Golar LNG Ltd (GLNG) 2023 Q3 法說會逐字稿

Welcome to the Golar LNG Limited 3Q 2023 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 年第三季的演示。在執行長 Karl Fredrik Staubo 和財務長 Eduardo Maranhao 的幻燈片演示結束後，將進行問答環節。隨後將提供有關如何提問的資訊。 （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 good day to all of you. Welcome to Golar LNG's Q3 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. Before we get into the presentation, please note the forward-looking statements on Slide 2.

謝謝您，接線員，祝大家有美好的一天。歡迎來到 Golar LNG 2023 年第三季財報。我是 Golar LNG 執行長卡爾‧弗雷德里克‧斯塔博 (Karl Fredrik Staubo)。今天我在我們的財務長 Eduardo Maranhao 先生的陪同下介紹本季的業績。在我們開始簡報之前，請注意投影片 2 上的前瞻性陳述。

Turning to Slide 3 and an overview of Golar today. We own and operate 2 FLNGs. The Hilli operating for Perenco in Cameroon and the Gimi, which delivered from Seatrium Shipyard in Singapore now on Sunday and is currently sailing towards Mauritania/Senegal to start its 20-year contract for BP.

轉向幻燈片 3 並概述今天的 Golar。我們擁有並經營 2 艘 FLNG。 Hilli 號為喀麥隆的 Perenco 運營，Gimi 號於週日從新加坡 Seatrium 造船廠交付，目前正駛往毛里塔尼亞/塞內加爾，開始與 BP 簽訂為期 20 年的合約。

In Q1 next year, we expect to take delivery of the LNG carrier, Fuji, which we acquired in May and intend to convert into a 3.5 MTPA Mark II FLNG vessel. We also own one LNG carrier, Arctic, which has just been through its 5-year class. Arctic has a membrane storage system and is therefore not suitable for FLNG conversion. And we're, therefore, currently considering alternatives for the vessel, including chartering or sale.

明年第一季度，我們預計將接收 5 月收購的液化天然氣運輸船 Fuji，並打算將其改裝為 3.5 MTPA Mark II FLNG 船。我們還擁有一艘液化天然氣運輸船“Arctic”，該船剛完成五年級服務。 Arctic有薄膜儲存系統，因此不適合FLNG轉換。因此，我們目前正在考慮該船的替代方案，包括租賃或出售。

We remain committed to FLNG growth and have in addition to the Mark I FLNG design of Hilli and Gimi, spent considerable time and resources to develop 2 incremental designs, Mark II with 3.5 million tons of annual liquefaction capacity and Mark III with 5 million tons of annual liquefaction capacity.

我們仍然致力於FLNG 的發展，除了Hilli 和Gimi 的Mark I FLNG 設計外，我們還花費了大量時間和資源來開發2 個增量設計，即年液化能力350 萬噸的Mark II 和年液化能力500萬噸的Mark III。年液化能力。

We'll elaborate more on our growth ambitions later in the presentation. We also have 2 investments in Macaw Energies, a land-based liquefaction company, targeting monetization of flare gas and focused on operations in the Americas.

我們將在稍後的演示中詳細闡述我們的成長目標。我們還對 Macaw Energies 進行了 2 項投資，這是一家陸基液化公司，目標是火炬氣貨幣化，並專注於美洲業務。

And Avenir LNG, a small-scale LNG company, owning 5 small-scale LNG carriers servicing local distribution trades and the growing maritime LNG bunkering market as well as an LNG terminal in Sardinia, Italy.

Avenir LNG是一家小型液化天然氣公司，擁有5艘小型液化天然氣運輸船，為當地分銷行業和不斷增長的海上液化天然氣加註市場提供服務，並在義大利撒丁島擁有一個液化天然氣接收站。

Turning to Slide 4. We're pleased to announce that Gimi has completed its construction at Seatrium Shipyard in Singapore and is currently on its way to the GTA field offshore Senegal and Mauritania. The construction of an FLNG is a major milestone for Golar. We have highlighted some key statistics to give some perspective on the scale of the conversion work now complete. During the conversion, we've added 44,000 tons of steel, equivalent to 3,650 double-decker buses. The liquefaction top side requires 215 megawatts of power, equivalent to the output of 150 wind turbines, sufficient to power 80,000 homes. We've added 1,500 kilometers of cabling, which is almost 8x around Singapore, where the vessel has been constructed. The conversion itself has taken 37 million man hours or 18,500 working years.

轉向幻燈片 4。我們很高興地宣布，Gimi 已在新加坡 Seatrium 造船廠完成建造，目前正在前往塞內加爾和茅利塔尼亞近海的 GTA 油田。 FLNG 的建造是 Golar 的一個重要里程碑。我們重點介紹了一些關鍵統計數據，以便對現已完成的轉換工作的規模提供一些看法。在改造過程中，我們增加了44,000噸鋼材，相當於3,650輛雙層巴士。液化頂部需要215兆瓦的電力，相當於150颱風力渦輪機的輸出，足以為80,000戶家庭供電。我們增加了 1,500 公里的電纜，幾乎是船舶建造地新加坡周圍的 8 倍。轉換本身花費了 3700 萬工時或 18,500 個工作年。

Through adding sponsons, we've added the equivalent of 20 basketball courts of deck space to fit all the topside equipment needed to liquefy natural gas. This construction was undertaking in the midst of COVID, which caused significant challenges to the conversion project. However, we are now very pleased with the outcome of the vessel and look forward to get the vessel into operation for BP under a 20-year contract on the GTA field.

透過增加舷艙，我們增加了相當於 20 個籃球場的甲板空間，以容納液化天然氣所需的所有上部設備。該建設是在新冠疫情期間進行的，這給改造項目帶來了重大挑戰。然而，我們現在對該船的結果非常滿意，並期待根據為期 20 年的 GTA 油田合約為 BP 投入營運。

Turning to Slide 5 and another milestone for the quarter. Hilli delivered its cargo #100 on the 16th of October at the first FLNG in the world to meet this milestone. The unit continued to deliver and just offloaded its cargo 102 or more than 7 million tons since production started up in 2018. The stable operations of Hilli since start-up, as represented on the right-hand side of the slide, speaks to the testimony of the quality of the sign and operational performance of the Golar team and execution model.

轉向幻燈片 5，這是本季的另一個里程碑。 Hilli 於 10 月 16 日在世界上第一艘 FLNG 上交付了#100 貨物，實現了這一里程碑。自 2018 年投產以來，該裝置持續交付並剛卸貨 102 噸，即超過 700 萬噸。如幻燈片右側所示，Hilli 投產以來的穩定運營就是佐證。Golar 團隊和執行模型的標誌品質和營運績效。

We're seeing increased interest for rechartering of Hilli upon current contract expiry in July 26, including detailed commercial discussion for 3 different recontracting opportunities at higher capacity utilization compared to today's contract and with more compelling economics.

我們看到，目前合約將於7 月26 日到期後，人們對Hilli 重新租船的興趣有所增加，包括對3 種不同的重新租船機會進行詳細的商業討論，與今天的合約相比，產能利用率更高，經濟效益也更引人注目。

Turning to Slide 6 with an overview of the global FLNG fleet. Golar owns the largest fleet of FLNGs in the world measured by million tons of installed capacity and at par with Petronas and ENI in terms of number of FLNGs.

