Golar LNG Ltd (GLNG) 2024 Q2 法說會逐字稿

Welcome to Golar’s second quarter 2024 results. 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.

歡迎閱讀 Golar 2024 年第二季業績。我是 Golar LNG 執行長 Karl Fredrik Staubo，今天在我們的財務長 Eduardo Maranhao 先生的陪同下介紹本季的業績。在我們開始簡報之前，請注意投影片 2 上的前瞻性陳述。

We started slide 3 and the overview of Golar today. We have two existing FLNG assets, the Hilli, which is the world's first FLNG with a market-leading operational track record, and the Gimi about to commence a 20-year charter for BP offshore Senegal and Mauritania.

我們今天開始幻燈片 3 和 Golar 的概述。我們現有兩艘 FLNG 資產：Hilli 號，這是世界上第一艘 FLNG，擁有市場領先的營運記錄；Gimi 號即將開始為 BP 塞內加爾和茅利塔尼亞近海提供為期 20 年的租船合約。

We are closing in on ordering our third FLNG, Mark II with an annual liquefaction capacity of 3.5 million tons per annum. The Mark II FLNG will utilize the LNG carrier Fuji as its donor vessel for the FLNG conversion. Our financial investments include a 23.5% shareholding in Avenir LNG and a fully owned subsidiary Macaw Energies, which is a startup focused on onshore flare-to-LNG liquefaction.

我們即將訂購第三艘 FLNG Mark II，年液化量為 350 萬噸。 Mark II FLNG 將利用 LNG 運輸船 Fuji 作為 FLNG 轉換的供體船。我們的金融投資包括 Avenir LNG 23.5% 的股權和全資子公司 Macaw Energies，後者是一家專注於陸上火炬液化天然氣液化的新創公司。

We're encouraged by the development in both of these companies. Avenir is a leading small-scale LNG shipping company, and we see favorable supply-demand characteristics of small-scale LNG shipping, translate into strong charter rates with up to five-year durations to very solid counterparts.

我們對這兩家公司的發展感到鼓舞。 Avenir 是一家領先的小型液化天然氣運輸公司，我們看到小型液化天然氣運輸有利的供需特徵，這將轉化為向非常穩定的同行提供長達五年的強勁租船費率。

We're very encouraged on the outlook for this business. On Macaw, we have now deployed the first F2X, which is the flare-to-LNG liquefaction unit at the live well in Texas US. Macaw are currently working on tuning the operations to facilitate for fluctuations in the gas composition from the flare gas well.

我們對這項業務的前景感到非常鼓舞。在 Macaw 上，我們現在已部署了第一台 F2X，這是位於美國德克薩斯州活井的火炬至液化天然氣液化裝置。 Macaw 目前正在努力調整操作，以適應火炬氣井氣體成分的波動。

Other key statistics highlighted on the page includes our market cap currently standing at around $3.5 billion, net debt of just under $600 million, and an EBITDA backlog of around $11 billion inclusive of the Pan American Energy FLNG Contract in Argentina, which we announced in July.

該頁面突出顯示的其他關鍵統計數據包括我們目前約為35 億美元的市值、略低於6 億美元的淨債務以及約110 億美元的EBITDA 積壓，其中包括我們於7 月宣布的阿根廷泛美能源FLNG 合約。

Turning to slide 4, Golar is the world's largest owner and operator of FLNGs, and the only proven provider of FLNG as a service. Our two existing units are at par with E&I and Petronas in number of units, but market leading measured by liquefaction capacity.

轉向幻燈片 4，Golar 是全球最大的 FLNG 所有者和營運商，也是唯一經過驗證的 FLNG 服務提供者。我們現有的兩個裝置在數量上與 E&I 和 Petronas 相當，但以液化能力衡量，處於市場領先地位。

Our focus on designing standardized designs that can be redeployed at moderate CapEx have enabled us to construct the units at market-leading construction costs measured by CapEx per ton and obtain market-leading operational track record.

我們專注於設計能夠以適度的資本支出重新部署的標準化設計，這使我們能夠以市場領先的建設成本（按每噸資本支出衡量）建造這些裝置，並獲得市場領先的營運記錄。

The other existing FLNG players are focused on utilizing their floating units for gas they control or where they target to be the off-taker of the gas for their downstream LNG portfolio. Hence, the only proven provider of FLNG as a service is Golar, and this position allows us to offer gas resource owners a monetization venue whilst maintaining meaningful ownership and exposure to their resources.

其他現有的 FLNG 參與者專注於利用其浮動裝置來獲取他們控制的天然氣，或者他們的目標是成為其下游液化天然氣組合的天然氣承購商。因此，唯一經過驗證的 FLNG 服務提供者是 Golar，這一地位使我們能夠為天然氣資源所有者提供貨幣化場所，同時保持有意義的所有權和對其資源的曝險。

Turning to Slide 5, we have laid out our growth ambition based on our existing asset base and secured yard slots. We have inbuilt cash generation growth from our existing assets through the startup of Gimi expected to commence commissioning within this quarter and full operations next year.

轉向幻燈片 5，我們根據現有的資產基礎和固定的船位位置制定了我們的成長目標。透過 Gimi 的啟動，我們從現有資產中獲得了內在的現金產生成長，預計將於本季開始調試並於明年全面運作。

We see further earnings growth from increased capacity utilization on Hilli when redeploying from her existing charter which ends in July 2026 to the announced 20-year charter in Argentina with an estimated startup in Q1 2027. Once on their 20-year charters, these two existing assets are estimated to generate an aggregate annual EBITDA of approximately [$515 million] before commodity exposure.

當Hilli 從2026 年7 月結束的現有租約重新部署到阿根廷宣布的20 年租約，預計將於2027 年第一季啟動時，我們看到Hilli 的產能利用率增加，從而帶來進一步的盈利增長。

On the back of our focused business model, strong balance sheet and demand for our FLNG services, we're now looking to grow our fleet with a target to more than double our operating FLNG capacity by 2030 to just over 12 million tons per annum.

在我們專注的業務模式、強勁的資產負債表和對FLNG 服務的需求的支持下，我們現在正在尋求擴大我們的船隊，目標是到2030 年將我們的FLNG 營運能力增加一倍以上，達到每年1200 萬噸以上。

We have secured a yard slot for a Mark II 3.5 mtpa conversion with delivery in 2027 and a further yard option for a second Mark II 3.5 mtpa FLNG with delivery within 2028. We are targeting to order the first of these Mark IIs FLNGs within this quarter.

