LNG Infrastructure: Relevant Updates in the FLNG Sector, Read-Throughs for Golar LNG

研报英文原文证据摘录

LNG Infrastructure: Relevant Updates in the FLNG Sector, Read-Throughs for Golar LNG

Deutsche Bank

Research

North America Industry Date

Shipping LNG Infrastructure 24 June 2026

Relevant Updates in the FLNG Sector, Read-

Chris Robertson Throughs for Golar LNG

Research Analyst

+1-212-250-9995

There have been several important developments in the floating natural gas

liquefaction (FLNG) sector that warrant attention from investors. These

developments are key read-throughs for Golar LNG (GLNG) as it is the only pure-

play, US-listed owner and operator of FLNG assets.

On June 18th, Delfin LNG (Delfin Midstream) reported to the US FERC that it had

entered into a long-term, twenty-year sale and purchase (SPA) agreement with

UK-based Centrica for ~0.25 Mtpa on a free-on-board (FOB) basis. This is the first

long-term SPA agreement related to Delfin’s planned second FLNG asset. As a

reminder, Centrica previously signed a commitment to purchase 1.05 Mtpa from

Delfin’s first FLNG project.

On June 3rd, Delfin announced FID for the first 4.4 Mtpa FLNG unit (plan is three

total) in the US Gulf Coast. Delfin LNG would be the first marine/floating LNG

liquefaction project in the US Gulf Coast region. Delfin’s first LNG asset will be

constructed in South Korea by Samsung Heavy Industries, with top-kit and

liquefaction equipment from Black & Veatch. To note, Black & Veatch provided

EPC services to Golar (GLNG) on both the Gimi FLNG asset as well as the Hilli

FLNG asset.

While Delfin, and indeed all land-based or marine-based liquefiers of natural gas,

is a competitor of Golar in a broad sense, the two companies are not competing

in the same market in terms of source gas or price index. Golar continues to look

at cost-advantaged stranded gas opportunities in South America, West Africa,