Golar LNG Limited Interim Report March 2002

| Source: Golar LNG Golar LNG

  •         Golar LNG reports first quarter EBITDA of $24.6 million
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  •         Net income for the quarter amounts to $9.0 million
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  •         Golar LNG selected as a partner for the Marathon Oil operated Baja LNG import and power project. Further project participations under development.
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  •         Total financing package arranged and drawn for first newbuilding.
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  •         Offers for long-term charter received for the company's open tonnage in 2003.
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  •         Market for gas including LNG shows positive development in the quarter.
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    THREE MONTHS TO MARCH 2002 RESULTS
     
    Golar LNG reports a net income of $9.0 million for the three months ended 31st March 2002, and earnings per share of $0.16. This is after a charge of $0.5 million as a result of the movement of the fair value of interest rate swaps. Earnings before interest, tax, depreciation and amortisation (EBITDA) for the quarter were $24.6 million.
     
    Net operating revenues were $32.4 million and have benefited from improved charter hire on three of the British Gas ships. Offhire during the period was a total of 8 days and average daily time charter equivalents were within expectations at $59,600. Total vessel operating expenses were $6.5 million for the quarter  This number is higher than the long-term operating budget for the company, but reflects an action program decided by the Board to upgrade the older vessels and strengthen the operation. It is assumed that such an action program will improve the service to our clients and show long-term cost benefits.
     
    The action program also includes a strengthening of the land staff where several new key employees have been recruited the last six months.
     
    Net interest expense for the quarter was $5.8 million, which compares to $6.6 million in the fourth quarter of 2001, the reduction resulting from lower USD LIBOR rates, which reduced the cost of floating rate loans. The main component of other financial items of $0.9 million was $0.5 million associated with the fair valuing of interest rate swaps.
     
    The weighted average number of shares outstanding as of 31st March 2001 and for the quarter then ended was 56,012,000.
     
    For full Interim Report March 2002, please use the following link:
    http://reports.huginonline.com/861773/104395.pdf