Golar LNG Ltd (GLNG) 2023 Q1 法說會逐字稿

Welcome to the Golar LNG Limited Q1 2023 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 2023 年第一季度業績發布會。在首席執行官 Karl Fredrik Staubo 的幻燈片演示之後；首席財務官 Eduardo Maranhao 將舉行問答環節。隨後將提供有關如何提問的信息。 （操作員說明）

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

現在我將把您交給卡爾·弗雷德里克·施陶博 (Karl Fredrik Staubo)。卡爾，請繼續。

Thank you, operator, and welcome to Golar LNG's Q1 2023 Earnings Results Presentation. My name is Karl Fredrik Staubo, CEO of Golar LNG. And I'm accompanied today by our CFO, Mr. Eduardo Maranhao, to present this quarter's results.

謝謝運營商，歡迎來到 Golar LNG 2023 年第一季度收益報告。我是 Golar LNG 首席執行官卡爾·弗雷德里克·斯塔博 (Karl Fredrik Staubo)。今天我在我們的首席財務官 Eduardo Maranhao 先生的陪同下介紹本季度的業績。

Before we get into the presentation, please note the forward-looking statements on Slide 2.

在我們開始演示之前，請注意幻燈片 2 上的前瞻性陳述。

On Slide 3, we present our company overview. During the quarter, we exited our investments in Cool Company Limited as well as New Fortress Energy. We also reacquired New Fortress equity stake in the FLNG Hilli. We also sold the LNG carrier, Golar Gandria, and acquired the LNG carrier, Fuji LNG intended for FLNG conversion. Hence, our key assets continue to be the FLNG Hilli operating for Perenco in Cameroon and the FLNG Gimi delivering later this year to start a 20-year contract for BP on the Tortue field offshore Mauritania and Senegal.

在幻燈片 3 上，我們介紹了我們公司的概況。本季度，我們退出了對 Cool Company Limited 和 New Fortress Energy 的投資。我們還重新收購了 New Fortress 在 FLNG Hilli 的股權。我們還出售了液化天然氣運輸船Golar Gandria，並收購了液化天然氣運輸船Fuji LNG，旨在進行FLNG轉換。因此，我們的主要資產仍然是為喀麥隆Perenco運營的FLNG Hilli和今年晚些時候交付的FLNG Gimi，以便為BP在毛里塔尼亞和塞內加爾近海的Tortue油田啟動為期20年的合同。

With the acquisition of Fuji LNG, we are advancing the potential ordering of our third FLNG, which we intend to be a Mark II FLNG with an annual liquefaction capacity of 3.5 mtpa.

通過收購 Fuji LNG，我們正在推進第三艘 FLNG 的潛在訂單，我們打算將其打造為 Mark II FLNG，年液化能力為 3.5 噸/年。

Turning to Slide 4 and highlights for the quarter. On the left-hand side, starting with Hilli, as previously announced, we reacquired NFE's equity stake in Hilli for a total consideration of $100 million, plus our remaining 4.1 million NFE shares and taking over $323 million of debt associated with New Fortress Energy stake in the unit. We also unwound our TTF hedges, locking in a total of $140 million of operating cash flow on the hedges, whilst maintaining exposure to TTF-linked production.

轉向幻燈片 4 和本季度的亮點。在左側，從 Hilli 開始，正如之前宣布的那樣，我們以 1 億美元的總代價重新收購了 NFE 在 Hilli 的股權，加上我們剩餘的 410 萬股 NFE 股票，並接管了與 New Fortress Energy 所持股份相關的 3.23 億美元債務。我們還取消了 TTF 對沖，鎖定了總計 1.4 億美元的對沖運營現金流，同時保持了 TTF 相關生產的敞口。

We also agreed to compensate the 0.04 tons of underproduction in '22 with a similar amount of overproduction during 2023. We're also pleased to announce that we have agreed and received credit approval for improved terms under our existing debt financing on Hilli. This will lower our debt margin and increase our free cash flow to equity from that unit. Eduardo will explain the amendments in further detail later in the presentation.

我們還同意用 2023 年類似數量的生產過剩來補償 22 年 0.04 噸的生產不足。我們還很高興地宣布，我們已同意並獲得了對 Hilli 現有債務融資條款改善條款的信貸批准。這將降低我們的債務邊際並增加我們從該部門流向股本的自由現金流。 Eduardo 將在稍後的演示中進一步詳細解釋這些修正案。

Gimi is now 94% technically complete. Our sail away dates have been pushed from first half this year until Q3 this year to allow for time to fully complete the vessel, conduct increased testing at the yard and in line with the overall schedule for the project.

Gimi 目前技術完成度為 94%。我們的起航日期已從今年上半年推遲到今年第三季度，以便有時間完全完成該船，在船廠進行更多測試，並與該項目的總體時間表保持一致。

Under business development, we have, over the recent months, seen significant increasing interest for our FLNG solutions, and especially for re-contracting of the FLNG Hilli given her second half '26 availability and proven operational track record. We're currently in discussion with several gas resource owners. This includes signing of a memorandum of understanding with NNPC during the quarter to explore FLNG deployment on specific NNPC-controlled proven gas resources in Nigeria. On the back of increasing commercial interaction for FLNG deployment, we have advanced yard and financing discussions for Mark II FLNG and acquired the Fuji LNG, as already described.

在業務發展方面，近幾個月來，我們看到人們對我們的 FLNG 解決方案的興趣顯著增加，特別是考慮到 FLNG Hilli 的下半年可用性和良好的運營記錄，對 FLNG Hilli 的重新承包。我們目前正在與幾家天然氣資源所有者進行討論。這包括在本季度與 NNPC 簽署諒解備忘錄，探索在尼日利亞 NNPC 控制的特定已探明天然氣資源上部署 FLNG。在 FLNG 部署的商業互動不斷增加的背景下，我們就 Mark II FLNG 進行了先進的堆場和融資討論，並收購了 Fuji LNG（如前所述）。

Turning to the right-hand side and corporate and others. Q1 financial highlights include a cash position of more than $1 billion, adjusted EBITDA for the quarter of $84 million, net cash proceeds from exit of NFE and Cool Company of $102 million. We bought back $20 million of our unsecured bonds at par and agreed to amend the bonds to increase financial flexibility.

轉向右側以及企業和其他方面。第一季度的財務亮點包括超過 10 億美元的現金頭寸、本季度調整後 EBITDA 為 8400 萬美元、退出 NFE 和 Cool Company 的淨現金收益為 1.02 億美元。我們按面值回購了 2000 萬美元的無擔保債券，並同意修改債券以提高財務靈活性。

Following the bond amendment, we have reinstated dividend payments and have approved to pay $0.25 per share for Q1. Our target is to declare a stable and, over time, increasing quarterly dividend, and we will address our dividend outlook ambition in further detail later in the presentation. We have also approved $150 million share buyback program.

債券修訂後，我們恢復了股息支付，並批准第一季度每股支付 0.25 美元。我們的目標是宣布穩定且隨著時間的推移不斷增加的季度股息，我們將在稍後的演示中進一步詳細闡述我們的股息前景目標。我們還批准了 1.5 億美元的股票回購計劃。

Turning to business development on Slide 6 and some further detail on Gimi. The majority of remaining works are piping, system testings and pre-commissioning. As mentioned, expected sail away has shifted from first half until Q3 '23. The updated sail away timing is not expected to impact first feed gas on the Tortue project. Due to overall project and FLNG delays, pre-commissioning contractual cash flows have started.

