Golar LNG Ltd (GLNG) 2025 Q1 法說會逐字稿

Welcome to the Golar LNG Limited first-quarter 2025 presentation. After the slide presentation by the CEO, Karl Fredrik Staubo; CFO, Eduardo Maranhao; CTO, Morten Skjong; and Chairman, Tor Olav Troim, there will be a question-and-answer session. (Operator Instructions)

歡迎參加 Golar LNG Limited 2025 年第一季的示範。在執行長 Karl Fredrik Staubo、財務長 Eduardo Maranhao、技術長 Morten Skjong 和董事長 Tor Olav Troim 進行幻燈片演示之後，將進行問答環節。（操作員指示）

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 Q1 2025 earnings results presentation. My name is Karl Fredrik Staubo, CEO of Golar LNG, and I'm very pleased to be accompanied today by our Chairman, Mr. Tor Olav Troim; our CFO, Eduardo Maranhao; and our Chief Technical Officer, Mr. Morten Skjong, to present this quarter's results.

謝謝操作員，歡迎參加 Golar LNG 2025 年第一季財報結果報告。我叫 Karl Fredrik Staubo，是 Golar LNG 的首席執行官，今天我很高興能與我們的董事長 Tor Olav Troim 先生、首席財務官 Eduardo Maranhao 先生以及首席技術官 Morten Skjong 先生一起介紹本季度的業績。

Before we get into the presentation, please note the forward-looking statements on Slide 2. As normal, we start on Slide 3 with an overview of Golar today. Golar is now a focused FLNG company. We own three units, of which two is on the water and one is on the conversion.

在我們開始簡報之前，請注意投影片 2 上的前瞻性陳述。像往常一樣，我們從幻燈片 3 開始概述 Golar 的現狀。Golar 目前是一家專注於 FLNG 的公司。我們有三個單位，其中兩個在水上，一個在改裝中。

The key event of the quarter was occurring of two 20-year charters, one for our FLNG Hilli following the end of our current charter in Cameroon in July next year. As well as entering into definitive agreements for a 20-year charter for our Mark II FLNG and the construction.

本季度的關鍵事件是簽訂了兩份為期 20 年的租船合同，其中一份是我們的 FLNG Hilli 租船合同，我們將在明年 7 月在喀麥隆簽訂現有租船合同。以及就我們的 Mark II FLNG 的 20 年租船和建造達成最終協議。

As announced on our Q4 call, we have now fully exited LNG shipping with the sale of the Golar Arctic and our sale of the equity stake in Avenir LNG. We currently have a market cap of around $4 billion, a total net debt of shy of $800 million and a fully delivered net debt to EBITDA of around 2.8 times.

正如我們在第四季度電話會議上宣布的那樣，隨著 Golar Arctic 的出售和 Avenir LNG 股權的出售，我們現在已完全退出液化天然氣運輸領域。我們目前的市值約為 40 億美元，總淨債務接近 8 億美元，完全交付的淨債務與 EBITDA 比率約為 2.8 倍。

Our strong cash flow visibility, solid balance sheet and market-leading position as the only proven provider of FLNG as a service sets the company up for continued attractive FLNG growth. We have three FLNG designs available for growth, and we will elaborate on our growth ambitions as we go through today's presentation.

我們強大的現金流視覺化、穩健的資產負債表以及作為唯一經過驗證的 FLNG 服務提供者的市場領先地位，為公司持續實現有吸引力的 FLNG 成長奠定了基礎。我們有三種可供發展的 FLNG 設計，我們將在今天的演示中詳細闡述我們的發展目標。

Turning to slide 4 and a focus on Hilli, which is still the best performing FLNG globally. Hilli continued her market-leading 100% operational uptime during the quarter. Hilli has now delivered 132 cargoes since contract commencement in 2018 or more than 9.2 million tonnes of LNG produced. On May 2, all CPs for her 20-year redeployment in Argentina was concluded and final investment decision was given. This secures $5.7 billion of EBITDA backlog before commodity outside.

轉到幻燈片 4，重點介紹 Hilli，它仍然是全球表現最好的 FLNG。Hilli 在本季持續維持市場領先的 100% 正常運作時間。自 2018 年合約生效以來，Hilli 已交付 132 批貨物，生產液化天然氣超過 920 萬噸。5月2日，其在阿根廷為期20年的重新部署全部CP結束，並做出了最終投資決定。這確保了商品外銷前的 57 億美元 EBITDA 積壓訂單。

We have now designated a dedicated team of projects and operations people to the redeployment scope for Hilli's planned vessel upgrades and transit from Cameroon to Argentina to facilitate for 20 years of on-site operations.

我們現在已經指定一個專門的專案和營運人員團隊負責 Hilli 計劃中的船舶升級和從喀麥隆到阿根廷的運輸的重新部署範圍，以方便 20 年的現場運營。

On Slide 5, we focus on our second FLNG, the Gimi, which is in her final stage of commissioning and to start her 20-year charter for BP offshore Mauritania and Senegal. The commencement of operations date will activate the vessel on our P&L statement. Golar's share of the contractual EBITDA is $151 million based on 90% capacity utilization. Any production above such level will translate into a pro rata increase in Golar shares of EBITDA generation by Gimi.

在第 5 張幻燈片上，我們重點介紹了我們的第二艘 FLNG，即 Gimi，該船目前正處於調試的最後階段，並將開始為 BP 在毛里塔尼亞和塞內加爾近海提供為期 20 年的租船合約。營運開始日期將在我們的損益表中啟動該船舶。根據 90% 的產能利用率，Golar 在合約 EBITDA 中的份額為 1.51 億美元。任何高於該水準的產量都將轉化為 Gimi 產生的 EBITDA 中 Golar 份額的比例增加。

Following the commercial reset announced in August last year, Golar has invoiced $196 million in pre-COD payments from the GTA upstream partners. This amount is recognized on our balance sheet and will be amortized over the contract duration. We have now successfully offloaded two LNG cargoes and expect COD to remain on track within this quarter. That should mark the start of the 20-year contract period.

繼去年 8 月宣布商業重置後，Golar 已向 GTA 上游合作夥伴開立了 1.96 億美元的 COD 前付款發票。該金額在我們的資產負債表上確認，並將在合約期間內攤銷。我們目前已成功卸載兩批液化天然氣貨物，預計本季 COD 將維持正常水準。這標誌著20年合約期間的開始。

The picture on the bottom left is from Thursday last week, where we attended an official state visit by the President of Senegal and Mauritania to the GTA hub, together with senior management from BP, Cosmos, SMH and Petrosen, marking the introduction of Senegal and Mauritania as LNG exporting countries.

左下角的照片拍攝於上週四，我們與 BP、Cosmos、SMH 和 Petrosen 的高層管理人員一起參加了塞內加爾和毛里塔尼亞總統對 GTA 樞紐的正式國事訪問，這標誌著塞內加爾和毛里塔尼亞成為液化天然氣出口國。

Turning to Slide 6 for an update on our Mark II FLNG conversion. The conversion of the LNG carrier, Fuji into 3.5 million tonnes per annum Mark II FLNG is well into construction. During Q1, the Fuji arrived at the shipyard in China. The vessel has now been divided in two and skidded onshore. The liquefaction plant that will be built on a new midship section is well underway, and a significant portion of our long lead items have arrived at the shipyard ready for installation.

翻到投影片 6 來了解我們的 Mark II FLNG 轉換的最新情況。將液化天然氣運輸船「Fuji」改裝為年產 350 萬噸的 Mark II FLNG 的工程正在順利進行中。第一季度，Fuji號抵達中國造船廠。目前，該船已被拆分成兩部分並滑行至岸上。即將在新的船中部建造的液化廠正在順利進行中，我們的大部分長週期產品已經抵達船廠準備安裝。

The project remains on schedule for delivery by year-end 2027. On May 2, simultaneous with the final investment decision for the FLNG Hilli charter in Argentina, we entered into definitive agreements for a 20-year charter for the Mark II to operate alongside Hilli in Argentina. The contract is subject to the same CPs as for the Hilli when we entered into her definitive agreements in July last year.

該項目預計將於 2027 年底交付。5 月 2 日，在對阿根廷 FLNG Hilli 租賃做出最終投資決定的同時，我們簽署了為期 20 年的租賃協議，租賃 Mark II 與 Hilli 一起在阿根廷運營。該合約與我們去年 7 月與 Hilli 簽訂最終協議時所遵循的 CP 相同。

These CPs include environmental assessment, export license, RIGI protection and a final investment decision by the partners. All the CPs are expected to be lifted within 2025, and we expect the relevant approvals to benefit from the recent Hilli process. The CapEx to EBITDA for the Mark II is around 5.5 times before commodity upside for a 20-year charter period with a further five-year extension option in the charter's favor.

這些 CP 包括環境評估、出口許可證、RIGI 保護和合作夥伴的最終投資決定。所有 CP 預計將於 2025 年內解除，我們預計相關批准將受益於最近的 Hilli 進程。在 20 年租船期內，Mark II 的資本支出與 EBITDA 比率約為 5.5 倍（不計商品上漲因素），租船期還可選擇延長五年。

On Slide 7, we have visualized these substantial charter developments on a slide. Our contract backlog now stands at more than 60 years of combined contract backlog across our three FLNGs. Or in dollar terms, we have an EBITDA backlog of approximately $17 billion before commodity exposure. The existing fleet is now fully contracted, and we are progressing towards our express target to transform into a market-leading infrastructure company with attractive commodity outsides. In the next section, we will elaborate further on the key attributes of our FLNG charters in Argentina.

在第 7 張投影片上，我們以直觀的方式展示了這些實質的憲章發展。目前，我們三艘 FLNG 的合約積壓總量已超過 60 年。或以美元計算，在商品風險暴露之前，我們的 EBITDA 積壓訂單約為 170 億美元。現有船隊目前已全部簽約，我們正在朝著明確的目標邁進，轉型成為一家擁有極具吸引力的商品外部市場的領先基礎設施公司。在下一部分中，我們將進一步闡述我們在阿根廷的 FLNG 租賃的主要屬性。

So turning to the next section on Slide number 9, we illustrate the LNG value chain and Southern Energy's role in introducing Argentina as an LNG exporting nation. As part of the Argentina deal, Southern Energy has secured fixed price gas sales agreements for 20 years, from the upstream partners of SESA to provide the project with natural gas sourced from the Vaca Muerta onshore field in Argentina. SESA will be responsible to facilitate for a dedicated pipeline to bring the natural gas from the Vaca Muerta to the FLNG location in the Gulf of San Matias, a distance of about 500 kilometers.

