Golar LNG Ltd (GLNG) 2025 Q3 法說會逐字稿

Good morning from our head office in Bermuda. Welcome to Golar's Q3 2025 earnings results presentation. My name is Carl Fredrik Staubo, the CEO of Golar, and I'm accompanied today by our CFO, Eduardo Maranhao. Before we get into the presentation, please note the forward-looking statements on slide 2.

早安，這裡是我們在百慕達的總部。歡迎參加 Golar 2025 年第三季財報發表會。我是 Golar 的執行長 Carl Fredrik Staubo，今天陪同我的是我們的財務長 Eduardo Maranhao。在正式開始簡報之前，請注意第 2 頁投影片上的前瞻性陳述。

Starting on slide 3 and an overview of Golar, following our announcement on October 23, our existing fleet of three FLNGs are now fully contracted on 20-year charter durations, with a total EBITDA backlog of $17 billion before commodity upside and inflationary adjustments. Now that the existing fleet is fully contracted, the key focus of the company is now on developing our fourth FLNG unit.

從幻燈片 3 開始，概述 Golar，繼我們 10 月 23 日的公告之後，我們現有的三艘 FLNG 船隊現已全部簽訂了 20 年租約，在商品價格上漲和通膨調整之前，EBITDA 積壓總額為 170 億美元。現在現有船隊已全部簽約完畢，公司目前的主要重點是開發我們的第四個FLNG裝置。

During the quarter, we've made significant technical and commercial progress in deciding on size and the design of our next units. As you can see on the bottom half of the slide, we have three different growth designs, the Mark I, II, and III, which differ in liquefaction size, ranging from 2.5 million tons all the way up to 5.4 million tons. We're on track to decide on the next FLNG project in the coming months.

本季度，我們在確定下一代產品的尺寸和設計方面取得了重大的技術和商業進展。如您在投影片下半部所見，我們有三種不同的成長設計，即 Mark I、II 和 III，它們的液化規模各不相同，從 250 萬噸到 540 萬噸不等。我們預計在未來幾個月內決定下一個浮式液化天然氣計畫。

Over the course of the last five months, we've also concluded just over $1 billion in new corporate debt facilities and retired our October Norwegian bond maturity of $190 million. Following these developments, we now have a cash position of $1 billion and a net debt position of around $1.4 billion.

在過去的五個月裡，我們也完成了超過 10 億美元的新企業債務融資，並償還了 10 月到期的 1.9 億美元挪威債券。按照目前的進展，我們現有的現金儲備為 10 億美元，淨債務約為 14 億美元。

Over the last 12 months, we generated $221 million of adjusted EBITDA, mainly from the operations of the Hilli. Our EBITDA generation is set to quadruple from contracted EBITDA once our existing fleet is fully delivered during 2028.

過去 12 個月，我們實現了 2.21 億美元的調整後 EBITDA，主要來自 Hilli 的營運。一旦我們現有的船隊在 2028 年全部交付完畢，我們的 EBITDA 產量將比合約規定的 EBITDA 翻四倍。

Turning to slide 4, the highlight of the quarter is for sure the final FID and successful fulfillment of all CPs for Mark II's 20-year charter in Argentina. We now have earnings visibility for all our assets through 2045 and beyond. The total earnings backlog stands at $17 billion before commodity upside and inflationary adjustments, and this creates a very solid base to add further attractive FLNG projects to the portfolio.

翻到第 4 張投影片，本季的亮點無疑是 Mark II 在阿根廷 20 年租約的最終投資決定和所有合約條款的成功履行。現在我們已經能夠預見2045年及以後所有資產的獲利情況。在未計入大宗商品價格上漲和通膨調整之前，總收益儲備為 170 億美元，這為在投資組合中增加更多有吸引力的 FLNG 項目奠定了非常堅實的基礎。

Turning to slide 5, we highlight some of the key characteristics of our FLNG charter agreements. Golar aims to structure our long-term contracts as solid infrastructure cash flow with meaningful contractual protections.

接下來請看第 5 張投影片，我們將重點放在我們的 FLNG 租賃協議的一些關鍵特點。Golar 的目標是建立具有實質合約保障的穩健基礎設施現金流的長期合約。

Some of the key attributes to these protections include that all of our contracts are paid in US dollars. All cash flows are (technical difficulty) of any local taxes in the country where we operate. All of our contracts are under English law. And for all our long-term contracts, operating costs and maintenance CapEx is either passed through or reimbursable by our counterparts.

這些保護措施的一些關鍵特點包括我們所有的合約都以美元支付。所有現金流均（技術難度較高）不包括我們經營所在國家/地區的任何地方稅。我們所有的合約均受英國法律管轄。對於我們所有的長期合同，營運成本和維護資本支出要么轉嫁給對方，要么由對方報銷。

In addition to these strong protections, we have further fiscal protections for our two contracts in Argentina, including 30-year non-interruptible export licenses, environmental assessment approvals, and protection from any changes to fiscal or regulatory terms, including taxes, etc., through the large investment protection under the RIGI framework in Argentina.

除了這些強有力的保護措施外，我們在阿根廷的兩份合約還享有進一步的財政保護，包括 30 年不間斷的出口許可證、環境評估批准，以及透過阿根廷 RIGI 框架下的大額投資保護，免受任何財政或監管條款（包括稅收等）變更的影響。

We furthermore have corporate guarantees from the parent companies of our counterparts for a significant portion of the contract backlog to safeguard the cash flows. Our mission is to identify attractive gas reserves globally and utilize our FLNG technology to monetize these assets together with strong upstream partners.

此外，我們也從交易對手的母公司獲得了相當一部分合約積壓的擔保，以保障現金流。我們的使命是在全球範圍內尋找具有吸引力的天然氣儲量，並利用我們的FLNG技術與強大的上游合作夥伴一起實現這些資產的貨幣化。

We try to structure the contract in a manner where we reduce the counter risk by creating the mentioned strong contractual and regulatory protections, as well as creating a buffer between Golar's operations and the country where we operate. These buffers are essentially the charters of the unit, which in turn includes Perenco in Cameroon, BP Offshore Mauritania and Senegal, and the SESA Consortium in Argentina, where we have the pro rata corporate guarantees from the shareholders, which comprise Pan American Energy, YPF, Pampa, and Harbour.

我們努力建構合約結構，透過建立上述強有力的合約和監管保護措施來降低反向風險，並在 Golar 的營運與我們營運所在國之間建立緩衝地帶。這些緩衝資金本質上是該單位的章程，該單位包括喀麥隆的 Perenco、BP Offshore Mauritania 和 Senegal，以及阿根廷的 SESA 財團，我們從股東那裡獲得了按比例計算的公司擔保，這些股東包括 Pan American Energy、YPF、Pampa 和 Harbour。

Turning to slide 7 and a business update for the quarter: Q3 was one of the strongest quarters in the history of Golar, now adding $8 billion of firm EBITDA backlog through the lifting of all CPs and FID for the 20-year charter of Mark II to Argentina. In addition, we entered the US-rated unsecured market with Golar's first ever US-documented $500 million bond, with a five-year duration, carrying a 7.5% coupon.

翻到第 7 張投影片，了解本季的業務更新：第三季是 Golar 史上最強勁的季度之一，隨著所有 CP 和阿根廷 20 年租船合約的最終投資決定的解除，目前已新增 80 億美元的 EBITDA 確定性積壓訂單。此外，我們發行了 Golar 首支有美國擔保的 5 億美元債券，進入美國評級的無擔保債券市場，該債券期限為五年，票面利率為 7.5%。

In the quarter, we also retired a Norwegian bond with a net outstanding amount of $190 million at maturity in October. We've also signed the Hilli redeployment scope in between her contracts in Cameroon and before starting the contract in Argentina, where the vessel will return to her original construction shipyard at Seatrium in Singapore.

本季度，我們也償還了10月份到期的挪威債券，該債券的未償餘額淨額為1.9億美元。我們還簽署了 Hilli 號在喀麥隆的合約之間以及在阿根廷開始合約之前重新部署的範圍，該船將返回其位於新加坡 Seatrium 的原始建造船廠。

We've also approved the ordering of long lead items for the fourth FLNG. And we've approved a new $150 million buyback program, in line with our track record of buying back over 9 million shares over the course of the last five years.

我們也批准了第四艘浮式液化天然氣船長週期物料的訂購。我們已批准一項新的 1.5 億美元股票回購計劃，這與我們過去五年回購超過 900 萬股股票的記錄相符。

Turning to slide 8 and focus on Hilli. Hilli maintains her market-leading operational track record with another quarter of 100% economic uptime. We've now delivered 148 --142 cargoes and started up or produced more than 9.8 million tons of LNG. During the quarter, the unit generated $51 million of adjusted EBITDA to Golar.

