優勢之一是現金流更短。今天有很多火炬氣和擱淺氣體的例子。如果你能液化火炬氣並將其用於某些有意義的事情，它不僅在經濟上具有吸引力。 ——這也是環保的正確做法。因此，這些將主要集中在美國和拉丁美洲。那裡的計劃是在 12 個月內確保模塊化設計準備就緒，並根據該設計的執行情況，我們將對該設計採取後續步驟。但在其他條件相同的情況下，這正是我們在浮動方面所做的，我們的基礎和尺寸更小。

So that sounds super interesting. And then I just had one other question. As a follow-up to a previous question around number of units, obviously, today, we have been biting doing one project at a time. And Karl, as you look -- as you think about the market, and you think make the decisions or have the opportunities, maybe it's the right better word to do more than one project at a time. What are the gating factors? Are the gating factors, the shipyard, supply chains, labor? As you think about that and the potential to win multiple – have multiple projects under construction at the same time. Any color you can give us around that?

所以這聽起來超級有趣。然後我還有一個問題。作為先前關於單位數量問題的後續行動，顯然，今天，我們一直在努力一次做一個項目。卡爾，正如你所看到的——當你思考市場，你認為做出決定或有機會時，也許一次做一個以上的項目是正確的更好的詞。什麼是門控因素？門控因素、造船廠、供應鏈、勞動力是什麼？考慮到這一點以及贏得多個項目的潛力——同時有多個項目在建設中。你能給我們周圍的任何顏色嗎？

It's yes to all of the above. You need all of that in order to push an FLNG project. But at the end of the day, it's willing clients and a project that's mature enough that we build against it. But for most of the projects, subject to where they are in the somewhat annoying thing if you think about it is all the time it takes to get to FID from FID, the long lead item is the FLNG. It's not the upstream infrastructure. So therefore, that's part of what's driven us to do place the orders for the Mark II long leads because we see how close some of these projects are to development or FID. And if we then have an FLNG available significantly earlier than if you would then go out and place the order, you have an increased attractiveness of that delivery position.

以上都是肯定的。您需要所有這些才能推動 FLNG 項目。但歸根結底，它是願意的客戶和一個足夠成熟的項目，我們可以根據它進行構建。但是對於大多數項目來說，如果你考慮一下從 FID 到 FID 所花費的所有時間，那麼它們所處的位置有點煩人，長周期項目是 FLNG。它不是上游基礎設施。因此，這就是促使我們為 Mark II 長線下訂單的部分原因，因為我們看到其中一些項目離開發或 FID 有多近。而且，如果我們隨後有 FLNG 可用時間明顯早於您出去下訂單的時間，那麼您對該交付位置的吸引力就會增加。

Okay. And then just so I understand this, the $300 million, the long lead time items is really specific to the Mark II, where if it was a March III design, I guess you could always go down to the Mark I, which would probably require less kit. If I needed that Mark II design any sense for how much those long lead time items would all-in cost?

好的。然後我就明白了，3 億美元的長交貨期項目確實是 Mark II 特有的，如果它是 March III 設計，我想你總是可以降到 Mark I，這可能需要少套件。如果我需要 Mark II 設計對那些長交貨期項目的總成本有何意義？

The fact of the matter is that most of the equipment we have ordered is interchangeable across our designs because they're based on the same top side. So once we have moved forward with -- if you're very interested is centrifugal compressors, gas turbines, cold boxes and heat recovery steam generators, which are the long lead items -- longest lead and biggest components of the tops package. So we are ordering them with a Mark II in mind because that's where we see the strongest customer pull. But if for whatever reason, we had to put that equipment on to mark or a Mark I, the absolute vast majority of it can be put on either of those 2 designs. -- more for Mark III, of course, because it's bigger liquefaction side, but it's the same.

事實上，我們訂購的大部分設備在我們的設計中是可以互換的，因為它們基於相同的頂面。因此，一旦我們向前推進——如果你對離心式壓縮機、燃氣輪機、冷箱和熱回收蒸汽發生器非常感興趣，這些都是長周期項目——最長的周期和頂部封裝的最大組件。所以我們在訂購它們時考慮到了 Mark II，因為這是我們看到最強大的客戶拉動的地方。但是，如果出於某種原因，我們不得不將該設備用於 Mark 或 Mark I，那麼絕大部分設備都可以用於這兩種設計中的任何一種。 --當然，對於 Mark III 來說更多，因為它的液化面更大，但它是一樣的。

There are no further questions at this time. So I'll hand the call back to you for closing remarks.

目前沒有其他問題。所以我會把電話轉回給你，讓你發表結束語。

Thank you all for listening into our Q3 results. Have a good day and speak to you all soon. Bye-bye.

感謝大家收聽我們第三季度的結果。祝你有美好的一天，很快就會和你說話。再見。

This concludes today's conference call. Thank you for participating. You may now disconnect. Speakers, please stand by.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。發言人，請稍候。