因此，請翻到幻燈片第 9 號的下一部分，我們將說明液化天然氣價值鏈以及南方能源在介紹阿根廷作為液化天然氣出口國方面所發揮的作用。作為阿根廷交易的一部分，南方能源已與 SESA 的上游合作夥伴簽訂了為期 20 年的固定價格天然氣銷售協議，為該項目提供來自阿根廷 Vaca Muerta 陸上氣田的天然氣。SESA 將負責鋪設一條專用管道，將天然氣從瓦卡穆埃爾塔輸送到聖馬蒂亞斯灣的 FLNG 地點，距離約 500 公里。

This will equate into fixed pipeline fee to SESA. SESA will then be responsible for chartering and operating the FLNGs as well as marketing of the gas. Hence, SESA responsibilities include all activities to be taken from the Vaca Muerta until LNG is produced and ready for export. The export point price is referred to as free on board. The difference between free onboard prices and the LNG prices, you typically recognize on your screen is the shipping costs from the production site to its destination of consumption.

這將相當於向 SESA 支付固定管道費。SESA 將負責租賃和營運 FLNG 以及銷售天然氣。因此，SESA 的職責包括在瓦卡穆埃爾塔進行的所有活動，直到液化天然氣生產出來並準備出口。出口點價格稱為船上交貨價格。您通常在螢幕上看到的離岸價和液化天然氣價格之間的差額是從生產地點到消費目的地的運輸成本。

The destination price is referred to as delivery ex ship or best pricing, as highlighted on the slide. As part of the charters, Golar will receive 25% of all achieved LNG prices above $8 per MMBtu in FOB price. Hence, when considering the upside element, the applicable methodology is to consider best prices less $1 to $2 per MMBtu in shipping costs. In the current market, TTF and JKM spot prices are trading around $12. Hence, today, there's a $2 to $3 upside above the $8 threshold if the project was producing today.

目的地價格指的是交貨價或最佳定價，如投影片上所強調的。作為租船協議的一部分，Golar 將獲得所有達到離岸價 8 美元/百萬英熱單位以上液化天然氣價格的 25%。因此，在考慮上行因素時，適用的方法是考慮最佳價格減去每百萬英熱單位 1 至 2 美元的運輸成本。目前市場上TTF和JKM現貨價格約12美元。因此，如果該項目今天投入生產，那麼價格將比 8 美元的門檻高出 2 至 3 美元。

Turning to Slide 10 and some of the contract highlights. Both vessels have a 20-year contract term. Hilli will have an annual EBITDA of $285 million and $400 million for the Mark II. OpEx is passed through for both vessels. Both EBITDA tariffs are subject to a CPI adjustment equivalent to 30% of US CPI from year 6. Both vessels have the same upside element of 25% above $8 FOB and combined, the two contracts provide Golar with an EBITDA backlog of $13.7 billion before the mentioned CPI adjustment and the commodity upside.

翻到投影片 10 和一些合約重點。兩艘船的合約期限均為20年。Hilli 的年度 EBITDA 為 2.85 億美元，Mark II 的年度 EBITDA 為 4 億美元。兩艘船的營運成本已轉嫁。從第 6 年開始，兩種 EBITDA 關稅均需進行相當於美國 CPI 30% 的 CPI 調整。兩艘船的離岸價都比 8 美元上漲了 25%，綜合起來，這兩份合約為 Golar 帶來了 137 億美元的 EBITDA 積壓訂單，這還不包括上述 CPI 調整和大宗商品上漲。

Turning to Slide 11 and further elaborating on the commodity upside element of the charters. As explained, Golar will have a 25% upside above $8. For every dollar above, we have an annual EBITDA of around $70 million. Over the contract lifetime, that was equivalent to $1.4 billion of EBITDA backlog for every dollar achieved pricing is above $8. Importantly, this calculation is based on monthly achieved prices.

翻到投影片 11，進一步闡述憲章中的商品上行要素。正如所解釋的那樣，Golar 的股價將比 8 美元上漲 25%。對於以上每 1 美元，我們的年度 EBITDA 約為 7000 萬美元。在合約有效期間內，每實現 1 美元的定價超過 8 美元，就相當於有 14 億美元的 EBITDA 積壓訂單。重要的是，該計算是基於每月實現的價格。

We have also introduced a limited downside element where Golar give a temporary discounts, should annual average FOB prices be below $7.5 and down to $6. This is capped at a total exposure of $105 million over two years, which is equivalent of $210 million. Hence, the total commodity exposure for the contract has a maximum downside of $210 million in return for no cap on the upside.

我們還引入了有限的下行因素，如果年度平均離岸價低於 7.5 美元並降至 6 美元，Golar 將給予臨時折扣。兩年內的總風險敞口上限為 1.05 億美元，相當於 2.1 億美元。因此，該合約的總商品風險敞口最大下行空間為 2.1 億美元，而上行空間則不受限制。

If this contract was in place over the course of the last five years. You can see in the table on the bottom right, that we would have meaningful additional EBITDA above the contracted amounts. If you take the extreme example of 2022, the commodity element alone would contribute $1.7 billion to $2.1 billion of additional EBITDA to Golar if the contracts were in place at that time.

如果該合約在過去五年內一直有效。您可以在右下角的表格中看到，我們將獲得高於合約金額的額外 EBITDA。如果以 2022 年為例，如果當時合約已經到位，那麼僅商品要素一項就將為 Golar 貢獻 17 億至 21 億美元的額外 EBITDA。

Even today, if the contracts were operational today, we would see an additional contribution above the contracted amount of an additional $250 million. So to summarize this simplistically, for every dollar, FOB prices are above $8, Golar makes an additional $70 million of annual EBITDA.

即使在今天，如果這些合約今天生效，我們將看到在合約金額之上還有額外的 2.5 億美元捐款。因此，簡單地總結一下，每增加一美元，FOB 價格就會超過 8 美元，Golar 每年就會額外獲得 7,000 萬美元的 EBITDA。

Turning to Slide 12 and a further commodity exposure that's in built into the contracts. Golar is a 10% shareholder in Southern Energy, alongside our upstream partners, Pan American, YPF, Pampa Energia and Harbour Energy. Hence, Golar makes an additional 10% of commodity exposure, this has no downside cap or upside cap. So a true fully aligned shareholder where a $1 change in the gas price impacts Golar's EBITDA generation by around $28 million.

前往投影片 12 以及合約中內建的進一步商品風險。Golar 是 Southern Energy 的 10% 股東，其上游合作夥伴包括 Pan American、YPF、Pampa Energia 和 Harbour Energy。因此，Golar 額外增加了 10% 的商品敞口，這沒有下行上限或上行上限。因此，對於一個真正完全一致的股東來說，天然氣價格每變動 1 美元就會對 Golar 的 EBITDA 產生約 2,800 萬美元的影響。

Hence, if you combine the $70 million upside tariff, and the $28 million equity ownership, $1 change provides Golar with approximately $100 million of EBITDA upside. This is further illustrated on page 13, where you can see our EBITDA buildup. Hilli has a base tariff of $285 million, Mark II of $400 million combined, that's $685 million.

因此，如果將 7000 萬美元的上行關稅和 2800 萬美元的股權結合起來，1 美元的變化將為 Golar 帶來約 1 億美元的 EBITDA 上行空間。第 13 頁進一步說明了這一點，您可以在其中看到我們的 EBITDA 成長。Hilli 的基本關稅為 2.85 億美元，Mark II 的關稅為 4 億美元，總計 6.85 億美元。

The downside element we have is linked to our equity ownership in SESA and the rest is upside. Every dollar above $8 equates to around $100 million. Every dollar below is a downside of around $28 million. We see this as a highly attractive risk reward and also in light of current and future LNG prices, we expect meaningful additional EBITDA contribution from the commodity element.

我們的下行因素與我們在 SESA 的股權有關，其餘都是上行因素。超過 8 美元的每一美元都相當於約 1 億美元。低於這筆金額的每一美元都將帶來約 2,800 萬美元的損失。我們認為這是一種極具吸引力的風險回報，同時考慮到當前和未來的液化天然氣價格，我們預計商品元素將帶來有意義的額外 EBITDA 貢獻。

Turning to Slide 14. Contracting in Argentina has historically not been fully without risk. And we have gone to a great extent to look at risk mitigation, both regulatory and legally in the framework supporting the charters. Some of the highlights include English Law for all charters. All payments are made in US dollars.

翻到幻燈片 14。從歷史上看，在阿根廷承包並非完全沒有風險。我們在支持章程的框架內，從監管和法律兩方面大力研究風險緩解措施。其中一些亮點包括所有章程均適用英國法律。所有付款均以美元支付。

The Milei Government of Argentina has introduced several regulatory frameworks to domestic investment in Argentina. And we are pleased to have received the support of both the state and local authorities to achieve the first ever 30-year non-interruptible LNG export license in the case of FLNG Hilli and we have also been accepted to the large investment incentive scheme under the RIGI protection, which was a law introduced last year.

阿根廷米萊政府針對阿根廷國內投資推出了多項監管架構。我們很高興得到了州和地方當局的支持，在 FLNG Hilli 項目中獲得了首個 30 年不間斷液化天然氣出口許可證，並且我們還被納入了去年出台的 RIGI 保護法下的大型投資激勵計劃。

The important highlights of the RIGI includes certainty and regulatory stability for the duration of the project. We cannot be subject to any new national provincial or municipal taxes. And we have full freedom to repatriate profits, dividends and capital during the life of the contract term. These are the same protections that are the CPs that we will meet for the Mark II charter.

RIGI 的重要亮點包括專案期間的確定性和監管穩定性。我們不能繳納任何新的國家、省級或市級稅。在合約期限內，我們可以完全自由地匯回利潤、股息和資本。這些保護措施與我們將為 Mark II 憲章滿足的 CP 相同。

Turning to Slide 15 and looking at the global LNG market and how our SESA contracts are placed in the wider scheme of the markets. When entering this year, the LNG market stood at around 430 million tonnes, where the USA is the largest current producer with a 23% market share. More importantly, the significant expected growth in the coming years is driven by volumes out of the US.

翻到第 15 張幻燈片，看看全球液化天然氣市場以及我們的 SESA 合約如何置於更廣泛的市場格局中。進入今年以來，液化天然氣市場規模約4.3億噸，其中美國是目前最大的生產國，佔有23%的市佔率。更重要的是，未來幾年預計的顯著成長是由美國以外的銷售所推動的。

Hence, we want to identify ourselves with projects that are highly competitive versus US exports as the marginal producer. If you look on the cost curve on the right-hand side, you can see that the delivered price of US export projects is north of $10 per MMBtu.