翻到第 8 張投影片，重點放在 Hilli。Hilli 繼續保持其市場領先的營運記錄，連續第二個季度實現了 100% 的經濟正常運行時間。我們目前已交付 148-142 批貨物，並已啟動或生產超過 980 萬噸液化天然氣。本季度，該部門為 Golar 創造了 5,100 萬美元的調整後 EBITDA。

Turning to slide 2 and focus on the Gimi. Gimi started her commercial operations date under a 20-year contract for BP Offshore Mauritania and Senegal in June this year. We're very pleased to see that operations are stabilizing and continuously improving in throughput. We're now fine-tuning operations, with daily production frequently exceeding base capacity.

翻到第二張投影片，重點放在 Gimi。Gimi 於今年 6 月開始根據與 BP Offshore Mauritania 和 Senegal 簽訂的 20 年合約進行商業運營。我們很高興地看到，營運情況正在趨於穩定，吞吐量也不斷提高。我們目前正在對營運進行微調，日產量經常超過基本產能。

In addition, we're actively working with the GTA partners to identify and develop value-enhancing initiatives for the GTA project. These initiatives include operational efficiencies and debottlenecking of production capacity to improve unit economics and overall throughput, which will then benefit the potential earnings of Gimi overall and beyond the base contributor.

此外，我們正在積極與 GTA 合作夥伴合作，為 GTA 計畫確定和製定增值措施。這些措施包括提高營運效率和消除生產能力瓶頸，以改善單位經濟效益和整體產量，這將有利於 Gimi 的整體潛在收益，並惠及基本貢獻者以外的其他收益。

We're also pleased to announce that we're in very advanced stages of entering into a new credit-approved $1.2 billion bank refinancing facility for the Gimi. We expect this facility to close within this quarter, and Eduardo will explain this in further detail in the later section.

我們也很高興地宣布，我們已進入與銀行就吉米項目達成新的 12 億美元信貸批准的再融資協議的後期階段。我們預計工廠將在本季內關閉，Eduardo 將在後面的章節中對此進行更詳細的解釋。

Turning to slide 3 and focus (technical difficulty) As already explained, the key highlights of the quarter was the FID reached in August and the CP satisfaction met in October. The project remains on schedule for delivery in Q4 2027, and we expect to commence operations in Argentina during 2028.

前往投影片 3 並專注於（技術難題）正如先前解釋的那樣，本季的主要亮點是 8 月達成的 FID 和 10 月達到的 CP 滿意度。該項目仍按計劃於 2027 年第四季交付，我們預計將於 2028 年在阿根廷開始營運。

To date, we have spent $1 billion out of the total conversion budget of $2.2 billion. And the $1 billion has been fully equity-funded by Golar to date.

截至目前，我們在22億美元的總轉換預算中已花費了10億美元。迄今為止，這10億美元全部由Golar以股權融資。

You can see on the pictures some of the progress made at the shipyard in China. To the left, you can see the ship, which is divided in two parts and now sits on land. In the middle, we have had the keel laying ceremony to construct the new midship section, which will be 80 meter long and 63 meter wide and will house the liquefaction plant of the unit. And you can see the module structural assembly ongoing to the far right. This is part of the equipment that will be injected into the midsection.

從圖片中可以看到中國造船廠取得的一些進展。左邊可以看到那艘船，它被分成兩部分，現在擱淺在陸地上。在中間，我們舉行了建造新的中部船體的龍骨鋪設儀式，該船體長 80 米，寬 63 米，將容納該裝置的液化裝置。您可以在最右側看到正在進行的模組結構組裝。這是將注入腹部的設備的一部分。

Turning to slide 11. Year-to-date, we've secured $14 billion in adjusted EBITDA backlog across Hilli and Mark II, where all of the FID and CPs for Hilli were met in May and for the Mark II between August and October. We see the combination of these two contracts as a very strong addition to Golar's portfolio, generating a base EBITDA of $685 million over 20 years before meaningful commodity upside and inflationary adjustments, both of which Eduardo will explain in further detail later on.

翻到第11張幻燈片。今年迄今為止，我們在 Hilli 和 Mark II 項目上已獲得 140 億美元的調整後 EBITDA 積壓訂單，其中 Hilli 的所有最終投資決定 (FID) 和合約承諾 (CP) 均已在 5 月份達成，Mark II 的所有 FID 和合約承諾 (CP) 均已在 8 月至 10 月期間達成。我們認為這兩份合約的結合將大大增強 Golar 的投資組合，在 20 年內產生 6.85 億美元的基本 EBITDA，這還不包括大宗商品價格上漲和通膨調整，Eduardo 稍後將對此進行更詳細的解釋。

Turning to the key focus going forward, adding unit number four, where we explain further details on slide number 12. As we explained on our Q2 call, we made commitments to the three shipyards to come up with updated pricing, delivery, and payment terms if we were to go ahead with one of the three designs. We have now obtained such pricing and delivery times from all three shipyards.

接下來，我們將重點放在第四單元，並在第 12 張投影片中詳細解釋相關細節。正如我們在第二季電話會議上解釋的那樣，我們已向這三家造船廠承諾，如果我們要採用這三種設計方案中的一種，他們將提出更新的價格、交付和付款條款。我們現在已經從這三家造船廠獲得了相應的價格和交貨時間。

The Mark I design is the same design of both the Hilli and Gimi. It's a proven design, we know it well, and the current pricing works and aligns with some of the commercial discussions ongoing. The Mark II would be a repeat of the vessel currently under construction, and we are pleased to reconfirm time and price with the shipyard.

Mark I 的設計與 Hilli 和 Gimi 的設計相同。這是一個經過驗證的設計，我們非常了解它，目前的定價是合理的，並且與正在進行的一些商業討論相一致。Mark II 將是目前正在建造的船舶的複製品，我們很高興能再次與造船廠確認時間和價格。

We've also spent a considerable amount of time getting an updated price, time, and schedule for the Mark III, and we continue to see yard pressure for attractive slots and delivery times. We do think that timing is of the essence if you want to lock in attractive delivery.

我們還花了大量時間來獲取 Mark III 的最新價格、時間和時間表，我們繼續看到碼頭對有吸引力的交貨時間和交貨時間的需求。我們認為，要確保獲得理想的交付效果，時機至關重要。

The key pressure item for the delivery of all three assets are long-lead items. These long-lead items see significant pressure both on delivery and price, mainly driven by the AI data center boom in the US. We now see relatively new entrants into some of these suppliers, where companies like Google, Alphabet, Meta, and so on are ordering gas turbines in large quantities, putting price pressure and delivery pressure.

這三項資產交付的關鍵壓力因素是交貨週期長的物料。這些交貨週期長的產品在交貨和價格方面都面臨著巨大的壓力，這主要是由於美國人工智慧資料中心的蓬勃發展所致。我們現在看到一些相對較新的供應商進入市場，像Google、Alphabet、Meta 等公司正在大量訂購燃氣渦輪機，這給價格和交貨帶來了壓力。

Being an existing large and long-term client of these sub-suppliers helps us in securing attractive slots despite the increased competitive landscape. We have therefore gotten Board approval to enter into long-lead items during this quarter, and we expect to do so in the coming weeks and months to safeguard the delivery times now confirmed by the shipyards over the course of the last few months.

作為這些分包商現有的大型長期客戶，即使在競爭日益激烈的市場環境下，我們也能獲得有吸引力的檔期。因此，我們已獲得董事會批准，在本季度開展長週期項目，我們預計將在未來幾週和幾個月內開展這些項目，以確保造船廠在過去幾個月中確認的交貨時間。

So what do we mean when we say we're going to go ahead ordering a unit number 4? Well, we think the case study of the Mark II over the course of the last 12 months is relevant and is highlighted on slide 13.

那麼，當我們說要訂購 4 號單元時，我們的意思是什麼？我們認為，過去 12 個月中 Mark II 的案例研究具有相關性，並在第 13 張投影片中重點介紹。

The Mark II, we placed the order in September 2024 on speculation. Even if we had very strong commercial lead, the order was initially on speculation. In May 2025, we signed the charter with SESA. FID was met in August and all conditions met in October.

Mark II，我們在 2024 年 9 月憑著猜測下了訂單。即使我們擁有非常強的商業優勢，這筆訂單最初也是基於投機取巧。2025年5月，我們與SESA簽署了章程。最終投資決定在8月達成，所有條件於10月全部滿足。

What we clearly saw from ordering the unit on speculation alongside the redeployment of Hilli was that we were able to drive considerable commercial value in Golar's favor by firm delivery and several commercial opportunities available. We are planning to following the same recipe for unit number 4.

我們從當初在 Hilli 重新部署的同時，憑著投機心理訂購這台設備，清楚地看到，透過確定的交付和幾個可行的商業機會，我們能夠為 Golar 創造相當大的商業價值。我們計劃對單元 4 也採用相同的配方。

There were several commercial interests, both on the Hilli redeployment and on Mark II, that lost out to the Argentinians. We have obviously maintained those discussions and we've also developed incremental units -- incremental projects. Therefore, we plan on using the same methodology to drive commercial value in our favor with a similar timeline expected for a new project.