轉向幻燈片 6 上的業務發展以及有關 Gimi 的一些進一步細節。剩下的大部分工作是管道、系統測試和預調試。如前所述，預期的航行已從上半年轉移到 23 年第三季度。更新後的啟航時間預計不會影響 Tortue 項目的第一批原料氣。由於整個項目和 FLNG 的延誤，調試前合同現金流已經開始。

Parts of these contractual cash flows from BP to Golar is currently disputed, and we are now working to resolve the matter. The updated sail away date and pre-commissioning cash flow dispute will have no impact on the wider execution of the 20-year project that is expected to unlock around $3 billion of adjusted EBITDA backlog to Golar, equivalent to an annual adjusted EBITDA of just around $150 million.

從 BP 到 Golar 的部分合同現金流目前存在爭議，我們正在努力解決該問題。更新的啟航日期和調試前現金流糾紛不會對這個為期 20 年的項目的更廣泛執行不會產生影響，該項目預計將為 Golar 釋放約 30 億美元的調整後 EBITDA 積壓，相當於每年調整後 EBITDA 約 1.5 億美元。

Turning to Slide 7 and FLNG business development, which is the most exciting area of our business. We experienced increased interest from gas resource owners for our FLNG solution. We're currently in discussion with 5 to 6 gas resource owners for potential FLNG deployments. Our key priority is to secure a charter for Hilli at the end of the current contract expiring in July '26, to secure increased cash flow visibility, increase shareholder distribution before taking FID on our Mark II FLNG. Several of the potential clients in discussions have resources sufficient to accommodate either Hilli or our Mark II FLNG.

轉向 Slide 7 和 FLNG 業務開發，這是我們業務中最令人興奮的領域。我們發現天然氣資源所有者對我們的 FLNG 解決方案越來越感興趣。我們目前正在與 5 至 6 個天然氣資源所有者討論潛在的 FLNG 部署。我們的首要任務是在 26 年 7 月到期的當前合同結束時為 Hilli 獲得租船合同，以確保提高現金流可見性，在對我們的 Mark II FLNG 進行最終投資決定之前增加股東分配。正在討論的一些潛在客戶擁有足夠的資源來容納 Hilli 或我們的 Mark II FLNG。

We continue to target commercial structures where we, together with the gas resource owner, focus on attractive cash breakeven liquefaction of stranded or associated gas field and share upside through commodity price offtakes. A fully utilized Hilli based on current LNG forward prices has an annual revenue potential in excess of $1 billion. This will then be shared between the gas resource owner and Golar as the liquefaction provider.

我們繼續瞄準商業結構，與天然氣資源所有者一起，專注於擱淺或伴生氣田的有吸引力的現金盈虧平衡液化，並通過商品價格承購分享上漲空間。根據當前液化天然氣遠期價格，充分利用 Hilli 的年收入潛力將超過 10 億美元。然後，這將在天然氣資源所有者和作為液化提供商的 Golar 之間共享。

In April, we signed a memorandum of understanding with NNPC, which is 1 of the 5 to 6 gas resource owners described earlier. NNPC is Africa's largest domestic energy company. Nigeria is currently producing 33 million tons of LNG annually. This compares to more than 4 billion tons of proven gas reserve. Hence, there is significant capacity and ambition to grow monetization of these volumes.

4月份，我們與NNPC簽署了一份諒解備忘錄，NNPC是前面提到的5至6個天然氣資源所有者之一。 NNPC是非洲最大的國內能源公司。尼日利亞目前每年生產3300萬噸液化天然氣。相比之下，已探明天然氣儲量超過 40 億噸。因此，我們有巨大的能力和雄心來提高這些數量的貨幣化。

Since signing of the MOU, both parties have allocated significant resources to develop a named gas field for a potential FLNG project. We've made material, technical and commercial progress. Overall, the MOU has a 5-year duration and both parties have an ambition to explore the potential for multiple FLNG projects to be deployed on proven and stranded gas fields in Nigeria. We find it best to start with one named one as opposed to try to tackle all at once. Continued progress is also made with other gas export opportunities both in West Africa and South America.

自簽署諒解備忘錄以來，雙方已分配大量資源，為潛在的 FLNG 項目開髮指定氣田。我們已經取得了物質、技術和商業方面的進展。總體而言，諒解備忘錄的有效期為 5 年，雙方都希望探索在尼日利亞已探明和擱淺的氣田部署多個 FLNG 項目的潛力。我們發現最好從指定的一個開始，而不是嘗試一次解決所有問題。西非和南美洲的其他天然氣出口機會也持續取得進展。

Turning to Slide 8. On the back of this increased charter interest, we decided to high grade our FLNG conversion candidate. We decided to sell Gandria and clear our option to acquire the LNG carrier, Fuji. The key advantages with the enhanced FLNG conversion candidate includes younger age and better sailing conditions, increased cargo capacity, larger deck space and lower boil-off. We continue to advance yard EPC discussions as well as progressing a debt facility for Mark II FLNG projects. The final investment decision will be linked to charter visibility and re-contracting of Hilli and/or Mark II FLNG.

轉向幻燈片 8。在租船興趣增加的背景下，我們決定對我們的 FLNG 轉換候選方案進行高評級。我們決定出售 Gandria 並清除收購液化天然氣運輸船 Fuji 的選擇權。增強型 FLNG 改裝候選方案的主要優勢包括更年輕的船齡和更好的航行條件、增加的貨運能力、更大的甲板空間和更低的蒸發。我們將繼續推進船廠 EPC 討論，並推進 Mark II FLNG 項目的債務融資。最終的投資決定將與 Hilli 和/或 Mark II FLNG 的包機可見性和重新簽訂合同有關。

Turning to Slide 9 to further highlight the earnings potential for integrated FLNG projects. We continue to see very healthy margins for FLNG projects. We believe gas prices have reverted to a more sustainable level at a cost advantage to more polluting sources of energy, supported by long-term visibility in the commodity forward markets. As described in previous quarterly presentation, we believe stranded or associated gas upstream opportunities can be developed between $1 to $3 per MMBtu in upstream costs.

轉向幻燈片 9，進一步強調綜合 FLNG 項目的盈利潛力。我們繼續看到 FLNG 項目的利潤率非常可觀。我們認為，在大宗商品遠期市場的長期可見性的支持下，天然氣價格已經恢復到更可持續的水平，相對於污染更嚴重的能源具有成本優勢。正如之前季度報告中所述，我們認為擱淺或伴生天然氣上游機會的上游成本可以達到每 MMBtu 1 至 3 美元。

FLNG OpEx, including fuel costs, equate to about $0.60 per MMBtu. Add shipping costs to end users in Europe or Asia and you have a delivered cash breakeven of between $3 to $5 per MMBtu. This compares to forward prices of north of $10 per MMBtu, indicating annual EBITDA for a fully utilized Hilli of $550 million or $875 million for a Mark II FLNG.

FLNG 運營支出（包括燃料成本）相當於每 MMBtu 約 0.60 美元。加上歐洲或亞洲最終用戶的運輸成本，您將獲得每 MMBtu 3 至 5 美元的現金收支平衡。相比之下，遠期價格為每 MMBtu 10 美元以上，這表明充分利用的 Hilli 船的年 EBITDA 為 5.5 億美元，Mark II FLNG 的年 EBITDA 為 8.75 億美元。

We continue to believe in our business model where the majority of incremental supply over the next 5 to 10 years will be sourced from the U.S. Hence, if you have a business with 3 key cost components, namely gas source costs, liquefaction costs and shipping costs, and you're cheaper on all 3 components, we believe that's an attractive competitive situation. As you can see in the top right corner, this business model has an attractive risk reward in a historical context with limited downside and significant upside potential. Current forward curves are significantly higher than that of historical LNG prices.