轉向幻燈片 6，概述全球 FLNG 船隊。 Golar 擁有世界上最大的 FLNG 船隊（按裝置容量計算，以百萬噸計），其 FLNG 數量與 Petronas 和 ENI 相當。

Golar pioneered the FLNG concept with the construction and delivery of Hilli and have also demonstrated the lowest CapEx per tonne of liquefaction capacity. We are today the only provider of FLNG as a service. All the other owners of FLNG tonnage utilize FLNG technology for owned or controlled gas reserves or to service their own portfolio of downstream demand for LNG.

Golar 透過 Hilli 的建造和交付開創了 FLNG 概念，並展示了每噸液化能力最低的資本支出。如今，我們是唯一提供 FLNG 服務的供應商。所有其他 FLNG 噸所有者都利用 FLNG 技術來獲取或控制天然氣儲備，或滿足自己的 LNG 下游需求組合。

Golar's position as the only service provider of maritime liquefaction enables us to offer a unique value proposition to owners of stranded and associated gas reserves. We offer gas monetization through a targeted integrated approach, where Golar aligned its commercial model with the gas resource owner in a partnership. We ensure aligned economics through the commodity cycles and price volatility. It's worth to know the relative size of the company's controlling FLNG assets, for example, by market cap.

Golar 作為唯一的海上液化服務供應商，使我們能夠為擱淺和伴生天然氣儲量的所有者提供獨特的價值主張。我們透過有針對性的綜合方法提供天然氣貨幣化，其中 Golar 與天然氣資源所有者合作，調整其商業模式。我們確保在商品週期和價格波動中保持經濟一致性。值得了解該公司控制的 FLNG 資產的相對規模，例如按市值計算。

Golar market cap is around $2.3 billion compared to NFE and Petronas of $7 billion to $8 billion, ENI of $55 million and Shell at $215 billion. We're not suggesting that FLNG valuation alone justifies the value of these companies, but this gives insight into the relative scale of the players involved in maritime liquefaction.

Golar 的市值約為 23 億美元，而 NFE 和 Petronas 的市值為 70 億至 80 億美元，ENI 為 5,500 萬美元，殼牌為 2,150 億美元。我們並不是說 FLNG 估值本身就能證明這些公司的價值是合理的，但這可以讓我們深入了解參與海上液化的參與者的相對規模。

Turning to Slide 7 and rationale for why we believe FLNG developments in Africa are attractively positioned for FLNG exports. Africa has 620 Tcf of proven maritime gas reserves, the energy equivalent of 110 billion barrels of oil that today are either stranded, flared or reinjected. A significant portion of these reserves are best monetized through FLNG technology.

轉向幻燈片 7 以及我們為何認為非洲 FLNG 開發對 FLNG 出口具有吸引力的理由。非洲已探明海洋天然氣儲量為 620 Tcf，相當於 1,100 億桶石油的能源，而這些石油如今要麼擱淺、燃燒，要麼重新註入。這些儲量的很大一部分可以透過 FLNG 技術實現最佳貨幣化。

Golar's proven market-leading CapEx per tonne compared to other liquefaction solutions, including shore-based developments, set for attractive cost of production. Africa's closer proximity to key LNG markets in Europe and Asia compared to U.S. export projects reduced shipping costs. Hence, if you have a business with 3 cost drivers, and African FLNG projects are cheaper on all 3 inputs, we believe the ingredients for an attractive business model is present. Golar's position as the only proven service provider of FLNG as a service is well positioned to take an active role in further expanding African gas exports.

與其他液化解決方案（包括岸基開發）相比，Golar 的每噸資本支出處於市場領先地位，生產成本極具吸引力。與美國出口項目相比，非洲更接近歐洲和亞洲的主要液化天然氣市場，從而降低了運輸成本。因此，如果您的企業具有 3 個成本驅動因素，並且非洲 FLNG 專案的所有 3 個投入都更便宜，那麼我們相信具有吸引力的商業模式的要素已經存在。 Golar 作為唯一經過驗證的 FLNG 服務供應商，處於有利位置，可以在進一步擴大非洲天然氣出口方面發揮積極作用。

Turning now to Slide 9 and a business update. Hilli, as referred to, continued its market-leading operational track record and have now delivered its cargo #102. Gimi sale from Singapore on Sunday on our way to the GTA field for commencement over 20-year contracts. On business development, we continue to target an integrated model where we align FLNG economics with the upstream partner to have shared exposure to LNG offtake prices.

現在轉向幻燈片 9 和業務更新。正如所提到的，Hilli 繼續保持其市場領先的營運記錄，現已交付 102 號貨物。週日，我們從新加坡出發，前往 GTA 油田，開始簽訂 20 年以上的合約。在業務發展方面，我們繼續以綜合模式為目標，在該模式中，我們與上游合作夥伴協調 FLNG 經濟，共同承擔 LNG 承購價格的風險。

On Hilli, we continue to target commitment on rechartering of the vessel within 2024. Current discussions include detailed terms for 3 different redeployment opportunities. On March 2, we continue to progress the sign long lead items and donor vessel delivery expected in Q1 '24.

在 Hilli，我們繼續致力於在 2024 年內重新租用船舶。目前的討論包括 3 種不同重新部署機會的詳細條款。 3 月 2 日，我們繼續推進預計在 24 年第一季交付的長期交付項目和捐贈船舶交付。

The next step is to obtain commitment on commercialization projects before proceeding with the final investment decision.

下一步是在做出最終投資決定之前獲得商業化專案的承諾。

On Corporate and Other, adjusted EBITDA for the quarter came in at $75 million, Golar cash position is about $840 million and north of $920 million, inclusive of the TTF swap receivable.

在企業及其他方面，本季調整後的 EBITDA 為 7,500 萬美元，Golar 現金部位約為 8.4 億美元，超過 9.2 億美元，其中包括 TTF 掉期應收帳款。

We finalized the sale of the LNG carrier, Gandria, in the quarter for a net consideration of $15 million. We also continue our focus on shareholder returns and declare a dividend for the quarter of $0.25 and continued our buyback program, acquiring 0.2 million shares in the quarter with total shares now outstanding at 105.9 million shares. Our fully owned subsidiary, Macaw Energies, acquired a majority stake in (inaudible), an established natural gas distribution company in Brazil.

我們在本季以 1500 萬美元的淨代價完成了液化天然氣運輸船 Gandria 的出售。我們也繼續關注股東回報，並宣布本季派發 0.25 美元的股息，並繼續實施回購計劃，在本季度收購了 20 萬股，目前流通股總數為 1.059 億股。我們的全資子公司 Macaw Energies 收購了（聽不清楚）巴西一家成熟的天然氣分銷公司的多數股權。

Macaw remains on track to deliver its first flare to LNG pilot in the U.S. within 2024.

Macaw 仍有望在 2024 年內在美國向液化天然氣試點計畫交付首個火炬。

Turning to Slide 10. With Gimi delivery, we now expect a transition from CapEx to cash flow. We look forward to get started on operations and to see Gimi go from cash outflow through CapEx to cash inflow through earnings. As construction risk is now taken out of the project, we will focus on debt optimization for the unit. We will target an increase in facility size, a reduction in debt margin, an extended repayment profile and duration compared to the current facility. We are in discussions with potential lenders and have received term sheets with improved terms for potential new vessel debt.

