Golar LNG Ltd (GLNG) 2024 Q1 法說會逐字稿

Welcome to Golar LNG's Q1 2024 earnings results presentation.

歡迎觀看 Golar LNG 2024 年第一季財報。

My name is Karl Fredrik Staubo, CEO of Golar LNG, and I'm accompanied today by our CFO, Eduardo Maranhão, to present this quarter's results.

我是 Golar LNG 執行長 Karl Fredrik Staubo，今天在我們的財務長 Eduardo Maranhão 的陪同下介紹本季的業績。

Before we get into the presentation, please note the forward looking statements on slide 2, we start at slide 3 and an overview of Golar, today.

在我們開始簡報之前，請注意幻燈片 2 上的前瞻性陳述，我們從幻燈片 3 開始，概述今天的 Golar。

We own two FLNG assets, Hilli, the world's first FLNG with a market-leading operational track record of 100% economic uptime since operations started in 2018.

我們擁有兩艘 FLNG 資產 Hilli，這是世界上第一艘 FLNG，自 2018 年開始營運以來，擁有市場領先的 100% 經濟正常運作記錄。

And the FLNG Gimi recently delivered to the GTA hub.

FLNG Gimi 最近已交付至 GTA 樞紐。

GTA hub offshore Mauritania and Senegal just start a 20-year contract for BP.

茅利塔尼亞和塞內加爾近海的 GTA 樞紐剛開始與 BP 簽訂為期 20 年的合約。

We are contemplating to order our third FLNG a Mark II with an annual liquefaction capacity of 3.5mtpa. During the first quarter, we took delivery of the FLNG conversion candidate, the LNG carrier, Fuji LNG.

我們正在考慮訂購第三艘 FLNG Mark II，年液化能力為 3.5 噸/年。第一季度，我們接收了 FLNG 改造候選人——液化天然氣運輸船 Fuji LNG。

We also own a legacy shipping LNG carrier, the Golar Arctic, which we are now considering for long term charter or an opportunistic sale of the vessel.

我們還擁有一艘傳統的液化天然氣運輸船 Golar Arctic，我們現在正在考慮長期租用該船或機會性地出售該船。

We have two financial investments, Macaw Energies, a small-scale land based solution for capturing and monetization of flare gas, as well as a small-scale LNG carrier company called Avenir LNG, where Golar was a founding shareholder together with Stolt-Nielsen and Höegh LNG.

我們有兩項金融投資：Macaw Energies，一種用於捕捉火炬氣並將其貨幣化的小型陸上解決方案，以及一家名為Avenir LNG 的小型液化天然氣運輸公司，Golar 與Stolt-Nielsen 一起是該公司的創始股東，霍格液化天然氣。

On the right-hand side of the slide, we have summarized some of the key stats for Golar.

在投影片的右側，我們總結了 Golar 的一些關鍵統計數據。

We have a strong financial position with a market cap of $2.8 billion, the cash position of approximately $700 million, net debt of $550 million and significant financial flexibility, in-depth optimization of existing assets.

我們擁有強大的財務狀況，市值為 28 億美元，現金部位約為 7 億美元，淨債務為 5.5 億美元，並具有顯著的財務靈活性，對現有資產進行深入優化。

For 2023, we had an EBITDA of $356 million, and this is before the start-up of Gimi under her 20-year charter with BP expected to add approximately $150 million of EBITDA to Golar on an annual basis.

2023 年，我們的 EBITDA 為 3.56 億美元，這是在 Gimi 根據 20 年章程啟動之前，BP 預計每年將為 Golar 增加約 1.5 億美元的 EBITDA。

We have meaningful cash flow visibility with an EBITDA backlog standing at about $5 billion, with further upside once we recontract Hilli and move ahead with the contemplated FID on our Mark II FLNG project.

我們擁有有意義的現金流可視性，EBITDA 積壓金額約為 50 億美元，一旦我們與 Hilli 重新簽約並推進 Mark II FLNG 項目的預期最終投資決定，我們的現金流還會進一步上漲。

We have a strong focus on shareholder returns.

我們非常重視股東回報。

Last year, we reintroduced a quarterly dividend, an accelerated share buyback program.

去年，我們重新引入了季度股息，這是一項加速股票回購計畫。

We're very enthusiastic about the state of the business and the progress made on attractive FLNG growth prospects during the quarter.

我們對本季的業務狀況以及 FLNG 有吸引力的成長前景所取得的進展感到非常熱情。

Turning to slide 4.

轉到投影片 4。

Golar remains the only provider of LNG as a service, and we own the largest FLNG fleet by production capacity.

Golar 仍然是液化天然氣服務的唯一供應商，我們擁有以產能計算最大的 FLNG 船隊。

This is relevant as gas resource owners of proven reserves, either stranded, reinjected or flared gas looked to monetize proven reserves whilst maintaining meaningful ownership and exposure to these resources.

這是相關的，因為探明儲量的天然氣資源所有者（無論是擱淺的、回注的還是火炬天然氣）都希望將探明儲量貨幣化，同時保持對這些資源的有意義的所有權和敞口。

Golar's position as the only proven service provider of maritime liquefaction enables us to offer a unique value proposition to these gas resource owners and governments.

Golar 作為唯一經過驗證的海上液化服務提供者的地位使我們能夠為這些天然氣資源所有者和政府提供獨特的價值主張。

We own and operate the largest fleet by number of units at par with ENI and Petronas and largest in the world by liquefaction capacity.

我們擁有並經營與埃尼集團和馬來西亞國家石油公司同等數量的最大船隊，以及世界上最大的液化能力。

Golar pioneered the FLNG concept with the construction and delivery of Hilli.

Golar 透過 Hilli 的建造和交付開創了 FLNG 概念。

And we've also demonstrated the lowest CapEx per ton of liquefaction capacity and market-leading operational track record.

我們也展示了每噸液化能力最低的資本支出和市場領先的營運記錄。

Based on current yard discussion for the contemplated Mark II FLNG project, we expect to maintain this attractive CapEx per tonne of around $600 million per mtpa of production capacity.

根據目前船廠對擬建 Mark II FLNG 計畫的討論，我們預計每噸產能將維持在 6 億美元左右的有吸引力的資本支出。

Turning to slide 5, demand for LNG remains strong with a healthy outlook.

轉向幻燈片 5，液化天然氣需求依然強勁，前景良好。

We continue to be constructive on the LNG market as demand outlook remains robust with an expectation of close to 70% growth in traded volumes between 2023 and 2040.

我們持續對液化天然氣市場持建設性態度，因為需求前景依然強勁，預計 2023 年至 2040 年間交易量將成長近 70%。

LNG is the second fastest growing source of energy after renewables.