我們仍然相信我們的商業模式，未來 5 到 10 年的大部分增量供應將來自美國。因此，如果您的業務具有 3 個關鍵成本組成部分，即氣源成本、液化成本和運輸成本，並且您在所有 3 個組成部分上都更便宜，我們相信這是一個有吸引力的競爭局面。正如您在右上角所看到的，這種商業模式在歷史背景下具有有吸引力的風險回報，下行空間有限，上行潛力巨大。目前的遠期曲線明顯高於歷史液化天然氣價格。

Turning to Slide 10. The world needs more and cheaper sources of LNG. Looking at gas prices over the past year, it has become clear that the world needs more LNG from a wider range of suppliers at cost-competitive levels. While LNG may previously have been considered a transition fuel, the events unfolding in 2022 underpins LNG and natural gas as a critical part of long-term solutions to ensure energy security. However, existing production and current build-out of LNG plants will not be sufficient to cover the expected demand growth in the coming decade. According to S&P Global, LNG demand is set to increase from around 400 million tons in 2023 to approximately 630 million tons by 2035. This is equivalent to a compound annual growth rate of 3.5%.

轉向幻燈片 10。世界需要更多、更便宜的液化天然氣來源。縱觀過去一年的天然氣價格，很明顯，世界需要更多供應商以具有成本競爭力的水平提供更多液化天然氣。雖然液化天然氣以前可能被認為是一種過渡燃料，但 2022 年發生的事件將支撐液化天然氣和天然氣成為確保能源安全的長期解決方案的關鍵組成部分。然而，現有產量和當前建設的液化天然氣工廠將不足以滿足未來十年的預期需求增長。根據S&P Global的數據，液化天然氣需求預計將從2023年的約4億噸增加到2035年的約6.3億噸。這相當於3.5%的複合年增長率。

Turning to the right-hand side of the slide, we have shown the estimated CapEx for liquefaction projects currently under construction. The steep cost inflation recently witnessed is pushing costs higher, leading to the supply cost shifting higher. You can see from the majority of the U.S. liquefaction projects, you're talking CapEx per ton of liquefaction capacity way in excess of $1 billion. While there are several factors impacting the ultimate economics of a liquefaction project, keeping liquefaction CapEx contained is 1 of the 3 cost drivers of an LNG export project and the key aspect of success which makes us continued confidence in Golar's FLNG solutions.

轉向幻燈片的右側，我們顯示了目前在建液化項目的估計資本支出。最近出現的成本急劇上漲正在推高成本，導致供應成本上升。從大多數美國液化項目中可以看出，每噸液化能力的資本支出超過 10 億美元。雖然影響液化項目最終經濟效益的因素有很多，但控制液化資本支出是液化天然氣出口項目的 3 個成本驅動因素之一，也是成功的關鍵因素，這使我們對 Golar 的 FLNG 解決方案始終充滿信心。

Turning to Slide 11 and an update on Macaw Energies. Macaw Energies is a start-up entity replicating Golar's model in treating and liquefying flared and stranded gas but on the shore side. Macaw was founded by the same team that created Golar Power, which was later renamed Hygo. Golar Power started with an initial investment of $5 million and grew through a joint venture between Golar and Stonepeak and was sold 5 years after inception at 3 to 4x the invested capital.

轉向幻燈片 11 和金剛鸚鵡能量的更新。 Macaw Energies 是一家初創實體，複製了 Golar 的模型，用於處理和液化燃燒和滯留的天然氣，但在岸邊進行處理和液化。 Macaw 是由創建 Golar Power（後來更名為 Hygo）的同一團隊創建的。 Golar Power 最初投資 500 萬美元，通過 Golar 和 Stonepeak 之間的合資企業發展壯大，並在成立 5 年後以投資資本的 3 至 4 倍出售。

Golar has committed up to $25 million for the team to concentrate its efforts on constructing a proprietary, modularized, small-scale liquefaction unit as well as partnering with complementary small-scale LNG businesses to develop LNG-to-EV charging in areas of high flaring activity, significant trucking demand and the grid currently not capable of supercharging of EV trucks. This will include areas like the Permian in the U.S. and several stranded gas resources in South America.

Golar 已承諾為該團隊提供高達 2500 萬美元的資金，以集中精力建設專有的、模塊化的小型液化裝置，並與互補的小型液化天然氣企業合作，在火炬活動頻繁、卡車運輸需求量大以及目前無法為電動卡車增壓的電網地區開發液化天然氣到電動汽車的充電技術。這將包括美國二疊紀等地區以及南美洲一些擱淺的天然氣資源。

Subject to the continued development of Macaw, the Macaw management team and Golar will explore a spin-off of Macaw Energies at a later point in time. It's a business we believe in. It's a team that has proven to deliver to us previously and a model that's replicating what we are doing at larger scale offshore, but this will not be a significant CapEx requirement funded by Golar balance sheet. It will then be lifted out from the balance sheet for capital markets to fund it.

根據 Macaw 的持續發展，Macaw 管理團隊和 Golar 將在晚些時候探索 Macaw Energies 的分拆。這是我們所相信的業務。這是一個已經被證明能夠為我們提供服務的團隊，也是一個正在大規模複製我們在海外所做的事情的模型，但這不會是由 Golar 資產負債表資助的重大資本支出要求。然後，它將從資產負債表中剔除，供資本市場為其提供資金。

I will now hand the call over to Eduardo to present our Q1 results.

現在我將把電話交給 Eduardo，介紹我們第一季度的業績。

Thanks, Karl, and good morning, everyone. I'm very pleased to provide an update on our group results for the first quarter of 2023.

謝謝卡爾，大家早上好。我很高興提供 2023 年第一季度集團業績的最新信息。

So if we can turn over to Slide #13, I wanted to show some of the financial highlights of this quarter. We had total operating revenues of $74 million, up 25% compared to Q4 2022. We also had FLNG tariff of $110 million, up 15% when compared to Q4 2022. LNG tariff is a key non-GAAP metric comprised of total revenues from liquefaction services and realized gains on oil and gas derivative instruments.

因此，如果我們可以轉到幻燈片#13，我想展示本季度的一些財務亮點。我們的總營業收入為 7400 萬美元，比 2022 年第四季度增長 25%。我們的 FLNG 關稅為 1.1 億美元，比 2022 年第四季度增長 15%。液化天然氣關稅是一個關鍵的非公認會計準則指標，包括液化服務總收入以及石油和天然氣衍生工具的已實現收益。

The contribution from our FLNG operations were very strong this quarter, and we recorded increased earnings from Hilli of close to $98 million, up 23% when compared to Q4 2022. On a consolidated basis, this quarter, we recorded an adjusted EBITDA of $84 million. As a result of noncash mark-to-market charges of $188 million, we recorded a net loss attributable to us of $102 million in the quarter. Those charges are inclusive of movements in the value of our TTF and Brent derivatives of $115 million, changes in listed equity securities of $62 million and interest rate swaps of $100 million.

本季度我們的 FLNG 業務的貢獻非常強勁，Hilli 的收入增長了近 9800 萬美元，與 2022 年第四季度相比增長了 23%。在合併基礎上，本季度我們的調整後 EBITDA 為 8400 萬美元。由於按市值計算的非現金費用為 1.88 億美元，我們本季度錄得 1.02 億美元的淨虧損。這些費用包括 1.15 億美元的 TTF 和布倫特原油衍生品價值變動、6200 萬美元的上市股本證券變動以及 1 億美元的利率互換。

After closing the acquisition of NFE's stake in Hilli just in March, our total share of contractual debt stood at $1.1 billion. We continue to have access to ample liquidity and our cash position at the end of the quarter was just over $1 billion.

就在 3 月份完成對 NFE 所持 Hilli 股份的收購後，我們的合同債務總額達到 11 億美元。我們繼續獲得充足的流動性，本季度末我們的現金頭寸剛剛超過 10 億美元。

So moving on to Slide 14. I wanted to provide some further color to our increased shareholding on the FLNG Hilli. In exchange for 50% of the common units, which we didn't control, we paid a total consideration to NFE of $100 million in cash plus our remaining stake of 4.1 million shares and also we assumed $300 million of debt. As previously announced, the acquisition of Hilli is expected to increase our run rate adjusted EBITDA by $70 million per year. This transaction has closed on March 15. However, the economic benefit to us is effective since January 1 of this year.

