Golar LNG Ltd (GLNG) 2025 Q2 法說會逐字稿

Welcome to the Golar LNG Limited second quarter 2025 presentation conference call and webcast. After the slide presentation, the CEO, Karl Fredrik Staubo; and CFO, Eduardo Maranhao, there will be a question-and-answer session. (Operator Instructions) I would now like to pass over to Karl Fredrik Staubo. Karl, please go ahead.

歡迎參加 Golar LNG Limited 2025 年第二季示範電話會議和網路廣播。幻燈片演示結束後，執行長 Karl Fredrik Staubo 和財務長 Eduardo Maranhao 將進行問答環節。（操作員指示）現在我想把麥克風交給 Karl Fredrik Staubo。卡爾，請繼續。

Thank you, operator, and welcome to Golar's Q2 2025 earnings results presentation. My name is Karl Fredrik Staubo, I'm the CEO of Golar LNG. And today, I'm accompanied by our CFO, Eduardo Maranhao. Before we get into the presentation, please note the forward-looking statements on slide 2. As normal, we start on slide 3 and an overview of Golar today.

謝謝操作員，歡迎參加 Golar 2025 年第二季財報成果報告。我叫 Karl Fredrik Staubo，是 Golar LNG 的執行長。今天，陪同我一起出席的是我們的財務長 Eduardo Maranhao。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，我們從第 3 張幻燈片開始，概述今天的 Golar。

Golar is a focused FLNG company. We own three units where two is on the water and one under conversion. The key event of the quarter is securing the 20-year charter for the Hilli as well as signing definitive agreements and consequent final investment decision for the Mark II FLNG.

Golar 是一家專注於 FLNG 的公司。我們有三個單位，其中兩個在水上，一個正在改裝。本季度的關鍵事件是獲得 Hilli 的 20 年租約以及簽署最終協議並隨後為 Mark II FLNG 做出最終投資決定。

On the back of securing 20-year charters for our existing fleet, we're increasing focus on adding additional FLNG units as we see strengthening demand for FLNG solutions to monetize stranded, associated and reinjected gas opportunities. During the quarter, we increased our cash position through a $575 million convertible bond issuance, and we now have a cash position of just under $900 million.

在為現有船隊爭取到 20 年租約的基礎上，我們更加重視增加更多的 FLNG 裝置，因為我們看到對 FLNG 解決方案的需求不斷增強，以便將擱淺、伴生和回注天然氣機會貨幣化。本季度，我們透過發行 5.75 億美元的可轉換債券增加了現金頭寸，目前我們的現金頭寸略低於 9 億美元。

With a fully delivered net debt-to-EBITDA ratio of around 3.4 times, $17 billion of EBITDA backlog before commodity upside and 20-year cash flow visibility, we have capacity to fund incremental FLNG growth units from financing proceeds.

由於完全交付的淨債務與 EBITDA 比率約為 3.4 倍，商品上漲前的 EBITDA 積壓訂單為 170 億美元，並且具有 20 年的現金流可見性，我們有能力透過融資收益為增量 FLNG 成長單位提供資金。

Turning to slide 4 and a look at our EBITDA backlog and cash flow visibility. On the back of the Q2 contracting events, our existing fleet is now fully contracted for 20 years. The highlights, as mentioned, was fulfillment of all the CPs and FID of the Hilli as well as the definitive agreements for the Mark II in May as well as FID now on August 6. The Mark II FLNG charter remains subject to regulatory approvals and customary conditions precedent.

翻到幻燈片 4，看看我們的 EBITDA 積壓和現金流可見度。在第二季簽約活動的支持下，我們現有的船隊目前已簽訂了為期 20 年的合約。如上所述，亮點是完成了 Hilli 的所有 CP 和 FID，以及 5 月份的 Mark II 最終協議以及 8 月 6 日的 FID。Mark II FLNG 租賃仍需獲得監管部門的批准和慣例先決條件。

We expect all of these CPs to be met within 2025, and we are progressing according to schedule to meet them. The backlog stands at $17 billion before inflationary adjustments and commodity exposure through the SESA contracts that can together add significant further upside to the backlog.

我們預計所有這些 CP 都將在 2025 年之前實現，並且我們正在按照計劃推進以實現這些 CP。在進行通貨膨脹調整和透過 SESA 合約進行大宗商品交易之前，積壓訂單總額為 170 億美元，這些因素加在一起可以為積壓訂單帶來更大的上行空間。

Turning to slide 5 and an overview of the global FLNG fleet. Golar remains the market leader measured by liquefaction capacity. The global fleet consists of seven units on the water and four units under construction. We expect to see increased newbuilding activity from the existing FLNG owners combined adding up to five units of announced FLNG project plans if they all progress according to schedule.

翻到第 5 張投影片，了解全球 FLNG 船隊的概況。以液化能力衡量，Golar 仍然是市場領導者。全球艦隊由七艘在水潛艦和四艘在建潛艦組成。我們預計，如果所有 FLNG 項目都按計劃進行，現有 FLNG 船東的新建造活動將會增加，總計將有 5 個單位的 FLNG 項目計劃被宣布。

We also see increased interest from gas resource owners increasingly interested in FLNG solutions to monetize gas. This development is a testimony to the attractive costs, proven operational track record and flexibility that FLNGs offer versus traditional land-based liquefaction solutions. Golar remains the only proven provider of FLNG as a service. The other companies as presented on this slide, only monetize gas that they control.

我們也看到天然氣資源所有者對利用 FLNG 解決方案將天然氣貨幣化的興趣日益濃厚。這項發展證明了 FLNG 與傳統陸基液化解決方案相比具有吸引力的成本、成熟的營運記錄和靈活性。Golar 仍然是唯一經過驗證的 FLNG 服務提供者。正如本幻燈片中所展示的，其他公司僅將其控制的天然氣貨幣化。

A contemplated fourth FLNG unit by Golar will, therefore, likely be the only available open FLNG capacity with delivery within this decade. We believe we can drive best value in ordering our next unit before locking in an associated charter. This is similar to the successful strategy executed when ordering the Hilli and later the Mark II FLNG.

因此，Golar 計劃建造的第四個 FLNG 裝置很可能是未來十年內唯一可開放的 FLNG 產能。我們相信，在鎖定相關租約之前，我們可以在訂購下一台設備時實現最佳價值。這與訂購 Hilli 以及後來的 Mark II FLNG 時實施的成功策略類似。

Once we do secure a potential long-term contract for our next unit, we plan on continuing our growth ambitions with the fifth unit. We will remain with our strategy to only have one open FLNG at the time, and we expect to be able to fund all visible growth plans with proceeds from debt financing activities of the existing fleet and the overall balance sheet flexibility. We plan on continuing our growth trajectory as long as we can obtain accretive and solid economic returns to our shareholders.

一旦我們為下一個單位獲得了潛在的長期合同，我們計劃通過第五個單位繼續實現我們的成長目標。我們將繼續堅持我們的策略，即同時只開放一艘 FLNG，並且我們期望能夠利用現有船隊的債務融資活動所得收益和整體資產負債表靈活性為所有可見的增長計劃提供資金。只要我們能夠為股東帶來增值和穩健的經濟回報，我們就會計劃繼續保持成長軌跡。

Turning to slide 7 and quarterly highlights and developments. The second quarter was a very active and very successful quarter for Golar with several key milestones met. As alluded to a few times already, all the CPs and FID for Hilli redeployment charter in Argentina was met. Simultaneously, we signed a definitive agreement for the Mark II and later the FID now on August 6.

轉到幻燈片 7 和季度亮點和發展。對於 Golar 來說，第二季度是一個非常活躍且非常成功的季度，實現了幾個關鍵的里程碑。正如已經多次提到的那樣，希利在阿根廷重新部署章程的所有 CP 和 FID 都已得到滿足。同時，我們在 8 月 6 日簽署了 Mark II 的最終協議，隨後又簽署了 FID。

In June, we issued $575 million of convertible bonds and used around $103 million of the proceeds to buy back 2.5 million shares or just under 2.5% of our company. Eduardo will detail some of the benefits of the CB later in the presentation.

6 月份，我們發行了價值 5.75 億美元的可轉換債券，並用其中約 1.03 億美元的收益回購了 250 萬股股票，占公司股份的 2.5% 以下。Eduardo 將在稍後的演講中詳細介紹 CB 的一些好處。

In July, we issued our annual ESG report containing detailed information about our operations and the benefit to the countries we operate in. It's worth a read for those interested in development that we provide to the countries we operate in. During the quarter, we saw the exit of two of our existing Board members, (inaudible) We would like to thank them for their long-term contribution to Golar's Board.

7 月，我們發布了年度 ESG 報告，其中包含有關我們的營運以及對我們營運所在國家/地區產生的利益的詳細資訊。對於那些對我們為經營所在國家提供的發展服務感興趣的人來說，這本書值得一讀。在本季度，我們看到兩位現任董事會成員離職，（聽不清楚）我們要感謝他們為 Golar 董事會做出的長期貢獻。

We also welcomed three new Board members, Benoit Folkadier, (inaudible) and Stephen Schafer. We're excited to have the addition of these three members and look forward to their contribution to Golar's continued success.