液化天然氣是繼再生能源之後成長第二快的能源。

From a geographical perspective, Asian nations drive LNG demand and make up more than 85% of expected demand growth through 2040.

從地理角度來看，亞洲國家推動了液化天然氣需求，並占到 2040 年預期需求成長的 85% 以上。

LNG demand is driven by decarbonization efforts in energy-intensive industries such as steel, cement, and fertilizer.

液化天然氣需求是由鋼鐵、水泥和化肥等能源密集型產業的脫碳努力所推動的。

LNG is favored due to its emission and flexibility benefits over other fossil fuels.

與其他化石燃料相比，液化天然氣因其排放和靈活性優勢而受到青睞。

And coal and oil switch to LNG and natural gas is an important driver of the target reduction in energy related emissions towards 2050.

將煤炭和石油轉向液化天然氣和天然氣是實現 2050 年能源相關排放目標減少的重要動力。

This supports long-term offtake demand for our FLNG units.

這支持了我們的 FLNG 裝置的長期承購需求。

Moreover, the focus on data centers and AI is increasing, pushing energy demand in both the eastern and western hemisphere and offsetting some of the reduced energy demand from increased efficiency of other energy consumers.

此外，對資料中心和人工智慧的關注日益增加，推動了東西半球的能源需求，並抵消了其他能源消費者效率提高而減少的部分能源需求。

We also see an overall growth in power consumption in developing nations witnessing expansion in industrial production as outsourced overseas productions moves from China to other low-cost regions.

我們也看到，隨著外包海外生產從中國轉移到其他低成本地區，發展中國家的電力消耗整體成長，工業生產也隨之擴大。

Countries such as Thailand and Bangladesh, rapidly boost LNG consumption.

泰國、孟加拉等國迅速增加液化天然氣消費。

We anticipated demand growth from 20 million to 60 million tons through 2040.

我們預計到 2040 年需求將從 2,000 萬噸增加到 6,000 萬噸。

Turning to slide 7 and the highlights for the quarter.

轉向幻燈片 7 和本季的亮點。

Hilli continue their operational excellence, having now delivered 112 cargoes in start-up and more than 7 million tons of LNG produced.

Hilli 繼續保持卓越運營，目前已交付 112 批貨物，並生產了超過 700 萬噸液化天然氣。

Gimi is more to the GTA hub and ready to commence operations.

吉米 (Gimi) 更接近 GTA 樞紐，並準備開始營運。

The GTA FPSO remains on critical path for FLNG -- for LNG production on these mega projects.

GTA FPSO 仍然是 FLNG 的關鍵路徑——用於這些大型項目的液化天然氣生產。

We have progressed the contemplated Mark II growth projects closer to FID, with strong progress across the three parameters for FID to be fulfilled.

我們已經將預期的 Mark II 成長項目推進到接近最終投資決定 (FID) 的階段，在實現最終投資決定 (FID) 的三個參數方面取得了巨大進展。

Those three are final yard EPC contract construction financing that Eduardo will elaborate later on and commercial opportunities for FLNG deployments.

這三項是 Eduardo 稍後將詳細說明的最終船廠 EPC 合約建設融資以及 FLNG 部署的商業機會。

If we FID the Mark II within '24, we expect to take delivery of the FLNG within the second half of '27.

如果我們在 24 年內完成 Mark II 的交付，我們預計將在 27 年下半年接收 FLNG。

The framework agreement for potential FLNG deployment announced during Q4 has now progressed to detailed document negotiations front up to 20-year potential FLNG charter with a 2027 start-up.

第四季宣布的潛在 FLNG 部署框架協議現已進展為詳細文件談判，直至與 2027 年初創企業簽訂為期 20 年的 FLNG 租船合約。

We'll elaborate on that later on in the presentation.

我們將在稍後的演示中詳細說明這一點。

On corporate and other related Eduardo cover the quarterly results later on.

關於公司和其他相關的內容，Eduardo 稍後將介紹季度業績。

For Macaw Energies, we have now successfully developed the pilot LNG production unit named F2X.

對於 Macaw Energies，我們現在已成功開發了名為 F2X 的試點液化天然氣生產裝置。

The F2X unit has already produced LNG during testing and is currently being mobilized to a flare gas site in Texas for live testing and commercial use.

F2X 裝置在測試期間已經生產出液化天然氣，目前正轉移到德州的火炬氣現場進行現場測試和商業使用。

Once the Macaw technology is fully proven, we will evaluate alternatives to separately Macaw into a separate entity and build up a portfolio of F2X units.

一旦 Macaw 技術得到充分驗證，我們將評估將 Macaw 單獨組成為獨立實體的替代方案，並建立 F2X 單元組合。

Turning to slide 8 and an update on the FLNG Gimi.

轉向幻燈片 8 和 FLNG Gimi 的更新。

On the right-hand side of the slide, you can see Gimi more to the GTA hub.

在幻燈片的右側，您可以看到 Gimi 更多的 GTA 中心。

The vessel sits behind a 1.2 kilometer breakwater and there's more to the steel infrastructure, which makes up the hub itself.

該船位於 1.2 公里長的防波堤後面，還有更多的鋼鐵基礎設施，構成了樞紐本身。

On the right-hand side, you can see the BP owned FPSO departing Tenerife on our way to an offshore location.

在右側，您可以看到 BP 擁有的 FPSO 正從特內裡費島出發前往海上地點。

The hookup and commissioning of the FPSO are now on critical path to first gas and expected to occur in Q3 '24.

FPSO 的連接和調試目前正處於通往第一批天然氣的關鍵道路上，預計將於 24 年第三季進行。

Whilst we wait for first gas, Golar has now started to receive standby day rate.

當我們等待第一批天然氣時，Golar 現在已開始接收備用日費率。

We're also pleased to announce that we made positive progress with the GTA operators, BP and Kosmos to resolve the disputed pre-COD contractual mechanisms as well as aligned interest and cooperation to work on alternatives to shorten the scheduled six month commissioning period.

我們也很高興地宣布，我們與GTA 運營商、BP 和Kosmos 取得了積極進展，解決了有爭議的COD 前合約機制，並達成了一致的興趣和合作，以尋求替代方案，以縮短預定的六個月調試期。

We continue to build on the constructive cooperation between the partners to optimize time to COD.

我們持續加強合作夥伴之間的建設性合作，以優化 COD 時間。

Slide 9 further highlights the key steps for Gimi and the GTA field to reach COD.

幻燈片 9 進一步強調了 Gimi 和 GTA 領域實現 COD 的關鍵步驟。

As you can see, the first two milestones have been concluded and we're waiting to embark on LNG production.

