Golar LNG Ltd (GLNG) 2024 Q3 法說會逐字稿

Thank you.

謝謝。

Hello, and good morning, and welcome to Golar LNG's Q3 2024 Earnings Results Presentation.

大家好，早安，歡迎來到 Golar LNG 2024 年第三季財報。

My name is Karl Fredrik Staubo, the CEO of Golar LNG, and I'm accompanied today by our CFO, Mr. Eduardo Maranhao, 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 Maranhao 先生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.

在我們開始簡報之前，請注意投影片 2 上的前瞻性陳述。

We start on slide 3 and an overview of Golar.

我們從幻燈片 3 開始，概述 Golar。

During Q3, we ordered our third FLNG, a MK II FLNG, with an annual liquefaction capacity of 3.5 million tonnes per annum.

第三季度，我們訂購了第三艘 FLNG，即 MK II FLNG，年液化能力為 350 萬噸。

This represents a 70% increase to Golar's own liquefaction capacity, and the MK II FLNG will deliver within 2027.

這意味著 Golar 自身的液化能力增加了 70%，MK II FLNG 將於 2027 年交付。

This will be the first available FLNG for a charter globally.

這將是全球首個可供包機使用的 FLNG。

We will provide further information on the value proposition of the MK II FLNG later in the presentation.

我們將在稍後的演示中提供有關 MK II FLNG 價值主張的更多資訊。

We've also seen positive progress for our two existing FLNGs on the water.

我們也看到現有的兩艘 FLNG 在水面上取得了積極進展。

Hilli continued her market-leading operational performance during the quarter, and positive progress have been made on the conditions precedent for her redeployment under a new 20-year charter in Argentina, following expiry of our existing contract in Cameroon ending in July '26.

Hilli 在本季度繼續保持市場領先的營運業績，並在我們在喀麥隆的現有合約於 2026 年 7 月到期後，根據新的 20 年憲章在阿根廷重新部署的先決條件方面取得了積極進展。

During the quarter, we agreed a commercial reset of pre-COD contractual arrangements for the FLNG Gimi under her 20-year contract with BP.

本季度，我們同意根據 FLNG Gimi 與 BP 的 20 年合約對 COD 前合約安排進行商業重置。

An accelerated commissioning has now started, and based on the latest schedule from BP, we anticipate commercial operations date, starting the full cash flow from the 20-year contract to occur in Q2 next year.

加速調試現已開始，根據 BP 的最新時間表，我們預計商業運營日期，20 年期合約的全部現金流量將於明年第二季度開始。

We maintained two LNG carriers in the fleet.

我們的船隊中擁有兩艘液化天然氣運輸船。

One is the Golar Arctic, which is our legacy assets that we consider for long-term charter or sale.

其中之一是 Golar Arctic，這是我們考慮長期租賃或出售的遺產資產。

The second carrier, the Fuji is currently on charter until Q1 '25.

第二艘航空母艦「富士號」目前正在包租中，直至 25 年第一季。

And following that charter, she will enter CIMC shipyard in China for conversion to the MK II FLNG.

簽訂合約後，她將進入中國中集造船廠改裝為 MK II FLNG。

Our financial investments include a 23.5% shareholding in Avenir LNG and Macaw Energies, which is a fully-owned Golar founded start-up focused on onshore flare to LNG liquefaction.

我們的金融投資包括 Avenir LNG 和 Macaw Energies 23.5% 的股權，Macaw Energies 是 Golar 全資創立的新創公司，專注於陸上火炬到液化天然氣液化。

Our key figures as of Q3 includes a market cap of just around $4 billion, a cash position of just over $800 million, net debt of around $650 million and an EBITDA backlog of approximately $11 billion, inclusive of the Pan American Energy contract in Argentina and excluding commodity exposures that we have been built in the Hilli contracts.

截至第三季度，我們的關鍵數據包括約40 億美元的市值、略高於8 億美元的現金部位、約6.5 億美元的淨債務以及約110 億美元的EBITDA 積壓，其中包括阿根廷的泛美能源合約和不包括我們在 Hilli 合約中建立的商品敞口。

Turning to slide 4 and the key milestone of the quarter, the ordering of the MK II.

轉向幻燈片 4，也是本季的關鍵里程碑，即 MK II 的訂購。

The MK II represents the next phase of Golar's growth, now as a pure-play FLNG company.

MK II 代表了 Golar 發展的下一階段，現在是一家純粹的 FLNG 公司。

The MK II will increase our own liquefaction capacity by 70%, with the potential to double our EBITDA generation at the project costs, which is approximately 50% of our current EV.

MK II 將使我們自己的液化能力提高 70%，並有可能以專案成本使我們的 EBITDA 發電量增加一倍，約為我們目前電動車的 50%。

So at a 50% increase, we can increase liquefaction capacity by 70% and EBITDA generation by 100, so by definition, accretive.

因此，如果增加 50%，我們就可以將液化能力增加 70%，將 EBITDA 增加 100%，因此根據定義，可以增加。

Total project costs for the FLNG conversion and delivery to our operational sites will be approximately $2.2 billion, which equates to a market-leading cost of just over $600 million per tonne of liquefaction capacity.

FLNG 轉換和交付至我們營運地點的專案總成本約為 22 億美元，相當於每噸液化能力略高於 6 億美元的市場領先成本。

Delivery of the vessel is expected in Q4 '27, and she will thereby be the first available FLNG capacity globally, delivering at least two to three years for any competitive FLNG deliveries could be available.

該船預計將於 27 年第 4 季交付，因此她將成為全球第一艘可用的 FLNG 船，為任何有競爭力的 FLNG 交付提供至少兩到三年的時間。

The MK II FLNG is an evolution of the same liquefaction technology as we have deployed on the Hilli and the Gimi.

MK II FLNG 是我們在 Hilli 和 Gimi 上部署的相同液化技術的演進。

The combination of the unit, being the earliest available FLNG capacity in the world, our market-leading construction cost per tonne and building upon the technology that has delivered market-leading operational performance since we started FLNG operations in 2018, we believe these three factors will drive value to Golar in the contracting of the MK II.

該裝置是世界上最早投入使用的 FLNG 產能、我們市場領先的每噸建造成本以及自 2018 年開始 FLNG 運營以來提供市場領先運營績效的技術的結合，我們相信這三個因素將在MK II 合約中為Golar 帶來價值。

We are currently in discussions with several potential FLNG opportunities for the vessel deployment, and target to charter the vessel within 2025.

我們目前正在與幾個潛在的 FLNG 船舶部署機會進行討論，並目標在 2025 年內租用該船。

As part of the yard agreements, we have secured an option for a second MK II FLNG, with delivery within 2028.

作為船廠協議的一部分，我們已獲得第二艘 MK II FLNG 的選擇權，將於 2028 年交付。

Slide 5 provides an overview of the global FLNG fleet.

幻燈片 5 概述了全球 FLNG 船隊。

Golar retains its position as the market leader for FLNGs, at par with ENI and Petronas in number of assets and market-leading by liquefaction capacity.

Golar 保持了 FLNG 市場領導者的地位，在資產數量上與 ENI 和 Petronas 相當，在液化能力方面處於市場領先地位。

The most important takeaway from this overview is Golar's position as the only proven provider of FLNG as a service.

從本概述中最重要的收穫是 Golar 作為唯一經過驗證的 FLNG 即服務提供者的地位。

The other existing FLNG players are focused on utilizing their floating liquefaction units for gas they control or where the target to be the offtaker of the gas for their downstream LNG portfolio.

其他現有的 FLNG 參與者專注於利用其浮動液化裝置來生產他們控制的天然氣，或目標是成為其下游液化天然氣組合的天然氣承購商。

Another important takeaway is that the FLNG market is growing.

另一個重要的結論是 FLNG 市場正在成長。

We now have four units under construction versus eight units on the water.

我們現在有四個在建單元，而在水上有八個單元。

The FLNG technology pioneered by Golar is now gaining acceptance in the market as the most economical technology to monetize stranded and associated gas reserves globally.