我們也歡迎三位新董事會成員，Benoit Folkadier（聽不清楚）和 Stephen Schafer。我們很高興這三位成員的加入，並期待他們為 Golar 的持續成功做出貢獻。

Consistent with our communicated strategy of adding accretive FLNG growth once the existing fleet has been derisked and committed on long-term charters, we have increased our efforts for our fourth unit. We have signed agreements with our target shipyards to confirm EPC price and delivery schedule for the next unit, and we expect to decide on design, size and shipyard in the coming months.

按照我們傳達的策略，即在現有船隊風險降低並簽訂長期租約後增加 FLNG 的成長，我們加大了對第四艘 FLNG 的投入。我們已經與目標船廠簽署了協議，確認了下一艘船的 EPC 價格和交貨時間表，並預計將在未來幾個月內決定設計、尺寸和船廠。

Turning to slide 8 for an update on Hilli. Again, the key milestone for Hilli during the quarter was the conclusion of our 20-year redeployment charter in Argentina, which adds $5.7 billion in EBITDA backlog before commodity upside. Under her existing contract, Hilli continued her perfect economic uptime and have now delivered 137 cargoes since contract start-up or exported more than 9.5 million tonnes of LNG from Cameroon.

翻到投影片 8 來了解 Hilli 的最新動態。再一次，本季 Hilli 的關鍵里程碑是我們在阿根廷的 20 年重新部署特許權的結束，這在商品上漲之前增加了 57 億美元的 EBITDA 積壓訂單。根據現有合同，Hilli 號繼續保持完美的經濟正常運行時間，自合約啟動以來已交付 137 批貨物，或從喀麥隆出口超過 950 萬噸液化天然氣。

We're in the final phase of entering into a redeployment, upgrade and life extension contract for the shipyard scope in between the units contract in Cameroon and before starting up the 20-year contract in Argentina. We expect this yard contract to be concluded within the third quarter of this year, and the contract is in line with our budgeted redeployment scope.

我們正處於簽訂喀麥隆單位合約和阿根廷 20 年合約開始之前船廠範圍的重新部署、升級和壽命延長合約的最後階段。我們預計該船廠合約將在今年第三季內完成，並且該合約符合我們預算的重新部署範圍。

Turning to slide 9 and Gimi. The key milestone for Gimi during the quarter was reaching commercial operations date in June. This is a massive milestone for Golar and our partners, BP, Cosmos, Petrosen and SMH and concludes a long-awaited project start-up. The unit is now conducting an appraisal period where we will fine-tune the FLNG to maximize liquefaction capacity. We're satisfied with the vessel performance to date, and we're now in the progress of offloading cargo number 8 since starting operations.

翻到投影片 9 和 Gimi。Gimi 本季的關鍵里程碑是 6 月實現商業營運。對於 Golar 及其合作夥伴 BP、Cosmos、Petrosen 和 SMH 來說，這是一個重要的里程碑，並結束了期待已久的專案啟動。該裝置目前正處於評估期，我們將對 FLNG 進行微調，以最大限度地提高液化能力。我們對船舶迄今為止的表現感到滿意，目前我們正在卸載自運營以來的第 8 批貨物。

The contemplated $1.2 billion Chinese sale leaseback refinancing facility has taken longer than approved by our stakeholders. The facility is fully concluded between Golar and our Chinese counterparts. The delays caused are caused by the stakeholders outside of our control. However, with commercial operations date now concluded, we will work to develop alternative refinancing structures and believe that we can obtain facilities with improved terms versus the $1.2 billion Chinese sale leaseback facility.

預計的 12 億美元中國售後回租再融資工具的核准時間比我們的利害關係人批准的時間還要長。該協議由 Golar 和我們的中國同行共同簽署。造成的延誤是由我們無法控制的利害關係人造成的。然而，隨著商業營運日期的結束，我們將努力開發替代的再融資結構，並相信我們可以獲得比 12 億美元中國售後回租融資條件更優惠的融資。

The picture on the bottom left is from the first cargo celebration on the GTA field on May 22, and the event was attended by the Presidents of Mauritania and Senegal as well as the CEOs and senior management of all the stakeholding companies. This marks the first phase of the GTA project, and the partners will now turn attention to the next phases of the project with planned production increases that may involve additional FLNG units.

左下角的照片是5月22日在GTA油田舉行的首次貨運慶祝活動，毛里塔尼亞和塞內加爾總統以及所有股東公司的執行長和高階主管出席了此次活動。這標誌著 GTA 專案的第一階段，合作夥伴現在將把注意力轉向專案的下一階段，計劃提高產量，其中可能涉及額外的 FLNG 裝置。

Turning to slide 10 and the Mark II FLNG. The second quarter, as alluded to, was also an eventful quarter for the Mark II FLNG ordered in September last year. We signed a definitive agreement for a 20-year charter on May 2 to operate alongside Hilli for SESA in Argentina. On August 6, we obtained the final investment decision for the charter. And as explained, we're expecting the remaining CPs to be fulfilled within '25.

翻到幻燈片 10 和 Mark II FLNG。如所提到的，第二季對於去年 9 月訂購的 Mark II FLNG 來說也是一個多事之秋。我們於 5 月 2 日簽署了一份為期 20 年的租約最終協議，與 Hilli 一起在阿根廷為 SESA 運營。8月6日，我們獲得了該憲章的最終投資決定。如所解釋的，我們預計剩餘的 CP 將在 25 年內完成。

The conversion itself is progressing according to schedule, now almost 19% complete. The unit is scheduled to be delivered during Q4 '27 and upon completion, the FLNG will sail to Argentina to charter 20-year operations during 2028.

轉換工作本身正在按計劃進行，目前已完成近 19%。該裝置計劃於 2027 年第四季度交付，竣工後，該 FLNG 將於 2028 年航行至阿根廷，租賃期為 20 年。

As you can see from the pictures, the donor vessel, the LNG carrier Fuji has now been cut in half and skidded onto land. The picture to the bottom right is from the fabrication of the sponsons that will be added to the width of the vessel.

從圖片中可以看到，捐贈船液化天然氣運輸船「富士號」現在已被切成兩半並滑行到陸地上。右下角的圖片是製造將增加船舶寬度的浮筒時的照片。

We have funded approximately $800 million of the $2.2 billion conversion budget fully with equity to date. On the back of securing a long-term charter, we're progressing financing initiatives for the unit and expect to add asset level debt within 2026. The proceeds from such financing will be used to fully financial delivery and an equity component into Golar's next FLNG. As part of the yard contract, we also hold an option for a second mark 2 FLNG with an estimated construction time of about 38 months from ordering.

到目前為止，我們已透過股權方式為 22 億美元的轉換預算提供了約 8 億美元的資金。在獲得長期租約的基礎上，我們正​​在推進該單位的融資計劃，並預計在 2026 年之前增加資產水平債務。此次融資所得將用於 Golar 的下一個 FLNG 的全額融資交付和股權部分。作為船廠合約的一部分，我們還擁有第二艘 Mark 2 FLNG 的選擇權，預計建造時間從訂購之日起約為 38 個月。

Turning to slide 11, where we provide an overview of the key commercial terms of our existing FLNG contracts and some of the risk mitigations and embedded upside in the contract. Golar does not control where attractive gas reserves are located in the world, but we can structure our contracts to mitigate risks and maximize return for our stakeholders.

翻到第 11 張投影片，我們概述了現有 FLNG 合約的主要商業條款以及合約中的一些風險緩解措施和內在優勢。Golar 無法控制世界上哪些地方有有吸引力的天然氣儲量，但我們可以建立合約以降低風險並為我們的利害關係人實現回報最大化。

Some of the means to do so is highlighted on this slide. All of our FLNG contracts are on English law paid in US dollars and paid offshore. We work with strong charter counterparties that effectively create a buffer between us and the host governments in the geographies where we operate.

本投影片重點介紹了實現這一目標的一些方法。我們所有的 FLNG 合約均依據英國法律，以美元支付並在海外支付。我們與實力雄厚的租船交易對手合作，有效地在我們和我們經營所在地的東道國政府之間建立緩衝。

In the case of Hilli in Cameroon, that buffer is Perenco. For Gimi offshore Mauritania and Senegal, it's BP and for our Argentina contracts, it's SESA, which is a consortium comprising Pan American Energy, YPF, (inaudible) Harbor Energy and Golar LNG.

就喀麥隆 Hilli 的情況而言，緩衝就是 Perenco。對於毛里塔尼亞和塞內加爾海上的 Gimi，我們的合作夥伴是 BP；對於我們的阿根廷合同，我們的合作夥伴是 SESA，這是一個由泛美能源、YPF、（聽不清）Harbor Energy 和 Golar LNG 組成的財團。

Some of our contracts have meaningful upside through commodity links. For the case of Hilli and Cameroon, Golar earns $3.1 million in excess cash earnings for every dollar, Brent is above $60. We also make $3.7 million of annual free cash flow for every incremental dollar per MMBtu of the TTF gas price with no selling.