正如您所看到的，前兩個里程碑已經完成，我們正在等待開始液化天然氣生產。

As explained, the commissioning period is expected to be approximately six months with commercial operations anticipated thereafter.

正如所解釋的，調試期預計約為六個月，此後預計將進行商業運營。

As explained, we now receive a standby day rate and daily commissioning payments ahead of COD.

正如所解釋的，我們現在在貨到付款之前收到待機日費率和每日佣金。

COD triggers the start of a 20-year lease and operate agreement that unlocks the equivalent of around $3 billion of adjusted EBITDA backlog to Golar for about $150 million per year.

COD 觸發了一項為期 20 年的租賃和營運協議的啟動，該協議為 Golar 釋放了相當於約 30 億美元的調整後 EBITDA 積壓，每年約 1.5 億美元。

Changing to slide 10 and Hilli.

切換到投影片 10 和 Hilli。

Hilli continue their market-leading operational performance with another quarter of 100% economic uptime.

Hilli 繼續保持市場領先的營運業績，經濟正常運行時間又達到了四分之一。

In addition to the economic benefits to Hilli stakeholders, including the host government, upstream partners and Golar shareholders, our FLNG operations have significant environmental benefits to the areas we operate in, especially if the source gas is being flared.

除了為Hilli 利害關係人（包括東道國政府、上游合作夥伴和Golar 股東）帶來經濟利益外，我們的FLNG 業務還為我們營運的地區帶來顯著的環境效益，特別是在氣源被燃燒的情況下。

We also serve the communities where we operate through a series of initiatives, including local purchasing, hiring of domestic staff.

我們也透過一系列措施為我們經營所在的社區提供服務，包括本地採購、僱用家事人員。

On Hilli today, we have 90% of onshore support staff and 40% of offshore staff being camera unions.

如今，在 Hilli，我們 90% 的岸上支援人員和 40% 的離岸工作人員都是攝影工會。

We have local education programs and infrastructure support projects such as water wells, streetlights and other initiatives that benefit the communities we operate in far beyond the contract duration of FLNG operations.

我們擁有當地的教育計劃和基礎設施支援項目，例如水井、路燈和其他舉措，這些項目使我們營運所在的社區受益，遠遠超出了 FLNG 營運合約期限。

Hilli enabled Cameroon to become the world's 20 LNG exporting country upon startup of operations in 2018 and remains the only LNG facility in the country.

Hilli計畫使喀麥隆在2018年投產後成為世界第20個液化天然氣出口國，並且仍然是該國唯一的液化天然氣設施。

Today, there are several nations with proven or associated gas reserves that would like to access these benefits and currently drive demand for Hilli recontracting at the end of our current charter in July 2026.

如今，有幾個擁有已探明或相關天然氣儲量的國家希望獲得這些好處，並在 2026 年 7 月當前租約結束時推動 Hilli 重新承包的需求。

Turning to slide 11 and Mark II, we continue to develop Mark II towards FID.

轉向幻燈片 11 和 Mark II，我們繼續朝著 FID 方向開發 Mark II。

As previously guided, we have committed more than $400 million to our planned next FLNG vessel where $266 million have been spent to date, all of which is currently covered by equity.

按照先前的指導，我們已承諾為計劃中的下一艘 FLNG 船投入超過 4 億美元，迄今已花費 2.66 億美元，目前所有這些資金均由股權支付。

Long-lead items are now 58% complete.

長期專案現已完成 58%。

During the quarter we have continued to work with the top side provider and the shipyard to reconfirm the yard slots and pricing.

在本季度，我們繼續與頂級供應商和造船廠合作，重新確認船廠位置和定價。

We still expect and all in FLNG price to be in the industry-leading range of around $600 million for mtpa of production capacity.

我們仍然預計 FLNG 的產能價格將處於行業領先水平，約為每年 6 億美元。

Should we order the vessel within the summer of '24?

我們應該在 24 年夏天訂購這艘船嗎？

We expect sail away in the second half of 2027.

我們預計將於 2027 年下半年啟航。

Turning to slide 12 and business development updates.

轉向投影片 12 和業務發展更新。

Our focus remains on redeploying the FLNG Hilli following the end of our current charter in July '26 and thereafter order and secure commercial terms for a contemplated Mark II FLNG.

我們的重點仍然是在 26 年 7 月當前租船合約結束後重新部署 FLNG Hilli，然後為預期的 Mark II FLNG 訂購並確保商業條款。

We are very positive to the developments of the framework agreements announced in our Q4 '23 earnings release.

我們對 23 年第 4 季財報中宣布的框架協議的進展非常樂觀。

That has now progressed to detailed contract negotiations for an up to 20-year FLNG deployments.

目前已進入長達 20 年 FLNG 部署的詳細合約談判。

We see strong alignment with the potential charter host, government, and site selection for the deployment of FLNG production.

我們認為，FLNG 生產的部署與潛在的包機東道主、政府和選址有著密切的一致性。

In addition to that specific opportunity, we continue to advance additional FLNG developments where most of the activity remains in West Africa and South America.

除了這個特定機會之外，我們還繼續推動更多 FLNG 開發，其中大部分活動仍在西非和南美洲。

But we're also pleased to see other geographies actively pursuing FLNG development.

但我們也很高興看到其他地區積極尋求 FLNG 開發。

On the back of this increased FLNG business development activity, we have now recruited a Chief Commercial Officer, Federico Petersen and the further two highly-experienced maritime and upstream development colleagues.

在 FLNG 業務開發活動增加的背景下，我們現在招募了首席商務官 Federico Petersen 和另外兩位經驗豐富的海事和上游開發同事。

And combined, the three of them have more than 70 years of business development experience.

三人加起來擁有超過 70 年的業務開發經驗。

And we're very pleased to have them on the team and we already see benefits in terms of building the FLNG pipeline.

我們很高興他們加入我們的團隊，我們已經看到了建造 FLNG 管道的好處。

We expect to continue to update the market once we have material news on this front.

一旦我們有這方面的重大消息，我們預計將繼續更新市場。

On page 13.

在第 13 頁。

Switching gears to Macaw Energies.

切換至金剛鸚鵡能量。

On the top right, you can see the F2X units mounted outside of the factory where the unit is constructed in Texas US.

在右上角，您可以看到安裝在美國德州工廠外的 F2X 裝置。

This is a modularized system that enables capturing and monetization of flare gas for land wells, specifically targeting markets in the US, South America, and Middle East.

這是一個模組化系統，能夠捕捉陸地井火炬氣並實現貨幣化，特別針對美國、南美和中東市場。

We're pleased to say that the first unit was delivered on time and budget and has proven we already produce LNG from natural gas inputs.