有好幾家企業參與了希利坦克的重新部署和Mark II坦克的研發，但最終都敗給了阿根廷人。我們顯然一直在進行這些討論，我們也開發了增量單元——增量單元。因此，我們計劃採用相同的方法，在新專案預期的類似時間表內，為我們創造商業價值。

The CapEx to EBITDA for the Mark II was 5.5 times for a 20-year contract before the commodity upside and the inflationary adjustments. We continue to see a strong development in the commercial pipeline for new projects, and we're therefore comfortable to go ahead with ordering the long leads imminently.

在未考慮大宗商品價格上漲和通膨調整的情況下，Mark II 的資本支出與 EBITDA 比率為 5.5 倍（20 年合約）。我們看到新專案的商業管道持續強勁發展，因此我們有信心立即開始訂購長週期產品。

Turning to page 14, we made further advances for the next units. We've confirmed between 36 and 38 months of construction time for both the Mark I and the Mark II, and around 48 months for the Mark III. The primary reason for the longer lead time on the Mark III is that for that unit, we are not starting with a donor vessel but purpose-building from the get-go. It's also larger in size and requires longer time.

翻到第 14 頁，我們繼續推進下一單元的學習。我們已經確認 Mark I 和 Mark II 的建造時間為 36 至 38 個月，而 Mark III 的建造時間約為 48 個月。Mark III 的交付週期較長的主要原因是，對於該型號，我們不是從現有船體開始建造，而是從一開始就專門建造。它的體積也更大，需要更長的時間。

As already explained, we received updated pricing, delivery, and payment terms, which are broadly satisfactory to the project economics that we are targeting. We have identified and inspected donor vessels, and given the state of the current LNG shipping market, we're very pleased with the levels at which we can source attractive conversion units.

正如之前解釋的那樣，我們收到了更新的價格、交貨和付款條款，這些條款總體上符合我們所設定的專案經濟目標。我們已經確定並檢查了捐贈船舶，鑑於目前的液化天然氣運輸市場狀況，我們對能夠以如此優惠的價格獲得有吸引力的改裝單元感到非常滿意。

We're now working to narrow commercial opportunity sets and upstream timing and decide on FLNG design. We will target long-term infrastructure contracts, and we have positioned the balance sheet to facilitate to add one more unit. We're now on track to decide on the fourth FLNG vessel in the coming months, but starting with long-lead items imminent.

我們現在正努力縮小商業機會範圍和上游時間表，並確定FLNG的設計方案。我們將著眼於長期基礎設施合同，並且我們已經調整了資產負債表，以便能夠再增加一個單位。我們現在正按計劃在未來幾個月內決定第四艘FLNG船的建造方案，但首先要解決的是一些週期較長的項目。

Turning to slide 15 and to elaborate a bit on the market opportunity and what we see ahead of us. It's tempting to look to the FPSO industry's development, which started in 1985 with its first unit and grew very quickly to around 20 units 10 years later. We see, today, it stands at more than 250 units globally, with 10 to 15 projects added annually.

接下來請看第 15 張投影片，詳細說明市場機會以及我們未來所看到的景象。人們很容易將目光投向 FPSO 產業的發展歷程，該產業始於 1985 年的第一台裝置，並在 10 年內迅速發展到約 20 台裝置。如今，我們看到，全球已有超過 250 個單元，並且每年新增 10 到 15 個項目。

We see a similar development taking place in the FLNG industry. We're very pleased to see the increasing adoption by the industry that FLNGs are the cheapest, quickest, and most efficient way of monetizing stranded, associated, and flare gas resources globally.

我們看到FLNG產業也出現了類似的趨勢。我們非常高興地看到，業界越來越認可 FLNG 是全球範圍內將擱淺、伴生氣和火炬氣資源貨幣化的最便宜、最快捷、最有效的方式。

Golar pioneered this business with the first delivery in 2018, and the fleet now stands at 14 units, with several planned incremental projects and developments. We're pleased with our position as the only proven provider of FLNG-as-a-Service, and we plan on maintaining an active growth strategy for as long as we can secure economics along our existing contracts for two durations. We will, however, maintain our policy of having maximum one unchartered FLNG at a time.

Golar 於 2018 年首次交付，開創了這項業務，目前車隊規模已達 14 台，併計劃開展多個增量項目和開發。我們對自身作為唯一一家成熟的 FLNG 即服務供應商的地位感到滿意，並且我們計劃在現有合約的兩個期限內，只要能夠確保經濟效益，就繼續保持積極的成長策略。但是，我們將繼續執行同一時間最多只擁有一艘未租賃的FLNG的政策。

As we've explained over several calls with still the key premise of our business. Gas liquefaction has three cost drivers: the cost of lifting the gas, the cost of liquefying the gas, and the shipping distance from where the gas is produced to where it's consumed. The largest current exporter in the world of LNG is the US. They also happen to be the largest source of growth of incremental supply over the coming 5 to 10 years, and they also happen to be the most expensive producer, so the incremental producer.

正如我們在多次電話會議中解釋的那樣，這仍然是我們業務的核心前提。天然氣液化有三個成本驅動因素：天然氣的提升成本、天然氣的液化成本、天然氣從生產地到消費地的運輸距離。目前世界上最大的液化天然氣出口國是美國。它們恰好也是未來 5 到 10 年增量供應成長的最大來源，而且它們也恰好是最昂貴的生產商，因此是增量生產商。

Hence, if we can source projects where we can produce the gas significantly cheaper than Henry Hub, we know we have an attractive cost-competitive advantage in constructing the liquefaction units. More often than not, our projects are closer to end users and therefore have a shipping advantage.

因此，如果我們能找到生產天然氣成本遠低於亨利樞紐的項目，我們就知道我們在建造液化裝置方面具有有吸引力的成本競爭優勢。我們的專案通常離最終用戶更近，因此在運輸方面具有優勢。

And if we have this or continue to develop projects with the three significant cost advantages over the largest incremental producer in this market, we believe we have a very strong business and one that we will continue to grow. Turning to Eduardo for group result.

如果我們擁有或繼續開發具有三大顯著成本優勢的項目，相對於該市場中最大的增量生產商而言，我們相信我們將擁有非常強大的業務，並且我們將繼續發展壯大。請Eduardo提供小組結果。

Thank you, Carl, and good morning, everyone. I'm pleased to give an overview of Golar's financial performance for the third quarter of 2025. So moving to slide 18, let's review the key financial highlights of the quarter.

謝謝你，卡爾，大家早安。我很高興向大家概述 Golar 公司 2025 年第三季的財務表現。接下來請看第 18 張投影片，讓我們回顧一下本季的主要財務亮點。

Following Gimi's COD in June, this was the first quarter with full operations of both of our units. I'm pleased to share that Gimi has been performing extremely well, and daily production is now frequently exceeding base capacity.

繼 Gimi 於 6 月投產之後，這是我們兩個部門全面運作的第一個季度。我很高興地告訴大家，Gimi 的表現非常出色，日產量現在經常超過基本產能。

We achieved total operating revenues of $123 million in the quarter and net FLNG tariffs of $132 million this quarter. Hilli contributed $51 million to our EBITDA, while Gimi added $48 million this quarter. In connection with the startup of operations of Gimi, we incurred certain one-off expenses, which are expected to be normalized in the next quarters.

本季我們實現了1.23億美元的總營業收入和1.32億美元的FLNG淨關稅收入。Hilli 為我們的 EBITDA 貢獻了 5,100 萬美元，而 Gimi 本季貢獻了 4,800 萬美元。與 Gimi 的營運啟動有關，我們產生了一些一次性費用，預計這些費用將在接下來的幾個季度內恢復正常。

When accounting for the corporate and project development expenses this quarter, our total adjusted EBITDA reached $83 million. Total EBITDA for the last 12 months ended in Q3 was $221 million.

在計入本季的公司和專案開發費用後，我們的調整後 EBITDA 總額達到 8,300 萬美元。截至第三季末的過去 12 個月的總 EBITDA 為 2.21 億美元。

This quarter, we report a net income of $46 million. This figure is inclusive of $12 million of non-cash items, such as adjustments in the value of embedded TTF and Brent derivatives within the Hilli contract, as well as changes in our interest rate swaps.

本季度，我們實現淨收入4600萬美元。該數字包含 1200 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。

In October, we raised $500 million under our first US-rated senior unsecured bonds, with a new five-year note at a cost of 7.5%. Following that, we repaid $190 million of our unsecured Norwegian bonds issued back in 2021. Our liquidity now stands at approximately $1 billion of cash on hand. So following that, our net debt position right now stands at just under $1.4 billion.

10 月份，我們透過首次發行美國評級的優先無擔保債券籌集了 5 億美元，新的五年期票據成本為 7.5%。隨後，我們償還了 2021 年發行的 1.9 億美元無擔保挪威債券。我們目前的流動資金約為10億美元現金。因此，我們目前的淨債務略低於 14 億美元。

Lastly, we're pleased to declare a dividend of $0.25 per share this quarter, with a record date of November 17 and payment scheduled for November 24. I'm moving into slide 19.

最後，我們很高興地宣布本季派發每股 0.25 美元的股息，股權登記日為 11 月 17 日，派息日定於 11 月 24 日。我現在要進入第19張投影片了。

We continue to focus on accretive growth while maintaining a sustainable policy of shareholder returns. As our units come online, we plan to return most of operating cash flow after debt service to shareholders, while we continue to recycle capital through asset-level financing and existing debt optimization to fund accretive growth. These are not mutually exclusive.

