GOLAR LNG LIMITED |
(Translation of registrant's name into English) |
2nd Floor S.E. Pearman Building 9 Par-la-Ville Road Hamilton HM 11 Bermuda |
(Address of principal executive office) |
101 | The following financial information of Golar LNG Limited formatted in Extensible Business Reporting Language (XBRL): |
i. Unaudited Consolidated Statements of Income for the nine months ended September 30, 2017 and 2016; | |
ii. Unaudited Consolidated Statements of Comprehensive Income for the nine months ended September 30, 2017 and 2016; | |
iii. Unaudited Consolidated Balance Sheets as of September 30, 2017 and December 31, 2016; | |
iv. Unaudited Consolidated Statements of Cash Flows for the nine months ended September 30, 2017 and 2016; | |
v. Unaudited Consolidated Statements of Changes in Equity for the nine months ended September 30, 2017 and 2016; and | |
vi. Notes to the Unaudited Condensed Consolidated Financial Statements. |
GOLAR LNG LIMITED | ||
(Registrant) | ||
Date: December 15, 2017 | By: | /s/ Brian Tienzo |
Name: | Brian Tienzo | |
Title: | Chief Financial Officer | |
• | changes in liquefied natural gas, or LNG, carrier, floating storage and regasification unit, or FSRU, or floating liquefaction natural gas vessel, or FLNG, market trends, including charter rates, vessel values or technological advancements; |
• | changes in our ability to retrofit vessels as FSRUs or FLNGs and in our ability to obtain financing for such conversions on acceptable terms or at all; |
• | changes in the timeliness of the Hilli Episeyo (the "Hilli") commissioning and acceptance by the charterer; |
• | changes in our ability to close the sale of the equity interests in Hilli on a timely basis or at all; |
• | changes in the supply of or demand for LNG carriers, FSRUs or FLNGs; |
• | a material decline or prolonged weakness in rates for LNG carriers, FSRUs or FLNGs; |
• | changes in the performance of the pool in which certain of our vessels operate and the performance of our joint ventures; |
• | changes in trading patterns that affect the opportunities for the profitable operation of LNG carriers, FSRUs or FLNGs; |
• | changes in the supply of or demand for LNG or LNG carried by sea; |
• | changes in the supply of or demand for natural gas generally or in particular regions; |
• | failure of our contract counterparties, including our joint venture co-owners, to comply with their agreements with us; |
• | changes in our relationships with our counterparties, including our major chartering parties; |
• | changes in the availability of vessels to purchase and in the time it takes to construct new vessels; |
• | failures of shipyards to comply with delivery schedules or performance specifications on a timely basis or at all; |
• | our ability to integrate and realize the benefits of acquisitions; |
• | changes in our ability to sell vessels to Golar Partners, or our joint venture Golar Power Limited ("Golar Power"); |
• | changes in our relationship with Golar Partners, Golar Power or our joint venture OneLNG S.A; |
• | changes to rules and regulations applicable to LNG carriers, FSRUs, FLNGs or other parts of the LNG supply chain; |
• | our inability to achieve successful utilization of our expanded fleet or inability to expand beyond the carriage of LNG and provisions of FSRUs particularly through our innovative FLNG strategy and our JVs; |
• | actions taken by regulatory authorities that may prohibit the access of LNG carriers, FSRUs or FLNGs to various ports; |
• | our inability to achieve successful utilization of our expanded fleet or inability to expand beyond the carriage of LNG and provision of FSRUs, particularly through our innovative FLNG strategy, or FLNG, and our joint ventures; |
• | changes in our ability to obtain additional financing on acceptable terms or at all; |
• | our ability to make additional equity funding payments to Golar Power and OneLNG to meet our obligations under each of the respective shareholders' agreements; |
• | increases in costs, including, among other things, crew wages, insurance, provisions, repairs and maintenance; |
• | changes in general domestic and international political conditions, particularly where we operate; |
• | a decline or continuing weakness in the global financial markets; |
• | challenges by authorities to the tax benefits we previously obtained under certain of our leasing agreements; and |
• | other factors listed from time to time in registration statements, reports or other materials that we have filed with or furnished to the Securities and Exchange Commission, or the Commission, including our most recent annual report on Form 20-F. |
Nine months ended September 30, | ||||||||
(in thousands of $, except average daily TCE) | 2017 | 2016 | Change | % Change | ||||
Operating revenues (including revenue from collaborative arrangement) | 85,950 | 57,194 | 28,756 | 50 | % | |||
Vessel operating expenses | (38,870 | ) | (41,739 | ) | 2,869 | (7 | )% | |
Voyage, charterhire and commission expenses (including expenses from collaborative arrangement) | (41,828 | ) | (34,930 | ) | (6,898 | ) | 20 | % |
Administrative expenses | (33,190 | ) | (28,841 | ) | (4,349 | ) | 15 | % |
Depreciation and amortization | (59,937 | ) | (56,146 | ) | (3,791 | ) | 7 | % |
Impairment of long-term assets | — | (1,706 | ) | 1,706 | (100 | )% | ||
Net loss on loss of control of Golar Power | — | (12,184 | ) | 12,184 | (100 | )% | ||
Other non-operating gain | 108 | — | 108 | 100 | % | |||
Interest income | 4,704 | 1,527 | 3,177 | 208 | % | |||
Interest expense | (53,085 | ) | (53,517 | ) | 432 | (1 | )% | |
Other financial items, net | (3,495 | ) | (14,979 | ) | 11,484 | (77 | )% | |
Income taxes | (1,070 | ) | 1,039 | (2,109 | ) | (203 | )% | |
Equity in net (losses) earnings of affiliates | (1,359 | ) | 10,118 | (11,477 | ) | (113 | )% | |
Net loss | (142,072 | ) | (174,164 | ) | 32,092 | (18 | )% | |
Net income attributable to non-controlling interests | (23,332 | ) | (18,775 | ) | (4,557 | ) | 24 | % |
Net loss attributable to Golar LNG Ltd | (165,404 | ) | (192,939 | ) | 27,535 | (14 | )% | |
Average Daily TCE (1) (to the closest $100) | 13,300 | 9,900 | 3,400 | 34 | % |
(1) | Time Charter Equivalent, or TCE, is a non-GAAP financial measure. See the section of this report entitled "Non-GAAP measures" for a discussion of TCE. |
• | $24.5 million as a result of improved utilization and daily hire rates, including repositioning fees, from our vessels participating in the Cool Pool for the nine months ended September 30, 2017 compared to the same period in 2016; |
• | $1.3 million in revenue from the Golar Arctic which was fully utilized for the nine months ended September 30, 2017 compared to the same period in 2016 when she was mostly off-hire during the first quarter in preparation for her floating storage unit charter on March 23, 2016 with New Fortress Energy in Jamaica; and |
• | $8.0 million in management fee income, from $8.9 million to $16.9 million for the nine months ended September 30, 2016 and 2017, respectively, from the provision of services to Golar Partners, Golar Power and OneLNG under our management and administrative services and fleet management agreements. The increase is primarily a result of the services provided to Golar Power and OneLNG in the nine months ended September 30, 2017, whereas, during the same period in 2016, services were only provided to Golar Power for a portion of the third quarter, and none to OneLNG. |
• | a decrease of $4.5 million in relation to the Golar Penguin and the Golar Celsius following the deconsolidation of Golar Power, and thus its fleet, from July 2016; |
• | a decrease of $1.2 million from the Golar Arctic and the Golar Tundra, as they incurred higher upstoring and repairs and maintenance costs in 2016 in preparation for the Fortress charter, which commenced in 2016, and the WAGL charter, which was due to commence in 2016, respectively; and |
• | partially offset by an increase of $2.5 million in fleet management costs due to a change in classification of fleet management related administrative costs to vessel operating costs for the nine months ended September 30, 2017, following our in-housing of technical operations. |
• | a decrease of $5.7 million in charterhire expense relating to the charter back of the Golar Grand from Golar Partners. This mainly comprises of a reduction of $7.0 million in amounts payable to Golar Partners under the charter back arrangement for the nine months ended September 30, 2017, as compared to 2016. The decrease is due to the Golar Grand’s drydocking from February to April 2017. No charterhire is payable during periods of drydocking. This decrease is offset by the recognition of an expense of $1.1 million, comprising of an incremental $9.0 million upon re-measurement of the existing Golar Grand guarantee obligation, net of the related amortization income recognized in the nine months ended September 30, 2017; |
• | a decrease of $2.0 million from the Golar Penguin and the Golar Celsius following the deconsolidation of Golar Power, and thus its fleet, from July 2016; and |
• | a decrease of $0.6 million from Golar Arctic as she incurred significant voyage costs prior to commencement of her two year floating storage unit charter on March 23, 2016 with New Fortress Energy in Jamaica. There was no comparable amount for the nine months ended September 30, 2017. |
• | an increase of $13.6 million in depreciation expense in 2017 relating to the Golar Tundra. This includes a $9.7 million depreciation catch up charge recognized upon the vessel ceasing to be classified as held-for-sale in March 2017; |
• | $5.7 million from the Golar Penguin and the Golar Celsius following the deconsolidation of Golar Power, and thus its fleet, from July 2016; and |
• | $3.9 million from the Gimi as she reached the end of her useful life at December 31, 2016. |
• | a $9.3 million decrease in interest expense arising on the loan facilities of our consolidated Lessor VIEs; |
• | a $5.7 million decrease from the Golar Penguin and the Golar Celsius relating to interest expense incurred prior to the deconsolidation of Golar Power in July 2016; |
• | a $5.6 million write off of deferred finance charges as a result of the refinancing of the Golar Seal and the Golar Tundra debt in March 2016 and February 2016, respectively. There is no comparable write off in 2017; and |
• | a $7.4 million decrease in relation to deemed interest that had been capitalized in relation to the investment in our affiliate Golar Power. |
• | an increase of $15.0 million in interest expense, largely due to the out-of-period correction of capitalized interest on borrowing costs in respect of the Hilli FLNG conversion recognized in the nine months ended September 30, 2016; |
• | an increase of $6.5 million in interest expense in relation to the $402.5 million convertible bond issued in February 2017, which replaced the old $250 million convertible bond that was repaid in early March 2017; |
• | an increase of $4.9 million in interest expense from the $150.0 million margin loan that we entered into in March 2017; and |
• | an increase of $1.2 million in interest expense incurred on the amounts received from Golar Partners in relation to the Hilli disposal. |
Nine months ended September 30, | ||||||||
(in thousands of $) | 2017 | 2016 | Change | % Change | ||||
Mark-to-market adjustment for interest rate swap derivatives | 1,056 | (18,699 | ) | 19,755 | (106 | )% | ||
Interest expense on undesignated interest rate swaps | (3,436 | ) | (8,165 | ) | 4,729 | (58 | )% | |
Net realized and unrealized losses on interest rate swap agreements | (2,380 | ) | (26,864 | ) | 24,484 | (91 | )% |
Nine months ended September 30, | ||||||||
(in thousands of $) | 2017 | 2016 | Change | % Change | ||||
Share of net (loss) earnings in Golar Partners | (1,763 | ) | 12,756 | (14,519 | ) | (114 | )% | |
Share of net loss in Golar Power | — | (2,679 | ) | 2,679 | (100 | )% | ||
Share of net earnings in other affiliates | 404 | 41 | 363 | 885 | % | |||
(1,359 | ) | 10,118 | (11,477 | ) | (113 | )% |
Nine months ended September 30, | ||||||||
(in thousands of $) | 2017 | 2016 | Change | % Change | ||||
Other operating gains and losses | — | 16 | (16 | ) | 100 | % | ||
Net income | — | 16 | (16 | ) | 100 | % |
Nine months ended September 30, | ||||||||
(in thousands of $) | 2017 | 2016 | Change | % Change | ||||
Administrative expenses | (381 | ) | (2,232 | ) | 1,851 | (83 | )% | |
Share of net loss in OneLNG | (5,281 | ) | — | (5,281 | ) | 100 | % | |
Net loss | (5,662 | ) | (2,232 | ) | (3,430 | ) | 154 | % |
Nine months ended September 30, | ||||||||
(in thousands of $) | 2017 | 2016 | Change | % Change | ||||
Share of net loss in Golar Power | (12,460 | ) | — | (12,460 | ) | (100 | )% | |
Net loss | (12,460 | ) | — | (12,460 | ) | (100 | )% |
• | receipt of $12.9 million in November 2017 in respect of cash distributions for the quarter ended September 30, 2017, from Golar Partners in relation to our interests in its common and general partner units held at the relevant record date, albeit $12.1 million was used to satisfy principal and interest repayments on the Margin Loan Facility (defined below) as a result of 20,852,291 of Golar Partners common units held by us being pledged as security for the obligations under the facility; and |
• | receipt of a cash distribution $0.9 million in aggregate from Golar Partners with respect to the issuance of Earn-out Units in November 2017. |
• | payment of $5.0 million in cash distributions to our shareholders in October 2017, in respect of the quarter ended June 30, 2017; and |
• | payment of scheduled loan and interest repayments. |
Nine Months Ended September 30, | ||||||||
(in thousands of $) | 2017 | 2016 | Change | % Change | ||||
Net cash used in operating activities | (40,733 | ) | (47,062 | ) | 6,329 | (13 | )% | |
Net cash (used in) provided by investing activities | (197,047 | ) | 56,547 | (253,594 | ) | (448 | )% | |
Net cash provided by financing activities | 300,152 | 23,184 | 276,968 | 1,195 | % | |||
Net increase in cash and cash equivalents | 62,372 | 32,669 | 29,703 | 91 | % | |||
Cash and cash equivalents at beginning of period | 224,190 | 105,235 | 118,955 | 113 | % | |||
Cash and cash equivalents at end of period | 286,562 | 137,904 | 148,658 | 108 | % |
• | milestone payments of $169.5 million in respect of the conversion of the Hilli to a FLNG; |
• | additional capital contributions of $82.0 million to Golar Power; and |
• | net cash outflows of $4.8 million from restricted cash primarily due to the increase in cash collateral requirements provided against our total return equity swap. |
• | purchase consideration received of $107.2 million from Golar Partners in respect of the sale of the Golar Tundra in May 2016; |
• | net purchase consideration received of $113.0 million from Stonepeak in respect of their acquisition of 50% interest in Golar Power in July 2016; and |