轉向幻燈片 10。隨著 Gimi 交付，我們現在預計從資本支出到現金流的轉變。我們期待著開始營運並看到 Gimi 從通過資本支出的現金流出到通過收益的現金流入。由於該項目的施工風險現已消除，我們將重點關注該單位的債務優化。與目前的融資相比，我們的目標是增加融資規模、降低債務保證金、延長還款期限和期限。我們正在與潛在的貸款人進行討論，並已收到條款清單，其中包含潛在新船債務的改進條款。

We also see further earnings upside upon Hilli recontracting at limited incremental CapEx, extracting the full value of the installed liquefaction capacity in our portfolio.

我們還看到，Hilli 以有限的增量資本支出進行再承包後，盈利將進一步上升，從而充分發揮我們投資組合中已安裝液化能力的全部價值。

Turning to Slide 11 and elaborating on the next steps towards contract start-up for Gimi. Gimi is now sailing on their own propulsion assisted by one tug. 2 stopovers in Mauritius and Namibia is planned to undertake refueling and crew changes. The total voyage until we're on site is expected to take about 60 days but can be shorter or longer subject to weather conditions.

轉向投影片 11，詳細說明 Gimi 合約啟動的後續步驟。吉米號現在在一艘拖船的協助下依靠自己的推進航行。計劃在毛里求斯和納米比亞經停兩次，進行加油和船員換班。到達現場為止的總航程預計需要大約 60 天，但根據天氣情況可能會更短或更長。

Once we reach site, we will notify BP that we're ready for mooring and physical connection of FLNG. We will then start upstream -- the project will start upstream commissioning and supply of gas to the FLNG. Once first gas is introduced to the FLNG, we then target a commissioning period, which originally scheduled to take 6 months, but we're actively working with the GTA partners to make further efficiencies on the commissioning period. Once commissioning is complete, we will reach commercial operations date and the start of the 20-year contract at the GTA field.

一旦我們到達現場，我們將通知英國石油公司我們已準備好進行 FLNG 的繫泊和實體連接。然後我們將開始上游——該項目將開始上游調試並向 FLNG 供應天然氣。一旦第一批天然氣被引入 FLNG，我們就會設定調試期，原計劃需要 6 個月，但我們正在積極與 GTA 合作夥伴合作，以進一步提高調試期的效率。一旦調試完成，我們將達到商業營運日期並開始在 GTA 油田簽訂 20 年合約。

Turning to Slide 12 and progress on our Mark II FLNG. Major long-lead items have been orders and are under construction. So you can see from the picture on the right-hand side, several of the equipment is now taking shape. This combined with more than 250,000 engineering hours to date allow for fast track project execution, which will reduce execution risk and shorten construction time by about 12 months from when we take FID.

轉向幻燈片 12，了解我們的 Mark II FLNG 的進展。主要長週期項目已下訂單並正在建設中。所以從右圖可以看到，有幾個設備現在已經成形了。加上迄今為止超過 250,000 個工程小時，可以快速追蹤專案執行，這將降低執行風險，並將施工時間從我們採取 FID 時起縮短約 12 個月。

We expect the Fuji LNG to be delivered to us in Q1 '24. The vessel is intended as the donor vessel for the project. EPC contract negotiations and engineering have advanced significantly, and Mark II is ready for execution as soon as we have commitment on commercialization of the units. We continue to see increasing interest for Mark II and several work streams are ongoing for project-specific applications.

我們預計富士液化天然氣將於 24 年第一季交付給我們。該船旨在作為該項目的捐贈船。 EPC 合約談判和工程已取得顯著進展，一旦我們承諾將裝置商業化，Mark II 就已準備好執行。我們繼續看到人們對 Mark II 越來越感興趣，並且針對特定專案應用程式的多個工作流程正在進行中。

Turning to Slide 13 and Macaw Energies. As explained, the company is on track to have the first flare to LNG liquefaction pilot available in the U.S. in Q1 of next year. We also recently teamed up with pilot gas to provide the first LNG to EV charging expected to take place in Q2.

轉向幻燈片 13 和金剛鸚鵡能量。正如所解釋的，該公司預計將於明年第一季在美國進行第一個火炬液化天然氣試點。我們最近也與 Pilot Gas 合作，為電動車提供首次液化天然氣充電，預計將於第二季進行。

Operational startup of midstream commercialization platform in Brazil is expected to start up now in Q4. We're also actively looking at further expanding the asset portfolio of Macaw, and this could include a potential separate listing of Macaw Energies into a stand-alone entity during 2024.

巴西中游商業化平台預計將於第四季啟動營運。我們也積極考慮進一步擴大 Macaw 的資產組合，這可能包括在 2024 年將 Macaw Energies 單獨上市為一個獨立實體。

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

現在我將把電話轉交給愛德華多，讓他帶我們了解小組結果。

Good morning, everyone, and thank you, Karl. I'm glad to share an overview of Golar's financial performance during Q3. This quarter has been marked by significant milestones, including the delivery of Gimi and the continued operational excellence at Hilli.

大家早安，謝謝你，卡爾。我很高興與大家分享 Golar 第三季財務表現的概述。本季有一些重要的里程碑，包括 Gimi 的交付和 Hilli 的持續卓越營運。

Turning over to Slide 15. I wanted to show some of the financial highlights of this quarter. Total operating revenues amounted to $67 million, with total FLNG tariffs reaching $95 million. FLNG tariff is a critical non-GAAP metric, which reflects a comprehensive approach to liquefaction revenues, including realized gains on oil and gas derivatives. Despite a marginal dip compared to Q2, this robust performance underscores the resilience of our commercial model.

前往投影片 15。我想展示本季的一些財務亮點。總營業收入達 6,700 萬美元，FLNG 總關稅達 9,500 萬美元。 FLNG關稅是一項重要的非公認會計原則指標，它反映了液化收入的綜合方法，包括石油和天然氣衍生性商品的已實現收益。儘管與第二季相比略有下降，但這種強勁的表現凸顯了我們商業模式的彈性。

Adjusted EBITDA came in at $75 million, affected by lower realized contributions from commodity-linked fees. However, we anticipate a positive reversal in Q4 driven by higher Brent and TTF prices. Important to note that these fees are calculated on a rolling average basis of the previous 3 months for Brent and 1 month ahead pricing for TTF.

調整後的 EBITDA 為 7,500 萬美元，受到商品相關費用已達到貢獻減少的影響。然而，我們預計第四季度將出現積極逆轉，原因是布蘭特原油和 TTF 價格上漲。需要注意的是，這些費用是根據布蘭特原油前 3 個月的滾動平均值和 TTF 提前 1 個月的定價計算的。

This quarter, we had a net income of $114 million, a significant improvement compared to Q2. This figure includes a total of $39 million noncash items, such as $34 million unrealized gains from oil and gas derivatives and $5 million boost from unrealized gains in our interest rate swaps.

