Golar LNG Partners reports soaring profit

Golar LNG Partners reports soaring profitImage courtesy of Golar LNG Partners

Nasdaq-listed Golar LNG Partners, a limited partnership formed by Golar LNG, reported a net income of $49.0 million for the third quarter of the year. 

Compared to the previous week, the figure represents a jump of 73 percent on the previous quarter and 85 percent on the corresponding quarter last year.

Total operating revenues also increased, from $84.2 million in the second quarter to $108.2 million in the quarter under review, the company said in its quarterly report.

Of the $24.0 million increase, $25.1 million is related to October 2018 – April 2019 revenues to be received but recognized in full in respect of a previous Golar Freeze contract. Golar Freeze entered Dubai Dry-docks in July for dry-dock and modifications necessary to service its new 15-year project offshore Jamaica.

Dry-dock of the LNG carrier Methane Princess was initiated on August 24. Total off-hire in the third quarter amounted to 37 days. The vessel departed the yard on October 3 and was returned to its charterer on October 25.

After accounting for a layup of Golar Mazo and dry docking of Golar Freeze and Methane Princess, utilization of 74 percent was recorded for the third quarter, down from 85 percent in the previous quarter.

Looking forward, the partnership said that together, a strong balance sheet, order backlog and growth in the LNG market are expected to open a number of opportunities.

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