Golar LNG Ltd (GLNG) 2023 Q2 法說會逐字稿

Welcome to the Golar LNG Limited Q2 2023 Results Presentation. After the slide presentation by the CEO, Karl Fredrik Staubo; and the 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 年第二季度業績發布會。在首席執行官 Karl Fredrik Staubo 的幻燈片演示結束後；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。

Hi, everyone, and welcome to Golar LNG's Q2 2023 Earnings Results Presentation. My name is Karl Fredrik Staubo, CEO of Golar LNG, and I'm accompanied today by our CFO, Eduardo. Before we get into the presentation, please note the forward-looking statements on Slide 2.

大家好，歡迎來到 Golar LNG 2023 年第二季度收益報告。我是 Golar LNG 首席執行官 Karl Fredrik Staubo，今天陪伴我的是我們的首席財務官 Eduardo。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. We are a focused FLNG player with 2 FLNGs; Hilli operating in Cameroon and Gimi about to deliver and start a 20-year contract for BP. The key changes to our asset portfolio in the quarter was high grading of our FLNG conversion candidate, selling the LNG carrier Gandria and acquiring the LNG carrier Fuji. Fuji has significantly more storage capacity, younger age and lower boil-off and is therefore more suitable for our intended Mark II 3.5 MTPA FLNG conversion. Snam of Italy has an option to convert the Golar Arctic into an FSRU. This option lapsed in July, and we are now reviewing alternatives for her, including long-term charter or asset sale.

在幻燈片 3 上，我們介紹了我們公司的概況。我們是一家專注於 FLNG 的公司，擁有 2 艘 FLNG； Hilli 在喀麥隆和吉米運營，即將為 BP 交付並開始一份為期 20 年的合同。本季度我們資產組合的主要變化是我們對 FLNG 轉換候選者的高度評價，出售 LNG 運輸船 Gandria 並收購 LNG 運輸船 Fuji。 Fuji 具有顯著更大的存儲容量、更年輕的壽命和更低的蒸發，因此更適合我們預期的 Mark II 3.5 MTPA FLNG 轉換。意大利 Snam 可以選擇將 Golar Arctic 改造為 FSRU。這一選擇已於 7 月失效，我們現在正在為她考慮替代方案，包括長期包機或資產出售。

Our investments include Avenir LNG, a small-scale LNG carrier business and Macaw Energies, a company founded with Golar as sponsor, targeting small-scale land-based liquefaction and gas monetization through proprietary technology currently under construction. Golar is the world's only independent proven FLNG company.

我們的投資包括 Avenir LNG（一家小型液化天然氣運輸公司）和 Macaw Energies（一家由 Golar 作為贊助商成立的公司），旨在通過目前正在建設的專有技術實現小規模陸基液化和天然氣貨幣化。 Golar 是世界上唯一經過驗證的獨立 FLNG 公司。

Turning to Slide 4 to illustrate our near-term cash flow growth and the further earnings upside in recontracting of the Hilli and potentially Mark II FLNG. Hilli continues its market-leading operational off time with another quarter of 100% economic utilization. The vessel will operate for Perenco in Cameroon until July 26, and we see strong earnings generation supported by the increasingly attractive commodity exposed earnings for the unit. However, the vessel is currently only 58% utilized versus nameplate capacity, and we see significant potential for increased capacity utilization, combined with higher earnings for recharter of Hilli.

轉向幻燈片 4，說明我們的近期現金流增長以及 Hilli 和潛在的 Mark II FLNG 的再承包帶來的進一步盈利增長。 Hilli 繼續保持市場領先的運營停機時間，經濟利用率又達到 100%。該船將為喀麥隆的 Perenco 運營至 7 月 26 日，我們看到該部門日益有吸引力的商品收益支撐了強勁的盈利能力。然而，與銘牌運力相比，該船目前的利用率僅為 58%，我們看到運力利用率提高的巨大潛力，以及 Hilli 轉租者的更高收益。

The current contract was entered into when our FLNG technology was unproven and Hilli is positioned as the earliest available FLNG globally, continues to increase customer interest in the vessel beyond the current contract.

目前的合同是在我們的 FLNG 技術未經證實的情況下簽訂的，Hilli 被定位為全球最早可用的 FLNG，在當前合同之外繼續增加客戶對該船的​​興趣。

Our second FLNG Gimi is about to deliver from Seatrium in Singapore to start a 20-year contract for BP. Gimi's shift from CapEx to earnings will significantly strengthen our free cash flow generation, and we also see significant potential in optimizing the debt facility on Gimi once she is delivered.