本季度，我們的淨利潤為 1.14 億美元，與第二季度相比有了顯著改善。這一數字包括總計 3,900 萬美元的非現金項目，例如石油和天然氣衍生品的 3,400 萬美元未實現收益以及利率掉期未實現收益帶來的 500 萬美元。

Our liquidity position remains robust, standing at close to $1 billion, when includes cash on hand and other receivables from the unwinding of our TTF hedges earlier this year. With total contract of debt just under $1.2 billion, our net debt position was $251 million.

我們的流動性狀況依然強勁，接近 10 億美元，其中包括手頭現金和今年稍早解除 TTF 對沖的其他應收款。合約債務總額略低於 12 億美元，我們的淨債務部位為 2.51 億美元。

Now moving to Slide 16. We can see how Hilli's performance compared to previous quarters. When looking on a year-on-year basis, Hilli generated $73 million in Q3, which is 14% greater than during the same quarter of last year. When we break down these numbers in comparison to Q2, we maintain consistency with a fixed tolling tariff of $32 million. Brent-linked fees slightly decreased to $13 million from $15 million last quarter and TTF linked fees of $28 million were down from $30 million last quarter. As I explained on the previous slide, we see lots of tailwinds from these variable fees and expect a positive impact from higher oil and gas prices, driving increased tariffs for the rest of 2023.

現在轉到幻燈片 16。我們可以看到 Hilli 的表現與前幾季相比如何。與去年同期相比，Hilli 在第三季創造了 7,300 萬美元的收入，比去年同期成長了 14%。當我們將這些數字與第二季進行比較時，我們與 3,200 萬美元的固定通行費保持一致。布蘭特原油相關費用從上季的 1,500 萬美元小幅下降至 1,300 萬美元，TTF 相關費用從上季的 3,000 萬美元下降到 2,800 萬美元。正如我在上一張幻燈片中所解釋的那樣，我們看到這些可變費用帶來了很多推動力，並預計石油和天然氣價格上漲將產生積極影響，從而推動 2023 年剩餘時間的關稅上漲。

Moving on to Slide 17. We can see that we remain exposed to TTF prices for the remainder of 2023 and 2024. While at the same time, we expect to benefit from locking gains from our previous swaps. The locking TTF gains resulting from the effective unwinding of our hedges will be allocated in addition to our fixed tolling fees and variable Brent and TTF revenues.

繼續看投影片 17。我們可以看到，在 2023 年剩餘時間和 2024 年，我們仍然面臨 TTF 價格風險。同時，我們預計將從鎖定之前掉期的收益中受益。除了我們的固定通行費以及可變的布倫特和 TTF 收入之外，我們對沖的有效解除所產生的鎖定 TTF 收益也將被分配。

So between now or between -- in the Q4 of 2023, we expect to recognize approximately $23 million in EBITDA from the -- those locked-in gains. And for the full year of 2024, we expect approximately $49 million of EBITDA secured or approximately $12 million per quarter.

因此，從現在到 2023 年第四季度，我們預計將從這些鎖定收益中確認約 2,300 萬美元的 EBITDA。對於 2024 年全年，我們預計將獲得約 4,900 萬美元的 EBITDA，即每季約 1,200 萬美元。

To illustrate how this can improve our earnings for every dollar per million BTU change in TTF, we expect to make $3.2 million per year. So based on forward prices for next year, we should make around $39 million just from this. In addition to that, when it comes to Brent, the incremental contribution is $2.7 million for every dollar per barrel movement above $60. So when we look at forward '24 prices, the total contribution next year should be around $56 million.

為了說明 TTF 每變動 1 美元 BTU 如何提高我們的收入，我們預計每年將賺取 320 萬美元。因此，根據明年的遠期價格，我們應該從中賺取約 3900 萬美元。除此之外，就布蘭特原油而言，每桶價格每上漲 60 美元以上，增量貢獻為 270 萬美元。因此，當我們考慮 24 年的遠期價格時，明年的總貢獻應約為 5,600 萬美元。

As previously announced in Q2, we managed to improve certain terms of the existing Hilli financing, including lower margins and extended repayment profile. As a result of that and based on current forward prices, Hilli alone is expected to generate an impressive $650 million of free cash flow to equity between 2022 and 2024, as you can see on this slide.

正如先前在第二季宣布的那樣，我們設法改善了現有 Hilli 融資的某些條款，包括降低利潤率和延長還款期限。因此，根據目前的遠期價格，預計在 2022 年至 2024 年間，僅 Hilli 一項業務就能產生高達 6.5 億美元的股權自由現金流，正如您在這張幻燈片中看到的那樣。

Now moving to Slide 18. Our balance sheet remains strong, and we have a great level of flexibility to fund increased shareholder returns and at the same time, back our growth ambitions. Current liquidity position, including cash receivable from TTF hedges amounts to just under $1 billion and fully supports the development in equity requirements for the construction of new FLNG units, as described by Karl on the Mark II slide.

現在轉到投影片 18。我們的資產負債表仍然強勁，我們具有很大的靈活性，可以為增加股東回報提供資金，同時支持我們的成長雄心。目前的流動性狀況（包括來自 TTF 對沖的應收現金）接近 10 億美元，完全支持建設新 FLNG 裝置的股權需求的發展，如 Karl 在 Mark II 幻燈片中所述。

We continue to explore alternatives that could further enhance liquidity in the near term, including the optimization and refinancing of Gimi now that she's left to the yard and construction is complete, potential asset sales such as Arctic and Avenir, the spinoff of Macaw and further optimization and refinancing of Hilli upon a new contract, among other initiatives.

我們將繼續探索短期內進一步增強流動性的替代方案，包括對Gimi 進行優化和再融資，因為她已被留在船廠且施工已完成，潛在的資產出售（例如Arctic 和Avenir）、Macaw 的分拆和進一步優化除其他舉措外，還根據新合約為 Hilli 進行再融資。

This quarter, we declared a dividend of $0.25 a share, with a record date of December 1 and payment on or about December [11]. We have repurchased 0.2 million shares this quarter, leaving 105.9 million shares outstanding. Out of the $150 million approved share buyback program, $117 million remains available for further repurchases, which will continue to be opportunistically pursued.

本季度，我們宣布派發每股 0.25 美元的股息，記錄日期為 12 月 1 日，並於 12 月左右支付[11]。本季我們回購了 20 萬股股票，尚有 1.059 億股流通股。在已批准的 1.5 億美元股票回購計畫中，仍有 1.17 億美元可用於進一步回購，我們將繼續伺機進行回購。

Hilli's strong free cash flow generation. We'll continue to provide the backbone in support of the current dividend and buyback program. On top of that, Gimi's expected to start up next year, will pave the way for increasing shareholder returns.

Hilli 強大的自由現金流產生能力。我們將繼續為目前的股利和回購計劃提供支援。最重要的是，Gimi 預計將於明年啟動，將為增加股東回報鋪平道路。

Now I'll hand over to Karl for some closing remarks.

現在我將請卡爾做總結發言。

Thanks, Eduardo. And turning to Slide 20 for a summary and next steps. Hilli has diversified revenues from its base Brent and TTF-linked earnings, as just described by Eduardo. Secondly, with Gimi about the start-up contract, we will double the amount of FLNGs making cash flow. We see increased interest for rechartering of Hilli beyond July 26, and we're in detailed commercial discussion for 3 different opportunities, with several other parties interested in the ship.