現在轉到幻燈片 14。我想為我們增加的 FLNG Hilli 持股提供一些進一步的信息。為了換取我們不控制的 50% 的普通單位，我們向 NFE 支付了 1 億美元現金加上我們剩餘的 410 萬股股份，並承擔了 3 億美元的債務。正如之前宣布的，收購 Hilli 預計將使我們的運行率調整後 EBITDA 每年增加 7000 萬美元。該交易已於3月15日結束。但對我們的經濟利益自今年1月1日起生效。

As a result of our strong operational track record, corporate simplification and confidence in the unit re-contracting, we received management approval from the existing lender to improve some key terms under the current financial facility. A combination of reduced interest margins, extended maturity and reduced amortization schedule is expected to generate additional distributable cash flows to us of approximately $75 million until the end of the current contract. We expect that those changes will become effective in Q3 of this year.

由於我們良好的運營記錄、公司簡化以及對單位重新承包的信心，我們獲得了現有貸方的管理層批准，以改進當前金融工具下的一些關鍵條款。減少息差、延長期限和減少攤銷時間表的結合預計將在當前合同結束之前為我們產生約 7500 萬美元的額外可分配現金流。我們預計這些變化將於今年第三季度生效。

Moving to Slide 15. I wanted to provide a recap of our historical earnings from Hilli. As you can see on this slide, Hilli tariffs can be broken down into 3 main components: a fixed tolling tariff, a Brent-linked fee and a TTF-linked fee that started on 1st of January of last year. The contribution from fixed tolling fees more than doubled this quarter to $34 million as a result of the closing of the transaction with NFE. Lower gas and oil prices this quarter have reduced the contribution from the TTF and Brent-linked fees to $37 million and $18 million, respectively. In total, we had $88 million of adjusted EBITDA from Hilli this quarter, an increase of more than 55% when we compare to the same quarter of 2022.

轉向幻燈片 15。我想回顧一下我們從 Hilli 獲得的歷史收益。正如您在這張幻燈片中所看到的，Hilli 關稅可分為 3 個主要組成部分：固定通行費、布倫特原油掛鉤費用和去年 1 月 1 日開始的 TTF 掛鉤費用。由於與 NFE 的交易完成，本季度固定通行費的貢獻增加了一倍多，達到 3,400 萬美元。本季度天然氣和石油價格下降，導致 TTF 和布倫特相關費用的貢獻分別減少至 3700 萬美元和 1800 萬美元。本季度我們從 Hilli 獲得的調整後 EBITDA 總計為 8800 萬美元，與 2022 年同季度相比增長了 55% 以上。

Moving on to Slide 16. I now wanted to provide some further details around our debt optimization strategy for Hilli, which I touched on before. So as I explained before, we have received management approval from our existing lender to optimize certain conditions of our existing facility. We're not planning to increase the overall leverage of the units, but those changes alone should allow us to increase our free cash flow to equity generation to the tune of $26 million per year or approximately $75 million until the end of the current contract.

轉到幻燈片 16。我現在想提供有關 Hilli 債務優化策略的更多細節，我之前曾談到過這一點。正如我之前所解釋的，我們已獲得現有貸方的管理層批准，以優化我們現有設施的某些條件。我們不打算增加這些部門的整體槓桿率，但僅這些變化就足以讓我們將用於股權生成的自由現金流增加到每年 2600 萬美元，或者在當前合同結束之前大約 7500 萬美元。

In Q1 2023, we crystallized gains of around $140 million under our TTF hedging program. But it's important to highlight that we remain open and exposed to TTF prices between March until December of this year as well as 100% between 2024 and 2026 when the current contract expires. For every incremental dollar change in TTF prices, this will contribute $3.2 million of earnings to Golar. In addition to that, for every dollar change in Brent prices above $60 a barrel, we will generate $2.7 million per year.

2023 年第一季度，我們在 TTF 對沖計劃下實現了約 1.4 億美元的收益。但需要強調的是，我們在今年 3 月至 12 月之間保持開放並承受 TTF 價格，並在 2024 年至 2026 年當前合同到期時保持 100% 的敞口。 TTF 價格每增加一美元，將為 Golar 帶來 320 萬美元的收入。除此之外，布倫特原油價格每變動一美元超過每桶 60 美元，我們每年將獲得 270 萬美元的收益。

Moving on to Slide 17. Our balance sheet continues to strengthen, and we now have greater flexibility to allow for shareholder returns and, at the same time, to fund our FLNG growth program. When adjusting for our cash receivables from the unwinding of our TTF hedges, we are now practically debt-free with a net debt position of just $25 million. Out of the original issuance amount of $300 million, we have bought back $161 million and approximately $139 million is owned by public bondholders.

繼續看幻燈片 17。我們的資產負債表繼續增強，現在我們擁有更大的靈活性，可以為股東帶來回報，同時為我們的 FLNG 增長計劃提供資金。當調整我們因 TTF 對沖解除而產生的應收現金時，我們現在幾乎沒有債務，淨債務頭寸僅為 2500 萬美元。在最初發行的 3 億美元中，我們已經回購了 1.61 億美元，其中約 1.39 億美元由公共債券持有人持有。

On May 25, we received approval to amend certain distribution conditions under those bonds, which will now allow us to anticipate shareholder returns, including the ability to distribute up to 51% of total Cool Company cash proceeds, which were $371 million, as well as up to 50% of the last 12 months adjusted net income. Based on that, we're very pleased to announce the reinstatement of our dividend distribution due to a strong cash flow visibility from our contracted assets, Hilli as well as Gimi, and also the establishment of a $150 million share buyback program.

5 月 25 日，我們獲得了修改這些債券的某些分配條件的批准，這將使我們能夠預測股東回報，包括能夠分配 Cool Company 現金收益總額（3.71 億美元）的 51%，以及過去 12 個月調整後淨利潤的 50%。基於此，我們非常高興地宣布恢復股息分配，因為我們的合同資產 Hilli 和 Gimi 具有強大的現金流可視性，並且還制定了 1.5 億美元的股票回購計劃。

Now moving on to Slide 18. When we look at the implied dollar per ton cost of liquefaction, we believe that Golar is attractively priced considering our share of net liquefaction capacity from both Hilli and Gimi. Our proven FLNG technology at only $590 a ton is extremely competitive and offers the world's leading solution to floating LNG liquefaction in the market. That supports our approach to share buybacks, and this was one of the reasons which supported our announcement to update our capital allocation strategy.

現在轉到幻燈片 18。當我們考慮每噸液化的隱含美元成本時，我們認為考慮到我們在 Hilli 和 Gimi 的淨液化能力中所佔的份額，Golar 的定價很有吸引力。我們經過驗證的 FLNG 技術每噸僅需 590 美元，極具競爭力，為市場上的浮式 LNG 液化提供世界領先的解決方案。這支持了我們的股票回購方法，也是支持我們宣布更新資本配置策略的原因之一。

I will now hand over the call to Karl, who can talk a bit more about our approach to shareholder returns and also provide some closing remarks.

我現在將把電話轉交給卡爾，他可以更多地談談我們對股東回報的態度，並提供一些結束語。

Thank you, Eduardo, and turning to Slide 20. As Eduardo mentioned, the update on capital allocation. The way we think about it is with strong cash flow visibility, with more than 70% of expected 2024 earnings based on fixed tariffs and further upside in commodity exposure, we have clear cash flow visibility over the coming years. Add to that the delivery of Gimi, that further enhances fixed cash flow. There is also a significant further upside in FLNG projects. We believe dividend should be paid from operating cash flows whilst the strong balance sheet position should enable FLNG growth.

