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Golar LNG orders a new floating LNG unit for delivery by 2029
The Mark II vessel will add controlled liquefaction capacity by 41%, taking it from 8.6 million tonnes to more than 12 million tonnes once fully delivered.
Golar LNG has announced an order for a fourth floating LNG unit, signed around its August 13 second-quarter earnings call, according to Yahoo Finance. The Mark II vessel is set to be built at CIMC Raffles Shipyard in China and delivered within 2029, positioning it as the earliest available liquefaction capacity anywhere in the world.
The company said the new contract lifts its controlled liquefaction capacity by 41%, from 8.6 million tonnes to more than 12 million tonnes once fully delivered. Management also framed the move as capacity growth rather than the end of its available fleet, citing an EBITDA backlog of $17 billion already locked in through Hilli, Gimi, and the FLNG Esperanza.
Golar pointed to potential earnings expansion if the unit is chartered on terms similar to last year’s Esperanza deal, saying annual earnings capacity could rise 50% and push run-rate EBITDA above $1.2 billion by 2030. The article attributes that confidence to expected shipyard constraints, noting Samsung is not expected to have open capacity until 2031.
The report also highlighted execution and costs. It cited prior operating performance for Hilli, Gimi, and the Esperanza conversion as supporting the growth case, while saying the fourth unit’s CapEx is around $2.45 billion, about 10% above the $2.2 billion spent on Esperanza, with management linking part of the increase to inflation on long-lead equipment. It added that the new unit does not yet have a charter, so the earnings boost is described as a target rather than a secured number.