Golar LNG Ltd (GLNG) 2024 Q4 法說會逐字稿

Welcome to the Golar LNG Limited 4Q 2024 presentation. After the slide presentation by CEO, Karl Fredrik Staubo; and CFO, Eduardo Maranhao, there will be a question-and-answer session. (Operator Instructions)

歡迎參加 Golar LNG Limited 2024 年第四季的示範。執行長 Karl Fredrik Staubo 進行幻燈片簡報後；和財務長 Eduardo Maranhao 將會有一個問答環節。（操作員指令）

I will now pass you over to Karl Fredrik Staubo. Karl, please go ahead.

現在我將把麥克風交給 Karl Fredrik Staubo。卡爾，請繼續。

Thank you, operator, and welcome to Golar LNG's Q4 earnings results presentation. My name is Karl Staubo, I'm the CEO of Golar LNG; and I'm accompanied today by our CFO, Eduardo Maranhao. We're happy to be dialing in from Buenos Aires where we've been meeting with our coming partners for the FLNG Hilli. Before we get into the presentation, please note the forward-looking statements on slide 2.

謝謝接線員，歡迎參加 Golar LNG 第四季度收益結果報告。我叫 Karl Staubo，我是 Golar LNG 的執行長；今天和我一起前來的還有我們的財務長 Eduardo Maranhao。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。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. During the quarter we finalized our transition into pure FLNG company through the sale of Avenir LNG and Golar Arctic. The sale of Arctic marks the end of Golar's 50-year presence in the LNG shipping market. Our assets now include the Hilli, which is currently under a contract for Perenco offshore Cameroon until contract expiry in July 2026. Thereafter, the vessel will be redeployed here to Argentina for a 20-year contract establishing Argentina as an LNG exporter.

我們從幻燈片 3 開始，概述今天的 Golar。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。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。我們目前的資產包括 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。此後，該船將重新部署到阿根廷，執行為期 20 年的合同，使阿根廷成為液化天然氣出口國。

The Gimi is currently under commissioning to start a 20-year contract for BP offshore Senegal and Mauritania. The LNG carrier Fuji was delivered to CIMC Raffles shipyard in Yantai, China during the quarter; and the conversion of the Mark II FLNG is progressing according to schedule. Inclusive of the Hilli recontract here in Argentina, our EBITDA backlog stands at $11 billion before commodity exposure. We expect our backlog to continue to increase and provide further earnings visibility once the MKII FLNG secure a long-term charter.

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一份為期 20 年的合約。液化天然氣運輸船「Fuji」號於本季交付至中國煙台中集來福士造船廠； Mark II FLNG的改裝工作正在按計劃進行。如果包括與阿根廷的 Hilli 重新簽訂的合同，我們的 EBITDA 積壓訂單（不包括大宗商品風險）將達到 110 億美元。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, we continue to focus on capital allocation towards FLNGs and agreed to acquire all remaining minority interest in the FLNG Hilli during the quarter. On Christmas Eve, we announced that we acquired approximately 8% of the total vessel capacity from Seatrium shipyard and Black & Veatch. We paid $90 million for the shareholding, of which $30 million in assumed debt and $60 million of equity. The equity portion matches that of the sale of our non-core investments in Avenir LNG and the Golar Arctic. Both were sold with a total cash equity proceeds of $63 million.

轉到幻燈片 4，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。聖誕節前夕，我們宣布從 Seatrium 造船廠和 Black & Veatch 收購了約 8% 的總船舶運力。我們為該股權支付了 9,000 萬美元，其中 3,000 萬美元為承擔債務，6,000 萬美元為股權。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。兩家公司的出售總現金股權收益為 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. This is also an important exit from LNG shipping after 50 years of operations and a concentration on strengthening our market leading FLNG presence.