謝謝 Eduardo，請轉到幻燈片 20。正如 Eduardo 提到的，資本配置的最新情況。我們的想法是現金流可見性很強，2024 年預期收益的 70% 以上基於固定關稅以及大宗商品敞口的進一步上升，因此我們在未來幾年擁有清晰的現金流可見性。再加上Gimi的交付，進一步增強了固定現金流。 FLNG 項目還有顯著的進一步優勢。我們認為，股息應該從經營現金流中支付，而強勁的資產負債表狀況應該能夠促進 FLNG 的增長。

As reiterated numerous times during the call, we now have a cash position of more than $1 billion. We're practically debt-free, and we have an attractive capital market pricing. Hence, we believe the current balance sheet enables FLNG growth, a buyback program as well as debt optimization of Gimi post delivery and securing a debt facility for the potential construction of a Mark II FLNG. So again, to reiterate, operating cash flow is for the stable quarterly dividend distributions, growing alongside the delivery of Gimi and further upside in Hilli, and the balance sheet will be put to work for FLNG growth.

正如在電話會議中多次重申的那樣，我們現在的現金頭寸超過 10 億美元。我們幾乎沒有債務，而且我們的資本市場定價頗具吸引力。因此，我們認為當前的資產負債表能夠實現 FLNG 的增長、回購計劃以及 Gimi 交付後的債務優化，並為潛在建造 Mark II FLNG 提供債務融資。再次重申，運營現金流是為了穩定的季度股息分配，隨著 Gimi 的交付和 Hilli 的進一步上漲而增長，資產負債表將用於 FLNG 的增長。

Turning to Slide 21 and summary. We have initiated a quarterly dividend distribution. We see embedded earnings growth following Gimi delivery; increased Hilli commodity exposure and 2026 re-contracting opportunities; and, of course, further earnings growth potential from new FLNG projects. We see the current valuation as attractive and therefore have put in place $150 million share buyback program.

轉向幻燈片 21 和摘要。我們已啟動季度股息分配。我們預計 Gimi 交付後的內在盈利將會增長；增加 Hilli 商品敞口和 2026 年重新簽約機會；當然，還有新的 FLNG 項目的進一步盈利增長潛力。我們認為當前估值具有吸引力，因此實施了 1.5 億美元的股票回購計劃。

The balance sheet has the capacity to fund FLNG growth. Therefore, we exercised the option to acquire the Fuji LNG. And we see the increasing interaction with prospective FLNG clients, including the signed MOU with NNPC, building in momentum and gives us further confidence of attractive re-contracting of Hilli and commercial opportunities for Mark II.

資產負債表有能力為 FLNG 的增長提供資金。因此，我們行使了收購富士液化天然氣的選擇權。我們看到與潛在 FLNG 客戶的互動不斷增加，包括與 NNPC 簽署的諒解備忘錄，勢頭增強，使我們對 Hilli 有吸引力的重新承包和 Mark II 的商業機會更有信心。

This concludes our Q1 earnings presentation. Thank you for dialing in, and we'll now hand the call over to the operator for any questions.

我們的第一季度收益報告到此結束。感謝您撥入，如果有任何問題，我們現在會將電話轉交給接線員。

(Operator Instructions) First question from the line of Chris Robertson from Deutsche Bank.

（操作員說明）第一個問題來自德意志銀行的 Chris Robertson。

Guys, you've often mentioned the cost advantage of African gas. But I think you mentioned that 1 of the 5 or 6 counterparties that you're currently in discussions with is in South America. Could you briefly talk about any possible cost differential between the 2 regions? And does this bias you to one region or another as you're in these discussions?

伙計們，你們經常提到非洲天然氣的成本優勢。但我認為您提到您目前正在討論的 5 或 6 個交易對手中有 1 個位於南美洲。您能否簡要談談這兩個地區之間可能存在的成本差異？當您參與這些討論時，這是否會讓您偏向某個地區或另一個地區？

Chris, so the -- what we see in the South American opportunities is abundant gas reserves, a domestic market that cannot offtake the amount of potential gas development and a source cost not too different than what we see for the West African opportunities. However, subject to what end you usually end up with, there's somewhat longer sailing distances. But other than that, we see them as another area of interest for FLNG development. And that's why we're also focusing on both South America and West Africa.

克里斯，所以我們在南美的機會中看到的是豐富的天然氣儲量，國內市場無法承擔潛在的天然氣開發量，而且來源成本與我們在西非的機會中看到的沒有太大不同。然而，根據您通常的最終結果，航行距離會稍長一些。但除此之外，我們將它們視為 FLNG 開發的另一個感興趣領域。這就是為什麼我們也關注南美和西非。

Yes, that makes sense. That's good stuff. I guess my second question relates to the MOU. Not maybe specific to this current MOU but just broadly speaking, can you just talk about the process that an MOU would have to go through in terms of getting to a contract in terms of how long that would typically take, what milestones you typically have to reach, and just kind of a little bit more detail there?

是的，這是有道理的。那是好東西。我想我的第二個問題與諒解備忘錄有關。可能不是針對當前的諒解備忘錄，而是從廣義上講，您能否談談諒解備忘錄在簽訂合同方面必須經歷的過程，通常需要多長時間，通常需要達到哪些里程碑，以及那裡的更多細節？

I think since we signed the MOU, that's the question we've gotten the most. And being the only service provider of FLNG in the world, I don't think there's a text book as to how these deals go about. It's custom made between us and whoever the counterparty is from time to time, and it's only been done 2 times in the past. So how standard or not it is, I think, is a little bit hard to describe.

我認為自從我們簽署諒解備忘錄以來，這是我們收到最多的問題。作為世界上唯一的 FLNG 服務提供商，我認為沒有一本教科書可以說明這些交易如何進行。這是我們和交易對手之間時不時地定制的，過去只做過兩次。所以我認為，它的標準與否有點難以描述。

When it comes to the specific MOU with NNPC, the MOU is a requirement to unlock significant resources from the NNPC side, which we have certainly felt the difference in pre and post signing of the NNPC -- sorry, of the MOU. That said, we have other potential charters within the group of 5 to 6 that we mentioned, where we have not formalized the discussions through an MOU but we're at least equally as advanced as we are with NNPC. So I think it's really down to the procurement process from the charters as well. And NNPC being an NOC, the MOU is a requirement.

當談到與 NNPC 的具體諒解備忘錄時，諒解備忘錄是從 NNPC 方面釋放重要資源的要求，我們當然感受到了 NNPC 簽署前後的差異 - 抱歉，是諒解備忘錄。也就是說，我們在我們提到的 5 到 6 個小組中還有其他潛在的章程，我們尚未通過諒解備忘錄正式討論，但我們至少與 NNPC 一樣先進。所以我認為這實際上也取決於章程的採購流程。 NNPC 作為國家奧委會，必須簽訂諒解備忘錄。

What we are encouraged by is that none of us signed that MOU for the sake of signing it and real momentum with some neutral deadlines to be met have been agreed, and I think we're on track to meet those. That's where we kind of are. An exact timing is difficult to say, but both of us want to see a resolution sooner rather than later.

令我們感到鼓舞的是，我們中沒有人是為了簽署諒解備忘錄而簽署的，並且已經就一些中立的最後期限達成了真正的勢頭，而且我認為我們正在按計劃實現這些目標。這就是我們的處境。確切的時間很難說，但我們雙方都希望盡快看到解決方案。

Yes, sure. Thanks for the color on that. I know you're probably limited in what you can speculate on there.

是的，當然。謝謝你的顏色。我知道你的推測可能很有限。

We'll now take next question, and this is from the line of Ben Nolan from Stifel.

我們現在將回答下一個問題，這是來自 Stifel 的 Ben Nolan 的提問。

I wanted to ask a little bit as it relates to the re-contracting of the Hilli. Is it fair to assume in order to get full utilization of the asset that it will likely need to move? And then along with that, how should we think about the timing of contracting? Because obviously, if it does move, there will need to be some infrastructure put into place in advance. And so should we expect this to be a 2023 event? Or is there a little bit more time to work with on the contracting side?