我們已經獲得了一個用於Mark II 3.5 mtpa 改裝的堆場位置，將於2027 年交付，並為第二艘Mark II 3.5 mtpa FLNG 提供額外的堆場選項，將於2028 年交付。在本季訂購第一艘Mark II FLNG。

Each Mark II FLNG has a capacity of 3.5 million tonnes or about 180 TBtu per annum. Assuming a tariff in line with the recently announced FLNG project in Argentina, a Mark II could generate an EBITDA of approximately $500 million before commodity exposure.

每艘 Mark II FLNG 的容量為 350 萬噸或每年約 180 TBtu。假設關稅與最近宣布的阿根廷 FLNG 項目一致，Mark II 可以在扣除商品風險之前產生約 5 億美元的 EBITDA。

Hence, based on our existing assets and the identified growth ambitions, Golar may be in a position to generate an annual EBITDA of around $1.5 billion once the expansion program has expanded from 2 to 4 units and the liquefaction capacity has increased from 5 to 12 mtpa. This is all expected to be fully operational within 2030.

因此，根據我們現有的資產和已確定的成長目標，一旦擴建計畫從2 台擴大到4 台，液化能力從5 噸/年增加到12 噸/年，Golar 可能能夠產生約15 億美元的年度EBITDA 。這一切預計將在 2030 年全面投入營運。

On slide 6, we see continued need for further LNG supplied projects to come online. Due to depletion of existing gas fields and strong underlying growth in natural gas and LNG demand, mainly driven by the Far Eastern Europe, incremental gas supply is needed to balance the market.

在投影片 6 中，我們看到繼續需要更多的液化天然氣供應項目上線。由於現有氣田的枯竭以及天然氣和液化天然氣需求的強勁成長（主要由遠東歐推動），需要增加天然氣供應來平衡市場。

Based on market research, the incremental supply required to meet the forecasted demand has a landed cost of more than $10 per MMBtu, supporting long-term pricing of LNG. Golar’s FLNG technology enable monetization of stranded or associated gas field that with a significantly lower cash breakeven compared to the majority of these incremental LNG gas export projects. The spread between where we can generate gas exports and other incremental supply provides for an attractive price spread to be shared between gas resource owners and Golar as the FLNG provider.

根據市場研究，滿足預測需求所需的增量供應的到岸成本超過每 MMBtu 10 美元，以支持液化天然氣的長期定價。 Golar 的 FLNG 技術可實現擱淺或伴生氣田的貨幣化，與大多數增量液化天然氣出口項目相比，這些氣田的現金損益平衡點明顯較低。我們可以生產天然氣出口和其他增量供應之間的價差為天然氣資源所有者和作為 FLNG 供應商的 Golar 之間的共享提供了有吸引力的價差。

Forward pricing of LNG still supports oil to gas substitution in addition to the favorable environmental savings. We see this market balance as a very supportive to our mentioned growth ambitions.

液化天然氣的遠期定價除了有利的環境節約之外，仍然支持石油對天然氣的替代。我們認為這種市場平衡非常支持我們所提到的成長目標。

Turning to business updates at slide 8. Hilli continued her market leading operational track record during the quarter and is currently in the midst of offloading cargo 117 or more than 8 million tons of LNG exports since contract startup in 2018.

轉向幻燈片 8 中的業務更新。

A key milestone for the quarter was to conclude a commercial reset with BP, resolving all contract disagreements and aligning economic compensation from Gimi's arrival in country on January 10th until COD. This commercial reset also unlocks our target to refinance Gimi at improved terms versus the existing facility and to provide the liquidity release that we intend to utilize for our mentioned FLNG growth ambitions.

本季度的一個重要里程碑是與 BP 完成商業重置，解決所有合約分歧，並調整從 1 月 10 日 Gimi 抵達該國到貨到付款為止的經濟補償。此次商業重置也實現了我們的目標，即以比現有設施更好的條款為 Gimi 進行再融資，並提供我們打算用於實現上述 FLNG 成長目標的流動性釋放。

Significant progress has been made on Mark II during the quarter and we're now targeting contracting within the quarter as mentioned. And we've also secured the slot for the option. The key milestone of the quarter was signing a 20-year definitive agreement for deployment of an FLNG in Argentina.

本季 Mark II 取得了重大進展，我們現在的目標是在上述季度內簽訂合約。我們還確保了該選項的插槽。本季的關鍵里程碑是簽署了為期 20 年的最終協議，在阿根廷部署 FLNG。

The contract envisaged to utilize Hilli at the end of our current charter, but Golar has for a period pre-final investment decision an option to swap the vessel with a Mark II FLNG. We will elaborate on this later in the presentation. We see continued strong development of our FLNG growth pipeline and we've increased our FLNG commercial team with two senior resources to assist in evaluating and developing project opportunities.

合約預計在我們目前的租船合約結束時使用 Hilli，但 Golar 在最終投資決定之前的一段時間內可以選擇將該船更換為 Mark II FLNG。我們將在稍後的演示中對此進行詳細說明。我們看到我們的 FLNG 成長管道持續強勁發展，並且我們增加了 FLNG 商業團隊，配備了兩個高級資源，以協助評估和開發專案機會。

We're currently in discussion for FLNG deployment opportunities in West Africa, South America, Middle East, and Southeast Asia. Q2 financial highlights include an adjusted EBITDA for the quarter of $59 million and a liquidity position of just around $600 million. Eduardo will provide further insight into this quarter's financial performance later in the presentation.

我們目前正在討論在西非、南美洲、中東和東南亞部署 FLNG 的機會。第二季的財務亮點包括該季度調整後的 EBITDA 為 5,900 萬美元，流動性部位約為 6 億美元。 Eduardo 將在稍後的演示中提供有關本季度財務業績的進一步見解。

Turning to slide 9, we've laid out some of the contract highlights on the Pan American FLNG charter in Argentina. We have entered into agreements for a 20-year LNG export project in Argentina.

