Golar LNG Ltd (GLNG) 2023 Q4 法說會逐字稿

Welcome to the Golar LNG Limited Fourth Quarter 2023 presentation after the slide presentation by CEO, Karl Fredrik Staubo; and CFO, Eduardo Maranhao, and there will be a question and answer session. Information on how to ask questions will be provided then. At this time, all participants are in listening only mode. I will now pass you over to Karl Fredrik Staubo. Karl? Please go ahead.

歡迎來到 Golar LNG Limited 2023 年第四季度的演示，在首席執行官 Karl Fredrik Staubo 的幻燈片演示之後；財務長 Eduardo Maranhao，並將舉行問答環節。隨後將提供有關如何提問的資訊。此時，所有參與者都處於僅聽模式。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 and good day, and welcome to Golar LNG's Q4 2023 earnings results presentation. My name is Karl Fredrik Staubo, I'm the CEO 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. We'll start with slide 3 and an overview of Golar today. We own two FLNG Hilli operating for Branco in Cameroon and FLNDMA delivered from CTM shipyard in November last year and currently more to the GTA hub offshore Senegal and Mauritania, which will be her home for the next 20 years.

謝謝您，美好的一天，歡迎來到 Golar LNG 的 2023 年第四季財報。我叫 Karl Fredrik Staubo，是 Golar LNG 的首席執行官，今天在我們的財務長 Eduardo Maranhao 先生的陪同下介紹本季的業績。在我們進入演示之前。請注意幻燈片 2 上的前瞻性陳述。我們今天將從幻燈片 3 和 Golar 概述開始。我們擁有兩艘FLNG Hilli，為喀麥隆的Branco運營，並於去年11月從CTM造船廠交付了FLNDMA，目前還有更多船運往塞內加爾和毛里塔尼亞近海的GTA樞紐，這將是她未來20年的家。

We own two LNG carriers. We agreed to acquire the project intended for mark 2 FLNG conversion and expect to take delivery of the vessel next week we also own the LNG carrier, Golar Arctic, which is a non-core to our FLNG focus and we are currently considering options for the vessel, including charter opportunities or a potential sale.

我們擁有兩艘液化天然氣運輸船。我們同意收購旨在用於 Mark 2 FLNG 改裝的項目，並預計下週交付該船。我們還擁有 LNG 運輸船 Golar Arctic，這是我們 FLNG 重點的非核心項目，我們目前正在考慮該項目的選擇船舶，包括租賃機會或潛在的出售。

We have two financial investments, Avenir LNG, a small-scale LNG shipping company and Macaw Energies, a land-based liquefaction company targeting monetization of flare gas, focused on operations in the Americas. We're particularly excited about the outlook for Macaw, and we'll share more color on developments on that later in the presentation.

我們有兩項金融投資，Avenir LNG（一家小型液化天然氣運輸公司）和 Macaw Energies（致力於火炬氣貨幣化的陸基液化公司，專注於美洲業務）。我們對金剛鸚鵡的前景感到特別興奮，我們將在稍後的演示中分享更多關於這方面進展的資訊。

Turning to Slide 4, Golar is the world's largest owner and operator of FLNG and the only FLNG player offering floating liquefaction as a service. This is relevant as gas resource owners of proven reserves, either stranded reinjected or flared gas look to monetize these proven reserves whilst maintaining meaningful ownership and exposure to their own resource. Golar's position as the only service provider of maritime liquefaction enables us to offer these resource owners a unique value proposition.

轉向幻燈片 4，Golar 是全球最大的 FLNG 所有者和營運商，也是唯一一家提供浮式液化服務的 FLNG 營運商。這是相關的，因為探明儲量的天然氣資源所有者，無論是滯留的回注天然氣還是火炬天然氣，都希望將這些探明儲量貨幣化，同時保持有意義的所有權和對自己資源的敞口。 Golar 作為唯一的海上液化服務提供者，使我們能夠為這些資源所有者提供獨特的價值主張。

We own and operate the largest FLNG fleet in the world by liquefaction capacity and at par with ENI and [ethanol] in number of units. Golar pioneered the FLNG concept with the construction and delivery of Hilli and have also demonstrated the lowest CapEx per ton and market-leading operational track record.

我們擁有並經營世界上液化能力最大的 FLNG 船隊，其單位數量與 ENI 和[乙醇]相當。 Golar 透過 Hilli 的建造和交付開創了 FLNG 概念，並展示了最低的每噸資本支出和市場領先的營運記錄。

Turning to slide 5, we provide an overview of the global LNG supply and the attractiveness of FLNG project development. The global LNG market is approximately 400 million tons and based on projects under construction or pending final investment decision, market supply is estimated to grow by up to GBP220 million or more than 50% by 2030.