我們將繼續專注於實現增值成長，同時維持可持續的股東回報政策。隨著各業務單位陸續投產，我們計劃在償還債務後將大部分經營現金流返還給股東，同時我們將繼續透過資產層面的融資和現有債務優化來循環利用資本，為增值增長提供資金。這兩者並不互相排斥。

Over the last five years, we returned more than $800 million to shareholders, including dividends of over $260 million and buybacks of more than 9.3 million shares at an average price of $125 per share, bringing the total share count to 102 million shares outstanding at the end of Q3. In line with that, I'm pleased to announce that our Board has approved a new buyback program of up to $150 million.

過去五年，我們向股東返還了超過 8 億美元，其中包括超過 2.6 億美元的股息和以每股 125 美元的平均價格回購了超過 930 萬股股票，使得截至第三季末，流通股總數達到 1.02 億股。為此，我很高興地宣布，我們的董事會已批准一項新的股票回購計劃，金額高達 1.5 億美元。

Now moving to slide 20. Following the announcement of the Mark II FID and CP fulfillment, we now have full visibility of our earnings for the next 20 years. This gives us a clear path to cash flow growth and increased shareholder returns. By 2028, when our three FLNG units are fully delivered and in operation, we expect our EBITDA to grow by more than 4 times compared to the last 12 months. This can grow even further, subject to further commodity upside from Hilli and the Mark II.

現在轉到第20張投影片。隨著 Mark II FID 和 CP 交付的宣布，我們現在可以完全了解未來 20 年的收益。這為我們實現現金流成長和提高股東回報提供了明確的途徑。到 2028 年，當我們的三套 FLNG 裝置全部交付並投入營運時，我們預計我們的 EBITDA 將比過去 12 個月增加 4 倍以上。如果 Hilli 和 Mark II 帶來的大宗商品價格進一步上漲，這一數字可能還會進一步增長。

These incremental free cash flow upsides under the SESA charters in Argentina can be estimated at approximately $100 million per year for every $1 per million BTU increase in FOB prices above $8 per million BTU. In 2028, when the Mark II comes online, our free cash flow to equity generation could be around $500 million to $600 million, or approximately $5 to $6 per share, before further commodity upsides.

根據阿根廷的 SESA 特許經營協議，FOB 價格每上漲 1 美元（高於每百萬 BTU 8 美元），每年可增加約 1 億美元的自由現金流。2028 年，當 Mark II 投入營運時，我們的自由現金流可轉化為股權收益，約 5 億至 6 億美元，即每股約 5 至 6 美元，這還不包括大宗商品價格進一步上漲帶來的好處。

Now moving to slide 21. So how do we plan to fund that growth? Going forward, we plan to use the liquidity released from debt financing proceeds to be allocated to fund accretive FLNG growth. We have now received final credit approvals for a new $1.2 billion bank facility for FLNG Gimi at improved terms, and we expect it to close within Q4. This facility carries improved terms and conditions compared to the current one and is expected to release net proceeds of over $400 million net to us, at 5.6 times the Gimi’s annual contracted EBITDA. This is a good example of what can be achieved on the back of our long-term charters.

現在轉到第21張投影片。那麼我們打算如何為這種成長提供資金呢？展望未來，我們計劃將債務融資所得釋放的流動性用於為增值型 FLNG 業務成長提供資金。我們已獲得 FLNG Gimi 新的 12 億美元銀行貸款的最終信貸批准，條款有所改善，預計將在第四季度完成。與目前的融資安排相比，該融資安排的條款和條件有所改善，預計將為我們釋放超過 4 億美元的淨收益，相當於 Gimiâ 的年度合約 EBITDA 的 5.6 倍。這是利用我們的長期包機協議所能取得成就的一個很好的例子。

We're looking at our existing debt at Hilli and targeting a level of 4 to 5 times its annual contracted EBITDA, in that case, even at a lower level than the Gimi one, we could release up to $1 billion in proceeds from that just by refinancing the existing debt with a new facility. Similarly, if we apply the same multiples to the Mark II, which is currently completely unencumbered, we could be looking to raise up to $2 billion from new financing. Combined, these two transactions could raise up to $3 billion in fresh proceeds, which can be used to fund further FLNG growth.

我們正在審視 Hilli 的現有債務，目標是將其控制在年度合約 EBITDA 的 4 到 5 倍水平。在這種情況下，即使低於 Gimi 的水平，我們也可以僅透過新的融資安排對現有債務進行再融資，從而釋放高達 10 億美元的收益。同樣地，如果我們對目前完全沒有抵押的 Mark II 也採用同樣的倍數，我們或許可以透過新的融資籌集高達 20 億美元的資金。這兩筆交易加起來最多可以籌集 30 億美元的新資金，這些資金可用於為 FLNG 的進一步發展提供資金。

Now moving to slide 22. Following the confirmation of the contract in Argentina with the FIDs of Hilli and the Mark II, we now have a total firm EBITDA backlog of more than $17 billion before commodity upside and further inflation adjustment.

現在轉到第22張投影片。在阿根廷與 Hilli 和 Mark II 簽署最終投資決定 (FID) 後，我們目前已確認的 EBITDA 訂單總額超過 170 億美元，這還不包括大宗商品價格上漲和進一步的通貨膨脹調整。

I wanted to recap how this is built up on all FLNG operations. So starting with our share of the Gimi earnings. This is expected to add $150 million, followed by the $285 million from Hilli, as you can see on the slide, and $400 million from the Mark II. When you deduct our corporate expenses, we're left with a base EBITDA of $800 million fully secured for the next 20 years.

我想回顧一下這是如何在所有FLNG營運中建構的。首先，讓我們來看看我們在 Gimi 收益中所佔的份額。預計這將增加 1.5 億美元，其次是 Hilli 帶來的 2.85 億美元（如幻燈片所示），以及 Mark II 帶來的 4 億美元。扣除公司開支後，我們剩餘的基本 EBITDA 為 8 億美元，並且在未來 20 年內完全有保障。

As I explained before, changes in LNG prices could significantly give very high upsides to us. And in that case, we have a limited downside with a very significant and uncapped upside. For example, if we assume FOB LNG prices of $10 per million BTU, our EBITDA could be in excess of $1 billion per year. At $15, this number could grow to $1.5 billion. As a reference, if all the units were in operation in 2030, and assuming LNG prices during that time, we could be earning close to $3.5 billion in that given year. This really shows the huge upside potential of our commodity exposure.

正如我之前解釋的那樣，液化天然氣價格的變化可能會為我們帶來非常高的收益。在這種情況下，下行風險有限，而上行潛力卻非常巨大且沒有上限。例如，如果我們假設液化天然氣離岸價為每百萬英熱單位 10 美元，我們的 EBITDA 每年可能超過 10 億美元。以每股 15 美元計算，這個數字可能成長到 15 億美元。作為參考，如果所有裝置在 2030 年都投入運營，並假設屆時的液化天然氣價格不變，那麼我們當年可以賺取近 35 億美元。這充分展現了我們大宗商品投資的巨大上漲潛力。

So lastly, on slide 23, I wanted to summarize the different ways our investors can have exposure to Golar. Our shares are listed on Nasdaq, and I'm pleased to see increased volumes, with daily liquidity exceeding $50 million per day. Following our latest issuance of our new US-rated $500 million unsecured bonds in October, we now have two unsecured bonds trading in the market, with a total outstanding amount of $800 million. We have also issued $575 million of convertible bonds back in June. So I think that's it for this slide here. I'll now hand the call back to you, Carl.

最後，在第 23 張投影片上，我想總結我們的投資者可以透過哪些不同的方式投資 Golar。我們的股票在納斯達克上市，我很高興看到交易量增加，每日流動性超過 5000 萬美元。繼我們在 10 月發行了 5 億美元的美國評級無擔保債券之後，我們現在有兩隻無擔保債券在市場上交易，未償餘額總計 8 億美元。今年6月，我們也發行了5.75億美元的可轉換債券。所以，我想這一頁投影片就到此為止了。現在我把電話交還給你，卡爾。

Thanks, Eduardo. Turning to slide 25 to summarize. We're very pleased with the development of the quarter and in particular, 2025 year-to-date.

謝謝你，愛德華多。翻到第25頁進行總結。我們對本季的發展情況，特別是2025年至今的發展情況，感到非常滿意。

We remain the only proven service provider of FLNG-as-a-service, combined between Hilli and Gimi, having now delivered more than 150 LNG cargoes. Our earnings backlog now stands at $17 billion of EBITDA before commodity upside and inflationary adjustments. This will further increase as we add additional units.

Hilli 和 Gimi 兩家公司合併後，仍然是唯一一家提供 FLNG 即服務的專業服務商，目前已交付超過 150 批 LNG 貨物。目前，我們的獲利缺口為 170 億美元的 EBITDA（未計入大宗商品價格上漲和通膨調整）。隨著我們增加更多單元，這個數字還會進一步增加。

Our EBITDA is set to quadruple between now and 2028, and the pathway to multiple returns in shareholder returns is beyond the quadruple, as the EBITDA growth is far in excess of debt service growth. We remain a strong balance sheet position to provide for additional growth units. Our fully delivered net debt to EBITDA stands at around 3.4 times, with the current cash position of around $1 billion.