因此，我們希望將自己定位為與美國出口相比具有高度競爭力的項目，作為邊際生產者。如果您查看右側的成本曲線，您會發現美國出口項目的交貨價格為每百萬英熱單位 10 美元以上。

If we then further elaborate on Slide 16, how the recently announced Argentina Golar contracts stackup versus US liquefaction projects. There are some interesting data points to note.

如果我們進一步闡述幻燈片 16，那麼最近宣布的阿根廷 Golar 合約與美國液化計畫相比如何。有一些有趣的數據點值得注意。

First and foremost, the gross tariff that we have achieved is significantly higher than that have recently entered into US liquefaction projects. The EBITDA tariff you typically see in the US is net of OpEx and maintenance costs, hovering around $2, whilst we have secured around $2.45. The CapEx per ton is currently sitting of around $1 billion for US liquefaction projects versus $600 million in the case of the Mark II.

首先，我們所實現的總關稅明顯高於近期美國液化計畫的總關稅。美國通常的EBITDA（息稅折舊攤提前利潤）價格扣除營運成本和維護成本後，徘徊在2美元左右，而我們已確定價格在2.45美元左右。目前，美國液化計畫每噸的資本支出約為10億美元，而Mark II計畫則為6億美元。

Inflation adjustment is typically hovering between 20% and 30% in the US, 30% for our contracts in Argentina. In addition, there's no commodity upside for US liquefaction tolling arrangements, whilst we have the mentioned 25% above $8 of FOB. Hence, what does these characteristics mean? Well, if you have a higher EBITDA tariff and a lower CapEx per ton, you have a higher return on capital employed.

美國的通貨膨脹調整率一般在 20% 至 30% 之間，而我們與阿根廷簽訂的合約的通貨膨脹調整率則為 30%。此外，美國液化收費安排並無大宗商品上漲空間，而我們卻提到了高於離岸價 8 美元的 25%。那麼，這些特徵意味著什麼？好吧，如果您有更高的 EBITDA 關稅和更低的每噸資本支出，那麼您的資本回報率就會更高。

Our commodity upside within the tariff provides us with strong upside participation without spot cargo risk. The fixed price gas sales agreement for 20 years provides SESA with a call option on international LNG offtake prices for 20 years. I think no one knows exactly where the gas price is, but you know it will be volatile, and we are there to capture 25% of monthly volatility.

我們的商品在關稅範圍內的上漲為我們提供了強勁的上漲參與機會，而沒有現貨貨物風險。這項為期20年的固定價格天然氣銷售協議為SESA提供了20年國際液化天然氣採購價格的買權。我認為沒有人確切知道天然氣價格是多少，但你知道它會波動，而我們的目標是捕捉每月 25% 的波動率。

The OpEx pass-through, combined with our 30% CPI adjustment, provides for improved inflation protection versus US liquefaction projects. Hence, all in all, we believe we compare very favorably to the alternative infrastructure investments within LNG liquefaction.

營運支出轉嫁，加上我們 30% 的消費者物價指數調整，相對於美國液化項目，提供了更好的通膨保護。因此，總而言之，我們認為我們與液化天然氣液化領域的替代基礎設施投資相比非常有利。

This is further illustrated on Slide 17, starting off with the graph on the far left, you want to have as low as possible CapEx per ton and as high as possible average tariff in dollars per MMBtu basis. And compared to some of the listed US liquefaction alternatives, we compare favorable on both measures. Then you want long-term cash flow visibility. We now have 20 years across all of our three assets hence, that's the remaining average life of our contracts.

投影片 17 進一步說明了這一點，從最左邊的圖表開始，您希望每噸的資本支出盡可能低，而每百萬英熱單位的平均關稅（美元）盡可能高。與列出的一些美國液化替代方案相比，我們在這兩個指標上都表現出色。那麼您需要長期的現金流可見度。現在，我們所有三項資產的合約期限均為 20 年，因此，這就是我們合約的剩餘平均期限。

Lastly, to the far right, we've looked at capital market pricing on a liquefaction capacity basis. If you take total EV and the wide of liquefaction capacity in operation, you can see that Golar is trading at just north of $1 billion per ton, whilst our US colleagues are trading more favorably. If you were to include a fairly significant growth program across all the three companies, you can see that the capital markets pricing further reduces in the case of Golar to shy of $900 million per ton whilst comparing to our US listed peers have a significantly higher pricing. If you were to put that pricing into Golar share price, that would be a very meaningful pickup from our current capital market pricing.

最後，在最右邊，我們研究了基於流動性能力的資本市場定價。如果您考慮整體企業價值和營運中的液化能力範圍，您會發現 Golar 的交易價格略高於每噸 10 億美元，而我們的美國同業的交易價格更為優惠。如果您將這三家公司都納入一個相當重要的成長計劃，您會發現，Golar 的資本市場定價進一步降低至每噸 9 億美元以下，而與我們在美國上市的同行相比，其定價要高得多。如果將該定價納入 Golar 股價，那麼與我們目前的資本市場定價相比，這將是一個非常有意義的提升。

Moving on and turning to business updates on Slide 19. The highlights of the quarter across the BD department is obviously the final investment decision for Hilli. The definitive agreements for the Mark II. However, we continue to see strong progress on further FLNG commercial development. There are very few yard slots that can deliver within the 2020s, and we now see increased attention from the projects that lost out on the Hilli and the Mark II.

繼續前進，前往幻燈片 19 上的業務更新。本季整個 BD 部門的亮點顯然是 Hilli 的最終投資決定。Mark II 的最終協議。然而，我們繼續看到 FLNG 商業化發展取得強勁進展。能夠在 2020 年代交付的船廠寥寥無幾，現在我們看到那些在 Hilli 和 Mark II 上失利的項目受到了越來越多的關注。

We continue to target opportunities with competitive wellhead gas to secure an attractive base tariff with commodity offsite participation. We are in detailed commercial conversations across our different vessels designed, Mark I, II and III. And some of these discussions include projects where the charter may want an equity participation in the FLNG.

我們將繼續尋找具有競爭力的井口機會，以確保透過商品場外參與獲得有吸引力的基準關稅。我們正在就我們設計的不同船隻 Mark I、II 和 III 進行詳細的商業對話。其中一些討論涉及承租方可能希望在 FLNG 中擁有股權參與權的項目。

I'll now hand the call over to our Chief Technical Officer, Mr. Morten Skjong, to further elaborate on our service offering and the different designs available for growth.

現在，我將把電話交給我們的技術長 Morten Skjong 先生，進一步闡述我們的服務產品和可供成長的不同設計。

Good morning, good afternoon. In Golar, we have three different FLNG designs, the Mark I, the Mark II and the Mark III. These range in LNG liquefaction capacity from around 2 million tonnes per annum, up to a maximum of 5.4 million tonnes per annum. This depends on FLNG configuration, feed gas properties and ambient conditions at the site. The Mark I at Seatrium is a highly successful design with two units on the water and a stellar track record for the Hilli during its contract in Cameroon for Perenco.

早安，下午好。在 Golar，我們有三種不同的 FLNG 設計，Mark I、Mark II 和 Mark III。這些液化天然氣的液化能力從每年約 200 萬噸到每年最高 540 萬噸不等。這取決於 FLNG 配置、原料氣特性和現場環境條件。Seatrium 的 Mark I 號設計非常成功，有兩個裝置在水上運行，Hilli 號在喀麥隆為 Perenco 簽訂合約期間取得了輝煌的業績。

Meanwhile, our first Mark II conversion is progressing well at CIMC Raffles and the EPC contract contains an option agreement for a second vessel. Our Mark III reflects years of innovative engineering and Samsung's world-leading FLNG track record. Comment to all three designs is Black & Veatch precoliquefaction technology enabling Golar to harvest vital lessons learned between FLNG designs. The most important commonality is, however, the input and leadership from Golar's world-class projects and operations teams.

同時，我們第一艘 Mark II 改裝船在中集來福士的進展順利，EPC 合約包含第二艘船的選擇權協議。我們的 Mark III 體現了多年的創新工程和三星世界領先的 FLNG 業績記錄。這三種設計的評論是 Black & Veatch 預液化技術使 Golar 能夠從 FLNG 設計中吸取重要的經驗教訓。然而，最重要的共同點是來自 Golar 世界一流的專案和營運團隊的投入和領導。

With Hilli's FID and the signing of definitive agreements for the Mark II in Argentina, we are now advancing work with our contractors to confirm optical price on schedule for our FLNG decides. We've also completed ship inspections for potential donor vessels for either Mark I or Mark II, and we are confident that we can secure a conversion candidate with Fuji's LNG storage capacity or higher at an attractive price.

隨著 Hilli 的 FID 和在阿根廷簽署的 Mark II 最終協議，我們現在正在與承包商推進工作，按時確認我們的 FLNG 決定的光學價格。我們還完成了 Mark I 或 Mark II 潛在捐助船的船舶檢查，我們有信心以有吸引力的價格獲得具有富士 LNG 儲存容量或更高容量的改裝候選船。

Furthermore, we are in discussions with long lead equipment suppliers for slot reservations or preorders to ensure that lead times for critical equipment will support the overall schedule for our next project. The work we are doing now will enable us to proceed with at least one FLNG EPC award this year and whatever design we choose within the 2020s.

此外，我們正在與長交貨週期設備供應商討論預留時段或預訂事宜，以確保關鍵設備的交貨時間能夠支援我們下一個專案的整體進度。我們現在所做的工作將使我們能夠在今年獲得至少一項 FLNG EPC 獎項，並在 2020 年代內獲得我們選擇的任何設計。

With that, I'll hand over to our CFO, Mr. Eduardo Maranhao for the Q1 group results. Thank you.

接下來，我將把第一季集團業績報告交給我們的財務長 Eduardo Maranhao 先生。謝謝。

Thank you, Morten. And good morning, everyone. I'm pleased to provide an overview of Golar's financial performance for the first quarter of 2025. Moving to Slide 22. Let's go through some of the key financial highlights of the quarter. We achieved total operating revenues of $63 million, FLNG tariffs reaching $73 million in the quarter. Total FLNG tariffs in the last 12 months ended in Q1 reached $336 million.