我們的第二艘 FLNG Gimi 即將從新加坡 Seatrium 交付，開始與 BP 簽訂為期 20 年的合同。 Gimi 從資本支出轉向盈利將顯著增強我們的自由現金流生成，而且我們還看到，一旦 Gimi 交付後，優化債務融資的巨大潛力。

Our contemplated third FLNG would be a Mark II 3.5 MTPA vessels. If ordered within 2023, the vessel will deliver late '26 and be ready for operations from early '27. Mark II will increase our total liquefaction capacity from about 5.5 million tons per annum to 9 million tons or about a 70% increase. Hence, we see 3 cash flow triggers for the company, delivery and start-up of Gimi during second half of this year, shifting the vessel cash flow from CapEx to earnings; number two, recontracting of Hilli at increased capacity utilization and operational margin; and number three, ordering and chartering of a Mark II FLNG.

我們設想的第三艘 FLNG 船將是 Mark II 3.5 MTPA 船。如果在 2023 年內訂購，該船將於 26 年底交付，並從 27 年初開始投入運營。 Mark II 將使我們的總液化能力從每年約 550 萬噸增加到 900 萬噸，即增加約 70%。因此，我們認為公司的三個現金流觸發點是今年下半年Gimi的交付和啟動，將船舶現金流從資本支出轉向盈利；第二，重新承包 Hilli，提高產能利用率和運營利潤；第三，訂購和租用 Mark II FLNG。

As you can see on the bottom part of the table, illustratively, we will have up to 322 MMBtu available for charter from early 2027 onwards. Tariffs in line with the current competitive U.S. export market suggest earnings of about $1 billion from this available capacity. However, our FLNG technology enable monetization of stranded gas reserves that would otherwise remain undeveloped. Hence, we believe significantly higher liquefaction margins should be obtainable.

正如您在表格底部看到的那樣，從 2027 年初開始，我們將有多達 322 MMBtu 可供包機。根據當前競爭激烈的美國出口市場的關稅，該可用產能可帶來約 10 億美元的收入。然而，我們的 FLNG 技術可以將擱淺的天然氣儲量貨幣化，否則這些天然氣儲量將無法開發。因此，我們認為應該可以獲得顯著更高的液化裕度。

We are currently in discussion with more than 6 different gas resource owners at various geographical locations focused around West Africa for potential FLNG deployment, all of which with significantly better economic terms than current charters.

我們目前正在與位於西非各地不同地理位置的超過 6 個不同的天然氣資源所有者討論潛在的 FLNG 部署，所有這些都比目前的租船合同具有更好的經濟條件。

Turning to Slide 5 and highlights for the quarter. Hilli continued its 100% economic off time, and we now have offloaded our 97th cargo. We're pleased to confirm that we have finalized the improved terms for the Hilli financing, reducing the debt margin and extending amortization profile and facility duration.

轉向幻燈片 5 和本季度的亮點。 Hilli 繼續其 100% 經濟休息時間，現在我們已經卸下了第 97 批貨物。我們很高興地確認，我們已經敲定了 Hilli 融資的改進條款，降低了債務邊際，並延長了攤銷概況和貸款期限。

Gimi is now 97% technically complete, and we expect sail away during September this year. On business development, we have further expanded the MOU we entered into with NNPC in April to now be further developed through heads of terms setting out a contractual framework for joint development of specific gas fields towards potential FLNG deployment.

吉米目前技術完成度為 97%，我們預計今年 9 月啟航。在業務發展方面，我們進一步擴大了 4 月份與 NNPC 簽訂的諒解備忘錄，現在通過條款負責人進一步發展，制定了聯合開發特定氣田以實現潛在 FLNG 部署的合同框架。

Development of commercial opportunities also continues outside of Nigeria, including commercial term negotiations with gas resource owners and government interaction in potential countries of operation. It should be highlighted that the complexity of offshore gas development drives the time line for potential announcements of any binding terms for incremental FLNG work.

尼日利亞境外的商業機會也在繼續開發，包括與天然氣資源所有者的商業條款談判以及潛在運營國家的政府互動。應該強調的是，海上天然氣開發的複雜性決定了增量 FLNG 工作的任何約束性條款的潛在公告的時間安排。

Other corporate and other, Eduardo will cover most of that later in the presentation. But as per our guiding in first quarter, we have declared a quarterly dividend of $0.25 also for Q2. During the quarter, we've also spent about $30 million of our $150 million buyback program announced in May, and we have acquired and canceled about 1.4 million shares.

其他公司和其他方面，Eduardo 將在稍後的演示中介紹大部分內容。但根據我們第一季度的指導，我們也宣布第二季度的季度股息為 0.25 美元。在本季度，我們還花費了 5 月份宣布的 1.5 億美元回購計劃中的約 3000 萬美元，並且收購併註銷了約 140 萬股股票。

We remain committed to enhancing shareholder returns as our earnings continue to grow.