從現在到 2028 年，我們的 EBITDA 預計將成長四倍，而股東回報的數倍成長路徑將超過四倍，因為 EBITDA 的成長遠遠超過了債務償還的成長。我們維持穩健的資產負債表狀況，足以支援新增業務部門。我們完全實現的淨債務與 EBITDA 比率約為 3.4 倍，目前的現金狀況約為 10 億美元。

We're on track to order our fourth FLNG unit, and we're in the process of ordering long-lead items during this quarter. Our focus remains on shareholder returns, and we're pleased that the Board approved yesterday a new $150 million buyback program, which is in line with the $812 million returned to shareholders in the last five years.

我們正按計畫訂購第四台FLNG裝置，並且正在本季訂購交貨週期較長的零件。我們仍然專注於股東回報，我們很高興董事會昨天批准了一項新的 1.5 億美元股票回購計劃，這與過去五年返還給股東的 8.12 億美元相符。

That concludes the prepared remarks of today's presentation. I'm happy to turn the call back to the operator for any questions. Thank you.

今天的演講稿到此結束。如有任何疑問，我很樂意將電話轉回給接線生。謝謝。

(Operator Instructions) Chris Robertson, Deutsche Bank Securities.

（操作員說明）克里斯·羅伯遜，德意志銀行證券。

Thank you, operator. Good morning, Carl and Eduardo. Thanks for taking my questions here. Just, we saw some correlation in the share price recently with the Argentine market due to the recent election cycle, and one of the things that could help reduce the market's perception of risk around Argentina, perhaps if SESA is able to lock in long-term offtake agreements. So I was wondering if you could comment on CEA's current strategy agreements and where things stand on that front.

謝謝接線生。早上好，卡爾和愛德華多。感謝您回答我的問題。只是，由於最近的選舉週期，我們看到股價最近與阿根廷市場存在一些相關性，而如果SESA能夠鎖定長期承購協議，或許有助於降低市場對阿根廷風險的看法。所以我想知道您能否就CEA目前的策略協議以及這方面的進展發表一些看法。

Good morning, Chris, and we've observed the same, which is interesting. I think we tried to explain the structure of our contracts on slide 5 in this deck. These contracts are for 20-year durations, and we've structured them independent of political parties.

早安，克里斯，我們也觀察到了同樣的現象，這很有趣。我認為我們已經在本簡報的第 5 張投影片中解釋了合約的結構。這些合約期限為 20 年，而且我們制定這些合約時完全獨立於政黨。

We subjectively are pleased to see the outcome of the election. However, our contracts, the FID for the Mark II, were taken before the outcome of the election, and we do not think that it would have any material impact on our earnings irrespective of outcome, but subjectively we're pleased to see the developments.

我們主觀上對選舉結果感到滿意。然而，我們的合同，即 Mark II 的最終投資決定，是在選舉結果公佈之前簽訂的，我們認為無論結果如何，都不會對我們的收益產生任何實質性影響，但主觀上，我們很高興看到這些進展。

To answer your question on long-term offtake, that's a SESA decision. We are obviously shareholders of SESA, so the current plan is to initially lock in the offtake for the Hilli volumes for a decent period of time, and we're pleased to see the activity level and interest for that offtake.

關於您提出的長期承購問題，這屬於SESA的決定範圍。我們顯然是 SESA 的股東，因此目前的計劃是先鎖定 Hilli 油氣田的承購量，並維持相當長的一段時間，我們很高興看到目前的承購活躍度和市場興趣。

As I earlier explained, the world is looking to diversify sources of LNG, and the attractiveness of Argentina sitting on the world's second-largest shale discovery is very interesting because it will be a long-term and very significant exporter of LNG for the coming decades. So we see very strong interest from all the big industrial and trading houses for that volume. We do expect them to sign the first of their contracts within this quarter.

正如我之前解釋的那樣，世界正在尋求液化天然氣來源多元化，而阿根廷擁有世界第二大頁岩氣發現，這非常具有吸引力，因為在未來幾十年裡，它將是一個長期且非常重要的液化天然氣出口國。因此，我們看到所有大型工業和貿易公司都對這個數量級的產品表現出了非常濃厚的興趣。我們預計他們將在本季內簽署第一份合約。

Great, thank you for that. Just turning to the donor vessels. At the moment, they seem to be relatively cheap. That being said, there's a little bit of cost inflation, as you probably saw here on long-lead items and also from the shipyards just being relatively full.

太好了，謝謝你。轉向供體血管。目前來看，它們價格相對便宜。話雖如此，成本還是略有上漲，正如你可能在這裡看到的，交貨週期長的商品以及造船廠相對繁忙的情況都是如此。

So with that in mind, can you comment if the future projects could target a similar potential CapEx-to-EBITDA ratio of 5.5 as you noted in the slides here, or is that calculation a bit different with recent cost? And if you could comment on where total CapEx stands today on some of the new potential projects.

考慮到這一點，您能否評論一下，未來的項目能否像您在幻燈片中提到的那樣，達到類似的潛在資本支出與息稅折舊攤銷前利潤比率 5.5，還是說由於最近的成本，這個計算方法略有不同？請問您能否就目前一些潛在新項目的總資本支出情況發表一下看法？

I think it's fair to say that the topside equipment cost inflation and construction time offsets the saving of the donor vessel and more so. The cost inflation pressure is higher than what you save on the ship, even if they do partly net off each other, but stronger pressure on the topside, to put it that way.

我認為可以公平地說，上部設備成本上漲和建造時間抵消了捐贈船舶節省的費用，而且抵消的金額還更多。成本通膨壓力高於船舶上節省的成本，即使兩者可以部分抵消，但從某種意義上說，上層建築的壓力更大。

However, we're pleased to see that that's also the case for liquefaction fees, and we are planning or targeting to do new projects with similar economics on CapEx-to-EBITDA ratios versus the existing projects.

不過，我們很高興看到液化費用也是如此，我們計劃或目標是開展與現有項目在資本支出與 EBITDA 比率方面具有類似經濟效益的新項目。

And just as a follow-up on that, if you were to move forward with the Mark II, having that option at the shipyard, would that be locked in at the similar price of the Fuji, or has there been some cost inflation that could impact that as well?

那麼，作為後續問題，如果您選擇 Mark II，並且船廠有這個選項，那麼它的價格是否會鎖定在與富士相似的水平，還是說成本上漲也會對此產生影響？

You have a cheaper donor vessel than the Fuji. You have higher long-lead items, but the overall price, I would say for this context, is broadly in line with a slight increase. Broadly in line with the existing in Fuji.

你的捐贈船比富士船便宜。你們的交貨週期較長的商品價格較高，但就目前情況而言，我認為整體價格與略微上漲基本一致。與富士現有的情況大致一致。

That's my question. I'll turn it over.

這就是我的問題。我把它翻過來。

Thank you, Chris.

謝謝你，克里斯。

Even Kolsgaard, Clarkson Securities.

甚至包括 Kolsgaard 和 Clarkson Securities。

Thank you. So I have a question related to Gimi and the capacity of that ship. I know you've answered something similar before and touched upon it in your presentation. But one of your partners is very vocal about the potential to raise the nameplate capacity of that ship. I think the specific number is like 10% to 20% above the current nameplate capacity. Do you have any comments or color on that statement, and if it's possible?

謝謝。所以我想問一個關於Gimi號以及這艘船的容量的問題。我知道你之前回答過類似的問題，在你的演講中也提到過。但你們的一位合作夥伴非常積極地表示，有可能提高該船的額定載客量。我認為具體數字比目前的銘牌容量高出 10% 到 20%。您對此聲明有何評論或補充說明嗎？如果可以的話？

So when you make reference to nameplate, there's a few different numbers. So let's talk about nameplate. The nameplate capacity of Gimi is 2.7 MTPA. The contracted volume is 2.4 MTPA. So when we say that the unit makes $215 million of annual EBITDA, that's with reference to the 2.4 MTPA, which is 90% of the 2.7 MTPA.

所以，當你提到銘牌時，會用到幾個不同的數字。那我們來談談銘牌吧。Gimi的銘牌產能為2.7 MTPA。合約約定的產量為240萬噸/年。所以，當我們說該部門每年實現 2.15 億美元的 EBITDA 時，指的是 240 萬噸/年的產量，即 270 萬噸/年的 90%。

Is it possible that you can produce more than 2.4 MTPA and up towards 2.7 MTPA? Yes, absolutely. Is it possible that we can produce more than 2.7 MTPA? We are evaluating that through the debottlenecking exercise that I mentioned during the call. That could include upgrading certain equipment. The magnitude in percentages over and beyond 2.7 MTPA, we are not in a position to have a clear stance on today.