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

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 是唯一經過驗證的 FLNG 服務供應商，該服務可為租船方提供天然氣液化服務，且無需擁有任何天然氣儲備所有權。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，以及可以獲得 Golar 市場領先的營運正常運行時間。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艘 FLNG 裝置展開洽談，一旦我們獲得在建 MKII 的租船合同，我們將尋求訂購該裝置。

Turning to business update and the highlights of the quarter on slide 7, Hilli continued its market leading operational track record and has now delivered 128 cargoes since start up in 2018. 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.

談到第 7 張幻燈片上的業務更新和本季的亮點，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。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 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. This milestone triggered a final upward adjustment to the commissioning rate under the commercial reset. LNG is now being produced and subject to receipt of sufficient feed gas; we expect the first LNG cargo to be exported within Q1.

25 年 1 月，我們收到了來自——加速調試產生的天然氣被來自 FPSO 運營的 BP 的原料氣所取代，這使得 FLNG Gimi 可以全面投入使用。這一里程碑引發了商業重置下調試率的最終上調。LNG 目前正在生產，需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. 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. 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.

我們因此假設全面的商業營運日期將在第二季啟動。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。在這些發展的支持下，FLNG Gimi 的再融資預期已進入最後階段，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. The key financial figures for the quarter include adjusted EBITDA of $241 million for the full year of '24. Our cash position stands at around $700 million, and we declared a dividend of $0.25 for the quarter. We see very strong momentum on commercial opportunities for our FLNG service offering, and we will elaborate on this later on in the presentation.

正在建造的 Mark II FLNG 正在按照上述計劃進行。本季的關鍵財務數據包括 24 年全年調整後的 EBITDA 為 2.41 億美元。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。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, we're pleased with the continued economic uptime for Hilli. The vessel generated $277 million of EBITDA during 2024. As a result of acquiring the 8% remaining minority stakes in Hilli, we see immediate cash flow accretion driven by an increase in the fixed tariff component of approximately $7 million per year, an increase to the Brent-linked tariff component which will increase by approximately $400,000 for every dollar the Brent is above $60, and an increase in the TTF-linked tariff component which will increase by approximately $500,000 for every dollar TTF price measured on an MMBtu basis. 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.

翻到第 8 張幻燈片，我們對 Hilli 持續的經濟正常運作感到高興。該船在 2024 年創造了 2.77 億美元的 EBITDA。在收購 Hilli 剩餘 8% 的少數股權後，我們立即看到了現金流的增長，這是由於固定關稅部分每年增加約 700 萬美元、與布倫特原油掛鉤的關稅部分增加（布倫特原油價格每超過 60 美元，與布倫特原油掛鉤的關稅部分將增加約 40 萬美元）以及每一個與 TTF 的價格50 萬美元）。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, since we entered into the definitive agreement for the redeployment of Hilli in July last year, we have actively worked together with Pan American Energy to attract additional Argentinian gas resource owners to the project. We are pleased to see that three of the leading gas producers have now joined. Pampa Energia joined with a 20% shareholding; Harbour Energy with a 15% shareholding; and YPF, also with a 15% shareholding.

轉到第 9 頁，自從去年 7 月我們達成重新部署 Hilli 的最終協議以來，我們一直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該項目。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 加入，持股 20%； Harbour Energy 持股 15%；以及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. 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.

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。阿根廷擁有豐富的已探明天然氣儲量，人們對該項目的興趣程度高，這有利於阿根廷成為液化天然氣出口國，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. Following the end of the current Perenco contract, vessel upgrades, and relocation to Argentina, we expect operations here to commence in 2027.

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。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, 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. Accelerated commissioning activities commenced in mid-October utilizing a cargo from that LNG carrier. That gas stream was replaced during January with first field gas received from the GTA field. This resulted in the final upward adjustment to the commissioning day rate ahead of final COD. The first LNG commissioning cargo is expected within this quarter and the full contract startup within Q2. Again, we're in the final stages of the contemplated refinancing of the vessel.