謝謝你，莫滕。大家早安。我很高興概述 Golar 2025 年第一季的財務表現。移至投影片 22。讓我們回顧一下本季度的一些主要財務亮點。本季度，我們的總營業收入達到 6,300 萬美元，FLNG 關稅達到 7,300 萬美元。截至第一季的過去 12 個月內 FLNG 總關稅達到 3.36 億美元。

We refer to total FLNG tariff to illustrate the total revenues generated from FLNG Hilli, including realized gains from TTF, Brent-linked fees. In addition to this, Gimi has started to contribute to our cash flows. And as of May 2025, we have invoiced around $196 million of pre-COD fees under the commercial reset agreement. Most of which has already been received. This amount does not show in our P&L and is currently being recognized on the balance sheet until COD.

我們參考 FLNG 總關稅來說明 FLNG Hilli 產生的總收入，包括 TTF 實現的收益、布倫特相關費用。除此之外，Gimi 已經開始為我們的現金流做出貢獻。截至 2025 年 5 月，我們已根據商業重置協議開立了約 1.96 億美元的預付款費用發票。其中大部分已經收到。該金額未顯示在我們的損益表中，目前在資產負債表上確認，直到貨到付款為止。

Total EBITDA reached $41 million in Q1 largely driven by lower Brent and TTF prices. Total EBITDA for the last 12 months ended in Q1 was $218 million. This quarter, we reported net income of $13 million, in line with the previous quarter. This figure is inclusive of a total of $32 million of non-cash items such as adjustment in the value of embedded TTF and Brent derivatives within the Hilli contract. As well as changes in our interest rate swaps.

第一季總 EBITDA 達到 4,100 萬美元，主要受布蘭特原油和 TTF 價格下跌的影響。截至第一季的過去 12 個月的總 EBITDA 為 2.18 億美元。本季度，我們報告的淨收入為 1300 萬美元，與上一季持平。這一數字包括總計 3,200 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。以及我們的利率互換的變化。

Our liquidity remains strong with approximately $680 million of cash on hand at quarter end. I'll talk more about these and other initiatives on the financing front in the next slide. Lastly, we're pleased to declare a dividend of $0.25 per share this quarter with a record date of June 3 and payments scheduled for June 10. So this equates to around $105 million per year on a run rate basis.

我們的流動性依然強勁，季末手頭現金約為 6.8 億美元。我將在下一張投影片中詳細討論這些措施以及其他融資方面的措施。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 6 月 3 日，支付日期為 6 月 10 日。因此，以運行率計算，這相當於每年約 1.05 億美元。

Now turning to Slide 23. We now take a closer look on our debt position. At the end of Q1, we had just under $1.5 billion of gross debt when adjusted for our 70% stake on Gimi. On an asset level basis, based on the existing $17 billion EBITDA backlog that Karl spoke about before, our units are still significantly underlevered, considering the cash flow visibility beyond 2045. With further growth from increased capacity utilization as well as commodity exposure.

現在翻到第 23 張投影片。我們現在仔細審視我們的債務狀況。截至第一季末，根據我們在 Gimi 所持 70% 的股份進行調整後，我們的總債務略低於 15 億美元。從資產水準來看，基於卡爾先前提到的現有的 170 億美元 EBITDA 積壓訂單，考慮到 2045 年以後的現金流可見度，我們的單位仍然嚴重槓桿率過低。隨著產能利用率和商品曝光度的提高，實現進一步成長。

Last March, we signed a $1.2 billion debt facility to refinance the FLNG Gimi with the consortium of leading Chinese leasing companies. This facility features a tenure of 12 years and a 17-year amortization profile. Upon closing a repayment of the existing debt facility, we expect to generate net proceeds of approximately $530 million, of which 70% of these proceeds or an amount equivalent to $370 million will be released to us. We are currently working on the remaining closing conditions, which includes third-party stakeholder approvals, and we expect that closing could take place around summer.

去年3月，我們與中國領先的租賃公司財團簽署了一項12億美元的債務融資協議，為FLNG Gimi進行再融資。該貸款期限為 12 年，攤銷期間為 17 年。在償還現有債務後，我們預計將產生約 5.3 億美元的淨收益，其中 70% 或相當於 3.7 億美元的金額將發放給我們。我們目前正在處理剩餘的成交條件，其中包括第三方利害關係人的批准，我們預計成交可能在夏季左右完成。

In addition to this initiative and to further evaluate that --

除了這項倡議之外，為了進一步評估--

Ladies and gentlemen, please continue to stand by your conference. We'll resume shortly. Thank you.

女士們、先生們，請繼續支持你們的會議。我們很快就會恢復。謝謝。

Ladies and gentlemen, please continue to stand by your conference will resume shortly. Thank you for your patience.

女士們、先生們，請繼續耐心等待，會議即將恢復。感謝您的耐心。

Okay. I think you may now hear me back.

好的。我想你現在可以聽到我的回覆了。

So if we go back to Slide 23, we now take a closer look on our debt position. At the end of Q1, we had just under $1.5 billion of gross debt and adjusted for our 70% stake on Gimi.

因此，如果我們回到第 23 張投影片，我們現在可以仔細看看我們的債務狀況。截至第一季末，我們的總債務略低於 15 億美元，並根據我們在 Gimi 的 70% 股份進行了調整。

On an asset level basis, based on the existing $17 billion backlog that Karl mentioned before, our units are still significantly under-levered, considering the cash flow visibility beyond 2045, with further growth from increased capacity utilization and commodity exposure.

從資產水準來看，基於卡爾之前提到的現有的 170 億美元積壓訂單，考慮到 2045 年以後的現金流可見性，隨著產能利用率和商品敞口的提高，我們的部門仍然嚴重缺乏槓桿。

On March, we signed a $1.2 billion debt facility to refinance FLNG Gimi with a consortium of leading Chinese companies. This facility features a tenure of 12 years and a 17-year amortization profile. Upon closing and repayment of the existing debt facility, we expect to generate net proceeds of approximately $530 million, of which 70% of these proceeds were equivalent to $370 million will be released to us. We are currently working on the remaining closing conditions, including third-party stakeholder approvals and expect to close around the summer.

3月份，我們與由中國領導者組成的財團簽署了一項12億美元的債務融資協議，為FLNG Gimi專案進行再融資。該貸款期限為 12 年，攤銷期間為 17 年。在完成並償還現有債務後，我們預計將產生約 5.3 億美元的淨收益，其中 70% 的收益（相當於 3.7 億美元）將發放給我們。我們目前正在處理剩餘的成交條件，包括第三方利害關係人的批准，預計將於夏季左右完成。

In addition to this initiative and to further evaluate debt optimization alternatives, we have completed the rating process of the company with key rating agencies, allowing us to tap the capital markets in a more efficient way in the future. If we look at Hilli, for example, we have an EBITDA backlog of more than $6 billion which gives us plenty of room to optimize its financing from the current levels of around $0.5 billion. In addition to that, Mark II remains fully unencumbered. And so far, we have invested around $700 million of equity in each construction.

除了這項措施之外，為了進一步評估債務優化替代方案，我們還與主要評級機構完成了該公司的評級流程，以便我們將來能夠以更有效的方式利用資本市場。以 Hilli 為例，我們的 EBITDA 積壓訂單超過 60 億美元，這為我們提供了充足的空間來優化其融資，使其從目前的約 5 億美元水準上得以提升。除此之外，Mark II 仍然完全不受任何限制。到目前為止，我們已經在每棟建築上投資了約 7 億美元的股權。

So moving to Slide 24. We currently maintain a net debt position of around $800 million, which is projected to increase to approximately $2.3 billion upon completion of the Mark II remaining CapEx. By 2028, with Mark II fully operational, our anticipated fully delivered run rate EBITDA is expected to reach $835 million before any further commodity upside. This positions us with a robust leverage ratio of 2.8 times net debt to EBITDA, supported by clear earnings visibility extending through 2045.

現在轉到投影片 24。我們目前的淨債務狀況約為 8 億美元，預計在完成 Mark II 剩餘資本支出後將增加至約 23 億美元。到 2028 年，隨著 Mark II 全面投入運營，在商品價格進一步上漲之前，我們預計完全交付的運行率 EBITDA 預計將達到 8.35 億美元。這使得我們的槓桿率達到強勁的水平，即淨債務與 EBITDA 之比為 2.8 倍，並且有持續至 2045 年的清晰盈利前景作為支撐。

Assuming a conservative 5 times net debt-to-EBITDA ratio and leveraging on our secured long-term contracts, the refinancing of our existing debt under optimized terms could potentially unlock over $1.9 billion of equity. This move aims to release additional equity, accelerating our growth initiatives, including the funding of additional FLNG units. Once these units are contracted financing a similar leverage ratio of around 5 times EBITDA becomes viable. This approach allows us to efficiently recycle capital, facilitating sustainable and self-funded (inaudible)

假設淨債務與 EBITDA 比率保守為 5 倍，並利用我們有擔保的長期合同，在優化條款下對我們現有債務進行再融資可能會釋放超過 19 億美元的股權。此舉旨在釋放更多股權，加速我們的成長計劃，包括為更多 FLNG 裝置提供資金。一旦這些單位簽訂了融資合同，類似的槓桿率（約為 EBITDA 的 5 倍）就變得可行。這種方法使我們能夠有效地回收資本，促進永續和自籌資金（聽不清楚）

That concludes my update. I'll now hand the call back to our Chairman, Tor Olav Troim.

我的更新到此結束。現在我將把電話交還給我們的主席 Tor Olav Troim。

Yeah. Hi. I'm not going to bother you for a long time. It's probably 10 years since I've been on one of these calls, but all it was useful to just give a little recap what have happened is 25 years since we took over and also give some credit to the people who have effectively created this company over the last years.

是的。你好。我不會長時間打擾你。我上次參加這樣的電話會議大概已經是 10 年前的事了，但回顧一下我們接手公司 25 年以來發生的事情，同時也對過去幾年裡有效創建這家公司的人們表示感謝，這很有意義。

I think Seatankers took over Osprey as a conglomerate in 1999, 2000. We then turn it into an LNG growth vehicle. We had the ambition that LNG was a high commodity growth and it seems like we were right because at that time, it was around 130 ships. I think today, we have more than 600. Also the number increase dramatically in the period since that time.

我認為 Seatankers 在 1999 年、2000 年以企業集團的形式收購了 Osprey。然後我們將其轉變為液化天然氣成長工具。我們曾雄心勃勃地認為液化天然氣是一種具有高成長潛力的商品，看來我們是對的，因為當時液化天然氣船的數量約為 130 艘。我想今天我們已經有 600 多個了。自那時起，這數字也急劇增加。

So you are correct that we were probably 15 years too early in many ways, and that was part of the problem. In 2001, we decided to go for shipping. We went to a conference have changed the market. We will do commodity shipping with spot storage. People thought we were crazy, but within three, four years, we effectively had a situation where people followed us, I mean, we're effectively 30 people in the same kind of group and the return went on.