• | net cash inflows of $9.8 million from restricted cash primarily due to the decrease in cash collateral requirements provided against our total return equity swap. |
• | installment payments of $19.2 million in respect of our prior newbuilding commitment for the construction of a FSRU; |
• | milestone payments of $129.2 million in respect of the conversion of the Hilli to a FLNG; |
• | payment of $10.2 million in respect of our investment in OneLNG; and |
• | additions to vessels and equipment of $13.9 million. |
• | $125.0 million further drawdown on the FLNG Hilli facility in relation to the conversion of the Hilli to a FLNG; |
• | $112.0 million of debt proceeds in connection with our refinancing of the Golar Crystal debt facility (see note 7, “Variable Interest Entities” of our unaudited condensed consolidated financial statements contained herein); |
• | $150.0 million of debt proceeds from the Margin Loan Facility entered into in March 2017; and |
• | $391.4 million of debt proceeds from the new convertible bond which closed in February 2017. |
• | loan repayments of $398.3 million, which includes the settlement of the balance outstanding on the refinanced Golar Crystal facility of $101.3 million in March 2017 as well as the buyback of the old convertible bond, which matured in March 2017, amounting to $219.7 million; |
• | payment of $31.2 million for capped call transactions entered into in conjunction with the issuance of the new convertible bond mentioned above; |
• | payment of dividends of $15.4 million; and |
• | net cash outflows of $32.0 million relating to restricted cash balances held by our lessor VIEs as well as the cash collateral requirements with respect to the Golar Bear and Golar Frost financing arrangements. |
• | $150.0 million further drawdown on the FLNG Hilli facility in relation to the conversion of the Hilli to a FLNG; and |
• | an additional $205.8 million of debt proceeds which refers to amounts drawn down by our lessor VIEs under their respective loan arrangements, in connection with our refinancing of the Golar Seal debt facility amounting to $162.4 million, the releveraging of the Golar Tundra lease by $25.5 million and the balance of $17.9 million relating to short-term debt proceeds arising in the ICBC lessor VIEs. |
• | loan repayments of $184.9 million, which includes the settlement of the balance outstanding on the refinanced Golar Seal facility of $106.6 million in March 2016; |
• | payment of dividends of $49.7 million; |
• | net cash outflows of $82.4 million relating to restricted cash balances held by our lessor VIEs as well as the cash collateral requirements with respect to the Golar Bear and Golar Crystal financing arrangements; |
• | purchases of our common shares (treasury shares) in the Company amounting to an aggregate cost of $8.2 million; and |
• | payment of $7.4 million in respect of finance costs. |
Nine months ended September 30, | |||||
(in thousands of $ except number of days and average daily TCE) | 2017 | 2016 | |||
Operating revenues | 85,950 | 57,194 | |||
Less: Vessel and other management fee | (16,930 | ) | (8,902 | ) | |
Time and voyage charter revenues (1) | 69,020 | 48,292 | |||
Voyage expenses (1) (3) | (30,368 | ) | (17,574 | ) | |
38,652 | 30,718 | ||||
Calendar days less scheduled off-hire days (2) | 2,900 | 3,114 | |||
Average daily TCE (to the closest $100) | 13,300 | 9,900 |
• | the Hilli’s timely acceptance by the Customer under the Liquefaction Tolling Agreement; |
• | obtaining the required consents to the transaction from governmental authorities and/or third parties; |
• | the continued accuracy of the representations and warranties contained in the Hilli Sale Agreement; |
• | the performance by each party of its obligations under the sale agreement; |
• | the absence of any decree, order, injunction, ruling or judgment that prohibits, or other proceedings that seek to prohibit, the Hilli Disposal or makes the Hilli Disposal unlawful; and |
• | the execution of certain agreements related to the consummation of the Hilli Disposal. |
Unaudited Consolidated Statements of Income for the nine months ended September 30, 2017 and 2016 | ||||
Unaudited Consolidated Statements of Comprehensive Income for the nine months ended September 30, 2017 and 2016 | ||||
Unaudited Consolidated Balance Sheets as of September 30, 2017 and December 31, 2016 | ||||
Unaudited Consolidated Statements of Cash Flows for the nine months ended September 30, 2017 and 2016 | ||||
Unaudited Consolidated Statements of Changes in Equity for the nine months ended September 30, 2017 and 2016 | ||||
Notes to the Unaudited Condensed Consolidated Financial Statements |
(in thousands of $, except per share amounts) | Nine months ended September 30, | ||||||
Notes | 2017 | 2016 | |||||
Time and voyage charter revenues (1) | 52,004 | 37,798 | |||||
Time charter revenues - collaborative arrangement (1) | 14 | 17,016 | 10,494 | ||||
Vessel and other management fee (1) | 14 | 16,930 | 8,902 | ||||
Operating revenues | 4 | 85,950 | 57,194 | ||||
Vessel operating expenses | 38,870 | 41,739 | |||||
Voyage and charterhire expenses (1) | 20,637 | 28,505 | |||||
Voyage and charterhire expenses - collaborative arrangement (1) | 14 | 21,191 | 6,425 | ||||
Administrative expenses | 33,571 | 31,073 | |||||
Depreciation and amortization | 2 | 59,937 | 56,146 | ||||
Impairment of long-term assets | — | 1,706 | |||||
Total operating expenses | 174,206 | 165,594 | |||||
Other operating gains and losses | — | 16 | |||||
Operating loss | (88,256 | ) | (108,384 | ) | |||
Other non-operating income | |||||||
Net loss on loss of control of Golar Power | — | (12,184 | ) | ||||
Other | 108 | — | |||||
Total other non-operating income | 108 | (12,184 | ) | ||||
Financial income (expenses) | |||||||
Interest income | 4,704 | 1,527 | |||||
Interest expense (1) | (53,085 | ) | (53,517 | ) | |||
Other financial items, net | 6 | (3,495 | ) | (14,979 | ) | ||
Net financial expenses | (51,876 | ) | (66,969 | ) | |||
Loss before taxes and equity in net losses of affiliates | (140,024 | ) | (187,537 | ) | |||
Income taxes | (1,070 | ) | 1,039 | ||||
Equity in net (losses) earnings of affiliates | 9 | (19,100 | ) | 10,118 | |||
Net loss | (160,194 | ) | (176,380 | ) | |||
Net income attributable to non-controlling interests | (23,332 | ) | (18,775 | ) | |||
Net loss attributable to Golar LNG Ltd | (183,526 | ) | (195,155 | ) | |||
Basic and diluted loss per share ($) | 5 | (1.82 | ) | (2.10 | ) | ||
Cash dividends declared and paid per share ($) | $ | 0.15 | $ | 0.15 |
(in thousands of $) | Nine months ended September 30, | ||||
Notes | 2017 | 2016 | |||
Net loss | (160,194 | ) | (176,380 | ) | |
Other comprehensive income: | |||||
Net income on qualifying cash flow hedging instruments | 1,621 | 2,606 | |||
Other comprehensive income | 12 | 1,621 | 2,606 | ||
Comprehensive loss | (158,573 | ) | (173,774 | ) | |
Comprehensive loss attributable to: | |||||
Stockholders of Golar LNG Limited | (181,905 | ) | (192,549 | ) | |
Non-controlling interests | 23,332 | 18,775 | |||
(158,573 | ) | (173,774 | ) |
2017 | 2016 | ||||
(in thousands of $) | Notes | Sep-30 | Dec-31 | ||
Unaudited | Unaudited (4) | ||||
ASSETS | |||||
Current | |||||
Cash and cash equivalents | 286,562 | 224,190 | |||
Restricted cash and short-term deposits (1) | 270,087 | 183,693 | |||
Trade accounts receivable (2) | 4,758 | 3,567 | |||
Inventory | 9,570 | 7,257 | |||
Other receivables, prepaid expenses and accrued income | 10,252 | 7,510 | |||
Amounts due from related parties | 14 | 7,345 | — | ||
Total current assets | 588,574 | 426,217 | |||
Non-current | |||||
Restricted cash | 182,416 | 232,335 | |||
Investment in affiliates | 9 | 684,285 | 648,780 | ||
Cost method investments | 7,347 | 7,347 | |||
Asset under development | 8 | 1,032,116 | 731,993 | ||
Vessels and equipment, net | 2,093,515 | 2,153,831 | |||
Other non-current assets | 10 | 56,970 | 56,408 | ||
Total assets | 4,645,223 | 4,256,911 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
Current | |||||
Current portion of long-term debt and short-term debt, net of deferred finance charges (1)(3) | 11 | 1,102,560 | 451,454 | ||
Trade accounts payable | 152,354 | 24,559 | |||
Accrued expenses | 98,245 | 78,462 | |||
Other current liabilities | 75,870 | 78,984 | |||
Amounts due to related parties | 14 | 3,058 | 135,668 | ||
Total current liabilities | 1,432,087 | 769,127 | |||
Non-current | |||||
Long-term debt, net of deferred finance charges (1)(3) | 11 | 1,199,989 | 1,525,744 | ||
Amounts due to related parties | 14 | 177,247 | — | ||
Other long-term liabilities | 51,471 | 52,214 | |||
Total liabilities | 2,860,794 | 2,347,085 | |||
Equity | |||||
Stockholders' equity | 1,714,533 | 1,863,262 | |||
Non-controlling interests | 69,896 | 46,564 | |||
Total liabilities and stockholders' equity | 4,645,223 | 4,256,911 |
GOLAR LNG LIMITED UNAUDITED CONSOLIDATED STATEMENTS OF CASHFLOWS | |||||
2017 | 2016 | ||||
(in thousands of $) | Notes | Jan-Sep | Jan-Sep | ||
OPERATING ACTIVITIES | |||||
Net loss | (160,194 | ) | (176,380 | ) | |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||
Depreciation and amortization | 59,937 | 56,146 | |||
Amortization of deferred tax benefits on intra-group transfers | — | (1,715 | ) | ||
Amortization of deferred charges and guarantees (1) | (2,306 | ) | 14,037 | ||
Net loss on loss of control of Golar Power | — | 12,184 | |||
Equity in net losses (earnings) of affiliates | 19,100 | (10,118 | ) | ||
Dividends received | 38,513 | 40,166 | |||
Compensation cost related to stock options | 6,196 | 3,193 | |||
Net foreign exchange loss | 2,034 | 707 | |||
Impairment of long-term assets | — | 1,706 | |||
Impairment of loan receivable | 6 | — | 7,627 | ||
Restricted cash and short-term deposits | 323 | 13,354 | |||
Change in assets and liabilities: | |||||
Trade accounts receivable | (1,191 | ) | (1,822 | ) | |
Inventories | (2,313 | ) | 2,021 | ||
Prepaid expenses, accrued income and other assets | (5,613 | ) | 18,833 | ||
Amounts due from/to related companies | (32,706 | ) | 12,734 | ||
Trade accounts payable | (2,376 | ) | (28,137 | ) | |
Accrued expenses and deferred income | 21,030 | (7,953 | ) | ||
Other liabilities | 18,833 | (3,645 | ) | ||
Net cash used in operating activities | (40,733 | ) | (47,062 | ) |
GOLAR LNG LIMITED UNAUDITED CONSOLIDATED STATEMENTS OF CASHFLOWS | |||||
2017 | 2016 | ||||
(in thousands of $) | Notes | Jan-Sep | Jan-Sep | ||
INVESTING ACTIVITIES | |||||
Additions to vessels and equipment | (1,233 | ) | (13,893 | ) | |
Additions to newbuildings | — | (19,220 | ) | ||
Additions to assets under development | (169,542 | ) | (129,161 | ) | |
Additions to investments | (91,499 | ) | (10,200 | ) | |
Loans granted (including related parties) | — | (1,000 | ) | ||
Proceeds from disposals to Golar Partners | 14 | 70,000 | 107,247 | ||
Proceeds from loss of control of Golar Power, net of cash disposed | — | 113,000 | |||
Restricted cash and short-term deposits | (4,773 | ) | 9,774 | ||
Net cash (used in) provided by investing activities | (197,047 | ) | 56,547 | ||
FINANCING ACTIVITIES | |||||
Proceeds from short-term and long-term debt (including related parties) | 778,432 | 355,817 | |||
Repayments of short-term and long-term debt (including related parties) | (398,316 | ) | (184,912 | ) | |
Payment for capped call in connection with bond issuance | (31,194 | ) | — | ||
Financing costs paid | (1,564 | ) | (7,395 | ) | |
Cash dividends paid | (15,384 | ) | (49,743 | ) | |
Proceeds from exercise of share options | 203 | — | |||
Purchase of treasury shares | — | (8,214 | ) | ||
Restricted cash and short-term deposits | (32,025 | ) | (82,369 | ) | |
Net cash provided by financing activities | 300,152 | 23,184 | |||
Net increase in cash and cash equivalents | 62,372 | 32,669 | |||
Cash and cash equivalents at beginning of period | 224,190 | 105,235 | |||
Cash and cash equivalents at end of period | 286,562 | 137,904 |
(in thousands of $) | Share Capital | Treasury Shares | Additional Paid-in Capital | Contributed Surplus (1) | Accumulated Other Comprehensive (Loss) Income | Accumulated Retained Earnings | Total before Non- controlling Interest | Non-controlling Interest | Total Equity | |||||||||
Balance at December 31, 2015 | 93,547 | (12,269 | ) | 1,317,806 | 200,000 | (12,592 | ) | 308,874 | 1,895,366 | 20,813 | 1,916,179 | |||||||
Net loss | — | — | — | — | — | (195,155 | ) | (195,155 | ) | 18,775 | (176,380 | ) | ||||||
Dividends | — | — | — | — | — | (13,883 | ) | (13,883 | ) | — | (13,883 | ) | ||||||
Grant of share options | — | — | 4,555 | — | — | — | 4,555 | — | 4,555 | |||||||||
Forfeiture of share options | — | — | (892 | ) | — | — | — | (892 | ) | — | (892 | ) | ||||||
Other comprehensive income (see note 12) | — | — | — | — | 2,606 | — | 2,606 | — | 2,606 | |||||||||
Treasury shares | — | (8,214 | ) | — | — | — | — | (8,214 | ) | — | (8,214 | ) | ||||||
Balance at September 30, 2016 | 93,547 | (20,483 | ) | 1,321,469 | 200,000 | (9,986 | ) | 99,836 | 1,684,383 | 39,588 | 1,723,971 |
(in thousands of $) | Share Capital | Treasury Shares | Additional Paid-in Capital | Contributed Surplus (1) | Accumulated Other Comprehensive (Loss) Income | Accumulated Retained Earnings | Total before Non- controlling Interest | Non-Controlling Interest | Total Equity | |||||||||
Balance at December 31, 2016 | 101,081 | (20,483 | ) | 1,488,556 | 200,000 | (9,542 | ) | 103,650 | 1,863,262 | 46,564 | 1,909,826 | |||||||
Net loss | — | — | — | — | — | (183,526 | ) | (183,526 | ) | 23,332 | (160,194 | ) | ||||||
Dividends | — | — | — | — | — | (14,635 | ) | (14,635 | ) | — | (14,635 | ) | ||||||
Exercise of share options | 27 | — | 177 | — | — | — | 204 | — | 204 | |||||||||
Grant of share options | — | — | 7,866 | — | — | — | 7,866 | — | 7,866 | |||||||||
Forfeiture of share options | — | — | (120 | ) | — | — | — | (120 | ) | — | (120 | ) | ||||||
Other comprehensive income (see note 12) | — | — | — | — | 1,621 | — | 1,621 | — | 1,621 | |||||||||
Issuance of convertible bonds (2) | — | — | 39,861 | — | — | — | 39,861 | — | 39,861 | |||||||||
Balance at September 30, 2017 | 101,108 | (20,483 | ) | 1,536,340 | 200,000 | (7,921 | ) | (94,511 | ) | 1,714,533 | 69,896 | 1,784,429 |
• | Vessel operations – We operate and subsequently charter out LNG carriers on fixed terms to customers. |
• | LNG trading – We provide physical and financial risk management in LNG and gas markets for customers around the world. Activities include structured services to outside customers, arbitrage service as well as proprietary trading. |
• | FLNG – In 2014, we ordered our first FLNG based on the conversion of our existing LNG carrier, the Hilli. The Hilli FLNG conversion has been completed and currently undergoing commissioning. |
• | Power – In July 2016, we entered into certain agreements forming a 50/50 joint venture, Golar Power, with private equity firm Stonepeak. Golar Power offers integrated LNG based downstream solutions, through the ownership and operation of FSRUs and associated terminal and power generation infrastructure. |