翻到第 10 張幻燈片，了解 Gimi 的最新動態，正如您從左上角的圖片中看到的那樣，您可以在右側看到 Gimi，然後在左側看到一艘液化天然氣運輸船。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。一月份，該氣流被從 GTA 油田接收的第一批油田天然氣所取代。這導致在最終 COD 之前對調試日費率進行了最終上調。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。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, again, as you can see from the pictures, the conversion is well underway and tracking according to schedule. The donor vessel Fuji entered the shipyard on February 14, after completing its service as an LNG carrier. Several long lead items are now complete and delivered to the shipyard for installation onto the Fuji.

轉到幻燈片 11 和 Mark II 施工更新，同樣，正如您從圖片中看到的那樣，轉換正在順利進行並按照計劃進行。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。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. 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. 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. We also have an option for further Mark II FLNG at CIMC shipyard with delivery within '28 if we order in '25.

該船將成為全球最早投入使用的FLNG，預計於2027年底交付。到目前為止，我們已經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。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。如果我們在'25 年下訂單，我們也可以選擇在中集船廠進一步購買 Mark II FLNG，並將於'28 年交付。

Turning to slide 12 for an update on business development. 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.

請翻到第 12 張投影片來了解業務發展的最新情況。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，正常運作時間經過驗證，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. We continue to focus on FLNG opportunities where we have an attractive base tariff and commodity upside participation. So we lock in a base and we participate when offtake prices increase. We're therefore focused on identifying projects that are competitive in the international fleet.

我們看到FLNG商業開發取得了長足的進步。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。因此，我們鎖定一個基礎，並在承購價格上漲時參與。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. On the back of these developments, we have advanced discussions with shipyards for potential fourth FLNG unit development. We, as previously disclosed, are not planning to order such vessel 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.

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。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。如同先前所揭露的，在為 Mark II 找到容器之前，我們不打算訂購這樣的容器，但我們希望在完成之後立即準備好第四個單位。

Turning to slide 13 and the LNG market outlook, we continue to see strong demand for LNG globally. In the recently published Shell LNG outlook, the LNG demand forecast for 2040 has increased by 10% only since the 2024 report. Demand is driven by increased adoption of LNG globally, driven by LNG's favorable flexibility, environmental attributes, and cost competitiveness.

轉向第 13 頁和液化天然氣市場展望，我們繼續看到全球對液化天然氣的強勁需求。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%。需求的推動因素是全球液化天然氣的應用增加，這得益於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. We see further upside potential to LNG demand subject to the relative price of LNG versus other fuels. 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.

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。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。這項發展要求增加液化天然氣的產量，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. I'm pleased to provide an overview of Golar's financial performance for the fourth quarter of 2024. Moving to slide 15, let's go through some of the key financial highlights of the quarter. We achieved total operating revenues of $66 million with FLNG tariffs reaching $86 million in the quarter. Total FLNG tariff reached $350 million for the full year of 2024.

謝謝你，卡爾，大家早安。我很高興概述 Golar 2024 年第四季的財務表現。前往第 15 頁，讓我們來看看本季的一些關鍵財務亮點。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。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. Total EBITDA reached $59 million in Q4, which is in line with the previous quarter. Total EBITDA for the full year of 2024 was $241 million.

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。第四季總 EBITDA 達 5,900 萬美元，與上一季持平。2024 年全年總 EBITDA 為 2.41 億美元。

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

本季度，我們報告淨收入為 1500 萬美元。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. Our liquidity remains strong with approximately $700 million of cash on hand at quarter end. I'll talk more about these and our initiatives on the financing front in the next slide. 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.

2024年全年總淨收入達8,100萬美元，較2023年有顯著改善。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。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。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. When we look at Q4, Hilli generated approximately $45 million in free cash flow to equity. Total free cash flow generation in 2024 was $170 million.

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

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。我想強調的是，我們仍然受到布蘭特原油和TTF價格的影響。如果這些價格在未來幾季持續上漲，我們可以預期在目前合約期限內（直至 2026 年 7 月），Hilli 的分銷量將會增加。

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

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。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。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. 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.