所以你說得對，從很多方面來說，我們可能都早了 15 年，而這正是問題的一部分。2001年，我們決定進軍航運業。我們參加的會議已經改變了市場。我們將以現貨倉儲的方式進行商品運送。人們認為我們瘋了，但在三四年內，我們實際上就出現了人們跟隨我們的情況，我的意思是，我們實際上是同一種團體中的 30 個人，而且回歸仍在繼續。

So we said we had to do something else. We then had some good technical experts in the company developed LNG terminals -- carriers into terminals and we met with President Lula in Brazil, and he wanted to be in dependent of Bolivian gas and then suddenly we became an FSRU company. Good return in the beginning. Same thing happened, accelerate BB Livanos, [org] everybody after it, and there was no money there either.

所以我們說我們必須做點別的事。隨後，我們公司有一些優秀的技術專家開發液化天然氣終端——將運輸船改造成終端，我們在巴西會見了盧拉總統，他希望能夠獨立於玻利維亞的天然氣，然後我們突然就成為了一家 FSRU 公司。一開始的回報不錯。同樣的事情發生了，加速 BB Livanos，[org] 每個人都在追趕它，但那裡也沒有錢。

So when we came to 2014, a major transformation was necessary. We had in work on the FLNG concept from 2010. However, there was a big dispute between Mr. Fredriksen and myself, and that led to my departure from Seatankers. We then arranged the buyout of the $1.8 billion stake from Seatankers with good support from institutional holders and went ahead first FLNG order.

因此，當我們進入2014年時，我們必須進行重大的轉型。我們從 2010 年開始研究 FLNG 概念。然而，我和弗雷德里克森先生之間發生了很大爭執，這導致我離開了 Seatankers。隨後，我們在機構股東的大力支持下，安排從 Seatankers 收購價值 18 億美元的股份，並繼續進行首個 FLNG 訂單。

It was a challenging start, but when oil market tipped in 2014 but we got a contract with Perenco on the first vessel. And we also hired Chairman from BP -- from BG, Frank Chapman who was helpful in setting up the second contract, which we then got with Kosmos in but which was later concluded with BP. Then as prices fell in 2014, we also kind of went into the power cycle with Eduardo Antonello and a 25-year power purchase contracts.

這是一個充滿挑戰的開始，但當 2014 年石油市場出現轉機時，我們與 Perenco 簽訂了第一艘船的合約。我們還聘請了來自 BP（來自 BG）的董事長弗蘭克·查普曼 (Frank Chapman)，他對簽訂第二份合同提供了幫助，我們隨後與 Kosmos 簽訂了合同，但後來又與 BP 簽訂了合同。然後，隨著 2014 年價格下跌，我們也與 Eduardo Antonello 簽訂了 25 年的電力購買合同，進入了電力週期。

We were actually pretty widely spread at that time, including the FSRU business, the carrier business, the power business, everything. And we said, if you're going to achieve something in this world, we have to focus. So we then decided to focus, we divested a (inaudible) company. We divested power station when LNG prices came up again because the business was not that good any longer, and we also divested kind of the carriers in (inaudible) when the market was strong (inaudible)

我們當時的業務範圍其實很廣，包括FSRU業務、承運人業務、電力業務等等。我們說，如果你想在這個世界上取得一些成就，我們必須集中精力。因此我們決定集中精力，剝離了一家（聽不清楚）公司。當液化天然氣價格再次上漲時，我們剝離了發電站，因為業務不再那麼好，當市場強勁時，我們也剝離了運輸船。（聽不清楚）

So we were stuck with some LNG assets, and we had already, at that time, with what we now have done in the last year, build the large FLNG company in the world. I'm also proud to say that Perenco are the people who have known us in the LNG business longer, which I consider to be the best oil company in the world when it comes to how they run their business. They're not off from 2012, I think. And I think they've done business with us on the site since 2018. I know they're also a larger shareholder. And they also, as of last week, we have centered on the Board.

因此，我們被一些液化天然氣資產困住了，而當時，憑藉去年所做的努力，我們已經建立了世界上最大的 FLNG 公司。我還很自豪地說，Perenco 是我們在液化天然氣業務領域最了解我們的人，就其經營方式而言，我認為它是世界上最好的石油公司。我認為他們並沒有脫離 2012 年。我認為他們自 2018 年起就在該網站上與我們開展業務。我知道他們也是大股東。而且，截至上週，我們已將焦點集中在董事會上。

So then Karl and the team concluded backlog of $17 billion spanning over 20 years is then the Board is appointed that the latest deal has resulted in a higher share price. Yeah. To some extent, you probably are but it's the same Board who are there today who bravely rejected private equity offers pretty close to where we are today. At the time when the order book in this company was only 25% of what it is today because we knew at that time that we could deliver more value to shareholders over time.

因此，卡爾和團隊得出結論，20 年來積壓的 170 億美元訂單是董事會認定的最新交易導致了股價上漲。是的。從某種程度上來說，你可能是這樣的，但今天的董事會和我們今天所處的位置非常接近，他們勇敢地拒絕了私募股權的報價。當時該公司的訂單量僅為現在的 25%，因為我們當時知道，隨著時間的推移，我們可以為股東帶來更多價值。

That's said, if you want to run the growth company, you need over time and effectively priced equity, it's crucial to continue the growth. And public investors are unwilling to wait two years before the strong cash flow comes in. The Board is convinced that alternative strategy exists for this company. One possibility, which I think well into with it by [Golar's] team is to look at the bond financing structure, which clearly will enhance the equity return in this company.

也就是說，如果你想經營成長型公司，你需要隨著時間的推移和有效定價的股權，這對於持續成長至關重要。而大眾投資者也不願意等待兩年才獲得強勁的現金流。董事會確信該公司存在替代策略。我認為 [Golar] 團隊非常重視的一種可能性是研究債券融資結構，這顯然會提高該公司的股權回報。

Another one is to look at what came in last time. And I think we see some interest rate for it already. The interest private equity having in buying an order backlog of $17 billion. As I said last time, they were close to paying what the share price is today. This time, the order backlog is 4 times bigger. So I assume the number is significantly higher. But this is not what the Board really want. I think the Board wants to continue to build this company.

另一個是查看上次收到的內容。我認為我們已經看到了它的一些利率。私募股權對購買價值 170 億美元的訂單積壓感興趣。正如我上次所說，他們支付的價格接近今天的股價。此次，訂單積壓量是之前的4倍。因此我認為這個數字要高得多。但這並不是董事會真正想要的。我認為董事會希望繼續建造這家公司。

We have confirmation of the Mark II later on this year, which has been told to investors. We also have the possibility of concluding a commitment for vessel 4 and 5 -- within 4 and also maybe 5 within this year, we'll see what -- we're certainly going to build more. We are undoubtedly having the (inaudible) in a business set for massive, massive growth. And I think to put it in cycling terms, we are in a pretty strong breakout. I don't see any competition behind us.

我們已確認將於今年稍後推出 Mark II，並已告知投資者。我們也有可能在今年內完成對第 4 艘和第 5 艘船的承諾——第 4 艘，也許第 5 艘，我們會看看——我們肯定會建造更多。毫無疑問，我們的業務正在（聽不清楚）實現大規模成長。我認為從自行車運動的角度來看，我們正處於相當強勁的突破階段。我沒有看到我們身後有任何競爭對手。

And I think if you look into what happened in the FPSO industry, it grew effectively from 2 units to 250 units in 40 years. I think we will see a very similar track here. And the reason is the same. It's a lower cost economics to build floating units than it is to build this massive structure we build in all days on the (inaudible) LNG terminals, and it provides significant more flexibility given you can move things around. You can also take higher political risk by going to countries you couldn't go to with the fixed installation.

我認為，如果你研究一下 FPSO 產業的發展情況，你會發現它在 40 年內實際上從 2 艘成長到了 250 艘。我認為我們會在這裡看到非常相似的軌跡。原因是一樣的。建造浮動裝置比建造我們在（聽不清楚）液化天然氣終端上整天建造的大型結構具有更低的成本，而且由於你可以移動物體，它提供了更大的靈活性。您也可以前往無法透過固定安裝前往的國家，從而承擔更高的政治風險。

My former Boss, Torstein Hagen told me when I was (inaudible), don't focus only on money, if you bring the right people together and you have a good business ID, money will ultimately come to you a big time. He started and Viking Cruises 25 years ago and today, the company is worth $20 billion. He started from scratch and Torsten probably have a fortunate more than $10 billion. And it was all because we had a good ID and have great people.

我的前老闆 Torstein Hagen 在我（聽不清楚）的時候告訴我，不要只專注於金錢，如果你把合適的人聚集在一起，並且你有一個好的商業 ID，那麼金錢最終會來到你身邊。25 年前，他創立了維京遊輪公司，如今該公司價值 200 億美元。他白手起家，托爾斯滕可能很幸運地擁有超過 100 億美元的財富。這一切都是因為我們擁有良好的身份和優秀的人才。

It's exciting to have an earnings secured of $2.5 million a day for the next 20 years, starting in '27, '28, with what is truly motivating me as a Chairman in this thing -- it's the massive, massive opportunities we have to grow this company, along with some of the best people at least I ever work together with. And I think some of them are extraordinary. If you think, for instance, about the Chief Executive we have in this company. I would say that probably by far -- I think I'm probably work with 40, 50 different people and it's clearly among the top two, three guys I ever worked with as a Chief Executive, fantastic guy.

從 2027、28 年開始，未來 20 年，每天的收益能夠達到 250 萬美元，這令人興奮不已，而作為董事長，我真正受到的激勵是，我們擁有巨大的發展機會，並且至少與我共事過的一些最優秀的人才。我認為其中一些非常出色。例如，如果你想想我們這家公司的執行長。我想說，到目前為止——我想我可能與 40 到 50 個不同的人共事過，他顯然是我作為首席執行官共事過的最好的兩三個人之一，非常棒的人。

I think Maranhao great financial mastermind, not working strongly on the financing. Morten, brilliant CTO continuously putting borders and trying to come up with innovation. We have [Marcos Browne], it was the guy who created the whole Argentinian file to get the (inaudible) and (inaudible) another guy who operates the Hilli also give me you have perfect record. (inaudible) who delivered to BP better and people can do they have processing.