你們有可能生產超過 240 萬噸/年，甚至接近 27 萬噸/年嗎？是的，絕對的。我們有可能達到年產量超過 270 萬噸嗎？我們正在透過我在電話會議中提到的消除瓶頸措施來評估這一點。這可能包括升級某些設備。對於超過 270 萬噸/年的百分比幅度，我們目前還無法給出明確的立場。

The way it works is that if you change one single component, that component itself could be like 15% or 20% production increase, but then you face a bottleneck elsewhere in the liquefaction plant. So it's a knock-on effect, and you need to go through the entire system to really gauge the total potential, debottleneck potential.

其工作原理是，如果你改變一個組件，該組件本身可能會使產量提高 15% 或 20%，但隨後你會在液化廠的其他地方遇到瓶頸。所以這是一個連鎖反應，你需要對整個系統進行全面考察，才能真正評估其總潛力、消除瓶頸的潛力。

So for now, producing more than 2.4 MTPA, whether that's feasible, yes, we think so. It's subject to operations upstream and ambient temperature. Is it possible to do over the defined nameplate? Perhaps, but that's through the bottleneck exercise, and we're not going to come to any percentages until that exercise is done.

所以就目前而言，年產量超過 240 萬噸是否可行，是的，我們認為可行。它受上游操作和環境溫度的影響。是否可以覆蓋已定義的銘牌？也許吧，但這要透過瓶頸分析才能實現，而且在瓶頸分析完成之前，我們無法得出任何百分比。

Okay, thank you. So, well, my second one is on the market for FLNGs. As you said, there's been a growing number of FLNGs and interest in that market, but we also see new companies that are doing FLNGs like Delta LNG and Ogu LNG. These companies are private, so we don't really know much about the CapEx or contract structures that they get for the tollings, etc.

好的，謝謝。所以，我的第二個專案是為浮式液化天然氣 (FLNG) 開發的。正如您所說，FLNG 的數量和市場興趣都在不斷增長，但我們也看到像 Delta LNG 和 Ogu LNG 這樣的新公司也在從事 FLNG 業務。這些公司都是私人企業，所以我們不太了解它們在收費方面的資本支出或合約結構等情況。

But do you have any information when it comes to how these units compare to yours in terms of competitiveness, and are you also seeing more competition when it comes to potential projects that you are looking at?

但是，您能否提供一些信息，說明這些單位與您的單位在競爭力方面有何不同？您在考察潛在項目時是否也感受到了更大的競爭？

So we're pleased to see that more people adopt FLNG technology. I don't think I want to go into any of the specific projects that you mentioned, but we're pleased to see increased adoption. I think it's still fair to say that there are more PowerPoint FLNG companies than real FLNG companies.

所以我們很高興看到越來越多的人採用浮式液化天然氣技術。我不想深入探討您提到的任何具體項目，但我們很高興看到採用率不斷提高。我認為仍然可以公平地說，用 PowerPoint 製作的 FLNG 公司比真正的 FLNG 公司要多。

But even including the projects that you mentioned, none of them are offering FLNG-as-a-Service. All of them are utilizing gas that they control or in areas where they control. They're not offering this to an upstream partner, an external upstream partner.

但即使包括您提到的那些項目，也沒有一個項目提供 FLNG 即服務。他們都在使用自己控制的天然氣，或在自己控制的區域內使用天然氣。他們沒有向上游合作夥伴，也就是外部上游合作夥伴提供這項服務。

So do we see increased competition for shipyard slots and long leads? Yes. Some of that is not driven by FLNGs. It's by AI data centers. It's by container ships. It's by LNG ships. But it's also FLNGs, for sure. Do we see competition for FLNG-as-a-service right now? No.

那麼，我們是否會看到船廠船位競爭加劇和建造週期延長？是的。其中一些並非由浮式液化天然氣裝置驅動。這是由人工智慧資料中心提供的。是透過貨櫃船運輸的。是透過液化天然氣運輸船。但也肯定包括浮動液化天然氣運輸船（FLNG）。目前FLNG即服務領域是否有競爭？不。

Thank you. That's all for me.

謝謝。我就說這些了。

[Spyro Donna], Citi.

[Spyro Donna]，花旗銀行。

Thanks, operator. Good morning, team. First question, to hit quickly on the buyback. The prior buyback was linked to those notes you did earlier this summer. Curious how you're thinking about deploying this program and what metrics you'll be looking at each quarter to decide how much you're going to repurchase.

謝謝接線生。早安，各位同事。首先，要盡快解決回購問題。之前的回購與你今年夏天早些時候發行的那些債券有關。很好奇您是如何考慮部署這個專案的，以及您每季會關注哪些指標來決定回購多少。

This is Eduardo here. So, as we stated during the call, over the last 4.5 years, we bought back over 9.3 million shares. I think we have taken a pretty opportunistic approach to that. Following the convertible bonds, we bought back 2.5 million shares, and the previously approved program had then been exhausted.

這位是愛德華多。正如我們在電話會議中所說，在過去的 4.5 年裡，我們回購了超過 930 萬股股票。我認為我們對此採取了相當投機取巧的做法。在發行可轉換債券之後，我們回購了 250 萬股股票，先前批准的計畫已經用完。

So I think we have received approval yesterday from the board for a new program of up to $150 million, which we will continue to actively and opportunistically execute in the market in the coming months. I think we will not change our approach to buybacks as we have been consistently doing over the last 4.5 years.

所以我認為我們昨天已經獲得了董事會的批准，啟動一項高達 1.5 億美元的新計劃，我們將在未來幾個月繼續積極、抓住市場機會執行該計劃。我認為我們不會改變我們過去 4.5 年來一直堅持的股票回購策略。

Got it. So it's great to hear. Second question, maybe just move to the fourth FLNG unit. Curious if you could put a finer point on maybe some of the gating items here to moving forward. You already talked about some of them, but you also mentioned going back to potential customers you had spoken to before. Curious how big that list is and maybe why they're stronger candidates now versus not prior.

知道了。聽到這個消息真是太好了。第二個問題，或許可以考慮改用第四個浮式液化天然氣裝置。我很想知道您能否更詳細地指出一些阻礙我們前進的障礙事項。您已經談到了其中一些，但您也提到要重新聯繫之前交談過的潛在客戶。很好奇這份名單到底有多長，以及為什麼他們現在比以前更有競爭力。

So, well, the list of existing clients is very obvious. It's Perenco, BP, Kosmos, and the SESA partnership, I think. We're obviously, with Hilli departing in Cameroon, Cameroon has more gas reserves that are currently not being monetized. The day we leave, there will be no LNG exports from Cameroon.

所以，現有客戶名單非常明顯。我認為是 Perenco、BP、Kosmos 和 SESA 合作計畫。很明顯，隨著希利離開喀麥隆，喀麥隆擁有更多天然氣儲量，但這些儲量目前尚未被貨幣化。我們離開的那天，喀麥隆將不再出口液化天然氣。

I think we have a proven operating model there. It's been a very successful partnership across all the parties, and we would be pleased to continue to work in Cameroon if we can find the right resource and agree the right terms.

我認為我們在那裡已經建立了一個行之有效的營運模式。各方之間的合作一直非常成功，如果我們能找到合適的資源並達成合適的條款，我們很樂意繼續在喀麥隆開展工作。

I think for the GTA project, many options are being evaluated to enhance the unit economics of that project, which could include increased liquefaction capacity. In Argentina, there's an expressed interest to continue to grow exports. I think as late as yesterday, there was an announcement between YPF, Eni, and XRG.

我認為對於 GTA 項目，正在評估許多方案以提高該項目的單位經濟效益，其中可能包括增加液化能力。阿根廷方面明確表示有意繼續擴大出口。我記得就在昨天，YPF、Eni 和 XRG 之間還發布了一項公告。

So those are obviously the existing clients. There were other clients or other prospective clients that were competing for the Mark II and Hilli. Some of them have now developed further since sort of losing out to the Argentinians last year and have gotten gas approvals, export rights, and so forth that make the project more mature and more positioned to lock in an FLNG.

顯然，這些是現有客戶。還有其他客戶或潛在客戶也在競標 Mark II 和 Hilli。其中一些項目自去年輸給阿根廷後，現在已經取得了進一步發展，獲得了天然氣批准、出口權等，使該項目更加成熟，更有可能鎖定浮式液化天然氣項目。

So those are the ones we develop, in addition to the continuous business development. Our BD team continues to develop, and some of them are in areas we're currently not operating in as well. And we do see strong demand pull obviously from West Africa and South America, but it would be interesting to see if it would be possible to open other areas as well that we're currently in discussions with.

所以，除了持續的業務發展之外，我們還會開發這些產品。我們的業務拓展團隊不斷發展壯大，其中一些成員已經涉足我們目前尚未涉足的領域。我們確實看到來自西非和南美洲的強勁需求，但看看是否有可能開放我們目前正在討論的其他地區，這將是一件有趣的事情。

Great, I'll leave it there for today. Thank you, gentlemen.

好的，今天就先到這裡吧。謝謝各位先生。

John Mackay, Goldman Sachs.

