Golar LNG (GLNG): 2Q26 Preview: Solid Quarter; Watching Commercial Progress Towards a Fourth FLNG and Next Steps on Strategic Review

研报英文原文证据摘录

Golar LNG (GLNG): 2Q26 Preview: Solid Quarter; Watching Commercial Progress Towards a Fourth FLNG and Next Steps on Strategic Review

Goldman Sachs Golar LNG (GLNG)

development activities (adjusted out of our adjusted EBITDA estimate of $125m for

the segment) to be a headwind in the quarter. Looking forward, we now reflect Hilli

contributions through the end of July 2026 (vs end of June 2026 prior) before the

asset comes offline for its planned refurbishment. We also reflect an August 2027

in-service for Hilli in Argentina (vs July 2027 in our prior model), though we will

continue to monitor management guidance as the company works through

2H26-1H27 refurbishment.

n Corporate and Other likely flat QoQ. We expect Corporate and Other EBITDA of

-$9m to be flat vs 1Q26 of -$9m and in line with our prior estimate of -$9m.

Key Focus Areas

Expect progress on ordering a fourth boat this year - watching potential for a fifth

boat. We remain constructive on the potential for GLNG to proceed with a fourth vessel

order this year, particularly following qualitative commercial progress management

discussed at our NDR in May. Recall, as we discussed in more detail here, management

emphasized confidence in proceeding with a fourth vessel this year, citing multiple

constructive ongoing commercial discussions, and the ordering of long-lead items in

May 2026. On the commercial front, management noted they have signed multiple

non-binding term sheets, but that remaining steps including engineering work,

regulatory approvals, and formalizing deals into binding agreements which can take ~6

months to complete. On size, management expects the next vessel to be an MK II.

Geography remains a key focus where we note the Middle East (Oman), South America