Golar LNG Partners’ Q2 profit jumps

Golar LNG Partners' Q2 profit jumps

Nasdaq-listed Golar LNG Partners, a limited partnership formed by Golar LNG, reported a net income of $53.8 million the second quarter of 2017. 

This compares to $28 million during the corresponding quarter of last year, the partnership said in its report.

Total operating revenues increased, from $101.4 million in the first quarter to $136.0 million in the second quarter, due to FSRU Golar Igloo being on hire for a full quarter following downtime during January and February.

In addition, the LNG carrier Golar Grand was taken out of layup and dry-docked, and the FSRU Golar Spirit received a one-off termination fee as a result of Petrobras opting to end the charter in June 2017 as opposed to the original end date of August 2018.

Golar Partners is also continuing to work on re-contracting opportunities for the LNG carriers Golar Mazo and Golar Maria.  Chartering opportunities are improving as a function of the improvement in the LNG shipping market, the partnership said. The partnership’s fleet utilization was at 98 percent during the quarter.

Going forward, Golar Partners expects its operating earning for the third quarter to be negatively impacted by the loss of revenue from the Golar Spirit together with associated positioning and demobilization costs ahead of her temporary layup. The Golar Winter will also enter scheduled dry-dock at the end of September.

The partnership adds it has seen an increasing level of interest over recent months in an emerging market for mid-sized 1-2 mtpa FSRUs and due to ongoing discussions, it is confident that at least one of these two available FSRUs will be re-contracted in the coming months.

Few liquefaction projects have reached final investment decision over recent years and this has potential implications for the availability and pricing of post-2020 LNG and therefore demand for FSRUs.

Share this article

Follow LNG World News

Events>

<< Sep 2019 >>
MTWTFSS
26 27 28 29 30 31 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 1 2 3 4 5 6

6th Mozambique Gas Summit & Exhibit

This year’s edition will have a revamped programme for attendees.

read more >

Offshore Energy Exhibition and Conference 2019

The three-day event includes an exhibition where an expected 600+ supply chain companies will showcase their products and services.

read more >

LNGgc London

LNGgc is a fantastic way of raising attendees’ company profile within this market and creating greater awareness of their brand…

read more >

5th CWC China LNG & Gas International Summit & Exhibition

5th CWC China LNG & Gas International Summit & Exhibition will return 16 – 17 October 2019, bringing together the key players…

read more >