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。考慮到我們的現金狀況為 7 億美元，截至去年年底，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. This figure doesn't include any further commodity upside and also further inflation adjustments embedded in the contract.

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。這一數字並不包括大宗商品的進一步上漲以及合約中隱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. We continue to be actively engaged in the advanced discussions with potential lenders and credit approvals have been received for the refinancing of Gimi. The deal is now subject to customary closing conditions and third-party stakeholder approvals.

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。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。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. 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.

關於 Mark II 項目，迄今為止我們已完全股權融資約 6 億美元。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. 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, we see ourselves in a strong position to support our growth ambitions. We have the flexibility to optimize our capital structure, unlock further value, and accelerate growth with the development of our FLNG fleet.

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。因此，憑藉 Gimi 和 Hilli 的超過 110 億美元的強勁積壓訂單，再加上大量流動性釋放的潛力和正在進行的額外債務融資討論，我們認為自己完全有能力支持我們的增長目標。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，讓他作最後發言。

Thanks, Eduardo. Turning to the final slide of the deck on slide 19, in 2024, we saw several key milestones, and we're happy with the development of the company. Gimi arrived at the GTA Hub in January. We agreed the commercial reset with BP. We signed definitive agreements for 20-year charter with Southern Energy with an adjusted backlog of $6 billion before commodity upside.

謝謝，愛德華多。翻到第 19 頁的最後一張投影片，到 2024 年，我們看到了幾個關鍵的里程碑，我們對公司的發展感到滿意。Gimi 於一月抵達 GTA Hub。我們與 BP 就商業重置達成了一致。我們與南方能源簽署了為期 20 年的最終租船協議，在考慮大宗商品上漲因素之前，調整後的積壓訂單金額為 60 億美元。

We issued $300 million of unsecured bonds in September. We FIDed the Mark II FLNG shortly thereafter. And we ended the year by selling -- sorry, acquiring the minority stakes in Hilli and selling non-core assets in Avenir and Golar Arctic. We have a very clear plan and want to maintain the momentum into 2025. The first milestone is the refinancing of Gimi. We thereafter conclude the conditions precedent on the 20-year Southern Energy contract in Argentina.

我們在九月發行了3億美元的無擔保債券。此後不久，我們便對 Mark II FLNG 進行了 FID 測試。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。我們有一個非常明確的計劃，並希望保持這種勢頭到 2025 年。第一個里程碑是Gimi的再融資。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. Before targeting additional FLNG growth through a fourth FLNG order.

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。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) Ben Nolan, Stifel.

（操作員指示） Ben Nolan，Stifel。

I appreciate it. Good morning, I guess it is there Karl and Eduardo. I wanted to first ask about the Mark II and specifically with respect to the fourth vessel. Just trying to understand how you're thinking about the option versus looking at an alternative yard. 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?

我很感激。早安，我想那是卡爾和愛德華多。我想先詢問有關 Mark II 的問題，特別是有關第四艘船的問題。只是想了解您是如何考慮這個選擇的，而不是尋找其他的院子。我只是想確保我理解，除了行使選擇權之外，還有另一個選擇院嗎？或者我們談論的是您已有的選項之外的單位？

Hi, Ben. So basically the way we see it is that the commercial developments are progressing on multiple fronts. 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. We obviously have the option for Mark II at CIMC.

嗨，本。所以基本上我們看到商業發展正在多個方面取得進展。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。顯然，我們有中集集團的 Mark II 選擇權。

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. 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. That's how we see it.

我們也在推進 Mark III 項目，我們為開發該項目花費了大量的時間和精力，這顯然是一個 500 萬噸的裝置，它將是世界上最大的 FLNG。因此，第四艘FLNG可能是也可能不是Mark II，而取決於商業開發，要么是Mark I，要么是Mark III。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. It's just that the commercial development dictates the size of the fourth FLNG.

但我們顯然不排除它也可能是 Mark II 的可能性。只是商業開發決定了第四艘FLNG的尺寸。

Sure. And it could be -- it's not mutually exclusive. You could do a Mark II and a Mark I just at a different shipyard. Is that sort of the implication there?

