Golar LNG Limited
Golar LNG Ltd. is a maritime LNG infrastructure company organized around floating liquefied natural gas vessels and related offshore gas monetization services. The company designs, constructs, owns and operates FLNG assets that convert natural gas at sea for export to LNG buyers and project counterparties, with operations rooted in Bermuda and a Nasdaq listing in the United States.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueFloating liquefaction assets and contracted FLNG operations delivered as a service.
Technical and commercial management services for maritime LNG assets and related vessels.
Shorter-term vessel charter revenue from maritime asset deployment.
Products
Reported · share of revenue- Liquefaction Services Revenue57.6 %
- Sales Type Lease Revenue23.2 %
- Vessel Management Fees and Other Revenues18.9 %
- Time and Voyage Charter Revenue0.2 %
Source: 20-F FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Golar sells primarily to gas resource owners, LNG project developers, and counterparties seeking an offshore liquefaction solution that can bring stranded gas into export markets. Its commercial model also reaches charter customers and project partners that need floating LNG capacity, technical execution, and long-duration operating support.
They buy FLNG capacity to monetize stranded gas reserves without building onshore liquefaction plants.
They contract for floating liquefaction assets and project execution support to accelerate LNG export projects.
They use vessels under charter arrangements for LNG logistics or related maritime deployment.
They work with Golar on EPC, engineering, and commissioning for FLNG projects.
Strategy
Golar’s strategy is to expand controlled FLNG capacity through repeat designs, project execution discipline, and long-term charter employment for new vessels. The company also seeks to monetize its technical and operating track record by securing attractive delivery slots, partnering with engineering and shipyard providers, and locking in contracted cash flows from multi-year FLNG deployments.
More controlled liquefaction capacity expands the installed base that can be contracted to customers.
Contracted charters and sales-type lease structures stabilize utilization for capital-intensive assets.
Standardized designs lower execution complexity and improve buildability across projects.
A proven FLNG operating history supports customer trust in offshore liquefaction delivery.
Geography
Golar is headquartered in Bermuda and listed in the United States, but its business is international and tied to LNG-producing basins and export routes rather than one domestic market. The company’s projects and counterparties are global, with shipyard, engineering, and supplier activity spanning multiple countries and with revenue exposure concentrated in long-term offshore energy deployments.
Risks
Golar’s business depends on large, capital-intensive offshore projects, so execution risk, delivery timing, and counterparty commitment are central to performance. The company also faces commodity-linked demand risk, technical operating risk, and balance-sheet pressure from long construction cycles and project concentration.
- Project execution delaysImpact: HighLikelihood: Medium
FLNG units require complex engineering, shipyard conversion, and commissioning before they can generate contracted cash flow.
Exposure: New FLNG conversions and shipyard schedules
- Customer concentration and charter timingImpact: HighLikelihood: Medium
Revenue depends on securing long-term employment for individual vessels rather than a broad recurring base.
Exposure: New unit employment and charter backlog
- Commodity and LNG market exposureImpact: HighLikelihood: Medium
Demand for FLNG projects is tied to natural gas pricing, LNG trade flows, and resource-owner economics.
Exposure: Global LNG market
- Technical operating riskImpact: HighLikelihood: Medium
Availability, uptime, and liquefaction performance directly drive service delivery and contract economics.
Exposure: Operational FLNG fleet
- Capital and liquidity riskImpact: HighLikelihood: Medium
New vessel builds and conversions require large upfront commitments before cash generation begins.
Exposure: Multi-year FLNG construction program
Accounting
Judgemental itemsThe FLNG Gimi structure includes lease receivable principal amortization that is presented differently from GAAP revenue.
Impact: Affects comparability between cash earnings and reported revenue
FLNG service revenues depend on contract terms, deployment dates, and service commencement timing.
Impact: Can shift revenue recognition across periods
The company references MTM movements on oil-linked derivatives, interest rate swaps, and listed equity securities.
Impact: Can introduce non-operating volatility into earnings
Large FLNG conversions and EPC arrangements involve significant costs before assets enter service.
Impact: Impacts asset carrying values and depreciation over time
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Last updated: 28/09/2026