Golar LNG Revenues Climb (Bermuda)

Golar LNG today reported consolidated net income of $17.2 million and consolidated operating income of $33.8 million for the fourth quarter of 2011.

Revenues in the fourth quarter were $80.6 million as compared to $77.8 million for the third quarter of 2011. The increase is primarily as a result of the additional revenue contribution from Gimi which was in charter throughout the quarter. Vessel utilisation in the fourth quarter also improved slightly to 100% as compared to 99% for the third quarter. Average daily time charter equivalent rates (TCEs) for the fourth quarter at $86,521 per day has decreased from the third quarter which was at $91,614 per day. This is mainly due to the dilutive effect of Gimi’s charter rate.

Operating cost in the fourth quarter at $17.6 million is higher than third quarter at $15.0 million. This is mainly due to the Gimi’s re-activation cost of $3.5 million offset slightly by a reduction in costs on the remaining vessels.

Net interest expense for the fourth quarter at $5.6 million is slightly higher from $4.9 million in the third quarter due to a slight increase in USD LIBOR which impacted the floating debt portion of the company’s debt portfolio.

Other financial items have decreased to a loss of $0.05 million for the fourth quarter compared to a loss of $20.0 million in the third quarter. This is mainly due to the reversal of mark-to-market losses seen in the last quarter as a result of a slight increase in medium to long-term swap rates by the end of the fourth quarter.

The company reported operating revenues of $299.9 million, operating income of $121.0 million and a net income of $46.7 million for the year ended December 31, 2011. This compares to operating revenues of $244.0 million, operating income of $60.2 million and a net income of $0.4 million for the year ended December 31, 2010.

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LNG World News Staff, February 21, 2012; Image: Golar LNG