我們的一些合約透過商品掛鉤具有有意義的上漲空間。以希利和喀麥隆為例，戈拉爾每生產一美元，就能賺取 310 萬美元的超額現金收益，布蘭特原油則超過 60 美元。而且，在沒有出售的情況下，TTF 天然氣價格每增加 1 美元/MMBtu，我們每年還能獲得 370 萬美元的自由現金流。

In the case of Gimi, we do not have a commodity-linked upside, but we have a utilization linked upside if we achieve commercial utilization north of 90% of nameplate. In the case of the SESA contracts for Hilli, Mark II and our ownership in Southern Energy, we make approximately $100 million in excess annual earnings for every dollar offtake is above $8 per MMBtu.

就 Gimi 而言，我們沒有與商品掛鉤的上行空間，但如果我們的商業利用率達到額定值的 90% 以上，我們就有與利用率掛鉤的上行空間。就 Hilli、Mark II 和我們在 Southern Energy 的所有權的 SESA 合約而言，每超過 8 美元/百萬英熱單位的承購價，我們每年就能獲得約 1 億美元的超額收益。

The total downside is around $28 million. So we have a $28 million downside of less than $7.5 per [for b] and we have $100 million upside. So it's a highly skewed risk reward and one that we think could provide significant excess value to Golar.

總虧損約 2,800 萬美元。因此，我們的下行空間為 2800 萬美元，低於每股 7.5 美元（對於 b），而上行空間為 1 億美元。因此，這是一種高度傾斜的風險回報，我們認為它可以為 Golar 提供顯著的超額價值。

Turning to slide 12 and the progress made on our FLNG growth units. We have three key vessel designs, and we differentiate them by Mark I, II and III. The difference is effectively the liquefaction capacity, so you could categorize them as small, medium and large. Mark I can produce up to 2.7 million tonnes per annum, Mark II 3.5 million tonnes and Mark III 5.4 million tonnes. Both Mark I and II would be vessel conversions and Mark III would be a new build.

翻到第 12 張投影片，我們 FLNG 成長單位的進展。我們有三種主要的船舶設計，並透過 Mark I、II 和 III 來區分它們。差異實際上在於液化能力，因此你可以將它們分為小型、中型和大型。Mark I 每年可生產高達 270 萬噸，Mark II 每年可生產 350 萬噸，Mark III 每年可生產 540 萬噸。Mark I 和 Mark II 都是船舶改裝的，而 Mark III 則是新建的。

Given the slightly different approach to construction, we would also select shipyards accordingly. Both Hilli and Gimi is built at Seatrium, Shipyard in Singapore, and if we are to proceed with the Mark I, that's the likely shipyard selection.

鑑於建造方法略有不同，我們也會相應地選擇造船廠。Hilli 和 Gimi 均在新加坡 Seatrium 造船廠建造，如果我們要繼續進行 Mark I 建造，那麼這很可能是我們的造船廠選擇。

We are currently working with Seatrium to confirm an updated EPC price and delivery schedule. The Mark II FLNG is currently under construction at CMC Raffles. And as I already explained, we hold an option to do a second unit at CMC Raffles, and we already know the design and the price as we have just ordered this unit.

我們目前正在與 Seatrium 合作，確認更新的 EPC 價格和交貨時間表。Mark II FLNG 目前正在 CMC Raffles 建造。正如我已經解釋過的，我們選擇在 CMC Raffles 製造第二套設備，而且我們已經知道設計和價格，因為我們剛剛訂購了這套設備。

For the Mark III, we see a slightly longer conversion time. We see around 38 months for the first two and 48 for the Mark III, given that you start from scratch and not with the conversion vessel. We've also signed agreements with Samsung Heavy Industries to develop updated pricing and delivery schedule if we are to order such a vessel within this year.

對於 Mark III，我們看到轉換時間稍長。考慮到您是從零開始，而不是使用轉換容器，我們預計前兩個專案需要大約 38 個月，而 Mark III 需要 48 個月。如果我們在今年內訂購這樣的船舶，我們也與三星重工簽署了協議，制定更新的價格和交貨時間表。

As explained earlier in the presentation, we expect to get the final price and delivery schedule in the coming months and thereafter make design decision for where we will continue with our fourth unit. We do see increasing long lead times for critical components and we, therefore, plan on securing slot reservations within Q3 2025.

正如簡報中前面所解釋的那樣，我們預計將在未來幾個月內獲得最終價格和交貨時間表，然後做出第四個單位將繼續在哪裡的設計決策。我們確實看到關鍵零件的交貨時間越來越長，因此我們計劃在 2025 年第三季內確保預留槽位。

During the quarter, we have also completed inspections for potential donor vessels should we continue with the Mark I and Mark II FLNG conversion. If we do secure charter of a contemplated fourth unit, we expect to rapidly thereafter order a fifth unit, which is why we are progressing yard discussions with all three yards at the moment.

在本季度，我們也完成了對潛在捐贈船隻的檢查，以便我們繼續進行 Mark I 和 Mark II FLNG 改裝。如果我們確實獲得了預期的第四艘船的租賃權，我們預計隨後會迅速訂購第五艘船，這就是我們目前正在與所有三家船廠進行船廠討論的原因。

Turning to slide 13 and highlighting some of the cost benefits of FLNG versus land-based solutions. As you can see from the far left, there is plenty of proven gas reserves in the world that are currently not being produced. It's not being produced, and it's proven, you tend to get them cheap.

翻到第 13 張投影片，重點介紹 FLNG 相對於陸基解決方案的一些成本效益。從最左邊可以看出，世界上有大量已探明的天然氣儲量，但目前尚未開採。它沒有被生產，而且已經證明，你往往會以低價買到它們。

The second graph is the cost of liquefaction. As we are building a generic standardized design in the Far East, we're able to obtain a far better CapEx per tonne compared to land-based solutions, mainly built in the Middle East and in the US. We still expect new FLNG orders to have a CapEx of around $600 per ton fully delivered versus approximately double that price for greenfield developments in the US.

第二張圖是液化成本。由於我們在遠東地區建造了通用的標準化設計，與主要在中東和美國建造的陸基解決方案相比，我們能夠獲得更好的每噸資本支出。我們仍然預計新的 FLNG 訂單的資本支出將達到每噸 600 美元左右（完全交付），而美國綠地開發項目的價格約為該價格的兩倍。

The last cost component of gas production is the shipping distance to end users from where the gas is produced to where it will be consumed. Subject to which field we are discussing, we see significant shipping advantages -- shipping distance advantages versus the key global exporter being the US.

天然氣生產的最後一個成本組成部分是從天然氣生產地點到最終用戶的運輸距離。無論我們討論的是哪個領域，我們都看到了顯著的航運優勢——相對於美國這個全球主要出口國而言，航運距離優勢。

Hence, if you have a business with three cost drivers: the cost of gas, the cost of liquefaction and the shipping distance and you're cheaper on all three, we believe you have a good and sustainable business over time.

因此，如果您的業務有三個成本驅動因素：天然氣成本、液化成本和運輸距離，並且這三個成本都比較便宜，那麼我們相信您的業務從長遠來看會很好，而且可持續發展。

Turning to slide 14 and elaborating on this point. When we enter this year, the global LNG production was around 430 million tonnes, where around 23% or 100 million tonnes is supplied by the US. Global LNG supply is set to grow by around 40% between now and 2030. However, the absolute majority of that volume is expected to come out of US, increasing its global market share from 23% to 37% of the global markets.

翻到第 14 張投影片並詳細闡述這一點。今年以來，全球液化天然氣產量約為4.3億噸，其中約23%即1億噸由美國供應。從現在到2030年，全球液化天然氣供應量預計將增加40%左右。然而，預計該產量的絕大部分將來自美國，其全球市佔率將從 23% 增加到 37%。

This is interesting because the US is already the marginal producer of LNG globally. Hence, if you more than double the volume, you increase domestic demand for natural gas on the back of Trump's policies on America First and increase data center build-out in the US, we see upward pressure on Henry Hub.

這很有趣，因為美國已經是全球液化天然氣的邊際生產國。因此，如果天然氣產量增加一倍以上，在川普「美國優先」政策的支持下增加國內天然氣需求，並增加美國的資料中心建設，我們將看到亨利港面臨上行壓力。

Cost inflation of land-based liquefaction plants are suggesting increased tolling fees and shipping distances are obviously unchanged. However, if two of the three cost drivers of the incremental producer of LNG globally see upward pressure, we see that as a strong support to international LNG prices. And if you then can obtain cheaper source gas, cheaper liquefaction and shorter shipping distance, we believe we have significant upside potential in our commodity exposure in our Southern energy contracts.