隨著我們的盈利持續增長，我們仍然致力於提高股東回報。

We will now turn to business update starting with Gimi on Slide 7. As already mentioned, the vessel is now 97% complete, and we expect sail-away from the shipyard during September. System handover is underway and final testing ongoing. The arbitration process regarding certain precommissioning contractual cash flows continue, but is not expected to have a wider impact on the 20-year contract with BP.

我們現在將轉向從幻燈片 7 上的 Gimi 開始的業務更新。正如已經提到的，該船現已完成 97%，我們預計 9 月份從造船廠起航。系統移交正在進行中，最終測試正在進行中。關於某些投產前合同現金流量的仲裁程序仍在繼續，但預計不會對與 BP 的 20 年合同產生更廣泛的影響。

Moving to Slide 8. And with the delivery of Gimi, we are now transitioning cash outflows to earnings for the vessel. The construction of Gimi commenced in 2019 and has been delayed due to COVID effects at the shipyard and for some suppliers. Given that Golar is a company with 2 key assets we have currently had around half of the balance sheet, not generating cash flow. With Gimi going from CapEx to cash flow and the increase in commodity earnings from Hilli, we see continued earnings growth in the coming years. This is all before a potential FID of a Mark II, which would further boost earnings in the years to come.

轉到幻燈片 8。隨著 Gimi 的交付，我們現在正在將現金流出轉變為該船的收入。吉米號的建造於 2019 年開始，但由於造船廠和一些供應商受到新冠疫情的影響而被推遲。鑑於 Golar 是一家擁有兩項關鍵資產的公司，我們目前擁有大約一半的資產負債表，但沒有產生現金流。隨著 Gimi 從資本支出轉向現金流以及 Hilli 商品收益的增加，我們預計未來幾年收益將持續增長。這一切都發生在 Mark II 潛在的最終投資決定之前，這將進一步提高未來幾年的收益。

Turning to Slide 9. We have expanded our working relationship with NNPC to include heads of terms signed in Abuja on August 1. The heads of terms set out a commercial framework for development of identified gas resources in Nigeria. In addition to the discussions with NNPC, we're also progressing potential FLNG deployment with 4 independent gas resource owners in Nigeria.

轉向幻燈片 9。我們擴大了與 NNPC 的工作關係，包括 8 月 1 日在阿布賈簽署的主要條款。這些條款為開發尼日利亞已探明的天然氣資源製定了商業框架。除了與 NNPC 進行討論外，我們還與尼日利亞 4 個獨立天然氣資源所有者進行潛在的 FLNG 部署。

In addition to the developments in Nigeria, we see similar developments of more than 5 potential FLNG deployment opportunities in other West African countries, where we are currently having commercial negotiations with gas resource owners and government interaction in potential countries of operation.

除了尼日利亞的發展之外，我們在其他西非國家也看到了超過 5 個潛在 FLNG 部署機會的類似發展，我們目前正在與這些國家的天然氣資源所有者進行商業談判，並與潛在運營國家進行政府互動。

Our priority remains to first recharter Hilli before FID and Mark II FLNG and then secure the charter for search vessel.

我們的首要任務仍然是在 FID 和 Mark II FLNG 之前首先重新租用 Hilli，然後獲得搜索船的租用。

Moving to Slide 10 and the development we've done on a Mark II in the quarter. As announced and earlier mentioned on the call, we have high graded our FLNG conversion candidate, acquiring Fuji and disposing of the LNG carrier, Gandria. We've made significant progress with Chinese financing houses for a debt facility of up to $1.5 billion, not contingent on a charter.

轉到幻燈片 10 以及本季度我們在 Mark II 上所做的開發。正如之前在電話會議上所宣布和提到的，我們對 FLNG 轉換候選者給予了高度評價，收購了 Fuji 並處置了 LNG 運輸船 Gandria。我們與中國融資機構在不以章程為條件的情況下提供高達 15 億美元的債務融資方面取得了重大進展。

We will continue to work with the shipyard to further derisk construction time line and pricing. We have increased our pre-FID commitments to about $400 million through a combination of long lead items, engineering work and the mentioned acquisition of Fuji. And as alluded to, if we FID that project this year, we will deliver within [M 26].

我們將繼續與船廠合作，進一步降低施工時間和定價的風險。通過長期項目、工程工作和上述對富士的收購，我們將 FID 前的承諾增加到約 4 億美元。正如所提到的，如果我們今年確定該項目，我們將在 [M 26] 內交付。

Turning to Slide 11. We see robust long-term fundamentals in support of LNG prices. From a macro perspective, the normalization of gas prices has not stopped the strong interest in securing future position. Asian importers are active in entering into long-term SPAs. And as you can see from the left-hand graph, 2023 is lining up to become close to 2022 in terms of total volume contracted. And in '22, we saw the highest level on record. The consequence of this continued buying interest is a rising price environment and what we show in the middle graph, is the Brent-linked pricing of long-term deals, which is currently ranging between 12.5% to 13.5% of Brent.

