Golar LNG Ltd (GLNG) 2024 Q4 法說會逐字稿

Welcome to the Golar LNG Limited 4Q 2024 presentation.

歡迎參加 Golar LNG Limited 2024 年第四季的示範。

After the slide presentation by CEO Karl Fredrik Staubo; and CFO Eduardo Maranhao, there will be a question and answer session.

在執行長 Karl Fredrik Staubo 進行幻燈片演示之後；和財務長 Eduardo Maranhao 將會有一個問答環節。

(Operator Instructions)

（操作員指令）

I will now pass you over to Karl Fredrik Staubo.

現在我將把麥克風交給 Karl Fredrik Staubo。

Karl, please go ahead.

卡爾，請繼續。

Thank you, operator, and welcome to Golar LNG's Q4 earnings results presentation.

謝謝接線員，歡迎參加 Golar LNG 第四季度收益結果報告。

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

我叫 Karl Staubo，是 Golar LNG 的首席執行官，今天陪同我一起前來的還有我們的財務長 Eduardo Maranhão。

We're happy to be dialing in from Buenos Aires where we've been meeting with our coming partners for the FLNG Hilli.

我們很高興從布宜諾斯艾利斯撥打電話，我們在那裡與 FLNG Hilli 的未來合作夥伴會面。

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 at slide 3 and an overview of Golar today.

我們從幻燈片 3 開始，概述今天的 Golar。

During the quarter we finalized our transition into pure FLNG company through the sale of Avenir LNG and Golar Arctic.

在本季度，我們透過出售 Avenir LNG 和 Golar Arctic 完成了向純 FLNG 公司的轉型。

The sale of Arctic marks the end of Golar's 50 year presence in the LNG shipping market.

Arctic的出售標誌著Golar在液化天然氣航運市場50年歷史的結束。

Our assets now include the Hilli, which is currently under a contract for Perenco offshore Cameroon until contract expiry in July 2026.

我們的資產現在包括 Hilli，該油田目前與 Perenco 簽訂了在喀麥隆近海作業的合同，合約期限為 2026 年 7 月到期。

Thereafter the vessel will be redeployed here to Argentina for a 20 year contract establishing Argentina as an LNG exporter.

此後，該船將重新部署到阿根廷，簽訂為期 20 年的合同，確立阿根廷作為液化天然氣出口國的地位。

The Gimi is currently under commissioning to start a 20 year contract for BP offshore Senegal and Mauritania.

Gimi 號目前正在調試，將為 BP 在塞內加爾和茅利塔尼亞近海開展為期 20 年的合約。

The LNG carrier Fuji was delivered to CIMC Raffles Shipyard in Yantai, China during the quarter and the conversion of the [MKII] FLNG is progressing according to schedule.

液化天然氣運輸船「Fuji」號於本季交付至位於中國煙台的中集福士船廠，[MKII] FLNG 的改裝工作正在按計劃進行。

Inclusive of the Hilli recontract here in Argentina our EBITDA backlog stands at $11 billion before commodity exposure.

如果算上與阿根廷 Hilli 重新簽訂的合同，我們的 EBITDA 積壓訂單在商品風險敞口前達到 110 億美元。

We expect our backlog to continue to increase and provides further earnings visibility once the MKII FLNG secure a long-term charter.

我們預計，一旦 MKII FLNG 獲得長期租約，我們的積壓訂單將繼續增加，並提供進一步的獲利可見度。

Turning to Slide 4.

轉到投影片 4。

We continue to focus on capital allocation towards FLNGs and agreed to acquire all remaining minority interest in the FLNG Hilli during the quarter.

我們繼續關注對 FLNG 的資本配置，並同意在本季度收購 FLNG Hilli 的所有剩餘少數股權。

On Christmas Eve we announced that we acquired approximately 8% of the total vessel capacity from Seatrium Shipyard and Black & Veatch.

聖誕節前夕，我們宣布從 Seatrium Shipyard 和 Black & Veatch 收購了約 8% 的總船舶容量。

We paid $90 million for the shareholding of which $30 million in assumed debt and $60 million of equity.

我們支付了 9,000 萬美元作為股權，其中 3,000 萬美元承擔債務，6,000 萬美元承擔股權。

The equity portion matches that of the sale of our non-core investments in Avenir LNG and the Golar Arctic.

股權部分與我們對 Avenir LNG 和 Golar Arctic 的非核心投資的出售部分相符。

Both were sold with a total cash equity proceeds of $63 million.

兩家公司出售時的總現金股權收益為 6,300 萬美元。

The transactions will have several positive contributions to Golar including immediate cash flow accretion, increased earnings visibility through the backlog, reduced volatility of earnings due to the long-term infrastructure cash flow profile of FLNG projects versus more volatile and shorter dated cash flows of LNG shipping.

此交易將為 Golar 帶來多項積極貢獻，包括立即增加現金流、透過積壓訂單提高盈利可見性、降低盈利波動性（因為 FLNG 項目的基礎設施現金流狀況是長期的，而 LNG 運輸的現金流波動性更大且期限更短）。

This is also an important exit from LNG shipping after 50 years of operations and a concentration on strengthening our market leading FLNG presence.

這也是我們在液化天然氣運輸領域營運 50 年後的重大退出，我們將專注於加強我們在 FLNG 市場上的領先地位。

That leads us to slide 5 where we remain the largest FLNG owner and operator controlling a total liquefaction capacity of 8.6 million tons per annum.

這就引出了第 5 頁，我們仍然是最大的 FLNG 所有者和運營商，控制著每年 860 萬噸的總液化能力。

Golar is the only proven provider of FLNG as a service providing charters with natural gas liquefaction without requiring any ownership to the gas reserves.

Golar 是唯一經過驗證的 FLNG 服務供應商，該服務可為租船提供天然氣液化服務，而無需擁有任何天然氣儲備所有權。

The advantage of this business model to our potential charterers includes time to market, outsourcing of engineering, no capital commitments to the charter until they receive cash flow from production and access to Golar's market leading operational uptime.

對於我們的潛在租船人來說，這種商業模式的優勢包括上市時間、工程外包、在收到生產現金流之前無需對租船做出資本承諾以及能夠享受 Golar 市場領先的運營正常運行時間。

We expect to continue our market leading position and have engaged conversations with capable shipyards for fourth FLNG unit that we will seek to order once we have secured a charter for the MKII under construction.

我們希望繼續保持市場領先地位，並已與有能力的造船廠就第四套 FLNG 裝置展開洽談，一旦我們獲得在建 MKII 的租約，我們將尋求訂購該裝置。

Turning to business update and the highlights of the quarter on slide 7.