我想問一點，因為這涉及到 Hilli 的重新承包。為了充分利用資產可能需要移動，這樣的假設是否公平？除此之外，我們應該如何考慮簽訂合同的時間？因為顯然，如果它確實移動，就需要提前建立一些基礎設施。那麼我們是否應該期待這將是 2023 年的事件呢？或者是否有更多的時間與承包方合作？

So yes, it is likely to move from the existing site. There are other fields within Cameroon that could have the resources to facilitate Hilli. So it could -- it will very likely not stay on current site. It could stay in Cameroon, and it could equally well go elsewhere like the MOU with NNPC is signed off.

所以，是的，它很可能會從現有站點遷移。喀麥隆境內還有其他油田可能擁有資源來促進 Hilli 的發展。所以它可能——它很可能不會留在當前站點上。它可以留在喀麥隆，也同樣可以去其他地方，比如與 NNPC 簽署諒解備忘錄。

In terms of the timing we would need, I think ideally from an operational and engineering point of view, you would like to know around mid-'24. That should give sufficient planning for any relocation and site preparation for re-contracting. And then obviously, there are commercial aspects as to why you would want to see it earlier. But from just an operational and engineering point of view, mid-'24 is when we should have a pretty clear view.

就我們需要的時間而言，我認為從運營和工程的角度來看，理想情況下，您希望在 24 年中期左右知道。這應該為任何搬遷和重新承包的場地準備提供充分的規劃。顯然，還有商業方面的原因讓你想早點看到它。但僅從運營和工程的角度來看，24 年中期我們應該有一個非常清晰的觀點。

Okay. That's helpful. And then I guess as my follow-up, am I understanding it right that the order of priority is the re-contracting of the Hilli first and then a contract on the second vessel, which you would need in order to go FID? So just trying to think through timing. So if it is anywhere in the, call it, the next 12 months but could be as much as 12 months for the Hilli, should we expect the -- a contract on the Mark II to be some point after that? Or does it not necessarily have to go in that order?

好的。這很有幫助。然後我想作為我的後續行動，我是否理解正確的優先順序是首先重新簽訂 Hilli 合同，然後簽訂第二艘船的合同，這是您需要進行 FID 的？所以只是想考慮一下時機。因此，如果它是在未來 12 個月內的任何地方，但 Hilli 可能長達 12 個月，我們是否應該期望 Mark II 的合同會在那之後的某個時間點？或者不一定要按照這個順序？

In broad strokes, you're correct. So priority #1 is to re-contract Hilli, thereafter is to FID the Mark II. The rationale behind the thinking is that we don't want to be exposed to Hilli coming off-contract in July '26 around the time when a Mark II also will deliver. So you want to fix at least 1 of the 2 before FID Mark II.

從廣義上講，你是對的。因此，第一要務是與 Hilli 重新簽訂合同，然後是 FID Mark II。這個想法背後的基本原理是，我們不想讓 Hilli 在 26 年 7 月 Mark II 也將交付時解除合同。因此，您希望在 FID Mark II 之前至少修復 2 個問題中的 1 個問題。

And based on current discussions, we believe it's significantly more likely that we fix Hilli before fixing Mark II. But if you fix Hilli attractively, there's sufficient charter interest that you go ahead with Mark II even if it's not against the contract from day 1.

根據目前的討論，我們認為在修復 Mark II 之前先修復 Hilli 的可能性要大得多。但如果你對 Hilli 進行了有吸引力的修復，就有足夠的租船利息讓你可以繼續使用 Mark II，即使這並不違反從第一天開始的合同。

We'll now take the next question, and this is from the line of Craig Shere from Tuohy Brothers.

現在我們將回答下一個問題，該問題來自 Tuohy Brothers 的 Craig Shere。

Congratulations on the progress. Picking up on Ben's questioning, where does shipyard availability, the queue stand? And what's kind of the drop dead time that you need to lock that up, committed in order to maintain your Mark II time line that you originally envisioned?

祝賀取得的進展。回答本的問題，造船廠的可用性、隊列在哪裡？為了維持您最初設想的 Mark II 時間線，您需要鎖定多少時間？

There's no hiding that yard slot, this is an increasing challenge across, I guess, the whole maritime space. We are focused on shipyards, obviously, in Singapore, where we built Hilli and Gimi and I think have strong relationships. And we've also explored yard opportunities in China where we believe we would also have the right team to construct a Mark II unit.

院子裡的槽位是無法隱藏的，我想，這對整個海洋空間來說都是一個越來越大的挑戰。顯然，我們專注於新加坡的造船廠，我們在那裡建造了 Hilli 和 Gimi，我認為我們有著牢固的關係。我們還探索了中國的船廠機會，我們相信我們也將擁有合適的團隊來建造 Mark II 裝置。

We have, as you know, secured long lead items for a Mark II construction that safeguards time line somewhat. But of course, the longer you sleep on FID, the more you push out delivery. Based on the current lay of the land, 1 day delay of FID is potentially somewhat less than a day delivery -- later delivery because we continue to progress engineering and preparational work like, for example, acquiring the Fuji.

如您所知，我們已經為 Mark II 結構獲得了長周期項目，這在一定程度上保障了時間線。但當然，你在 FID 上睡的時間越長，你就越推遲交貨。根據目前的情況，最終投資決定延遲 1 天可能比一天交付要短一些——延遲交付是因為我們繼續推進工程和準備工作，例如收購富士。

Got you. And as you think about the Mark II conversion and additional prospects you have, I suppose, with your half dozen discussions, it's not inconceivable that you could have something beyond the re-contracting of the Hilli and a Mark II deployment. So in order to kind of be prepared for that, just how much liquidity do you need to maintain on your balance sheet?

明白你了。當您考慮 Mark II 轉換和您擁有的其他前景時，我想，通過您的六次討論，除了重新承包 Hilli 和 Mark II 部署之外，您還可以得到一些東西，這並非不可想像。因此，為了為此做好準備，您的資產負債表上需要維持多少流動性？

Eduardo, do you want to have a go?

愛德華多，你想嘗試一下嗎？

Yes, sure. So Craig, as you can see, under the current amendment, we have also committed to maintain an [incurrent test] of a minimum cash position of $100 million after the payment of a dividend. We have stated that we plan to reinstate the dividend program on a quarterly basis. So I think this will be done, as Carlo mentioned during the call today, on a sustainable basis from our cash flow from operations.

是的，當然。因此，克雷格，正如您所看到的，根據當前的修正案，我們還承諾在支付股息後維持最低現金頭寸 1 億美元的[現行測試]。我們已經表示，我們計劃恢復每季度的股息計劃。因此，正如卡洛在今天的電話會議中提到的那樣，我認為這將在我們運營現金流的可持續基礎上完成。

We believe that our current liquidity position is more than enough to allow us to develop the Mark II project. You have also to bear in mind that the CapEx will be spread out over a period of time, which not only we will benefit from the liquidity position we currently have, but we'll also be generating cash during that period. So we feel quite confident that our current position is more than enough to fund both the dividend program as well as the development of a Mark II.

我們相信，我們目前的流動性狀況足以讓我們開發 Mark II 項目。您還必須記住，資本支出將分散在一段時間內，這不僅我們將從當前的流動性狀況中受益，而且我們還將在此期間產生現金。因此，我們非常有信心，我們目前的狀況足以為股息計劃以及 Mark II 的開發提供資金。

And also just to add, I think we have several liquidity levers, of course, in refinancing Gimi upon completion. That's a $3 billion EBITDA backlog, which currently has $700 million of total debt against that. There's also the potential to increase leverage on Hilli upon re-contracting. I think through the refinancing announced today, the support from the existing lenders is very significant. And we are also experiencing strong support for debt facilities even during construction of a Mark II unit. So those combined, including the cash flows that Eduardo alluded to, we are confident that we can fund the foreseeable growth.