Golar 首創的 FLNG 技術現已獲得市場認可，成為全球擱淺和伴生氣儲量貨幣化最經濟的技術。

Furthermore, the only open capacity of the total FLNG fleet is our recently ordered MK II FLNG.

此外，整個 FLNG 船隊中唯一開放的產能是我們最近訂購的 MK II FLNG。

As explained, this provides potential charters with gas monetization two to three years ahead versus ordering an alternative FLNG solution today.

正如所解釋的，與現在訂購替代的 FLNG 解決方案相比，這為潛在的包機提供了提前兩到三年的天然氣貨幣化。

This was made possible by our significant commitment to the engineering and placing long lead items in anticipation of this FID of approximately $300 million, which started more than 18 months ago.

這是由於我們對工程的重大承諾以及預計 18 個多月前開始的約 3 億美元的最終投資決定而放置的長期項目使之成為可能。

That's what enables the delivery within '27.

這就是能夠在 27 年內交付的原因。

Turning to slide 6.

轉到投影片 6。

We have laid out our growth ambitions based on our existing asset base and security (inaudible) loss.

我們根據現有資產基礎和安全（聽不清楚）損失設定了成長目標。

We expect to see strong cash flow growth from organic growth through increased capacity utilization of our existing FLNGs on the water and through our MK II growth units.

我們預計，透過提高現有水上 FLNG 的產能利用率和 MK II 成長裝置，有機成長將帶來強勁的現金流成長。

The organic growth includes the start-up of Gimi, expected to -- well, she's already started accelerated commissioning now, but we expect first gas from the FPSO late Q4 and full operations in Q2 of next year.

有機成長包括 Gimi 的啟動，預計 - 嗯，她現在已經開始加速調試，但我們預計 FPSO 第 4 季末將產生第一批天然氣，並在明年第 2 季全面運作。

The second phase of the organic growth is the increased capacity utilization of the Hilli when redeploying from our existing charter in Cameroon, ending in July '26, to the announced 20-year charter in Argentina with an estimated startup within '27.

有機成長的第二階段是 Hilli 的產能利用率提高，從我們現有的喀麥隆租船（截至 26 年 7 月）重新部署到阿根廷宣布的 20 年租船，預計在 27 年啟動。

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.

一旦簽訂為期 20 年的租約，這兩項現有資產預計將產生約 5.15 億美元的年度 EBITDA（扣除商品風險）。

Through the MK II on order for delivery within '27 and another option for MK II FLNG to potentially deliver within '28, we see the potential to more than double our liquefaction capacity to more than 12 million tonnes per annum and triple our potential EBITDA generation.

透過訂購的MK II 將於27 年交付，以及MK II FLNG 的另一種選擇可能於28 年交付，我們看到我們的液化能力有可能增加一倍以上，達到每年1200 萬噸以上，並使我們的潛在EBITDA 發電量增加三倍。

Assuming that the MK II FLNG is chartered on terms similar to the definitive agreements under the Pan American contract in Argentina entered into in July, each MK II FLNG could generate approximately $500 million in EBITDA per year before commodity exposure.

假設 MK II FLNG 的租船條款類似於 7 月在阿根廷簽訂的泛美合約中的最終協議，那麼每艘 MK II FLNG 在商品風險之前每年可產生約 5 億美元的 EBITDA。

Hence, with Hilli and Gimi on their respective 20-year contracts, and MK II on charter at similar terms, Golar could generate $1 billion of run rate EBITDA from '28.

因此，由於 Hilli 和 Gimi 簽訂了各自的 20 年合同，而 MK II 則以相似的條款簽訂了租約，Golar 可以從 28 年起產生 10 億美元的運行率 EBITDA。

If you add to that a second MK II, we can see a run rate of $1.5 billion of run rate EBITDA by 2030.

如果再加上第二個 MK II，我們可以看到到 2030 年，EBITDA 運行率將達到 15 億美元。

Turning to the business update on slide 8.

轉向幻燈片 8 上的業務更新。

Hilli continued her market-leading operational track record, and is currently offloading her cargo number 122 with more than 8 million tonnes of LNG exported since contract start-up in '18.

Hilli 繼續保持其市場領先的營運記錄，自 18 年合約啟動以來，目前正在卸載 122 批貨物，出口液化天然氣超過 800 萬噸。

As explained, Pan American Energy served as the reservation notice in October to utilize the FLNG Hilli for the 20-year definitive agreements with start-up in 2027.

如前所述，泛美能源公司於 10 月發出預訂通知，將使用 FLNG Hilli 與 2027 年啟動簽訂為期 20 年的最終協議。

We continue to make strong progress to fulfill the conditions precedent within these definitive agreements, and expect all subjects to be lifted within Q1 of next year.

我們將繼續在滿足這些最終協議中的先決條件方面取得重大進展，並預計所有主題將在明年第一季內取消。

The key milestone for the quarter was to conclude the commercial reset with BP, resolving all contract disagreements and aligning economic compensation for Gimi's arrival in country on January 10 2024 until COD.

本季的關鍵里程碑是與 BP 完成商業重置，解決所有合約分歧，並調整 Gimi 於 2024 年 1 月 10 日抵達該國的經濟補償，直至貨到付款。

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 FLNG growth projects.

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件為 Gimi 進行再融資，並釋放我們打算用於 FLNG 成長項目的流動性。

On the back of the commercial reset, BP and Kosmos has secured an LNG cargo that enables accelerated commissioning, whilst we wait to receive gas from the BP-owned FPSO.

在商業重置的背景下，BP 和 Kosmos 已經獲得了一批液化天然氣貨物，可以加速調試，同時我們正在等待從 BP 擁有的 FPSO 接收天然氣。

Gas was introduced from the accelerated commissioning cargo to Gimi in October, starting the accelerated commissioning.

10月，天然氣從加速調試貨物引進吉米，開始加速調試。

As alluded to, the major milestone for the quarter was the ordering of the MK II FLNG to be converted at CIMC Raffles Shipyard in China.

如同所提及的，本季的主要里程碑是訂購了將在中國中集來福士船廠進行改裝的 MK II FLNG。

We also secured an option for a second MK II delivering in 2028 as long as we order within '25.

只要我們在 25 年內訂購，我們也可以選擇在 2028 年交付第二輛 MK II。

We see continued strong development of our FLNG growth pipeline, led by activities in South America and West Africa.

我們看到，在南美洲和西非的活動帶動下，我們的 FLNG 成長管道持續強勁發展。

We expect to conclude a charter for the recently ordered MK II FLNG within 2025.

我們預計在 2025 年內為最近訂購的 MK II FLNG 簽訂租船合約。

Q3 financial highlights include adjusted EBITDA for the quarter of $59 million, unsecured bond issue of $300 million and a cash position of over $800 million.

第三季的財務亮點包括該季度調整後的 EBITDA 為 5,900 萬美元、發行 3 億美元的無擔保債券以及超過 8 億美元的現金頭寸。

Eduardo will provide further insight into this quarter's financial performance later on in the presentation.

Eduardo 將在稍後的演示中進一步深入了解本季的財務業績。

Macaw Energies have now produced and sold its first ISO containers produced from flare gas in Texas US to industrial clients.

Macaw Energies 現已在美國德克薩斯州生產並向工業客戶銷售其第一批由火炬氣生產的 ISO 容器。

We continue to fine-tune operations to adjust for the gas quality variability from associated US shale gas production.

我們繼續微調運營，以適應美國頁岩氣生產的天然氣品質變化。

Turning to slide 9 and the highlights of the Pan American Energy Charter in Argentina.

轉向幻燈片 9 和阿根廷泛美能源憲章的亮點。

In July, we entered into agreements for a 20-year LNG export projects.

7月，我們簽訂了為期20年的液化天然氣出口計畫協議。

In October, we received a reservation notice reserving the Hilli at the FLNG to be utilized under the 20-year definitive agreements.

10 月，我們收到了一份預訂通知，將 Hilli 保留在 FLNG 上，以便根據 20 年最終協議使用。

The annual adjusted EBITDA based on the Hilli will be $300 million before commodity exposure.