謝謝，愛德華多。請參閱投影片 20 進行總結和後續步驟。正如 Eduardo 剛才所描述的，Hilli 的收入來自其基礎布蘭特原油和 TTF 相關收益的多元化。其次，與Gimi簽訂啟動合約後，我們將使FLNG的現金流量增加一倍。我們看到 7 月 26 日之後對 Hilli 重新租船的興趣有所增加，並且我們正在與對該船感興趣的其他幾方就 3 個不同的機會進行詳細的商業討論。

Long lead items are well progressed for Mark II FLNG, the yard contract, design and engineering are ready and our focus is now on the charter commitment. We continue to target integrated projects with exposure to commodity prices.

Mark II FLNG 的長期專案進展順利，堆場合約、設計和工程已準備就緒，我們現在的重點是包機承諾。我們繼續瞄準具有大宗商品價格風險的綜合項目。

Potential start-up of operations could be in 2027. As Eduardo explained, we have around $900 million in liquidity. With the delivery of Gimi, we now allow for debt optimization. There's further potential liquidity in potential asset sales of noncore assets, and we are targeting a spin-off of Macaw Energies within 2024.

營運可能會在 2027 年啟動。正如 Eduardo 所解釋的那樣，我們擁有大約 9 億美元的流動資金。隨著 Gimi 的交付，我們現在可以進行債務優化。非核心資產的潛在資產出售有進一步的潛在流動性，我們的目標是在 2024 年內分拆 Macaw Energies。

There's upside to the dividend following the start-up of FLNG Gimi cash flow. There is potential further liquidity boost by debt refinancings and debt optimization. And we also have continued capacity under the existing share buyback program to continue to return value to shareholders through share buybacks.

FLNG Gimi 現金流啟動後，股利有上升空間。債務再融資和債務優化可能會進一步增加流動性。根據現有的股票回購計劃，我們也有能力繼續透過股票回購向股東回報價值。

That concludes the prepared remarks for the Q3 presentation. I'll thank you all for dialing in. I'll now hand the call over to the operator for any questions.

為第三季演示準備的評論到此結束。感謝大家撥通電話。如果有任何問題，我現在會將電話轉給接線生。

(Operator Instructions) Our first question comes from the line of Ben Nolan from Stifel.

（操作員說明）我們的第一個問題來自 Stifel 的 Ben Nolan。

And Karl, Eduardo, first, congrats on getting the Gimi out. I'm sure it is a welcome relief to see the -- that leave in the yard. As it relates to the Gimi, could you maybe just help me think through what the revenue and the cash flow looks like until the commissioning period, how -- I know you get some payments, but maybe any color as to sort of what those should look like prior to commissioning.

卡爾，愛德華多，首先恭喜你把吉米拿出來了。我相信看到它們離開庭院是一種令人欣慰的欣慰。由於它與 Gimi 相關，您能否幫我思考一下調試期間之前的收入和現金流是什麼樣子，如何 - 我知道您會收到一些付款，但也許有任何顏色可以說明這些付款應該是什麼看起來像調試之前。

Ben, thanks for the question. So the commissioning revenue only starts upon commissioning. At which point, we make a fixed contribution per day plus a tolling fee for any LNG actually produced in the commissioning period. As alluded to, the commissioning period is targeted to take 6 months, but as also explained, we're targeting to reduce the commissioning period and working with the GTA partners to shorten that time frame and get into COD earlier.

本，謝謝你的提問。因此，調試收入僅在調試時開始。此時，我們每天繳納固定費用，並為調試期間實際生產的任何液化天然氣收取通行費。如所提到的，調試期的目標是 6 個月，但正如所解釋的，我們的目標是縮短調試期，並與 GTA 合作夥伴合作，縮短該時間範圍並更早進入 COD。

As you correctly pointed out, there are also contract mechanisms that would provide Golar with further day rates in addition to commissioning revenue. Those day rates are the contract mechanisms that we currently are in a discussion with BP on the relevance of. And given that we are in these discussions, we would disclose the details of those at a later point in time.

正如您正確指出的那樣，除了調試收入之外，還有合約機制可以為 Golar 提供進一步的日費率。這些日費率是我們目前正在與 BP 討論其相關性的合約機制。鑑於我們正在進行這些討論，我們將在稍後的時間披露這些細節。

Okay. All right. Well, I guess I'll just wait for that. And then for my second question, I'm curious about the refinancing of the Gimi. Is that something that you can do or anticipate being able to do prior to the final commissioning? And then you mentioned maybe using some of the proceeds for capital return. Just curious, it would seem to me that a buyback is overwhelmingly the easier option relative to a dividend, but maybe how you think about that?

好的。好的。好吧，我想我就等著吧。對於我的第二個問題，我對吉米的再融資感到好奇。這是您在最終調試之前可以做或預計能夠做的事情嗎？然後你提到可能將部分收益用於資本回報。只是好奇，在我看來，相對於股息而言，回購絕對是更容易的選擇，但也許您對此有何看法？

So to answer the first part of the question, yes, we think refinancing is doable before commissioning is complete. As we have explained on several previous quarterly calls, we have looked at different alternatives for refinancing the vessel for some time, but it's been important to us to take the construction risk element out of the equation in seeking to get the best terms available. Now that the vessel has sailed, we are increasing focus on these refinancing alternatives.

因此，要回答問題的第一部分，是的，我們認為在調試完成之前再融資是可行的。正如我們在之前的幾次季度電話會議中所解釋的那樣，我們一段時間以來一直在研究為船舶再融資的不同替代方案，但對我們來說，在尋求獲得最佳可用條款時將施工風險因素排除在外非常重要。現在船已經起航，我們越來越關注這些再融資替代方案。

And as we have explained, we have already received term sheets, which we find attractive for refinancing of the vessel. Our primary focus is to return operating cash flow to shareholders and use other liquidity for attractive growth expanding our FLNG portfolio.

正如我們所解釋的，我們已經收到了條款清單，我們發現它對於船舶再融資很有吸引力。我們的主要重點是將營運現金流返還給股東，並利用其他流動性實現有吸引力的成長，擴大我們的 FLNG 投資組合。

Okay. Thinking between dividend versus buyback?

好的。股利與回購之間的思考？

At the end of the day, that's a Board decision, but we still have around $117 million worth of buyback program under the existing allowance. And we're currently paying out less than half of free cash flow to shareholders. So we think that there should be capacity to continue to do both. And as long as the share is trading at a discount to where we think fair value of the company is we think buybacks is a sensible way of continuing parts of shareholder returns.

最終，這是董事會的決定，但在現有津貼下，我們仍然有價值約 1.17 億美元的回購計畫。目前我們向股東支付的自由現金流不到一半。因此我們認為應該有能力繼續做到這兩點。只要股票交易價格低於我們認為公司公允價值的水平，我們就認為回購是持續獲得部分股東回報的明智方式。

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

現在我們將繼續討論下一個問題。我們的下一個問題來自 BTIG 的 Greg Lewis。

I guess maybe this is for Eduardo. As we think about the daily expense of the Gimi. Any kind of variance versus what it's costing to run the Hilli? And is there a contract language that differs much in terms of the operating cost side?