當然。而且有可能──它們並不互相排斥。您可以在不同的船廠製造 Mark II 和 Mark I。那裡有這種暗示嗎？

Correct. But as we alluded to earlier on, we don't plan to have more than one open. But you can obviously build against contract.

正確的。但正如我們之前提到的，我們不打算開設多個。但你顯然可以根據合約進行建造。

Sure. Okay. That is very helpful color. The other thing I was curious about is on the Gimi. You show 2.7 million tonnes of capacity, although still the previous nameplate capacity, which I think was for your 70%, 151 million. But correct me if I'm wrong, I think that's only on 2.4 million, maybe 2.45 million tonnes of capacity. Can you maybe walk through how that extra bit works? 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?

當然。好的。那是非常有用的顏色。令我好奇的另一件事是關於 Gimi。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。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。您能解釋一下這個額外部分是如何運作的嗎？如果產量確實達到 270 萬，並且存在上行空間，您是否很快就能實現這一目標？

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

嗨，本，我是愛德華多。因此，我認為其運作方式是，對於超過每年 240 萬噸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。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. And is that a practical assumption? How should we think about how we model it?

正確的。這是一個實際的假設嗎？我們應該如何思考如何對其進行建模？

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 額定產能的使用率達到 100%，我們每年的 EBITDA 就不會是 2.5 億到 2.15 億美元，而是 2.41 億美元。

Got it. Okay. I wish I could go more, but I'm going to try to stick my two, so I appreciate it. Thank you, guys.

知道了。好的。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。謝謝你們。

Thanks, Ben.

謝謝，本。

Chris Robertson, Deutsche Bank.

克里斯·羅伯遜，德意志銀行。

Hey, good morning, guys. Thank you for taking my questions. 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 the option for the second Mark II. 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?

嘿，大家早安。感謝您回答我的問題。我知道，過去您曾談到必須在第一季在某些長週期專案上進行投資，以便能夠按計劃行使第二款 Mark II 的選擇權。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. It's something we continue to monitor. 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. So we monitor the situation both on lead times and cost. So we haven't. We currently do not expect to do that within Q1, but it's something we monitor very closely.

我們沒有。我們將繼續監測此事。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。因此，我們監控交貨時間和成本的情況。所以我們沒有。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. And then turning to slide 7, you made a comment here. I don't know if you addressed it during the prepared remarks, but it says on schedule for the Mark II FLNG contract commitment. Can you just clarify what you mean by on schedule and kind of give a bigger picture of what that means for expectations?

好的。然後翻到第 7 張投影片，您在這裡發表了評論。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。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. So that we have fixed that ship within this year, which will then enable us for the fourth unit.

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。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. All right, I'll turn it over. Thank you.

好的。好的，我會把它轉過來。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. So on the fourth FLNG vessel, have you guys started identifying conversion candidates? If you were to do a Mark I or Mark II, and what would be the timeline for a conversion candidate acquisition?

早安，卡爾、愛德華多，感謝你們的時間。那麼，對於第四艘 FLNG 船，你們已經開始確定改裝候選人了嗎？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？

Yes, we've started. We've also inspected vessels. It's something we keep a close eye on. 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. There are available vessels that would be suitable to our conversion ambitions. Some of them are direct sisters of the Fuji. Others have different characteristics that we may deem beneficial. 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.

是的，我們已經開始了。我們還檢查了船隻。我們會密切關注此事。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。有一些可用的船隻可以滿足我們的改裝願望。其中一些是富士的直系姐妹。其他的則具有我們可能認為有益的不同特點。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. That's all for me. I'll turn it back over.

好的，謝謝。對我來說這就是全部了。我會把它轉回來。

Greg Lewis, BTIG.