轉向幻燈片 5，我們概述了全球液化天然氣供應和 FLNG 專案開發的吸引力。全球液化天然氣市場規模約4億噸，根據在建案或待最終投資決定，預計2030年市場供應量將成長高達2.2億英鎊或超過50%。

The largest incremental producer of LNG will be the US with a current market share of 22% of global volumes and 57% on planned other production. On the far right hand side, this compares the cost curves for global suppliers volumes landed in Europe. This cost stack includes the cost of source gas, liquefaction, and shipping. Based on forward curves for Henry Hub, a significant portion of US volumes have a landed price into Europe of about $10 per [millionxzzzzzzzzz] BTU, providing support for LNG prices.

最大的液化天然氣增量生產國將是美國，目前市佔率佔全球產量的 22%，佔其他計畫產量的 57%。在最右側，比較了全球供應商到達歐洲的成本曲線。此成本堆疊包括氣源、液化和運輸的成本。根據 Henry Hub 的遠期曲線，美國銷量的很大一部分到歐洲的到岸價格約為每 [百萬xzzzzzzzz] BTU 10 美元，這為液化天然氣價格提供了支撐。

We target LNG developments with significantly cheaper source have sourced cost for the gas based on our demonstrated lower CapEx per ton and shorter shipping distance from the locations we are targeting we see landed gas prices for projects currently in discussion of around $5 per MMBTU.

我們的目標是採用更便宜的來源進行液化天然氣開發，基於我們已證明的每噸資本支出較低以及距我們目標地點的運輸距離較短，我們認為目前正在討論的項目的落地天然氣價格約為每MMBTU 5 美元。

This suggests that the project's economics for the FLNG developments currently in development by Golar can generate a margin of $5 per MMBTU to where US exports of breakeven landed costs. And at this breakeven landed cost for the majority of US projects the EBITDA of the FLNG project in discussion is ranging between [$600 million] and [$875 million] dependent on whether we look at the May or March to FLNG solution, where the economics will be shared between the resource owner and Golar.

這表明，Golar 目前正在開發的 FLNG 開發項目的經濟效益可以為美國出口盈虧平衡的到岸成本帶來每 MMBTU 5 美元的利潤。依照大多數美國計畫的收支平衡到岸成本，討論中的FLNG 計畫的EBITDA 範圍在[6 億美元] 和[8.75 億美元] 之間，取決於我們是否考慮5 月或3 月的FLNG 解決方案，其中經濟將在資源所有者和 Golar 之間共享。

The attractive breakeven cost of these projects also ensure a robust business model if gas prices continues to be volatile.

如果天然氣價格持續波動，這些項目具有吸引力的損益平衡成本也確保了穩健的商業模式。

Turning to business updates in the next session and a summary of Q4 and subsequent events on slide 7. Hilli continue their operational excellence, having now delivered 108 cargoes since start of operation in 2018 and more than 7 million tonnes of LNG today.

轉向下一次會議的業務更新以及幻燈片7 上第四季度和後續活動的摘要。Hilli 繼續其卓越的運營，自2018 年開始運營以來現已交付108 批貨物，今天已交付超過700 萬噸液化天然氣。

We may as explained, has now been more to the GTA hub and is ready to commence operations under our 20-year contract with BP offshore Senegal and Mauritania. We continued to progress our mark 2 growth project, having spent $187 million to date and taking delivery of the 4G LND, our vessel conversion candidate next week.

正如所解釋的，我們現在已經更多地關注 GTA 樞紐，並準備根據我們與 BP 海上塞內加爾和茅利塔尼亞簽訂的 20 年合約開始運營。我們繼續推進我們的標記 2 成長項目，迄今已花費 1.87 億美元，並在下週接收了 4G LND，我們的船舶轉換候選人。

We see strong development for FLNG projects, including redeployment projects for Hilli and new projects for March to FLNG. We're currently in discussions for charter opportunities ranging from 12 to 20 duration and we are pleased that we are aligning commercial terms with gas resource owners.

我們看到 FLNG 專案的強勁發展，包括 Hilli 的重新部署專案和 3 月 FLNG 的新專案。我們目前正在討論 12 至 20 期限的包機機會，我們很高興我們正在與天然氣資源所有者調整商業條款。

Turning to the right-hand side in corporate and other, the financial highlights for the quarter was adjusted EBITDA of $114 million, inclusive of the catch-up of 2022 underutilization of the FLNG Hilli. Current liquidity position stands at approximately $800 million, and Eduardo will provide further detail on the financial performance for the quarter later in the presentation.

轉向企業和其他方面的右側，本季的財務亮點是調整後 EBITDA 為 1.14 億美元，其中包括 2022 年 FLNG Hilli 未充分利用的彌補。目前的流動資金狀況約為 8 億美元，Eduardo 將在稍後的演示中提供有關本季度財務業績的更多詳細資訊。

We continue our focus on shareholder returns declaring a dividend of $0.25 for the quarter and share repurchases of 1.3 million shares during Q4. We also resold $61 million of our unsecured treasury bonds, following the sale we now have $200 million of bonds outstanding in the market and $100 million remains in treasury.