第 7 頁介紹業務更新和本季的亮點。

Hilli continued its market leading operational track record and has now delivered 128 cargoes since start up in 2018.

Hilli 繼續保持其市場領先的營運記錄，自 2018 年啟動以來已交付 128 批貨物。

CP satisfaction for Hilli’s re-contracting in Argentina is going according to schedule and we expect all CPs to be fulfilled within the second quarter of this year.

Hilli 在阿根廷重新簽約的 CP 履行情況正在按計劃進行，我們預計所有 CP 都將在今年第二季內完成。

In January ‘25 we received gas from – the gas from the accelerated commissioning was replaced by feed gas from the BP operated at FPSO which allow full commissioning to commence of the FLNG Gimi.

2025 年 1 月，我們收到了來自以下來源的天然氣：加速調試產生的天然氣被 FPSO 運營的 BP 提供的原料氣所取代，這使得 FLNG Gimi 可以開始全面調試。

This milestone triggered a final upward adjustment to the commissioning rate under the commercial reset.

這一里程碑引發了商業重置下調試率的最終上調。

LNG is now being produced and subject to receipt of sufficient feed gas, we expect the first LNG cargo to be exported within Q1.

液化天然氣目前正在生產，只要收到足夠的原料氣，我們預計第一批液化天然氣將在第一季內出口。

We thereafter assume the full commercial operations date to be triggered during the second quarter.

我們因此假設全面的商業營運日期將在第二季啟動。

This will formally mark the start of the 20-year lease and operating agreement that unlocks approximately $3 billion of EBITDA backlog of Golar's share.

這將正式標誌著為期 20 年的租賃和營運協議的開始，該協議將解鎖 Golar 約 30 億美元的 EBITDA 積壓份額。

On the back of these developments, the contemplated refinancing of the FLNG Gimi is in the final stages and Eduardo will elaborate on that later in the call.

在這些發展的支持下，FLNG Gimi 的預期再融資正處於最後階段，愛德華多將在稍後的電話會議上詳細闡述這一點。

The Mark II FLNG under construction is progressing according to schedule as mentioned.

正在建造的 Mark II FLNG 正在按照上述計劃進行。

The key financial figures for the quarter include adjusted EBITDA of $241 million for the full year of ‘24.

本季的主要財務數據包括 24 年全年調整後 EBITDA 為 2.41 億美元。

Our cash position stands at around $700 million and we declared a dividend of $0.25 for the quarter.

我們的現金狀況約為 7 億美元，我們宣布本季派發 0.25 美元的股息。

We see very strong momentum on commercial opportunities for our FLNG service offering and we will elaborate on this later on in the presentation.

我們看到我們的 FLNG 服務產品的商業機會勢頭非常強勁，我們將在後面的演示中詳細闡述這一點。

Turning to slide 8.

翻到幻燈片 8。

We're pleased with the continued economic up time for healing.

我們對治療持續的經濟效益感到滿意。

The vessel generated $277 million of EBITDA during 2024.

該船在 2024 年創造了 2.77 億美元的 EBITDA。

As a result of acquiring the 8% remaining minority stakes in Hilli.

由於收購了 Hilli 剩餘的 8% 少數股權。

We see immediate cash flow accretion.

我們立即看到了現金流的增加。

Driven by an increase in the fixed tariff component of approximately $7 million per year.

受每年固定關稅部分增加約 700 萬美元的推動。

An increase to the brand linked tariff component which will increase by approximately $400,000 for every dollar, the brand is above

品牌相關關稅部分增加，每增加一美元，品牌價值將增加約 40 萬美元

[$60].

[60美元]。

And an increase in the TTF linked tariff component which will increase by approximately $500,000 for every dollar TTF price -- TTF price measured on an MMBtu basis.

與 TTF 掛鉤的關稅部分將增加，TTF 價格每上漲 1 美元，關稅將上漲約 50 萬美元（TTF 價格以 MMBtu 為單位衡量）。

In addition to these immediate cash flow accretions, our EBITDA backlog will increase by approximately $0.5 billion on the back of the 20 year redeployment contract in Argentina.

除了這些直接的現金流增加之外，由於在阿根廷簽訂了 20 年的重新部署合同，我們的 EBITDA 積壓訂單將增加約 5 億美元。

Turning to slide 9.

翻到第 9 張投影片。

Since we entered into the definitive agreement for the redeployment of Hilli in July last year.

自去年7月我們簽署了關於重新部署希利的最終協議以來。

We have actively worked together with Pan American Energy to attract additional Argentinian gas resource owners to the project.

我們積極與泛美能源合作，吸引更多阿根廷天然氣資源所有者參與此計畫。

We are pleased to see that three of the leading gas producers have now joined.

我們很高興看到，目前已有三家領先的天然氣生產商加入。

Pampa Energia joined with a 20% shareholding; Harbour Energy with a 15% shareholding and YPF also with a 15% shareholding.

Pampa Energia 加入，持股 20%； Harbour Energy 持有 15% 的股份，YPF 也持有 15% 的股份。

The addition of these companies further strengthened the project and increase the credit quality of Southern Energy, which is our counterpart in the project.

這些公司的加入進一步強化了該項目，並提高了我們該項目對手南方能源的信用品質。

With Argentina's vast proven gas reserves and the level of interest for the project supports the economic solidity of establishing Argentina as an LNG exporter and thereby potential further FLNG deployments by Golar in Argentina.

阿根廷擁有豐富的已探明天然氣儲量，且對該項目的興趣程度支持了阿根廷作為液化天然氣出口國的經濟穩固性，從而有可能讓 Golar 在阿根廷進一步部署 FLNG。

As mentioned, the CP fulfillments are going according to schedule and deal completion is expected within the second quarter of this year.

如上所述，CP 履行正在按計劃進行，預計交易將於今年第二季完成。

Following the end of the current Perenco contract, vessel upgrades and relocation to Argentina, we expect operations here to commence in 2027.

隨著目前 Perenco 合約的結束、船舶升級以及遷至阿根廷，我們預計這裡的營運將於 2027 年開始。

Turning to slide 10 and an update on the Gimi.

翻到第 10 張投影片，了解 Gimi 的最新動態。

As you can see from the picture on the top left here, you can see Gimi to the right and then an LNG carrier to your left.

從左上角的圖片中您可以看到，右側有 Gimi，左側有一艘液化天然氣運輸船。

Accelerated commissioning activities commenced in mid-October utilizing a cargo from that LNG carrier.

加速調試活動於 10 月中旬開始，利用該液化天然氣運輸船上的貨物。

That gas stream was replaced during January with first field gas received from the GTA field.