Nine months ended | Nine months ended | |||||||||||||||
(in thousands of $) | September 30, 2017 | September 30, 2016 | ||||||||||||||
Vessel operations | FLNG | Power | Total | Vessel operations | LNG trading* | FLNG | Total | |||||||||
Time and voyage charter revenues | 52,004 | — | — | 52,004 | 37,798 | — | — | 37,798 | ||||||||
Time charter revenues - collaborative arrangement | 17,016 | — | — | 17,016 | 10,494 | — | — | 10,494 | ||||||||
Vessel and other management fees | 16,930 | — | — | 16,930 | 8,902 | — | — | 8,902 | ||||||||
Vessel and voyage operating expenses | (59,507 | ) | — | — | (59,507 | ) | (70,244 | ) | — | — | (70,244 | ) | ||||
Vessel and voyage operating expenses - collaborative arrangement | (21,191 | ) | — | — | (21,191 | ) | (6,425 | ) | — | — | (6,425 | ) | ||||
Administrative expenses | (33,190 | ) | (381 | ) | — | (33,571 | ) | (28,841 | ) | — | (2,232 | ) | (31,073 | ) | ||
Depreciation and amortization | (59,937 | ) | — | — | (59,937 | ) | (56,146 | ) | — | — | (56,146 | ) | ||||
Other operating gains and losses | — | — | — | — | — | 16 | — | 16 | ||||||||
Total other non-operating income (loss) | 108 | — | — | 108 | (12,184 | ) | — | — | (12,184 | ) | ||||||
Impairment of long-term assets | — | — | — | — | (1,706 | ) | — | — | (1,706 | ) | ||||||
Net financial expenses | (51,876 | ) | — | — | (51,876 | ) | (66,969 | ) | — | — | (66,969 | ) | ||||
Income taxes | (1,070 | ) | — | — | (1,070 | ) | 1,039 | — | — | 1,039 | ||||||
Equity in net (losses) earnings of affiliates | (1,359 | ) | (5,281 | ) | (12,460 | ) | (19,100 | ) | 10,118 | — | — | 10,118 | ||||
Net (loss) income | (142,072 | ) | (5,662 | ) | (12,460 | ) | (160,194 | ) | (174,164 | ) | 16 | (2,232 | ) | (176,380 | ) | |
Non-controlling interests | (23,332 | ) | — | — | (23,332 | ) | (18,775 | ) | — | — | (18,775 | ) | ||||
Net (loss) income attributable to Golar LNG Ltd | (165,404 | ) | (5,662 | ) | (12,460 | ) | (183,526 | ) | (192,939 | ) | 16 | (2,232 | ) | (195,155 | ) | |
Total assets | 3,155,152 | 1,286,646 | 203,425 | 4,645,223 | 3,161,928 | — | 1,017,027 | 4,178,955 |
Nine months ended September 30, | Nine months ended September 30, | |||||||
(in thousands of $) | 2017 | 2016 | ||||||
The Cool Pool (note 14) | 62,113 | 90 | % | 36,663 | 76 | % | ||
NFE Transport Partners LLC | 6,907 | 10 | % | 5,648 | 12 | % | ||
Nigeria LNG Ltd | — | — | % | 5,849 | 12 | % |
(in thousands of $) | Nine months ended September 30, | ||||
2017 | 2016 | ||||
Net loss attributable to Golar LNG Ltd stockholders - basic and diluted | (183,526 | ) | (195,155 | ) |
(in thousands) | Nine months ended September 30, | ||||
2017 | 2016 | ||||
Weighted average number of common shares outstanding | 100,599 | 93,050 |
Nine months ended September 30, | |||||||
2017 | 2016 | ||||||
Basic and diluted | $ | (1.82 | ) | $ | (2.10 | ) |
(in thousands of $) | Nine months ended September 30, | |||
2017 | 2016 | |||
Mark-to-market adjustment for interest rate swap derivatives | 1,056 | (18,699 | ) | |
Interest expense on undesignated interest rate swaps | (3,436 | ) | (8,165 | ) |
Mark-to-market adjustment for equity derivatives | (3,841 | ) | 19,884 | |
Impairment of loan * | — | (7,627 | ) | |
Financing arrangement fees and other costs | (283 | ) | 130 | |
Amortization of debt guarantee | 1,234 | — | ||
Others | 1,775 | (502 | ) | |
(3,495 | ) | (14,979 | ) |
(in thousands of $) | 2017 (1) | 2018 | 2019 | 2020 | 2021 | 2022+ |
Golar Glacier | 4,310 | 17,100 | 17,100 | 17,147 | 17,100 | 47,084 |
Golar Kelvin | 4,310 | 17,100 | 17,100 | 17,147 | 17,100 | 49,895 |
Golar Snow | 4,310 | 17,100 | 17,100 | 17,147 | 17,100 | 49,895 |
Golar Ice | 4,310 | 17,100 | 17,100 | 17,147 | 17,100 | 52,800 |
Golar Tundra (2)(3) | 5,200 | 20,446 | 19,934 | 19,466 | 18,953 | 68,097 |
Golar Seal | 3,736 | 15,151 | 15,193 | 15,151 | 15,151 | 60,646 |
Golar Crystal (3) | 2,610 | 10,433 | 10,420 | 10,419 | 10,381 | 53,659 |
(in thousands of $) | Golar Glacier | Golar Kelvin | Golar Snow | Golar Ice | Golar Tundra (note 2) | Golar Seal | Golar Crystal | September 30, 2017 | December 31, 2016 | ||||||||||
Assets | Total | Total | |||||||||||||||||
Restricted cash and short-term deposits | 17,673 | 48,693 | 12,069 | 20 | 7,524 | 22,747 | 7,785 | 116,511 | 70,021 | ||||||||||
17,673 | 48,693 | 12,069 | 20 | 7,524 | 22,747 | 7,785 | 116,511 | 70,021 | |||||||||||
Liabilities | |||||||||||||||||||
Debt: | |||||||||||||||||||
Short-term interest bearing debt* | 31,657 | 182,540 | 22,391 | 139,276 | 198,613 | — | 112,000 | 686,477 | 388,628 | ||||||||||
Long-term interest bearing debt - current portion* | 7,650 | — | 8,000 | — | — | — | — | 15,650 | 21,532 | ||||||||||
Long-term interest bearing debt - non-current portion* | 125,370 | — | 131,062 | — | — | 157,120 | — | 413,552 | 624,384 | ||||||||||
164,677 | 182,540 | 161,453 | 139,276 | 198,613 | 157,120 | 112,000 | 1,115,679 | 1,034,544 |
(in thousands of $) | September 30, 2017 | December 31, 2016 | ||
Purchase price installments | 883,872 | 653,378 | ||
Interest costs capitalized | 88,984 | 53,985 | ||
Other costs capitalized | 59,260 | 24,630 | ||
1,032,116 | 731,993 |
(in thousands of $) | September 30, 2017 |
Payable within 3 months to December 31, 2017 | 97,575 |
Payable within 12 months to December 31, 2018 | 95,775 |
193,350 |
(in thousands of $) | Nine Months Ended September 30, 2017 | Nine Months Ended September 30, 2016 | ||
Share of net (loss) earnings in Golar Partners | (1,763 | ) | 12,756 | |
Share of net loss in Golar Power | (12,460 | ) | (2,679 | ) |
Share of net loss in OneLNG | (5,281 | ) | — | |
Share of net earnings in Egyptian Company for Gas Services ("ECGS") | 404 | 41 | ||
(19,100 | ) | 10,118 |
(in thousands of $) | September 30, 2017 | December 31, 2016 | ||
Golar Partners | 470,673 | 507,182 | ||
Golar Power | 203,426 | 126,534 | ||
OneLNG | 4,919 | 10,200 | ||
ECGS | 5,267 | 4,864 | ||
Equity in net assets of affiliates | 684,285 | 648,780 |
(in thousands of $) | September 30, 2017 | December 31, 2016 | ||
Mark-to-market interest rate swaps valuation | 5,154 | 5,022 | ||
Derivatives - Earn-out Units (1) | 17,000 | 15,000 | ||
Other non-current assets (2) | 34,816 | 36,386 | ||
56,970 | 56,408 |
(in thousands of $) | September 30, 2017 | December 31, 2016 | ||
Golar Arctic facility | 67,425 | 72,900 | ||
Golar Viking facility | 53,386 | 57,292 | ||
Convertible bonds - 2012 | — | 218,851 | ||
Convertible bonds - 2017 | 336,899 | — | ||
FLNG Hilli facility | 375,000 | 250,000 | ||
Hilli shareholder loans | 49,066 | 49,066 | ||
$1.125 billion facility | 200,919 | 318,444 | ||
ICBC VIE loans* | 650,083 | 674,688 | ||
Seal VIE loan* | 157,120 | 157,120 | ||
Tundra VIE loan* | 198,613 | 205,145 | ||
Crystal VIE loan* | 112,000 | — | ||
Margin Loan Facility | 129,426 | — | ||
Total debt | 2,329,937 | 2,003,506 | ||
Less: Deferred finance charges, net | (27,388 | ) | (26,308 | ) |
Total debt, net of deferred financing costs | 2,302,549 | 1,977,198 |
(in thousands of $) | Pension and post-retirement benefit plan adjustments | Share of affiliates' comprehensive income | Total accumulated comprehensive (loss) income | |||
Balance at December 31, 2015 | (12,400 | ) | (192 | ) | (12,592 | ) |
Other comprehensive income | — | 2,606 | 2,606 | |||
Balance at September 30, 2016 | (12,400 | ) | 2,414 | (9,986 | ) | |
Balance at December 31, 2016 | (12,956 | ) | 3,414 | (9,542 | ) | |
Other comprehensive income | — | 1,621 | 1,621 | |||
Balance at September 30, 2017 | (12,956 | ) | 5,035 | (7,921 | ) |
September 30, 2017 | December 31, 2016 | ||||||||
(in thousands of $) | Fair value hierarchy | Carrying value | Fair value | Carrying value | Fair value | ||||
Non-Derivatives: | |||||||||
Cash and cash equivalents | Level 1 | 286,562 | 286,562 | 224,190 | 224,190 | ||||
Restricted cash and short-term deposits | Level 1 | 452,503 | 452,503 | 416,028 | 416,028 | ||||
Cost method investments (1) | Level 3 | 7,347 | 7,347 | 7,347 | 7,347 | ||||
Current portion of long-term debt and short-term debt (2)(3) | Level 2 | 1,111,697 | 1,111,697 | 455,405 | 455,405 | ||||
Long-term debt - convertible bonds (3) | Level 2 | 336,899 | 381,236 | 218,851 | 219,428 | ||||
Long-term debt (3) | Level 2 | 881,341 | 881,341 | 1,329,250 | 1,329,250 | ||||
Derivatives: | |||||||||
Interest rate swaps asset (4)(5) | Level 2 | 5,154 | 5,154 | 5,022 | 5,022 | ||||
Interest rate swaps liability (4)(5) | Level 2 | 546 | 546 | 1,470 | 1,470 | ||||
Foreign exchange swaps asset (4) | Level 2 | 388 | 388 | — | — | ||||
Foreign exchange swaps liability (4) | Level 2 | 17 | 17 | 993 | 993 | ||||
Total return equity swap liability (4)(5)(6) | Level 2 | 60,603 | 60,603 | 56,763 | 56,763 | ||||
Earn-out Units asset (4) | Level 2 | 17,000 | 17,000 | 15,000 | 15,000 |
Instrument (in thousands of $) | Notional value | Maturity dates | Fixed interest rates | |
Interest rate swaps: | ||||
Receiving floating, pay fixed | 1,250,000 | 2018 to 2021 | 1.13% to 1.94% |
September 30, 2017 | December 31, 2016 | |||||||||||||||||
(in thousands of $) | Gross amounts presented in the consolidated balance sheet | Gross amounts not offset in the consolidated balance sheet subject to netting agreements | Net amount | Gross amounts presented in the consolidated balance sheet | Gross amounts not offset in the consolidated balance sheet subject to netting agreements | Net amount | ||||||||||||
Total asset derivatives | 5,154 | (546 | ) | 4,608 | 5,022 | (1,351 | ) | 3,671 | ||||||||||
Total liability derivatives | 546 | (546 | ) | — | 1,470 | (1,351 | ) | 119 |
Nine Months Ended September 30, | ||||
(in thousands of $) | 2017 | 2016 | ||
Management and administrative services revenue (a) | 5,066 | 2,163 | ||
Ship management fees revenue (b) | 4,030 | 5,342 | ||
Charterhire expense (c) | (14,908 | ) | (21,920 | ) |
Interest expense on short-term credit arrangements (d) | — | (122 | ) | |
Interest expense on deposits payable (e) | (2,535 | ) | (1,237 | ) |
Share options expense recharge (f) | 95 | — | ||
Total | (8,252 | ) | (15,774 | ) |
(in thousands of $) | September 30, 2017 | December 31, 2016 | ||
Trading balances due from (owing to) Golar Partners and affiliates (d) | 6,383 | (21,792 | ) | |
Deposit payable (e) | (177,247 | ) | (107,247 | ) |
Methane Princess security lease deposit movement (g) | (3,621 | ) | (2,006 | ) |
Total | (174,485 | ) | (131,045 | ) |
a) | Management and administrative services agreement - On March 30, 2011, Golar Partners entered into a management and administrative services agreement with Golar Management, a wholly-owned subsidiary of Golar, pursuant to which Golar Management will provide to Golar Partners certain management and administrative services. The services provided by Golar Management are charged at cost plus a management fee equal to 5% of Golar Management’s costs and expenses incurred in connection with providing these services. Golar Partners may terminate the agreement by providing 120 days written notice. |
b) | Ship management fees - Golar and certain of its affiliates charge ship management fees to Golar Partners for the provision of technical and commercial management of Golar Partners' vessels. Each of Golar Partners’ vessels is subject to management agreements pursuant to which certain commercial and technical management services are provided by Golar Management. Golar Partners may terminate these agreements by providing 30 days written notice. |
c) | Charterhire expenses - For the nine months ended September 30, 2017, this consists of the charterhire expenses that we incurred for the charter back from Golar Partners of the Golar Grand, less any time charter revenues that Golar Partners may generate through subleasing the Golar Grand from Golar during the period. In connection with the sale of the Golar Grand to Golar Partners in November 2012, we issued an option where, in the event that the charterer did not renew or extend its charter for the Golar Grand beyond February 2015, the Partnership had the option to require us to charter the vessel through to October 2017. In February 2015, the option was exercised. Accordingly, we recognized charterhire costs of $14.9 million and $21.9 million for the nine months ended September 30, 2017 and 2016, respectively. The decrease is mainly due to the Golar Grand’s drydocking from February to April 2017, as well as the Golar Grand commencing her charter with a third party in May 2017. |
d) | Trading balances - Receivables and payables with Golar Partners and its subsidiaries are comprised primarily of unpaid management fees and expenses for advisory, management and administrative services and may include working capital adjustments in respect of disposals to the Partnership, as well as charterhire expenses. In addition, certain receivables and payables arise when we pay an invoice on behalf of a related party and vice versa. Receivables and payables are generally settled quarterly in arrears. Trading balances owing to or due from Golar Partners and its subsidiaries are unsecured, interest-free and intended to be settled in the ordinary course of business. They primarily relate to recharges for trading expenses paid on behalf of Golar Partners, including ship management and administrative service fees due to us. For the nine months ended September 30, 2017, Golar settled amounts outstanding in relation to the charterhire expenses with the Golar Grand. In January 2016, we received funding from Golar Partners in the amount of $30 million for a fixed period of 60 days. Golar Partners charged interest on this balance at a rate of LIBOR plus 5.0%. |
e) | Expense under Tundra Letter Agreement/Deposit received from Golar Partners - In May 2016, we completed the Golar Tundra Sale and received a total cash consideration of $107.2 million. Pursuant to the Tundra Letter Agreement, of the amount we are obliged to pay under the agreement, we have accounted for $2.1 million and $1.2 million as interest expense for the nine months ended September 30, 2017 and 2016, respectively. In May 2017, Golar Partners elected to exercise the Tundra Put Right to require us to repurchase Tundra Corp at a price equal to the original purchase price. In connection with Golar Partners exercising the Tundra Put Right, we and Golar Partners entered into an agreement pursuant to which we agreed to purchase Tundra Corp from Golar Partners on the date of the closing of the Tundra Put Sale (the “Put Sale Closing Date”) in return we will be required to pay an amount equal to $107.2 million (the “Deferred Purchase Price”) plus an additional amount equal to 5% per annum of the Deferred Purchase Price (the “Additional Amount”). The Deferred Purchase Price and the Additional Amount shall be due and payable by us on the earlier of (a) the date of the closing of the Hilli Acquisition and (b) March 31, 2018. We agreed to accept the Deferred Purchase Price and the Additional Amount in lieu of a cash receipt on the Put Sale Closing Date in return we have provided Golar Partners with an option (which Golar Partners have exercised) to purchase an interest in Hilli Corp. |