我認為馬拉尼昂州的金融大師並不擅長融資。莫滕 (Morten)，一位才華橫溢的首席技術官，不斷突破界限，努力創新。我們有 [Marcos Browne]，他是創建整個阿根廷文件的人，可以獲得（聽不清楚）和（聽不清楚）另一個操作 Hilli 的人也給我完美的記錄。 （聽不清楚）他更好地向 BP 交付了文件，人們可以進行處理。

We have a fantastic team, as you see on the picture here, which describes the whole Golar team. I think it's unbelievable. And I think this in many ways -- forget the $7 billion in assets. We have the smartest people. We have the same people than (inaudible) company SPM said that we were going after FLNG. It made us slide and cross over it, it will never happen. That's the same unit in seven years, have delivered everyday production according to schedule and not at any downtime.

我們擁有一支出色的團隊，正如您在圖片中看到的，這描述了整個 Golar 團隊。我認為這太難以置信了。我認為從很多方面來說，這都是值得的——忘記那 70 億美元的資產吧。我們擁有最聰明的人才。我們和（聽不清楚）SPM 公司有相同的人員，SPM 公司說我們正在追逐 FLNG。它讓我們滑過它並跨越它，這是永遠不會發生的。七年來，同一個單位每天都按計畫進行生產，從未停工。

I'm super excited by what the Comer, but I'm super excited because of the opportunities and the team we have together. But the reason why the opportunity is so much better now is effective, we have $17 billion in backlog. You have close to $1 billion to finance the growth going further.

我對 Comer 的到來感到非常興奮，但我更興奮的是我們所擁有的機會和我們共同的團隊。但現在機會好得多的原因是有效的，我們有 170 億美元的積壓訂單。您擁有近 10 億美元來資助進一步的成長。

I think when you can find the business, everybody hates the kind of industry these days. But I think the latest statistic for me shows that the electric consumption is well end up with around 4% year-on-year. After that, effectively 11% is for fossil fuel and renewables is down 2.1%. Gas is a major driver with 8%. I think if you are in the gas business, we have a massive growth area ahead of us. And I think we can really do something monumental here. I think we see build assets for 20-year contracts at 5 times, 5 times-plus EBITDA and add on top of that, you have an upside on the equity, which in this case, Argentina, it goes [20%] (inaudible), I think you have created something absolutely unique.

我認為，當你找到這個行業時，現在每個人都討厭這種行業。但我認為最新的統計數據顯示，電力消耗最終將年增 4% 左右。此後，化石燃料實際上下降了 11%，再生能源下降了 2.1%。天然氣是主要推動因素，佔 8%。我認為，如果你從事天然氣業務，我們面前就有一個巨大的成長空間。我認為我們確實可以在這裡做一些具有里程碑意義的事情。我認為，我們看到 20 年期合約的資產建設是 EBITDA 的 5 倍、5 倍以上，在此基礎上，你的股權還有上漲空間，在這個例子中，在阿根廷，它上漲了 [20%]（聽不清楚），我認為你創造了一些絕對獨特的東西。

I don't expect people to see this from day to day. But I think as you go along this story, its ongoing to most of the people. It took us 25 years to get here. I'm sure it will take 25 years for us to have any serious competition in this business. I think when major oil companies, one of the three major oil companies in the world comes to us and say, we can't do this yourself. Are you willing to do it for us? And we said, no, we're going to do it for ourselves. I'm proud of what we have created.

我不希望人們每天都看到這種情況。但我認為，隨著故事的推進，大多數人都會理解這個故事。我們花了25年才到這裡。我確信我們需要 25 年的時間才能在這個行業中遇到真正的競爭對手。我認為，當大型石油公司，世界三大石油公司之一來找我們並說，我們不能自己做這件事。你願意為我們做這件事嗎？我們說，不，我們要自己做。我為我們所創造的一切感到自豪。

So I'll leave the back to Karl, and I said good luck. Look at the situation, don't judge us day by day, but the company we effectively over the last years have built $10 billion, $15 billion in order backlog, atleast given some credit. Thank you.

所以我把後面的工作留給卡爾，祝你好運。看看現在的情況，不要每天評判我們，但我們公司在過去幾年有效地建立了 100 億美元、150 億美元的訂單積壓，至少獲得了一些讚譽。謝謝。

Thank you, Tor. Much appreciated for kind words. I fully echo especially the words around the organization. And it's also nice to know that I can stretch a bit further increase the stake versus the other CEOs that you've previously encountered. So we will keep working hard on our side. Thank you.

謝謝你，托爾。非常感謝您的善意言辭。我完全同意特別是有關該組織的話。我也很高興知道，與你之前遇到的其他 CEO 相比，我可以進一步增加股份。因此我們將繼續努力。謝謝。

So to the final remarks, turning to Slide 32. We now have 20-year-plus charter on each asset. Obviously, Hilli concluding her contract in July next year and then repositioning to Argentina. Give me to just about the startup her 20-year contract for BP offshore Mauritania and Senegal, and Mark II conclude her conversion and sales straight to her 20-year charter in Argentina again.

最後，請翻到第 32 張投影片。我們現在對每項資產都擁有 20 多年的租約。顯然，希利將於明年7月結束合同，然後重新前往阿根廷。讓我來告訴您，她剛剛啟動了為 BP 在毛里塔尼亞和塞內加爾近海的 20 年合同，Mark II 完成了她的改裝並直接出售給了她在阿根廷的 20 年租船合同。

So to highlight, we have more than $17 billion of EBITDA backlog with significant commodity upside as explained.

因此需要強調的是，我們有超過 170 億美元的 EBITDA 積壓訂單，並且正如解釋的那樣，大宗商品具有顯著的上漲空間。

So for the final slide of the prepared remarks, turning to Slide 33 and some of the key milestones and focus that you should expect to see for the rest of the year. Gimi has now concluded her two first LNG cargoes. The third cargo is underway, and COD is expected within Q2.

因此，對於準備好的發言的最後一張幻燈片，請翻到第 33 張幻燈片，其中列出了您應該在今年剩餘時間內看到的一些關鍵里程碑和重點。Gimi 號目前已完成首批兩批液化天然氣貨物的運輸。第三批貨物正在運送途中，預計第二季內到貨。

We've concluded the FID of the 20-year charter with Southern Energy for Hilli with an adjusted EBITDA backlog of $5.7 billion. We fully sold out of the shipping related assets, including Avenir and Golar Arctic and delivered Arctic to her new owners. Some of the remaining actions that you should anticipate is our target for the remainder of the year is to conclude the refinancing on Gimi as Eduardo explained, to conclude the conditions precedent for the 20-year charter for the Mark II, which are the same CPs as we have recently completed for the Hilli.

我們與南方能源公司就 Hilli 的 20 年租約達成最終投資決定，調整後的 EBITDA 積壓訂單為 57 億美元。我們已全部售出航運相關資產，包括 Avenir 和 Golar Arctic，並將 Arctic 交付給新主人。您應該預料到，我們今年剩餘時間的目標是完成 Gimi 的再融資，正如 Eduardo 所解釋的那樣，完成 Mark II 20 年租船合約的先決條件，這些先決條件與我們最近為 Hilli 完成的 CP 相同。

To further target balance sheet optimization on the back of 20-year charters and recycle the capital for attractive FLNG growth units.

進一步在 20 年租約的基礎上優化資產負債表，並將資本回收用於有吸引力的 FLNG 成長單位。

This concludes our prepared remarks for our Q1 call, and I'll now turn the call over to the operator for any questions.

我們對第一季電話會議的準備發言到此結束，現在我將把電話交給接線員以回答任何問題。

(Operator Instructions)

（操作員指示）

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 afternoon. Appreciate the time. Can you touch on the overall commercial strategy for offtake on the Argentina project? Is there a target mix of merchant and contracted volumes that you guys are aiming for?

午安.珍惜時間。您能否談談阿根廷專案的整體商業承購策略？你們所追求的商家和合約量的目標組合是什麼？

Sure. So that work will be led by Southern Energy, where we are obviously a shareholder and will assist. The target is to have basket offtake probably between a basket between Brent, JKM and TTF linked and then some volume left for spot. The interesting part is that there are no LNG exports in this region of the world. And there are some high-paying countries very close to Argentina that could boost earnings further. So the idea is to have a combination, yes.

當然。因此，這項工作將由南方能源公司牽頭，我們顯然是該公司的股東並將提供協助。目標是實現布倫特、JKM 和 TTF 之間的籃子採購量掛鉤，然後留下一些現貨量。有趣的是，該地區沒有液化天然氣出口。還有一些與阿根廷非常接近的高薪國家，可以進一步提高收入。所以這個想法是要結合起來，是的。

All right. Thank you for the color. And I guess a quick one again on the Argentina contracts. Is there any sort of I guess, additional upside on that base charter rate for excess production similar to the Gimi contract?

好的。謝謝你的顏色。我想再次快速討論一下阿根廷的合約。我猜，對於超額生產，基本租船費率是否會有類似 Gimi 合約的額外上漲空間？

No. So they have chartered the full capacity. So the 685 is for the full capacity. Similar to the Gimi, we only guarantee 90% of nameplate and we capture any excess earnings above the 90% through our shareholding in Southern Energy.

不。因此他們租用了全部容量。所以 685 代表滿容量。與 Gimi 類似，我們僅保證 90% 的標稱收益，並透過持有南方能源的股份獲取超過 90% 的任何超額收益。

All righty, thank you. I'll turn it back over.

好的，謝謝。我會把它翻過來。

Thank you.

謝謝。

Sherif Elmaghrabi, BTIG.

Sherif Elmaghrabi，BTIG。

Hey, good afternoon. Thanks for taking my question. Maybe starting with potential future units -- if we're thinking about ordering one by year-end, when do we start thinking about ordering the long lead items for another new build? And if we order one this year, what's the delivery timeline look like?

嘿，下午好。感謝您回答我的問題。也許從潛在的未來單位開始——如果我們考慮在年底前訂購一個，那麼我們什麼時候開始考慮訂購另一個新產品的長週期產品？如果我們今年訂購一輛，交貨時間是怎麼樣的？

For the MARK, I and II, which are both based on conversions, the conversion time is approximately 3 years. For the Mark III because you start from scratch, you need to add another year so approximately 4 years. The reason why we're ramping up the shipyard activity at the moment is to safeguard that three-year construction time and at some point, you should expect to see long leads also being included in such preparations.