我們繼續關注股東回報，宣布本季股息為 0.25 美元，並在第四季度回購 130 萬股股票。我們也轉售了 6,100 萬美元的無擔保國債，出售後，我們現在市場上有 2 億美元的未償債券，還有 1 億美元的國債。

Turning to slide 8, Gimi, sail away from Seatrium on November 19, completing a four year construction period. This was extended due to COVID effects on the conversion process. We arrived on the GTA field on January 10, 2024, following an efficient toll from Singapore to Senegal/Mauritania.

轉向投影片 8，Gimi 於 11 月 19 日駛離 Seatrium，完成了四年的施工期。由於新冠疫情對轉換過程的影響，此期限延長。經過從新加坡到塞內加爾/茅利塔尼亞的高效收費後，我們於 2024 年 1 月 10 日抵達 GTA 機場。

The vessel is now more to the GT hub with all 26 mooring lines, which will keep the vessels study and be her home for the next 20 years. As explained, the vessel is ready to commence operations, and we are currently waiting for feed gas pipeline connection and commencement of operations.

該船現在更靠近 GT 樞紐，擁有所有 26 條繫泊線，這將使船舶繼續研究並成為她未來 20 年的家。正如所解釋的，該船已準備好開始運營，我們目前正在等待原料氣管道連接和開始運作。

The client advices the first gas is expected in Q3 '24, subject to final completion of upstream activities, an installation of the FPSO.

客戶建議，第一批天然氣預計將於 24 年第三季產出，具體取決於上游活動（即 FPSO 的安裝）的最終完成。

Turning to slide 9 and further highlighting the key steps for Gimi and the GTA feed to reach COD. With the first two key milestones now concluded, we are waiting to embark on LNG production. The commissioning period is expected to be approximately six months with commercial operations anticipated thereafter, you may expect to receive a standby dayrate and daily commissioning payments ahead of commencement that the commencement date triggers the start of the 20-year lease and operate agreement that unlocks the equivalent of around $3 billion of adjusted EBITDA backlog to Golar, or about $150 million of annual EBITDA.

轉向投影片 9，進一步強調 Gimi 和 GTA feed 達到 COD 的關鍵步驟。隨著前兩個關鍵里程碑的完成，我們正在等待開始液化天然氣生產。調試期預計約為六個月，此後預計將進行商業運營，您可能期望在開始之前收到備用日費率和每日調試付款，開始日期觸發 20 年租賃和運營協議的開始，從而解鎖相當於Golar 約30 億美元的調整後EBITDA 積壓，或約1.5 億美元的年度EBITDA。

Turning to slide 10, and shifting gears to Hilli. Hilli produced our highest production since startup during 2023. In total, the unit produced 1.46 MTPA during '23, inclusive of the 2022 and the production and also exceeding the contractual volume by approximately $300,000.

轉到投影片 10，然後切換到 Hilli。 Hilli 於 2023 年實現了自啟動以來的最高產量。該裝置在 2023 年總共生產了 1.46 MTPA，包括 2022 年和產量，也超出了合約量約 30 萬美元。

The vessel continued its market-leading operational uptime since delivery, and we continue to be highly pleased with both the units, the technology and the operating teams that support the data operations.

該船自交付以來繼續保持市場領先的正常運行時間，我們對支援數據操作的設備、技術和操作團隊仍然非常滿意。

Turning to mark 2 on Slide 11. As previously guided, we have committed more than $400 million to our planned next FLNG vessel, a mark 2 FLNG with a 3.5 MTPA liquefaction capacity. Long-lead items are now 55% completed with construction, and we have spent $187 million of the commitments today.

轉向幻燈片 11 上的 mark 2。按照先前的指導，我們已投入超過 4 億美元用於計劃的下一艘 FLNG 船，即具有 3.5 MTPA 液化能力的 mark 2 FLNG。長期工程現已完成 55% 的施工，今天我們已支出 1.87 億美元的承諾。

Next week, we expect to take delivery of the LNG carrier project, which is intended to be used as a conversion candidate for the project. We plan to operate Fuji as an LNG carrier until she will start her conversion work.

下週，我們預計將接收液化天然氣運輸船項目，該項目旨在作為該項目的轉換候選項目。我們計劃將富士號作為液化天然氣運輸船運營，直到她開始改裝工作。

We have reconfirmed pricing and yard availability for a potential order of a mark 2 FLNG and expect 2027 deliveries provided that we take final investment decision within 2024. Progress has also been made on a potential mark 2 that facility where terms are being finalized and the facility will not be dependent on a charter for the units.

我們已經重新確認了Mark 2 FLNG 潛在訂單的定價和堆場可用性，如果我們在2024 年內做出最終投資決定，預計將於2027 年交付。潛在的Mark 2 設施也取得了進展，該設施的條款正在敲定，且該設施不依賴單位的章程。

Turning to slide 12, we have seen strong development of new FLNG projects during the quarter. We're pleased that we are aligning around commercial terms with gas resource owners and the attractiveness of these potential gas developments with sufficient resources to support 12 to 20 yard targets.