還要補充一點，我認為我們當然有幾個流動性槓桿，可以在完成後為 Gimi 進行再融資。這相當於 30 億美元的 EBITDA 積壓，目前的債務總額為 7 億美元。重新簽約後還有可能增加 Hilli 的槓桿作用。我認為通過今天宣布的再融資，現有貸方的支持非常重要。即使在 Mark II 裝置的建設過程中，我們也得到了債務融資的強有力支持。因此，將這些綜合起來，包括愛德華多提到的現金流，我們有信心能夠為可預見的增長提供資金。

We'll now take our next question, this is from the line of Gregory Lewis from BTIG.

現在我們將提出下一個問題，這是來自 BTIG 的 Gregory Lewis 的提問。

I was hoping to get a little bit more color -- and I guess, congrats on starting the dividend. I was hoping to get a little more color around -- and realizing it's early days, but how we're thinking about the Gimi debt optimization? Really just any kind of broad strokes you can give us as we try to figure out potential cash flow that's going to be available once that unit starts working as we think about the dividend rate next year?

我希望能得到更多的色彩——我想，恭喜你開始派發股息。我希望能有更多的色彩——並意識到現在還為時過早，但我們如何考慮吉米債務優化？當我們在考慮明年的股息率時，當我們試圖找出該部門開始運作後可用的潛在現金流時，您真的可以給我們提供任何大致的建議嗎？

So really -- yes, any type -- I mean what type of interest rates are we seeing for that type of unit? What type of duration of debt are we thinking about? How much is this going to be? Like 60% financed or potentially more? Any kind of broad strokes you can give us, I think, would be super helpful.

所以真的 - 是的，任何類型 - 我的意思是我們看到該類型單位的利率是什麼類型？我們正在考慮什麼類型的債務期限？這會是多少？比如 60% 的融資或可能更多？我認為，您能給我們提供的任何粗略的建議都會非常有幫助。

Eduardo?

愛德華多？

Yes, sure. Greg, I think I can provide some update on that one here. So when we look at some of the key alternatives we have when it comes to Gimi, I think on a high-level basis, considering we have $700 million of debt today, the unit is highly underleveraged. Yes, I think we all agree on that one. And we basically have a few alternatives that we have been exploring over the last few months which range, for example, from existing -- or upsizing the existing bank facility. So we have a syndicate of around 11 banks in the current facility. Today, we could potentially explore to upsize that facility to a level anywhere from $1 billion to $1.2 billion.

是的，當然。格雷格，我想我可以在這裡提供一些最新情況。因此，當我們考慮 Gimi 的一些關鍵替代方案時，我認為從高層的角度來看，考慮到我們目前的債務為 7 億美元，該部門的槓桿率嚴重不足。是的，我想我們都同意這一點。我們基本上有一些在過去幾個月裡一直在探索的替代方案，例如，現有的銀行設施或擴大現有的銀行設施。因此，我們目前的設施中有一個由大約 11 家銀行組成的銀團。今天，我們有可能探索將該設施的規模擴大到 10 億美元至 12 億美元的水平。

I would say when it comes to tenor, that could be anywhere between 8 to 12 years. But this is not the most, I would say, attractive alternative when it comes to potential volume and also when it comes to cost. So moving on to the other alternatives, we also see a potential sale leaseback as one of the most attractive alternatives here. And we have explored the idea of potentially entering into a leasing agreement, which could unlock, I would say, anywhere between $1.2 billion to $1.3 billion in total financing amount.

我想說，就期限而言，可能是 8 到 12 年。但我想說，就潛在數量和成本而言，這並不是最有吸引力的選擇。因此，轉向其他替代方案，我們也認為潛在的售後回租是這裡最具吸引力的替代方案之一。我們已經探討了可能簽訂租賃協議的想法，我想說，這可以釋放 12 億至 13 億美元的總融資金額。

When we look at tenors, I would say that this would be probably longer in duration when compared to a bank financing, so anywhere from 12 to up to 15 years. So with still a remaining tail of -- when it comes to the contract duration of 20 years. But we also see, as a potential alternative, the potential issuance of U.S. private placement bonds where we could fully benefit from the full contract duration and the contract backlog.

當我們考慮期限時，我想說，與銀行融資相比，期限可能更長，從 12 年到 15 年不等。因此，合同期限還剩 20 年。但我們也認為，作為一種潛在的替代方案，有可能發行美國私募債券，我們可以從完整的合同期限和合同積壓中充分受益。

We believe that this alternative could offer us the highest and the biggest volume whilst at the same time offering a very competitive cost. Of course, this will depend on where the market is at the time of the issuance. But based on the fact that the total amount will be sized based on the potential cash flows from the project and when looking on the SCR basis, we believe that this alternative could raise anywhere from $1.5 billion to $1.7 billion.

我們相信，這種替代方案可以為我們提供最高和最大的產量，同時提供非常有競爭力的成本。當然，這取決於發行時的市場狀況。但基於這樣一個事實，即總金額將根據項目的潛在現金流量確定，並且在考慮 SCR 的基礎上，我們認為這種替代方案可以籌集 15 億至 17 億美元之間的資金。

So as you can see, the alternatives, they range quite a bit in terms of volume as well as tenor. But we believe that we could benefit the most if we wait until we reach COD. And by that point in time, we will then take a decision to move on with the refinancing of Gimi.

正如您所看到的，替代方案在數量和期限方面都有很大的差異。但我們相信，如果我們等到實現 COD，我們就能獲益最多。到那時，我們將決定繼續為 Gimi 進行再融資。

Yes, 100%. And then, Karl, I mean -- I guess just you announced the buyback, that was good to see. As you're out talking with investors, clearly, you're trading at below $600 a ton on liquefaction capacity. I guess there was that -- not a -- I guess it wasn't large, but nevertheless that was well over $1,000 a ton. Any kind of feedback you're getting from -- clearly, we believe the stock is undervalued. Any kind of thoughts around what that dislocation is between where we've seen some market transactions and where Golar is today?

是的，100%。然後，卡爾，我的意思是——我想你剛剛宣布了回購，這很高興看到。當您與投資者交談時，很明顯，您的液化能力交易價格低於每噸 600 美元。我想是有的——不是——我想它並不大，但無論如何，它的價格遠遠超過每噸 1,000 美元。你從任何類型的反饋中得到的——顯然，我們認為該股票被低估了。對於我們所看到的一些市場交易和 Golar 今天的情況之間的錯位，有什麼想法嗎？

That's also one of the questions we get the most, is why the stock is trading where it's trading at. At the end of the day, we need to try to run the business to the best of our ability and the market needs to set the price thereafter. I think given what we see, not just from dollars per ton, but I think in cash flow multiples following delivery of Gimi and through some of the parts valuation, at least management and Board views the valuation as very attractive, which is why we put in place the buyback program. And that's what we intend to do.

這也是我們收到最多的問題之一，那就是為什麼股票的交易價格是現在的水平。歸根結底，我們需要盡最大努力來經營業務，然後由市場來定價。我認為，考慮到我們所看到的情況，不僅是從每噸美元來看，而且我認為從 Gimi 交付後的現金流倍數以及通過一些零部件估值來看，至少管理層和董事會認為估值非常有吸引力，這就是我們實施回購計劃的原因。這就是我們打算做的。

Some investors, obviously, want us to go significantly larger on the buyback program, if you see some of the market chatter about what the people are speculating on. But at the end of the day, for us, I think $150 million is meaningful. And on top of that, we started the dividend, which both of them combined, this is, of course, the start of shareholder returns, which we just, based on visible cash flows and significant upside, as we have explained, should have the ability to grow significantly over the coming quarters and years.