一月份，該氣流被從 GTA 油田接收的第一批氣所取代。

This resulted in the final upward adjustment to the commissioning day rate ahead of final COD.

這導致在最終 COD 之前對調試日費率進行了最終上調。

The first LNG commissioning cargo is expected within this quarter and the full contract startup within Q2.

預計首批液化天然氣調試貨物將在本季內完成，全部合約將在第二季內完成啟動。

Again, we're in the final stages of the contemplated refinancing of the vessel.

再次，我們正處於該船舶預期再融資的最後階段。

Turning to slide 11 and a Mark II construction update.

前往第 11 張投影片並查看 Mark II 建構更新。

Again, as you can see from the pictures, the conversion is well underway and tracking according to schedule.

再次，正如您從圖片中看到的那樣，轉換工作正在順利進行並按照計劃進行。

The donor vessel Fuji entered the shipyard on February 14, after completing its service as an LNG carrier.

捐贈船「富士號」於2月14日完成液化天然氣運輸船的服務後進入船廠。

Several long lead items are now complete and delivered to the shipyard for installation onto the Fuji.

目前，幾個長週期項目已經完成並運送到船廠安裝到富士號上。

The vessel will be the earliest available FLNG globally with delivery in end 2027.

該船將成為全球最早投入使用的FLNG，預計於2027年底交付。

To-date, we've spent around $600 million in CapEx on the project, fully equity funded and the total CapEx budget is around $2.2 billion fully delivered to site.

到目前為止，我們已在該項目上花費了約 6 億美元的資本支出，全部由股權融資，總資本支出預算約為 22 億美元，已全部交付到現場。

We're currently in advanced discussions for deployment of the vessel and expect to secure asset level debt on the vessel after a charter has been secured.

我們目前正在就船舶的部署進行深入討論，並期望在獲得租船合約後獲得船舶的資產水平債務。

We also have an option for further Mark II FLNG at CIMC shipyard with delivery within '28 if we order in '25.

如果我們在'25 年下訂單，我們也可以選擇在中集集團船廠進一步購買 Mark II FLNG，並將於'28 年交付。

Turning to slide 12 for an update on business development.

請翻到第 12 張投影片來了解業務發展的最新情況。

Our position as the only proven service provider of FLNG globally, our market leading CapEx per tonne and proven operational uptime combined with having the earliest available FLNG capacity globally continues to drive interest in our FLNG solutions.

我們是全球唯一經過驗證的 FLNG 服務供應商，我們的每噸資本支出市場領先，運行正常運行時間經過驗證，再加上我們擁有全球最早的 FLNG 容量，這些都繼續吸引人們對我們的 FLNG 解決方案的興趣。

We see strong progress on FLNG commercial development.

我們看到FLNG商業開發取得了長足的進步。

We continue to focus on FLNG opportunities where we have an attractive base tariff and commodity upside participation.

我們將繼續關注擁有具有吸引力的基準關稅和商品上行參與機會的FLNG機會。

So we lock in a base and we participate when offtake prices increase.

因此，我們鎖定一個基礎，並在承購價格上漲時參與。

We're therefore focused on identifying projects that are competitive in the international fleet.

因此，我們專注於尋找在國際船隊中具有競爭力的項目。

We're in advanced commercial discussions for Mark II FLNG deployment and we are also discussing projects with potential for multiple FLNG deployments.

我們正在就 Mark II FLNG 部署進行深入的商業討論，同時也討論可能部署多個 FLNG 的專案。

On the back of these developments, we have advanced discussions with shipyards for potential fourth FLNG unit development.

基於這些進展，我們已與造船廠就第四艘 FLNG 裝置的潛在開發進行了深入討論。

We, as previously disclosed, are not planning to order such vessels until we've secured a vessel for the Mark II, but we want to be ready to go with the fourth unit as soon as that’s concluded.

如同先前所揭露的，在為 Mark II 找到容器之前，我們不打算訂購此類容器，但我們希望在找到容器後立即準備好第四個裝置。

Turning to slide 13 and the LNG market outlook.

前往第 13 張投影片，了解液化天然氣市場展望。

We continue to see strong demand for LNG globally.

我們持續看到全球對液化天然氣的需求強勁。

In the recently published shell LNG outlook, the LNG demand forecast for 2040 has increased by 10% only since the 2024 report.

在近期發布的殼牌液化天然氣展望中，2040年的液化天然氣需求預測僅比2024年報告增加了10%。

Demand is driven by increased adoption of LNG globally, driven by LNG’s favorable flexibility, environmental attributes and cost competitiveness.

需求的推動因素是全球液化天然氣的應用增加，以及液化天然氣良好的靈活性、環境屬性和成本競爭力。

China today has more than 2 million LNG fuel trucks on the roads and LNG fuel trucks make up more than a 50% market share of new truck sales.

目前，中國已有超過200萬輛LNG燃料卡車投入營運，LNG燃料卡車佔新車銷售的50%以上。

We see further upside potential to LNG demand subject to the relative price of LNG versus other fuels.

我們認為，取決於液化天然氣相對於其他燃料的相對價格，液化天然氣需求還有進一步上漲的潛力。

This development calls for increased LNG production and the cost competitiveness for FLNG developments drives the strong demand that we currently see for our FLNG projects.

這項發展要求增加液化天然氣產量，而 FLNG 開發的成本競爭力推動了我們目前對 FLNG 專案的強勁需求。

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

現在我將把電話交給愛德華多 (Eduardo) 來報告我們的第四季業績。

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 fourth quarter of 2024.

我很高興概述 Golar 2024 年第四季的財務表現。

Moving to slide 15, let’s go through some of the key financial highlights of the quarter.

我們轉到第 15 張投影片，讓我們來看看本季的一些關鍵財務亮點。

We achieved total operating revenues of $66 million with FLNG tariffs reaching $86 million in the quarter.

本季度，我們實現了 6,600 萬美元的總營業收入，其中 FLNG 關稅達到 8,600 萬美元。

Total FLNG tariff reached $350 million for the full year of 2024.

2024年全年FLNG總關稅將達3.5億美元。

We look at this tariff to be the most accurate measure of all realized liquefaction revenues, including gains from our oil and gas linked fees from Hilli operations.

我們認為該關稅是衡量所有已實現液化收入的最準確指標，其中包括來自 Hilli 業務的石油和天然氣相關費用的收益。

Total EBITDA reached $59 million in Q4, which is in line with the previous quarter.

第四季總 EBITDA 達 5,900 萬美元，與上一季持平。

Total EBITDA for the full year of 2024 was $241 million.

2024 年全年總 EBITDA 為 2.41 億美元。

This quarter, we report a net income of $15 million.