轉向投影片 12，我們看到本季新 FLNG 專案的強勁發展。我們很高興能夠與天然氣資源所有者就商業條款以及這些潛在天然氣開發項目的吸引力進行協調，並提供足夠的資源來支援 12 至 20 碼的目標。

We recently signed a framework agreement for a potential new FLNG project, which can either utilize the Hilli or mark 2 FLNG. In addition to the commercial progress made with these counterparts, we're working on the technical and fiscal terms in parallel. As previously discussed on our quarterly calls, these are large infrastructure projects that need approvals from environmental bodies and governmental sign-ups. In addition to commercial agreements with gas resource owners. We're excited about the developments and progress on all these aspects of the potential projects in the South.

我們最近簽署了一項潛在新 FLNG 專案的框架協議，該專案可以利用 Hilli 或 mark 2 FLNG。除了與這些同行取得的商業進展外，我們還在並行研究技術和財務條款。正如我們之前在季度電話會議中討論的那樣，這些都是大型基礎設施項目，需要獲得環境機構和政府的批准。除了與天然氣資源所有者簽訂的商業協議外。我們對南方潛在項目所有這些方面的發展和進展感到興奮。

Turning to slide 13 and an update on Macaw, another aspect of our portfolio where we see very positive developments. As a reminder, Macaw is a fully owned subsidiary of Golar. The Company's targeting land-based flair to LND mobile solutions that we have named F2X where the ISO containers containing the LNG will be named liquid flare.

轉向幻燈片 13 和金剛鸚鵡的更新，這是我們產品組合的另一個方面，我們看到了非常積極的發展。提醒一下，Macaw 是 Golar 的全資子公司。該公司的目標是 LND 移動解決方案的陸基天賦，我們將其命名為 F2X，其中含有 LNG 的 ISO 貨櫃將命名為液體火炬。

As you can see from the right-hand side of the slide, we have completed the construction of the first units on time and budget, and we will start production testing in Q2 '24. We see strong interest from prospective clients that look to monetize flared gas, both for economic and environmental benefits that this technology enables. Once we have proven production, we will evaluate a separate listing on Macaw to facilitate an accelerated rollout of this technology.

正如您從幻燈片右側看到的，我們已按時按預算完成了第一批設備的建設，我們將在 2024 年第二季度開始生產測試。我們看到潛在客戶對透過火炬氣貨幣化抱持濃厚的興趣，無論是為了該技術帶來的經濟和環境效益。一旦我們的生產得到驗證，我們將評估 Macaw 上的單獨列表，以促進這項技術的加速推出。

I'll now hand the call over to Eduardo to present our Q4 results.

現在我將把電話交給 Eduardo，介紹我們第四季的業績。

Good morning, everyone, and thanks, Karl. I'm glad to share an overview on Golar's financial performance during Q4.

大家早安，謝謝卡爾。我很高興與大家分享 Golar 第四季財務表現的概述。

Turning over to slide 15, I wanted to show some of the highlights of this quarter. Total operating revenues amounted to $80 million with total FLNG Therics, reaching $106 million, an increase of 12% compared to last quarter. FLNG tariff is a critical metric which reflects a comprehensive approach to liquefaction revenues including realized gains on all our oil and gas derivatives. Adjusted EBITDA came in at $114 million, up 52% from the previous quarter, positively impacted by Hilli performance, which exceeded the contracted 2023 production volume, resulting in a release of the remaining 2022, unitarization balance of $29 million.

翻到投影片 15，我想展示本季的一些亮點。總營業收入達 8,000 萬美元，其中 FLNG Therics 總營收達到 1.06 億美元，較上季成長 12%。 FLNG關稅是一個關鍵指標，反映了液化收入的綜合方法，包括我們所有石油和天然氣衍生性商品的已實現收益。調整後的 EBITDA 為 1.14 億美元，比上一季成長 52%，這受到 Hilli 業績的正面影響，該業績超出了 2023 年合約產量，導致釋放了 2022 年剩餘的 2,900 萬美元統一化餘額。

We had a net loss of $31 million in Q4. This figure includes a total of $117 million non-cash items such as movements in the value of TTF and Brent derivatives in our interest rate swaps. We closed the year with a total cash position of $753 million and total contractual debt of $1.2 billion. When considering the value of the remaining receivables from our TTF hedges, our net debt position at year end was $411 million.

第四季我們淨虧損 3,100 萬美元。這一數字包括總計 1.17 億美元的非現金項目，例如我們利率掉期中 TTF 和布倫特衍生品的價值變動。年底，我們的現金部位總額為 7.53 億美元，合約債務總額為 12 億美元。考慮到我們 TTF 對沖的剩餘應收帳款價值，我們年末的淨債務部位為 4.11 億美元。

Now moving to Slide 16, we can see the evolution of Hilli's EBITDA contribution over the last quarters. We're looking on a year-on-year basis, Hilli generated $84 million in Q4, which is 15% greater compared to the previous quarter. That number includes $33 million from based Brent-linked fees. Brent-linked fees were up to $20 million from $13 million last quarter and TTF link fees of $31 million, up from $28 million in Q3.