我們很高興地說，第一台裝置按時按預算交付，並證明我們已經從天然氣輸入中生產液化天然氣。

The unit is currently being mobilized to a site in Texas for commercial demonstration of the technology.

該裝置目前正在德克薩斯州的一個地點進行該技術的商業演示。

We see the business opportunity as very attractive time from CapEx to cash flow, where approximately 10 to 12 months to build one unit.

我們認為這商機從資本支出到現金流的時間非常有吸引力，建造一台設備大約需要 10 到 12 個月的時間。

Based on the current planned commercial model, we see a CapEx to EBITDA around 3 times to 4 times based on the existing commercial opportunities that we have identified.

根據目前計劃的商業模式，根據我們已確定的現有商業機會，我們預計 EBITDA 的資本支出約為 3 至 4 倍。

We currently have several large potential clients of Macaw and the F2X technology during due diligence on the company and some of them have expressed interest for offtake of multiple units.

目前，在對公司進行盡職調查期間，我們擁有 Macaw 和 F2X 技術的幾家大型潛在客戶，其中一些客戶表示有興趣購買多台設備。

As explained earlier in the presentation, we will consider to separate out Macaw in a standalone entity during 2024 to roll out the business model and build a portfolio of F2X units.

如同先前在簡報中所解釋的，我們將考慮在 2024 年將 Macaw 分離為獨立實體，以推出業務模式並建立 F2X 部門的投資組合。

Turning to slide 14.

轉到投影片 14。

Earlier today, Golar released its 2023 ESG report.

今天早些時候，Golar 發布了 2023 年 ESG 報告。

The ESG report highlights some of the key achievements conducted over the course of the last 12 months, including the completion of Gimi with 38 million man hours worked without any lost time incidents.

ESG 報告重點介紹了過去 12 個月中取得的一些關鍵成就，包括吉米項目竣工，工作時間達 3800 萬工時，沒有發生任何誤工事故。

The de-risking of Golar from a single asset FLNG company to two FLNGs in operation with a further third unit contemplated.

Golar 的風險從單一資產 FLNG 公司轉變為兩艘正在運作的 FLNG 企業，並考慮再建第三個單位。

We elaborate on the benefits of the F2X systems in Macaw and some of the developments on our carbon capture investments Aqualung.

我們詳細介紹了 Macaw 中 F2X 系統的優勢以及我們的碳捕集投資 Aqualung 的一些進展。

We expand on some of the initiatives already mentioned under the Hilli action that we have conducted in Cameroon.

我們擴展了我們在喀麥隆實施的希利行動中已經提到的一些措施。

And we would encourage all of you to enter our website to further learn about Golar's ESG performance over the course of the last 12 months.

我們鼓勵大家進入我們的網站，進一步了解 Golar 在過去 12 個月的 ESG 表現。

I'll now hand it over to Eduardo to take us through the Q1 group results.

現在我將把它交給 Eduardo，讓我們了解第一季的小組結果。

Good morning, everyone, and thanks, Karl.

大家早安，謝謝卡爾。

I'm pleased to share an overview on Golar's financial performance during Q1.

我很高興與大家分享 Golar 第一季財務表現的概述。

Turning over to slide 16, I wanted to show some of the highlights of this quarter.

翻到投影片 16，我想展示本季的一些亮點。

Total operating revenues amounted to $65 million with total FLNG Tariffs, reaching $86 million, down from $110 million recorded in the same quarter last year.

總營業收入達 6,500 萬美元，FLNG 總關稅達 8,600 萬美元，低於去年同期的 1.1 億美元。

This reduction can be attributed to lower realized Brent and TTF linked earnings when compared to last year.

這一減少可歸因於與去年相比，布蘭特原油和 TTF 相關收益的實現下降。

We always look at FLNG Tariff as the appropriate metric, which reflects all realized liquefaction revenues, including gains on our oil and gas linkage.

我們始終將 FLNG 關稅視為適當的指標，它反映了所有已實現的液化收入，包括我們的石油和天然氣聯繫的收益。

We had a net income of $66 million in Q1 this figure represents a significant improvement on a year-on-year basis.

第一季我們的淨利潤為 6,600 萬美元，這數字比去年同期有了顯著改善。

Adjusted EBITDA came in at $64 million, down 24% when compared to the same quarter in 2023 as a result of lower Brent and TTF prices, which ultimately impacted Hilli's earnings.

由於布蘭特原油和 TTF 價格下跌，最終影響了 Hilli 的收益，調整後 EBITDA 為 6,400 萬美元，與 2023 年同季相比下降 24%。

Our liquidity position remains strong, with approximately $700 million of cash on hand and expected receivables from our closed TTF hedges.

我們的流動性狀況依然強勁，手頭現金約為 7 億美元，以及來自已結束的 TTF 對沖的預期應收帳款。

Based on that, our net debt at the quarter end stood at $550 million.

據此，我們季末的淨債務為 5.5 億美元。

We continue to execute on our share buyback program this quarter, which reduced the number of outstanding shares to $104 million at the end of the quarter.

本季我們繼續執行股票回購計劃，該計劃將季末流通股數量減少至 1.04 億美元。

So now moving on to slide 17, Hilli maintained 100% economic uptime in its market-leading operational track record.

現在轉到幻燈片 17，Hilli 在其市場領先的營運記錄中保持了 100% 的經濟正常運行時間。

Here, we can see the evolution of Hilli's EBITDA contribution over the last quarters.

在這裡，我們可以看到 Hilli 過去幾季 EBITDA 貢獻的變化。

We're looking on a year-on-year basis, Hilli generated $64 million in Q1.

我們預計，Hilli 第一季的營收為 6,400 萬美元。

This number includes $31 million from base tolling fees, Brent and TTF linked fees were down to $15 million and $18 million, respectively.

這一數字包括 3,100 萬美元的基本通行費，布蘭特原油和 TTF 相關費用分別降至 1,500 萬美元和 1,800 萬美元。

We retain exposure to Brent in TTF.

我們保留 TTF 中的布蘭特原油敞口。

So should prices continue to improve in the coming quarters, we should expect increase in distributions from Hilli until the end of its current contract.

因此，如果未來幾季價格繼續上漲，我們預計 Hilli 的分配量將會增加，直到其當前合約結束。

Moving on to slide 18, you can see that we remain exposed to oil and gas prices for the remainder of 2024, while at the same time expect to benefit from marketing gains from our previous TTF swaps.

繼續看投影片 18，您可以看到我們在 2024 年剩餘時間內仍面臨石油和天然氣價格的影響，同時預計將從先前的 TTF 互換的行銷收益中受益。

Based on current forward prices Hilli is expected to generate approximately $274 million this year, while debt service, including principal amortization, is expected to come down to $87 million in 2024, resulting in total free cash flow to equity of just under $200 million per year.