f) | Share options expense - This relates to a recharge of share option expense to Golar Partners in relation to share options in Golar granted to certain of Golar Partners directors and officers. |
g) | Methane Princess Lease security deposit movements - This represents net advances from Golar Partners since its IPO, which correspond with the net release of funds from the security deposits held relating to the Methane Princess Lease. This is in connection with the Methane Princess tax lease indemnity provided to Golar Partners under the Omnibus Agreement. Accordingly, these amounts will be settled as part of the eventual termination of the Methane Princess Lease. |
Nine Months Ended September 30, | ||||
(in thousands of $) | 2017 | 2016 | ||
Management and administrative services revenue | 3,470 | 1,209 | ||
Ship management fees income | 552 | 188 | ||
Debt guarantee compensation (a) | 592 | 294 | ||
Share options expense recharge (b) | 67 | — | ||
Total | 4,681 | 1,691 |
(in thousands of $) | September 30, 2017 | December 31, 2016 | ||
Trading balances due to Golar Power and affiliates (c) | (2,806 | ) | (4,442 | ) |
Total | (2,806 | ) | (4,442 | ) |
a) | Debt guarantee compensation - In connection with the closing of the formation of the joint venture Golar Power with Stonepeak, Golar Power entered into agreements to compensate Golar in relation to certain debt guarantees relating to Golar Power and subsidiaries. This compensation amounted to an aggregate of $0.6 million and $0.3 million income for the nine months ended September 30, 2017 and 2016, respectively. |
b) | Share options expense - This relates to a recharge of share option expense to Golar Power in relation to share options in Golar granted to certain of Golar Power directors and officers. |
c) | Trading balances - Receivables and payables with Golar Power and its subsidiaries are comprised primarily of unpaid management fees, charterhire expenses, advisory and administrative services and may include working capital adjustments in connection with the initial formation of the joint venture and transaction with Stonepeak. In addition, certain receivables and payables arise when we pay an invoice on behalf of a related party and vice versa. Receivables and payables are generally settled quarterly in arrears. Trading balances owing to or due from Golar Power and its subsidiaries are unsecured, interest-free and intended to be settled in the ordinary course of business. They primarily relate to recharges for trading expenses paid on behalf of Golar Power, including ship management and administrative service fees due to us. |
Nine Months Ended September 30, | ||
(in thousands of $) | 2017 | |
Management and administrative services revenue | 3,797 | |
Total * | 3,797 |
(in thousands of $) | September 30, 2017 | December 31, 2016 | ||
Trading balances due from OneLNG (a) | 4,639 | 719 | ||
Total | 4,639 | 719 |
a) | Trading balances - Receivables and payables with One LNG and its subsidiaries are comprised primarily of unpaid management fees, charterhire expenses, advisory and administrative services. In addition, certain receivables and payables arise when we pay an invoice on behalf of a related party and vice versa. Receivables and payables are generally settled quarterly in arrears. Trading balances owing to or due from OneLNG are unsecured, interest-free and intended to be settled in the ordinary course of business. |
Nine Months Ended September 30, | ||||
(in thousands of $) | 2017 | 2016 | ||
Cool Pool (a) | 33,990 | 22,919 | ||
Magni Partners (b) | (142 | ) | (4,262 | ) |
33,848 | 18,657 |
(in thousands of $) | September 30, 2017 | December 31, 2016 | ||
Cool Pool (a) | 4,761 | 3,490 | ||
Magni Partners (b) | (166 | ) | (137 | ) |
4,595 | 3,353 |
a) | Trade accounts receivable includes amounts due from the Cool Pool arising from our collaborative arrangement, amounting to $4.8 million as of September 30, 2017 (December 31, 2016: $3.5 million). From our participation in the Cool Pool we recognized net income of $34.0 million and $22.9 million for the nine months ended September 30, 2017 and 2016, respectively. |
Nine Months Ended September 30, | ||||
(in thousands of $) | 2017 | 2016 | ||
Time and voyage charter revenues | 45,097 | 26,169 | ||
Time charter revenues - collaborative arrangement | 17,016 | 10,494 | ||
Voyage and charterhire expenses | (6,932 | ) | (7,319 | ) |
Voyage and charterhire - collaborative arrangement | (21,191 | ) | (6,425 | ) |
Net income from the Cool Pool | 33,990 | 22,919 |
b) | Tor Olav Trøim is the founder of, and partner in, Magni Partners Limited ("Magni"), a privately held UK company, and is the ultimate beneficial owner of the company. Magni provides various management services, pursuant to a management agreement between Magni and a Golar subsidiary. |
(in thousands of $) | September 30, 2017 | December 31, 2016 | ||
Book value of vessels secured against long-term loans (1) | 2,048,776 | 2,106,062 |
Document and Entity Information |
9 Months Ended |
---|---|
Sep. 30, 2017 | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | GOLAR LNG LTD |
Entity Central Index Key | 0001207179 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2017 |
Document Fiscal Period Focus | Q3 |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2017 |
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (160,194) | $ (176,380) |
Other comprehensive income: | ||
Net income on qualifying cash flow hedging instruments | 1,621 | 2,606 |
Other comprehensive income | 1,621 | 2,606 |
Comprehensive loss | (158,573) | (173,774) |
Comprehensive loss attributable to: | ||
Stockholders of Golar LNG Limited | (181,905) | (192,549) |
Non-controlling interests | $ 23,332 | $ 18,775 |
UNAUDITED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
[1] | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Current | ||||||||||||
Cash and cash equivalents | $ 286,562 | $ 224,190 | ||||||||||
Restricted cash and short-term deposits | [2] | 270,087 | 183,693 | |||||||||
Trade accounts receivable | [3] | 4,758 | 3,567 | |||||||||
Inventory | 9,570 | 7,257 | ||||||||||
Other receivables, prepaid expenses and accrued income | 10,252 | 7,510 | ||||||||||
Amounts due from related parties | 7,345 | 0 | ||||||||||
Total current assets | 588,574 | 426,217 | ||||||||||
Non-current | ||||||||||||
Restricted cash | 182,416 | 232,335 | ||||||||||
Investment in affiliates | 684,285 | 648,780 | ||||||||||
Cost method investments | 7,347 | 7,347 | ||||||||||
Asset under development | 1,032,116 | 731,993 | ||||||||||
Vessels and equipment, net | 2,093,515 | 2,153,831 | ||||||||||
Other non-current assets | 56,970 | 56,408 | ||||||||||
Total assets | 4,645,223 | 4,256,911 | ||||||||||
Current | ||||||||||||
Current portion of long-term debt and short-term debt, net of deferred finance charges | [2],[4] | 1,102,560 | 451,454 | |||||||||
Trade accounts payable | 152,354 | 24,559 | ||||||||||
Accrued expenses | 98,245 | 78,462 | ||||||||||
Other current liabilities | 75,870 | 78,984 | ||||||||||
Amounts due to related parties | 3,058 | 135,668 | ||||||||||
Total current liabilities | 1,432,087 | 769,127 | ||||||||||
Non-current | ||||||||||||
Long-term debt, net of deferred finance charges | [2],[4] | 1,199,989 | 1,525,744 | |||||||||
Amounts due to related parties | 177,247 | 0 | ||||||||||
Other long-term liabilities | 51,471 | 52,214 | ||||||||||
Total liabilities | 2,860,794 | 2,347,085 | ||||||||||
Equity | ||||||||||||
Stockholders' equity | 1,714,533 | 1,863,262 | ||||||||||
Non-controlling interests | 69,896 | 46,564 | ||||||||||
Total liabilities and stockholders' equity | $ 4,645,223 | $ 4,256,911 | ||||||||||
|
UNAUDITED CONSOLIDATED STATEMENTS OF CASHFLOWS - USD ($) $ in Thousands |
9 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
||||||
OPERATING ACTIVITIES | |||||||
Net loss | $ (160,194) | $ (176,380) | |||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||
Depreciation and amortization | 59,937 | 56,146 | |||||
Amortization of deferred tax benefits on intra-group transfers | 0 | (1,715) | |||||
Amortization of deferred charges and guarantees | [1] | (2,306) | 14,037 | ||||
Net loss on loss of control of Golar Power | 0 | 12,184 | |||||
Equity in net losses (earnings) of affiliates | 19,100 | (10,118) | |||||
Dividends received | 38,513 | 40,166 | |||||
Compensation cost related to stock options | 6,196 | 3,193 | |||||
Net foreign exchange loss | 2,034 | 707 | |||||
Impairment of long-term assets | 0 | 1,706 | |||||
Impairment of loan receivable | 0 | 7,627 | |||||
Restricted cash and short-term deposits | 323 | 13,354 | |||||
Change in assets and liabilities: | |||||||
Trade accounts receivable | (1,191) | (1,822) | |||||
Inventories | (2,313) | 2,021 | |||||
Prepaid expenses, accrued income and other assets | (5,613) | 18,833 | |||||
Amounts due from/to related companies | (32,706) | 12,734 | |||||
Trade accounts payable | (2,376) | (28,137) | |||||
Accrued expenses and deferred income | 21,030 | (7,953) | |||||
Other liabilities | 18,833 | (3,645) | |||||
Net cash used in operating activities | (40,733) | (47,062) | |||||
INVESTING ACTIVITIES | |||||||
Additions to vessels and equipment | (1,233) | (13,893) | |||||
Additions to newbuildings | 0 | (19,220) | |||||
Additions to assets under development | (169,542) | (129,161) | |||||
Additions to investments | (91,499) | (10,200) | |||||
Loans granted (including related parties) | 0 | (1,000) | |||||
Proceeds from disposals to Golar Partners | 70,000 | 107,247 | |||||
Proceeds from loss of control of Golar Power, net of cash disposed | 0 | 113,000 | |||||
Restricted cash and short-term deposits | (4,773) | 9,774 | |||||
Net cash (used in) provided by investing activities | (197,047) | 56,547 | |||||
FINANCING ACTIVITIES | |||||||
Proceeds from short-term and long-term debt (including related parties) | 778,432 | 355,817 | |||||
Repayments of short-term and long-term debt (including related parties) | (398,316) | (184,912) | |||||
Payment for capped call in connection with bond issuance | (31,194) | 0 | |||||
Financing costs paid | (1,564) | (7,395) | |||||
Cash dividends paid | (15,384) | (49,743) | |||||
Proceeds from exercise of share options | 203 | 0 | |||||
Purchase of treasury shares | 0 | (8,214) | |||||
Restricted cash and short-term deposits | (32,025) | (82,369) | |||||
Net cash provided by financing activities | 300,152 | 23,184 | |||||
Net increase in cash and cash equivalents | 62,372 | 32,669 | |||||
Cash and cash equivalents at beginning of period | 224,190 | [2] | 105,235 | ||||
Cash and cash equivalents at end of period | $ 286,562 | $ 137,904 | |||||
|
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands |
Total |
Share Capital |
Treasury Shares |
Additional Paid-in Capital |
Contributed Surplus |
[1] | Accumulated Other Comprehensive (Loss) Income |
Accumulated Retained Earnings |
Total before Non-controlling Interest |
Non-controlling Interest |
||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning balance at Dec. 31, 2015 | $ 1,916,179 | $ 93,547 | $ (12,269) | $ 1,317,806 | $ 200,000 | $ (12,592) | $ 308,874 | $ 1,895,366 | $ 20,813 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net loss | (176,380) | (195,155) | (195,155) | 18,775 | ||||||||||
Dividends | (13,883) | (13,883) | (13,883) | |||||||||||
Grant of share options | 4,555 | 4,555 | 4,555 | |||||||||||
Forfeiture of share options | (892) | (892) | (892) | |||||||||||
Other comprehensive income (see note 12) | 2,606 | 2,606 | 2,606 | |||||||||||
Treasury shares | (8,214) | (8,214) | (8,214) | |||||||||||
Ending balance at Sep. 30, 2016 | 1,723,971 | 93,547 | (20,483) | 1,321,469 | 200,000 | (9,986) | 99,836 | 1,684,383 | 39,588 | |||||
Beginning balance at Dec. 31, 2016 | 1,909,826 | 101,081 | (20,483) | 1,488,556 | 200,000 | (9,542) | 103,650 | 1,863,262 | 46,564 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net loss | (160,194) | (183,526) | (183,526) | 23,332 | ||||||||||
Dividends | (14,635) | (14,635) | (14,635) | |||||||||||
Exercise of share options | 204 | 27 | 177 | 204 | ||||||||||
Grant of share options | 7,866 | 7,866 | 7,866 | |||||||||||
Forfeiture of share options | (120) | (120) | (120) | |||||||||||
Other comprehensive income (see note 12) | 1,621 | 1,621 | 1,621 | |||||||||||
Issuance of convertible bonds | [2] | 39,861 | 39,861 | 39,861 | ||||||||||
Ending balance at Sep. 30, 2017 | $ 1,784,429 | $ 101,108 | $ (20,483) | $ 1,536,340 | $ 200,000 | $ (7,921) | $ (94,511) | $ 1,714,533 | $ 69,896 | |||||
|
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - USD ($) |
Sep. 30, 2017 |
Feb. 17, 2017 |
---|---|---|
Convertible bonds - 2017 | Convertible Debt | ||
Face amount | $ 402,500,000 | $ 402,500,000 |
General |
9 Months Ended |
---|---|