陸基液化工廠成本的上漲意味著通行費的增加和運輸距離的明顯不變。然而，如果全球液化天然氣增量生產商的三個成本驅動因素中有兩個面臨上行壓力，我們認為這將對國際液化天然氣價格形成強有力的支撐。如果您能夠獲得更便宜的源氣、更便宜的液化氣和更短的運輸距離，我們相信我們在南方能源合約中的商品敞口具有巨大的上行潛力。

Turning to page 15 and a slide first introduced by our Chairman on our Q1 call. How big is the FLNG opportunity? Well, the first ever FLNG to be delivered was Golar's Hilli delivered in 2018. The industry was skeptic to introduce complex liquefaction technology in a maritime environment.

翻到第 15 頁，這是董事長在第一季電話會議上首次介紹的投影片。FLNG 的機會有多大？嗯，第一艘交付的 FLNG 是 Golar 的 Hilli，於 2018 年交付。業界對於在海上環境中引入複雜的液化技術持懷疑態度。

Since that time, we now have seven vessels on the water, four newbuildings under construction and at least another five vessels planned by the same group of existing owners. We believe this trajectory is similar to what we saw happen in the FPSO industry in the 1980s. The first FPSO globally was delivered in '85. We believe we're now in sort of the early '90s compared to the FPSO industry. And the FPSO industry now stands at more than 250 units.

自那時起，我們現在有七艘船在水上，四艘新船正在建造中，並且同一組現有船東計劃建造至少另外五艘船。我們相信這一軌跡與 20 世紀 80 年代 FPSO 產業的發展軌跡類似。全球第一艘 FPSO 於 1985 年交付。我們認為，與 FPSO 產業相比，我們現在正處於 90 年代初期。目前，FPSO 產業已擁有超過 250 艘 FPSO。

Basically, the cost competitiveness, flexibility and time of construction is what is increasingly driving recognition of FLNG technology and build out of what we think is an industry and strong growth. This is why we feel very comfortable with continuing to add units and we'll continue to do so for as long as we are the only service provider and can secure economics similar to those secured on our existing contracts. I'll now hand the call over to Eduardo to take us through the group results and key developments on the financial highlights during the quarter.

基本上，成本競爭力、靈活性和建造時間是推動FLNG技術獲得認可的因素，我們認為這將推動FLNG產業強勁成長。這就是為什麼我們非常樂意繼續增加單位，只要我們是唯一的服務提供者，並且能夠確保與現有合約類似的經濟效益，我們就會繼續這樣做。現在我將把電話交給愛德華多，讓他向我們介紹本季的集團業績和財務亮點的主要發展。

Thank you, Karl, and good morning, everyone. I'm pleased to provide an overview of Golar's financial performance for the second quarter of 2025. Moving to slide 17. Let's review some of the key financial highlights of this quarter. We achieved total operating revenues of $75 million, with FLNG tariffs reaching $82 million in the quarter, a significant increase from the previous quarter as a result of Gimi COD which took place on June 12.

謝謝你，卡爾，大家早安。我很高興概述 Golar 2025 年第二季的財務表現。移至投影片 17。讓我們回顧一下本季度的一些主要財務亮點。我們實現了總營業收入 7,500 萬美元，本季 FLNG 關稅達到 8,200 萬美元，由於 6 月 12 日發生的 Gimi COD，較上一季大幅成長。

Going forward, we will always refer to FLNG tariffs to illustrate the total revenues generated from FLNG's Hilli and Gimi, including realized gains from TTF and Brent-linked fees as well as all revenues under the Gimi contract. Total EBITDA reached $49 million in Q2, positively impacted by Gimi COD. Total EBITDA for the last 12 months ended in Q2 stood at $208 million. This quarter, we reported a net income of $31 million. This figure is inclusive of certain noncash items such as adjustments in the value of embedded TTF and Brent's derivatives within the Hilli contract as well as changes in interest rate swaps but also a $30 million gain recognized on day 1 after the start-up of Gimi's contracts.

展望未來，我們將始終參考 FLNG 關稅來說明 FLNG 的 Hilli 和 Gimi 產生的總收入，包括 TTF 和布倫特相關費用實現的收益以及 Gimi 合約下的所有收入。受 Gimi COD 的正面影響，第二季總 EBITDA 達到 4,900 萬美元。截至第二季的過去 12 個月的總 EBITDA 為 2.08 億美元。本季度，我們報告的淨收入為 3,100 萬美元。該數字包括某些非現金項目，例如 Hilli 合約中嵌入的 TTF 和 Brent 衍生品的價值調整以及利率互換的變化，但也包括 Gimi 合約啟動後第一天確認的 3000 萬美元收益。

Within the Gimi contract as a sales type lease, and now that we have reached COD, we derecognized the capitalized amount under assets under development in our balance sheet to a net investment as a sales Please refer to the appendix of this presentation for a detailed walk-through of the accounting treatment of the Gimi contract.

在 Gimi 合約中，作為銷售類型租賃，現在我們已經達到 COD，我們將資產負債表中開發中資產下的資本化金額取消確認為銷售額的淨投資。請參閱本簡報的附錄，以了解有關 Gimi 合約會計處理的詳細說明。

In June, we raised $575 million of convertible bonds and repurchased 2.5 million shares for a total consideration of just under $103 million. Following that, our liquidity position has been significantly strengthened with just under $900 million of cash on hand at the quarter end. I will talk more about this transaction in the next slide. Further to that, our net debt position at the end of the quarter stood at just under $1.2 billion. Lastly, we're pleased to declare a dividend of $0.25 per share this quarter with a record date of August 26 and payment scheduled for are around September 4.

6 月份，我們發行了價值 5.75 億美元的可轉換債券，回購了 250 萬股股票，總對價略低於 1.03 億美元。此後，我們的流動性狀況得到了顯著加強，季度末手頭現金略低於 9 億美元。我將在下一張幻燈片中詳細討論此交易。此外，本季末我們的淨債務狀況略低於 12 億美元。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 8 月 26 日，預計支付時間為 9 月 4 日左右。

Now moving to slide 18. Here, we can see the breakdown of our Q2 EBITDA and the contributions coming from Hilli and Gimi, resulting in total FLNG tariffs for the quarter of $82 million. Hilli revenues are split between base, Brent and TTF-linked fees, as you can see on the slide, while Gimi revenues going forward will be recognized between a capital element as well as an operating element, as you can see on the graph below.

現在翻到第 18 張投影片。在這裡，我們可以看到我們第二季 EBITDA 的細目以及來自 Hilli 和 Gimi 的貢獻，導致本季的 FLNG 總關稅為 8,200 萬美元。Hilli 的收入分為基礎費用、布倫特費用和 TTF 關聯費用，如幻燈片所示，而 Gimi 的收入將分為資本部分和營運部分，如下圖所示。

Total EBITDA from FLNG operations alone was $57 million after certain project development expenses associated with our growth projects, as Karl explained before. When we consider our corporate costs and other overhead expenses, our total reported EBITDA in the quarter ended at $49 million.

正如卡爾之前所解釋的那樣，扣除與我們的成長項目相關的某些項目開發費用後，僅 FLNG 業務的 EBITDA 總額就達到了 5700 萬美元。當我們考慮公司成本和其他管理費用時，我們本季報告的 EBITDA 總額為 4,900 萬美元。

Now moving to slide 19. In June, we raised $575 million of convertible bonds. As part of this transaction, we also bought back 2.5 million shares for just under $103 million at an average share price of $41.09 per share. The notes were priced with a fixed coupon of 2.75% and a 40% premium.

現在翻到第 19 張投影片。6月份，我們籌集了5.75億美元的可轉換債券。作為這筆交易的一部分，我們還以每股平均 41.09 美元的價格回購了 250 萬股，總價值略低於 1.03 億美元。該票據的定價為固定票面利率 2.75%，溢價 40%。

One important point to note is the effect of the buyback. When considering them, the notes are net dilutive to our share count prior to the notes offering only when our share price exceeds $76.7 at maturity in December 2030 before adjusting any dividends paid in the period. This represents a premium of close to 87% above the reference price of $41.90. After the share repurchase, we received total net proceeds of approximately $464 million giving us extra flexibility to fund our growth developments with a fourth or fifth unit, as explained by Karl.

需要注意的一點是回購的效果。考慮到這些因素，只有當我們的股價在 2030 年 12 月到期時超過 76.7 美元（未調整該期間支付的任何股息）時，這些票據才會對我們在票據發行前的股份數量產生淨稀釋。這比41.90美元的參考價溢價近87%。正如Karl所解釋的那樣，股票回購後，我們共獲得約4.64億美元的淨收益，這讓我們擁有更大的靈活性，可以透過第四或第五個單位來資助我們的成長發展。

Turning now to slide 20. Looking back during the first 4.5 years, we can see our historical record of shareholder returns. I wanted to highlight a few points. We did a total of $787 million of dividends, share and asset buybacks over this period versus an operating cash flow after debt service of around $500 million in the same period.

