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The company currently operates the 2.4 mtpa Hilli, which works offshore Cameroon, and the 2.7 mtpa Hilli, which recently started producing LNG at BP’s Greater Tortue Ahmeyim FLNG project offshore Mauritania and Senegal.
In addition, Golar signed an EPC agreement with China’s CIMC Raffles last year to convert its 148,000-cbm Moss-type carrier, Fuji LNG, into an MKII FLNG with a capacity of 3.5 mtpa. The deal is worth $1.6 billion, and the entire project has a price tag of $2.2 billion.
The Golar MK II design is an evolution of the MK I design of FLNG Hilli and FLNG Gimi.
China’s CIMC Raffles recently started converting Golar LNG’s 148,000-cbm Moss-type carrier, Fuji LNG, into an MKII FLNG with a capacity of 3.5 mtpa following the arrival of the LNG carrier at the yard.
The FLNG is expected to be delivered in the fourth quarter of 2027. Golar also has an option for a second MK II conversion slot at CIMC for delivery within 2028.
Golar said in its 2024 results report on Thursday that the under construction MKII is now the focus of “multiple commercial discussions.”
“Advanced discussions are taking place in the Americas, West Africa, Southeast Asia, and the Middle East. Once a charter is secured for the MKII under construction, we aim to FID our 4th FLNG unit,” Golar said.
“In addition to the option for a second MKII at CIMC Raffles shipyard, we are now in discussions with other capable shipyards for this potential 4th unit, focused on design, liquefaction capacity, capex/ton and delivery,” the company said.
Tortue COD in Q2 2025
Golar also provided an update regarding BP’s delayed Greater Tortue Ahmeyim project located offshore Mauritania and Senegal.
In February, the 2.5 mtpa FLNG, which was converted from a 1975-built Moss LNG carrier with a storage capacity of 125,000 cbm, arrived at the GTA hub.
After that, the project’s floating production, storage, and offloading (FPSO) unit also arrived at the GTA project off the coasts of Mauritania and Senegal in May.
Following the commercial reset with BP announced in August 2024, accelerated commissioning commenced in October 2024 using gas from an LNG carrier, Golar noted.
In January 2025, gas from the carrier was replaced by feedgas from the BP-operated FPSO which allowed full commissioning to start, Golar said.
Earlier this month, the FLNG also started LNG production.
“LNG is now being produced, and subject to receipt of sufficient feed gas, the first LNG export cargo is expected within the first quarter of 2025,” Golar said.
“Assuming all conditions are met, the commercial operations date (COD) is expected within the second quarter of 2025. COD will trigger the start of the 20-year lease and operate agreement that unlocks the equivalent of around $3 billion of Adjusted Ebitda backlog,” it said.
Golar also noted that a debt facility to refinance FLNG Gimi is in an advanced stage, with credit approvals now received.
The transaction is subject to customary closing conditions and third party stakeholder approvals, it said.
FLNG Hilli
Golar LNG said the FLNG Hilli, located offshore Cameroon’s Kribi, has offloaded 128 cargoes of LNG since it started operations in 2018.
The FLNG “maintained her market-leading operational track record and exceeded her contracted 2024 production volume resulting in the recognition of $0.5 million of 2024 over production accrued revenue,” the firm said.
In December 2024, Golar took full ownership of the 2.4 mtpa FLNG Hilli after it completed deals worth $90.2 million with Seatrium and Black & Veatch.
Following the end of FLNG Hilli’s current charter in July 2026 offshore Cameroon, the FLNG will undergo vessel upgrades to maintain 20 years of continuous operations offshore.
In July 2024, Golar LNG entered into definitive agreements with Argentina’s Pan American Energy (PAE) for a 20-year deployment of this FLNG in Argentina.
Golar received a notice reserving FLNG Hilli for the 20-year charter for the Southern Energy (SESA) project in October.
During November, Pampa Energia joined the SESA project with a 20 percent equity stake, in December Harbour Energy joined with a 15 percent equity stake, and in February 2025 YPF joined with a 15 percent equity stake.
PAE remains with a 40 percent equity stake and Golar with its 10 percent equity stake.
SESA will be responsible for sourcing Argentine natural gas to the FLNG, chartering and operating FLNG Hilli, and marketing and selling LNG globally.
Golar said the project remains subject to defined conditions precedent, including an export license, environmental assessment, and SESA’s final investment decision.
“Workstreams for each CP are advancing according to schedule and are expected to be concluded within the second quarter of 2025,” Golar said.
Results
Golar reported full year 2024 net income of $50 million inclusive of $131 million of non-cash items, and adjusted Ebidta of $241 million.
The firm reported total cash of $699 million as of December 31, 2024.
Golar declared dividend of $0.25 per share for the fourth quarter.