根據目前的遠期價格，Hilli 今年預計將產生約2.74 億美元的收入，而包括本金攤銷在內的債務償還預計到2024 年將降至8700 萬美元，從而導致每年股本自由現金流總額略低於2 億美元。

So moving on to slide 19.

繼續看投影片 19。

We remain committed to shareholder returns and executing on our share buyback program.

我們仍然致力於股東回報並執行我們的股票回購計劃。

As you can see, in 2023, we paid over $168 million in dividends and share buybacks with the recently announced dividend of $0.25 this quarter total amount of dividends and buybacks in '24 will exceed $40 million.

如您所見，2023 年，我們支付了超過 1.68 億美元的股息和股票回購，最近宣布的本季度股息為 0.25 美元，2024 年的股息和回購總額將超過 4000 萬美元。

We've bought back approximately 0.7 million shares this quarter, leaving $104 million shares outstanding at the end of the quarter, out of the $150 million, which was approved last year $74 million remain available for further repurchases, which we will continue to opportunistically pursue.

本季我們回購了約70 萬股股票，截至本季末，在已發行的1.5 億美元股票中，剩下1.04 億美元，去年核准的1.5 億美元股票中有7,400 萬美元可供進一步回購，我們將繼續機會主義地追求這一目標。

This quarter we are declaring a dividend of $0.25 a share with a record date on the June 10, and payment on the June 17.

本季我們宣布派發每股 0.25 美元的股息，記錄日期為 6 月 10 日，支付日為 6 月 17 日。

Now turning over to slide 20.

現在翻到投影片 20。

As we approach the start of the 20-year Gimi contract with BP, we have the opportunity to improve our current debt structure and release a significant amount of equity which is tied to that project.

隨著我們與 BP 的 20 年期 Gimi 合約即將開始，我們有機會改善目前的債務結構，並釋放與該專案相關的大量股權。

We have been in close dialogue with various lenders and have recently executed term sheets for refinancing alternatives ranging from around $1 billion to up to $1.4 billion.

我們一直在與各貸款機構進行密切對話，並於最近簽署了再融資方案的條款清單，範圍從約 10 億美元到最高 14 億美元。

As of today, we have drawn $630 million under the existing $700 million facility.

截至今天，我們已在現有的 7 億美元貸款下提取了 6.3 億美元。

So when running the numbers based on our 70% stake of potential refinancing could unlock more than $0.5 billion net to Golar, this is another stepping stone towards our funding plan for the market to project.

因此，根據我們 70% 的潛在再融資股權進行計算，可以為 Golar 釋放超過 5 億美元的淨額，這是我們向市場預測的融資計劃的另一個墊腳石。

We have been actively negotiating a new long-term financing package for the Mark II of approximately $1.2 billion.

我們一直在積極談判為 Mark II 提供約 12 億美元的新長期融資方案。

So when considering the expected net proceeds from a potential Gimi refinancing plus around $300 million, which Karl mentioned earlier today, which has been fully equity funded until now, which includes the purchase of long lead equipment and the acquisition of the donor vessel, the LNGC fusion.

因此，在考慮潛在的Gimi 再融資的預期淨收益加上大約3 億美元時，Karl 今天早些時候提到過，到目前為止，該資金一直是完全股權融資的，其中包括購買長週期設備和收購捐贈船LNGC融合。

This proposed financing will support our funding strategy to move ahead with the mark to project FID in the coming quarters.

擬議的融資將支持我們的融資策略，以在未來幾季推進 FID 專案。

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發言。

Thanks, Eduardo.

謝謝，愛德華多。

I'll now turn to slide 22 to outline the summary and the next steps.

我現在將轉向投影片 22 概述總結和後續步驟。

So on Hilli, our utmost focus is to maintain the market-leading operational track record and focus on recontracting the vessel at the end of current charter.

因此，在 Hilli 上，我們的首要任務是保持市場領先的營運記錄，並專注於在當前租船合約結束時重新承包船舶。

We're very pleased with the developments of the potential 20-year charter, which we are currently in detailed negotiations for.

我們對潛在的 20 年憲章的進展感到非常滿意，目前我們正在對此進行詳細談判。

On Gimi our ambition is to conclude the pre-COD cash flow mechanisms with BP and continue the very positive progress to COD.

在吉米，我們的目標是與 BP 達成 COD 之前的現金流機制，並繼續在 COD 方面取得非常積極的進展。

As Eduardo just explained, we are also focusing on the debt optimization through a potential refinancing of these vessels.

正如愛德華多剛剛解釋的那樣，我們也致力於透過這些船舶的潛在再融資來優化債務。

Turning to Mark II, we have spent $270 million to date. we target FID subject to final yard contract, a construction facility being available and charter visibility on either Hilli order Mark II.

談到 Mark II，迄今為止我們已經花了 2.7 億美元。我們的目標是根據最終堆場合約、可用的施工設施以及 Hilli 訂單 Mark II 的包機可見性進行 FID。

As explained earlier in the presentation, we have gotten the reconfirmation of a CapEx per ton of $600 million per mtpa and I target 2027 delivery if order this summer.

正如簡報前面所解釋的，我們已經再次確認每噸資本支出為每噸年 6 億美元，如果今年夏天訂購，我的目標是 2027 年交貨。

And their corporate and investments, we are targeting a separate listing of Macaw Energies a sale or long-term charter of Golar Arctic, and we remain committed to strong shareholder returns, supported by current strong cash flow generation with significant upside, both from recontracting of Hilli and ordering and contracting of Mark II.

以及他們的公司和投資，我們的目標是單獨上市Macaw Energies、出售或長期租用Golar Arctic，我們仍然致力於實現強勁的股東回報，這得益於當前強勁的現金流產生，具有顯著的上行空間，兩者均來自於再承包Hilli 以及 Mark II 的訂購和承包。

We have significant financial flexibility in that optimization and continued capacity under the existing share buyback program.

在現有股票回購計畫下，我們在優化和持續產能方面擁有顯著的財務靈活性。

That concludes the prepared remarks, and we're happy to open up for any questions.

準備好的發言就到此結束，我們很樂意回答任何問題。

(Operator Instructions)

（操作員說明）

Ben Nolan, Stifel.

本諾蘭，史蒂菲爾。

Thank you and good morning, afternoon, Karl, Eduardo.

謝謝你們，早安，下午好，卡爾，愛德華多。

So my first question is you made progress on this framework agreement and there's a little bit left to be done but seems like it's likely to move forward.