現在翻到第 20 張投影片。回顧最初的四年半，我們可以看到股東回報的歷史記錄。我想強調幾點。在此期間，我們共計派發了 7.87 億美元的股利、股票和資產回購，而同期償還債務後的經營現金流約為 5 億美元。

During that time, we bought back over 9.3 million shares at an average price of under $25, bringing the total share count to 102.3 million shares at the end of Q2. We have also spent over $560 million in dividends, asset and asset buybacks during the same period.

在此期間，我們以平均低於 25 美元的價格回購了超過 930 萬股，使第二季末的總股數達到 1.023 億股。同期，我們也花費了超過 5.6 億美元用於股利、資產和資產回購。

Going forward, we plan to use our liquidity release from debt financing proceeds to be allocated to fund accretive FLNG growth while using our free cash flow generation to significantly increase our shareholder returns. So let's take a closer look at that on slide 21.

展望未來，我們計劃利用債務融資收益釋放的流動性來資助增值型 FLNG 成長，同時利用我們的自由現金流來大幅提高股東回報。讓我們仔細看看第 21 張投影片。

When looking at the time when our three vessels are fully delivered and in operation, we expect our fully contracted EBITDA to grow by more than 4 times our current last 12 months' figure. This huge increase is even before further commodity upside coming from Hilli, Mark II and our stake in SESA. As you can see on the slide, in 2028, when Mark II comes online, our contracted free cash flow generation could be in excess of $600 million or approximately $6 per share before further commodity upside.

當我們的三艘船舶全部交付並投入營運時，我們預計我們的全部合約 EBITDA 將比過去 12 個月的數字增長 4 倍以上。這一大幅增長甚至還沒有考慮到 Hilli、Mark II 和我們在 SESA 的股份帶來的進一步大宗商品上漲。正如您在幻燈片上看到的，2028 年，當 Mark II 上線時，在商品價格進一步上漲之前，我們合約規定的自由現金流產生可能會超過 6 億美元，或每股約 6 美元。

Further free cash flow generation under the sales of charters can be estimated at approximately $100 million per year or $1 per share for every dollar per million BTU increase in LNG FOB prices above $8. On a fully delivered basis, our estimated net debt at that point in time would be at 3.4 times to adjusted EBITDA, all fully backed by long-term 20-year charters. This will provide us with ample financing capacity to support even more additional FLNG growth units.

租船銷售產生的進一步自由現金流估計約為每年 1 億美元，或當液化天然氣離岸價超過 8 美元時，每增加 1 美元/百萬英熱單位，每股自由現金流就會增加 1 美元。在完全交付的基礎上，我們當時估計的淨債務將是調整後 EBITDA 的 3.4 倍，全部由 20 年期長期租船合約全額支持。這將為我們提供充足的融資能力，以支援更多額外的FLNG成長單位。

Now moving to slide 22 and as explained by Karl before, following the confirmation of our contracts in Argentina with the FIDs of Hilli and Mark II, we can now see the full breakdown of our total firm EBITDA backlog of more than $17 billion over the next 20 years. One point to highlight is that this number is still before further commodity upside and further inflation adjustments that will happen over time.

現在轉到幻燈片 22，正如 Karl 之前所解釋的那樣，在我們與阿根廷的 Hilli 和 Mark II 的 FID 合約得到確認後，我們現在可以看到未來 20 年內我們公司超過 170 億美元的 EBITDA 積壓的全部明細。需要強調的一點是，這個數字仍是在大宗商品進一步上漲和通膨進一步調整之前得出的。

Moving to the next slide. We can see how changes to LNG price could positively affect our contract with SESA. We have a limited downside with a very significant upside. For example, assuming FOB LNG prices of $10 per million BTU, our estimated EBITDA could be in excess of $1 billion per year, as you can see on the graph. This number could even grow further.

移至下一張投影片。我們可以看到液化天然氣價格的變化如何對我們與 SESA 的合約產生積極影響。我們的下行空間有限，而上行空間非常顯著。例如，假設離岸價液化天然氣價格為每百萬英熱單位 10 美元，我們估計的 EBITDA 可能超過每年 10 億美元，正如您在圖表中所看到的那樣。這個數字甚至可能進一步成長。

So for example, $15 per million BTU, this number would grow to $1.5 billion of annual EBITDA. Just to illustrate the potential scenario. And as a reference, if all of our units were in operation in 2022 and assuming average LNG prices during that time, we would be earning close to $3.5 billion on that particular year. This really shows the scale and significant upside potential of the embedded kickers in these countries. That now concludes my update.

例如，每百萬 BTU 15 美元，這個數字將成長到每年 15 億美元的 EBITDA。只是為了說明潛在的情況。作為參考，如果我們所有的裝置在 2022 年都投入運營，並假設當時的液化天然氣平均價格為正，那麼我們當年的盈利將接近 35 億美元。這確實顯示了這些國家內嵌的激勵因素的規模和巨大的上行潛力。我的更新到此結束。

I'll hand the call back over to Karl.

我會把電話轉回給卡爾。

Thank you, Eduardo. Moving to the final section of the prepared remarks and the summary. On slide 25, we show our key 25 milestones and the focus for the remainder of the year. This year, we have obtained the Gimi commercial operations state, and we're now offloading cargo number 8. We've achieved FID and conclusion of all conditions precedent for the 20-year charter of Southern Energy for the Hilli following her existing contract in Cameroon.

謝謝你，愛德華多。轉到準備好的發言和總結的最後一部分。在第 25 張投影片上，我們展示了我們的 25 個關鍵里程碑以及今年剩餘時間的重點。今年，我們獲得了吉米商業營運權，目前正在卸載第8批貨物。我們已取得最終投資決定，並滿足南方能源公司為 Hilli 號簽訂的 20 年租船合約的所有先決條件，該租船合約是根據 Hilli 號在喀麥隆的現有合約簽訂的。

We've also obtained a 20-year charter and the FID for the Mark II FLNG. As Eduardo has explained in detail, we issued $575 million of convertible bonds and repurchased 2.3% of our company. And we have sold the remaining non-core assets, including our shareholding in Averna Shipping and our last LNG carrier, the Golar Arctic.

我們還獲得了 Mark II FLNG 的 20 年租約和最終投資決定。正如愛德華多詳細解釋的那樣，我們發行了 5.75 億美元的可轉換債券，並回購了該公司 2.3% 的股份。我們還出售了剩餘的非核心資產，包括我們在 Averna Shipping 的股份和我們最後一艘液化天然氣運輸船 Golar Arctic。

For the remainder of the year, we plan on optimizing our FLNG financing on the back of the 20-year charters, conclude the regulatory conditions precedent on the 20-year contract for the Mark II and add further FLNG growth units as explained in detail.

在今年剩餘時間裡，我們計劃在 20 年租約的基礎上優化我們的 FLNG 融資，完成 Mark II 20 年合約的監管先決條件，並增加更多 FLNG 成長單位，詳細說明如下。

Turning to slide 26 to summarize some of the key developments following a very strong quarter. This quarter, we've added $13.7 billion of EBITDA backlog, now giving our total backlog at around $17 billion. Our adjusted -- fully delivered adjusted EBITDA is set to grow 4 times versus the last 12 months EBITDA before commodity outside.

翻到第 26 張投影片，總結了本季表現非常強勁之後的一些關鍵發展。本季度，我們的 EBITDA 積壓訂單增加了 137 億美元，目前我們的總積壓訂單約為 170 億美元。我們的調整後－完全交付的調整後 EBITDA 將比過去 12 個月商品外銷前的 EBITDA 增加 4 倍。

This provides a pathway to increase our dividend distributions to shareholders by more than -- or significantly more than 4 times as fully delivered adjusted EBITDA is far greater than the debt service increase. Our balance sheet with a fully delivered net debt-to-EBITDA standing at 3.4 times, provides capacity to fund additional FLNG growth while maintaining an attractive and increasing free cash flow to equity. Our focus is now on ordering an accretive fourth FLNG unit, and that's what we will turn our attention to.

這為我們向股東分配的股息增加 4 倍以上（或顯著超過 4 倍）提供了途徑，因為完全實現的調整後 EBITDA 遠高於債務償還額的增加。我們的資產負債表顯示，淨債務與 EBITDA 比率為 3.4 倍，有能力為額外的 FLNG 成長提供資金，同時保持具有吸引力且不斷增加的股權自由現金流。我們現在的重點是訂購第四個 FLNG 裝置，這也是我們將關注的重點。

That concludes the prepared remarks, and we will like to turn the call over to the operator for any questions.

準備好的發言到此結束，如有任何問題，我們將把電話轉給接線生。

(Operator Instructions)

（操作員指示）

Chris Robertson, Deutsche Bank.

克里斯·羅伯遜，德意志銀行。

Thank you, operator. Good morning, everybody. Thank you for taking my question. Karl, I just wanted to touch base on the new Board members that you mentioned the three. Just what types of skills or networks and connections that they bring to the table for Golar and if they are driving any commercial discussions?