格雷格·劉易斯（Greg Lewis），BTIG。

Yeah. Hey, thank you, and good afternoon, and thanks for taking my questions. Karl, Eduardo, I was hoping you could provide maybe a little color around Argentina. I know that it's been discussed to kind of put a second unit there. Some infrastructure needs to go in. And really my question is around, we roughly know that the infrastructure needs to go in. Has there been like an official FEED study?

是的。嘿，謝謝你，下午好，謝謝你回答我的問題。卡爾、愛德華多，我希望你們能為阿根廷帶來一些色彩。我知道有人討論過在那裡設立第二個單位。一些基礎設施需要投入。我真正的問題是，我們大致知道需要建造哪些基礎設施。是否有過類似官方的 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? Or is it something where we just know it needs to be done before they can increase their ability to export more natural gas?

我們是否有某種——當我們展望未來時，我們是否有——我們是否開始獲得該專案的實際時間表？或者我們只是知道在他們能夠提高天然氣出口能力之前需要做這件事？

Hi, Greg. That's a very relevant question, obviously. So, for the benefit of everyone on the call, Hilli will utilize the spare capacity of the existing pipeline network in Argentina. 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.

你好，格雷格。顯然，這是一個非常相關的問題。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。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停放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. That FID then creates the right of way to put the gas pipeline just next to it. 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. 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.

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。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。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。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, we see as a strong testimony to the economic attractiveness of establishing LNG -- in Argentina as an LNG exporter. The details of the pipeline is something you need to ask the gas producers about.

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項目，我們認為，這有力地證明了在阿根廷作為液化天然氣出口國建立液化天然氣項目的經濟吸引力。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. That's our business. But we're obviously monitoring the developments. There is no pipeline without further liquefaction capacity and there's no pipeline without volume commitments from the gas producers. So it's all sort of co-dependent.

我們是一家 FLNG 公司，我們提供 FLNG 基礎設施。這就是我們的業務。但我們顯然在監視事態發展。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。所以這一切都是相互依賴的。

Okay. Okay. Great. And then I'll just change gears here. And we're just kind of curious, obviously, you're looking at building the portfolio. I mean it seems like we have a good line of sight on a couple new ones. You mentioned the ability to maybe go to Korea to build a larger FLNG.

好的。好的。偉大的。然後我就在這裡換個話題。我們只是有點好奇，顯然您正在考慮建立投資組合。我的意思是我們似乎對幾個新事物有了很好的了解。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. Has that -- realizing usually when we're talking, we're talking about areas outside of North America for Golar solution. Has that kind of changed any of your conversations with any of your customers? Or is the natural gas market is a global market and not really garnering much attention?

我的問題是，隨著美國新政府上台，他們想要大規模——我想他們想增加液化天然氣出口，但當然會有關稅。有這一點——通常當我們談論時，我們談論的是北美以外的 Golar 解決方案地區。這是否改變了您與任何客戶的對話？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. 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. 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.

這顯然是一個焦點。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。話雖如此，我認為如果你確實增加在美國的產量，那麼隨著時間的推移，這可能會對你現有的生產線產生影響。

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

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，特別是對於陸基解決方案而言——嗯，對於任何 FLNG 工廠而言都是如此，但特別是對於美國的陸基解決方案而言。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. So all in all, the projects will be competitive to any project out of the US, and it's not a massive driver.

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。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. Different places have different shipping advantages, and you can -- there's currently no outlet of significant LNG exports in South America. So to develop local LNG consumption, there's a massive advantage to be closer to end users. And that's another thing that, for example, the Hilli project would bring to the market.

我們也看到，承購方，也就是需求方，正在尋找多樣化的液化天然氣來源。不同的地方有不同的運輸優勢，而且你可以－目前南美洲沒有重要的液化天然氣出口。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。這就是 Hilli 項目將帶給市場的另一件事。

Super helpful. Thanks, Karl. Thanks, Eduardo.

超有幫助。謝謝，卡爾。謝謝，愛德華多。

Petter Haugen, ABG Sundal Collier.

彼得·豪根，ABG Sundal Collier。

Good afternoon, guys, and thank you for taking my questions. Firstly, on the other of the yards capable of building FLNGs, you're now writing about looking beyond Raffles. 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 fourth unit down?