約翰麥凱，高盛集團。

Hey guys, thank you for the time. Maybe I'll just pick up on that last one. It sounds like you are lining up for a fourth vessel order effectively before we know exactly where it's going, similar to what you did last time. Makes sense, but I guess my question is, going with a Mark I or II or Mark III, each of those kind of has a different market where it could end up going. So I was just wanting to talk about where you're seeing the commercial opportunities relative to each of those three options.

各位，謝謝你們抽出時間。或許我會選擇最後一個。聽起來你們似乎在還沒確切知道第四艘船要去哪裡之前，就已經準備下單了，和上次一樣。有道理，但我的問題是，無論是選擇 Mark I、Mark II 還是 Mark III，它們各自的目標市場都略有不同。所以我想和您談談您認為這三個選項中哪一個存在商業機會。

Yeah, hi John. So you're right. As we said in the prepared remarks, we are planning to narrow the design in the coming months. The long-lead items, the critical long-lead items, are in fact the same or interchangeable between the designs. It's mainly the gas turbine and the cold box. The difference is the magnitude of how many turbines you order for the different designs.

嗨，約翰。你說得對。正如我們在準備好的演講稿中所說，我們計劃在未來幾個月內縮小設計範圍。長週期元件，尤其是關鍵長週期元件，實際上在不同的方案中是相同的，或者可以互換。主要是燃氣渦輪機和冷箱。差異在於不同設計方案所需的渦輪機數量的大小。

When we make the slot reservation and commitments to the long leads, it is interchangeable and therefore the reason for going ahead with that now is that that's still flexible to the design, subject to deciding the design in the next coming months, and that's where we're targeting.

當我們為長期專案預留名額並做出承諾時，它是可以互換的，因此現在繼續推進的原因是，它仍然具有靈活性，可以根據未來幾個月的設計進行調整，而這正是我們的目標。

We see the smaller ones, so the Mark I, that's West Africa business the way we see it. And Mark II is more versatile in terms of geography. And Mark III effectively currently has two projects that we're working on. So that is fewer projects for Mark III than necessarily for the other two. But yeah, so we're now planning to narrow that range to decide on which vessel to go for.

我們看到的是規模較小的，例如 Mark I，在我們看來，那就是西非的業務。Mark II 在地理位置方面更靈活。目前，Mark III 實際上有兩個項目正在進行中。因此，Mark III 的項目數量必然比其他兩款少。是的，所以我們現在計劃縮小範圍，以決定選擇哪艘船。

I appreciate that, thanks. Quick second one for me. Just can you remind us the status of the pipeline for Argentina, kind of what we should look for next, when we need to see something moving forward, any updates there?

非常感謝。我的第二個很快就完成了。您能否提醒我們一下阿根廷輸油管的最新進展？接下來我們該關注什麼？我們需要看到什麼進展？這方面有什麼最新消息嗎？

So there are two relevant pipelines. The least cumbersome one is the one that connects the existing grid to the Hilli. That's under construction and very much on track.

所以這裡有兩個相關的管道。最不麻煩的方案是將現有電網連接到 Hilli。該項目正在建設中，進展非常順利。

The one you are referring to is the new pipeline from the Vaca Muerta to the Gulf of San Matías. That pipeline is a SESA workstream. It is independent of our contracts because we are paid as long as we're on site and available, irrespective of whether we liquefy or not.

你指的是從瓦卡穆埃爾塔到聖馬蒂亞斯灣的新管道。該管道是SESA的一個工作流程。這與我們簽訂的合約無關，因為只要我們在現場並且隨時待命，無論我們是否進行資產清算，我們都會獲得報酬。

However, it's obviously important for us that that pipeline is built because that is what speaks to the upside and the overall economics. SESA is now in an active round where they are auctioning out the EPC contract and/or a tariff-based service agreement, subject to which model they go for. Our understanding is that they expect to enter into a contract and award it in the first half of next year.

然而，對我們來說，這條輸油管的建設顯然非常重要，因為它關係到未來的發展前景和整體經濟效益。SESA 目前正處於積極招標階段，他們將根據自身選擇，對 EPC 合約和/或基於資費的服務協議進行拍賣。據我們了解，他們預計將於明年上半年簽訂合約並授予合約。

The construction time of the pipeline is less than two years, hence that should be well within the timeline for Mark II's arrival. They're also in parallel working on all the regulatory framework needed, including right of way, RIGI protection, and so forth.

該管道的建設時間不到兩年，因此應該完全在 Mark II 到達的時間範圍內。他們同時也同步製定所有必要的監管框架，包括通行權、RIGI保護等等。

The good thing is that the absolute majority of the distance the pipeline will go next to the oil pipeline that was approved last year. Hence, right of way is already -- that path has already been laid because you can just go exactly next to it. So we think this is a repeat, and we understand that SESA is happy with the engagement from the potential EPC providers of that pipeline.

好消息是，這條管道的大部分路段都將與去年獲準的輸油管相鄰。因此，通行權已經存在——這條路已經鋪好了，因為你可以直接沿著它走。所以我們認為這是重演，而且我們了解到SESA對該管道潛在EPC供應商的參與感到滿意。

Alexander Bidwell, Webber Research & Advisory.

Alexander Bidwell，Webber Research & Advisory。

Good morning. I appreciate the time. Just wanted to pick up on a couple of the previous questions on some of the commercial demand, or rather, demand for FLNG units. Are there any pockets of demand that surprise you? Any specific regions where you feel commercial discussions have picked up more so than others?

早安.感謝您抽出時間。我想就之前提出的幾個關於商業需求，或者更確切地說，關於FLNG裝置需求的問題，補充幾點。是否存在一些令您感到意外的需求領域？您覺得哪些地區的商業洽談比其他地區更活躍？

I don't think surprise is the right word. These are very large infrastructure projects that require a lot of stakeholders and a lot of time. So to say that it's surprising, I don't think it's the right characterization.

我覺得用「驚訝」這個詞不太適合。這些都是規模龐大的基礎設施項目，需要眾多利害關係人的參與和大量的時間。所以說這令人驚訝，我認為這種描述並不恰當。

But what we do see is that, as we've said a few times on the call, there's an increasing industry adoption. People are not scared of deploying an FLNG anymore, and it's a bit like, if your neighbor has one, you want one too.

但正如我們在電話會議上多次提到的，我們看到業界對這種技術的接受度正在不斷提高。人們不再害怕部署浮式液化天然氣船，這有點像，如果你的鄰居有一艘，你也想要一艘。

And if you just look at where FLNGs are deployed or plan to be deployed in terms of contracts already sanctioned, and just look at the neighboring countries, they all have pretty much similar reserves. Why would your neighbor do something and make billions of dollars of LNG cash flows a year when you're not? And that dynamic is now growing stronger than previously because more people are adopting the projects.

如果你看看已經批准的合約中，浮式液化天然氣船的部署地點或計畫部署地點，再看看鄰國，就會發現它們的儲量都差不多。為什麼你的鄰居會去做某件事，每年從液化天然氣中獲得數十億美元的現金流，而你卻不做呢？而且，由於越來越多的人參與這些計畫中來，這種趨勢現在比以前更加明顯。

Interesting. That's a great analogy. For my second question, can you talk to, I guess, the key steps to greenlighting and optimization or the bottlenecking on the Gimi? And then once you approve or decide the path forward, can you walk us through how the actual work might be executed? Could there be any potential impact to production, etc.?

有趣的。這個比喻太好了。我的第二個問題是，您能否談談Gimi專案核准和最佳化過程中的關鍵步驟，或者說瓶頸所在？然後，一旦您批准或決定了前進的方向，您能否向我們詳細介紹實際工作將如何執行？這會對生產等方面造成任何潛在影響嗎？

The question is probably just as well placed to BP or Kosmos, but the way this works is it's an interaction, right? So the gas comes, it's lifted from the ground, then goes through a BP-operated FPSO, then the gas is sent to the Gimi, then circulated on a hub that's BP-operated, and then offloaded.

這個問題或許也適合問BP或Kosmos，但事情的運作方式是互動，對吧？天然氣運到後，從地下被提升，然後經過 BP 運營的 FPSO，再輸送到吉米港，然後在 BP 運營的樞紐進行循環，最後卸載。

So when you talk about debottlenecking, it's not just Gimi, it's the whole process from when the gas is lifted until it's loaded onto a ship. And, for example, one of the key performance measures of an FLNG is the quality of the gas entering the unit and ambient temperature.

所以，當你談到消除瓶頸時，不僅僅是吉米，而是從天然氣被提升到裝船的整個過程。例如，FLNG 的一個關鍵性能指標是進入裝置的氣體品質和環境溫度。

Now ambient temperature is a little bit tricky to play around with, but you can do smart things like air inlet cooling and so forth. So when you talk about debottlenecking, it's not just on the FLNG itself, it's through the value chain and where does each dollar deployed make the maximum output and how do we work together to optimize that output.

現在環境溫度比較難控制，但你可以採取一些巧妙的措施，例如進氣冷卻等等。所以，當我們談到消除瓶頸時，不僅僅是指FLNG本身，而是要貫穿整個價值鏈，思考如何讓每一美元的投入產生最大的產出，以及我們如何共同努力優化產出。

So, for now, that's the discussion. Maybe you can tweak the gas treatment on the FPSO to send a more optimized gas stream to the FLNG and thereby increase throughput as an example, right?