根據 Hilli 計算的年度調整後 EBITDA 將為 3 億美元（不計商品風險）。

The project will utilize gas from the Vaca Muerta field onshore Argentina.

該項目將利用阿根廷陸上 Vaca Muerta 氣田的天然氣。

The Vaca Muerta is the second largest shale gas discovery in the world, with an estimated resource of around [300 Tcf] of gas.

Vaca Muerta 是全球第二大頁岩氣發現地，估計天然氣資源量約為 [300 Tcf]。

This target startup is within '27, which enables us to upgrade and hookup of the Hilli in between charters ending in July '26 and start-up in '27.

該目標啟動時間為 27 年，這使我們能夠在 26 年 7 月結束的租船和 27 年啟動之間升級和連接 Hilli。

As part of the transaction, Golar will become a 10% shareholder in South American logistics.

作為交易的一部分，Golar 將成為南美物流 10% 的股東。

South American will be the offtaker and gas marketing arm of the structure, and this will provide further commodity exposure in addition to the commodity element of the FLNG tariff.

南美將成為該結構的承購商和天然氣行銷部門，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。

As explained, the charter is subject to customary closing conditions, including regulatory and environmental approvals.

如所解釋的，該憲章須遵守慣例成交條件，包括監管和環境批准。

We continue to make strong progress in meeting these conditions, and we expect deal completion within first quarter of next year.

我們在滿足這些條件方面繼續取得強勁進展，預計交易將在明年第一季完成。

We're also together with Pan American in advanced discussions to bring additional local and international partners into the project to further enable potential expansion.

我們也與泛美公司一起進行高階討論，以吸引更多的本地和國際合作夥伴加入該項目，以進一步實現潛在的擴張。

The Hilli will initially utilize spare capacity in Argentina's existing pipeline network.

Hilli管道最初將利用阿根廷現有管網的閒置產能。

Work to construct a dedicated pipeline connecting the FLNG terminal directly to the Vaca Muerta shale formation has also been pursued.

建造一條將 FLNG 終端直接連接到 Vaca Muerta 頁岩地層的專用管道的工作也在進行中。

This could support a multi FLNG vessel project in Argentina, including opportunities for the MK II on order.

這可以支持阿根廷的多艘 FLNG 船項目，包括訂購 MK II 的機會。

Turning to slide 10, an operational overview of our two existing assets.

轉向幻燈片 10，我們的兩項現有資產的營運概述。

Starting with Hilli.

從希利開始。

She continued her market-leading operational track record, and are in the process of offloading cargo number 122.

她繼續保持市場領先的營運記錄，目前正在卸載 122 批貨物。

The existing contract with [Perenco] offshore Cameroon runs until July '26, and the vessel will thereafter transit to the Pan American contract in Argentina with increased capacity utilization following a planned maintenance to enable 20-year continuous operations on site in Argentina.

與[Perenco]喀麥隆近海的現有合約有效期至26年7月，此後該船將轉至阿根廷的泛美合同，並在計劃維護後提高運力利用率，以便能夠在阿根廷現場連續作業20年。

Gimi is on site and have started commissioning activities through an accelerated commissioning plan, and gas was now introduced in October.

Gimi 已在現場，並已透過加速調試計劃開始調試活動，現已於 10 月引入天然氣。

All of the ongoing commissioning activities are according to plan and design specifications.

所有正在進行的調試活動均按照計劃和設計規範進行。

Based on the latest guidance from BP, first gas from the BP-owned FPSO is now expected in Q4 this year and full COD in Q2 next year.

根據 BP 的最新指導，預計今年第四季將從 BP 旗下的 FPSO 中產出第一批天然氣，並於明年第二季完成全部 COD。

COD, which is a commencement of operations date will be the start of the 20-year contract duration, starting Golar share of the $3 billion of EBITDA backlog.

COD，即開始營運的日期，將是 20 年合約期限的開始，Golar 將開始分享 30 億美元的 EBITDA 積壓訂單。

Turning to slide 11.

轉到投影片 11。

We see strong positive progress for new FLNG opportunities.

我們看到新的 FLNG 機會取得了強勁的積極進展。

We continue to progress these opportunities, including commercial and technical work, mainly in the Americas, West Africa, Middle East and Southeast Asia.

我們將繼續推動這些機會，包括商業和技術工作，主要在美洲、西非、中東和東南亞。

As explained earlier in the presentation, we see the most active areas being South America and West Africa at the moment.

正如先前在演示中所解釋的，我們看到目前最活躍的地區是南美洲和西非。

Increasing project development is driven by Golar's position as the only proven provider of FLNG as a service, our market-leading operational performance, our competitive construction cost advantage and the fact that we have the first available FLNG globally.

Golar 作為唯一經過驗證的 FLNG 服務提供者的地位、我們市場領先的營運績效、我們具有競爭力的建設成本優勢以及我們擁有全球第一艘 FLNG 的事實推動了專案開發的不斷增加。

We remain encouraged by the relative attractiveness of these FLNG growth projects compared to alternative monetization solutions for gas resource owners and the cost competitiveness of these projects versus other LNG export projects out there.

與天然氣資源所有者的替代貨幣化解決方案相比，這些 FLNG 成長項目的相對吸引力以及這些項目相對於其他液化天然氣出口項目的成本競爭力仍然令我們感到鼓舞。

And again, we are targeting to fix the MK II FLNG within 2025.

再次強調，我們的目標是在 2025 年修復 MK II FLNG。

I'll now hand the call over to Eduardo to present our Q3 results.

現在我將把電話交給 Eduardo，介紹我們第三季的業績。

Thank you, Karl, and good morning, everyone.

謝謝你，卡爾，大家早安。

I'm pleased to provide an overview of Golar's financial performance for the third quarter of 2024.

我很高興概述 Golar 2024 年第三季的財務表現。

Moving to slide 13, I would like to walk you through some of the key financial highlights for the quarter.

前往投影片 13，我想向您介紹本季的一些主要財務亮點。

We achieved total operating revenues of $65 million, with FLNG tariffs reaching $89 million, a slight increase from $88 million in Q2.

我們實現總營業收入 6,500 萬美元，其中 FLNG 關稅達到 8,900 萬美元，比第二季的 8,800 萬美元略有增加。

This growth reflects higher realized variable earnings linked to [Brent] and TTF prices.

這一增長反映了與布倫特原油和 TTF 價格相關的已實現可變收益的提高。

We consider FLNG tariffs to be the most accurate measure of all realized liquefaction revenues, including gains from our oil and gas linked fees from Hilli operations.

我們認為 FLNG 關稅是所有已實現液化收入的最準確衡量標準，包括 Hilli 業務的石油和天然氣相關費用的收益。

Total adjusted EBITDA reached $59 million, remaining largely consistent with last quarter, despite the recognition of some preoperational expenses associated to commissioning activities of Gimi as we progress towards COD.

調整後的 EBITDA 總額達到 5,900 萬美元，與上季基本保持一致，儘管隨著我們向 COD 邁進，我們承認了一些與 Gimi 調試活動相關的營運前費用。

This quarter, we reported a net loss of $35 million, primarily due to noncash adjustments in the value of embedded TTF and branded derivatives within the Hilli contract, reflecting lower oil and gas prices compared to Q2.

本季度，我們報告淨虧損 3,500 萬美元，主要是由於 Hilli 合約中嵌入 TTF 和品牌衍生性商品價值的非現金調整，反映了與第二季度相比石油和天然氣價格下降。

These movements accounted for approximately $90 million.

這些流動金額約為 9,000 萬美元。

Additionally, mark-to-market changes in our interest rate swap portfolio impacted results by about $16 million.

此外，我們的利率掉期投資組合按市值計價的變化對業績產生了約 1,600 萬美元的影響。

While these factors affected our quarterly results, we remain strategically well positioned to benefit from future market improvements, and continue to focus on building our strong long-term earnings backlog.