本季度，我們報告淨收入為 1500 萬美元。

This figure is inclusive of a total of $29 million non-cash items such as adjustments in the value of embedded TTF and Brent derivatives within the Hilli contract, changes to our interest rate swaps and an impairment charge upon the sale of Golar Arctic.

這一數字包括總計 2900 萬美元的非現金項目，例如 Hilli 合約中嵌入的 TTF 和布倫特衍生品的價值調整、我們的利率互換變化以及出售 Golar Arctic 時的減值費用。

Total net income for the full year of 2024 reached $81 million, a significant improvement from 2023.

2024年全年總淨收入達8,100萬美元，較2023年有顯著改善。

Our liquidity remains strong with approximately $700 million of cash on hand at quarter end.

我們的流動性依然強勁，季度末手頭上有大約 7 億美元現金。

I’ll talk more about these and our initiatives on the financing front in the next slide.

我將在下一張投影片中進一步討論這些以及我們在融資方面的舉措。

Lastly, we are pleased to declare a dividend of $0.25 per share this quarter with a record date of March 11, and payments scheduled for March 18.

最後，我們很高興地宣布本季每股股息為 0.25 美元，記錄日期為 3 月 11 日，支付日期為 3 月 18 日。

Turning to slide 16, Hilli continues to perform, achieving 100% economic uptime and reinforcing its market leading operational track record.

轉到第 16 張投影片，Hilli 繼續表現出色，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。

When we look at Q4, Hilli generated approximately $45 million in free cash flow to equity.

當我們回顧第四季時，Hilli 產生了約 4500 萬美元的股權自由現金流。

Total free cash flow generation in 2024 was $170 million.

2024 年的自由現金流總產生量為 1.7 億美元。

Looking ahead, we expect to have a total debt service for 2025 of around $80 million on the asset level financing that we have on Hilli.

展望未來，我們預計到 2025 年，Hilli 的資產水準融資總債務償還將達到約 8,000 萬美元。

I would like to highlight that we remain exposed to both Brent and TTF prices.

我想強調的是，我們仍然受到布蘭特原油和TTF價格的影響。

If these prices continue to improve in the coming quarters, we can expect increased distributions from the Hilli through the duration of its current contract until July 2026.

如果這些價格在未來幾季繼續上漲，我們可以預期在目前合約期限內（直至 2026 年 7 月），Hilli 的分紅將會增加。

Following the acquisition of the remaining shareholding of Hilli, we have also increased our exposure to TTF and Brent.

在收購 Hilli 剩餘股權之後，我們也增加了對 TTF 和布倫特的投資。

And now for every dollar per barrel of Brent, since or above prices of $60 per barrel, we generate $3.1 million of incremental EBITDA per year.

現在，由於布蘭特原油價格每桶上漲 60 美元或以上，我們每年可產生 310 萬美元的增量 EBITDA。

Similarly, the sensitivity of TTF prices have also changed and we now make $3.7 million for every dollar of TTF price movement on an annual basis.

同樣，TTF 價格的敏感度也發生了變化，現在，TTF 價格每變動一美元，我們每年就會獲利 370 萬美元。

So moving to slide 17, we can see that our total gross debt position at the end of the quarter stood at $1.5 billion.

翻到第 17 張投影片，我們可以看到，本季末我們的總債務狀況為 15 億美元。

When considering our cash position of $700 million that leaves us with a net debt position of just over $800 million at year end of last year.

考慮到我們的現金狀況為 7 億美元，這意味著去年年底我們的淨債務狀況略高於 8 億美元。

So following the execution of 20 years agreement with Southern Energy, we now have a total EBITDA backlog of over $11 billion.

因此，在與南方能源執行 20 年協議後，我們現在的 EBITDA 積壓總額已超過 110 億美元。

This figure doesn’t include any further commodity upside and also further inflation adjustments embedded in the contract.

這一數字並不包括大宗商品的進一步上漲以及合約中包含的進一步通膨調整。

That leaves us with ample room to optimize our debt structure and potentially releverage our asset level financing for both Gimi, Hilli and soon to our Mark II vessel, which has been fully equity funded until now.

這樣我們就有充足的空間來優化我們的債務結構，並有可能為 Gimi、Hilli 以及即將推出的 Mark II 船舶重新利用我們的資產水平融資，到目前為止，該船舶已完全由股權融資。

We continue to be actively engaged in the advanced discussions with potential lenders and credit approvals have been received for the refinancing of Gimi.

我們繼續積極與潛在貸款人進行深入討論，並已獲得 Gimi 再融資的信貸批准。

The deal is now subject to customary closing conditions and third party stakeholder approvals.

該交易目前需滿足慣例成交條件和第三方利害關係人的批准。

Regarding the Mark II project, we have fully equity funded approximately $600 million to date.

關於 Mark II 項目，迄今為止我們已完全股權融資約 6 億美元。

Both the donor vessel and all related equipment that we have purchased are currently unencumbered and we see room to secure asset level debt for this vessel once a charter is secured.

我們購買的捐贈船隻和所有相關設備目前均未受到任何限制，一旦獲得租船協議，我們就有空間為該船隻獲得資產水平債務。

In this case, we will be targeting a financing amount that could equal approximately 4 to 6 times its contracted EBITDA.

在這種情況下，我們的目標是融資額大約相當於其合約 EBITDA 的 4 到 6 倍。

So with the robust backlog exceeding $11 billion from Gimi and Hilli, coupled with the potential for substantial liquidity release and ongoing discussions for additional debt financing.

因此，Gimi 和 Hilli 的積壓訂單超過 110 億美元，再加上大量釋放流動性的潛力和正在進行的額外債務融資討論。

We see ourselves in a strong position to support our growth ambitions.

我們認為自己有強大的實力來支持我們的成長目標。

We have the flexibility to optimize our capital structure, unlock further value and accelerate growth with the development of our FLNG fleet.

隨著 FLNG 船隊的發展，我們可以靈活地優化資本結構、釋放更多價值並加速成長。

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

說完這些，我將把電話交還給卡爾，請他作最後發言。

Thanks, Eduardo.

謝謝，愛德華多。

Turning to the final slide of the deck on slide 19.

翻到投影片 19 的最後一張。

In 2024, we saw several key milestones and we’re happy with the development of the company.

2024 年，我們見證了幾個關鍵的里程碑，我們對公司的發展感到滿意。

Gimi arrived at the GTA Hub in January.

Gimi 於一月抵達 GTA Hub。

We agreed the commercial reset with BP.

我們與 BP 就商業重置達成了一致。

We signed definitive agreements for 20 year charter with Southern Energy with an adjusted backlog of $6 billion before commodity upside.