對於基於轉換的 MARK I 和 II，轉換時間約為 3 年。對於 Mark III，由於您從頭開始，因此需要再增加一年，因此大約需要 4 年。我們目前加大造船廠活動力度的原因是為了確保三年的建造時間，並且在某些時候，您應該會看到長期準備也包含在此類準備工作中。

Got it. And then for the Southern Energy JV, just a couple of related questions. First, how do we think about the JV breakeven price for the commodity exposure and do you give to your 10% stake, do you have any CapEx obligations for the onshore infrastructure they need to put together?

知道了。然後關於南方能源合資企業，我有幾個相關問題。首先，我們如何看待大宗商品合資企業的損益平衡價格？您是否會給予 10% 的股份？您是否對他們需要組建的陸上基礎設施承擔任何資本支出義務？

So we haven't disclosed the exact breakeven of SESA, but I think it's fair to assume that the downside participation starts at 7.5% and the upside from 8%. So within that region should be a very fair assumption. Keep in mind that both the gas sales agreements and the anticipated pipeline fee will be fixed for the 20-year term. So I don't expect significant changes to that breakeven over time. And yes, Golar is liable for 10% of the required investments by SESA However, it's important to highlight that, that does not include any of the upstream work that's only the infrastructure required to facilitate exports.

因此，我們尚未揭露 SESA 的確切損益平衡點，但我認為可以合理地假設下行參與率從 7.5% 開始，上行參與率從 8% 開始。因此在該地區應該是一個非常公平的假設。請記住，天然氣銷售協議和預期的管道費用在 20 年期限內都是固定的。所以我預計隨著時間的推移，損益平衡點不會發生重大變化。是的，Golar 需要承擔 SESA 所需投資的 10%。然而，需要強調的是，這並不包括任何上游工作，這些只是促進出口所需的基礎設施。

So that's mainly port -- port infrastructure in Boost relatively short pipeline connection of 19 kilometers and the mooring system for the FLNGs where we are applicable for our pro rata share.

因此，這主要是港口——Boost 的港口基礎設施相對較短，管道連接長度為 19 公里，以及我們按比例分配的 FLNG 繫泊系統。

Thanks, Karl. I'll turn it over.

謝謝，卡爾。我把它翻過來。

Chris Robertson, Deutsche Bank.

克里斯·羅伯遜，德意志銀行。

Good morning. Thank you for taking my questions. Guys, obviously, the company just made a major announcement with the FID of the Hilli and entering into a definitive agreement for the Fuji, I think -- to hit on this. But -- just wanted to clarify if the share price kind of stays here at current levels, is the company currently considering strategic alternatives and would that process be made public, if that's the direction the Board chose to go down?

早安.感謝您回答我的問題。夥計們，顯然，該公司剛剛宣布了一項重要消息，即 Hilli 的最終決定，並就 Fuji 達成了最終協議，我想——就是為了實現這一目標。但是——我只是想澄清一下，如果股價保持在當前水平，公司是否正在考慮戰略替代方案，如果董事會選擇這樣做，該過程是否會公開？

This is Karl. I'll kick it off from management and then Tor add if he wants. But in terms of management, we are running the business to the best of our ability and trying to make the best possible decisions. It is our responsibility to also find out where the best bid for the company is. That said, our focus is on running the day-to-day business. And then we're obviously open for any outside investors, but we are not actively facing any such bids in terms of management. Our focus is to run the business. When it comes to any strategic alternatives, that's a board matter and should be commented by the Board to the extent they see that necessary. I don't know, Tor, if you have anything to add.

這是卡爾。我將從管理角度開始，然後如果 Tor 願意的話再添加。但在管理方面，我們正在盡最大努力經營業務，並努力做出最佳決策。我們也有責任找出對公司最好的出價。也就是說，我們的重點是開展日常業務。我們顯然對任何外部投資者都持開放態度，但在管理方面我們並沒有積極面對任何此類競標。我們的重點是經營業務。當涉及任何戰略選擇時，這都是董事會事務，董事會應在他們認為必要的範圍內發表評論。我不知道，Tor，你還有什麼要補充的。

I think we -- the Board has a pretty good idea about what the current value of our backlog is. We also have a current good idea about the future opportunities we have ahead of us. We think there is significant value here. But if the stock market doesn't appreciate that value over time, I think we need to do something. We are here to create value for shareholders. We are not here for running a company. So from that point of view. But I wouldn't judge that based on 1 month trading or 2 months trading. I think we need to see a structure over time. And I think we need to see the end coming in on the contract on March 2, which will then be in the second part of the year.

我認為董事會對我們積壓訂單的當前價值有相當清楚的認知。我們對未來面臨的機會也有一個很好的想法。我們認為這其中蘊含著重大價值。但如果股市隨著時間的推移沒有升值，我認為我們需要採取一些措施。我們在這裡是為了為股東創造價值。我們來這裡不是為了經營一家公司。從這個角度來看。但我不會根據 1 個月或 2 個月的交易情況來判斷。我認為我們需要看到一個隨著時間的推移而形成的結構。我認為我們需要在 3 月 2 日看到合約終止，也就是今年下半年。

And if you don't move the share price in that time, I think the Board needs to come together and discuss what to do. But I think we are shareholder-friendly. We are big shareholders, a lot of the people in the board and meeting tag shareholders. I think you do what is necessary. But I also say that we rejected a bid last time because we test better to run the company. But a process like that normally starts with some incoming letters.

如果在此期間股價沒有變動，我認為董事會需要聚在一起討論該怎麼做。但我認為我們對股東是友善的。我們是大股東，董事會和會議上的許多人都是標籤股東。我認為你做了必要的事。但我也說過，我們上次拒絕了競標，因為我們測試了更好的方法來經營公司。但這樣的過程通常是從一些來信開始的。

You don't go out and sell the company, but I think there is enough interest in the company today from people who see value in backlog. My situation is just that I think the company value here today is not necessarily $70 billion in backlog, if that's nice. It's what we can build with that basis and the people we have and the market position we have. But to answer very clearly, if valuation stays low over time, we will do something.

你不會出去出售公司，但我認為今天有足夠多的人對公司感興趣，他們看到了積壓訂單的價值。我的情況是，我認為今天的公司價值不一定是 700 億美元的積壓訂單，如果這樣就好了。我們可以憑藉現有的基礎、人才和市場地位來建構它。但要非常明確地回答，如果估值隨著時間的推移保持在低位，我們就會採取一些措施。

Thank you for that. I appreciate the comments there. Little bit more mundane question here for my follow-up. Can you guys clarify around any remaining CapEx associated with Gimi that you spent during the first quarter and second quarter here ahead of COD, and do you expect -- going back to a previous question, do you expect any CapEx related to SESA to be deployed this year?

謝謝你。我很感謝那裡的評論。這裡有一些比較平凡的問題需要我後續討論。你們能否澄清一下在第一季和第二季 COD 之前與 Gimi 相關的剩餘資本支出，並且你是否預計 - 回到之前的問題，你是否預計今年會部署與 SESA 相關的任何資本支出？

Eduardo, do you want to cover that one?

愛德華多，你想報道一下這個嗎？

Yes, sure. So when it comes to the remaining CapEx on Gimi, we don't expect any material payments in the second quarter. So I think as alluded to on the call, all revenues that we have received pre-COD they have been accounted for in our balance sheet, and this equates to around just under $200 million. We are nearing COD. And once we start operations, we will start to see contributions in our P&L from revenues on the debt contract.

是的，當然。因此，對於 Gimi 剩餘的資本支出，我們預計第二季不會有任何實質的支付。因此，我認為，正如電話中提到的那樣，我們收到的所有貨到付款前的收入都已計入我們的資產負債表中，這相當於約 2 億美元。我們已經接近 COD 了。一旦我們開始運營，我們將開始看到債務合約收入對我們的損益表的貢獻。

Got it. Thank you.

知道了。謝謝。

Fredrik Dybwad, Fearnley Securities

Fredrik Dybwad，費恩利證券

Thank you so much and thank you for a great earnings call so far. My question revolves around the potential additional units to be ordered in this year or potentially next year. You comment that you consider MARK I, MARK II or potentially also MARK III. So just for me to get a feel or for us to get a feel of the differences of the sizes. Can you get a high-level overview of the prospective suitable fields -- for example, how many contract opportunities does the MARK I have compared to MARK II, I would assume that the MARK I is much more flexible.

非常感謝您，也感謝您迄今為止出色的財報電話會議。我的問題是關於今年或明年可能訂購的額外單位。您評論說您考慮 MARK I、MARK II 或可能還有 MARK III。所以只是為了讓我感受一下或讓我們感受一下尺寸的差異。您能否對未來合適的領域進行高層次的概述——例如，與 MARK II 相比，MARK I 有多少合約機會，我認為 MARK I 更加靈活。

Yes. That's a relevant question. So first and foremost, all three designs are based on a generic design. It's the same liquefaction methodology, which means that we will not tailor-made for one specific field, hence they can all be redeployed at various different opportunities. But to your point, the larger you go, the more gas reserves and gas flow is required to fully utilize the vessel. Hence, Therefore, there are by a number more commercial opportunities for the smaller sizes and then somewhat fewer for the larger.

是的。這是一個相關的問題。因此，首先，這三種設計都是基於通用設計。這是相同的液化方法，這意味著我們不會針對某個特定領域進行量身定制，因此它們都可以在各種不同的機會中重新部署。但正如您所說，船隻越大，需要的氣體儲量和氣體流量就越多，才能充分利用船隻。因此，尺寸較小的企業擁有較多的商業機會，而尺寸較大的企業則擁有較少的商業機會。

However, for some of these larger opportunities. You may also need this level of size to make development economics. So what you should expect to see is that we are right now progressing conversations or negotiations which for all three different designs, and you could see us progressing with more than one ship this year.

然而，對於其中一些較大的機會。您可能還需要這種規模來實現發展經濟。因此，您應該會看到，我們現在正在針對所有三種不同的設計進行對話或談判，並且您可能會看到我們今年在多艘艦艇上取得進展。

I think it's also fair to say that there are several people that we have advanced stages of commercial negotiations with that are now left without a liquefier as the Argentinian contracts took both the Hilli and the MARK II and as such, there's no available FLNG, and those are obviously the counterparts that we are concentrating on from the commercial side right now.

我認為也可以公平地說，我們與幾家公司進行了深入的商業談判，但現在他們沒有液化器，因為阿根廷的合約同時採用了 Hilli 和 MARK II，因此沒有可用的 FLNG，而這些顯然是我們目前從商業方面重點關注的對象。

Thank you. And just one small follow-up on that. You have previously said that you want to just have one unit, call it on speculative order that is one unit without a contract. Do you have the same stance now? Or are you open to potentially ordering two new vessels without the contract as you did on the Fuji.