儘管這些因素影響了我們的季度業績，但我們仍然在策略上處於有利地位，可以從未來市場的改善中受益，並繼續專注於建立強勁的長期積壓收益。

Following the issuance of our $300 million bonds in September, our share of contractual gross debt reached just under $1.5 billion at quarter end.

繼 9 月發行 3 億美元債券後，我們在季度末的合約總債務中所佔份額達到近 15 億美元。

Despite substantial commitments to the MK II project, which has been fully equity funded until today, with around $400 million invested so far, our liquidity position remains robust with approximately $807 million of cash on hand.

儘管對 MK II 項目做出了大量承諾，迄今為止該項目已完全由股權融資，迄今已投資約 4 億美元，但我們的流動性狀況仍然強勁，手頭上有約 8.07 億美元的現金。

Based on that, our net debt position at the end of the quarter stood at $646 million.

據此，本季末我們的淨債務部位為 6.46 億美元。

This gives us significant flexibility to advance our growth initiatives and drive future value creation.

這為我們提供了巨大的靈活性來推進我們的成長計劃並推動未來的價值創造。

Lastly, we're pleased to declare a dividend of $0.25 per share this quarter, with a record date of November 25 and payments scheduled for on or around December 2.

最後，我們很高興宣布本季派發每股 0.25 美元的股息，記錄日期為 11 月 25 日，支付計劃於 12 月 2 日左右支付。

Turning to slide 14.

轉到投影片 14。

Hilli continued its exceptional performance, achieving 100% economic uptime and reinforcing its market-leading operational track record.

Hilli 繼續保持卓越的業績，實現了 100% 的經濟正常運行時間，並鞏固了其市場領先的營運記錄。

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

在這裡，我們展示了 Hilli 過去幾季 EBITDA 貢獻的變化。

Q3 was an excellent quarter for Hilli, delivering a total EBITDA of just over $68 million, which includes $33 million from base tolling fees and approximately $35 million from variable realized Brent and TTF-linked fees.

第三季度對 Hilli 來說是一個出色的季度，EBITDA 總額略高於 6800 萬美元，其中包括 3300 萬美元的基本通行費以及約 3500 萬美元的可變實現布倫特和 TTF 相關費用。

I wanted to highlight that we remain positively exposed to Brent and TTF prices.

我想強調的是，我們仍然對布蘭特原油和 TTF 價格持正面態度。

So if these prices continue to improve in the coming quarters, we can expect to increase the distributions from Hilli through the duration of each current contract.

因此，如果這些價格在未來幾季繼續改善，我們預計將在當前每份合約的有效期內增加 Hilli 的分配。

Moving on to slide 15.

繼續看投影片 15。

Hilli's operational track record has been outstanding.

Hilli 的營運記錄非常出色。

Since 2018, we have successfully produced over 8 million [tonnes] of LNG, delivering just over 122 cargoes as of today.

自 2018 年以來，我們已成功生產了超過 800 萬噸液化天然氣，截至目前為止已交付超過 122 批貨物。

On the right-hand side of the slide, we can see how commodity prices can impact our earnings from Hilli.

在幻燈片的右側，我們可以看到大宗商品價格如何影響 Hilli 的收入。

So based on forward Brent and TTF prices, Hilli is expected to generate an adjusted EBITDA net to us of approximately $273 million this year and a total free cash flow of $185 million.

因此，根據布蘭特原油和 TTF 遠期價格，Hilli 今年預計將為我們帶來約 2.73 億美元的調整後 EBITDA 淨額，自由現金流總額為 1.85 億美元。

Going forward, 2025's [debt] service, including principal amortization is expected to come down to $80 million, resulting in total free cash flow net to us of approximately $126 million from Hilli alone.

展望未來，2025 年的[債務]服務（包括本金攤銷）預計將降至 8,000 萬美元，僅 Hilli 的自由現金流淨額總額就約為 1.26 億美元。

Turning to slide 16.

轉到投影片 16。

This quarter, we reached a significant milestone in our Gimi contract, with the execution of the commercial reset with BP.

本季度，我們與 BP 執行了商業重置，從而實現了 Gimi 合約的一個重要里程碑。

This contract amendment settled all existing disputes and greatly simplified the contractual cash flows during the commissioning phase.

此次合約修訂解決了所有現有爭議，並大大簡化了調試階段的合約現金流。

We now expect to receive approximately $220 million in pre-COD compensation inclusive of milestone bonuses, of which approximately $130 million were being invoiced in 2024.

我們現在預計將獲得約 2.2 億美元的 COD 前補償，包括里程碑獎金，其中約 1.3 億美元將於 2024 年開立發票。

Of this amount, $78 million has been received in '24 until today.

其中，2024 年至今已收到 7,800 萬美元。

Thanks to this commercial reset, we're also able to advance the refinancing of the existing Gimi debt facility, potentially unlocking up to $500 million in liquidity [plus], which I'll discuss further on the next slide.

由於這次商業重置，我們還能夠推進現有 Gimi 債務融資的再融資，可能釋放高達 5 億美元的流動性[加上]，我將在下一張幻燈片中進一步討論。

Our balance sheet remains strong, with ample flexibility to support our growth initiatives.

我們的資產負債表仍然強勁，具有足夠的靈活性來支持我們的成長計劃。

After the $300 million bond issuance in September, we're well positioned to manage our upcoming bond maturity next year, with no significant debt repayments expected beyond our asset level debt until 2029.

在 9 月發行 3 億美元債券後，我們已經做好了準備，可以管理明年即將到期的債券，預計到 2029 年之前不會有超出資產水平債務的重大債務償還。

The significant existing backlog of $4.3 billion from Gimi supports further debt optimization beyond our currently $700 million facility.

Gimi 現有 43 億美元的大量積壓訂單支持我們在目前 7 億美元的融資基礎上進一步優化債務。

We're actively engaged in advanced discussions with potential lenders, and are making solid progress towards securing credit approvals and finalizing contract negotiations.

我們正在積極與潛在貸款人進行深入討論，並在獲得信貸批准和完成合約談判方面取得紮實進展。

Similarly, with Hilli's backlog approaching $7 billion, we see a strong potential to unlock significant liquidity from it.

同樣，隨著 Hilli 的積壓訂單接近 70 億美元，我們看到了從中釋放大量流動性的巨大潛力。

Currently, the asset level debt stands at approximately $570 million, providing us with also ample room for optimization.

目前，資產級債務約5.7億美元，也為我們提供了充足的優化空間。

When we look at the MK II project, we have fully equity funded approximately $400 million to date.

當我們審視 MK II 計畫時，迄今為止，我們已獲得約 4 億美元的全額股權融資。

We have also received indicative financing terms for around $1.2 billion of asset level debt for the MK II.

我們也收到了 MK II 約 12 億美元資產級債務的指示性融資條款。

However, we believe that once the charter is secured, we are confident in our ability to raise a significantly larger amount at even improved terms, potentially targeting a financing amount equal to 4x to 6x its contracted EBITDA.

然而，我們相信，一旦獲得特許權，我們有信心有能力以更優惠的條件籌集更多資金，目標融資金額可能相當於合約 EBITDA 的 4 至 6 倍。

So in summary, our strong backlog of over $11 billion from Gimi and Hilli, combined with the potential for significant liquidity release based on ongoing disclosures for additional debt financing, gives us significant financial flexibility.

總而言之，我們從 Gimi 和 Hilli 獲得的超過 110 億美元的大量積壓，加上基於額外債務融資的持續披露而釋放大量流動性的潛力，為我們提供了巨大的財務靈活性。

This positions ourselves very well to optimize our capital structure and continue to support our growth initiatives moving forward.

這使我們能夠很好地優化我們的資本結構並繼續支持我們向前發展的成長計劃。

With that, I'll hand the call over to Karl for his closing remarks.

接下來，我將把電話轉交給卡爾，讓他作結束語。

Thanks, Eduardo.

謝謝，愛德華多。

Turning to slide 19 and some of the key milestones for '24 and our focus for '25.

轉向幻燈片 19 以及 24 年的一些關鍵里程碑以及我們 25 年的重點。

So this year, we have seen some major milestones in the development of Golar.