謝謝您，接線生。大家早安。感謝您回答我的問題。卡爾，我只是想了解你提到的三位新董事會成員。他們究竟為 Golar 帶來了哪些技能、人脈和連結？他們是否正在推動任何商業談判？

Yeah. Hi, Chris, sure. So -- [June] is effectively a replacement of Girgina Susa and is our Bermuda representative. She comes with a strong accounting background and knows the company well. Then (inaudible) departed and to some extent, can be seen as replaced by Stephen Schafer. Stephen is the Chairman of Talen Energy in the US. He's got extensive financing background and has worked his entire career in large energy infrastructure assets, including natural gas and gas-fired power plants. So we expect him to add significant capacities both on financing and other industry connections.

是的。嗨，克里斯，當然可以。所以 —— [June] 其實是 Girgina Susa 的替代者，也是我們的百慕達代表。她擁有豐富的會計背景，對公司非常了解。然後（聽不清楚）離開了，某種程度上，可以看作是由史蒂芬謝弗取代的。Stephen 是美國 Talen Energy 的董事長。他擁有豐富的融資背景，整個職業生涯都致力於大型能源基礎設施資產，包括天然氣和燃氣發電廠。因此，我們期望他在融資和其他行業聯繫方面都能夠增強實力。

And lastly, we have the introduction of Benoit, Benoit is the former CEO of Perenco and Perenco is the single largest shareholder of Golar owning just shy of 10% and are also the charter of the Hilli today in Cameroon, and Perenco is also one of the world's largest independent producers of oil and gas, and they have several fields around the world that should see FLNG deployment. So we expect Benoit's background to be highly relevant for us, in particular, when it comes to identification of attractive gas fields and upstream know-how.

最後，讓我們來介紹一下 Benoit，Benoit 是 Perenco 的前首席執行官，而 Perenco 是 Golar 的最大股東，擁有近 10% 的股份，也是當今喀麥隆 Hilli 的承租人，Perenco 也是世界上最大的獨立石油和天然氣生產商之一，他們在世界各地擁有多個油田，應該會部署 FLNG。因此，我們期望 Benoit 的背景與我們息息相關，特別是在識別有吸引力的天然氣田和上游技術方面。

Thanks, Karl. My second question, I think you mentioned earlier as it relates to the Gimi that there's a contemplation around maybe a second asset there. As it relates to discussions, let's say, Mark III was contemplated that was large enough to encompass any kind of growth or expansion of GTA. Could you then swap out to Gimi and have that be open for employment elsewhere? Or would that be in addition to.

謝謝，卡爾。我的第二個問題，我想您之前提到過，關於 Gimi 的問題，我們或許正在考慮增加第二個資產。就討論而言，我們可以說，Mark III 的規模足夠大，可以涵蓋 GTA 的任何成長或擴展。那麼，您可以換到 Gimi 並在其他地方尋找就業機會嗎？或者那會是附加的。

I think right now, all options are being evaluated. If Mark III would be introduced to the project, it could either swap out the Gimi or be in addition to that depends on the rest of the infrastructure. The way we understand it is that it's a relatively low cost to double the throughput capacity of the FPSO. Hence, it should be highly accretive to double the capacity from today's 2.5 to 5 MTPA.

我認為現在所有選擇都在被評估。如果將 Mark III 引入該項目，它既可以取代 Gimi，也可以作為其補充，這取決於其餘的基礎設施。我們的理解是，將FPSO的吞吐量提高一倍的成本相對較低。因此，將產能從目前的 250 萬噸/年翻倍至 500 萬噸/年，應該會帶來很大的增值效益。

Arguably, one of the simpler ways of doing that is the order of Mark III and that we take -- we swap it out with Gimi, subject to final commercial arrangements, that's a deal that we would welcome because we see very strong demand for that type of size elsewhere. So that's absolutely not something we would rule out. But it should also be in addition to, but then there's other constraints on the upstream that needs to be unlocked.

可以說，實現這一目標的較簡單的方法之一是訂購 Mark III，然後我們將其與 Gimi 進行交換，但要遵守最終的商業安排，這是我們歡迎的交易，因為我們看到其他地方對這種尺寸的需求非常強勁。所以我們絕對不會排除這種可能性。但它也應該是附加的，但上游還有其他限制需要解鎖。

Alright. Thank you. I'll turn it over.

好吧。謝謝。我把它翻過來。

Frode Morkedal, Clarksons Securities.

Frode Morkedal，克拉克森證券。

Hi, guys.

嗨，大家好。

HI, Frode.

你好，弗羅德。

I just wanted to pick your brain on valuation. Of course, you have a huge backlog. And I feel like as an analyst, a lot of the discussion I have with investors just end up in talking about the valuation of that backlog, right? So particularly what's the appropriate discount rate, which, of course, is bought on to assessing the risk, right? But I just wanted to hear what kind of framework you think is useful when you value that backlog?

我只是想就估值問題徵求一下你的看法。當然，你有大量積壓工作。我覺得，身為分析師，我與投資人的許多討論最終都只是談論積壓訂單的估值，對嗎？那麼具體來說，適當的折扣率是多少呢？當然，這是根據風險評估而定的，對嗎？但我只是想聽聽當您重視積壓工作時，您認為什麼樣的框架是有用的？

Sure. So in terms of understanding the valuation, which I guess is the question on the backlog here, we obviously have a fixed set of EBITDA, which comprise of Hilli, Mark II and Gimi. And if you combine them all the net of G&A, it's around $800 million per year end before CPI adjustment and commodity outside. The right discount factor on those, we will leave it to you to decide, but what we historically have seen that some of our peers, including Chenier and Venture Global and that type of companies trade at, we see that probably north of 10 times, but the market can decide what the right multiple factor is.

當然。因此，在理解估值方面，我猜這是這裡積壓的問題，我們顯然有一套固定的 EBITDA，其中包括 Hilli、Mark II 和 Gimi。如果將它們全部加在一起，扣除一般及行政費用後，扣除 CPI 調整和商品外購費用後，每年年底的淨額約為 8 億美元。這些的正確折扣因子，我們將留給您來決定，但從歷史上看，我們的一些同行，包括 Chenier 和 Venture Global 以及這類公司的交易價格，我們認為可能在 10 倍以上，但市場可以決定正確的倍數是多少。

Where we think the biggest sort of misunderstanding or arguably mispricing is understanding the upside of our commodity exposure. We believe the uniqueness of that exposure is that we have fixed the breakeven of which we get a profit share from at around $8 per MMBtu for 20 years. If you look at the developments of where Henry Hub is likely to develop on the back of a significant increase for Henry Hub gas, both domestically and for exports, as explained earlier on, we see upward pressure on Henry Hub and in line with Venture Global and other US liquefaction providers have explained on each call they have is that the tolling fees for US exports is on its way up. And according to Venture Global, it needs to go north of $4 to justify any exports.

我們認為，最大的誤解或可以說是錯誤定價是對大宗商品敞口的優勢的理解。我們認為這種風險敞口的獨特之處在於，我們將 20 年內的損益平衡點固定在每百萬英熱單位 8 美元左右，並從中獲得利潤分成。如果您看一下亨利港天然氣在國內和出口大幅增長的背景下可能的發展情況，正如之前所解釋的那樣，我們看到亨利港面臨上行壓力，並且與 Venture Global 和其他美國液化供應商在每次通話中所解釋的那樣，美國出口的通行費正在上漲。據 Venture Global 稱，價格需要超過 4 美元才能證明其出口是合理的。

If those two are true, the $8 fixed profit share mechanism we have, we think is unique in the market. You can't obtain it anywhere else, and we think it's worth a lot to have that 20 years out. In addition, we also don't think that the market price our platform as the only proven service provider of FLNG in the world and certainly not growth. And I don't think we want to enter into a conversation today on exactly what we think it's worth. But we do think as much as if we bought 2.3% of the company at [42109] as late as June. So I think that speaks to where we think it is.

如果這兩者都是真的，我們認為我們所擁有的 8 美元固定利潤分成機制在市場上是獨一無二的。你無法在其他任何地方獲得它，我們認為 20 年後擁有它非常有價值。此外，我們也不認為我們的平台作為世界上唯一經過驗證的FLNG服務提供者的市場價格會很高，而且肯定不會成長。我認為我們今天不想討論它到底值多少錢。但我們確實認為，如果我們在 6 月以 [42109] 的價格購買了該公司 2.3% 的股份，那就差不多了。所以我認為這說明了我們的想法。

And I think over the last 4.5 years, we bought back 9.3 million shares, and we have bought back assets where we've been able to buy them back more accretively than buying our own share which is effectively buying back Hilli from NFE and Hilli from minority interest from Black & Beach and Seatrium. So I think overall, we are putting money where our mouth is, and we continue to do so as late as June.