現在轉到投影片 16，我們可以看到 Hilli 過去幾季 EBITDA 貢獻的演變。與去年同期相比，Hilli 在第四季度創造了 8,400 萬美元的收入，比上一季成長了 15%。該數字包括 3,300 萬美元的布蘭特原油相關費用。布蘭特原油相關費用從上季的 1,300 萬美元上漲至 2,000 萬美元，TTF 相關費用從第三季的 2,800 萬美元上漲至 3,100 萬美元。

Moving on to slide 17, you can see that we remain exposed to TTF prices for the remainder of 2024, while at the same time, expect to benefit from lock in gains from our previous swaps. The lock in gains resulting from the unwinding of our TTF hedges will be allocated in addition to our fixed tolling page and variable brands in TTF revenue. That represents approximately $49 million of EBITDA or approximately $12 million per quarter in 2024.

繼續看投影片 17，您可以看到我們在 2024 年剩餘時間內仍面臨 TTF 價格風險，同時預計將從鎖定之前掉期的收益中受益。除了我們的固定收費頁面和可變品牌的 TTF 收入之外，我們還可以分配因解除 TTF 對沖而產生的鎖定收益。這意味著 EBITDA 約為 4,900 萬美元，即 2024 年每季約為 1,200 萬美元。

Total debt service, including principal amortization, is expected to come down to $87 million in 2024, resulting in total free cash flow to equity generation of approximately $174 million based on forward prices for both Brent and TTF.

預計到 2024 年，包括本金攤銷在內的債務償還總額將降至 8,700 萬美元，根據布倫特和 TTF 的遠期價格，股本產生的自由現金流總額約為 1.74 億美元。

As you can see on this graph, the total free cash flow to equity generated just between 2022 and 2024 is expected to surpass $620 million with room for potential upsides subject to oil and gas prices.

正如您在該圖上看到的那樣，2022 年至 2024 年間產生的股權自由現金流總額預計將超過 6.2 億美元，隨著石油和天然氣價格的變化，還有潛在的上漲空間。

Now moving to Slide 18. We remain committed to shareholder returns. And as you can see, in 2023, we paid over $430 million in dividends, share buybacks and the purchase of any further stake in FLNG Hilli. This quarter, we declared a dividend of $0.25 a share with a record date on the March 12, and payment on the March 20.

現在轉到投影片 18。我們仍然致力於股東回報。正如您所看到的，2023 年，我們支付了超過 4.3 億美元的股息、股票回購以及購買 FLNG Hilli 的任何進一步股份。本季度，我們宣布派發每股 0.25 美元的股息，記錄日為 3 月 12 日，支付日為 3 月 20 日。

We have also repurchased $1.3 million shares this quarter, leaving $104.6 million shares outstanding. Out of the $150 million approved share buyback program, $88 million remains available for further repurchases, which we will continue to opportunistically pursue.

本季我們也回購了 130 萬美元的股票，留下 1.046 億美元的流通股。在已批准的 1.5 億美元股票回購計畫中，仍有 8,800 萬美元可用於進一步回購，我們將繼續伺機進行回購。

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

我將把它交給卡爾做一些結束語。

Thanks Eduardo.

謝謝愛德華多。

So turning to Slide 20 for summary and next steps, we continue to see revenue diversification with delivery of Gimi, and we now have Hilli's three components, the base revenue, the Brent-link and the TTF link and then the commencement of Gimi's 20-year contract with BP.

因此，轉向幻燈片20 進行總結和後續步驟，我們繼續看到隨著Gimi 的交付而實現收入多元化，我們現在擁有Hilli 的三個組成部分：基本收入、布倫特鏈接和TTF 鏈接，然後是Gimi 20-的開始與 BP 簽訂一年合約。

On FLNG business development, we see strong progress made both for redeployment of Hilli and the potential mark 2 implement. As explained, we've signed a framework agreement with a potential customer that could utilize either of the two liquefaction solutions. The contracting discussions are for commercial terms with durations of 12 to 20 air opportunities.

在FLNG業務發展方面，我們看到Hilli的重新部署和潛在的mark 2實施都取得了巨大進展。正如所解釋的，我們已經與潛在客戶簽署了一份框架協議，該客戶可以使用這兩種液化解決方案中的任何一種。合約討論涉及商業條款，持續時間為 12 至 20 個飛行機會。

On the mark 2 potential FID, Long-lead items are well-progressed, yard contract design and engineering is ready for FID and provided we ordered the vessel within '24 we see delivery within '27. We remain with a strong liquidity position of around $800 million. The Gimi delivery allows for debt optimization. We see potential asset sales in noncore assets, in particular, the Golar Arctic. And we are targeting a separate listing of Macaw once the unit has improved.