今年，我們看到了 Golar 發展的一些重大里程碑。

We delivered our second FLNG unit to BP offshore Mauritania and Senegal in January this year.

今年 1 月，我們向 BP 茅利塔尼亞和塞內加爾近海交付了第二套 FLNG 裝置。

As the project was not ready to start sending us gas at that time, we entered into negotiations with BP to agree a commercial reset of pre-COD contractual arrangements.

由於該項目當時尚未準備好開始向我們輸送天然氣，因此我們與 BP 進行了談判，同意對 COD 之前的合約安排進行商業重置。

We're pleased to say that that reset was met in August, with the benefits that Eduardo just explained.

我們很高興地說，重置已於 8 月實現，並帶來了 Eduardo 剛才解釋的好處。

In July, we reached another key milestone for the company in signing definitive agreements for a 20-year charter with Pan American Energy in Argentina.

7 月，我們與阿根廷泛美能源公司簽署了 20 年期的最終協議，達到了公司的另一個重要里程碑。

In light of the recently received reservation notice, this will utilize Hilli with an adjusted EBITDA backlog of $6 billion before commodity exposure.

根據最近收到的預訂通知，這將利用 Hilli，調整後的 EBITDA 積壓金額在商品曝光前為 60 億美元。

In September, we issued a $300 million unsecured bond.

9 月份，我們發行了 3 億美元的無擔保債券。

And just after we FID-ed our third FLNG, the MK II FLNG with a 3.5 MTPA capacity.

就在我們對第三艘 FLNG（容量為 3.5 MTPA 的 MK II FLNG）進行最終投資決策之後。

Our action list or focus for '25 is to refinance the Gimi, as just explained by Eduardo, to conclude the conditions precedent under the 20-year contract with Pan American, to secure a charter for the MK II FLNG and thereafter, secure asset-level financing for the vessel.

我們25 年的行動清單或重點是為Gimi 號進行再融資，正如Eduardo 剛才所解釋的那樣，以達成與泛美公司20 年合約下的先決條件，為MK II FLNG 獲得租船權，然後確保資產-船舶融資水準。

Once that is locked in, we are planning to execute on our option for a second MK II to provide further FLNG growth.

一旦鎖定，我們計劃執行第二艘 MK II 的選擇，以提供進一步的 FLNG 增長。

So turning to slide 20, the last slide of the presentation, and to explain what this could mean in numbers.

因此，轉向投影片 20（簡報的最後一張投影片），並解釋這在數字中可能意味著什麼。

Based on our target to secure a charter for the MK II on order, Golar could double our FLNG earnings and EBITDA backlog within next year.

根據我們獲得 MK II 訂單包機的目標，Golar 可能會在明年內將我們的 FLNG 收入和 EBITDA 積壓翻倍。

Based on the 20-year contracts in place for Gimi for BP and Hilli for Pan American, we have an EBITDA backlog standing at approximately $11 billion before commodity exposure today.

根據 BP 的 Gimi 和泛美公司的 Hilli 簽訂的 20 年期合同，在今天的大宗商品敞口之前，我們的 EBITDA 積壓金額約為 110 億美元。

If we assume a MK II contract at similar terms to the Hilli contract entered into in July, we could see the EBITDA backlog increase to over $20 billion before commodity exposure.

如果我們假設 MK II 合約的條款與 7 月簽訂的 Hilli 合約類似，那麼我們可能會看到，在商品風險敞口之前，EBITDA 積壓額將增加到超過 200 億美元。

Again, we're targeting to secure search contract within '25.

同樣，我們的目標是在 25 年內獲得搜尋合約。

Due to the strong balance sheet and financial flexibility, this cash flow and backlog growth is feasible, whilst maintaining shareholder returns that we already have in place and continue to increase them as we derisk the backlog and continue to get units on stream.

由於強大的資產負債表和財務靈活性，這種現金流量和積壓訂單的成長是可行的，同時保持我們已有的股東回報，並隨著我們消除積壓風險並繼續投產設備而繼續增加股東回報。

There's further upside to the backlog from commodity-linked earnings, and that will then be an add-on to the overall earnings we see.

與大宗商品相關的收益積壓還有進一步的上升空間，這將成為我們看到的整體收益的附加價值。

Each MK II unit has the potential to add around $500 million of annual adjusted EBITDA based on contracts at same terms as they recently entered into Argentina contract.

根據與最近簽訂的阿根廷合約相同條款的合同，每個 MK II 部門都有可能增加約 5 億美元的年度調整後 EBITDA。

We have secured an option for a second MK II with delivery in '28, which then would more than double our capacity to 12 MTPA run rate.

我們已經獲得了第二台 MK II 的選擇權，將於 28 年交付，這將使我們的產能增加一倍以上，達到 12 MTPA 的運行率。

That concludes the prepared remarks for our Q3 presentation.

我們為第三季演示準備的評論到此結束。

I'll now hand the call over to the operator for any questions.

如果有任何問題，我現在會將電話轉交給接線員。

Thank you.

謝謝。

(Operator Instructions) Ben Nolan, Stifel.

（操作員說明）Ben Nolan，Stifel。

Great.

偉大的。

For my first question, I wanted to just dig in a little bit on what's happening in Argentina, if you could.

對於我的第一個問題，如果可以的話，我想稍微深入了解一下阿根廷正在發生的事情。

Specifically, it sounds like the Hilli is definitively going and there's not really an option to move it elsewhere, just to clarify that.

具體來說，聽起來 Hilli 肯定會消失，並且沒有真正的選擇將其移至其他地方，只是為了澄清這一點。

But then also, there's been a lot of movement between Pan American and YPF and the various projects.

但同時，Pan American 和 YPF 以及各個項目之間也發生了許多變化。

Can you maybe just sort of level set how you see the Argentina LNG development playing out from your perspective?

您能否從您的角度闡述您如何看待阿根廷液化天然氣的發展？

Ben, so as we explained, the Vaca Muerta is the second largest shale discovery in the world with 300 Tcf.

Ben，正如我們所解釋的，Vaca Muerta 是世界第二大頁岩發現地，儲量為 300 Tcf。

Local consumption in Argentina is around 1 Tcf a year.

阿根廷當地每年的消費量約為 1 Tcf。

So there's plenty of capacity to provide for export, and the 300 Tcf are currently hostage to the Argentina domestic market.

因此，有充足的出口能力，而 300 Tcf 目前受制於阿根廷國內市場。

In light of the new government in place, there's now a strong drive to enable LNG exports.

鑑於新政府的就位，現在有強勁的動力推動液化天然氣出口。

You're right that there's a lot of different talks in terms of how big you should lead it and so forth.

你是對的，關於你應該領導多大的規模等等，有很多不同的討論。

What seems to be clear to everybody is that the Pan American contract utilizing Hilli will be the first outlet for Argentinian LNG exports.

每個人似乎都清楚的是，利用 Hilli 的泛美合約將成為阿根廷液化天然氣出口的第一個出口。

As explained earlier in the presentation, both Pan American and Golar would welcome other Vaca Muerta gas resource owners to partake in the project, to give further gas supplies, but also to provide for FLNG growth.

如同先前在演示中所解釋的，Pan American 和 Golar 都歡迎其他 Vaca Muerta 天然氣資源所有者參與該項目，以提供更多天然氣供應，同時也促進 FLNG 成長。

We also think that if we were to source the MK II on order, that would be the second fastest available liquefaction capacity to Argentina, only beaten by Hilli.

我們也認為，如果我們按訂單購買 MK II，這將是阿根廷第二快的可用液化能力，僅次於 Hilli。

So if they are true to the ramp-up of their ambitions of exports, both of those assets should see a home in Argentina, but first and foremost, Hill is now locked in through the reservation notice received in October.

因此，如果他們真正實現出口目標，那麼這兩項資產都應該在阿根廷安家，但最重要的是，希爾現在已透過 10 月收到的預訂通知被鎖定。

Okay.

好的。

And there's no option for that to move somewhere else?

沒有選擇將其轉移到其他地方嗎？

Correct?

正確的？

That's correct.