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | GENERAL Golar LNG Limited (the "Company" or "Golar") was incorporated in Hamilton, Bermuda on May 10, 2001 for the purpose of acquiring the liquefied natural gas ("LNG") shipping interests of Osprey Maritime Limited ("Osprey"), which was owned by World Shipholding Limited ("World Shipholding"). As of September 30, 2017, our fleet comprises of 14 LNG carriers (including the Golar Grand, which we have chartered back from Golar Partners until October 2017) and one Floating Storage Regasification Unit (''FSRU'') (the Golar Tundra). We also operate, under management agreements, Golar LNG Partners LP's ("Golar Partners" or the "Partnership") fleet of three LNG carriers (excluding the Golar Grand) and six FSRUs, and Golar Power Limited's ("Golar Power") fleet of two LNG carriers and one newbuilding commitment. Collectively with Golar Partners and Golar Power, our combined fleet is comprised of 19 LNG carriers and seven FSRUs. In July 2014, we ordered our first Floating Liquefaction Natural Gas Vessel ("FLNG") based on the conversion of our existing LNG carrier, the Hilli Episeyo (the "Hilli"). The Hilli conversion and pre-commissioning is now complete. The vessel departed Keppel Shipyard on October 1, 2017, and left Singapore for Cameroon with 108 crew on board on October 12, 2017. Shortly after arrival in Cameroon on November 20, 2017, customs clearance, mooring hook-up and connection to risers and umbilicals were completed. On December 3, 2017, the vessel tendered its notice of readiness ("NoR"). A ship-to-ship transfer of cool down LNG commenced with the Golar Bear and was completed during the first part of December 2017. Commissioning activities commenced immediately thereafter and management expect the first LNG to be produced around year end. We also signed agreements for the conversion of the LNG carriers the Gimi and the Gandria to FLNGs in December 2014 and July 2015, respectively. Subsequently, the Gimi contract was extended and the Gandria contract was renegotiated in anticipation of the Fortuna Project taking final investment decision during the first half of 2018. We are yet to lodge our final notices to proceed on either of these vessels. As used herein and unless otherwise required by the context, the terms "Golar", the "Company", "we", "our" and words of similar import refer to Golar or anyone or more of its consolidated subsidiaries, or to all such entities. Going concern The condensed consolidated financial statements have been prepared on a going concern basis. A pre-condition of the Golar Tundra lease financing with CMBL (refer to note 7 - Variable Interest Entities, to our consolidated financial statements) is for the FSRU to be employed under an effective charter. The recent delays with the WAGL charter and the recent termination of that charter by us, means that we now have to find a replacement charter by June 30, 2018 or we could be required to refinance the FSRU. A similar pre-condition also applies to the Golar Seal lease financing with CCBFL (refer to note 7 - Variable Interest Entities), whereby the vessel is to be employed under an effective charter or we could be required to refinance the LNG carrier. Accordingly, to address our anticipated working capital requirements over the next 12 months, in the event we are unable to secure a charter for the Golar Tundra or the Golar Seal, we are currently exploring our refinancing options, including extension of the lenders’ deadlines for satisfaction of such. We may also look to refinance our other newbuildings. While we believe we will be able to obtain the necessary funds from these refinancings, we cannot be certain that the proposed new credit facilities will be executed in time or at all. However, we have a track record of successfully financing and refinancing our vessels, even in the absence of term charter coverage. Recent successes include the refinancing of the Golar Crystal in March 2017. In addition to vessel refinancings, if market and economic conditions are favorable, we may also consider further issuances of corporate debt or equity to increase liquidity, as demonstrated by our convertible bond offering in February 2017, which raised net proceeds of $360.2 million. We also entered into a Margin Loan Facility in March 2017, which raised proceeds of $150 million. Furthermore, with respect to our Golar Power joint venture with Stonepeak, under the shareholders' agreement, we and Stonepeak have agreed to contribute additional funding to Golar Power, on a pro rata basis, including (i) an aggregate of approximately $150 million in the period through to the third quarter of 2018; and (ii) additional amounts as may be required by Golar Power, subject to the approval of its board of directors. In connection with Golar Power’s election in October 2016 to increase its ownership interest in the Sergipe project from 25% to 50% by buying out the project developer GenPower, this is expected to result in an additional funding requirement of between $20 million to $50 million to be shared with Stonepeak, with the initial $20 million already funded. Financial close of the project financing for the power plant is expected to occur in the first half of 2018. In connection with our joint venture OneLNG, under the joint venture and shareholders' agreement with Schlumberger, once a OneLNG project reaches final investment decision, we and Schlumberger will each be required to provide $250 million of new equity. Contributions to this new equity may include intellectual property amongst other items. As further described in the 20-F for the year ended December 31, 2016, OneLNG and Ophir Energy (“Ophir”) have signed a shareholders' agreement to develop a project in Equatorial Guinea. The effectiveness of the shareholders' agreement is subject to certain conditions precedent including final investment decisions by OneLNG and Ophir, securing of financing and governmental approval which may occur in the first half of 2018. Accordingly, we anticipate, in the event of a final investment decision, to fund the estimated $2 billion project cost, assuming debt financing of $1.2 billion and Ophir’s investment of $150 million, OneLNG will be expected to invest approximately $650 million (this is inclusive of the aggregate of $500 million new equity required under the OneLNG shareholders' agreement). The cash contribution from the Company to the project remains uncertain as the timing of capital expenditure for the project is not yet finalized due to the payment profile of certain contracts continuing to be negotiated. Furthermore, the amount of our contribution to the project within the next twelve months will be determined by the timing of the final investment decision, which is yet to be taken. Our recent financings will contribute towards our 51% share of the equity contribution into OneLNG in the 2017 to 2020 period. Credit can be expected for both the intellectual property and the LNG carrier Gandria contributed by Golar into the Equatorial Guinea project. Our medium and long-term liquidity requirements are primarily for funding the investments for our conversion projects including investments into our new joint ventures, Golar Power and OneLNG, as discussed above, and repayment of long-term debt balances. Sources of funding for our medium and long-term liquidity requirements include new loans, refinancing of existing financing arrangements, public and private debt or equity offerings, potential sales of our interests in our vessel owning subsidiaries operating under long-term charters (including that of the Hilli), and potential use of our investment in the common units of Golar Partners subject to adherence to certain debt covenant requirements as to the maintenance of minimum holdings. |
Accounting Policies |
9 Months Ended |
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Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Accounting Policies | ACCOUNTING POLICIES Basis of accounting The condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States. The condensed consolidated financial statements do not include all of the disclosures required in the annual consolidated financial statements, and should be read in conjunction with our annual financial statements for the year ended December 31, 2016. The nine months ended September 30, 2017 includes a depreciation catch-up charge of $9.7 million in respect of the Golar Tundra, which was previously not depreciated whilst accounted for as an asset held-for-sale. Previously, the assets and liabilities associated with the agreement to sell our interests in the companies that own and operate the FSRU the Golar Tundra to Golar Partners were classified as held-for-sale. As of March 31, 2017, these assets and liabilities no longer qualified for classification as held-for-sale. Furthermore, on May 30, 2017, Golar Partners exercised its Put Right in respect of the Golar Tundra. Accordingly, as of March 31, 2017 (and for all retrospective periods), these assets and liabilities are presented as held for use in the consolidated balance sheets. For additional details on the assets and liabilities previously classified as held-for-sale, refer to note 19 in the 20-F for the year ended December 31, 2016. Significant accounting policies The accounting policies adopted in the preparation of the condensed consolidated financial statements for the nine months ended September 30, 2017 are consistent with those followed in the preparation of our audited consolidated financial statements for the year ended December 31, 2016. Use of estimates The preparation of financial statements in accordance with United States Generally Accepted Accounting Principles ("US GAAP") requires that management make estimates and assumptions affecting the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. As further described in note 14 (a)(c), in February 2015, Golar Partners exercised its option to require us to charter back the Golar Grand for the period until October 2017. In May 2017, the Partnership sub-chartered the vessel back from us in order to commence a new charter with a third party. Accordingly, we revised our assessment of the existing provision for the Golar Grand guarantee obligation and recognized an incremental remeasurement loss of $9.0 million for the nine months ended September 30, 2017. As of September 30, 2017, we leased seven vessels under finance leases from wholly-owned special purpose vehicles (“lessor SPVs”) of financial institutions in connection with our sale and leaseback transactions. While we do not hold any equity investments in these lessor SPVs, we have determined that we are the primary beneficiary of these entities and accordingly, we are required to consolidate these VIEs into our financial results. The key line items impacted by our consolidation of these VIEs are short-term and long-term debt, restricted cash and short-term deposits, and interest expense. In consolidating these lessor VIEs, on a quarterly basis, we must make assumptions regarding (i) the debt amortization profile; (ii) the interest rate to be applied against the VIEs’ debt principal; and (iii) the VIE's application of cash receipts. Our estimates are therefore dependent upon the timeliness of receipt and accuracy of financial information provided by these lessor VIE entities. Upon receipt of the audited annual financial statements of the lessor VIEs, we will make a true-up adjustment for any material differences. |
Recently Issued Accounting Standards |
9 Months Ended |
---|---|
Sep. 30, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued Accounting Standards | RECENTLY ISSUED ACCOUNTING STANDARDS Adoption of new accounting standards In July 2015, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2015-11 “Inventory (Topic 330): Simplifying the Measurement of Inventory”. The standard requires inventory to be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The amendment is effective for the fiscal years beginning after December 15, 2016 and interim periods within fiscal years beginning after December 15, 2017, early adoption is permitted. The adoption of this update did not have an impact on our Consolidated Financial Statements or related disclosures. In March 2016, the FASB issued ASU 2016-09 “Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. This standard primarily requires the recognition of excess tax benefits for share-based awards in the statement of operations and the classification of excess tax benefits as an operating activity within the statement of Cash Flows. The guidance allows an entity to elect to account for forfeitures when they occur. The new standard is effective for annual reporting periods beginning after December 15, 2016. The adoption of this update did not have an impact on our Consolidated Financial Statements or related disclosures. Accounting pronouncements to be adopted In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers (Topic 606)” and subsequent amendments. The standard provides a single, comprehensive revenue recognition model and requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard introduces a new concept of “series provision” which provides accounting guidance for entities that engage in repetitive service contracts. There are also new requirements which impact the accounting for certain costs that are directly associated with obtaining and fulfilling customer contracts. The guidance is effective from January 1, 2018 and provides for enhanced disclosures. It may be applied retrospectively to each prior period presented subject to “practical expedients (“full retrospective) or a cumulative-effect adjustment as of the date of adoption (“modified retrospective approach”). Management is currently finalizing its assessment of the impact of the changes from ASU 2014-09 on contracts with customers. We expect that the total amount earned from time charter contracts over all periods will remain the same however we are continuing to assess the presentation and disclosure implications. We will finalize our assessment in the fourth quarter of 2017. In March 2016, the FASB issued guidance to ASU 2016-02 “Leases (Topic 842)”. This update requires a lessee to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements regarding timing and uncertainty of cash flows arising from leases. It also offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. The standard will be effective for fiscal years beginning after December 15, 2018 including interim periods within those fiscal years, and early adoption is permitted. We are currently evaluating the impact of ASU 2016-02 on our Consolidated Financial Statements and related disclosures. Due to the transition provisions for lessors, the main impact of the adoption of this standard will be the recognition of lease assets and lease liabilities on our balance sheet for those leases where we are a lessee that are currently classified as operating leases. Any other accounting pronouncements yet to be adopted by us are consistent with those disclosed in our audited consolidated financial statements for the year ended December 31, 2016. |
Segment Information |
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | SEGMENT INFORMATION We own and operate LNG carriers and FSRUs and provide these services under time charters under varying periods, trade in physical and future LNG contracts, are in the process of developing our first FLNG and have entered the power market in an effort to become a midstream LNG solution provider. Our reportable segments consist of the primary services each provides. Although our segments are generally influenced by the same economic factors, each represents a distinct product in the LNG industry. Segment results are evaluated based on net income. The accounting principles for the segments are the same as for our consolidated financial statements. Indirect general and administrative expenses are allocated to each segment based on estimated use. The split of the organization of the business into four as at reportable segments is based on differences in management structure and reporting, economic characteristics, customer base, asset class and contract structure. As of September 30, 2017, we operate in the following four reportable segments:
The LNG trading operations meets the definition of an operating segment as the business is a financial trading business and its financial results are reported directly to the chief operating decision maker. The LNG trading segment is a distinguishable component of the business from which we earn revenues and incur expenses and whose operating results are regularly reviewed by the chief operating decision maker, and which is subject to risks and rewards different from the vessel operations segment.