轉向幻燈片 11。我們看到強勁的長期基本面支持液化天然氣價格。從宏觀角度看，天然氣價格正常化並沒有阻止人們爭搶未來地位的強烈興趣。亞洲進口商積極簽訂長期買賣協議。從左圖可以看出，就合同總量而言，2023 年將接近 2022 年。 22 年，我們看到了有記錄以來的最高水平。這種持續購買興趣的結果是價格環境不斷上漲，我們在中間圖表中顯示的是與布倫特原油相關的長期交易定價，目前範圍為布倫特原油的 12.5% 至 13.5%。

However, there have been shorter-term deals reportedly done between 16% and 20% of Brent parity. Hence, we share the view of major players such as Shell and BP that LNG demand will remain robust in the long term as it is offering a solution to the energy trilemma the world is currently facing. Balancing energy security, access to affordable energy and doing so in a sustainable manner. That's part of what we are trying to capture on land through Macaw Energies, which we'll elaborate on, on Slide 12.

然而，據報導，短期交易的價格在布倫特原油價格的 16% 至 20% 之間。因此，我們同意殼牌和英國石油公司等主要參與者的觀點，即液化天然氣需求將長期保持強勁，因為它為世界目前面臨的能源困境提供了解決方案。平衡能源安全、獲得負擔得起的能源並以可持續的方式實現這一目標。這是我們試圖通過金剛鸚鵡能量在陸地上捕獲的部分內容，我們將在幻燈片 12 中詳細說明。

Macaw is progressing according to plan, targeting first operations in 2024. Commercial and technical development is ongoing alongside building commercial momentum with clients in the U.S. and South America. Additionally, the company is already positioning to access gas for its liquefaction technology with several discussions ongoing from gas suppliers. In order to capitalize on the market opportunity that Macaw represents, we are evaluating alternatives to facilitate growth above and beyond the commitment already provided by Golar.

Macaw 正在按計劃進展，目標是在 2024 年首次運營。商業和技術開發正在進行，同時與美國和南美洲的客戶建立商業勢頭。此外，該公司已經準備好為其液化技術獲取天然氣，並與天然氣供應商進行了多次討論。為了充分利用 Macaw 所代表的市場機會，我們正在評估替代方案，以促進超出 Golar 已經提供的承諾的增長。

I'll now hand the call over to Eduardo to take us through the Q2 results.

現在我將把電話轉交給 Eduardo，讓我們了解第二季度的結果。

Thanks, Karl, and good morning, everyone. I'm very pleased to provide an update on our group results for the second quarter of 2023. So turning over to Slide #14. I wanted to show some of the financial highlights of this quarter. We had total operating revenues of $78 million, up 5% versus Q1 '23. As a result of softer Brent and TTF prices in Q2, we had total FLNG tariffs of $99 million, down 10% compared to the previous quarter. FLNG tariff is a key non-GAAP metric comprised of total revenues from liquefaction services, including realized gains on oil and gas derivatives. We expect to see a positive reversal of this item this quarter on the back of higher Brent and TTF prices.

謝謝卡爾，大家早上好。我很高興提供 2023 年第二季度我們集團業績的最新信息。所以請轉到幻燈片#14。我想展示本季度的一些財務亮點。我們的總營業收入為 7800 萬美元，比 2023 年第一季度增長 5%。由於第二季度布倫特和 TTF 價格走軟，我們的 FLNG 總關稅為 9900 萬美元，比上一季度下降 10%。 FLNG關稅是一個關鍵的非公認會計原則指標，由液化服務的總收入組成，包括石油和天然氣衍生品的已實現收益。我們預計，由於布倫特原油和 TTF 價格上漲，本季度該商品價格將出現積極逆轉。

We also recorded an adjusted EBITDA of $83 million, pretty much in line with Q1, despite lower contribution from commodity-linked fees, as I mentioned before. However, reduced costs associated with the Tundra Development Agreement, which has been concluded in May, contributed to improvement in corporate and other adjusted EBITDA. This quarter, we had net income of $7 million, a significant improvement compared to Q1. This figure is included of a total of $72 million noncash items such as $77 million unrealized losses from oil and gas derivatives, $10 million unrealized gains in our interest rate swaps as well as a $5 million impairment upon the sale of Gandria.

正如我之前提到的，儘管商品相關費用的貢獻較低，但我們的調整後 EBITDA 為 8300 萬美元，與第一季度基本一致。然而，與 5 月份簽訂的 Tundra 開發協議相關的成本降低，有助於公司和其他調整後 EBITDA 的改善。本季度，我們的淨利潤為 700 萬美元，與第一季度相比有了顯著改善。這一數字包括總計 7200 萬美元的非現金項目，例如石油和天然氣衍生品的 7700 萬美元未實現損失、利率互換的 1000 萬美元未實現收益以及出售 Gandria 時的 500 萬美元減值。

Our liquidity position remains strong with close to $1 billion of liquidity. That includes cash on hand and other receivables from the unwinding of our TTF hedges earlier this year. Our total contractor debt stood at just shy of $1.2 billion, leaving us with a net debt position of $190 million.