這是正確的。

The reservation notice has been given.

預訂通知已發出。

My second question maybe is for Eduardo.

我的第二個問題可能是問愛德華多的。

You are talking about -- first of all, continuing to progress on the refinancing of the Gimi that would bring cash out.

你談論的是——首先，繼續推進吉米再融資，以帶來現金。

And then you're talking about potentially after getting a contract on the MK II, being able to finance more than you're paying for it really.

然後你說的是在獲得 MK II 合約後，你可能能夠獲得比實際支付的更多的資金。

Maybe could you talk to your capital allocation, thinking if you are able to do those, then you're going to have a whole lot more cash coming in than it's going out.

也許你可以談談你的資本配置，想想如果你能夠做到這些，那麼你將獲得比支出更多的現金。

How are you thinking about sort of what's the right thing to do with that capital?

您如何考慮如何正確利用這筆資金？

How do you see it playing out?

您認為結果如何？

Yes.

是的。

Ben.

本.

So I think just starting with the first point here.

所以我想從第一點開始。

So when you look at the Gimi refinancing, you're right, we're making further progress on the proposed refinancing that we have been discussing for the last quarter.

因此，當您查看 Gimi 再融資時，您是對的，我們在上個季度一直在討論的擬議再融資方面正在取得進一步進展。

Right now, we are targeting at $1.4 billion of total financing, and we are in advance of the discussions with potential lenders.

目前，我們的目標融資總額為 14 億美元，我們正在與潛在貸款人進行討論。

When we look at the MK II financing, and I think the statement we made in the presentation of between 4x to 6x the contracted EBITDA, I think this is largely driven by the reference or the data points that we have on the current Gimi finance.

當我們審視 MK II 融資時，我認為我們在演示中所做的聲明是合約 EBITDA 的 4 倍到 6 倍，我認為這很大程度上是由我們對目前 Gimi 財務的參考或數據點驅動的。

So if we're targeting $1.4 billion based on a $250 million EBITDA, I think that falls within that range.

因此，如果我們的目標是基於 2.5 億美元的 EBITDA 實現 14 億美元，我認為就在這個範圍內。

And we believe that once we have a charter in place for the MK II, we could be in a position to reach such amounts.

我們相信，一旦我們為 MK II 制定了章程，我們就能夠達到這樣的金額。

We also have received, as we also stated in the presentation, indicative terms for a proposed $1.2 billion asset level financing for the MK II.

正如我們在演示中所述，我們也收到了為 MK II 提議的 12 億美元資產級融資的指示性條款。

However, this financing would be based on the situation as is.

不過，這筆融資將根據實際情況而定。

So basically on a situation without a contract.

所以基本上是在沒有合約的情況下。

So we believe that once we secure a charter, we could be in a position to also significantly improve the commercial terms of that facility.

因此，我們相信，一旦獲得特許權，我們就能夠大幅改善該設施的商業條款。

And I think the last point with regards to capital allocation, I think Karl touched on that one during the presentation as well.

我認為關於資本配置的最後一點，我認為卡爾在演講中也談到了這一點。

We continue to -- we have plans to maintain our dividend policy as we have today, and we expect to further increase the dividend payments as soon as we derisk our existing projects.

我們計劃繼續維持目前的股利政策，並預計一旦我們消除現有項目的風險，將進一步增加股利支付。

So we are progressing with the commissioning of Gimi.

因此，我們正在推進吉米的調試工作。

And as soon as we reach COD or around that time, we could be in a position to further increase our dividend payment.

一旦我們達到 COD 或大約那個時間，我們就可以進一步增加我們的股息支付。

And I think our ambition is to further grow our FLNG portfolio.

我認為我們的目標是進一步擴大我們的 FLNG 產品組合。

So we have an option to further develop a second MK II, which, I think, provided that we have visibility on earnings of that contract and we continue to execute on our commercial strategy, we would have the financial ability to take on that project.

因此，我們可以選擇進一步開發第二個 MK II，我認為，只要我們能夠了解該合約的收益並且我們繼續執行我們的商業策略，我們就有能力承擔該專案。

Chris Robertson, Deutsche Bank.

克里斯·羅伯遜，德意志銀行。

I was wondering if you could speak a little bit more on the option you have for a second MK II at the CIMC Raffles yard.

我想知道您是否可以多談談您在中集來福士船廠購買第二輛 MK II 的選擇。

I think at one point, you had communicated that the option had an expiry at the end of the first quarter.

我認為在某一時刻，您曾表示該選擇權將在第一季末到期。

But it now it sounds like you have some greater flexibility there, which is good.

但現在聽起來你在那裡有更大的靈活性，這很好。

So I guess, could you talk around when that particular option expires?

所以我想，您能談談該特定選項何時到期嗎？

Is it just throughout the full year of 2025 and a little bit more around what exactly you would need in place to move ahead with the conversion of a second MK II asset?

是否只是在 2025 年全年以及您究竟需要什麼來推進第二個 MK II 資產的轉換？

Chris, so you're right.

克里斯，所以你是對的。

I understand what you're referencing when you say Q1.

我明白你說的 Q1 指的是什麼。

So what we did say at that point in time is that in order to meet the '28 delivery, the critical item is some of the long-lead items.

所以我們當時確實說過，為了滿足 28 年的交付，關鍵的專案是一些長期交付的專案。

So similar to what you saw we do on the first Mark I is that we started committing to some longer items before FID-ing the project.

與您所看到的我們在第一個 Mark I 上所做的類似，我們在對專案進行 FID 之前開始致力於一些較長的專案。

And this is, just for us, a little bit of cautiousness in terms of securing an attractive delivery slot without taking on the full risk of the EPC before we secured a charter on the first MK II.

對我們來說，在我們獲得第一艘 MK II 的包機之前，在不承擔 EPC 全部風險的情況下，在確保有吸引力的交付位置方面有點謹慎。

So there is more flexibility in terms of the EPC contract with the shipyard in Q1, but you do want to see some commitment on long-lead items starting within Q1.

因此，第一季與造船廠的 EPC 合約有更大的靈活性，但您確實希望看到第一季開始對長週期專案做出一些承諾。

And that's really the gating item.

這確實是門控項目。

Obviously, when you're a repeat buyer of the same equipment, because we're building two units or could be building two units in relative parallel, there are some advantages with the equipment suppliers as well in terms of lead times versus what we received when we did the first Mark I. So obviously, always easier to be a repeat customer than a new customer.

顯然，當您重複購買同一設備時，因為我們正在建造兩個設備，或者可能相對並行地建造兩個設備，所以設備供應商在交貨時間方面與我們收到的設備相比也有一些優勢當我們做第一個Mark I 時。

But within Q1, we should make some long-lead commitments.

但在第一季度，我們應該做出一些長期承諾。

And I think in terms of the EPC contract itself, we have more flexibility than

我認為就EPC合約本身而言，我們比

(inaudible).

（聽不清楚）。

Okay.

好的。

Great.

偉大的。

That's helpful.

這很有幫助。

And then my second question, just turning to the Tortue project for a moment.

然後是我的第二個問題，暫時轉向 Tortue 專案。

I believe BP and Kosmos were evaluating other types of LNG technology beyond FLNG for the Phase 2 development.

我相信 BP 和 Kosmos 正在評估 FLNG 以外的其他類型的 LNG 技術，以進行第二階段的開發。

Just given the recent commercial reset, and the possibility that a second MK II asset could be available by 2028 and what could potentially fit into that Phase 2 ambition, are you guys in discussions at all with the Tortue partners around potentially taking an FLNG asset as opposed to some of the other technologies that they were considering at one point?

考慮到最近的商業重置，以及第二個 MK II 資產到 2028 年可用的可能性，以及可能符合第二階段目標的內容，你們是否正在與 Tortue 合作夥伴討論可能將 FLNG 資產作為反對他們曾經考慮過的一些其他技術？

We normally don't comment on specific projects like that, other than when we've signed contracts that have been made public.

我們通常不會對此類具體項目發表評論，除非我們簽署了公開的合約。

The only thing I'd say is that for the first phase, Kosmos and BP found FLNG to be the most economical and best viable way of monetizing that unit.