我想這也許是給愛德華多的。當我們思考Gimi的日常開支。與運行 Hilli 的成本相比有什麼差異嗎？是否有一種合約語言在營運成本方面差異很大？

Greg, so when we look at the forecasted operating expenses for Gimi and is pretty much the same as we have in Hilli, the bulk of the expenses are related to crew. According to our contract arrangements with BP, all of the operating expenses are basically passed through under the contract. So they should follow that arrangement once we start operations.

格雷格，所以當我們查看吉米的預計營運費用時，它與希利的營運費用幾乎相同，大部分費用與船員有關。根據我們與BP的合約安排，所有的營運費用基本上都透過合約轉嫁。因此，一旦我們開始運營，他們就應該遵循這項安排。

Okay. And is it -- I guess it's -- I mean realizing the vessel is still sailing. I guess it's safe to assume during the commissioning process at a minimum, we're going to be able to pass that through or we're going to realize a revenue number higher than that?

好的。是嗎——我想是——我的意思是意識到船仍在航行。我想至少可以安全地假設在調試過程中，我們將能夠通過該過程，或者我們將實現比這更高的收入數字？

During the commissioning phase, that's correct. We will be able to pass through the operating expenses to our customers.

在調試階段，這是正確的。我們將能夠將營運費用轉嫁給我們的客戶。

Okay. Great. And then my other question is related to -- thank you for the detail on the active discussions with the Hilli potential rechartering. I guess it's a 2-part question. One is there's -- as we think about these conversations, is there a potential for any of those conversations to spill over into the Mark II if the Hilli gets contracted? And then really, broadly speaking, just given the fact that the Gimi is more of a tolling arrangement, is it safe to say going forward, we're not interested in that type of work?

好的。偉大的。然後我的另一個問題與 - 感謝您提供有關與 Hilli 潛在重新租船的積極討論的詳細信息。我想這是一個由兩個部分組成的問題。一是——當我們思考這些對話時，如果 Hilli 簽約，這些對話是否有可能蔓延到 Mark II 上？然後，實際上，從廣義上講，鑑於吉米更像是一種收費安排，可以肯定地說，我們對此類工作不感興趣嗎？

Greg, this is Karl. To answer the first part of the question, for all of the commercial opportunities that we're in discussions with, there are spillovers between Hilli and Mark II. Some of them is better suited for one. Some of them is better suited for the other, but many projects can do either.

格雷格，這是卡爾。為了回答問題的第一部分，對於我們正在討論的所有商業機會，Hilli 和 Mark II 之間都存在溢出效應。其中一些更適合其中之一。其中一些更適合另一種，但許多項目可以兩者兼得。

It's obviously different CapEx involved, different sizes involved. So for us, it's really about gas flow and the size of the reserve and, to some extent, the level of pretreatment before the gas enters the FLNG because Mark II would be built from -- we have more space to deal with pretreatment than what we would have on Hilli. Hence, gas quality, gas flow and reserve size is basically what decides between the 2, but yes, there are spillovers.

顯然涉及不同的資本支出、不同的規模。因此，對我們來說，這實際上與氣體流量和儲備規模有關，在某種程度上，與氣體進入FLNG 之前的預處理水平有關，因為Mark II 的建造基礎是——我們有更多的空間來處理預處理。我們會在希利。因此，天然氣品質、天然氣流量和儲量規模基本上是兩者之間的決定因素，但確實存在溢出效應。

If you think a little bit of the history of Golar, so Hilli was ordered on spec and the Perenco contract was done even if the unit wasn't fully utilized to prove the concept. The Gimi contract was entered into with BP. It's well known in the industry that after the Macondo incident, BP probably has the highest operational standards for maritime equipment globally.

如果您了解 Golar 的歷史，那麼 Hilli 是按規格訂購的，並且 Perenco 合約已經完成，即使裝置沒有充分利用來證明這個概念。吉米合約是與英國石油公司簽訂的。業界眾所周知，馬孔多事件後，BP可能擁有全球最高的海事設備營運標準。

Hence, if our technology is sufficient to meet BP operating standards, is a significant proof of concept on using the same technology for basically any other potential FLNG chartering prospect. That's also why we accepted a tolling fee to BP. And you're correctly pointing out that going forward, we would not be looking for tolling fees, but mainly more integrated solutions, given the very attractive risk reward that we see for that type of contract structure and also because we are the only service provider of FLNG that can monetize these assets.

因此，如果我們的技術足以滿足英國石油公司的營運標準，那麼對於將相同技術用於基本上任何其他潛在的 FLNG 租賃前景來說，這是一個重要的概念證明。這也是我們向 BP 收取通行費的原因。您正確地指出，展望未來，我們不會尋求通行費，而主要是尋求更整合的解決方案，因為我們看到這種類型的合約結構具有非常有吸引力的風險回報，而且我們是唯一的服務提供者可以將這些資產貨幣化的 FLNG。

We'll now move on to our next question. Our next question comes from the line of Chris Robertson from Deutsche Bank.

現在我們將繼續討論下一個問題。我們的下一個問題來自德意志銀行的克里斯·羅伯遜。

Karl and Eduardo, guys, this question just relates to Slide 10 on the adjusted EBITDA guidance, looking at 2024. Just hoping you can provide clarification around kind of the delta between last quarter's update and this update. Is the difference in the 24 level related to, I guess, timing around the Gimi startup? Or what goes into that number that's changed since last time?

Karl 和 Eduardo，夥計們，這個問題僅與幻燈片 10 上調整後的 EBITDA 指導（著眼於 2024 年）有關。只是希望你們能夠澄清上季度更新與本次更新之間的增量。我猜，24 級的差異是否與 Gimi 啟動的時間有關？或者說自上次以來這個數字發生了什麼變化？

Do you want to add, Eduardo?

你想補充一下嗎，愛德華多？

Yes, sure. So I think the main difference when it comes to 2024 is we have updated those figures with the current forward curves for both Brent and TTF. So I think those will largely drive the variable fees on Hilli and that's where the bulk of the difference can be justified.

是的，當然。因此，我認為到 2024 年的主要區別是我們用布蘭特原油和 TTF 的當前遠期曲線更新了這些數據。因此，我認為這些將在很大程度上推動 Hilli 的可變費用，這就是大部分差異是合理的。

Okay. That's clear. Just looking at the Hilli, when the current contract ends, what type of downtime and maybe a range of CapEx requirements do you think would be required to prepare it for its next contract? I know there's questions around where it will go and the type of project, but are you thinking about maybe a range of CapEx required at this time?

好的。很清楚。看看 Hilli，噹噹前合約結束時，您認為需要什麼類型的停機時間以及一系列資本支出要求來為其下一份合約做好準備？我知道人們對專案的去向和專案類型有疑問，但您是否正在考慮目前所需的一系列資本支出？

Chris, yes, the range is basically -- it really depends on location and duration of the next contract. But assuming we go for a 10 to 20-year contract upon recontracting and a relocation to another geography than Cameroon, we would likely look at anywhere between 6 and 12 months downtime, which would include the transportation legs to the new site and any potential vessel upgrades. And CapEx could be anywhere from, I guess, in the very low end, $50 million to $200 million.