我們的流動性狀況依然強勁，流動性接近 10 億美元。這包括手頭現金和今年早些時候我們解除 TTF 對沖的其他應收款。我們的承包商債務總額略低於 12 億美元，淨債務頭寸為 1.9 億美元。

Turning over to Slide 15. We would like to provide a recap from our historical earnings from Hilli. This graph shows our net share of Hilli's adjusted EBITDA. And as you can see, the tariff can be broken down into 3 main components: a fixed totaling tariff of $34 million, which has been in line with the previous quarter, a Brent-linked fee of $15 million this quarter, down from 18% in Q1 and also a TTF-linked fee of $30 million, which is also down from $37 million last quarter. As I mentioned before, we expect that higher oil and gas prices should support increased tariffs for the rest of 2023.

轉向幻燈片 15。我們想回顧一下 Hilli 的歷史收益。該圖顯示了我們在 Hilli 調整後 EBITDA 中的淨份額。正如您所看到的，關稅可分為 3 個主要組成部分：固定總關稅為 3400 萬美元，與上一季度持平；本季度與布倫特原油相關的費用為 1500 萬美元，低於 18%第一季度的TTF 相關費用為3000 萬美元，也低於上季度的3700 萬美元。正如我之前提到的，我們預計石油和天然氣價格上漲應該會支持 2023 年剩餘時間的關稅上調。

Turning over to Slide 16. We can see that we remain exposed to TTF prices for the remainder of '23 between August and till December. So to give an idea of how this can improve our earnings for every dollar per million BTU change in TTF prices we expect to make an additional $1.4 million in 2023. From 2024 until '26, this will increase to $3.2 million for every dollar of TTF prices. So just for example, if TTF prices averaged $15 per million BTU next year, we should make around $48 million just from this tariff alone.

轉向幻燈片 16。我們可以看到，在 23 年 8 月至 12 月的剩餘時間裡，我們仍然面臨 TTF 價格的影響。因此，為了了解這如何能夠提高TTF 價格每百萬BTU 變化帶來的收入，我們預計到2023 年將額外賺取140 萬美元。從2024 年到26 年，每1 美元TTF 的收入將增加到320萬美元價格。舉例來說，如果明年 TTF 價格平均為每百萬 BTU 15 美元，那麼僅通過這項關稅我們就應該賺取約 4800 萬美元。

In addition to that, when it comes to Brent, the incremental contribution is $2.7 million for every dollar per barrel change above $60 per barrel.

除此之外，就布倫特原油而言，每桶價格每變動 60 美元以上，每增加 1 美元，增量貢獻為 270 萬美元。

As discussed on our last call in May, we managed to negotiate and complete the amendment of the Hilli debt facility with improved terms, including a margin reduction and extension of tenor and amortization profile. These changes are expected to release additional free cash flow of approximately $75 million until the end of the current contract in mid-2026. Those new terms are already in place and have become effective since the end of June.

正如我們在五月份的最後一次電話會議中所討論的那樣，我們成功地談判並完成了 Hilli 債務融資的修訂，並改善了條款，包括減少保證金以及延長期限和攤銷期限。這些變化預計將釋放約 7500 萬美元的額外自由現金流，直至 2026 年中期當前合同結束。這些新條款已經到位，並自六月底起生效。

Now turning over to Slide 17. Our balance sheet remains strong, and we have a great level of flexibility to allow for progressive shareholder returns and at the same time to fund our FLNG growth program. Current liquidity, including cash receivable from TTF hedges amount to close to $1 billion and fully support the development and equity requirements for the construction of the Mark II FLNG.

現在轉到幻燈片 17。我們的資產負債表仍然強勁，我們擁有很大的靈活性，可以實現漸進的股東回報，同時為我們的 FLNG 增長計劃提供資金。目前的流動性（包括 TTF 對沖的應收現金）接近 10 億美元，完全支持 Mark II FLNG 建設的開發和股權需求。

In addition to that, we have several alternatives that could further enhance liquidity in order to fund further growth, including potentially refinancing of existing debt facilities for both Hilli and Gimi that could unlock significant amount of equity should we be required to do so.

除此之外，我們還有幾種可以進一步增強流動性的替代方案，以便為進一步增長提供資金，包括可能對Hilli 和Gimi 的現有債務融資進行再融資，如果我們需要這樣做，可以釋放大量股權。

As discussed on the previous slide, Hilli's free cash flow generation of more than $200 million per year fully supports the current dividend and buyback program. This will increase even further upon Gimi's startup creating room for increasing shareholder returns in the future. This quarter, we have declared a dividend of $0.25 a share with a record date of August 21 and payment on or about August 29.