我們與南方能源簽署了為期 20 年的最終租船協議，在商品上漲之前，調整後的積壓訂單為 60 億美元。

We issued $300 million of unsecured bonds in September.

我們在九月發行了3億美元的無擔保債券。

The FIDs the Mark II FLNG shortly thereafter.

此後不久，Mark II FLNG 的 FID 便出爐。

And we ended the year by selling – sorry, acquiring the minority stakes in Hilli and selling non-core assets in Avenir and Golar Arctic.

我們在年底出售了——對不起，是收購了 Hilli 的少數股權，並出售了 Avenir 和 Golar Arctic 的非核心資產。

We have a very clear plan and want to maintain the momentum into 2025.

我們有一個非常明確的計劃，並希望保持這種勢頭到 2025 年。

The first milestone is the refinancing of Gimi.

第一個里程碑是Gimi的再融資。

We thereafter conclude the conditions precedent on the 20 year Southern Energy contract in Argentina.

此後，我們完成了阿根廷 20 年南方能源合約的先決條件。

We want them target to secure a charter for the Mark II FLNG under construction, target asset level financing of the Mark II and optimize the debt on Hilli, as I just explained by Eduardo.

我們希望他們的目標是獲得正在建造的 Mark II FLNG 的租船權，以 Mark II 為目標進行資產水平融資，並優化 Hilli 的債務，正如我剛才由 Eduardo 解釋的那樣。

Before targeting additional FLNG growth through a fourth FLNG order.

在透過第四個 FLNG 訂單實現額外的 FLNG 成長之前。

That concludes the presentation today and we will hand it over to the operator for any questions.

今天的演示到此結束，我們將把它交給操作員以回答任何問題。

(Operator Instructions)

（操作員指令）

Ben Nolan, Stifel.

本·諾蘭（Ben Nolan），斯蒂費爾（Stifel）。

I appreciate it.

我很感激。

Good morning, I guess it is there Karl and Eduardo.

早安，我想那是卡爾和愛德華多。

I wanted to first ask about the Mark II and specifically with respect to the fourth vessel.

我想先詢問有關 Mark II 的問題，特別是有關第四艘船的問題。

Just trying to understand how you’re thinking about the option versus looking at an alternative yard.

只是想了解您是如何考慮這個選項而不是尋找其他替代院子的。

And just wanted to make sure that I understand, would an alternative yard be instead of exercising the option or are we talking about a unit in addition to the option that you have?

我只是想確保我理解，替代船廠是否會代替行使選擇權，或者我們是否在談論除了您擁有的選擇權之外的一個單位？

Hi, Ben.

嗨，本。

So basically the way we see it is that the commercial developments are progressing on multiple fronts.

所以基本上我們看到商業發展正在多個方面取得進展。

And the reason for the comment that way is that some of those projects are for where Mark I would be more suitable, i.e., returning to order most likely than at Seatrium.

而之所以這樣評論，是因為其中一些項目對於 Mark I 來說更合適，也就是說，比起 Seatrium 來說，更有可能恢復訂單。

We obviously have the option for Mark II at CIMC and we’re also progressing projects for the Mark III, which we’ve spent considerable time and effort developing, which is obviously a 5 million tonne unit which would be by quite a long stretch the largest FLNG in the world.

顯然，我們在中集集團擁有 Mark II 的選擇權，而且我們也在推進 Mark III 的項目，我們在開發這款產品上花費了大量的時間和精力，這款產品顯然是一個 500 萬噸的裝置，如果順利的話，它將是世界上最大的 FLNG。

And therefore the fourth FLNG may or may not be the Mark II, but subject to the commercial development, either a Mark I or even a Mark III.

因此，第四艘 FLNG 可能是也可能不是 Mark II，而要取決於商業開發，要不是 Mark I，就是 Mark III。

That’s how we see it.

我們就是這樣看待它的。

But we obviously are not ruling out that it could be a Mark II as well.

但我們顯然不排除它也可能是 Mark II 的可能性。

It’s just that the commercial development dictates the size of the fourth FLNG.

只是商業開發決定了第四艘FLNG的尺寸。

Sure.

當然。

And it could be – it’s not mutually exclusive.

而這可能是——它們並不互相排斥。

You could do a Mark II and a Mark I just at a different shipyard.

您可以在不同的船廠製造 Mark II 和 Mark I。

Is that sort of the implication there?

那裡有這種暗示嗎？

Correct.

正確的。

But as we alluded to earlier on, we don’t plan to have more than one open.

但正如我們之前提到的，我們不打算開設多個。

But you can obviously build against contract.

但你顯然可以根據合約進行建造。

Sure.

當然。

Okay.

好的。

That is very helpful color.

那是非常有用的顏色。

The other thing I was curious about is on the Gimi.

令我好奇的另一件事是關於 Gimi。

You show 2.7 million tonnes of capacity, although still the previous nameplate capacity, which I think was for your 70%, 151 million.

您顯示的產能為 270 萬噸，儘管這仍是先前的額定產能，我認為佔 70%，即 1.51 億噸。

But correct me if I’m wrong, I think that’s only on 2.4 million, maybe 2.45 million tonnes of capacity.

但如果我錯了，請糾正我，我認為那隻是 240 萬噸，也許 245 萬噸的產能。

Can you maybe walk through how that extra bit works?

您能解釋一下這個額外部分是如何運作的嗎？

And if it does operate at 2.7 million, is that something that you would be able to realize soon if there’s upside on that?

如果產量確實達到 270 萬，如果有上行空間，您是否很快就能實現這一目標？

Hi, Ben, Eduardo here.

嗨，本，我是愛德華多。

So I think the way it works is that for incremental production above the base capacity of 2.4 [mtpa] per year, we would then get a proportionate payment which is in line with the $215 million annual EBITDA.

所以我認為它的具體運作方式是，對於超過每年 2.4 [mtpa] 基本產能的增量產量，我們將獲得與每年 2.15 億美元 EBITDA 一致的比例付款。

So for incremental production above the base capacity, that would go proportionate to the $215 million that we make every year.

因此，對於超過基本產能的增量產量，這將與我們每年賺取的 2.15 億美元成比例。

For the 90% utilization.

利用率達 90%。

Right.

正確的。

And is that a practical assumption?

這是一個實際的假設嗎？

How should we think about, how we model it?

我們該如何思考、如何建模？

So if we were to run the numbers here, so let's assume, for example, that we were to run with 100% utilization, so beyond the base capacity of 2.4. So in that case, instead of a $250 million – $215 million of annual EBITDA, we would be earning $241 million of annual EBITDA, assuming 100% utilization of the 2.7 MTPA nameplate capacity.