在標記 2 的潛在 FID 上，長週期專案進展順利，堆場合約設計和工程已為 FID 做好準備，如果我們在 24 年內訂購該船，我們將在 27 年內交付。我們仍然擁有約 8 億美元的強勁流動性部位。 Gimi 的交付可以實現債務優化。我們看到非核心資產的潛在資產出售，特別是戈拉爾北極。一旦金剛鸚鵡得到改善，我們的目標是單獨列出產品。

We remain committed to attractive growth and return to shareholders. We see upside to the dividend once the GiliquefactionTTFBTUmi's parts per contract, and we also see potential release of significant liquidity once we look to refinancing. We also have continued capacity under our existing share buyback program that we utilized a significant portion of during 2023.

我們仍然致力於為股東帶來有吸引力的成長和回報。一旦 GiliquefactionTTFBTUmi 每份合約的份數達到，我們就會看到股息的上升空間，一旦我們尋求再融資，我們也看到潛在的大量流動性釋放。我們還根據現有的股票回購計畫保留了持續的產能，我們在 2023 年利用了其中的很大一部分。

That concludes the prepared remarks for the Q4 call. Thank you for dialing in. I'll now hand the call over to the operator for any questions.

為第四季電話會議所準備的發言到此結束。感謝您撥入。如果有任何問題，我現在會將電話轉給接線員。

Thank you. At this time we will conduct a question and answer session. (Operator Instructions)

謝謝。這時我們將進行問答環節。 （操作員說明）

Ben Nolan, Stifel.

本諾蘭，史蒂菲爾。

Thank you, and good morning, guys, or afternoon. Let's see my two questions. The first relates to the Gimi appreciating there the time line that you laid out there with respect to commissioning, et cetera, how should we think about the income statement impact up until the point of commissioning, both? Is there any revenue or any expense? are those all just sort of offset against the balance sheet?

謝謝大家，早安，或下午好。讓我們看看我的兩個問題。第一個與吉米（Gimi）欣賞您在那裡制定的有關調試的時間表等有關，我們應該如何考慮調試之前對損益表的影響？有收入或支出嗎？這些都只是抵銷了資產負債表嗎？

Hi, Ben, Eduardo here. How are you?

嗨，本，愛德華多在這裡。你好嗎？

Good.

好的。

So as you correctly pointed out, so during the commissioning and integration phase we will be capitalizing those revenues until the actual sale the start date. So those will be items which will be reflected in our balance sheet up until COD.

正如您正確指出的那樣，在調試和整合階段，我們將把這些收入資本化，直到實際銷售開始日期。因此，這些項目將反映在我們的資產負債表中，直到貨到付款。

(multiple speakers) amortized equally distributed over the life of the bond.

（多位發言者）在債券期間內平均攤銷。

Yeah, and the same is true for cost corrected, the cost of capital -- \

是的，對於修正後的成本、資本成本也是如此－\

Yeah.

是的。

Okay. All right. Good. So I wanted to know if we could, if I could jump to the Hilli quickly with respect to the framework agreement that you have, I was hoping that you might be able to give a little bit more color as to I don't know how you -- where do you think that is in terms of its process? And if you have any sense as to and when it might be something that is able to move into something more firm?

好的。好的。好的。所以我想知道我們是否可以，我是否可以就你們所擁有的框架協議快速跳到希利，我希望你們能夠提供更多的信息，我不知道如何你——你認為這個過程在哪裡？如果你知道什麼時候它可能會變得更堅定？

I think that the purpose of the framework agreement, which we're pleased to enter into is that it sets out an alignment of the commercial terms and very specific next steps that both parties need to meet. We are highly confident about both parties' ability to meet the timelines put forward in the framework agreement where there's more uncertainty is how that aligns with the governmental bodies and sign of. Those have been initiated.

我認為我們很高興簽訂的框架協議的目的是它規定了商業條款的一致性以及雙方需要滿足的非常具體的後續步驟。我們對雙方滿足框架協議中提出的時間表的能力充滿信心，其中更多的不確定性在於如何與政府機構和協議保持一致。這些已經啟動。

We have had joint meetings with relevant authorities. And based on the indications received thus far, they seem to be aligned to our proposed timelines, but that continues to be the unknown once we talk about exact timing of when this is. What we have said for a prolonged period is that we want to have visibility on the Hilli within '24, both because that provides visibility and it also helps us in planning the next phase provided that we need to move from the current location if that will be the case. So showing us in terms of timing that remains our target.

我們與相關部門舉行了聯席會議。根據迄今為止收到的跡象，它們似乎與我們提出的時間表一致，但一旦我們談論具體的時間，這仍然是未知數。我們長期以來所說的是，我們希望在 24 年內獲得 Hilli 的能見度，不僅因為這提供了能見度，而且還有助於我們規劃下一階段，前提是我們需要從當前位置搬走（如果這樣的話）就這樣吧。因此，向我們展示仍然是我們目標的時間安排。

Okay. Is this West African, permitted?