轉向幻燈片 9，我們列出了阿根廷泛美 FLNG 租船合約的一些亮點。我們已在阿根廷簽訂了為期 20 年的液化天然氣出口計畫協議。

The project, as explained several times now, intends to utilize Hilli. However, we have swapping rights to instead utilize a Mark II FLNG before final FID is made which is expected to occur later this year. The annual adjusted EBITDA based on utilization of the Hilli is approximately $300 million before commodity exposure. The project will utilize gas from the Vaca Muerta field onshore Argentina. Vaca Muerta is the second largest shale gas discovery in the world with estimated resources of around 300 TCF.

正如現在多次解釋的那樣，該項目打算利用 Hilli。然而，在預計今年稍後做出最終最終投資決定之前，我們可以交換使用 Mark II FLNG 的權利。根據 Hilli 的利用率計算的年度調整後 EBITDA 約為 3 億美元（不計商品風險）。該項目將利用阿根廷陸上 Vaca Muerta 氣田的天然氣。 Vaca Muerta 是世界第二大頁岩氣發現地，估計資源量約 300 TCF。

Target's startup of the project is in Q1 ‘27 enabling potential redeployment, upgrades, and hookup of Hilli after the end of her current charter in July 2026. As part of the transaction, Golar will become a 10% shareholder in South American logistics.

Target 該專案將於 2027 年第一季啟動，在 2026 年 7 月當前租約結束後，Hilli 可能會重新部署、升級和連接。

This will provide further commodity exposure in addition to the commodity element of the FLNG tariff. The charter is subject to customary closing condition, including regulatory and environmental approvals. As alluded to, this is expected to be satisfied within year-end. Further information on the project can be found on slide 10.

除了 FLNG 關稅的商品部分之外，這還將提供進一步的商品曝險。該憲章須遵守慣例成交條件，包括監管和環境批准。正如所提到的，預計這一目標將在年底內得到滿足。有關該項目的更多資訊請參閱幻燈片 10。

Site selection for the FLNG has been selected as San Matias gulf in the Rio Negro province in Argentina. The project intends to utilize spare capacity in the existing pipeline system and therefore requires very limited incremental infrastructure to be operational. However, the project aims to secure a dedicated pipeline of about 600 kilometers in order to expand beyond one FLNG units.

FLNG計畫選址為阿根廷裡奧內格羅省的聖馬蒂亞斯灣。該專案打算利用現有管道系統的閒置能力，因此需要非常有限的增量基礎設施才能投入運作。然而，該計畫的目標是確保一條約 600 公里的專用管道，以便擴展到超過一台 FLNG 裝置。

The counterpart of the agreements are: Pan American Energy, one of South America's leading energy companies. Pan American is owned 50% by BP and 50% by Bridas Energy Corp., which in turn is a 50-50 joint venture between CNOOC of China and Bridas Energy, which is an Argentinian holding company on behalf of an Argentinian family.

協議的對應方是：泛美能源公司，南美洲領先的能源公司之一。泛美公司由英國石油公司(BP) 持有50% 股份，布里達斯能源公司(Bridas Energy Corp.) 持有50% 股份，而布里達斯能源公司(Bridas Energy Corp.) 是中國海洋石油總公司(CNOOC) 與代表阿根廷家族的阿根廷控股公司Bridas Energy 之間50:50 的合資企業。

Pan American employs around 21,000 employees. They are Argentina's second largest oil and gas producer. And at year-end, the company -- year-end '23, the company controlled total assets of around $17 billion, with book equity of around $12 billion.

Pan American 擁有約 21,000 名員工。他們是阿根廷第二大石油和天然氣生產商。截至 2023 年底，該公司控制的總資產約為 170 億美元，帳面權益約 120 億美元。

We're extremely pleased with the mutual benefits the project enables, both to Pan American as a gas resource owner and reestablishing Argentina as a gas exporter, creating an outlet for the vast resources of the Vaca Muerta field to benefit global gas demand.

我們對該專案所實現的互惠互利感到非常滿意，無論是泛美公司作為天然氣資源所有者還是阿根廷重新成為天然氣出口國，為瓦卡穆爾塔油田的豐富資源創造了一個出口，從而有利於全球天然氣需求。

Turning to slide 11. We continue to see strong developments for further FLNG deployments, already as mentioned, further potential deployments in Argentina but also elsewhere. We are currently in discussion for potential deployment opportunities in West Africa, South America, Middle East and Southeast Asia, and these projects are at various stages of development.

轉向幻燈片 11。我們目前正在討論西非、南美、中東和東南亞的潛在部署機會，這些計畫正處於不同的發展階段。

We continue to develop projects in Nigeria. And in June, we signed a project development agreement with NNPC to further expand on the existing agreements between Golar and NNPC. As mentioned, we have recently further strengthened our commercial team with two senior resources to assist in the development of these growth projects.

我們繼續在尼日利亞開發項目。 6 月，我們與 NNPC 簽署了專案開發協議，以進一步擴展 Golar 與 NNPC 之間的現有協議。如前所述，我們最近透過兩名高階資源進一步加強了我們的商業團隊，以協助這些成長項目的開發。

We remain encouraged by the relative attractiveness of our FLNG growth projects, both when comparing them to alternative monetization solutions for the gas resource owners and the cost competitiveness for this project versus other LNG export projects.

我們仍然對 FLNG 成長項目的相對吸引力感到鼓舞，無論是與天然氣資源所有者的替代貨幣化解決方案進行比較，還是該項目相對於其他液化天然氣出口項目的成本競爭力。

Turning to slide 12 to give some further detail on the commercial reset agreement reached with BP. The commercial reset resolves all previous disputes related to payment mechanisms for pre-COD contractual cash flows between Golar and BP.

請參閱投影片 12，以詳細了解與 BP 達成的商業重置協議。此次商業重置解決了 Golar 與 BP 之間先前與 COD 前合約現金流量支付機制相關的所有爭議。

Golar is now contractually entitled to receive daily payments from January 10 this year until commercial operations date. The daily payments have step-up mechanisms based on project milestones up to COD and are also secured by long-stop dates. Golar will also be entitled to certain lump sum bonus payments, subject to achievement of certain project milestones.

根據合同，Golar 現在有權從今年 1 月 10 日起每日收取款項，直至商業運營日期。每日付款具有基於專案里程碑直至貨到付款的遞增機制，並且還受到長期停止日期的保障。 Golar 也將有權獲得一定的一次性獎金，具體取決於某些專案里程碑的實現。

In sum, these new arrangements and based on the operator's latest timeline, Golar expects to receive approximately $220 million in payments across 2024 and 2025 pre-COD compensation inclusive of milestone bonuses, of which approximately $130 million will be invoiced in 2024 and the remainder in 2025. The $110 million that Golar has paid BP up until January 10 this year in liquidated damages will remain with BP.