大家下午好，感謝你們回答我的問題。首先，關於其他能夠建造 FLNG 的船廠，您現在寫道，他們不再局限於萊佛士。您能否解釋一下轉移到另一個船廠有哪些好處，以及可以減少第四個單位的資本支出到什麼程度？

As we said, we see inflationary pressure for all of the critical components for liquefaction. So we don't expect prices to be any lower than we have secured for the Mark II under construction. To the contrary, there is inflationary pressure. We see that both on CapEx and on tolling rates. So at least they go hand in hand, so that's a good thing. For us, the decision is solely down to the commercial opportunities that we're currently in discussions with. So we need to build the right vessel for the right opportunity.

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。因此，我們預計價格不會低於我們正在建造的 Mark II 的價格。相反，有通膨壓力。我們在資本支出和收費率上都看到了這一點。所以至少他們是齊頭並進的，這是一件好事。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。因此，我們需要為合適的機會建造合適的船隻。

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

好的，明白了。當然，另一個因素是，整個能源市場的未來存在著很大的不確定性。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? And more specifically, if we come to sort of an oversupplied gas market, to what extent would you find that to carry risk into FLNG units being delivered over the next couple of years?

為了將問題提升到這個水平，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？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. Needless to say, higher gas prices is better. So if you have higher revenue, it's obviously better for the project, that's kind of goes without saying. As alluded to in the previous question raised by Greg, we want all of the projects to be competitive to the marginal producers. The way we structure our contracts, we have a base tariff and commodity exposure or upside.

你好，彼得。毋庸置疑，油價越高越好。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。正如格雷格在先前的問題中提到的那樣，我們希望所有項目都能夠與邊際生產商具有競爭力。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. 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.

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

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。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。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. So as you're aware, a very large part of new ships order are dual fuel. Many of them are currently not going on LNG. But the minute LNG is price competitive to let's say low-sulfur fuel, there's a massive demand just there.

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。如您所知，新訂單中很大一部分都是雙燃料的。目前，許多公司尚未使用液化天然氣。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. So the price elasticity there. So overtime I don't think that one source of energy will price completely out of parity with the alternatives.

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。那裡有價格彈性。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. Thank you.

卡爾，你的回答非常好。謝謝。

Fredrik Dybwad, Fearnley Securities.

Fredrik Dybwad，費恩利證券公司。

Hello, guys. Thank you for taking my question. Are you able to provide some more further color on the prospective fields for the Mark II prospective contract? And by that, I mean what kind of hallmarks do you look at and size of the fields, et cetera?

大家好。感謝您回答我的問題。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？我的意思是，您會注意什麼樣的標誌以及田地的大小等等？

Okay. So we should have at least 40 CF of reserve and then sufficient gas flow to feed the FLNG. There are projects today where you have associated production or stranded reserves that can easily be deployed. 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.

好的。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。如今，有些項目擁有可以輕鬆部署的相關生產或擱淺儲備。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. There are several countries with significant stranded and flared reserves that are seeking to monetize those reserves. Fiscal regimes are now falling into place. So we see the theme for FLNG development gaining traction and we're obviously planning to take our share in that development.

也就是說，我們認為，除了新地點之外，我們正在進行或將要進行的現有計畫也存在著巨大的機會。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。財政制度目前正逐步建立。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. Thank you. That's highly valuable color. That's all for me. Thank you.

是的。謝謝。那是非常珍貴的顏色。對我來說這就是全部了。謝謝。

Thank you. And we have no other questions at this time, so I will now hand the conference back to the speakers for any closing comments.

謝謝。現在我們沒有其他問題了，所以我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. We look forward to what the rest of 2025 will bring and look forward to speaking to you on the next quarterly presentation. Have a good day, and thank you all.

感謝您今天撥打電話並收聽我們的節目。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。祝您有美好的一天，謝謝大家。

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

謝謝。今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。