好的。這是西非，允許嗎？

We have we're talking about opportunities, both places. And then there are several places that this specific framework agreement with most in West Africa.

我們正在談論兩個地方的機會。還有幾個地方與西非大多數地區達成了這項具體框架協議。

All right. I appreciate it.

好的。我很感激。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Liam Burke from B. Riley Financial.

B. Riley Financial 的 Liam Burke。

Yeah, thank you.

是的，謝謝。

Hi, Karl.

嗨，卡爾。

How are you today?

你今天怎麼樣？

Yes, thanks.

對了謝謝。

Karl, you've got some other investments outside of the of the FLNG or the mark 2. How are you balancing your investment priorities with the FL -- your core FLNG with these other side opportunities.

Karl，除了 FLNG 或標記 2 之外，您還有其他一些投資。您如何平衡您的投資重點與 FL（您的核心 FLNG）與其他機會之間的關係。

That's a relevant question. So when it comes to Golar, as you know, for the last two and a half years that I've been through a bit of a reorganization focusing our efforts on FLNG. And in that respect, we have one legacy investment in Avenir LNG, which is a small-scale shipping company that will core to us when we owned Golar Power or hydro energy transition is less quarter of now.

這是一個相關的問題。因此，說到 Golar，如您所知，在過去的兩年半中，我進行了一些重組，重點是 FLNG。在這方面，我們對 Avenir LNG 進行了一項遺留投資，這是一家小型航運公司，當我們擁有 Golar Power 或水力能源轉型不到四分之一時，它將成為我們的核心。

So the way you should think about Avenir it's an investment we like, but we're not planning to deploy any more capital into it. And we'll be opportunistic as to our ownership in Avenir. When it comes to Macaw entities, that is something we see to be very much aligned with what we're doing on the floating side.

因此，您應該這樣看待 Avenir，這是我們喜歡的一項投資，但我們不打算在其中投入更多資金。對於 Avenir 的所有權，我們將採取機會主義態度。當談到金剛鸚鵡實體時，我們認為這與我們在浮動方面所做的事情非常一致。

So what it is liquefaction of proven reserves and in this context, flare gas in particular, we can use the expertise that we've built up over FLND's to capture what we think is a massive market opportunity, both economically and environmentally and politically to capture flare gas, we see that as a faster way of deploying or getting return on capital investment, which is why we started Macaw at this point in time.

那麼，在這種情況下，液化已探明儲量，特別是火炬氣，我們可以利用我們在FLND 上積累的專業知識來抓住我們認為的巨大市場機會，無論是在經濟上、環境上還是政治上。火炬氣，我們認為這是部署或獲得資本投資回報的更快方式，這就是我們此時啟動 Macaw 的原因。

However, the absolute majority of our capital will be directed for FLNG growth project, and we're evaluating a separate spin of Macaw to accelerate that business. It's not one where we, as Golar expect to deploy any significant capital beyond what we have and our capital is for FLNG and FLNG only.

然而，我們的絕對大部分資金將用於 FLNG 成長項目，我們正在評估單獨剝離 Macaw 以加速該業務。這不是我們（Golar）期望部署超出我們現有資金的任何重大資本的地方，而且我們的資本僅用於 FLNG 和 FLNG。

Got it.

知道了。

Okay.

好的。

And on the dividend policy, is that -- are you looking to maintain that dividend through the cycle or is that something that you'd consider when you've got these other investment opportunities going forward?

關於股息政策，您是否希望在整個週期中維持股息，或者當您獲得這些其他投資機會時您會考慮這一點嗎？

When they reinstated dividends last year, we said it's very important to us that they're stable, predictable and increasing over time. Hence, the reason why we put it in initially at $0.25 is because we see that US at highly sustainable. We do expect that we can increase dividends over time but when we do, we want to ensure that it's a sustainable level. Hence, we want to see the fee of the Gimi take place before increasing unless there are other opportunities we see to increase it. The shareholder returns is extremely high on the agenda both now and going forward.

當他們去年恢復股息時，我們表示股息的穩定性、可預測性和隨著時間的推移而增加對我們來說非常重要。因此，我們最初將其定為 0.25 美元的原因是我們認為美國具有高度永續性。我們確實希望隨著時間的推移可以增加股息，但當我們這樣做時，我們希望確保這是一個可持續的水平。因此，我們希望看到 Gimi 的費用在增加之前發生，除非我們看到其他機會增加它。無論是現在還是未來，股東回報都是議程上的首要任務。

All right

好的

Thank you, Karl.

謝謝你，卡爾。

Thank you.

謝謝。

(Operator Instructions) Christopher Robertson from Deutsche Bank. Your line is open.

（操作員指令）德意志銀行的 Christopher Robertson。您的線路已開通。

Please go ahead.

請繼續。

Hi, good morning. This is Ben Mohr calling for Chris Robertson here at Deutsche Bank. As we look at the LNG landscape in the coming years, new capacity will be coming online in the US Gulf Coast and in Qatar in the near future.

