Golar LNG: Assymetric Bet On FLNG Technology
Bram de Haas
Bram de Haas
Sailing The Seas Of Natural Gas With Golar LNG
Herr Hansa • 58 Comments
Herr Hansa • 58 Comments
Tue, May 10, 9:49 AM
- Golar LNG (GLNG -0.2%) announces the resignation of CEO Gary Smith, to be replaced by Oscar Spieler, and the formation of a new subsidiary called Golar Power.
- Spieler has been responsible for the development of the Golar Hilli FLNG project and was GLNG's CEO between July 2009 and June 2011; he spent 16 years in the John Fredriksen controlled Seatankers Group, where he had several functions including CEO of Frontline, Golar, Sea Production and Sea Lift.
- GLNG also says it plans to develop a downstream LNG company called Golar Power to target delivery of cheaper, cleaner, integrated, LNG based energy solutions to new markets; it would start with a portfolio of opportunities including participation in a 1.5 GW power station in Sergipe, Brazil, backed by a 25-year PPA contract.
- GLNG says it will seek additional external capital to fund Golar Power and is in talks with a P-E fund to jointly develop the new company.
- Now read GasLog, Golar LNG upgraded to Buy at Jefferies
Mon, May 9, 9:14 AM
Fri, Apr. 29, 12:44 PM
Fri, Apr. 29, 9:12 AM
- Gainers: PRGN +75%. GNW +16%. P +13%. AMZN +12%. SDRL +11%. EXPE +11%. MNST +11%. ROVI +10%. SNMX +9%. LNKD +7%. CRC +7%. DNR+7%. DRYS +7%. TIVO +6%. LGCY +6%. SHPG +5%. GPL +5%.
- Losers: BIOC -22%. GLNG -17%. EPAY -17%. MOH -15%. SRCL -15%. IMGN -14%. SYNA -11%. AKS -8%. HCLP -8%. ALR -6%. GILD -6%. RXDX -6%.
Fri, Apr. 22, 12:28 PM
- Jefferies upgrades both GasLog (GLOG +4.2%) and Golar LNG (GLNG +3.5%) to Buy from Hold, saying the companies are well positioned for an improving liquefied natural gas shipping market environment.
- The firm cites GLOG's built-in growth and growth aspirations as well as the potential to also pursue FLNG projects; it raises its stock price target to $17 from $8 based on shares trading at 140% of estimates net asset value, in-line with the historical multiple.
- Jefferies likes GLNG's significant spot market exposure and burgeoning FLNG business, and thinks the company is poised for an anticipated near-term increase in global LNG shipping volumes as well as potentially stronger crude oil and LNG prices in 2017.
- Now read LNG shipping: Demand-side macro outlook for April
Fri, Jan. 22, 12:44 PM
Fri, Jan. 22, 10:21 AM
- Golar LNG (GLNG +39.7%) explodes higher following news it has signed a memorandum of understanding with Schlumberger that will see the two companies cooperate on the global development of greenfield, brownfield and stranded gas reserves.
- Under the MoU, GLNG and SLB will jointly market gas monetization solutions to owners, investors and governments in an attempt to help lower the cost of liquefied natural gas production from gas reserves worldwide.
- GLNG will contribute floating LNG assets and technology, while SLB will provide upstream development knowledge, resources and capital.
Wed, Jan. 20, 12:45 PM
Dec. 18, 2015, 5:30 PM
- Golar LNG Partners (NASDAQ:GMLP) rebounded more than 15% to recover a chunk of its 42% shellacking suffered yesterday amid the Teekay dividend cuts, after saying it has experienced no material changes in its operations since its Q3 earnings announcement on Nov. 30.
- GMLP says its distribution policy has not changed and expects an unchanged distribution of $0.5775/unit in Q4; also, GMLP's board authorizes the repurchase of up to $25M of its outstanding common units.
- The other relevant stocks ended mostly higher: GLOG +2.7%, GLNG +0.1%, GLOP -3.1%, TK +21%, TNK +2.4%, TGP +12.8%, TOO +36.4%.
Dec. 17, 2015, 10:48 AM
- GasLog (GLOG -13.6%) and Golar LNG (GLNG -8.1%) are sharply lower in the wake of the Teekay dividend cuts, as the market focuses on GLOG and GLNG following Teekay's (TK -55.6%) announcement and Kinder Morgan's cut earlier this month.