In July 2016, we entered into an agreement with Schlumberger B.V. ("Schlumberger") to form OneLNG, a joint venture, with the intention to offer an integrated upstream and midstream solution for the development of low cost gas reserves to LNG. OneLNG will be the exclusive vehicle for all projects that involve the conversion of natural gas to LNG which require both Schlumberger Production Management services and Golar's FLNG expertise. As a result we report the equity in net earnings (losses) of OneLNG in the FLNG segment. FLNG meets the definition of an operating segment as the business is a distinguishable component of the business from which, once the first FLNG is delivered to us, we will earn revenues and incur expenses and whose operating results will be regularly reviewed by the chief operating decision maker, and due to its nature is subject to risks and rewards different from the vessel operations, LNG trading or power segment.
In October 2016, the Sergipe project obtained FID thus differentiating Golar Power’s risks and long term business prospects from the other reporting segments. Golar Power meets the definition of an operating segment as the business is a distinguishable component of the business from which we earn revenues and incur expenses and whose operating results will be regularly reviewed by the chief operating decision maker.
* For the nine months ended September 30, 2017, there had been no activities under the LNG trading segment. Revenues from external customers During the nine months ended September 30, 2017, our vessels operated predominately under charters with the Cool Pool and NFE Transport Partners LLC. During the nine months ended September 30, 2016, our vessels operated under time charters with three main charterers: the Cool Pool, Nigeria LNG Limited and NFE Transport Partners LLC. In time and voyage charters, the charterer, not us, controls the routes of our vessels. These routes can be worldwide as determined by the charterers, except for the FSRUs, which operate at specific locations where the charterers are based. Accordingly, our management, including the chief operating decision maker, do not evaluate our performance either according to customer or geographical region. For the nine months ended September 30, 2017 and 2016, revenues from the following counterparties accounted for over 10% of our time charter revenues:
The above revenues exclude vessel and other management fees from our related parties (see note 14). |
(Losses) Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Losses) Earnings Per Share | (LOSSES) EARNINGS PER SHARE Basic earnings per share (“EPS”) are calculated with reference to the weighted average number of common shares outstanding during the period. Treasury shares are not included in the calculation. The computation of diluted EPS for the nine month periods ended September 30, 2017 and 2016, assumes the conversion of potentially dilutive instruments. The components of the numerator for the calculation of basic and diluted EPS are as follows:
The components of the denominator for the calculation of basic and diluted EPS are as follows:
Losses per share are as follows:
For the nine months ended September 30, 2017 and 2016, stock options and convertible bonds have been excluded from the calculation of diluted loss per share because the effect was anti-dilutive. |
Other Financial Items |
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Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Financial Items | OTHER FINANCIAL ITEMS Other financial items comprise of the following:
* In the nine months ended September 30, 2016, we recognized an impairment charge of $7.6 million against the loan receivable from Douglas Channel LNG Assets Partnership, pursuant to the announcement of a negative FID on the related project. |
Variable Interest Entities |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities | VARIABLE INTEREST ENTITIES As of September 30, 2017, we leased seven vessels from VIEs under finance leases, of which four were with ICBCL entities, one with a CMBL entity, one with CCBFL and one with a COSCO Shipping entity. Each of the ICBCL, CMBL, CCBFL and COSCO Shipping entities are wholly-owned, newly formed special purpose vehicles (“SPVs”). In each of these transactions we sold our vessel and then subsequently leased back the vessel on a bareboat charter for a term of ten years. We have options to repurchase each vessel at fixed predetermined amounts during their respective charter periods and an obligation to repurchase each vessel at the end of the ten year lease period. Refer to note 4 to our Consolidated Financial Statements filed with our Annual Report on Form 20-F for the year ended December 31, 2016, for additional details. While we do not hold any equity investments in the above Lessor SPVs, we have determined that we have a variable interest in these SPVs and that these lessor entities, that own the vessels, are VIEs. Based on our evaluation of the agreements we have concluded that we are the primary beneficiary of these VIEs and accordingly, these lessor VIEs are consolidated into our financial results. We did not record any gains or losses from the sale of these vessels, as they continued to be reported as vessels at their original costs in our consolidated financial statements at the time of each transaction, similarly, the effect of the bareboat charter arrangement is eliminated upon consolidation of the Lessor SPV. The equity attributable to the respective lessor VIEs are included in non-controlling interests in our consolidated results. As of September 30, 2017 and 2016, the respective vessels are reported under “Vessels and equipment, net” in our consolidated balance sheet. A summary of our payment obligations (excluding repurchase options and obligations) under the bareboat charters with the lessor VIEs as of September 30, 2017, are shown below:
(1) For the three months ending December 31, 2017. (2) As a result of the sale of the Golar Tundra to Golar Partners in May 2016 (see "Tundra Lessor VIE" below), the payment obligations under the bareboat charter with the Golar Tundra lessor VIE are borne by Golar Partners until the Put Sale Closing Date. See note 14. (3) The payment obligation relating to the Golar Tundra and Golar Crystal above includes variable rental payments due under the lease based on an assumed LIBOR range of 0.38% to 0.42% plus margin. The assets and liabilities of these lessor VIEs that most significantly impact our consolidated balance sheet as of September 30, 2017 and December 31, 2016, are as follows:
* Where applicable, these balances are net of deferred finance charges. The most significant impact of consolidated SPV’s operations on our unaudited consolidated statements of income is interest expense of $29.4 million and $33.2 million for the nine months ended September 30, 2017 and 2016, respectively. The most significant impact of consolidated SPV’s cash flows on our unaudited consolidated statements of cash flows is net cash received in financing activities of $80.9 million and $167.7 million for the nine months ended September 30, 2017 and 2016, respectively. |
Asset Under Development |
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Sep. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||
Extractive Industries [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||
Asset Under Development | ASSET UNDER DEVELOPMENT
In May 2014, we entered into agreements for the conversion of the Hilli to a FLNG vessel. The primary contract was entered into with Keppel. Following the payment of the initial milestone installment, these agreements became fully effective on July 2, 2014. The Hilli was delivered to Keppel in Singapore in September 2014 for the commencement of her conversion. The Hilli FLNG conversion is complete and the vessel is currently undergoing commissioning. The total estimated conversion, vessel and site commissioning cost for the Hilli is approximately $1.3 billion. As at September 30, 2017, the estimated timing of the outstanding payments in connection with the Hilli conversion are as follows:
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Equity in Net (Losses) Earnings of Affiliates |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in Net (Losses) Earnings of Affiliates | EQUITY IN NET (LOSSES) EARNINGS OF AFFILIATES
Our share of net loss in Golar Partners includes a non-cash loss on deemed disposal of $17.0 million for the nine months ended September 30, 2017, being the dilutive impact on our ownership interest due to further issuances of common units by Golar Partners in February 2017. In addition, our share of net loss in Golar Partners includes a charge of $16.2 million for the nine months ended September 30, 2017 (September 30, 2016: $25.6 million) in relation to the amortization of the basis difference primarily in relation to the $854.0 million gain on loss of control recognized upon deconsolidation in 2012. The carrying amounts of our investments in our equity method investments as at September 30, 2017 and December 31, 2016 are as follows:
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Other Non-Current Assets |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||
Other Non-Current Assets | OTHER NON-CURRENT ASSETS Other non-current assets comprise of the following:
(1) The Earn-out Units were issued to us in connection with the IDR Reset transaction with Golar Partners in October 2016. (2) "Other non-current assets" is mainly comprised of: (i) Payments made relating to long lead items ordered in preparation for the conversion of the Gimi to a FLNG following agreements to convert her. As of September 30, 2017 and December 31, 2016, the carrying value was $31.0 million. The Gimi conversion contract provides flexibility wherein certain beneficial cancellation provisions exist which, if exercised prior to contract expiry, will allow termination of contracts and recovery of previous milestone payments, less cancellation fees. The Gimi contract has been extended to expire on December 30, 2017; and (ii) $1.7 million (December 31, 2016: $2.8 million), representing the non-current portion of the counter guarantee recognized at fair value on deconsolidation of Golar Power in July 2016. |
Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | DEBT As of September 30, 2017 and December 31, 2016, our debt was as follows:
* Refer to note 7. During the nine months ended September 30, 2017, we entered into the following new loan facilities: Convertible bonds - 2017 On February 17, 2017, we closed a new $402.5 million senior unsecured five years 2.75% convertible bond. The conversion rate for the bonds will initially equal 26.5308 common shares per $1,000 principal amount of the bonds. This is equivalent to an initial conversion price of $37.69 per common share, or a 35% premium on the February 13, 2017 closing share price of $27.92. The conversion price is subject to adjustment for dividends paid. To mitigate the dilution risk of conversion to common equity, we also entered into capped call transactions costing approximately $31.2 million. The capped call transactions cover approximately 10,678,647 common shares, have an initial strike price of $37.69, and an initial cap price of $48.86. The cap price of $48.86, which is a proxy for the revised conversion price, represents a 75% premium on the February 13, 2017 closing share price of $27.92. Including the $31.2 million cost of the capped call, the all-in cost of the bond is approximately 4.3%. Bond proceeds, net of fees and the cost of the capped call, amounted to $360.2 million. Crystal VIE loan In March 2017, in connection with the refinancing of the Golar Crystal, we entered into a sale and leaseback transaction pursuant to which we sold the Golar Crystal to a COSCO Shipping entity ("Crystal Lessor VIE"), and leased back the vessel under a bareboat charter for a monthly hire rate. Crystal Lessor VIE, which is the legal owner of the Golar Crystal, financed the purchase of the vessel through an internal loan from COSCO Shipping. Crystal Lessor VIE was determined to be a VIE of which we are deemed to be the primary beneficiary and, as a result, we are required to consolidate the results of Crystal Lessor VIE. Although consolidated into our results, we have no control over the funding arrangements negotiated by Crystal Lessor VIE, such as interest rates, maturity, and repayment profiles. In consolidating Crystal Lessor VIE, we must make certain assumptions regarding the debt amortization profile and the interest rate to be applied against Crystal Lessor VIE's debt principal. The internal loan bears no interest and is repayable on demand. Margin Loan Facility We entered into a loan agreement, dated March 3, 2017, among one of our wholly-owned subsidiaries, as borrower, Golar LNG Limited, as guarantor, Citibank, N.A., as administrative agent, initial collateral agent and calculation agent, and Citibank, N.A., as lender. We refer to this as the Margin Loan Facility. Pursuant to the Margin Loan Facility, on March 3, 2017, Citibank, N.A. provided a loan in the amount of $150 million. The Margin Loan Facility has a term of three years, an interest rate of LIBOR plus a margin of 3.95% and is secured by our Golar Partners common units and their associated distributions, and in certain cases, cash or cash equivalents. The Margin Loan Facility contains conditions, representations and warranties, covenants (including loan to value requirements), mandatory prepayment events, facility adjustment events, events of default and other provisions customary for a facility of this nature. The loan was primarily used to pay a portion of the amounts due under our 3.75% convertible senior secured bonds due March 2017, or the Prior Convertible Bonds. Concurrently with the repayment of the Prior Convertible Bonds, the trustee for these bonds released our Golar Partners common units that had been pledged to secure them. In connection with the entry into the Margin Loan Facility, we pledged 20,852,291 Golar Partners common units as security for the obligations under the facility. |
Accumulated Other Comprehensive (Loss) Income |
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME The components of accumulated other comprehensive (loss) income consisted of the following:
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Financial Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments | FINANCIAL INSTRUMENTS Fair values We recognize our fair value estimates using a fair value hierarchy based on the inputs used to measure fair value. The fair value of hierarchy has three levels based on reliability of inputs used to determine fair value as follows: Level 1: Quoted market prices in active markets for identical assets and liabilities. Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. The carrying values and estimated fair values of our financial instruments at September 30, 2017 and December 31, 2016 are as follows:
(1) The carrying value of our cost method investments includes our holdings in OLT Offshore LNG Toscana S.p.A (or OLT-O). As we have no established method of determining the fair value of this investment, we have not estimated its fair value as of September 30, 2017, but have not identified any changes in circumstances which would alter our view of fair value as disclosed. (2) The carrying amounts of our short-term debts and loans receivable approximate their fair values because of the near term maturity of these instruments. (3) Our debt obligations are recorded at amortized cost in the consolidated balance sheets. The amounts presented in the table above are gross of the deferred finance charges amounting to $27.4 million and $26.3 million at September 30, 2017 and December 31, 2016, respectively. (4) Derivative liabilities are captured within other current liabilities and derivative assets are captured within other non-current assets on the balance sheet. (5) The fair value of our derivative instruments is the estimated amount that we would receive or pay to terminate the agreements at the reporting date, taking into account current interest rates, foreign exchange rates, closing quoted market prices and our creditworthiness and that of our counterparties. (6) The fair value of total return equity swaps is calculated using the closing prices of the underlying listed shares, dividends paid since inception and the interest rate charged by the counterparty. The carrying values of accounts receivable, accounts payable and accrued liabilities, excluded from the table above, approximate fair values because of the near term maturity of these instruments. As of September 30, 2017, we had entered into the following interest rate swap transactions involving the payment of fixed rates in exchange for LIBOR as summarized below:
The credit exposure of our interest rate and equity swap agreements are represented by the fair value of contracts with a positive fair value at the end of each period, reduced by the effects of master netting agreements. It is our policy to enter into master netting agreements with the counterparties to derivative financial instrument contracts, which give us the legal right to discharge all or a portion of amounts owed to the counterparty by offsetting them against amounts that the counterparty owes to us. We have elected not to offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable master netting arrangements. However, if we were to offset and record the asset and liability balances of derivatives on a net basis, the amounts presented in our consolidated balance sheets as of September 30, 2017 and December 31, 2016 would be adjusted as detailed in the following table:
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Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions | RELATED PARTY TRANSACTIONS a) Transactions with Golar Partners and subsidiaries: Net revenues (expenses): The transactions with Golar Partners and its subsidiaries for the nine months ended September 30, 2017 and 2016 consisted of the following:
Receivables (payables): The balances with Golar Partners and its subsidiaries as of September 30, 2017 and December 31, 2016 consisted of the following:
The above disclosure excludes the net effect of the non-cash credit of $3.5 million and $4.6 million for the nine months ended September 30, 2017 and 2016, respectively. This relates to the Golar Grand guarantee obligation, which includes recognition of a loss on remeasurement in 2017, less amortization.
On August 15, 2017, we entered into a purchase and sale agreement (the “Hilli Sale Agreement”) with Golar Partners for the disposal (the “Hilli Disposal”) from Golar and affiliates of Keppel Shipyard Limited (“Keppel”) and Black and Veatch (“B&V”) of common units (the “Disposal Interests”) in Hilli LLC which will, on the closing date of the Hilli Disposal, indirectly own the Hilli. The Disposal Interests represent the equivalent of 50% of the two liquefaction trains, out of a total of four, that are contracted to Perenco Cameroon (“Perenco”) and Societe Nationale de Hydrocarbures (“SNH”) (together with Perenco, the “Customer”) under an eight-year liquefaction tolling agreement (the “Liquefaction Tolling Agreement”). The sale price for the Disposal Interests is $658 million less net lease obligations under the financing facility for the Hilli (the “Hilli Facility”), which are expected to be between $468 and $480 million. Concurrently with the execution of the Hilli Sale Agreement, we received a further $70 million deposit from Golar Partners, upon which we will pay interest at a rate of 5% per annum. We have accounted for $0.5 million and $nil as interest expense for the nine months ended September 30, 2017 and 2016, respectively, in relation to the $70 million deposit from Golar Partners. The closing of the Hilli disposal is subject to the satisfaction of certain closing conditions, which include amongst others the delivery to and acceptance by the charterer of the Hilli and the commencement of commercial operation under the Liquefaction Tolling Agreement.
b) Transactions with Golar Power and affiliates: In July 2016, Golar, through a newly formed subsidiary, LNG Power, and GenPower Particapações SA (“GenPower”) entered into a strategic investment agreement which provided the framework for co-operation between GenPower and Golar to develop LNG power projects in Brazil through the formation of a joint venture commencing with the TPP Porto de Sergipe I Project (“Sergipe I”). Net revenues: The transactions with Golar Power and its affiliates for the nine months ended September 30, 2017 consisted of the following:
Payables: The balances with Golar Power and its affiliates as of September 30, 2017 and December 31, 2016 consisted of the following:
c) Transactions with OneLNG and subsidiaries: On July 25, 2016 Golar and Schlumberger B.V. ("Schlumberger") entered into a joint venture and shareholders' agreement to form OneLNG, a joint venture, with the intention to offer an integrated upstream and midstream solution for the development of low cost gas reserves to LNG. In accordance with the joint venture and shareholders' agreement, Golar holds 51% and Schlumberger the remaining 49% of OneLNG. Net revenues: The transactions with OneLNG and its subsidiaries for the nine months ended September 30, 2017 consisted of the following:
* There was no comparable amount for the nine months ended September 30, 2016. Receivables: The balances with OneLNG and its subsidiaries as of September 30, 2017 and December 31, 2016 consisted of the following:
d) Transaction with other related parties:
Receivables from (payables to) other related parties:
The table below summarizes our earnings generated from our participation in The Cool Pool:
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Other Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||
Other Commitments and Contingencies | OTHER COMMITMENTS AND CONTINGENCIES Assets pledged
(1) This excludes the Hilli which is classified as an "asset under development". The Hilli is secured against the FLNG Hilli facility. Refer to note 8. As at September 30, 2017, 20,852,291 Golar Partners common units were pledged as security for the obligations under the Margin Loan Facility. See note 11. UK tax lease benefits As described under note 33 in our audited consolidated financial statements filed with our Annual Report on form 20-F for the year ended December 31, 2016, during 2003 we entered into six UK tax leases. Under the terms of the leasing arrangements, the benefits are derived primarily from the tax depreciation assumed to be available to the lessors as a result of their investment in the vessels. As is typical in these leasing arrangements, as the lessee we are obligated to maintain the lessor’s after-tax margin. Accordingly, in the event of any adverse tax changes or a successful challenge by the UK Tax Authorities (''HMRC'') with regard to the initial tax basis of the transactions, or in relation to the 2010 lease restructurings, or in the event of an early termination of the Methane Princess lease, we may be required to make additional payments principally to the UK vessel lessor, which could adversely affect our earnings or financial position. We would be required to return all, or a portion of, or in certain circumstances significantly more than, the upfront cash benefits that we received in respect of our lease financing transactions, including the 2010 restructurings and subsequent termination transactions. The gross cash benefit we received upfront on these leases amounted to approximately £41 million British Pounds (before deduction of fees). Of these six leases we have since terminated five, with one lease remaining, being that of the Methane Princess lease. Pursuant to the deconsolidation of Golar Partners in 2012, Golar Partners is no longer considered a controlled entity but an affiliate and therefore as at September 30, 2017, the capital lease obligation relating to this remaining UK tax lease is not included on our consolidated balance sheet. However, under the indemnity provisions of the Omnibus Agreement or the respective share purchase agreements, we have agreed to indemnify Golar Partners in the event of any tax liabilities in excess of scheduled or final scheduled amounts arising from the Methane Princess leasing arrangements and termination thereof. HMRC has been challenging the use of similar lease structures and has been engaged in litigation of a test case for some years. In August 2015, following an appeal to the Court of Appeal by the HMRC which set aside previous judgments in favor of the tax payer, the First Tier Tribunal (UK court) ruled in favor of HMRC. The tax payer in this particular ruling has the election to appeal the courts’ decision, but no appeal has been filed. The judgments of the First Tier Tribunal do not create binding precedent for other UK court decisions and therefore the ruling in favor of HMRC is not binding in the context of our structures. Further, we consider there are differences in the fact pattern and structure between this case and our 2003 leasing arrangements and therefore is not necessarily indicative of any outcome should HMRC challenge us and we remain confident that our fact pattern is sufficiently different to succeed if we are challenged by HMRC. HMRC have written to our lessor to indicate that they believe our lease may be similar to the case noted above. We have reviewed the details of the case and the basis of the judgment with our legal and tax advisers to ascertain what impact, if any, the judgment may have on us and the possible range of exposure has been estimated at approximately £nil to £108 million British Pounds. We are currently in conversation with HMRC on this matter, presenting the factual background of our position. Legal proceedings and claims We may, from time to time, be involved in legal proceedings and claims that arise in the ordinary course of business. A provision will be recognized in the financial statements only where we believe that a liability will be probable and for which the amounts are reasonably estimable, based upon the facts known prior to the issuance of the financial statements. Other We are party to a shareholders’ agreement with a consortium of investors to fund the development of pipeline infrastructure and an FSRU which are intended to supply two power plants in the Ivory Coast. The project is currently in the initial design phase, with FID currently expected to be taken in the first half of 2018. Negotiations are underway with third party lenders for the financing of construction costs in the event a positive investment decision is made. During the initial phase of the project, our remaining contractual commitments for this project are estimated to be in the region of €0.6 million. In the event a positive FID is taken on the project, this could increase up to approximately €15 million. This figure is dependent upon a variety of factors such as whether third party financing is obtained for a portion of the construction costs. The timing of this range of payments is dependent on whether and when FID is made, progress of negotiations with lenders for non-investor financing, and the progress of eventual construction work. The nature of payments to the project could be made in a combination of capital contributions or interest-bearing shareholder loans. |
Subsequent Events |
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Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS Dividends In November 2017, we declared a dividend of $0.05 per share in respect of the quarter ended September 30, 2017 to holders of record on December 14, 2017, which will be paid on or about January 4, 2018. OneLNG Joint Venture - Fortuna Project On October 2, 2017, Fortuna Project partner Ophir Energy awarded an upstream construction contract to Subsea Integration Alliance, a partnership between OneSubsea, a Schlumberger company, and Subsea 7. The award is structured as an engineering, procurement, construction, installation and commissioning ("EPCIC") contract for the sub-sea umbilicals, risers and flowlines and for the sub-sea production systems scope of work. The EPCIC schedule is consistent with the planned delivery of first gas in 2021 and work will commence after final investment decision. Earn-out Units The Incentive Distribution Right ("IDR") Exchange Agreement required that Golar Partners issue to Golar 50% of the Earn-out Units withheld at the time of the IDR reset in October 2016 after Golar Partners paid the minimum quarterly distribution in respect of each of the four preceding quarters ended September 30, 2017. Golar Partners has satisfied the minimum quarterly distribution in respect of these quarters and, accordingly, on November 15, 2017, Golar Partners issued to Golar 374,295 common units and 7,639 General Partner units. The agreement also required Golar Partners to pay Golar the distributions that it would have been entitled to receive on these units in respect of each of those four preceding quarters. Therefore, in connection with the issuance of the above Earn-out Units, Golar also received $0.9 million in cash in the period. The Partnership will issue the remaining 50% of the Earn-out Units provided that it has paid a distribution equivalent to $0.5775 for each of the four quarters up to September 30, 2018. As of the current date, Golar owns 21,226,586 common units and 1,420,870 General Partner units in the Partnership. Golar Grand On October 31, 2017, Golar’s obligation to sub-charter the Golar Grand from Golar Partners expired. |
Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |
Basis of accounting | Basis of accounting The condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States. The condensed consolidated financial statements do not include all of the disclosures required in the annual consolidated financial statements, and should be read in conjunction with our annual financial statements for the year ended December 31, 2016. |