所以我的第一個問題是，你們在這個框架協議上取得了進展，還有一些工作要做，但看起來很可能會向前推進。

Hopefully, that's not an overstatement, but hoping that you maybe can give a little bit more color on a few things.

希望這不是誇大其詞，但希望您可以在一些事情上提供更多的色彩。

First of all, is it for Mark II?

首先，是Mark II用的嗎？

Is that how we should think about it?

我們該這樣思考嗎？

And then along with that, could it potentially encompass more than one unit?

除此之外，它是否可能包含多個單位？

Hi, Ben.

嗨，本。

Yes, it could potentially encompass more than one unit over time.

是的，隨著時間的推移，它可能會包含多個單元。

And initially both us and the clients are working on whether Hilli or Mark II should be the first one or not.

最初，我們和客戶都在研究 Hilli 還是 Mark II 應該成為第一個。

Okay.

好的。

All right.

好的。

Appreciate that.

感謝。

And then on the Hilli, it comes off contract in the middle of 2026.

然後在 Hilli，它的合約將於 2026 年中期到期。

Is there any potential or is there a way at which it could start a new contract that same year just as there's a need to be a little downtime.

是否有任何潛力，或者是否有辦法可以在同年開始一份新合同，就像需要一點停機時間一樣。

That's 100% dependent on the location in which we re-contract.

這100%取決於我們重新簽訂合約的地點。

Of course, if we were to stay on-site in Cameroon, we obviously do not need to go to shipyard.

當然，如果我們留在喀麥隆現場，顯然就不需要去造船廠了。

If we go to one of the neighboring countries subject to water depth, we might not need to go for any vessel upgrades, but it's also linked to the duration of recontracting.

如果我們去某個受水深限制的鄰國，我們可能不需要進行任何船舶升級，但這也與轉包的期限有關。

And if you're looking for close to 20, our operations, we believe it would be beneficial.

如果您正在尋找接近 20 個我們的業務，我們相信這將是有益的。

So have a relatively short yard stay to ensure continuous operation in the 20-year period and don't have any need to go for maintenance at that time.

因此，堆場停留時間相對較短，可以保證20年的連續運行，並且屆時無需進行維護。

Okay.

好的。

All right.

好的。

I appreciate it.

我很感激。

Thank you.

謝謝。

Alexander Bidwell, Webber Research and Advisory.

亞歷山大‧比德韋爾 (Alexander Bidwell)，韋伯研究與諮商。

Good morning.

早安.

This is Alex on for Greg Wasakowski this quarter.

這是本季度由亞歷克斯 (Alex) 替補格雷格·瓦薩科夫斯基 (Greg Wasakowski) 的情況。

Thank you for taking my questions.

感謝您回答我的問題。

Just a quick one here on Hilli.

就在希利（Hilli）這裡快速了解一下。

So what -- can you give us a sense of the I guess the general timeline you'd be looking at for redeployment I'd like a little bit more color on [when she comes off] in July.

那又怎樣——你能讓我們了解一下我猜你會考慮重新部署的總體時間表嗎？

What's the I guess, the path to first gas that whatever the new project is, you mentioned before that you're looking at potentially bringing our into a yard to do some maintenance and some refit work.

我想，無論新項目是什麼，您之前提到過，您可能會考慮將我們帶入院子進行一些維護和一些改裝工作，這是通往第一批天然氣的途徑。

But are you expecting sort of a similar type commissioning timeline once you get on site that you'd see on Gimi?

但是，一旦您到達現場，您是否期待在 Gimi 上看到類似的調試時間表？

Hi, Alex.

嗨，亞歷克斯。

So provided you doesn't help stay in-country.

因此，前提是您不幫助留在國內。

What you would have to do is to decommission the vessel from its existing site, we would likely then sale to a yard.

您需要做的是將船舶從現有場地退役，然後我們可能會將其出售給船廠。

They are we do not need to go to a drydock at all.

他們是我們根本不需要去乾船塢。

So that is most likely to be either Dubai drydocks, Tenerife or similar.

所以最有可能是杜拜乾船塢、特內裡費島或類似的乾船塢。

The primary reason to do it is life extension for a longer term contract.

這樣做的主要原因是延長長期合約的壽命。

We expect the arm state to take plus minus three months and then you don't sail down to location of operation.

我們預計武裝狀態需要正負三個月的時間，然後您就不會航行到操作地點。

And we do not expect a six month commissioning period once we're on site, we had a significantly shorter than six months commissioning period of Hilli when we first started operation in Cameroon.

我們預計到達現場後不會有六個月的調試期，當我們第一次在喀麥隆開始營運時，Hilli 的調試期明顯短於六個月。

And given that the vessel has been producing for eight years, we know that all of the systems, pumps, generators and so forth are working well.

鑑於該船已生產八年，我們知道所有系統、泵浦、發電機等均運作良好。

So we expect a significantly shorter commissioning period.

因此，我們預計調試期將大大縮短。

We would expect more in the tune of one to two months.

我們預計在一到兩個月內會有更多。

But through commissioning period, you are producing LNG.

但在調試期間，您正在生產液化天然氣。

So it's not like commissioning period, there's without revenue.

所以不像調試期，沒有收入。

All right.

好的。

Thank you very much.

非常感謝。

And one quick question on Mark II.

還有一個關於 Mark II 的簡單問題。

So what sort of lessons learned have you guys been applying from your Mark I designs on this new design?

那麼你們從 Mark I 設計中學到了哪些經驗教訓應用於這個新設計呢？

And do you guys expect to see, say, optimized design for ease of maintenance or lowering your maintenance costs on the facility?

你們是否希望看到易於維護或降低設施維護成本的最佳化設計？

And that's a very good question.

這是一個非常好的問題。

So dependent on how detailed we should go in this call, I suggest we keep it relatively high level.

因此，根據我們在這次通話中應該進行的詳細程度，我建議我們保持相對較高的水平。

But the key benefit of Mark II over Mark I is that entirely reflect production plant is built on an entire new midsection.

但 Mark II 相對於 Mark I 的主要優勢在於，完全反映生產工廠建在全新的中部。

So if you look at the illustration here, you can see that all of the liquefaction is built on a new unit, which is 80 meters long and 60 meters wide.

所以如果你看這裡的插圖，你會發現所有的液化都建立在一個新的單元上，該單元長 80 米，寬 60 米。

That means that we could modularize the whole construction of the liquefaction plants and then add the storage being the ship.

這意味著我們可以將液化廠的整個結構模組化，然後添加船舶儲存。

That's the benefit of Mark II, on Mark I we have the liquefaction on one side of the ship and support vessels on the other.