- Wells Fargo downgrades TK and GLOG to Market Perform from Outperform, saying pressure around dividend cuts is likely to continue weighing on the stocks.
- The firm issues reduced price target ranges for the stocks, to $18-$20 from $35-$37 for TK and to $10-$12 from $21-$23 at GLNG.
- Also: TGP -45.8%, GMLP -34%, GLOP -8.4%, STNG -3.5%, NNA -3.2%, NAP -2.2%.
Sep. 30, 2015, 10:49 AM
- Golar LNG (GLNG +9.9%) is sharply higher after announcing that its Cameroon floating liquefied natural gas project has earned final approval by all parties of the Gas Convention for the project, which commits the project to a Q2 2017 targeted start date for commissioning.
- GLNG expects the Cameroon project to deliver EBITDA in the first full year of operation, based on the utilization of two of the available four liquefaction trains, of $170M-$300M.
Aug. 28, 2015, 11:46 AM
- Golar LNG (GLNG +5%) is upgraded to Buy from Hold with a $45 price target at Stifel, which notes that as the company continues progress toward finalizing multiple FLNG projects, each of which could be worth $10-$15/share, the firm estimates the sum of the parts at $45/share with material upside if more FLNG projects begin to solidify.
- Stifel reiterates its Buy rating on Golar LNG Partners (GMLP +4.3%) while lowering its target price to $29 from $33, as units trade at a compelling current yield of 13% with excellent cash flow protection and distribution visibility.
Jul. 22, 2015, 9:14 AM
- Golar LNG (NASDAQ:GLNG) +1.9% premarket on news it has ordered a third floating liquefaction vessel based on its GoFLNG technology.
- The primary contract for the GoFLNG Gandria was entered into with Singapore's Keppel Shipyard, following previous deals for the GoFLNG Hilli and Gimi conversions.
- GLNG says it does not expect to raise any additional equity in connection with the $684M order.
Jul. 21, 2015, 2:58 PM
- Golar LNG (GLNG +4.8%) says it has secured up to $960M in financing for its GoFLNG unit Golar Hilli from a unit of China’s shipbuilding conglomerate China State Shipbuilding Corp.
- GLNG says the financing will fund up to 80% of the cost of the converting the Moss-type LNG carrier Hilli into a GoFLNG vessel at Singapore’s Keppel Shipyard.
- Once GLNG has spent $400M of the estimated $1.2B conversion cost, the company will be able to draw down up to $700M from the facility in the first phase of the financing; GLNG already has spent $385M on the conversion.
- Another $260M will be able to be drawn down in the second phase, which will be activated once the completed unit has been delivered from Keppel Shipyard and “certain additional performance milestones” have been satisfied.
Jul. 21, 2015, 10:32 AM
- The crash in oil prices is good for business for operators of the supertankers capable of hauling more than 2M barrels of crude around the world, such as Frontline (FRO +9.1%), Teekay Tankers (TNK +4.2%), Nordic American (NAT +2.6%), DHT Holdings (DHT +2.4%) and Euronav (EURN +1.5%), whose stocks have been moving up in recent weeks.
- The oil market rout that started in 2014 is a boon that could allow the companies to reduce debt, invest in new vessels and reward shareholders that have stuck with them through some very lean years, FT reports.
- Since the start of the year, the cost of hiring a VLCC has jumped more than 50%, with the rate for shipping oil from Saudi Arabia to Japan - the benchmark supertanker route - rising to $93.6K/day, a seven-year seasonal high.
- The supply of supertankers also has fallen sharply since 2008.
- Other related tickers: GLNG, GNRT, SFL, NAO, ASC, TOO, TK, TGP
Jul. 10, 2015, 5:40 PM
Golar LNG Ltd. owns and operates liquefied natural gas carriers (LNG) and floating storage and regasification unit (FSRU). The company's vessel provides LNG shipping, storage and regasification services to LNG industry. It develops FSRU projects based on the conversion of existing LNG Carriers.... More
Sector: Basic Materials
Industry: Oil & Gas Equipment & Services
Country: United States
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