所以，目前討論就到此為止。例如，或許可以調整FPSO上的氣體處理裝置，向FLNG輸送更優化的氣流，進而提高吞吐量，對嗎？

So the work we are currently discussing does not require any movement of Gimi. She stays where she is. It might entail maintenance shutdown of the trains, but you'd never shut down all four. You just do like shut down a train for one week, maybe do certain upgrades or change some of the equipment.

因此，我們目前討論的工作不需要吉米進行任何移動。她就待在原地。這可能需要對列車進行維護停運，但你絕不會停駛全部四列列車。例如，你可以把一列火車停駛一周，進行一些升級改造或更換一些設備。

You get that back up and running before you do the next one, and that would obviously be in accordance with the upstream to boost output. And then the NPV of that would be massively positive. If not, nobody's incentivized to do it because it's working today. So this is an opportunity set which could benefit everybody.

在進行下一個操作之前，你需要確保上一個作業恢復正常，這顯然是為了配合上游提高產量。那麼，該項目的淨現值將非常高。否則，就沒有人有動力去做，因為現在這樣做行之有效。所以這是一個可能惠及所有人的機會。

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

好的，謝謝。我把它翻過來。

Liam Burke, B. Riley Securities.

利亞姆·伯克，B. Riley Securities。

Thank you. Hi Carl. Hi Eduardo. How are you today?

謝謝。嗨，卡爾。你好，愛德華多。你今天怎麼樣？

We are well. How are you?

我們很好。你好嗎？

Just fine, thank you. You're talking about future projects and you pretty much have an idea of what the cost of the FLNG is. When you're looking at the implicit returns on that project, are you looking at just tolling agreements or do you factor in some sort of commodity premium on the cash flow generations of future FLNGs?

沒問題，謝謝。你們在談論未來的項目，而且你們對浮式液化天然氣裝置的成本也大致有所了解。在評估該專案的隱性收益時，您只考慮收費協議，還是將未來 FLNG 現金流量產生的某種商品溢價納入考量？

The latter. So, to explain, we do not want to be in any project if the cash breakeven of the project is not competitive. Then it's a partnership that's set up for failure over time. And by competitive, we mean competitive to US exports.

後者。所以，解釋一下，如果一個專案的現金損益平衡點沒有競爭力，我們就不想參與這個專案。那麼，這種合作關係注定會隨著時間的推移而失敗。所謂具有競爭力，是指與美國出口產品具有競爭力。

So the way we try to structure the project is to charge what we think is a fair, but also attractive to Golar firm tolling part. And then a commodity upside if the achieved FOB price significantly overshoots the cash breakeven of the project. In that way, we can make a project with an attractive cash breakeven to all the stakeholders and align structure on making money together if and when gas prices go up.

因此，我們嘗試建立該專案的方式是，收取我們認為公平且對 Golar 公司有吸引力的費用作為收費部分。如果最終的離岸價大幅超過專案的現金損益平衡點，那麼商品價格就會上漲。這樣，我們就可以創造一個對所有利害關係人都有吸引力、能夠實現現金損益平衡的項目，並在天然氣價格上漲時，透過調整結構來共同賺錢。

The only thing we know is over the next 20 years, nobody knows where the gas price is going. It will be volatile, so it's important to have an attractive cash breakeven and capture the upsides when they're there.

我們唯一知道的是，未來20年，沒有人知道汽油價格會走向何方。市場波動性較大，因此保持合理的現金損益平衡點，並在市場上漲時抓住機會至關重要。

Great, thanks Carl. In terms of the Gimi, operational efficiencies and the bottlenecking, are you gleaning anything from that process that can help you on future FLNG projects?

太好了，謝謝卡爾。就 Gimi 專案而言，在營運效率和瓶頸方面，您是否從流程中獲得了任何可以幫助您未來開展 FLNG 專案的經驗？

Yes. So if you look at our units, they're getting more efficient. The Gimi is slightly more efficient than the Hilli. Mark II is quite a bit more efficient than the Gimi, both in terms of fuel consumption, emissions, water intake, many different things. So we're constantly adopting technology advances.

是的。所以如果你看看我們的設備，你會發現它們的效率越來越高。Gimi 的效率比 Hilli 略高。Mark II 在燃料消耗、排放、進水量等諸多方面都比 Gimi 高效得多。因此，我們一直在不斷採用新技術。

Think of it as a car. If you bought the Volkswagen Golf five years ago and you ordered a new one now, it looks very similar, but it's got a nicer radio, better sound system, and whatever else it has, better headlights. It's the same car, but it's nicer.

把它想像成一輛車。如果你五年前買了一輛大眾高爾夫，現在又訂購了一輛新的，它看起來非常相似，但它有更好的收音機、更好的音響系統，以及其他一些配置，例如更好的頭燈。雖然是同一輛車，但這輛更好。

Okay, I'll be sure to consider that when looking at a Golf, but thank you.

好的，我在考慮買高爾夫的時候一定會考慮到這一點，謝謝。

Sherif Elmaghrabi, BTIG.

謝里夫·埃爾馬格拉比，BTIG。

Hi, thank you. So the buyback program was reloaded in Q3, and in the past you've shown some flexibility regarding how to reinvest in the company. So my question is, how are you thinking about shareholder returns through buybacks versus that outstanding 30% interest in the Gimi given where the stock is today?

您好，謝謝。因此，股票回購計畫在第三季重新啟動，過去你們在如何對公司進行再投資方面也展現了一定的靈活性。所以我的問題是，考慮到該股目前的股價，您如何看待透過股票回購實現的股東回報，以及Gimi公司尚未收回的30%股份？

That's for us. So the $150 million is set for share buybacks, right? When it comes to the Gimi, that's obviously -- the 30% stake is owned by Keppel Capital. If that can be acquired accretively to where we can do all the FLNG growth and/or where we are trading on the market, we will for sure consider it. If not, we don't need to buy it.

那是給我們用的。所以這1.5億美元是用於股票回購，對嗎？至於 Gimi，很明顯——30% 的股份由吉寶資本持有。如果收購能夠對我們實現所有 FLNG 成長和/或我們在市場上的交易產生增值作用，我們一定會考慮的。如果不是，我們就無需購買。

Got it. And then, turning to the fleet, if we fast forward a year and you secured a contract for a fourth FLNG, but the order book for gas turbines has obviously grown. Do you have a sense of how that affects delivery timelines for a fifth unit? Is it a few months more than -- I think you said up to 48 months for a Mark III, for example?

知道了。然後，再來看看船隊，如果我們快進一年，你獲得了第四艘 FLNG 的合同，但燃氣渦輪機的訂單顯然已經增長了。您認為這會對第五台設備的交付時間產生什麼影響？是不是比——我記得你說過，例如 Mark III 最多需要 48 個月——多幾個月？

Okay, to just give you an example, up until June this year, the delivery time for a gas turbine was 24 months. In June, some of these are down to almost single suppliers. In June, one of these suppliers sent a letter to all its clients saying lead times just went from 24 to 36 months. So that's a one-year delay.

好，舉個例子來說，直到今年6月，燃氣渦輪機的交付週期是24個月。6月份，其中一些供應商幾乎只剩下一家了。今年6月，其中一家供應商向所有客戶發出了一封信，表示交貨週期從24個月延長至36個月。所以這要延遲一年。

If you're an existing client and you have an existing program, maybe you can sneak in the middle there somewhere, but you're talking significant potential delays unless you lock in the long leads, which is why we're going ahead now because in developing these projects, you need to know when you start up to drive commercial value. And if you keep letting the critical items slide, even if the shipyard is ready on everything else, if you can't get the topside equipment there, you don't get the ship.

如果您是現有客戶並且已經有了項目，也許您可以設法在其中擠出一點時間，但除非您鎖定長期合作，否則可能會造成嚴重的延誤，這就是為什麼我們現在要繼續推進的原因，因為在開發這些項目時，您需要知道何時啟動才能創造商業價值。即使造船廠其他所有設備都已準備就緒，但如果你一直拖延關鍵項目的進度，如果你無法將上層設備運送到那裡，你就拿不到這艘船。

Alright. Thank you, Carl.

好吧。謝謝你，卡爾。

Thank you. This concludes today's question-and-answer session. I will now hand back for closing remarks.

謝謝。今天的問答環節到此結束。現在我將交還給發言人，請他作總結發言。

Thank you all for dialing in. As we said, we're now in Bermuda. Eduardo and I will head to New York later today and hope to see some of you there over the course of today and tomorrow. Other than that, thank you for listening in and we're pleased to stay in touch. Thank you. Have a good day.

感謝各位撥入。正如我們所說，我們現在在百慕達。我和愛德華多今天晚些時候將前往紐約，希望今天和明天能在那裡見到你們中的一些人。除此之外，感謝您的收聽，我們很高興能與您保持聯繫。謝謝。祝你有美好的一天。