早安.我是本·莫爾 (Ben Mohr) 給德意志銀行的克里斯·羅伯遜 (Chris Robertson) 打電話。當我們展望未來幾年的液化天然氣格局時，美國墨西哥灣沿岸和卡達將在不久的將來上線新產能。

As you look at the landscape of FLNG opportunities in this context, has your perspective changed in the last few quarters as to what types of opportunities are out there?

當您在這種背景下審視 FLNG 機會的前景時，您對存在哪些類型的機會的看法在過去幾個季度是否發生了變化？

No, we think it's very beneficial cost. Basically when you saw the spike in LNG prices that you had following the Russia, Ukraine situation, in particular, the north stream pipeline accidents or incidents. You saw gas prices go to a level where there was a very strong incentive for end users to substitute away from LNG and natural gas. We think in the industry's interest that you see long term plentiful supply of LNG and further increasing supply sources.

不，我們認為這是非常有利的成本。基本上，當你看到俄羅斯、烏克蘭局勢，特別是北流管道事故或事件後液化天然氣價格飆升時。您看到天然氣價格上漲到最終用戶有強烈動機取代液化天然氣和天然氣的水平。我們認為，液化天然氣供應長期充足且供應來源進一步增加，符合產業利益。

So a more stable price environment, we think is extremely helpful to end user demand, which should be very good for industry. In particular, talking about the expansion of Qatar in US volumes and in particular US volumes, we spent some time on slide 5 to explain that we see landed cost of these volumes to be pretty much double that of the FLNG projects. We're currently in discussions for. Hence, we see the self regulating when you have such a large part of the growth in LNG supply with a breakeven or twice what we will hopefully have, that should be a self-regulating measure in further underwriting the attractiveness of the project. So we welcome the development.

因此，我們認為更穩定的價格環境對最終用戶的需求非常有幫助，這對產業來說應該是非常好的。特別是，在談到卡達在美國銷量（尤其是美國銷量）的擴張時，我們在幻燈片 5 上花了一些時間來解釋，我們認為這些銷量的到岸成本幾乎是 FLNG 項目的兩倍。我們目前正在討論。因此，當液化天然氣供應成長的很大一部分達到盈虧平衡或我們希望的兩倍時，我們就會看到自我調節，這應該是一種自我調節措施，以進一步保證該項目的吸引力。所以我們歡迎這種發展。

Thank you. Maybe as a follow-up, can you talk about the current configuration of the Hilli as it relates to the composition of the gas stream, is the current design equipped to handle wet gas opportunities? Or is this something that can be adapted to in the future.

謝謝。也許作為後續，您能談談 Hilli 目前的配置嗎，因為它與氣流的成分有關，目前的設計是否能夠處理濕氣體機會？或者這是將來可以適應的。

As you look forward to recontracting, it is so we just wanted to get a better picture of the types of fields and opportunities this asset could be deployed to.

當您期待重新承包時，我們只是想更了解該資產可以部署到的領域類型和機會。

So across all of our excellent design and sort of a founding principle of our and the technology is that we have a generic design. We do not customize to the gas composition. The liquefaction plant is based on pipeline gas quality entering the vessels. To the extent the gas composition of the fields we are evaluating does not fit that quality.

因此，在我們所有出色的設計以及我們和技術的基本原則中，我們擁有通用設計。我們不定制氣體成分。液化廠基於進入容器的管道氣體質量。在某種程度上，我們正​​在評估的氣田的氣體成分不符合該質量。

The units are dependent on the pretreatment facility that treats the gas strip liquids and there's the FLNG. That's the part of the reason why we're able to achieve the CapEx per tonne that we are and the operational efficiencies that we have achieved. We see it as far more beneficial and safe for operations to separate the two, if there is significant gas treatment required.

這些裝置依賴處理氣提液體的預處理設施，其中包括 FLNG。這就是我們能夠實現每噸資本支出和營運效率的部分原因。我們認為，如果需要大量的氣體處理，那麼將兩者分離對於操作更加有利和安全。

Wonderful, thank you very much.

太棒了，非常感謝。

At this time, thank you very much for your questions, at this time, we've run out of time. So I'm now going to hand it back to your speaker Karl Fredrik Staubo for any closing remarks.

此時，非常感謝您的提問，此時，我們已經沒有時間了。現在，我將把它交還給發言人卡爾·弗雷德里克·斯塔博 (Karl Fredrik Staubo)，讓他發表閉幕詞。

Thank you all for dialing in and listening to the updates from the company this quarter. We're excited about the developments and look forward to reconnecting next quarter and wish you all a good day and have a nice day.

感謝大家撥通並收聽公司本季的最新動態。我們對事態的發展感到興奮，並期待下個季度重新建立聯繫，祝大家度過美好的一天。

Thank you, and this concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝大家，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。

Speakers, please stand by.

發言者請稍候。