顯然，如果你看到一些市場在談論人們在猜測什麼，一些投資者顯然希望我們在回購計劃上大幅加大力度。但歸根結底，對於我們來說，我認為 1.5 億美元是有意義的。最重要的是，我們開始派發股息，將兩者結合起來，這當然是股東回報的開始，正如我們所解釋的，基於可見的現金流和顯著的上升空間，我們應該有能力在未來幾個季度和幾年內大幅增長。

Yes. And then just as I think about that, if we were to decide to move forward with the conversion candidate of like Fuji, any kind of -- realizing that there's inflation, there's shipyard availability, all the things that go into doing a mega project like this, any kind of thoughts for what we could get that unit up and running for on a cost basis?

是的。然後，正如我想到的那樣，如果我們決定推進像富士這樣的轉換候選方案，任何一種——意識到存在通貨膨脹，有造船廠的可用性，進行像這樣的大型項目所需的所有事情，對於我們可以在成本基礎上啟動和運行該裝置的任何想法？

Yes. We definitely see inflation. I think everybody sees that everywhere. But where we currently see it based on the EPC contract and where we have placed the long lead items, we believe it is achievable around current pricing of Golar, so call it, $600 a ton. But keep in mind, that's with construction risk and a couple of years without cash flow. If you buy Golar today, Hilli is delivered and generating cash flow and Gimi is delivering this year, starting cash flow.

是的。我們肯定會看到通貨膨脹。我想每個人都可以在任何地方看到這一點。但我們目前根據 EPC 合同以及我們放置的長交貨項目看到的情況，我們相信它是可以在 Golar 目前的定價左右實現的，所以稱之為每噸 600 美元。但請記住，這涉及到建設風險和幾年沒有現金流的情況。如果你今天購買 Golar，Hilli 已交付並產生現金流，而 Gimi 今年將交付並開始現金流。

So if you take that into account, it is more expensive to go for a new build, but the integrated contract opportunities, we see also have superior economics to that of current contract of Hilli and Gimi, which is why we still think it makes sense, and you can fund it from balance sheet without having to impact dividend as long as you base dividend on operating cash flow.

因此，如果考慮到這一點，建造新建築的成本會更高，但我們認為，綜合合同機會也比 Hilli 和 Gimi 目前的合同具有更好的經濟性，這就是為什麼我們仍然認為這是有意義的，只要您將股息基於運營現金流，您就可以從資產負債表中為其提供資金，而不必影響股息。

We'll now take our next question, this is from the line of Sean Morgan from Evercore.

現在我們將提出下一個問題，這是來自 Evercore 的 Sean Morgan 的。

So as we kind of circle back to Hilli, I think the contract is up in July of '26. So what sort of logistical challenges are there to moving an FLNG offsite? I mean I imagine there's not a whole lot of precedent cases in what's happening. Are there environmental concerns? And then in terms of the cost, does Perenco bear most of the cost (inaudible) disconnecting? And what do they do with all the undersea equipment when it's no longer connected to an FLNG on the surface?

因此，當我們回到 Hilli 時，我認為合同將於 26 年 7 月到期。那麼，將 FLNG 移至異地會遇到哪些後勤挑戰呢？我的意思是，我想目前發生的事情並沒有很多先例。是否存在環境問題？那麼就成本而言，Perenco 承擔大部分（聽不清）斷開連接的成本嗎？當所有海底設備不再與水面上的 FLNG 連接時，他們會如何處理這些設備？

Sean, that is actually surprisingly simple because this is a standardized unit which is designed to be redeployed at different locations. So effectively, what you need to do is to disconnect from the upstream pipe and the soft yoke, which is the mooring system and off you go. The unit even has engine and propeller. So theoretically, you don't even need tugs, but subject to where you go, you probably need a tug. And that's it.

肖恩，這實際上非常簡單，因為這是一個標準化單元，旨在在不同位置重新部署。因此，您需要做的就是斷開上游管道和軟軛（即係泊系統）的連接，然後就可以開始了。該裝置甚至還有發動機和螺旋槳。因此，從理論上講，您甚至不需要拖船，但根據您要去的地方，您可能需要拖船。就是這樣。

The only thing we leave in the ground, which we need to decommission is the bottom part, which is fixed to the seabed of the mooring system, which we think has a total decommissioning of around $5 million.

我們留在地下的唯一需要退役的東西是底部，它固定在繫泊系統的海底，我們認為該系統的退役總成本約為 500 萬美元。

Okay. And then, I guess, you have, on a calendar basis, about 2 years. But as you -- as a management team, you guys realized obviously the equity markets start to look ahead and equity markets don't tend to love uncertainty. You would have the Gimi up and running by then. So it's not like you wouldn't have any assets producing, but what sort of time line are you sort of internally thinking about for when this needs to get completed and moved so that you don't start to run into a bit of an uncertainty overhang?

好的。然後，我猜，按照日曆計算，你還有大約兩年的時間。但作為管理團隊，你們顯然意識到股票市場開始展望未來，而股票市場往往不喜歡不確定性。到那時你就可以讓 Gimi 啟動並運行了。因此，並不是說您不會生產任何資產，但是您在內部考慮的時間線是怎樣的，何時需要完成並移動，以便您不會開始遇到一些不確定性懸而未決的問題？

I think as we tried to explain earlier, as long as -- from an engineering and operational point of view, you have very comfortable time if you have charter visibility by mid next year for where the unit will re-contract. That leaves plenty of time to plan decommissioning, any potential vessel upgrades or amendments and new mooring locations, set up a new shore base and everything that's required. So that's comfortable.

我認為，正如我們之前試圖解釋的那樣，只要從工程和運營的角度來看，如果您在明年中期之前能夠了解該部門將在哪裡重新簽訂合同，那麼您就會度過一段非常輕鬆的時光。這留下了充足的時間來計劃退役、任何潛在的船舶升級或修改以及新的繫泊位置、建立新的岸基以及所需的一切。所以這很舒服。

It's certainly not lost on us that the capital markets appreciate earlier visibility and, frankly, so do we. But at the end of the day, there's the internal trade-off between what's industrially right in terms of optimizing economics of the project versus just fixing an uncertainty. And with the level of interest we see around the ship now, you don't necessarily want to marry the first one that shows up at the door but have a little round on the dance floor to see who delivers best.

我們當然不會忽視資本市場重視早期的知名度，坦率地說，我們也是如此。但歸根結底，在優化項目經濟性方面的工業正確性與僅僅解決不確定性之間存在內部權衡。鑑於我們現在在船上看到的興趣程度，你不一定想嫁給第一個出現在門口的人，而是在舞池上跳舞，看看誰表現得最好。

Okay. I like that, super analogy. So hopefully, this -- Hilli turns out to be the prettiest girl at the ball and you have a lot of choices on where that asset goes.

好的。我喜歡這個，超級比喻。所以希望這個——希莉會成為舞會上最漂亮的女孩，而且你對這個資產的去向有很多選擇。

And there are no further questions at this time. I will hand the call back to Karl Staubo for closing remarks.

目前沒有其他問題。我會將電話轉回卡爾·斯托博（Karl Staubo）以供結束髮言。

Thanks again, everybody, for dialing in and listening to us and the interesting and very relevant questions. We will continue to progress the company to the best of our ability. Hopefully, we'll speak to you before. But if not, we will speak to you all again in the next quarter. So thanks again, and have a great day.

再次感謝大家撥通我們的電話並聆聽我們提出的有趣且非常相關的問題。我們將繼續盡最大努力推動公司進步。希望我們能先和您談談。但如果沒有，我們將在下個季度再次與大家交談。再次感謝，祝您有美好的一天。

Thank you. This does conclude the conference for today. Thank you for participating, and you may now disconnect.

謝謝。今天的會議到此結束。感謝您的參與，您現在可以斷開連接。