克里斯，是的，範圍基本上 - 這實際上取決於下一份合約的地點和期限。但假設我們在重新簽訂合約並搬遷到喀麥隆以外的其他地區時簽訂為期10 至20 年的合同，我們可能會考慮6 至12 個月的停機時間，其中包括前往新地點的運輸路程和任何潛在的船隻升級。我猜資本支出可能在 5,000 萬美元到 2 億美元之間。

Okay. Got it. That's clear. And then just following up on CapEx guidance here. Can you remind us what's been invested to date on the long lead items on the Mark II project and kind of what the total projected CapEx remaining would be upon an FID decision?

好的。知道了。很清楚。然後在這裡跟進資本支出指南。您能否提醒我們，迄今為止，Mark II 專案的長期專案已投資了多少，以及最終投資決定 (FID) 決定後預計剩餘資本支出總額是多少？

Eduardo?

愛德華多？

Yes, sure. So to date, we have committed around $300 million in long lead items, out of which approximately 50% of that or $155 million has been spent to date. We have an agreed payment schedule with all those respective suppliers, and that should basically be paid over the next quarters and going even further beyond the end of 2024. So we have an agreed price and the price falls on a grid schedule.

是的，當然。迄今為止，我們已承諾投入約 3 億美元用於長期項目，其中約 50%（即 1.55 億美元）迄今已支出。我們與所有這些各自的供應商都有一個商定的付款時間表，基本上應該在接下來的幾個季度支付，甚至在2024 年底之後支付。因此，我們有一個商定的價格，並且價格符合電網時間表。

And then the incremental $100 million is basically related to the ship and engineering costs. That takes the full commitment -- or current commitment on Mark II to around $400 million. And then the incremental picks upon FID would then be approximately $1.6 billion, bringing total CapEx to around $2 billion.

那麼增量的1億美元基本上都是與船舶和工程成本有關。這意味著 Mark II 的全部承諾或當前承諾約為 4 億美元。然後，最終投資決定的增量選擇將約為 16 億美元，使總資本支出達到約 20 億美元。

We'll now move on to our next question. Our next question comes from the line of Christian Wetherbee from Citigroup.

現在我們將繼續討論下一個問題。我們的下一個問題來自花旗集團的 Christian Wetherbee。

This is Matt on for Chris. I wanted to follow up on some of the details on the Gimi time line. And so it's currently in rail to arrive at the GTA hub around that mid-to-late December time line. That is still the expectation, correct? And then just to gain a little bit further clarity on when we could potentially see first gas begin flowing and ultimately realize that full commission rate. If I'm understanding everything correctly in the press release and the conversations today, that will take approximately 6 months, right, from when Gimi arrives on site at GPA, which should sort of put that in sort of maybe year, next year when you would see that full realization? Just trying some further clarity on that because I was under the impression that, that was -- could potentially occur towards the end of first quarter 24. So any details there would be great.

這是馬特為克里斯代言的。我想跟進吉米時間線上的一些細節。目前，該列車正在鐵路上運行，並將於 12 月中下旬左右抵達 GTA 樞紐。這仍然是期望，對嗎？然後只是為了進一步明確我們何時可能看到第一批天然氣開始流動並最終實現全額佣金率。如果我正確理解了新聞稿和今天對話中的所有內容，那麼從 Gimi 到達 GPA 現場起大約需要 6 個月的時間，這應該可以算作可能是一年、明年，那時你會看到完全的實現嗎？只是嘗試進一步澄清這一點，因為我的印像是，這可能會在 24 月第一季末發生。所以任何細節都會很棒。

Yes. Matt, so the transit is expected to take around 60 days from today. So we're looking, call it, late December, early Jan, there is possible to do it quicker. It's really subject to weather going around the Cape, which is the key sensitivity. But 60 days includes for weather window.

是的。馬特，所以從今天開始預計運輸需要 60 天左右。所以我們正在尋找，稱之為，十二月底，一月初，有可能做得更快。它確實受到海角周圍天氣的影響，這是關鍵的敏感性。但 60 天包括天氣窗口。

Then subject to the project being available to send those gas, we would then hook up and start gas flowing into the FLNG as we are on site, and we would then take up to 6 months for commissioning. And as just explained in Greg's earlier question, we would then make a commissioning fixed day rates plus a tolling fee based on actual liquefaction concluded in the commissioning period. And again, we're working with the GTA partners to shorten that time frame.

然後，根據專案是否可以輸送這些氣體，我們將在現場連接並開始將氣體流入 FLNG，然後我們將需要長達 6 個月的時間進行調試。正如格雷格在先前的問題中所解釋的那樣，我們將根據調試期間完成的實際液化情況制定調試固定日費率以及通行費。我們正在與 GTA 合作夥伴合作，以縮短這一時間。

In the event that the project is not available to send those gas, there's another contract mechanism that then kicks in, which is effectively a standby day rate, but we are paid to be on site until the project is available to send those gas and commissioning starting up.

如果該專案無法發送這些天然氣，則會啟動另一種合約機制，這實際上是備用日費率，但我們會在現場付費，直到該專案可以發送這些天然氣並進行調試啟動。

The standby day rate is a staircase that starts off relatively low covering OpEx and a little bit more. And then increasing as the potential time of being on standby day rate extends. But our and the GTA partners' clear ambition is to get gas flowing and get to commercial operations date as soon as possible.

待機日費率呈階梯狀，起始相對較低，涵蓋營運支出，甚至更多。然後隨著潛在待命時間的延長而增加。但我們和 GTA 合作夥伴的明確目標是讓天然氣流通並儘快進入商業營運階段。

Great. Really appreciate that detail. Yes, that is very helpful. And then just as a follow-up, could you just touch a little bit more on sort of the further contracting or I should say, recontracting opportunities for Hilli? I know that I see a now 2024 potential commitment on the horizon, which appears to be in development since last quarter. Just any details there just to fully understand the situation and the likelihood of the commitment fully materializing?

偉大的。真的很欣賞這個細節。是的，這非常有幫助。然後，作為後續行動，您能否再談談進一步簽約的問題，或者我應該說，為 Hilli 重新簽約的機會？我知道我看到 2024 年的潛在承諾即將到來，該承諾似乎自上季以來一直在製定中。只是為了充分了解情況和承諾完全實現的可能性而提供的任何細節嗎？

Yes. There's always a trade-off between what we think industrially maximizes the return on the assets and what the financial markets want in terms of visibility, and we're trying to balance the 2. But at the end of the day, this is the only FLNG available for gas monetization at end of early '26, early '27. And we think that the commercial value of that is very attractive, and that's further confirmed by the commercial discussions we're in.

是的。我們認為工業上最大化資產回報與金融市場在可見性方面想要的之間總是存在權衡，我們正在努力平衡這兩者。但歸根結底，這是唯一的選擇FLNG 可於26 年初、27 年初用於天然氣貨幣化。我們認為它的商業價值非常有吸引力，我們正在進行的商業討論進一步證實了這一點。

As we alluded to, we are in detailed commercial discussions with 3 opportunities, and there are several other gas research owners doing technical work on the feasibility of FLNG monetization of their resources. Once we reach commercial agreement, which frankly is not the most challenging part of an FLNG commercial transaction, we then need to get together with the upstream partner, all of the regulatory approvals that's needed.