總而言之，這些新安排以及根據營運商的最新時間表，Golar 預計將在2024 年和2025 年收到約2.2 億美元的COD 前補償，包括里程碑獎金，其中約1.3 億美元將在2024 年開具發票，其餘部分將在2024 年開立發票。

In addition, an accelerated commissioning plan has been agreed where the operators, BP and Kosmos, have procured an LNG cargo expected to deliver to the hub later this month. The commissioning cargo enable parallel commissioning activities of both the hub FPSO and the Gimi FLNG. Together, this will shorten -- or target to shorten the time to COD.

此外，還商定了一項加速調試計劃，營運商 BP 和 Kosmos 已採購液化天然氣貨物，預計將於本月稍後運送到該樞紐。調試貨物使得樞紐 FPSO 和 Gimi FLNG 能夠並行調試活動。總之，這將縮短或目標是縮短 COD 的時間。

The commercial reset is also an important milestone that enables refinancing of Gimi. We are targeting a debt facility with significantly better terms on interest and amortization compared to the existing facility and rightsized for the strong cash flow visibility of the project, and we expect to release up to $500 million of liquidity for this refinancing alone.

商業重置也是實現Gimi再融資的重要里程碑。與現有融資相比，我們的目標是提供利息和攤銷條款明顯更好的債務融資，並針對該項目強大的現金流可視性進行調整，我們預計僅此一次再融資就可以釋放高達5億美元的流動性。

Turning to slide 13, an operational overview of our two existing assets. As explained, Hilli continued its market-leading operational track record, and we are now offloading cargo number 117. The existing contract runs until July 2026, and the vessel is thereafter intended to be moved to Pan American and the contract in Argentina at an increased capacity utilization.

轉向幻燈片 13，我們的兩項現有資產的營運概述。正如所解釋的，Hilli 繼續保持其市場領先的營運記錄，我們現在正在卸載117 號貨物。的價格移至泛美。

Gimi is on site on the hub offshore Senegal and Mauritania and preparing to start commissioning activities to the mentioned accelerated commissioning plan later this month. First, gas from the FPSO is expected in Q4 and full COD in 2025. The COD will start a 20-year contract duration, unlocking Golar's share of the $3 billion EBITDA backlog.

吉米位於塞內加爾和茅利塔尼亞近海樞紐，準備在本月稍後開始上述加速調試計畫的調試活動。首先，FPSO 預計將在第四季度產生天然氣，並於 2025 年實現全部 COD。

Turning to Slide 14 and our Mark II growth plans. We are now in the final stages of the yard EPC contracts. Confirmed delivery of the first contemplated Mark II FLNG will be within 2027 at an all-in FLNG price at an industry-leading $600 million per tonne. We have spent to-date, including the acquisition of the intended donor vessel, Fuji LNG, around $277 million on the project which are all equity funded.

轉向幻燈片 14 和我們的 Mark II 成長計劃。我們現在正處於船廠 EPC 合約的最後階段。已確認的第一艘 Mark II FLNG 將於 2027 年交付，FLNG 總價為業界領先的每噸 6 億美元。迄今為止，我們已在該專案上花費了約 2.77 億美元，包括收購預定的捐贈船 Fuji LNG，這些資金全部為股權融資。

The long lead items ordered to-date are now 63% complete, and you can see some of those examples on the bottom right of the slide. We target to order the first Mark II within Q3 this year, so this quarter and as part of the yard agreements, we've secured an option for a second ship with delivery within 2028.

迄今為止訂購的長週期項目現已完成 63%，您可以在幻燈片右下角看到其中的一些範例。我們的目標是在今年第三季度訂購第一艘 Mark II，因此本季度，作為船廠協議的一部分，我們已經獲得了在 2028 年交付第二艘船的選擇權。

On slide 15, we turn again to Macaw. Our pilot unit was completed in early Q2 this year. The unit has proven that the technology works, both through nitrogen leak testing and proven LNG production from pipeline quality gas entering new facility near its construction factory. The unit has now been deployed to a live well in Texas, US.

在投影片 15 上，我們再次轉向金剛鸚鵡。我們的試點單位已於今年第二季初完成。該單位透過氮氣洩漏測試和透過進入其建築工廠附近新設施的管道優質氣體生產經過驗證的液化天然氣，證明了該技術的有效性。該裝置現已部署到美國德克薩斯州的活井中。

We are currently working on tuning the operations to facilitate for fluctuation in the gas composition from flare gas, which is obviously different to a stable gas quality stream from a pipeline quality gas inlet. As previously announced, we will consider strategic alternatives for the Macaw growth phase once the unit has proven stable operations on live well production.

我們目前正在努力調整操作，以促進火炬氣氣體成分的波動，這與來自管道質量氣體入口的穩定氣體質量流明顯不同。正如先前宣布的，一旦該裝置在活井生產中證明穩定運行，我們將考慮金剛鸚鵡生長階段的戰略替代方案。

I will now hand the call over to Eduardo to present our Q2 results.

現在我將把電話交給 Eduardo，介紹我們第二季的業績。

Good morning, everyone, and thanks, Karl. Very happy to share an overview on Golar's financial performance during Q2 2024. Turning over to slide 17, I wanted to go through some of the highlights of this quarter.

大家早安，謝謝卡爾。非常高興與大家分享 Golar 在 2024 年第二季的財務業績概述。

Total operating revenues amounted to $65 million, with total FLNG tariffs reaching $88 million, up from $86 million recorded in Q1. This increase can be attributed to higher realized Brent and TTF-linked earnings when compared to the previous quarter. We always look at FLNG tariff, as the appropriate metric which reflects all realized liquefaction revenues, including gains on our oil and gas linked fees from Hilli.

總營業收入達 6,500 萬美元，FLNG 總關稅達到 8,800 萬美元，高於第一季的 8,600 萬美元。這一增長可歸因於與上一季相比實現的布蘭特原油和 TTF 相關收益的增加。我們始終將 FLNG 關稅視為反映所有已實現液化收入的適當指標，包括來自 Hilli 的石油和天然氣相關費用的收益。

We reported total net income of $35 million in Q1. When adjusting for other non-controlling interest, the net income attributable to Golar was $26 million. This figure represents a significant improvement on a year-on-year basis when compared to Q2 2023.