謝謝。對此我還有一點小小的後續。您之前曾說過，您只想擁有一個單位，稱之為投機訂單，也就是沒有合約的一個單位。您現在也是同樣的立場嗎？或者您願意像訂購富士號那樣，在沒有合約的情況下訂購兩艘新船？

So what we've said is that as long as we have visibility for charter, we will only have one open. The way we see it now, we think it's extremely likely that the Mark II will be fixed in Argentina. There's no coincidence that the definitive agreements on the Mark II was signed simultaneous with the final FID on the Hilli. It's economical for them to utilize both ships in the same area. There are significant operational synergies and further advantages in transporting the gas from the Vaca Muerta site, which benefits from the 2 ships.

因此，我們所說的是，只要我們有包機可見性，我們就會只開放一個。從我們現在的角度來看，我們認為 Mark II 極有可能在阿根廷得到修復。Mark II 的最終協議與 Hilli 的最終 FID 同時簽署並非巧合。對他們來說，在同一地區使用兩艘船是經濟的。這兩艘船為從瓦卡穆埃爾塔 (Vaca Muerta) 站點運輸天然氣提供了顯著的營運協同效應和進一步的優勢。

Hence, in our view, we believe we can proceed with Unit number 4 without adding -- without changing our express strategy of maximum one open ship and even if we plan to or could order up to two vessels this year, we will still commit to our stated strategy of maximum one open ship. That means that one of those ships would effectively be built against contracts. If not both.

因此，我們認為，我們可以繼續建造 4 號機組，而無需增加——無需改變我們最多建造一艘開放式船舶的明確戰略，即使我們計劃或今年可以訂購最多兩艘船舶，我們仍將致力於我們既定的最多建造一艘開放式船舶的戰略。這意味著其中一艘船將有效地按照合約建造。如果不是兩者的話。

Perfect. Thank you so much.

完美的。太感謝了。

Thank you.

謝謝。

Petter Haugen, ABG Sundal Collier.

彼得·豪根，ABG Sundal Collier。

Good afternoon guys. A quick clarification to begin with. In terms of the CPI adjustments, I read it as if it's applicable to both, of course, the base EBITDA and to the upside or to the upside ceiling of $8 per annum. But I also understand it to be applicable for the $7.5 and $6 per MMBtu related to the downside potential. Is that correct?

大家下午好。首先進行快速澄清。就 CPI 調整而言，我認為它同時適用於基本 EBITDA 和上行或每年 8 美元的上行上限。但我也理解它適用於與下行潛力相關的每百萬英熱單位 7.5 美元和 6 美元。對嗎？

I'm glad we have a clear presentation and it -- that's correct.

我很高興我們有一個清晰的演示，而且——這是正確的。

Thank you so much. And if I may, as we have the Chairman on the line here. We've already touched upon this. But is it possible to say something about what the Board would now perceive to be fair valuation of the business asset well, both stands and knowing about the growth opportunities ahead.

太感謝了。如果可以的話，主席正在與我們通話。我們已經討論過這一點。但是，我們是否可以就董事會現在認為的商業資產的公平估值發表一些看法，既要了解未來的成長機會，又要了解未來的成長機會。

I don't think it's I think we have, obviously in Board documents, we kind of go through valuations in the different scenarios, but I don't think it's fair to speculate and the only thing I would say is I think -- and that should go for anybody who can do accounting should be significantly higher than 37%. So -- but I don't think we would like to give any kind of guidance on value other than saying that if the undervaluation we have today persist over time, the board will be forced to find ways to unlock that value.

我不認為我們有，顯然在董事會文件中，我們會在不同情況下進行估值，但我認為推測是不公平的，我唯一想說的是，我認為 - 對於任何可以做會計的人來說都應該遠高於 37％。所以——但我認為我們不想就價值給出任何指導，除了說如果我們今天的低估持續一段時間，董事會將被迫尋找釋放該價值的方法。

That could be -- it could be take all kind of forms. You can I think we have had earlier bids for part of the assets at the kind of good prices. We have -- so it can be selling the company. It can be kind of growing the company with different capital structures but we are not going to sit and see on an undervaluation over time, but we can hit the margin the valuation for a month two or three that we are patient enough to that.

這可能是——它可能採取各種形式。我認為我們之前已經以相當好的價格對部分資產進行了競標。我們有—因此可以出售公司。這可以透過不同的資本結構來實現公司的成長，但我們不會坐視估值隨著時間的推移而低估，而是可以在一兩個月或三個月內達到估值的保證金，我們對此有足夠的耐心。

I think everybody now talks about the two years we have of pain until we effectively get the cash flow turned on -- but I've had 25 year of pay until (inaudible). So another two years doesn't take me that long actually. And I think investors in this case, should see that what we're trying to do is to build significant value over time, we not maximize the value short term.

我想現在每個人都在談論我們要經歷兩年的痛苦，直到我們有效地實現現金流的恢復——但我已經經歷了 25 年的工資，直到（聽不清楚）。所以實際上再過兩年並不需要太長時間。我認為，在這種情況下，投資者應該明白，我們試圖做的是隨著時間的推移創造巨大的價值，而不是在短期內實現價值最大化。

Understood and that's good color. Thank you so much.

明白了，顏色很好。太感謝了。

Michael Webber, Webber Research & Advisory.

麥可‧韋伯 (Michael Webber)，韋伯研究與顧問公司。

Hi, good morning guys. How are you? I just wanted to follow up on SESA specifically the gas that's heading to both the Hilli and another unit. I know the Hilli's teed up to utilize latent capacity from an existing pipeline network and then they're looking to build a dedicated pipe for the other assets. Is that gas already treated and or does there need to be treatment built for either the Hilli or subsequent assets onshore or offshore.

嗨，大家早安。你好嗎？我只是想跟進 SESA 的情況，特別是流向 Hilli 和另一個裝置的天然氣。我知道 Hilli 準備好利用現有管道網路的潛在容量，然後他們正在尋求為其他資產建造專用管道。這些天然氣是否已經處理完畢？是否需要為 Hilli 或後續的陸上或海上資產建設處理設施？

That's all done as part of onshore, but Vaca Muerta gas is extremely lean. So it's almost very, very little treatment needed and the necessary treatment facilities more or less in place existing. So that's not an issue.

這些都是陸上作業的一部分，但瓦卡穆埃爾塔天然氣極度貧乏。因此幾乎不需要治療，必要的治療設施基本上已經到位。所以這不是問題。

So the existing treatment is already in place for the Hilli or for -- is there enough excess treatment capacity to handle additional assets to.

那麼，對於 Hilli 來說，現有的處理方法已經到位了，或者說，是否有足夠的過剩處理能力來處理額外的資產。

The gas specification of the Vaca Muerta. What we're talking about here is producing lean gas. So they will obviously require upstream investment, meaning wells that need to be drilled in Vaca Muerta to increase flow, extremely limited treatment that's required of that gas, and that's part of the attraction to use Vaca Muerta for exports.

Vaca Muerta 的氣體規格。我們這裡談論的是生產貧氣。因此，他們顯然需要上游投資，這意味著需要在瓦卡穆埃爾塔鑽井以增加流量，對天然氣進行極其有限的處理，這是利用瓦卡穆埃爾塔進行出口的部分吸引力。

Okay. So specifically, the -- I'm thinking about the timing of any treatment capacity that needs to be built in conjunction with when those charters would start. So do you see that as a significant risk factor strategy --.

好的。所以具體來說，我正在考慮需要建立的任何處理能力的時間以及這些特許狀的開始時間。那麼您是否認為這是一個重要的風險因素策略--.

The pipeline and any associated infrastructure has a construction period of significantly less than two years. We've already spent together with us more than a year on all the planning. So I think we're very well on track to facilitate that infrastructure.

該管道及相關基礎設施的建設週期遠少於兩年。我們一起已經花了一年多的時間進行所有的規劃。所以我認為我們在促進這項基礎設施建設方面進展順利。

Great, that's helpful, guys. Thanks for the time.

太好了，這很有幫助，夥計們。謝謝你的時間。

Thank you.

謝謝。

[Erik Borthen, Fearnley].

[埃里克·博森，費恩利]。

Hi guys. Congrats on a great quarter. Just quickly on the capital structure. You mentioned that you're engaging with rating agencies to get the rating -- and that you could look at the bond financing, should we expect a rate in some benchmark bonds coming out of you guys soon? And also just to follow up on that, you indicated an asset level financing around 5 times, is that something you can look at the corporate level as well.

嗨，大家好。恭喜本季取得優異成績。簡單介紹一下資本結構。您提到您正在與評級機構合作以獲得評級 - 並且您可以查看債券融資，我們是否應該期待您很快就會公佈一些基準債券的利率？另外，為了跟進這一點，您指出資產水準融資約為 5 倍，您是否也可以從公司層面來考慮這一點。

Eduardo, do you want to start?

愛德華多，你想開始嗎？

Yes, sure. So you are right. So we have started an exercise with rating agencies in rating that exercise has been completed. However any outcome of that rate in the year confidential. We could potentially be looking at transactions at the corporate level or alternatively at an asset level basis as well. So I think we are using that 5x as the guidance which takes as a proxy, the same leaseback financing that we have signed for Gimi which was done just under 6 times. I think we view 5 times, as a leverage ratio as a conservative assumption of what can be done on the back of this 20-year agreement.

是的，當然。所以你是對的。因此，我們已經開始與評級機構合作進行評級，該工作已經完成。然而，今年該利率的任何結果都是保密的。我們可能會從公司層級或資產層級來檢視交易。因此，我認為我們將使用 5 倍作為指導，以代理形式使用我們為 Gimi 簽署的相同回租融資，該融資已完成近 6 次。我認為，我們將 5 倍的槓桿率視為對這項為期 20 年的協議所能取得的成果的保守假設。

Great, thanks.

太好了，謝謝。

This concludes the question-and-answer session. I will now hand back to Mr. Karl Staubo for closing remarks.

問答環節到此結束。現在我將把發言交還給卡爾·斯陶博先生，請他作最後發言。

Thank you all for dialing in and listening to our Q1 presentation. Much appreciated, and we look forward to reconnect during our Q2 presentation. Thanks again, and have a great day.

感謝大家撥打電話收聽我們的第一季示範。非常感謝，我們期待在第二季演示期間再次聯繫。再次感謝，祝您有愉快的一天。

This concludes today's conference call. Thank you all for participating. You may not disconnect your lines. Thank you and have a great day.

今天的電話會議到此結束。感謝大家的參與。您不能斷開您的線路。謝謝您，祝您有愉快的一天。