正如上一張幻燈片中所討論的，Hilli 每年產生超過 2 億美元的自由現金流，完全支持當前的股息和回購計劃。隨著 Gimi 的初創公司為未來增加股東回報創造空間，這一數字將進一步增加。本季度，我們宣布派發每股 0.25 美元的股息，記錄日期為 8 月 21 日，並於 8 月 29 日左右支付。

Following the announcement of our $150 million buyback program in May, we have spent $30 million, repurchasing 1.4 million shares at an average price of around $21. After that, we had at the end of June, 160 million shares outstanding.

繼 5 月份宣布 1.5 億美元的回購計劃後，我們花費了 3000 萬美元，以平均價格約 21 美元回購了 140 萬股股票。此後，截至 6 月底，我們的流通股數量為 1.6 億股。

I'll now hand over the call to Karl for some closing remarks.

現在我將把電話轉交給卡爾做總結髮言。

Thank you, Eduardo. And turning to Slide 19 for summary. Starting off on the left-hand side, we see significant earnings growth from the existing asset portfolio with Gimi moving from CapEx to cash flow and increased future contribution from our commodity-linked earnings from Hilli. So you can see from the graph, all of the bars above the green line, which represents total debt service, equates to free cash flow to equity.

謝謝你，愛德華多。請參閱幻燈片 19 進行總結。從左側開始，我們看到現有資產組合的盈利顯著增長，Gimi 從資本支出轉向現金流，並且來自 Hilli 的商品相關盈利的未來貢獻增加。因此，您可以從圖表中看到，綠線上方的所有條形（代表總償債額）都等於股本的自由現金流。

Turning to bottom left, we have an attractive pricing on EV over 1 million tons of annual liquefaction capacity currently standing at around $680 million per ton, which is around half of what current shore-based liquefaction projects would cost to develop in the U.S.

轉向左下角，我們對年液化能力超過 100 萬噸的電動汽車定價頗具吸引力，目前約為每噸 6.8 億美元，大約是美國目前岸基液化項目開發成本的一半。

Turning to top right, we have a balance sheet that enables us to continue to grow the company. Current cash sits at around $1 billion. Total net debt at just shy of $200 million. We have initiated shareholder returns through quarterly dividends and $150 million buyback program, of which $30 million has been spent in -- during Q2.

轉到右上角，我們的資產負債表使我們能夠繼續發展公司。目前現金約為 10 億美元。淨債務總額略低於 2 億美元。我們通過季度股息和 1.5 億美元的回購計劃啟動了股東回報，其中 3000 萬美元已在第二季度支出。

We plan on distributing an increasing amount of the free cash flow to equity to our shareholders while using our balance sheet capacity for FLNG growth projects, namely through Mark II FLNG with 3.5 MTPA of capacity.

我們計劃將越來越多的自由現金流分配給股東，同時將我們的資產負債表產能用於 FLNG 增長項目，即通過容量為 3.5 MTPA 的 Mark II FLNG。

On the bottom right, we have an illustrative CapEx to EBITDA multiple, subject to margin per MMBtu on the x-axis versus what the CapEx to EBITDA multiple would be if we deploy at various different rates. We believe with more than 300 MMBtu available of liquefaction capacity from 2027 onwards, that we're well positioned to capture monetization of stranded gas reserves, in particular, in West Africa, but also in other geographical areas in discussion. This concludes our Q2 earnings presentation.

在右下角，我們有一個說明性的資本支出與 EBITDA 倍數，受 x 軸上每 MMBtu 的保證金與如果我們以各種不同的比率部署時資本支出與 EBITDA 倍數的影響。我們相信，從 2027 年起，液化能力將超過 300 MMBtu，我們完全有能力實現擱淺天然氣儲備的貨幣化，特別是在西非，但也在討論中的其他地理區域。我們的第二季度收益報告到此結束。

Thank you for listening in, and we'll now hand the call over to the operator for any questions.

感謝您的收聽，如果有任何問題，我們現在會將電話轉交給接線員。

(Operator Instructions)

（操作員說明）

The first question is from Ben Nolan from Stifel.

第一個問題來自 Stifel 的 Ben Nolan。

I had to -- hopefully that's okay, the first is when you move the -- or the transition on the -- with Nigeria moving from a memorandum of understanding heads of terms, trying to understand how big of a change that is and how close to a final contract, do you think a heads of terms is? Is it -- are we moving meaningfully closer to a definitive agreement in your opinion? Or is it just, I don't know, maybe frame that in for me.