我們報告第一季的淨利潤總額為 3500 萬美元。調整其他非控制權益後，歸屬於 Golar 的淨利為 2,600 萬美元。與 2023 年第二季相比，這一數字同比有了顯著改善。

Adjusted EBITDA came in at $59 million, slightly down when compared to last quarter, mainly because of the recognition of preoperational expenses associated to pre-commissioning activities of FLNG Gimi. Our liquidity position remains strong, with approximately $630 million of cash on hand and expected receivables from our TTF hedges. Based on that, our net debt position at quarter end stood at $569 million.

調整後的 EBITDA 為 5,900 萬美元，較上季略有下降，主要是因為確認了與 FLNG Gimi 的試運行前活動相關的營運前費用。我們的流動性狀況依然強勁，手頭現金約為 6.3 億美元，預計 TTF 對沖應收帳款。基於此，我們季末的淨負債部位為 5.69 億美元。

As alluded by Karl, we reached a significant milestone with BP, with the execution of the commercial reset for our FLNG Gimi. We are now able to refinance our existing debt facility of $700 million, out of which only $630 million has been drawn to-date. We are in advanced discussions with potential lenders, and a new facility is now in the credit approval process.

正如 Karl 所提到的，隨著 FLNG Gimi 的商業重置的執行，我們與 BP 達成了一個重要的里程碑。我們現在能夠為現有的 7 億美元債務融資進行再融資，但迄今為止僅提取了 6.3 億美元。我們正在與潛在的貸方進行深入討論，一項新貸款現已進入信貸審批流程。

This potential new facility offers improved terms with lower financing costs and improved repayment profile versus the current one. We expect to release up to $500 million of additional liquidity net to us upon closing of this new facility. And lastly, this quarter we are declaring a dividend of $0.25 a share, with a record date on August 26 and payments on or around September 3.

與目前的貸款相比，這筆潛在的新貸款提供了更好的條款、更低的融資成本和更好的還款狀況。我們預計在完成這項新融資後，我們將釋放高達 5 億美元的額外流動資金淨額。最後，本季我們宣布派發每股 0.25 美元的股息，記錄日期為 8 月 26 日，支付日期為 9 月 3 日左右。

Now moving to slide 18. So Hilli maintained 100% economic uptime in its market-leading operational track record. Here, we can see the evolution of Hilli's EBITDA contribution over the last quarters. We're looking on a quarterly basis. Hilli generated $64 million in Q2. This number is inclusive of $29 million from base tolling fees and around $35 million from Brent and TTF-linked fees.

現在轉到幻燈片 18。在這裡，我們可以看到 Hilli 過去幾季 EBITDA 貢獻的變化。我們正在按季度進行研究。 Hilli 在第二季創造了 6,400 萬美元的收入。這一數字包括 2,900 萬美元的基本通行費以及約 3,500 萬美元的布蘭特原油和 TTF 相關費用。

We have recently seen higher Brent and TTF prices, so it's important to reiterate that we continue to be exposed to Brent and TTF. So should prices continue to improve in the coming quarters, we should expect increased distributions from Hilli until the end of its current contract.

我們最近看到布蘭特原油和 TTF 價格上漲，因此有必要重申我們繼續面臨布蘭特原油和 TTF 的曝險。因此，如果未來幾季價格繼續上漲，我們預計 Hilli 的分配會增加，直到其當前合約結束。

Moving on to slide 19. So based on current forward prices, Hilli is expected to generate an adjusted EBITDA net to us of approximately $275 million this year. I wanted to highlight that this figure is higher than the amount seen in 2022, when we had higher contribution from Brent and TTF because of higher global energy prices.

繼續看投影片 19。我想強調的是，這個數字高於 2022 年的數量，當時由於全球能源價格上漲，布蘭特原油和 TTF 的貢獻更高。

The 2024 asset-level debt service including principal amortization is expected to come down to $88 million this year, resulting in total free cash flow net to Golar of approximately $190 million in 2024.

包括本金攤銷在內的 2024 年資產級債務還本付息預計將降至 8,800 萬美元，導致 2024 年 Golar 的自由現金流淨額總額約為 1.9 億美元。

At the end of Q2, the total debt outstanding for Hilli stood at $577 million. Another great feature from the announcement of our contract with Pan American is that it could also enable refinancing of this existing facility, which could release significant liquidity to us and provide even more flexibility to our balance sheet.

截至第二季末，Hilli 的未償債務總額為 5.77 億美元。我們宣布與泛美簽訂的合約的另一個重要特點是，它還可以為現有設施進行再融資，這可以為我們釋放大量流動性，並為我們的資產負債表提供更大的靈活性。

Let me now hand the call over to Karl for some closing remarks.

現在讓我將會議轉交給卡爾，讓他發表一些結束語。

Thanks, Eduardo. That brings us to slide 21, which is a summary and next steps.

謝謝，愛德華多。這讓我們看到投影片 21，它是摘要和後續步驟。

So on Hilli, we maintained a market-leading operational track record, and we are very pleased to have entered into definitive agreements for a 20-year redeployment in Argentina starting at the end of the existing charter.

因此，在 Hilli，我們保持了市場領先的營運記錄，我們非常高興能夠就從現有租約結束時開始在阿根廷進行 20 年重新部署達成最終協議。

On Gimi, another milestone in concluding the new pre-COD commercial arrangements and accelerated commissioning. Our focus now is to get the unit into COD and to refinance the existing debt facility at improved terms. As explained, we are entering or closing in on ordering our third unit the first Mark II FLNG conversion expected to be ordered later this quarter with delivery within 2027.

在吉米，這是完成新的預 COD 商業安排和加速調試的另一個里程碑。我們現在的重點是將該部門納入 COD 模式，並以改善的條件為現有債務融資再融資。正如所解釋的，我們正在進入或接近訂購我們的第三台第一艘 Mark II FLNG 改裝設備，預計將於本季度晚些時候訂購，並於 2027 年交付。

We're also pleased with the development of our FLNG growth ambitions, and we see strong prospective client interest for additional FLNG projects. As explained by Eduardo, we have a very healthy financial performance and a balance sheet to support our growth ambitions, with a liquidity of just around $600 million, continued focus on shareholder returns and strong cash flow generation potential in new FLNG contracts.