我唯一要說的是，在第一階段，Kosmos 和 BP 發現 FLNG 是裝置貨幣化的最經濟、最可行的方式。

Since then, I think the FLNG market has proven to become even more of an industry standard, and more people like BP and Kosmos have found FLNG to be the best way of monetizing gas reserves.

從那時起，我認為事實證明，FLNG 市場已成為行業標準，越來越多像 BP 和 Kosmos 這樣的人發現 FLNG 是天然氣儲備貨幣化的最佳方式。

Certainly, many of the neighboring countries in West Africa are utilizing FLNG technology.

當然，西非的許多鄰國都在利用 FLNG 技術。

So I would think it's very natural that FLNG is at least one of the options they consider, and there are benefits in utilizing the same operator, of course, and there's many synergies, both in terms of offloading, crewing, spare parts and so forth.

因此，我認為 FLNG 至少是他們考慮的選擇之一是很自然的，當然，利用同一運營商有好處，而且在卸載、船員、備件等方面有很多協同作用。

But in terms or discussions, we're not disclosing anything.

但在條款或討論中，我們不會透露任何內容。

And that's our counterparts do.

這就是我們的同行所做的。

Kristoffer Barth Skeie, Arctic Securities.

克里斯托弗·巴斯·斯基 (Kristoffer Barth Skeie)，北極證券。

Can you please comment a bit on the 10% stake in Southern Energy.

您能否對南方能源10%的股份發表一下評論？

What should we expect in terms of CapEx here going forward?

就未來的資本支出而言，我們該期待什麼？

And if the CapEx element, if that's thing proportionate with the ownership stake?

如果是資本支出元素，這是否與所有權比例成正比？

And additionally, what is the fair CapEx assumption for Hilli between the existing Perenco contract and contract with Pan American Energy?

此外，在現有 Perenco 合約和與泛美能源公司的合約之間，Hilli 的公平資本支出假設是多少？

I assume there's a cost element associated with upgrades and movement there.

我認為那裡存在與升級和移動相關的成本因素。

Chris.

克里斯.

So I'll take the first part, and then Eduardo, you can add on the second

所以我會講第一部分，然後 Eduardo，你可以加入第二部分

[leg].

[腿]。

But the cost element on redeployment, what we're saying is that you need to disconnect in Cameroon.

但重新部署的成本因素，我們所說的是，你需要在喀麥隆斷開連線。

You then need to physically travel to a shipyard that needs to do overall work to provide for 20-year continuous operation.

然後，您需要親自前往造船廠，該造船廠需要進行全面工作以確保 20 年的連續運作。

And then sales to Argentina to connect.

然後銷售到阿根廷進行連線。

So what we currently estimate is $200 million to $300 million for the total voyage.

因此，我們目前估計整個航程的成本為 2 億至 3 億美元。

That includes bunkering crew, tug and FLNG upgrading work.

其中包括加油人員、拖船和 FLNG 升級工作。

That's the all-in cost of moving, $200 million to $300 million.

這就是搬家的總成本，2 億至 3 億美元。

On the South American Logistics, Eduardo, do you want to cover that one?

關於南美洲物流，Eduardo，你想報道嗎？

Yes, sure.

是的，當然。

So when it comes to Southern Energy, based on our 10% stake, we have entered as part of the definitive agreements into the final forms of the joint venture agreement with Pan American Energy, which stated an indicative budget for the project.

因此，就南方能源而言，基於我們10%的股權，我們已經與泛美能源公司簽訂了合資協議的最終形式，作為最終協議的一部分，其中規定了該項目的指示性預算。

That budget is still subject to further review.

該預算仍有待進一步審查。

But as of today, we estimate an amount between $50 million to $100 million of CapEx commitments, which would be attributable to us.

但截至今天，我們估計我們的資本支出承諾金額在 5,000 萬至 1 億美元之間。

Alexander Bidwell, Webber Research & Advisory.

亞歷山大·比德韋爾，韋伯研究與諮詢。

So taking a look at [MK III], what do plans sit for that new build unit?

那麼看看 [MK III]，這個新建造單位的計劃是什麼？

And is there a particular driver that would lead you to select MK III over a MK II?

是否有特定的驅動程式會讓您選擇 MK III 而不是 MK II？

Alexander, so when it comes to the MK III, that's a 5 million tonne per annum unit.

Alexander，對於 MK III，這是一個每年 500 萬噸的裝置。

And as you correctly point out, it's a new build from scratch and not a vessel conversion.

正如您正確指出的那樣，這是從頭開始的新建造，而不是船舶改裝。

Hence, it has a longer construction time, a higher CapEx per tonne, and it's obviously a very large capacity.

因此，它的建設時間較長，每噸資本支出較高，容量顯然非常大。

Hence, we are unlikely to order a MK III on speculation.

因此，我們不太可能憑猜測訂購 MK III。

We would only do that against a firm contract.

我們只會根據確定的合約這樣做。

So there are currently no immediate plans to FID such a unit for the reasons you just mentioned, that it's expensive, it takes longer.

因此，目前沒有立即計劃對這樣一個裝置進行 FID，原因是你剛才提到的，它價格昂貴，需要更長的時間。

And based on the yard capacity of the shipyard we would utilize, would likely deliver at the very end of the 2020, so late '29, early 2030 if ordered today.

根據我們將利用的造船廠的堆場容量，如果今天訂購，可能會在 2020 年底交付，即 29 年底、2030 年初交付。

So we see a better value proposition in going for the MK II.

因此，我們認為 MK II 具有更好的價值主張。

Do you think that would change that is if we do a back-to-back contract for the MK III that we deem to be attractive.

您認為如果我們為 MK III 簽訂一份我們認為有吸引力的背靠背合同，這種情況會改變嗎？

All right.

好的。

And then for my second question, looking at Macaw.

然後是我的第二個問題，看看金剛鸚鵡。

So back in Q1, you mentioned you guys would evaluate a separate listing in -- sometime towards the end of 2024.

早在第一季度，你們就提到你們將在 2024 年底的某個時候評估單獨的上市。

What are your plans with Macaw stand right now?

您現在對金剛鸚鵡展位有何計畫？

And is a listing in the cards for 2025?

2025 年是否有可能上市？

So yes, you're right that these things go and there's always some tweaking to the design when you go from design phase to live hydrocarbon testing.

所以，是的，你是對的，這些事情都會發生，當你從設計階段進入現場碳氫化合物測試時，總是會對設計進行一些調整。

As we explained in the presentation, the unit has now sold its first ISO containers from flare gas production, but we are tweaking the unit to better deal with the significant intraday changes in gas quality flows from US shale gas.

正如我們在演示中所解釋的，該裝置現已售出第一批來自火炬氣生產的ISO 集裝箱，但我們正在對該裝置進行調整，以更好地應對美國頁岩氣氣體質量流量的重大盤中變化。

And once we feel that that's in a more stable territory, we will revisit the thoughts of a separate listing or a business separation of that unit.

一旦我們覺得這是一個更穩定的領域，我們將重新考慮該部門的單獨上市或業務分離的想法。

And that is now a 2025 event, but we have had industrial interests that have been on site to inspect the unit and the technology, and express an interest in continuing to or to gain exposure to the technology and Macaw as a business.

現在這是 2025 年的活動，但我們有工業界人士到現場檢查該裝置和技術，並表示有興趣繼續或接觸該技術和 Macaw 作為一項業務。

So that's an alternative to a separate listing.

因此，這是單獨列表的替代方案。

(Operator Instructions) Liam Burke, B. Riley Financial.

（操作員指令）Liam Burke，B. Riley Financial。

You've got the second MK II slated for 2028.

第二款 MK II 預計於 2028 年推出。

What does the backlog of potential credible inquiries look like?

潛在可信調查的積壓狀況如何？

And to give you a sense as to what the cadence would be as you roll out further FLNGs.

讓您了解推出更多 FLNG 時的節奏。

There's plenty of stranded gas reserves in the world.