我必須——希望沒關係，第一個是當你移動——或過渡——尼日利亞從諒解備忘錄的條款中移出時，試圖了解變化有多大以及有多接近對於最終合同，您認為主要條款是什麼？在您看來，我們是否正在朝著達成最終協議邁進有意義的一步？或者只是，我不知道，也許是為我設計的。

Nolan, thanks for the question. So, there is no recipe on how to fix an FLNG. The only independent provider of FLNG in the world is Golar and we have done two contracts, one with Perenco and one with BP and they were different in nature. However, the way it works on the ongoing discussions with NNPC is first, you sign an MOU to unlock resources in particular on the NNPC side. Following the unlocking of these resources in late April and over a series of meetings in London and in Nigeria, we have together developed a framework -- commercial framework for how to develop named resources. We have then agreed that commercial framework, and that's what's been signed up to through the heads of terms.

諾蘭，謝謝你的提問。因此，沒有關於如何修復 FLNG 的秘訣。世界上唯一的 FLNG 獨立供應商是 Golar，我們簽訂了兩份合同，一份與 Perenco，一份與 BP，性質不同。然而，與 NNPC 正在進行的討論的工作方式是，首先簽署一份諒解備忘錄以解鎖資源，特別是 NNPC 方面的資源。繼四月下旬釋放這些資源以及在倫敦和尼日利亞舉行的一系列會議後，我們共同製定了一個框架——如何開髮指定資源的商業框架。然後我們就商業框架達成了一致，這就是通過條款要點簽署的內容。

By signing the heads of terms, we unlock another set of work, in particular, then for NNPC to allocate further resources to further develop these projects. Given that the all of these FLNG projects are different in nature, it's difficult to guide on exactly when or how or how material, but it's certainly developing in the right direction.

通過簽署協議書，我們開啟了另一組工作，特別是讓 NNPC 分配更多資源來進一步開發這些項目。鑑於所有這些 FLNG 項目性質不同，很難準確指導何時、如何或如何材料，但它肯定正在朝著正確的方向發展。

Okay. That's helpful. And then for my second question, you talk about the Mark II if you're able to secure a contract on that asset before the end of the year, it would be available in 2027. In the same -- at the same time, you talked about the Hilli sort of being first on mind. I'm just curious if you think it is reasonable to think that you could get a Mark II contract before the end of the year and stay on that sort of 2027 time frame.

好的。這很有幫助。然後，對於我的第二個問題，你談論的是 Mark II，如果你能夠在年底之前獲得該資產的合同，它將在 2027 年上市。同時，你談到希利是第一個想到的。我只是好奇你是否認為在今年年底之前獲得 Mark II 合同並保持在 2027 年的時間範圍內是否合理。

And so just to clarify, if we contract recharter Hilli, we will proceed with Mark II without the contract. You don't need to see both Hilli and Mark II contracted. I think with all of the projects we have in the pipeline, we see ourselves increasingly confident both on the rechartering of Hilli and an attractive charter for Mark II. It's just a matter of having a balanced risk reward before we add on close to $2 billion worth of CapEx.

因此，需要澄清的是，如果我們與 Hilli 簽約，我們將在沒有合同的情況下繼續使用 Mark II。您不需要看到 Hilli 和 Mark II 都收縮。我認為，通過我們正在進行的所有項目，我們對 Hilli 的重新租船和 Mark II 的有吸引力的租船合同越來越有信心。在我們增加價值近 20 億美元的資本支出之前，問題只是獲得平衡的風險回報。

Okay. But, I guess the implication is that you don't think that by the end of this year, that would be unreasonable. Is that fair?

好的。但是，我想這意味著你不認為到今年年底，這將是不合理的。這公平嗎？

That's what we're working towards, yes.

是的，這就是我們正在努力的方向。

(Operator Instructions) And the next question is from Chris Robertson from Deutsche Bank.

（操作員說明）下一個問題來自德意志銀行的 Chris Robertson。

Karl, just my question is a follow up to Ben's. Just looking at the scope of work that might be done with NNPC, is there potential to deploy Hilli as well as the Mark II asset with NNPC.

卡爾，我的問題是本問題的後續問題。只要看看 NNPC 可能完成的工作範圍，是否有可能與 NNPC 一起部署 Hilli 以及 Mark II 資產。

They have more than enough gas to deploy multiple FLNGs in country. Yes.

他們擁有足夠的天然氣來在該國部署多艘 FLNG。是的。

Okay. Yes. All right. And then looking at the 5 other countries or entities that you're kind of in negotiations or conversations with now, do all of those I guess, involved in NOC or are there any IOCs involved in the resources that are being looked at?

好的。是的。好的。然後看看你現在正在談判或對話的其他 5 個國家或實體，我猜所有這些國家或實體都參與了國家奧委會，或者是否有任何國際奧委會參與了正在考慮的資源？

Yes. But it's mainly focused on NOCs, but some of them also include IOCs.