我們也對 FLNG 成長目標的發展感到高興，我們看到潛在客戶對其他 FLNG 專案有濃厚的興趣。正如 Eduardo 所解釋的那樣，我們擁有非常健康的財務表現和資產負債表來支持我們的成長雄心，流動性約為 6 億美元，持續關注股東回報以及新 FLNG 合約中強大的現金流產生潛力。

All in all, we are very pleased with the progress made in the quarter, in particular on our existing assets, business development and interaction with both existing and prospective FLNG clients. We're excited about the next phase of the company development and our focused growth ambitions to more than double our FLNG capacity by 2030.

總而言之，我們對本季的進展感到非常滿意，特別是在我們的現有資產、業務發展以及與現有和潛在 FLNG 客戶的互動方面。我們對公司下一階段的發展以及我們在 2030 年將 FLNG 產能增加一倍以上的重點成長目標感到興奮。

That concludes the quarterly presentation and we'll now hand the call over to the operator for any questions.

季度演示到此結束，我們現在將把電話轉交給接線員以解答任何問題。

Thank you. (Operator Instructions) Chris Robertson, Deutsche Bank.

謝謝。 （操作員指令）克里斯·羅伯遜，德意志銀行。

Good morning, Karl and Eduardo. Thanks for taking my questions. Karl, I just wanted to circle back on your comments around the potential swap option for Mark II in Argentina. Should we think about the expected annual EBITDA contribution then on a pro forma basis for a larger asset of being over $400 million if you decide to do that?

早上好，卡爾和愛德華多。感謝您回答我的問題。 Karl，我只是想回顧一下您對阿根廷 Mark II 潛在互換選項的評論。如果您決定這樣做，我們是否應該考慮預計年度 EBITDA 貢獻是否超過 4 億美元？

Yes. That would then be pro rata for the size, yes.

是的。是的，這將按比例計算。

Okay. Got it. And then just with regards to the conversations you are having. You've obviously laid out several regions which you're looking at now including South America, Africa, Middle East, and Southeast Asia. Could you give us an idea of just how many potential counterparties you are in discussions with? I mean, the regions helped, but maybe the scope of discussions that you're having?

好的。知道了。然後就是關於你們正在進行的對話。您顯然已經列出了您現在正在關注的幾個地區，包括南美洲、非洲、中東和東南亞。您能否告訴我們您正在與多少​​潛在交易對手進行討論？我的意思是，這些地區有所幫助，但也許你們討論的範圍？

I think it is fair to say that the number of counterparts is still concentrated around both West Africa and South America. There are fewer number of clients both on the Middle East and the Southeast Asia opportunities. But we are still very happy with the quality of those discussions that we are having there in both those locations. But the concentration of magnitude is West Africa and South America.

我認為可以公平地說，同行的數量仍然集中在西非和南美洲。中東和東南亞機會的客戶數量較少。但我們仍然對這兩個地點進行的討論的品質感到非常滿意。但震級集中在西非和南美洲。

Got it. I’ll turn it over. Thank you.

知道了。我會把它翻過來。謝謝。

Thank you.

謝謝。

Ben Nolan, Stifel.

本諾蘭，史蒂菲爾。

Thank you. Good morning Karl and Eduardo. So I wanted to ask a little bit more on Argentina. You gave some good color there about the potential for multiple units effectively dependent, I suppose, on that new pipeline coming in. But obviously, there's multiple companies, groups pursuing FLNGs. How do you think about sort of what the overall opportunity set looks like in Argentina and how you think Golar will end up playing in that development?

謝謝。早上好，卡爾和愛德華多。所以我想多問一些關於阿根廷的問題。我想，你對多個單位有效依賴新管道的潛力給出了一些很好的描述。您如何看待阿根廷的整體機會集以及您認為戈拉爾最終將如何參與這一發展？

That's a good question. So first and foremost, gas resources are plentiful. Like if you compare this to what's deemed to be very large gas discoveries for example, like the Greater Tortue area where Gimi operates, that's a 25 TCF reservoir. Vaca Muerta is 300 TCF. So there is more than sufficient gas, it is onshore and it's relatively easy to extract.

這是個好問題。首先，天然氣資源豐富。例如，如果將此與被視為非常大的天然氣發現進行比較，例如 Gimi 運營的 Greater Tortue 地區，那是一個 25 TCF 儲層。瓦卡穆爾塔是 300 TCF。因此，天然氣充足，而且就在陸上，而且相對容易開採。

Hence, the market opportunity for Argentinian gas exports is massive, probably beyond what just Golar can deliver anyway. We think that the attractiveness of what we can deliver is certainty of supply through a proven assets and with very tangible delivery.

因此，阿根廷天然氣出口的市場機會是巨大的，可能超出了 Golar 所能提供的範圍。我們認為，我們所能提供的產品的吸引力在於透過經過驗證的資產和非常有形的交付來提供供應的確定性。

We know when Hilli comes off contract. And if we do place the order for Mark II within this quarter, we do know when we have delivery of that vessel, and that's further derisked by the progress made on the long lead items for that asset.

我們知道希利甚麼時候合約到期。如果我們確實在本季度內下了 Mark II 的訂單，我們確實知道何時交付該船，並且該資產的長期項目取得的進展進一步降低了風險。

So we see as our role to be the first enabler for Argentina or Vaca Muerta specifically, gas exports. The gas is plentiful. And the only, call it the key thing you need to cross is to have a designated pipeline in order to bring the gas to the export side. The existing infrastructure supports at least one FLNG, in order to go beyond that, you need to expand the existing pipeline system.

因此，我們認為我們的角色是成為阿根廷或瓦卡穆爾塔（特別是天然氣出口）的第一個推動者。氣體很充足。唯一需要跨越的關鍵是要有一條指定的管道，以便將天然氣輸送到出口側。現有的基礎設施至少支援一艘FLNG，為了超越這一點，需要擴展現有的管道系統。

Okay. And would you need -- hopefully, I can get one more. But would you need a bigger pipeline for Mark II versus the Hilli? Or would either -- the existing infrastructure work for either?

好的。你是否需要──希望我能再得到一份。但與 Hilli 相比，Mark II 是否需要更大的管道？或者現有的基礎設施是否適用於其中任何一個？

That's why we have substitution right on the first one. So on the first one, you could utilize either Hilli or Mark II. If you go beyond one unit i.e., beyond 3.5 mtpa, you need to look into the pipeline infrastructure.