因此，如果我們要在這裡運行數字，那麼讓我們假設，例如，我們以 100％ 的利用率運行，從而超出 2.4 的基本容量。因此在這種情況下，假設 2.7 MTPA 額定產能的利用率達到 100%，我們的年度 EBITDA 就不會是 2.5 億美元至 2.15 億美元，而是 2.41 億美元。

Got it.

知道了。

Okay.

好的。

I wish I could go more, but I'm going to try to stick my two, so I appreciate it.

我希望我可以去更多地方，但我會盡力堅持下去，所以我很感激。

Thank you, guys.

謝謝你們。

Thanks, Ben.

謝謝，本。

Chris Robertson, Deutsche Bank

德意志銀行 Chris Robertson

Hey, good morning, guys.

嘿，大家早安。

Thank you for taking my questions.

感謝您回答我的問題。

I know in the past that you had talked a bit about having to spend on certain long lead items during Q1 to stay on track to exercise that.

我知道，過去您曾談到在第一季必須在某些長週期專案上進行投資，以保持實現這一目標的進度。

The option for the second Mark II.

第二款 Mark II 的選項。

Could you just clarify whether or not you've spent during the first quarter to date or plan to for the rest of the quarter?

您能否澄清一下，您是否已經在第一季花費了資金，或者計劃在本季度剩餘時間內花費資金？

We have not.

我們沒有。

It's something we continue to monitor.

我們將繼續監測此事。

We're obviously in conversations with all of the critical suppliers, given that we're ordering or just have placed order there for the Mark II.

顯然，我們正在與所有關鍵供應商進行對話，因為我們正在或剛剛向他們下了 Mark II 的訂單。

So we monitor the situation both on lead times and cost.

因此，我們監控交貨時間和成本的情況。

So we haven't.

所以我們沒有。

We currently do not expect to do that within Q1, but it's something we monitor very closely.

我們目前預計不會在第一季內實現這一目標，但我們會密切關注這一事情。

Okay.

好的。

And then turning to slide 7, you made a comment here.

然後翻到第 7 張投影片，您在這裡發表了評論。

I don't know if you addressed it during the prepared remarks, but it says on schedule for the Mark II FLNG contract commitment.

我不知道您是否在準備好的演講中提到了這一點，但上面說的是 Mark II FLNG 合約承諾將按計劃進行。

Can you just clarify what you mean by on schedule and kind of give a bigger picture of what that means for expectations?

您能否解釋一下「按時」的意思，並更詳細地說明一下「按時」對於預期意味著什麼？

I think what we previously communicated, that we target to charter the vessel within 2025, and that's what that refers to.

我認為我們之前傳達的訊息是，我們的目標是在 2025 年之前租賃這艘船，這就是所指的。

So that we have fixed that ship within this year, which will then enable us for the fourth unit.

因此，我們在今年內修好了那艘船，這將使我們能夠建造第四艘船。

Okay.

好的。

All right, I'll turn it over.

好的，我會把它轉過來。

Thank you.

謝謝。

Thanks, Chris.

謝謝，克里斯。

Alexander Bidwell, Webber Research and Advisory.

亞歷山大‧比德韋爾 (Alexander Bidwell)，韋伯研究與顧問公司。

Good morning, Karl, Eduardo, thanks for the time.

早安，卡爾、愛德華多，感謝你們的時間。

So on the fourth FLNG vessel, have you guys started identifying conversion candidates?

那麼，對於第四艘 FLNG 船，你們已經開始確定改裝候選人了嗎？

If you were to do a Mark I or Mark II, and what would be the timeline for a conversion candidate acquisition?

如果您要做 Mark I 或 Mark II，那麼轉換候選人獲取的時間表是怎樣的？

Yeah, we've started.

是的，我們已經開始了。

We've also inspected vessels.

我們還檢查了船隻。

It's something we keep a close eye on.

我們會密切關注此事。

I think if you look at the LNG carrier market, the price of those are more downward pressure than upward pressure, to put it that way.

我認為，如果你看看液化天然氣運輸船市場，你會發現它們的價格面臨的下行壓力大於上行壓力。

There are available vessels that would be suitable to our conversion ambitions.

有一些可用的船隻可以滿足我們的改裝目標。

Some of them are direct sisters of the Fuji.

其中一些是富士的直系姐妹。

Others have different characteristics that we may deem beneficial.

其他的則具有我們可能認為有益的不同特點。

Given the price dynamics in the market we don't feel a rush to do it, but it's something we keep a very close eye on.

考慮到市場的價格動態，我們並不急於這麼做，但我們會密切關注此事。

All right, thank you.

好的，謝謝。

That's all for me.

對我來說這就是全部了。

I'll turn it back over.

我會把它轉回來。

Greg Lewis, BTIG.

格雷格·劉易斯（Greg Lewis），BTIG。

Yeah.

是的。

Hey, thank you and good afternoon and thanks for taking my questions.

嘿，謝謝你，下午好，謝謝你回答我的問題。

Karl, Eduardo, I was hoping you could provide maybe a little color around Argentina.

卡爾、愛德華多，我希望你們能為阿根廷帶來一些色彩。

I know that it's been discussed that to kind of put a second unit there.

我知道我們討論過將第二個單位放在那裡。

Some infrastructure needs to go in.

一些基礎設施需要投入。

And really my question is around, we roughly know that the infrastructure needs to go in.

我真正的問題是，我們大致知道需要建造哪些基礎設施。

Has there been like an official FEED study?

是否有類似官方的 FEED 研究？

Do we have kind of – as we kind of look forward, do we have an – are we starting to get real timelines of the project?

我們是否有某種——當我們展望未來時，我們是否有——我們是否開始獲得專案的實際時間表？

Or is it something where we just know it needs to be done, but before they can increase their ability to export more natural gas?

或者我們只是知道需要這麼做，但在他們能夠提高天然氣出口能力之前？

Hi, Greg.

你好，格雷格。

That's a very relevant question, obviously.

顯然，這是一個非常相關的問題。

So, for the benefit of everyone on the call, Hilli will utilize the spare capacity of the existing pipeline network in Argentina.

因此，為了讓所有與會者受益，Hilli 將利用阿根廷現有管道網路的備用容量。

If you go beyond the Hilli, you need a designated pipeline from the Vaca Muerta gas resource down to the San Matias gulf where the vessels will be placed.

如果越過希利，則需要一條指定管道，從瓦卡穆埃爾塔天然氣資源一直延伸到將要停靠船隻的聖馬蒂亞斯灣。

Late last year, there was an FID of an oil pipeline that goes exactly the same direction from the Vaca Muerta to the same site.