是的。但它主要集中在國家奧委會，但其中一些也包括國際奧委會。

And the next question is from Chris Tsung from Webber Research & Advisory.

下一個問題來自韋伯研究與諮詢公司的 Chris Tsung。

Just following up on the NNPC questions and your other projects in West Africa. Will those all be tolling or integrated? And just as a follow up to that, like how should we expect, like how much ownership should we expect Golar to have? Will it be like 100%? Or could we see some NOCs or IOC partners coming on board.

只是跟進 NNPC 的問題和您在西非的其他項目。這些都是收費的還是集成的？正如我們應該如何期望，就像我們應該期望 Golar 擁有多少所有權？會是100%嗎？或者我們是否可以看到一些國家奧委會或國際奧委會合作夥伴加入進來。

Okay. So all -- none of the projects we're pursuing is a fixed tariff or like that of Gimi. They are either fully integrated or a fixed tariff with the commodity exposure, more like Hilli, but even more exposed to commodity. The reason why we look to structure the charters in that way is that we see that it's a lot easier to get better economics in the project if you have some upside and downside sharing with IOCs -- sorry with the NOCs. As long as that is done with linkage to highly liquid international price indices, such as Brent, TTF, JKM or similar we can always derisk such pricing movements in the paper market, and that's what we're targeting.

好的。因此，我們正在追求的項目都不是固定關稅或像吉米那樣的項目。它們要么與大宗商品敞口完全一體化，要么採用固定關稅，更像 Hilli，但對大宗商品的敞口更大。我們之所以希望以這種方式構建章程，是因為我們發現，如果與國際奧委會分享一些好處和壞處，那麼在項目中獲得更好的經濟效益會容易得多——對不起，國家奧委會。只要與高流動性的國際價格指數（例如布倫特原油、TTF、JKM 或類似指數）聯繫起來，我們就總能消除票據市場的此類定價波動風險，而這正是我們的目標。

In terms of [NOCs] -- it depends on project to project. Most of them, Golar remains the owner of the FLNG. The NOC remains the owner of the upstream and gas treatment. We both work to have as slim economics on that side as possible. And then we share in the gas offtake pricing, and then you basically achieve the same. In some of them, it's being discussed to have shared economics across the value chain as well. If that is to be the case, the resource certainly needs to be big enough to charter the vessel for remaining life, whether it's Hilli or Mark II.

就[NOC]而言——這取決於項目。其中大多數人，Golar 仍然是 FLNG 的所有者。國家石油公司仍然是上游和天然氣處理的所有者。我們都努力讓這方面的經濟效益盡可能小。然後我們分享天然氣承購定價，然後你基本上就可以實現相同的目標。其中一些還討論了整個價值鏈的共享經濟。如果是這樣的話，資源肯定需要足夠大才能包租船隻以維持剩餘壽命，無論是 Hilli 還是 Mark II。

Okay. Great. And taken from the contract, would BP for Gimi starts up in Q1 next year when the vessel arise on site? Or is it contingent on producing first on your commissioning, probably just keen what's going on from like BP and Kosmos' earning calls?

好的。偉大的。從合同來看，當船舶在現場出現時，BP for Gimi 是否會在明年第一季度啟動？或者是否取決於您的調試是否首先生產，可能只是熱衷於 BP 和 Kosmos 的財報電話會議發生了什麼？

When it comes to that project, I think Golar's focus is to deliver the FLNG and to be delivered safely on site into the hub. And then we are not taking risk or responsibility for other parts of the infrastructure. And the contract mechanisms work so that there will be cash flow to Golar once we start -- arrive at the site irrespective of the status of other parts of the infrastructure. It is, however, fair to say that everybody around the table is incentivized to have the project up and running as soon as possible, but we are not actively part of any other parts of the project than delivering the FLNG.

談到該項目時，我認為 Golar 的重點是交付 FLNG 並在現場安全地交付到樞紐。然後我們不會為基礎設施的其他部分承擔風險或責任。合同機制的運作使得一旦我們開始到達現場，無論基礎設施其他部分的狀態如何，Golar 都會有現金流。然而，公平地說，參與會議的每個人都有動力盡快啟動並運行該項目，但除了交付 FLNG 之外，我們沒有積極參與該項目的任何其他部分。

There are no further questions. I will hand back the conference to Mr. Staubo for closing remarks.

沒有其他問題了。我將把會議交還給斯托博先生致閉幕詞。

Thank you all for dialing in. I hope you have a good day and hope to speak to all of you very, very soon. Thank you.

感謝大家撥通電話。祝您度過愉快的一天，並希望很快就能與大家交談。謝謝。

That concludes the conference for today. Thank you for participating. You may all disconnect.

今天的會議到此結束。感謝您的參與。你們都可以斷開連接。