這就是為什麼我們在第一個上有替換權。因此，對於第一個，您可以使用 Hilli 或 Mark II。如果超過 1 個單位，即超過 3.5 mtpa，則需要研究管道基礎設施。

Got it. So my second question as it relates to sort of all of the other opportunities, obviously, Argentina, there is potential for multiple units. But as you are thinking about sort of the opportunity set elsewhere, appreciating that it is diverse. But can you maybe talk through how many of those you think are like single unit kind of situations? Or do you see a lot of situations where there potentially could be multiple units and that would be needed?

知道了。所以我的第二個問題與所有其他機會有關，顯然，阿根廷有多個單位的潛力。但當你思考其他地方的機會時，你會意識到它是多樣化的。但您能否談談您認為有多少類似單一單位的情況？或者您看到很多可能需要多個單元的情況？

I think if you map out where stranded gas is in the world, it is extremely plentiful, but where it's most obvious is in West Africa. You have very, very large resources of stranded gas sitting in the ground, that could be developed significantly cheaper than for example, incremental US LNG export projects.

我認為，如果你找出世界上滯留天然氣的位置，你會發現它非常豐富，但最明顯的是西非。地下有非常非常大量的滯留天然氣資源，這些資源的開發成本可能比美國增量液化天然氣出口項目等便宜得多。

The shipping distance to end markets, both in Europe and the Far East is shorter, and we believe we can construct FLNG units at the CapEx per tonne at around half the price of where you can create incremental tonne on CapEx per tonne in the US.

到歐洲和遠東終端市場的運輸距離較短，我們相信我們可以以每噸資本支出建造 FLNG 裝置，其價格約為美國每噸資本支出增量噸位的一半。

The competitive advantage of these projects is very significant. The gas is proven and plentiful. So that's where you see the biggest opportunity. And obviously, in addition to areas like the Middle East, they have more than enough gas, and the same is true for certain pockets of South America. But it is basically South America, West Africa and to some extent, Middle East, that could see multiple units. The Southeast Asian opportunities is one unit initially.

這些項目的競爭優勢非常顯著。天然氣已探明且儲量豐富。所以這就是你看到最大機會的地方。顯然，除了中東等地區之外，它們的天然氣也綽綽有餘，南美洲的某些地區也是如此。但基本上是南美洲、西非，某種程度上還有中東，可能會出現多個單位。東南亞機會最初是一個單位。

Right. Okay, thank you.

正確的。好的，謝謝。

Craig Shere, Tuohy Brothers.

克雷格·謝爾，圖伊兄弟。

Good morning. And thanks for taking my questions. So how quickly could you secure a Hilli refinancing? Could that be a first half 2025 event?

早安.感謝您回答我的問題。那麼，您能多快獲得 Hilli 再融資呢？這會是 2025 年上半年的活動嗎？

That can certainly be a 2025 event, yes. So I think once all of the subjects and FID on the project is taken which we explained is expected later this year, it would be natural to look at refinancing initiatives into next year, yes.

是的，這肯定會是 2025 年的事件。因此，我認為，一旦該項目的所有主題和最終投資決定（我們解釋稱預計將在今年晚些時候）完成，那麼很自然地會考慮明年的再融資計劃，是的。

Great. And do you have a second Mark II sold for conversion identified? And when would you have to issue FID for a second Mark II to meet that 2028 delivery?

偉大的。您是否有第二台 Mark II 出售用於改裝？您何時需要為第二台 Mark II 發布 FID 才能滿足 2028 年的交付要求？

Yes, there are plenty of so-called Moss design ships that you can acquire in the market today that are operating as LNG carriers today. And we have identified several vessels that could be suitable candidates. And some of them, we have previously also inspected. FID, if we were to go on the second Mark II, would have to be based on current positions unless we manage to improve them around -- within Q1 '25.

是的，您可以在當今市場上購買大量所謂的莫斯設計船舶，這些船舶目前作為液化天然氣運輸船運營。我們已經確定了幾艘可能是合適候選人的船隻。其中一些，我們之前也考察過。如果我們要繼續進行第二個 Mark II，FID 必須基於目前的位置，除非我們設法在 25 年第一季內改進它們。

Thank you.

謝謝。

Liam Burke, B. Riley Financial.

利亞姆·伯克（Liam Burke），B.萊利金融公司。

Yes, thank you. Good morning, Karl. Good morning, Eduardo.

是的，謝謝。早上好，卡爾。早安，愛德華多。

Good morning.

早安.

Good morning.

早安.

Karl, we saw the addition of a new fortress to the FLNG providers. Obviously, it's smaller capacity, it is for internal consumption. But are you seeing any other -- understanding these are tough projects to do, but the economics are pretty attractive. Are you seeing anybody else stepping up and trying to provide FLNG as a service?

Karl，我們看到 FLNG 供應商又增加了一座新堡壘。顯然，它的容量較小，是供內部消耗的。但你是否還看過其他項目——了解這些項目很難做，但經濟效益卻相當有吸引力。您是否看到其他人正在努力提供 FLNG 作為服務？

So there is one project that has FID out of Samsung now, which is called Cedar LNG, which is backed by Pembina for an LNG export in Canada. So they're doing that, but they are doing it against locked-in offtake. It's a quite -- I think it's been 15 years in the making, that project. It used -- it is former Golar employees that does it, and it was a project that initially was started under Golar.

因此，現在有一個項目已獲得三星的最終投資決定，該項目名為 Cedar LNG，該項目得到了 Pembina 的支持，用於向加拿大出口液化天然氣。所以他們正在這樣做，但他們是針對鎖定的承購商這樣做的。我認為這個計畫已經醞釀了 15 年。它是由前 Golar 員工來做的，而這個計畫最初是在 Golar 領導下啟動的。

Other than that, we do see people having initiatives, but we haven't seen yet other contenders that have the in-house engineering or operational or financial balance sheet capability to lift such projects, no.

除此之外，我們確實看到人們有主動性，但我們還沒有看到其他競爭者擁有內部工程或營運或財務資產負債表能力來提升此類項目，沒有。

Great. Thank you. And on your outside investments, how are you balancing future FLNG projects? Now potentially, you have two more on the books versus some of your outside projects like Macaw and Avenir.