我認為在過去的 4.5 年裡，我們回購了 930 萬股股票，我們回購的資產比回購自己的股票更有增值性，這實際上是從 NF​​E 回購 Hilli，並從 Black & Beach 和 Seatrium 的少數股權中回購 Hilli。所以我認為總的來說，我們說到做到，而且我們會一直這樣做到六月。

Yeah. That's great. Good color. I guess what you're saying that, of course, this -- you think this stock has intrinsic value than the current market price, right? So I guess, I know you're being buying back stock, as I said. But just like generally speaking, how important is it for you to close that gap, so to speak. Would you just prefer to let the cash flow speak for themselves and market prices just over time? Or are you actually consider actively boosting that value further right?

是的。那太棒了。顏色不錯。我猜你想說的是，當然，你認為這檔股票的內在價值高於當前市場價格，對嗎？所以我想，我知道你正在回購股票，正如我所說的。但就像一般來說，縮小這一差距對你來說有多重要？您是否只是希望讓現金流和市場價格隨著時間的推移自己說話？或者您實際上是否考慮積極地進一步提高該價值？

So speaking as management, what we can do is to run the company to the best of our ability. That's what we try to do every single day getting into this office. It is also our job to see that, that value is reflected in the stock market or in the value of the business.

所以身為管理階層，我們能做的就是盡我們最大的能力去經營公司。這就是我們每天走進辦公室時努力要做的事。我們的工作也是確保價值在股票市場或企業價值中得到體現。

As our Chairman, who joined our quarterly call for the first time in a very long time last quarter, alluded to is that if the market fails to recognize that value, the Board will seek our alternatives to crystallize the value. I'll let him stand for that statement, but I saw him reconfirming those intentions in newspapers as late as July this year.

正如我們的董事長（上個季度他很長時間以來第一次參加我們的季度電話會議）所暗示的那樣，如果市場未能認識到這一價值，董事會將尋求替代方案來實現這一價值。我會讓他堅持這項聲明，但直到今年 7 月，我才在報紙上看到他再次確認了這些意圖。

So I think as management, our work is to do the -- run the business to the best of our ability. And if there are price discrepancies between private versus public money, we will look to identify it. But for us, the key effort on a daily basis is to run the business on the best of our ability. And we think there is a lot of attractive growth that can be executed. I think we showed that this latest ordering our third unit in September and fixing it in May, and we intend to do a similar type of structure for Unit number 4.

因此我認為，身為管理階層，我們的工作就是盡力經營業務。如果私人資金和公共資金之間存在價格差異，我們就會設法找出原因。但對我們來說，每天最關鍵的努力就是盡我們所能經營業務。我們認為還有很多有吸引力的成長機會可以實現。我認為我們在 9 月訂購了第三台機組並在 5 月進行了修復，這表明我們打算為 4 號機組做類似的結構。

Perfect. That's very clear. Thank you.

完美的。這非常清楚。謝謝。

Thank you.

謝謝。

Alexander Bidwell, Weber Research & Advisory.

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

Good afternoon. Thank you for the time. Could you provide a little bit more color on some of the commercial prospects for a fourth unit? What sort of demand are you seeing around contract start-up? And are you seeing any gravitation towards a particular FLNG spec?

午安.感謝您抽出時間。能否詳細介紹一下第四個單元的商業前景？您看到合約創業方面有什麼樣的需求？您是否看到了對特定 FLNG 規格的吸引力？

Yeah. So it's down to -- when it comes to start-up, I think the construction time that we have three years or more or less three years from Mark I and II is sufficient to provide the required upstream infrastructure. So we do not see the upstream infrastructure being the gating item. Most of the opportunities we are discussing in West Africa is likely Mark I or II. And then some of the projects we are discussing in South America and in the Middle East could be a Mark III. So that's sort of broadly where we see it.

是的。所以，當談到啟動時，我認為從 Mark I 和 II 開始我們有三年或多或少三年的建設時間，足以提供所需的上游基礎設施。因此，我們並不認為上游基礎設施是限制因素。我們在西非討論的大多數機會可能是 Mark I 或 II。我們在南美洲和中東討論的一些項目可能是 Mark III。這就是我們所看到的大致情況。

Naturally, just given size and throughput, there are more commercial opportunities for smaller sizes. But as long as you have a few people in the running on the larger side, you can still drive competitive tension and that's what we're focused on. In terms of number, the smaller is where there's more and larger you still need to create, have enough for competitive attention.

當然，只要尺寸和吞吐量足夠，較小尺寸的產品就有更多商業機會。但只要有幾個人在更大的範圍內競爭，你仍然可以推動競爭緊張局勢，而這正是我們所關注的。從數量上來說，數量越小，需要創造的數量就越多，數量越大，才能有足夠的競爭力。

Alright. Thank you. Appreciate the color. And then turning over to long lead items, you'd mentioned that some of the time lines have been increasing. Just curious, is there any cross compatibility between long lead items for the Mark I, II and III? Could you say order certain long lead items and then I guess, change which direction you go in terms of assets?

好吧。謝謝。欣賞色彩。然後談到長週期項目，您提到一些時間線一直在增加。只是好奇，Mark I、II 和 III 的長週期產品之間是否存在交叉相容性？您能否說訂購某些長交貨期的物品，然後我想，改變您的資產走向？

That's a very good question, and the answer is yes. It is compatible. So basically, we use Black & Beach topside technology for all the three designs. It's just a matter of how much of the equipment you put on. The key long lead items that has been dragged out in time is gas turbines on the back of very strong demand from the aviation industry and data centers.

這是一個非常好的問題，答案是肯定的。它是相容的。所以基本上，我們對這三種設計都採用了 Black & Beach 頂部技術。這只是你穿戴多少裝備的問題。由於航空業和資料中心的強勁需求，燃氣渦輪機是關鍵的長期交付產品。

So those are the ones we're likely to put the slot reservation on first, and that's intangible between the designs. It's just the number of turbines you need is different. So the whole idea is to do the slot reservation and decide on the number of turbines later.

因此，我們很可能會先對這些進行預留，而這在設計之間是無形的。只是所需的渦輪機數量不同。所以整個想法是先進行時段預留，然後再決定渦輪機的數量。

Alright. That makes sense. Thank you very much. I'll turn it back over.

好吧。這很有道理。非常感謝。我會把它翻過來。

Thank you.

謝謝。

Sherif Elmaghrabi, BTIG.

Sherif Elmaghrabi，BTIG。

Hi. Thank you for taking my questions. First, I just want to follow up on Chris' question beginning. Last week, one of the GTA partners mentioned the possibility of debottlenecking Gimi to increase production. Can you shed some light on what that would entail?

你好。感謝您回答我的問題。首先，我只想跟進克里斯開頭的問題。上週，GTA 的一位合作夥伴提到了消除 Gimi 的瓶頸以提高產量的可能性。您能解釋一下這會帶來什麼後果嗎？

Yes, so as I explained in the prepared remarks, we're currently in the appraisal period. We're fine-tuning the operations of the FLNG. And if you want to get very technical, it has to do with air inlet chilling. It has to do with the turbo expander that we can tweak and some other of the equipment that we are currently fine-tuning to boost production. That's really the key technical items.

是的，正如我在準備好的演講中解釋的那樣，我們目前正處於評估期。我們正在對 FLNG 的運作進行微調。如果你想了解技術細節，它與進氣口冷卻有關。這與我們可以調整的渦輪膨脹機以及我們目前正在微調以提高產量的一些其他設備有關。這確實是關鍵的技術項目。

There are also certain improvements that can be extracted from the interaction between the FPSO and therefore, FLNG. So throughput of liquefaction plant is highly linked to ambient temperature and gas quality. So if you can through air in the chillers, impact the ambient temperatures and through interaction between the FPSO and the FLNG, tweak the gas composition, you can boost throughput.

因此，也可以從 FPSO 和 FLNG 之間的相互作用中獲得某些改進。因此液化廠的產量與環境溫度和氣體品質密切相關。因此，如果可以透過冷卻器中的空氣影響環境溫度，並透過 FPSO 和 FLNG 之間的相互作用調整氣體成分，就可以提高吞吐量。

That's good color. And then for the range between the Mark I and Mark III, I appreciate you giving us kind of a $1 -- rough dollar per tonne given pricing still a bit of an unknown. But are there economies of scale associated with going for a large -- like a Mark III versus a Mark I?

這顏色真好。然後對於 Mark I 和 Mark III 之間的範圍，我很感激您給我們一個大約 1 美元/噸的價格，因為定價仍然有點未知。但是，選擇大型產品（例如 Mark III 與 Mark I 相比）是否具有規模經濟效應？

In terms of CapEx per tonne --

就每噸資本支出而言--

Right, yeah, in terms of CapEx per tonne.

是的，就每噸資本支出而言。

CapEx per tonne, I would actually say less so because you save a lot of time and money starting with the conversion unit versus building from scratch. However, in terms of operating costs, there is significant economies of scale because you don't need twice as many people to run a Mark III as a Mark I. You probably need the same. So on a unit economic point of view, it's more efficient, both in terms of OpEx and demerging of loading.