去年年底，對一條從瓦卡穆埃爾塔到同一地點的石油管道進行了最終投資決定。

That FID then creates the right of way to put the gas pipeline just next to it.

然後，該最終投資決策者會創建通行權，以便在其旁邊鋪設天然氣管道。

The construction timeline of a gas pipeline would be far shorter than the delivery window of the Mark II, if that were to come to Argentina.

如果天然氣管道要抵達阿根廷，其建設時間將比 Mark II 的交付時間短得多。

So the pipeline investment FID or FEED study is currently not a gating item for the startup of a potential contract for Mark II in Argentina.

因此，管道投資 FID 或 FEED 研究目前並不是啟動阿根廷 Mark II 潛在合約的決定性因素。

The fact that during the quarter, we saw three of the major gas producers in Argentina in Pampa, Harbour and YPF joining the Southern Energy project alongside Pan American.

事實上，在本季度，我們看到阿根廷三大天然氣生產商 Pampa、Harbour 和 YPF 與泛美能源一起加入了南方能源計畫。

We see as a strong testimony to the economic attractiveness of establishing LNG – in Argentina as an LNG exporter.

我們認為，這有力地證明了在阿根廷建立液化天然氣出口國體系具有經濟吸引力。

The details of the pipeline is something you need to ask the gas producers about.

您需要向天然氣生產商詢問管道的詳細資訊。

We are an FLNG company and we provide FLNG infrastructure.

我們是一家 FLNG 公司，提供 FLNG 基礎設施。

That's our business.

這就是我們的業務。

But we're obviously monitoring the developments.

但我們顯然在監視事態發展。

There is no pipeline without further liquefaction capacity and there's no pipeline without volume commitments from the gas producers.

沒有進一步的液化能力就不會有管道，沒有天然氣生產商的產量承諾就不會有管道。

So it's all sort of co-dependent.

所以這一切都是相互依賴的。

Okay.

好的。

Okay.

好的。

Great.

偉大的。

And then I'll just change gears here.

然後我就在這裡換個話題。

And we're just kind of curious, obviously, you're looking at building the portfolio.

我們只是有點好奇，顯然您正在考慮建立投資組合。

I mean it seems like we have a good line of sight on a couple new ones.

我的意思是我們似乎對幾個新事物有了很好的了解。

You mentioned the ability to maybe go to Korea to build a larger FLNG.

您提到了也許去韓國建造更大的FLNG。

My question has been around as the new administration has come into the US and they want to be a massive – they want to I guess increase their LNG exports but of course there's tariffs.

我的問題是，隨著美國新政府上台，他們想要大規模增加液化天然氣出口，但當然會有關稅。

Has that realizing usually when we're talking, we're talking about areas outside of North America for Golar solution.

通常當我們談論時，我們談論的是北美以外地區的 Golar 解決方案。

Has that kind of changed any of your conversations with any of your customers?

這是否改變了您與任何客戶的對話？

Or is the natural gas market is a global market and not really garnering much attention?

或者天然氣市場是一個全球市場並且並未真正引起人們的關注？

It's obviously a focus.

這顯然是一個焦點。

If you have someone saying that they're going to boost supply it's obviously part of the discussions that we are taking part of in any discussion.

如果有人說他們要增加供應，這顯然是我們在任何討論中參與的一部分。

That said, I think if you do increase production in the US, it will likely have an impact on the line you have over time.

話雖如此，我認為如果你確實增加在美國的產量，那麼這可能會對你的生產線產生長期影響。

In addition to that, we see a significant inflationary pressure on the CapEx per ton in particular for land based solutions for any FLNG plant but in particular for land based solutions in the US.

除此之外，我們發現每噸資本支出都面臨著巨大的通膨壓力，特別是對於任何 FLNG 工廠的陸基解決方案，尤其是美國的陸基解決方案。

So the way we see it, it's something that's part of discussions, but all of the projects we are discussing for should be very competitive to LNG exports because of the cost of the gas elsewhere.

因此，我們認為這是正在討論的內容，但是，由於其他地方的天然氣成本，我們正在討論的所有項目都應該對液化天然氣出口具有很強的競爭力。

Our competitive CapEx per tonne and the way we structure the contract with a fixed base tariff to Golar and upside sharing.

我們每噸的資本支出具有競爭力，我們與 Golar 簽訂合約的方式是採用固定基準關稅並分享上行空間。

So all in all, the projects will be competitive to any project out of the US and it's not a massive driver.

所以總的來說，這些項目將與美國以外的任何項目具有競爭力，而且這並不是一個巨大的推動力。

We also see that off takers, i.e., the demand are looking for diversified sources of LNG.

我們也看到，承購商，也就是需求方，正在尋找多樣化的液化天然氣來源。

Different places have different shipping advantages and you can – there's currently no outlet of significant LNG exports in South America.

不同的地方有不同的運輸優勢，目前南美洲沒有重要的液化天然氣出口。

So to develop local LNG consumption, there's a massive advantage to be closer to end users.

因此，要發展當地的液化天然氣消費，更接近最終用戶具有巨大的優勢。

And that's another thing that, for example, the Hilli project would bring to the market.

這就是 Hilli 項目將帶給市場的另一件事。

Super helpful.

超有幫助。

Thanks, Karl.

謝謝，卡爾。

Thanks, Eduardo.

謝謝，愛德華多。

Petter Haugen, ABG Sundal Collier.

Petter Haugen，ABG Sundal Collier。

Good afternoon guys and thank you for taking my questions.

大家下午好，謝謝你們回答我的問題。

Firstly, on the other of the yards capable of building FLNGs, you're now writing about looking beyond raffles.

首先，關於其他能夠建造 FLNG 的船廠，您現在所寫的是超越抽籤的觀點。

Could you shed some lights on what the upside would be to go to another yard and to the extent that could take CapEx for a 40 units down?

您能否解釋一下轉移到另一個船廠的好處是什麼，以及 40 個單位的資本支出會減少多少？

As we said, we see inflationary pressure for all of the critical components for liquefaction.

正如我們所說，我們看到液化所有關鍵零件都面臨通膨壓力。

So we don't expect prices to be any lower than we have secured for the Mark II under construction.

因此，我們預計價格不會低於我們正在建造的 Mark II 的價格。

To the contrary, there is inflationary pressure.

相反，有通膨壓力。

We see that both on CapEx and on tolling rates.

我們在資本支出和收費率上都看到了這一點。

So at least they go hand in hand, so that's a good thing.

所以至少他們是齊頭並進的，這是一件好事。

For us, the decision is solely down to the commercial opportunities that we're currently in discussions with.

對我們來說，這個決定完全取決於我們目前正在討論的商業機會。

So we need to build the right vessel for the right opportunity.

