Golar LNG Partners posts lower net income in Q1

Golar LNG Partners, the owner and operator of FSRUs and LNG carriers posted a lower net income in the first quarter of this year.

The Partnership formed in 2007 as a wholly owned subsidiary of Golar LNG reported net income of $16.8 million and operating income of $56.1 million for the first quarter, as compared to $31.3 million and $58.7 million for the same quarter a year ago.

Revenue net of voyage expenses slightly increased to $99.2 million, as compared to $98.3 million in the same quarter in 2015, Golar LNG Partners said in its results report on Tuesday.

Excluding scheduled downtime, the company’s fleet reported 100% utilization for the quarter.

This reduces to 91% when the Golar Maria dry-dock and Golar Igloo’s winter downtime are taken into account, Golar LNG Partners said.

Golar Maria’s dry-dock, originally expected to take 28 days, was completed 2 days ahead of schedule on April 5. Second-quarter revenue will be slightly reduced as a result.

As charterers of the Golar Grand, Golar have now placed the vessel into layup pending a recovery in the shipping market. The vessel’s layup means that its scheduled 2016 dry-dock is not expected to take place until shortly before the vessel resumes service, likely during 2017, the company said.

No other vessels in the fleet are scheduled to be dry docked this year, it added.

 

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