對於每噸的資本支出，我實際上會說更少，因為從轉換單元開始而不是從頭開始構建可以節省大量時間和金錢。然而，就營運成本而言，規模經濟效應顯著，因為運行 Mark III 不需要像運行 Mark I 那樣投入兩倍的人力。所需的人力可能相同。因此，從單位經濟角度來看，它更有效率，無論是在營運支出還是在裝載分拆方面。

Got it. Thanks, Karl.

知道了。謝謝，卡爾。

Liam Burke, B. Riley Securities.

Liam Burke，B. Riley 證券。

Thank you. Hi, Karl, how are you?

謝謝。嗨，卡爾，你好嗎？

Well, thanks, very good.

嗯，謝謝，非常好。

Karl, I mean, you stepped up the Mark I to the Mark IV -- III, rather, and you essentially doubled your capacity. Do you anticipate further capacity growth on next-generation FLNGs? Or is this just a function of the offshore reserves?

卡爾，我的意思是，你將 Mark I 升級到了 Mark IV - III，實際上你的容量增加了一倍。您是否預期下一代 FLNG 的容量會進一步成長？還是這只是離岸儲備的功能？

We do not -- you're right, we don't see a very -- we don't expect to go for like a 10 MTPA unit, if that's the question, because then you start into far too few fields. One thing is that you need larger reserves. The other thing you need is be able to service the throughput. So I'm not an upstream expert, but some wealth, even if you have a massive reserve, if you empty it too quickly, you can have pressure losses and you can destroy the recoverability of the entire reserve. So it becomes very sensitive if you start to go beyond the size.

我們不——你是對的，我們沒有看到——我們不希望達到 10 MTPA 的單位，如果這是問題的話，因為那樣你進入的油田就太少了。一件事是你需要更大的儲備。您還需要能夠滿足吞吐量的要求。因此，我不是上游專家，但是有些財富，即使你擁有大量儲備，如果你將其耗盡得太快，就會造成壓力損失，並可能破壞整個儲備的可回收性。因此，如果你開始超越這個尺寸，它就會變得非常敏感。

At the higher capacity levels. I mean the FLNG is generally -- the original ones generated mid- to high teens returns on invested capital. When you get to twice the capacity, how do you see those returns increasing?

在更高的容量水平。我的意思是，FLNG 通常——最初的 FLNG 能產生中高水準的投資回報率。當容量增加一倍時，您認為回報會如何增加？

If you look at what we did in Argentina with the Mark II, we're able to do 20-year contracts at around -- that one is 5.5 times CapEx to EBITDA before inflation adjustment and before commodity upside where OpEx and asset level tax is passed through to the offtaker. So I think if we are able to do 20-year business at around 5 times with commodity exposure and CPI adjustments, I think we think that's a good business for 20-year contracts, and that's sort of similar to what we would target on any new project.

如果你看看我們在阿根廷使用 Mark II 的情況，我們能夠簽訂大約 20 年的合約——這是通貨膨脹調整前和商品上漲前資本支出與 EBITDA 的 5.5 倍，其中營運支出和資產級稅轉嫁給承購商。因此，我認為，如果我們能夠以大約 5 倍的利率開展 20 年期業務，並進行商品敞口和 CPI 調整，那麼我們認為這對於 20 年期合約來說是一項不錯的業務，這與我們在任何新項目上的目標類似。

Got it. Thank you, Karl.

知道了。謝謝你，卡爾。

Thank you.

謝謝。

Craig Shere, Tuohy Brothers Investment Research.

克雷格·謝爾（Craig Shere），Tuohy Brothers 投資研究公司。

Good morning, [New York time]. Thank you for taking the questions. So it seems your focus is on projects with commodity kickers. So in that respect, ultimately, is Gimi something that you might contemplate divesting and to a degree, BP needs to double the size of that project, would they be amenable to the next phase, having similar commodity kickers is what you're looking at in Argentina and elsewhere?

早安,[紐約時間]。感謝您回答這些問題。因此，看起來您的重點是具有商品附加價值的項目。因此從這個方面來看，最終，您是否會考慮剝離 Gimi 項目？從某種程度上來說，BP 是否需要將該專案的規模擴大一倍？他們是否願意進入下一階段？您是否希望在阿根廷和其他地方擁有類似的商品？

To the first part of the question, and we've explained this in some previous calls, the Gimi contract is -- was very important to prove the concept. Hilli was the first FLNG to ever be delivered. It's well known in the maritime industry that BP has the highest operational standard in the industry. And if Golar FLNG can qualify as sufficiently safe and reliable to operate for BP, then it's a proof of concept. So for us, the BP contract is attractive in itself, but it's mainly a proof of concept, and it has opened the doors for significant further FLNG deployments.

對於問題的第一部分，我們在之前的一些電話會議中已經解釋過這一點，Gimi 合約對於證明這個概念非常重要。Hilli 是有史以來第一艘交付的 FLNG。眾所周知，BP擁有業界最高的營運標準。如果 Golar FLNG 能夠被 BP 認為足夠安全可靠，可以運營，那麼這就是一個概念的證明。因此對我們來說，BP 合約本身就很有吸引力，但它主要是一種概念證明，它為進一步大規模部署 FLNG 打開了大門。

To sort of put some more color into that, pan American Energy, which is the largest counterpart in SESA is owned 50% by BP. So the fact that they have seen what both our assets and the company can deliver in Mauritania and Senegal has given them confidence to continue to expand the working relationship.

為了更清楚地說明這一點，泛美能源公司是 SESA 中最大的同行，其 50% 的股份由 BP 持有。因此，當他們看到我們的資產和公司在茅利塔尼亞和塞內加爾所能提供的服務時，他們有信心繼續擴大工作關係。

We have no current plans of divesting that asset. We think the way the structure of the contract is, you can obviously leverage it differently and still get very attractive equity returns. As for growth on the GTA, that's subject to commercial negotiation, but we do expect any incremental liquefaction capacity to come at a higher tariff than that of Gimi.

我們目前沒有剝離該資產的計劃。我們認為，合約的結構是這樣的，你顯然可以利用不同的方式，並且仍然可以獲得非常有吸引力的股權回報。至於 GTA 的成長，這取決於商業談判，但我們確實預期任何增量液化能力的關稅都會高於 Gimi。

And not only a higher tariff but a commodity link, like everything else you're focused on?

不僅要提高關稅，還要提高商品關稅，就像您關注的其他所有問題一樣？

Yes. So when we do contracts, it's always a trade-off between the fixed component versus commodity. So if people don't want commodity, you need to pay up on the fixed, it's a trade-off.

是的。因此，當我們簽訂合約時，總是需要在固定部分和商品之間進行權衡。因此，如果人們不想要商品，你就需要支付固定的費用，這是一種權衡。

Got you. Okay. And last question, I just want to get clear on the order of things that you've laid out, so you're spending balance sheet cash on long lead items ahead of the next FID in contracting, mostly you mentioned about the turbines, but you won't FID a fourth FLNG shipyard commitments until you have a contract in hand. But after you have that you'll go on balance sheet for a fifth FLNG project. Do I have that right?

明白了。好的。最後一個問題，我只是想弄清楚您列出的事項的順序，所以您在下一次 FID 合約簽訂之前，將資產負債表現金花在了長週期項目上，主要是您提到的渦輪機，但是您不會在拿到合約之前對第四個 FLNG 造船廠做出 FID 承諾。但擁有這些之後，你就會進入第五個 FLNG 項目的資產負債表。我有這個權利嗎？

Yes. So we do long leads now. Then when we get sufficiently comfortable we order unit number 4. Once unit number 4 is locked in a 20-year or a long-term contract, we then go and order unit number 5. But we will constantly ensure that we have ample financial flexibility to do it. We will never ever put this company in a growth position that challenges the balance sheet.

是的。所以我們現在做長線工作。當我們感覺足夠舒適時，我們便訂購 4 號單元。一旦 4 號機組鎖定了 20 年或長期合同，我們就會去訂購 5 號機組。但我們將始終確保我們擁有充足的財務靈活性來實現這一目標。我們永遠不會讓這家公司處於挑戰資產負債表的成長地位。

Okay. Got you. Thank you.

好的。明白了。謝謝。

We have no further questions at this time. I would like to hand back to you, Mr. Karl Fredrik Staubo, for closing remarks.

目前我們沒有其他問題。我想把發言時間交還給卡爾·弗雷德里克·斯陶博先生，請他做最後發言。

That concludes Golar's Q2 earnings call. Thank you all for dialing in, and have a good day.

這就是 Golar 第二季財報電話會議的結束。感謝大家撥入電話，祝大家有個愉快的一天。

This concludes today's conference call. Thank you all for participating. You may now 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。現在您可以斷開線路了。謝謝您，祝您有愉快的一天。