世界上有大量擱淺的天然氣儲量。

And I think several of the projects we're in discussions for is for more than one unit, including the discussions we've been having in Argentina.

我認為我們正在討論的幾個項目涉及多個單位，包括我們在阿根廷進行的討論。

So some of these reserves, it's just a matter of getting to first gas.

因此，其中一些儲備只是獲得第一批天然氣的問題。

And once you do, you can see expansion.

一旦你這樣做了，你就可以看到擴張。

That's true for BP's plans on the Tortue field, whether it's an FLNG or not for the expansion plans.

BP 在 Tortue 油田的計劃也是如此，無論它是否是 FLNG 的擴張計劃。

It's true in Argentina and in several other locations that we're currently in discussions for.

在阿根廷和我們目前正在討論的其他幾個地方都是如此。

So I think in addition to new developments, which there are plenty of, there's also expansion of existing that we see as the biggest potential.

因此，我認為除了大量的新開發案外，我們認為最大的潛力還在於現有的開發案的擴展。

And as alluded to earlier on one of the previous questions here, there are some operational synergies that has a real cost advantage to the gas research owner.

正如前面的問題之一所提到的，存在一些營運協同效應，這對天然氣研究所有者來說具有真正的成本優勢。

If you put more than one unit in relative proximity.

如果您將多個單位放置在相對較近的位置。

When it comes to demurrage of loading crude boats, tugboats, spare parts and so forth, that equates to a real saving on [$1] per MMBTU basis, which makes the FLNG alternative even more competitive.

當涉及裝載原油船、拖船、備件等的滯期費時，這相當於每 MMBTU 真正節省 [1 美元]，這使得 FLNG 替代方案更具競爭力。

So we think that the fact that there are more people now looking into FLNG and the design and operational track record are growing in acceptance is one that we find to support our growth ambitions and also the fact that we're constructing this is around half the cost of where you see incremental capacity being brought on stream in the US.

因此，我們認為，現在有越來越多的人正在研究FLNG，而且設計和營運記錄越來越被接受，這一事實是我們發現支持我們的成長雄心的事實，而且我們正在建造的事實大約是FLNG 的一半。

Okay.

好的。

And just touching on an earlier question, are those inquiries -- I mean, are there enough of -- for greater capacity than the 3.5 MTPA?

剛剛觸及先前的問題，這些詢問（我的意思是，是否有足夠的詢問）是否可以滿足比 3.5 MTPA 更大的容量？

Yes, it really depends on two things: the size of the reserve and the flow, the gas flow.

是的，這實際上取決於兩件事：儲備的大小和流量，即氣體流量。

So the GTA project Phase 1 was originally scheduled to be 10 MTPA.

因此GTA計畫一期原定為10 MTPA。

The Gimi is just around [2.5] of production.

Gimi 的生產量約為 [2.5]。

So then theoretically, there's plenty of capacity there.

所以理論上，那裡有足夠的容量。

In Vaca Muerta, we're talking or YPF in LNG Argentina are talking about [15, 20] MTPA.

在 Vaca Muerta，我們正在談論或 LNG 阿根廷的 YPF 正在談論 [15, 20] MTPA。

And you have several fields like these, not several fields like Vaca Muerta, but several fields like the DTA around the world, so sort of 25 to 30 Tcf that supports easily 10 MTPA of annual production.

你有幾個像這樣的油田，不是像 Vaca Muerta 這樣的幾個油田，而是像世界各地的 DTA 這樣的幾個油田，所以大約 25 到 30 Tcf 可以輕鬆支持 10 MTPA 的年產量。

So the answer is yes.

所以答案是肯定的。

Sherif Elmaghrabi, BTIG.

謝里夫·埃爾馬格拉比，BTIG。

First, in the summer, you signed an FLNG agreement with NMPC.

首先，今年夏天，你們與NMPC簽署了FLNG協議。

Can you just give us an update on how that conversation is going?

您能為我們介紹一下這次談話的最新進展嗎？

And are you still thinking we could see a Nigerian LNG project sanctioned by year-end?

您是否仍然認為我們可以看到尼日利亞液化天然氣項目在年底前獲得批准？

So you're right that we signed the development agreement with NMPC.

所以你說得對，我們與 NMPC 簽署了開發協議。

The target in the project development agreement was by year-end.

專案開發協議的目標是在年底前完成。

That seems less likely to us that the Nigerian projects will move forward within this year, mainly because I don't think they have right now a project that's suitable for the FLNGs available.

在我們看來，尼日利亞計畫在今年內推進的可能性較小，主要是因為我認為他們目前沒有適合可用 FLNG 的計畫。

But there's certainly enough reserves in Nigeria and under NMPC's control that they could utilize a MK II, but to see that happen within '24, we see as unlikely, but they are one of the contenders when we say that we think we'll have the unit contracted within '25.

但尼日利亞肯定有足夠的儲備，並且在NMPC 的控制下，他們可以利用MK II，但要看到這種情況在24 年內發生，我們認為不太可能，但當我們說我們認為我們會擁有時，他們是競爭者之一該單位在 25 年內簽訂了合約。

Got it.

知道了。

So then thinking about other contenders, back to Argentina, what needs to happen to get the land-based infrastructure up to speed to handle a second FLNG unit?

那麼，再想想其他競爭者，回到阿根廷，需要做什麼才能讓陸基基礎設施加快速度來處理第二個 FLNG 裝置？

And more importantly, do you have a sense of how long that might take?

更重要的是，您知道這可能需要多長時間嗎？

So what you need is a designated pipeline because Hilli is utilizing spare capacity in the existing network, but it's not sufficient spare capacity in the existing network to go beyond Hilli.

因此，您需要的是指定管道，因為 Hilli 正在利用現有網路中的閒置容量，但現有網路中的閒置容量不足以超越 Hilli。

So if you want to expand beyond that, there needs to be a designated pipeline from Vaca Muerta to the FLNG location.

因此，如果您想擴大規模，則需要有一條從 Vaca Muerta 到 FLNG 地點的指定管道。

Work on search pipeline has started.

搜尋管道的工作已經開始。

We estimate, together with the local pipeline companies, a construction time of around two years.

我們與當地管道公司一起估計施工時間約為兩年。

The plan would be to make the pipeline alongside an existing oil pipeline that's currently under completion.

該計劃將沿著目前正在竣工的現有石油管道建造該管道。

So right of way and the actual location of the pipeline has been identified, and it's a matter of getting financing and FID-ing it.

因此，管道的通行權和實際位置已經確定，接下來就是獲得融資和最終投資決策的問題。

It's a bit of a chicken and the egg situation because there's no pipeline without incremental FLNGs and there's no incremental FLNGs without the pipeline.

這有點像先有雞還是先有蛋的情況，因為沒有增量FLNG就沒有管道，沒有管道就沒有增量FLNG。

So they need to be developed in tandem, but it takes shorter time to construct the pipeline than the FLNG.

因此它們需要同步開發，但建造管道的時間比FLNG短。

Speakers, there are no further questions for today.

各位發言者，今天沒有其他問題了。

I would now like to hand the conference over to Karl Fredrik Staubo for any conclusion.

我現在想將會議交給卡爾·弗雷德里克·施陶博 (Karl Fredrik Staubo) 來得出結論。

Thank you.

謝謝。

Well, thank you all for dialing in.

好的，謝謝大家撥電話。

It's been a very eventful quarter.

這是一個非常多事的季度。

We're very pleased with the development, and I think we have a very clear focus for the year ahead.

我們對這一發展感到非常滿意，我認為我們未來一年的重點非常明確。

We are working hard to execute.

我們正在努力執行。

Thanks for dialing in and listening to where we are, and we look forward to talking to you next quarter.

感謝您撥入並聆聽我們的進展，我們期待下個季度與您交談。

Thanks again, and have a good day.

再次感謝，祝你有美好的一天。

That does conclude our conference for today. Thank you for participating. You may now all disconnect.

我們今天的會議到此結束。感謝您的參與。你們現在可以斷開連結了。

Have a nice day.

祝你今天過得愉快。