偉大的。謝謝。在外部投資方面，您如何平衡未來的 FLNG 專案？現在，與 Macaw 和 Avenir 等外部專案相比，您可能還有另外兩個專案。

So if you look at Golar over the course of the last three years, basically after Eduardo and myself came in, we've tried to streamline the companies from a diversified fleet portfolio to a very focused FLNG company. Avenir LNG is one legacy investment that we haven't disposed for a number of reasons, but it was an investment made when we owned Golar Power.

因此，如果你看看Golar過去三年的情況，基本上是在Eduardo和我加入之後，我們試圖將這些公司從多元化的船隊組合精簡為一家非常專注的FLNG公司。 Avenir LNG 是一項遺留投資，由於多種原因我們尚未處置，但這是我們擁有 Golar Power 時進行的一項投資。

We like the supply-demand dynamics. We have invested around $50 million. And right now, it is an investment that we have strong belief in and therefore want to keep. We are not planning to deploy incremental capital into it, but we do want to reap the benefits of the investment.

我們喜歡供需動態。我們已投資約 5000 萬美元。目前，這是一項我們堅信並希望保留的投資。我們不打算將增量資金投入其中，但我們確實希望獲得投資的收益。

When it comes to Macaw. Macaw, the way we see it is a replication of what we are doing in the maritime environment at a smaller scale onshore. But the whole trick is that you capture flare gas that would otherwise be burnt into the atmosphere. So i.e., the cost is extremely low of the input, and there is significant environmental benefit of if you managed to crack this solution.

說到金剛鸚鵡。金剛鸚鵡，我們所看到的方式是我們在海洋環境中在陸上較小規模上所做的事情的複製。但整個技巧是捕獲火炬氣，否則這些火炬氣會燃燒到大氣中。因此，也就是說，投入成本極低，如果您設法破解此解決方案，則會帶來顯著的環境效益。

So on Macaw, what we're trying to do is to leverage on the technological capabilities of the Golar organization to utilize the same or to capture the same market opportunity that we do at large scale in the maritime environment at smaller scale onshore. However, there should be no confusion that Golar's focus is to grow on FLNG, and that is our focus, and we are not planning to divert any significant capital elsewhere.

因此，在 Macaw 上，我們正​​在嘗試做的是利用 Golar 組織的技術能力，利用我們在海上環境中在較小規模的陸上環境中所做的相同或捕獲相同的市場機會。然而，不應混淆的是，Golar 的重點是發展 FLNG，這也是我們的重點，我們不打算將任何大量資本轉移到其他地方。

Great. Thank you, Karl.

偉大的。謝謝你，卡爾。

Alexander Bidwell, Webber Research & Advisory.

亞歷山大·比德韋爾，韋伯研究與諮詢。

Thanks for taking my question here. Just jumping back to Argentina. With the project requiring minimal infrastructure investment, could you provide a little more color on what infrastructure is actually required? Are we talking mostly offshore mooring or an offshore jetty subsea infrastructure? And then how much of this infrastructure would be specific to the asset that's deployed, so either Hilli or Mark II?

感謝您在這裡提出我的問題。剛剛跳回阿根廷。由於該專案需要最少的基礎設施投資，您能否提供更多關於實際需要哪些基礎設施的資訊？我們談論的主要是海上繫泊還是海上碼頭海底基礎設施？然後，該基礎設施中有多少是特定於所部署的資產的，那麼是 Hilli 還是 Mark II？

The key things that is required is, as you correctly point out, mooring, mooring is covered by South American Logistics, and a short pipeline from the existing grid to sites and the site selection.

正如您正確指出的那樣，所需的關鍵是繫泊，繫泊由南美物流負責，以及從現有網格到站點和站點選擇的短管道。

Right. Thank you. And a quick follow-up. For Mark II and that swap option in Argentina, I thought I heard you say that the swap had to be executed before FID. Is that correct?

正確的。謝謝。並快速跟進。對於 Mark II 和阿根廷的互換選項，我想我聽到你說互換必須在 FID 之前執行。這是正確的嗎？

Yes.

是的。

Okay, thank you very much.

好的，非常感謝。

Thank you.

謝謝。

Chris Robertson, Deutsche Bank.

克里斯·羅伯遜，德意志銀行。

Hi, guys. Thanks for taking the follow-up question from me. I just wanted to return to Macaw for a moment here. And Karl, you mentioned about not being confused with the focus on FLNG. So with regards to Macaw, is there any potential that you could license out the technology given that you have patent control over it rather than taking -- doing the undertaking yourself?

嗨，大家好。感謝您接受我的後續問題。我只是想回到金剛鸚鵡這裡一會兒。 Karl，您提到不要與 FLNG 的關注混淆。那麼，對於金剛鸚鵡，考慮到您擁有該技術的專利控制權，您是否有可能將該技術許可出去，而不是自己做這項工作？

Sure. So what we've said quite clearly since we initiated Macaw is that we want to fund it through proof-of-concept. Once proof-of-concept is achieved, hopefully in the relatively near term, our ambition then is to look at strategic alternatives for the growth phase. Golar is not intending to have Macaw fight for our balance sheet resources. And therefore, we are looking at any type of structure that could benefit the technology that has been created at Macaw without compromising any of our FLNG growth ambitions.

當然。因此，自從我們啟動 Macaw 以來，我們就已經明確表示，我們希望透過概念驗證為其提供資金。一旦實現概念驗證，希望在相對近期的時間內，我們的目標就是尋找成長階段的策略替代方案。 Golar 並不打算讓金剛鸚鵡爭奪我們的資產負債表資源。因此，我們正在尋找任何類型的結構，既可以使 Macaw 創造的技術受益，又不會影響我們的 FLNG 成長目標。

Got it. That’s really clear. Thank you, Karl.

知道了。這非常清楚。謝謝你，卡爾。

Thank you. I would now like to turn the conference back to Karl Fredrik Staubo for closing remarks.

謝謝。現在我想請卡爾‧弗雷德里克‧施陶博 (Karl Fredrik Staubo) 致閉幕詞。

Thank you all for dialing in. We are very excited about the quarter that just passed and the direction of where the company is going, and we look forward to talk to you again next quarter. And hopefully, we're then engaged on our FLNG growth phase. Thanks again and have a good day.

感謝大家撥打電話。希望我們隨後能夠進入 FLNG 成長階段。再次感謝，祝您有美好的一天。

This concludes today's conference call. Thank you for participating. You may now disconnect.

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。