正如我們所提到的，我們正在與 3 個機會進行詳細的商業討論，並且還有其他幾家天然氣研究所有者正在就其資源的 FLNG 貨幣化的可行性進行技術工作。一旦我們達成商業協議（坦白說，這並不是 FLNG 商業交易中最具挑戰性的部分），我們就需要與上游合作夥伴合作，以獲得所需的所有監管批准。

So subject to geography, that is anything to do from PSC terms, fiscal regime, environmental sign-off, confirmation of mooring location and these, call it, steps that's required for FID. so commercially, we think we will have line of sight significantly earlier than when we would formally have a firm commitment. So we are now actively working to finalize commercial terms and to develop a clear time line together with the upstream partner and the local regulators on where the ship would work.

因此，受地理位置影響，這涉及 PSC 條款、財政制度、環境簽署、繫泊位置確認以及 FID 所需的這些步驟。因此，從商業角度來看，我們認為我們將比正式做出堅定承諾的時間早得多。因此，我們現在正在積極努力敲定商業條款，並與上游合作夥伴和當地監管機構一起制定船舶作業地點的明確時間表。

And for now, we see that competitive tension on the interest on the vessel working in our favor, and that's what we're trying to balance together with the financial market anxiety or sort of need or want to see clarity on recontracting.

目前，我們認為船舶利息方面的競爭緊張對我們有利，這就是我們正在努力與金融市場焦慮或某種需要或希望看到重新簽訂合約的明確性進行平衡的原因。

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

（操作員說明）我們現在將繼續討論下一個問題。我們的下一個問題來自 Tuohy Brothers 的 Craig Shere。

So congratulations on all the progress. The clarification on the answer to Ben's question on the Gimi refi. It sounded like your operating cash flow is intended for return of capital to shareholders, but onetime asset sales or cash outs like the Gimi refi are intended for future growth investment. So my question is, how much do you expect to be needed for a Mark III FID in terms of cash on hand?

所以要祝賀所有的進展。對 Ben 關於 Gimi refi 問題的回答的澄清。聽起來你的經營現金流是為了向股東返還資本，但一次性資產出售或像吉米再融資這樣的現金支出是為了未來的成長投資。所以我的問題是，就手頭現金而言，您預計 Mark III FID 需要多少？

And if you have notably more liquidity after Gimi refi, would you see that merely helping bridge a Hilli redeployment period? Or are you already eyeing something beyond the Fuji conversion?

如果你在吉米再融資後擁有明顯更多的流動性，你會認為這只是幫助彌合希利重新部署期嗎？或者您已經在關注富士轉換之外的其他東西了？

Okay. So the way we see it is, operating cash flow can be returned to shareholders through a combination of buybacks and dividends at the moment. We think the cash at hand can be used for Hilli deployment, FID of Mark II and subject to the timing of which potentially further FLNGs beyond that. In terms of the money required for Mark II, we think that CapEx would be plus/minus $2 billion. We think that debt available in the construction period should be anywhere between, call it, plus/minus $1 billion to $1.2 billion. So we estimated around, call it, [$800 million].

好的。所以我們認為，目前營運現金流可以透過回購和股利結合的方式回饋給股東。我們認為手頭上的現金可用於 Hilli 部署、Mark II 的最終投資決定，並根據時間表進一步推進 FLNG。就 Mark II 所需的資金而言，我們認為資本支出將正負 20 億美元。我們認為，建設期間的可用債務應該在正負 10 億美元到 12 億美元之間。所以我們估計，稱之為，[8 億美元]。

Given that we're currently also retaining some of the operating cash flow, we think we have ample liquidity to deal with an FLNG FID, the redeployment of Hilli and then some. If and when we do asset disposals, it will be up to the Board on how that capital is allocated. But mainly, our thinking is operating cash flow should be a sustainable dividend. And then other cash should be used for attractive growth projects.

鑑於我們目前也保留了部分營運現金流，我們認為我們有充足的流動性來處理 FLNG FID、Hilli 的重新部署等問題。如果我們進行資產處置，將由董事會決定如何分配資本。但主要的是，我們的想法是經營現金流應該是可持續的股利。然後其他現金應該用於有吸引力的成長項目。

Got you. And once you recontract for redeployment of the Hilli, I guess, maybe to start up at a new location possibly at the beginning of '27, are you in a position if it's dramatically more attractive and some higher locked-in cash flows with some upside kickers? Are you in a position to do a refi on that as well in cash out?

明白你了。一旦你重新簽訂了Hilli 的重新部署合同，我想，也許是在27 年初在一個新地點啟動，如果它更具吸引力，並且鎖定現金流更高，並且有一些上行空間，那麼你是否處於有利位置？踢球者？您是否可以對其進行再融資並提取現金？

The short answer is yes. So today, the unit is utilized around 1.4 million to 1.44 million tonnes per annum versus installed capacity of 2.4 million. We would typically discount the committed volumes under a new contract to anywhere between 2 million and 2.2 million tonnes, which would drive the majority of the earnings increase versus the current contracts, just the fact that you increased capacity utilization. That combined with also targeting higher or more attractive economics in a new contract should boost earnings from Hilli, so both capacity utilization and improved earnings. And yes, that should trigger refinancing really.

簡短的回答是肯定的。如今，該裝置的年利用率約為 140 萬至 144 萬噸，而裝置容量為 240 萬噸。我們通常會將新合約下的承諾產量折扣至 200 萬噸至 220 萬噸之間，與目前合約相比，這將推動大部分收益成長，因為產能利用率有所提高。再加上新合約中的目標更高或更有吸引力的經濟效益，應該會提高 Hilli 的收益，從而提高產能利用率和收益。是的，這確實應該引發再融資。

And is the thoughts about what to do with the Hilli refi similar to what you've already shared on the Gimi? Or is that just extra gravy and maybe can go towards return of capital?

關於如何處理 Hilli refi 的想法是否與您在 Gimi 上分享的類似？或者這只是額外的肉汁，也許可以用於資本回報？

Well, it should be -- I guess that's up to that point in time if we then see the same attractiveness of FLNG growth projects. But the way we see the outlook right now, we would still do -- deploy that for FLNG growth because we think the market opportunity is very significant and significantly more than 1, 2 or even 3 units.

嗯，應該是——我想，如果我們隨後看到 FLNG 成長項目具有同樣的吸引力，那就到了那個時間點了。但就我們目前看待前景的方式而言，我們仍然會這樣做——部署 FLNG 成長，因為我們認為市場機會非常重大，而且遠遠超過 1、2 甚至 3 個單位。

This concludes today's question-and-answer session. So I will hand the call back to Karl Staubo for closing remarks.

今天的問答環節到此結束。因此，我將把電話轉回給卡爾·斯托博（Karl Staubo），讓其致閉幕詞。

Thank you all for dialing in. Q3 was a notable quarter in Golar's history, both with the operational milestone of the 100th cargo on Hilli and importantly, the delivery of Gimi. We look forward to the next steps and speak to you all in the next quarter. Thanks for dialing in, and bye-bye.

感謝大家撥打電話。第三季度是 Golar 歷史上值得關注的一個季度，既實現了 Hilli 上第 100 批貨物的運營里程碑，也實現了 Gimi 號的交付。我們期待接下來的步驟，並在下個季度與大家交談。感謝您撥通電話，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。您現在可以斷開連線。發言者請稍候。