這就是 Mark II 的好處，在 Mark I 上，我們在船的一側有液化裝置，在另一側有支援船。

That means that it's far more sticky building in a Mark I than a Mark II.

這意味著 Mark I 中的建築物比 Mark II 中的黏性要大得多。

Hence on Mark II, it's quicker, easier to operate less space restriction and enables modularized builds, which is to a larger extent than Mark I repeatable.

因此，在 Mark II 上，它更快、更容易操作，更少的空間限制，並支援模組化構建，這在很大程度上比 Mark I 的可重複性更高。

So yes, there are significant learning effects, more space, but the same technology.

所以，是的，有顯著的學習效果，更多的空間，但技術相同。

All right.

好的。

Thank you very much.

非常感謝。

That's all from my side.

這都是我這邊的。

Thanks, Alex.

謝謝，亞歷克斯。

Chris Robertson, Deutsche Bank.

克里斯·羅伯遜，德意志銀行。

Hey, thank you for taking my questions.

嘿，謝謝你回答我的問題。

Good morning or afternoon, Karl and Eduardo.

早安或下午好，卡爾和愛德華多。

My questions are centered maybe around more theoretical scenarios here in terms of how you're looking at ideal contract terms, let's say, for the recontracting of the Hilli, I mean, it's a given that you would potentially want to know the full utilization of the asset.

我的問題可能集中在更多的理論場景上，例如你如何看待理想的合約條款，比如說，對於 Hilli 的重新承包，我的意思是，你可能想知道的充分利用資產。

But as we're thinking here about the choices with the pricing outlook for LNG here, how much would in your mind would be ideal for the base tolling arrangement versus commodity price exposure as it relates to just capacity?

但是，當我們在這裡考慮液化天然氣定價前景的選擇時，您認為對於基本收費安排與大宗商品價格敞口而言，多少是理想的，因為它只與容量相關？

Hi, Chris.

嗨，克里斯。

That's an interesting trade-off.

這是一個有趣的權衡。

So I think it's fair to say that the higher base your score, obviously the less carry you get on the upside and vice versa.

所以我認為可以公平地說，你的分數基礎越高，顯然你獲得的優勢就越少，反之亦然。

What we tend to see is that the potential charter, our upstream partners are far more open to share on the upside as opposed to cover on the downside.

我們傾向於看到的是，潛在的包機，我們的上游合作夥伴更願意分享上行趨勢，而不是掩蓋下行趨勢。

So on the balance, what we want to cover is debt service and sort of a minimal return to equity on the fixed calling and then have an attractive breakeven on where we share the upside from them breakeven on where we share the upside from.

因此，總的來說，我們想要涵蓋的是債務償還和固定電話的最低股本回報，然後在我們分享收益的地方獲得有吸引力的盈虧平衡。

Okay.

好的。

That's fair.

這還算公平。

I guess, Karl, you had mentioned some other geographies pursuing FLNG beyond the two focus regions that you've typically looked at in West Africa and South America.

我想，Karl，您提到了除了您通常關注的西非和南美這兩個重點區域之外的其他一些追求 FLNG 的地區。

Can you go into a little bit more detail and where you're seeing that?

能詳細說明一下您在哪裡看到的嗎？

Other geographies includes further north in the Americas and Middle East.

其他地區包括更北的美洲和中東。

Okay.

好的。

And then last question follow-up.

然後是最後一個問題的跟進。

As you brought in the new commercial officer here as well as on development personnel.

因為您在這裡引進了新的商務官員以及開發人員。

You said that you've realized some gain so far or at least some help there.

你說到目前為止你已經實現了一些收穫或至少在那裡得到了一些幫助。

But can you go into a little bit more detail on exactly the either what they bring to the table in terms of their network or expertise or how are they driving the process forward from a day-to-day perspective.

但您能否更詳細地介紹他們在網絡或專業知識方面帶來了什麼，或者他們如何從日常角度推動這一流程向前發展。

So with reference to your question on sort of the upside sharing people with in-depth experience from upstream business development is very helpful to our commercial team.

因此，參考您關於某種優勢的問題，分享具有上游業務開發豐富經驗的人對我們的商業團隊非常有幫助。

Because we have further insights into where and how much we can share of the upstream.

因為我們對可以在哪裡以及多少程度上分享上游有了更深入的了解。

And obviously with a combined 70 years of successful industry experience, they have a significant relationship to potential upstream partners.

顯然，憑藉 70 年的成功產業經驗，他們與潛在的上游合作夥伴有著重要的關係。

So it's both the benefit of in-depth knowledge of the upstream part of the value chain and the relationships.

因此，這既是對價值鏈上游部分及其關係的深入了解的好處。

That's great color.

那顏色真棒。

Thank you very much for the time, I'll turn it over.

非常感謝您抽出時間，我會翻過來的。

Liam Burke, B. Riley Financial.

利亞姆·伯克（Liam Burke），B.萊利金融公司。

Thank you.

謝謝。

Hi, Karl.

嗨，卡爾。

Hi, Eduardo.

嗨，愛德華多。

Karl, in your discussions or negotiations on the Mark II are you talking with multiple parties there is competition on the other side for the access to the first Mark II or is it one potential charter looking at multiple projects?

Karl，在您關於 Mark II 的討論或談判中，您是否與多方討論對方是否存在爭奪第一個 Mark II 的競爭，或者這是一個考慮多個項目的潛在憲章？

From the chartering side it's more than one, for sure.

從租船方面來看，肯定不只一個。

There are several different we're talking to a Mark II, what we see of both across Hilli Mark II and in this market in general, is time to cash flow is important.

我們正在談論的 Mark II 有幾種不同的地方，我們在 Hilli Mark II 和整個市場上看到的是，現金流的時間很重要。

And therefore, we think it's important to safeguard delivery.

因此，我們認為保障交付非常重要。

Obviously, it's clear to the whole market from when Hilli is available us from July '26 onwards.

顯然，從 Hilli 從 26 年 7 月開始向我們供貨以來，整個市場都清楚了。

And we think it's important to safeguard a '27 delivery for Mark II because that's far ahead of where we think others could introduce liquefaction capacity.

我們認為確保 Mark II 的 27 年交付非常重要，因為這遠遠領先於我們認為其他人可以引入液化能力的水平。

We also see a constraint on yard availability in general for maritime assets and locking in the yard slots, we think is an important step in also securing attractive commercial results.

我們也看到海事資產的堆場可用性普遍受到限制，並鎖定堆場位置，我們認為這也是確保有吸引力的商業成果的重要一步。

Great.

偉大的。

Thank you.

謝謝。

And on Avenir, I mean you mentioned it, but are you satisfied with the progress there?

