Golar LNG Ltd. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2014; Provides Earnings Guidance for the Second Quarter of 2014
May 28, 2014 at 09:05 am EDT
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Golar LNG Ltd. announced unaudited consolidated earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported EBITDA of $33.1 million. Operating revenue at $21.0 million was up on fourth quarter 2013 operating revenue of $18.0 million. Positive contributions to first quarter revenue came from the Golar Arctic which provided a full quarter's earnings having been in drydock for part of the fourth quarter, the Golar Igloo which contributed to earnings in respect of its 27 day pre-dropdown operations and the Golar Seal which found voyage charters for part of the quarter as compared to no utilisation during the fourth quarter. Operating income was $75,937,000 compared to $75,937,000 a year ago. Income before taxes and equity in net earnings of affiliates was $9,263,000 compared to $82,360,000 a year ago. Net income was $12,991,000 compared to $85,564,000 a year ago. Net cash used in operating activities was $80,964,000 compared to net cash provided by operating activities of $16,907,000 a year ago. Additions to vessels and equipment amounted to $1,411,000. Additions to new buildings amounted to $196,608 compared to $167,797,000 a year ago.
Based on the trading so far, the expects that the operating result for second quarter of 2014 to be in line or slightly better than first quarter numbers.
Golar LNG Limited designs, owns and operates marine infrastructure for the liquefaction of natural gas and the regasification, storage and offloading of liquefied natural gas (LNG). Its segments include FLNG, Corporate and other and Shipping. The FLNG segment includes its operations of FLNG vessels or projects. It converts LNG carriers into FLNG vessels or builds new FLNG vessels and subsequently contracts them out to customers. The FLNG segment relates to activities of the FLNG Hilli and its other FLNG projects. The Shipping segment includes its operations of the transportation of LNG carriers. It has operated and subsequently chartered out LNG carriers on fixed terms to charterers. Its fleet is comprised of two LNG carriers and two FLNGs. It also provides FLNG commercial, operational and technical support, crew management services and supervision, corporate secretarial, accounting and treasury services. It operates in Bermuda, the United Kingdom, Norway, Cameroon and Croatia.
Golar LNG Ltd. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2014; Provides Earnings Guidance for the Second Quarter of 2014