因此，我們需要為合適的機會建造合適的船隻。

Okay, understood.

好的，明白了。

And to sort of another element in this, there are, of course, great uncertainties on, well, the future of energy markets at large.

而另一個因素是，整個能源市場的未來當然存在著很大的不確定性。

But perhaps it could be argued that a reversal of sanctions in Europe and potentially then also gas coming back to Europe from Russia could put downward pressure on sort of near-term and medium-term prices here.

但或許可以說，歐洲制裁的逆轉以及天然氣從俄羅斯回流歐洲可能會對歐洲的短期和中期價格造成下行壓力。

To sort of elevate the question to this, is there a global LNG price in which the FLNG business case is making more sense than in others?

為了將問題提升到這一點，是否存在一個全球液化天然氣價格，在這個價格下 FLNG 商業案例比其他價格更有意義？

And more specifically, if we come to sort of a oversupplied gas market, to what extent would you find that to carry risk into FLNG units being delivered over the next couple of years?

更具體地說，如果我們進入供應過剩的天然氣市場，您會發現這會在多大程度上為未來幾年交付的 FLNG 裝置帶來風險？

Hi Peter.

你好，彼得。

Needless to say, higher gas prices is better.

毋庸置疑，油價越高越好。

So if you have higher revenue, it's obviously better for the project, that's kind of goes without saying.

因此，如果收入更高，這對專案來說顯然更有利，這是不言而喻的。

As alluded to in the previous question raised by Greg, we want all of the projects to be competitive to the marginal producers.

正如 Greg 在先前的問題中提到的那樣，我們希望所有專案都能夠與邊際生產者競爭。

The way we structure our contracts, we have a base tariff and commodity exposure or upside.

我們建構合約的方式是，我們有一個基本關稅和商品風險或上行空間。

So for us, we try to lock in what we deem to be an attractive base tariff that secures the investment.

因此對我們來說，我們試圖鎖定一個我們認為有吸引力的基本關稅，以確保投資。

And then over time, we then grasp the optionality of the LNG price developments globally through the upside sharing that creates alignment and obviously potential excess profits for the investments we make.

然後隨著時間的推移，我們就會透過上行共享來掌握全球液化天然氣價格發展的選擇性，從而為我們所做的投資創造一致性，並顯然帶來潛在的超額利潤。

So for us it's all about making sure that the base tariff and thereby the cash breakeven of the export project is lower than for the incremental producers.

因此，對我們來說，最重要的是確保基本關稅以及出口項目的現金損益平衡低於增量生產商。

We feel confident that the projects we are in today and that we're discussing for development have those characteristics and therefore obviously we would like to see higher gas prices.

我們相信，我們目前正在進行的項目和正在討論的開發項目都具有這些特點，因此我們顯然希望看到更高的天然氣價格。

But that's not a criteria for our business model.

但這不是我們的商業模式的標準。

What we do see though is that there is significant demand elasticity subject to the relative price of LNG versus other fuels.

然而，我們確實看到，受液化天然氣相對於其他燃料的相對價格影響，需求彈性很大。

So as you're aware, a very large part of new ships order are dual fuel.

如您所知，新訂單中很大一部分都是雙燃料的。

Many of them are currently not going on LNG.

目前，許多公司尚未使用液化天然氣。

But the minute LNG is price competitive to let's say low-sulfur fuel, there's a massive demand just there.

但一旦液化天然氣的價格與低硫燃料具有競爭力，其需求就會大幅增加。

We now see the same on trucking and many other industrial appliances of LNG.

現在我們在卡車運輸和許多其他液化天然氣工業設備上也看到了同樣的情況。

So the price elasticity there.

那裡有價格彈性。

So overtime I don't think that one source of energy will price completely out of parity with the alternatives.

因此，隨著時間的推移，我認為一種能源的價格不會與其他能源的價格完全不相等。

That was a good answer, Karl.

卡爾，這是一個很好的答案。

Thank you.

謝謝。

Fredrik Dybwad, Fernley Securities.

Fredrik Dybwad，Fernley Securities。

Hello guys.

大家好。

Thank you for taking my question.

感謝您回答我的問題。

Are you able to provide some more further color on the prospective fields for the Mark II prospective contract?

您能否提供有關 Mark II 預期合約的預期領域的更多詳細資訊？

That and by that I mean what kind of hallmarks do you look at and size of the fields, et cetera.

我的意思是，你會注意什麼樣的標誌以及田地的大小等等。

Okay.

好的。

So we should have at least 40 CF of reserve and then sufficient gas flow to feed the FLNG.

因此我們應該至少有 40 CF 的儲備，並且有足夠的氣體流量來供應 FLNG。

There are projects today where you have associated production or stranded reserves that can easily be deployed.

如今，在一些專案中，您擁有可以輕鬆部署的相關生產或擱淺儲備。

The key gating item is obviously that the lead time of developing the resource needs to be at par, if not shorter than the delivery window of Mark II.

關鍵的限制因素顯然是，開發資源的前置時間需要與 Mark II 的交付視窗相同，甚至更短。

That said, we think that there is significant very strong opportunities alongside existing projects either we're in or will be in, in addition to new locations.

儘管如此，我們認為，除了新地點之外，我們正在進行或將要開展的現有項目也存在著巨大的機會。

There are several countries with significant stranded and flared reserves that are seeking to monetize those reserves.

有幾個擁有大量擱淺和燃燒儲備的國家正在尋求將這些儲備貨幣化。

Fiscal regimes are now falling into place.

財政制度目前正逐步建立。

So we see the theme for FLNG development gaining traction and we're obviously planning to take our share in that development.

因此，我們看到 FLNG 開發的主題越來越受到關注，而我們顯然計劃在該開發中佔有一席之地。

Yeah.

是的。

Thank you.

謝謝。

That's highly valuable color.

那是非常珍貴的顏色。

That's all for me.

對我來說這就是全部了。

Thank you.

謝謝。

Thank you.

謝謝。

And we have no other questions at this time.

目前我們沒有其他問題。

So I will now hand the conference back to the speakers for any closing comments.

因此，我現在將會議交還給發言者，以便他們發表結束語。

Thanks for dialing in and for listening to us today.

感謝您今天撥打電話並收聽我們的節目。

We look forward to what the rest of 2025 will bring and look forward to speaking to you on the next quarterly presentation.

我們期待 2025 年剩餘時間將帶來什麼，並期待在下一次季度演示中與您交談。

Have a good day, and thank you all.

祝您有美好的一天，謝謝大家。

Thank you.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating, and you may now disconnect.

感謝您的參與，您現在可以斷開連接。