關於《Avenir》，我的意思是你提到了這一點，但你對那裡的進展滿意嗎？

Or is that the source of cash that you can reinvest in other projects?

或者這是您可以再投資其他項目的現金來源？

It's fair to say that Avenir was more core to us when we owned Golar Power or later renamed Hygo.

公平地說，當我們擁有 Golar Power 或後來更名為 Hygo 時，Avenir 對我們來說更為核心。

But we liked investment, Avenir recently added another two newbuilds to the fleet, so we currently have a fleet of five vessels on the water and to enable newbuilds under construction.

但我們喜歡投資，Avenir 最近在船隊中又增加了兩艘新造船，因此我們目前擁有一支由五艘船組成的船隊，可以在水面上建造新船。

We see that the supply demand balance for small-scale LNG ships is highly attractive with a large part of the commercial fleet ranging from cruise liners, container vessels, dry bulk carriers, tankers and so forth.

我們看到，小型液化天然氣船的供需平衡對於大部分商業船隊（包括郵輪、貨櫃船、乾散貨船、油輪等）極具吸引力。

Now being ordered with LNG dual-fuel, very limited LNG bunkering infrastructure that combined with small-scale distribution of LNG, we think is provides a very attractive backdrop for small-scale LNG.

現在訂購的是液化天然氣雙燃料、非常有限的液化天然氣加註基礎設施，再加上液化天然氣的小規模分銷，我們認為這為小規模液化天然氣提供了非常有吸引力的背景。

But you're right to say that the investment is less strategic to us than what it used to be when we were more involved on the downstream side.

但你說得對，這項投資對我們來說不再像以前我們更多地參與下游業務時那樣具有戰略意義。

Great.

偉大的。

Thank you, Karl.

謝謝你，卡爾。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Greg Lewis, BTIG.

格雷格·劉易斯，BTIG。

Hey, thanks, and good afternoon, everybody.

嘿，謝謝，大家下午好。

Hey, Karl, I was hoping to get a little bit more clarity on me on in the press release, or in the prepared remarks in the presentation, you talked about the advanced negotiations on realizing when we did the Hilli, I guess, about a decade ago.

嘿，卡爾，我希望在新聞稿中或在演示文稿中準備好的發言中對我有更多的了解，你談到了我們在進行 Hilli 時所進行的高級談判，我猜，關於十年前。

We really just wanted proof of concept and therefore, you know, hey, we had a unit that maybe only had two trains on working.

我們真的只是想要概念證明，因此，你知道，嘿，我們有一個單位，可能只有兩列火車在工作。

Obviously you did a great job and scaled it up to three.

顯然你做得很好，並將其擴展到了三個。

Is there any way to kind of think about, you know, from lessons learned, if we're going to move forward with a new project, would we even contemplate doing something where the vessel maybe wasn't fully max full utilized on a unit like Hilli making sure that fourth train was up and running?

有沒有什麼方法可以考慮，你知道，從吸取的經驗教訓中，如果我們要推進一個新項目，我們是否會考慮做一些容器可能沒有在一個單元上充分利用的事情就像希利確保第四列火車啟動並運行一樣？

Obviously, if we build more units, the plan is to fully utilize them for sure.

顯然，如果我們建造更多單位，計劃肯定是充分利用它們。

But at the end of the day, as long as the client pays for it, we can utilize whatever they want to use.

但歸根結底，只要客戶付錢，我們就可以使用他們想使用的任何東西。

But, for sure the target is to fully utilize.

但是，可以肯定的是，目標是充分利用。

I think part of the reason for and the current contract structure of Hilli was that it's the first FLNG deployment in the world, and it was a proof of concept and at the time of entering into the facility, the gas reserve and the flow rates from the existing wells did not allow for a higher production.

我認為 Hilli 目前的合約結構的部分原因是，它是世界上第一個 FLNG 部署，這是一個概念驗證，在進入該設施時，天然氣儲備和流量來自現有油井無法實現更高的產量。

Obviously, we are targeting full utilization of all of our units on all commercial discussions.

顯然，我們的目標是在所有商業討論中充分利用我們的所有單位。

Okay.

好的。

And then I know it's kind of been touched on between the puts and takes between you know in any negotiation.

然後我知道，在任何談判中，你知道，在你知道的讓步和索取之間都會觸及這一點。

Do you want a higher base rate.

您想要更高的基本費率嗎？

Do you want to higher totally ups what kind of upside?

你想要更高的完全ups什麼樣的好處？

Is there any reason why just given that the unit is basically we can borrow against that.

考慮到該單位基本上是我們可以藉用的，有什麼理由嗎？

As we think about maybe borrowing against that, is there any kind of floor levels we should be thinking about in terms of EBITDA generation for the Hilli.

當我們考慮可能藉用這一點時，我們是否應該考慮 Hilli 的 EBITDA 產生的底線水準。

Just if we think about being able to borrow against that to then go after near -- the next project?

如果我們考慮能夠借資金然後去追求下一個項目呢？

So our focus is obviously to maximize economic returns based on the resources available to us.

因此，我們的重點顯然是根據我們可用的資源來最大化經濟回報。

And that's our target for all of our projects.

這就是我們所有專案的目標。

And we recognize that with a higher firm base, you get a more attractive debt financing versus a lower base and more variable earnings.

我們認識到，與較低的基礎和更多的可變收益相比，憑藉較高的堅實基礎，您可以獲得更具吸引力的債務融資。

So we're obviously looking at equity returns in what we think are likely gas price scenarios, and that's how we manage that side.

因此，我們顯然正在考慮我們認為可能的天然氣價格情境下的股權回報，這就是我們管理這一方面的方式。

When you say guiding on base, we have a base today, which is based on 57% or 58% utilization.

當你說基於基礎進行指導時，我們今天有一個基於 57% 或 58% 利用率的基礎。

I think we wouldn't talk to a new contract if it was less than at least 90% utilization.

我認為，如果利用率低於至少 90%，我們就不會簽訂新合約。

So I think it's fair to assume that you will have at least a pro rata increase in the base rates that you see today.

因此，我認為可以公平地假設，您今天看到的基本費率至少會按比例增加。

Great to hear.

很高興聽到。

Thank you very much for the thought.

非常感謝你的想法。

Thanks, Greg.

謝謝，格雷格。

Thank you.

謝謝。

Have no further questions.

沒有其他問題了。

I would like to hand back for closing remarks.

我想交出結束語。

Thank you all for dialing in, we hope you found the update interesting.

感謝大家撥通電話，我們希望您對本次更新感興趣。

We're certainly very pleased with the developments of the company, we look forward to speak to you all soon and have a great day.

我們對公司的發展當然感到非常滿意，我們期待很快與大家交談並祝您有美好的一天。