Use of estimates | Use of estimates The preparation of financial statements in accordance with United States Generally Accepted Accounting Principles ("US GAAP") requires that management make estimates and assumptions affecting the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. As further described in note 14 (a)(c), in February 2015, Golar Partners exercised its option to require us to charter back the Golar Grand for the period until October 2017. In May 2017, the Partnership sub-chartered the vessel back from us in order to commence a new charter with a third party. Accordingly, we revised our assessment of the existing provision for the Golar Grand guarantee obligation and recognized an incremental remeasurement loss of $9.0 million for the nine months ended September 30, 2017. As of September 30, 2017, we leased seven vessels under finance leases from wholly-owned special purpose vehicles (“lessor SPVs”) of financial institutions in connection with our sale and leaseback transactions. While we do not hold any equity investments in these lessor SPVs, we have determined that we are the primary beneficiary of these entities and accordingly, we are required to consolidate these VIEs into our financial results. The key line items impacted by our consolidation of these VIEs are short-term and long-term debt, restricted cash and short-term deposits, and interest expense. In consolidating these lessor VIEs, on a quarterly basis, we must make assumptions regarding (i) the debt amortization profile; (ii) the interest rate to be applied against the VIEs’ debt principal; and (iii) the VIE's application of cash receipts. Our estimates are therefore dependent upon the timeliness of receipt and accuracy of financial information provided by these lessor VIE entities. Upon receipt of the audited annual financial statements of the lessor VIEs, we will make a true-up adjustment for any material differences. |
Adoption of new accounting standards, Accounting pronouncements to be adopted | Adoption of new accounting standards In July 2015, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2015-11 “Inventory (Topic 330): Simplifying the Measurement of Inventory”. The standard requires inventory to be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The amendment is effective for the fiscal years beginning after December 15, 2016 and interim periods within fiscal years beginning after December 15, 2017, early adoption is permitted. The adoption of this update did not have an impact on our Consolidated Financial Statements or related disclosures. In March 2016, the FASB issued ASU 2016-09 “Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. This standard primarily requires the recognition of excess tax benefits for share-based awards in the statement of operations and the classification of excess tax benefits as an operating activity within the statement of Cash Flows. The guidance allows an entity to elect to account for forfeitures when they occur. The new standard is effective for annual reporting periods beginning after December 15, 2016. The adoption of this update did not have an impact on our Consolidated Financial Statements or related disclosures. Accounting pronouncements to be adopted In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers (Topic 606)” and subsequent amendments. The standard provides a single, comprehensive revenue recognition model and requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard introduces a new concept of “series provision” which provides accounting guidance for entities that engage in repetitive service contracts. There are also new requirements which impact the accounting for certain costs that are directly associated with obtaining and fulfilling customer contracts. The guidance is effective from January 1, 2018 and provides for enhanced disclosures. It may be applied retrospectively to each prior period presented subject to “practical expedients (“full retrospective) or a cumulative-effect adjustment as of the date of adoption (“modified retrospective approach”). Management is currently finalizing its assessment of the impact of the changes from ASU 2014-09 on contracts with customers. We expect that the total amount earned from time charter contracts over all periods will remain the same however we are continuing to assess the presentation and disclosure implications. We will finalize our assessment in the fourth quarter of 2017. In March 2016, the FASB issued guidance to ASU 2016-02 “Leases (Topic 842)”. This update requires a lessee to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements regarding timing and uncertainty of cash flows arising from leases. It also offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. The standard will be effective for fiscal years beginning after December 15, 2018 including interim periods within those fiscal years, and early adoption is permitted. We are currently evaluating the impact of ASU 2016-02 on our Consolidated Financial Statements and related disclosures. Due to the transition provisions for lessors, the main impact of the adoption of this standard will be the recognition of lease assets and lease liabilities on our balance sheet for those leases where we are a lessee that are currently classified as operating leases. Any other accounting pronouncements yet to be adopted by us are consistent with those disclosed in our audited consolidated financial statements for the year ended December 31, 2016. |
Segment Information (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment |
* For the nine months ended September 30, 2017, there had been no activities under the LNG trading segment. |
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Schedule of Revenue From External Customers | For the nine months ended September 30, 2017 and 2016, revenues from the following counterparties accounted for over 10% of our time charter revenues:
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(Losses) Earnings Per Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of (Losses) Earnings Per Share | The components of the numerator for the calculation of basic and diluted EPS are as follows:
The components of the denominator for the calculation of basic and diluted EPS are as follows:
Losses per share are as follows:
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Other Financial Items (Tables) |
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Schedule of Other Financial Items | Other financial items comprise of the following:
* In the nine months ended September 30, 2016, we recognized an impairment charge of $7.6 million against the loan receivable from Douglas Channel LNG Assets Partnership, pursuant to the announcement of a negative FID on the related project. |
Variable Interest Entities (Tables) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Bareboat Charters | A summary of our payment obligations (excluding repurchase options and obligations) under the bareboat charters with the lessor VIEs as of September 30, 2017, are shown below:
(1) For the three months ending December 31, 2017. (2) As a result of the sale of the Golar Tundra to Golar Partners in May 2016 (see "Tundra Lessor VIE" below), the payment obligations under the bareboat charter with the Golar Tundra lessor VIE are borne by Golar Partners until the Put Sale Closing Date. See note 14. (3) The payment obligation relating to the Golar Tundra and Golar Crystal above includes variable rental payments due under the lease based on an assumed LIBOR range of 0.38% to 0.42% plus margin. |
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Schedule of Assets and Liabilities of Lessor VIEs | The assets and liabilities of these lessor VIEs that most significantly impact our consolidated balance sheet as of September 30, 2017 and December 31, 2016, are as follows:
* Where applicable, these balances are net of deferred finance charges. |
Asset Under Development (Tables) |
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Extractive Industries [Abstract] | ||||||||||||||||||||||||||||||||||||
Schedule for Assets Under Development |
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Schedule of Estimated Outstanding Payments | As at September 30, 2017, the estimated timing of the outstanding payments in connection with the Hilli conversion are as follows:
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Equity in Net (Losses) Earnings of Affiliates (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments | The carrying amounts of our investments in our equity method investments as at September 30, 2017 and December 31, 2016 are as follows:
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Other Non-Current Assets (Tables) |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||
Components of Other Non-current Assets | Other non-current assets comprise of the following:
(1) The Earn-out Units were issued to us in connection with the IDR Reset transaction with Golar Partners in October 2016. (2) "Other non-current assets" is mainly comprised of: (i) Payments made relating to long lead items ordered in preparation for the conversion of the Gimi to a FLNG following agreements to convert her. As of September 30, 2017 and December 31, 2016, the carrying value was $31.0 million. The Gimi conversion contract provides flexibility wherein certain beneficial cancellation provisions exist which, if exercised prior to contract expiry, will allow termination of contracts and recovery of previous milestone payments, less cancellation fees. The Gimi contract has been extended to expire on December 30, 2017; and (ii) $1.7 million (December 31, 2016: $2.8 million), representing the non-current portion of the counter guarantee recognized at fair value on deconsolidation of Golar Power in July 2016. |
Debt (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Debt | As of September 30, 2017 and December 31, 2016, our debt was as follows:
* Refer to note 7. |
Accumulated Other Comprehensive (Loss) Income (Tables) |
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Schedule of Accumulated Other Comprehensive (Loss) Income | The components of accumulated other comprehensive (loss) income consisted of the following:
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Financial Instruments (Tables) |
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Schedule of Carrying Values and Estimated Values of Financial Instruments | The carrying values and estimated fair values of our financial instruments at September 30, 2017 and December 31, 2016 are as follows:
(1) The carrying value of our cost method investments includes our holdings in OLT Offshore LNG Toscana S.p.A (or OLT-O). As we have no established method of determining the fair value of this investment, we have not estimated its fair value as of September 30, 2017, but have not identified any changes in circumstances which would alter our view of fair value as disclosed. (2) The carrying amounts of our short-term debts and loans receivable approximate their fair values because of the near term maturity of these instruments. (3) Our debt obligations are recorded at amortized cost in the consolidated balance sheets. The amounts presented in the table above are gross of the deferred finance charges amounting to $27.4 million and $26.3 million at September 30, 2017 and December 31, 2016, respectively. (4) Derivative liabilities are captured within other current liabilities and derivative assets are captured within other non-current assets on the balance sheet. (5) The fair value of our derivative instruments is the estimated amount that we would receive or pay to terminate the agreements at the reporting date, taking into account current interest rates, foreign exchange rates, closing quoted market prices and our creditworthiness and that of our counterparties. (6) The fair value of total return equity swaps is calculated using the closing prices of the underlying listed shares, dividends paid since inception and the interest rate charged by the counterparty. |
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Schedule of Designated Cash Flow Hedges | As of September 30, 2017, we had entered into the following interest rate swap transactions involving the payment of fixed rates in exchange for LIBOR as summarized below:
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Offsetting Assets | We have elected not to offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable master netting arrangements. However, if we were to offset and record the asset and liability balances of derivatives on a net basis, the amounts presented in our consolidated balance sheets as of September 30, 2017 and December 31, 2016 would be adjusted as detailed in the following table:
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Offsetting Liabilities | We have elected not to offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable master netting arrangements. However, if we were to offset and record the asset and liability balances of derivatives on a net basis, the amounts presented in our consolidated balance sheets as of September 30, 2017 and December 31, 2016 would be adjusted as detailed in the following table:
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Related Party Transactions (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Related Party Transactions | Transaction with other related parties:
Receivables from (payables to) other related parties:
The table below summarizes our earnings generated from our participation in The Cool Pool:
Net revenues: The transactions with Golar Power and its affiliates for the nine months ended September 30, 2017 consisted of the following:
Payables: The balances with Golar Power and its affiliates as of September 30, 2017 and December 31, 2016 consisted of the following:
Net revenues (expenses): The transactions with Golar Partners and its subsidiaries for the nine months ended September 30, 2017 and 2016 consisted of the following:
Receivables (payables): The balances with Golar Partners and its subsidiaries as of September 30, 2017 and December 31, 2016 consisted of the following:
The above disclosure excludes the net effect of the non-cash credit of $3.5 million and $4.6 million for the nine months ended September 30, 2017 and 2016, respectively. This relates to the Golar Grand guarantee obligation, which includes recognition of a loss on remeasurement in 2017, less amortization.
On August 15, 2017, we entered into a purchase and sale agreement (the “Hilli Sale Agreement”) with Golar Partners for the disposal (the “Hilli Disposal”) from Golar and affiliates of Keppel Shipyard Limited (“Keppel”) and Black and Veatch (“B&V”) of common units (the “Disposal Interests”) in Hilli LLC which will, on the closing date of the Hilli Disposal, indirectly own the Hilli. The Disposal Interests represent the equivalent of 50% of the two liquefaction trains, out of a total of four, that are contracted to Perenco Cameroon (“Perenco”) and Societe Nationale de Hydrocarbures (“SNH”) (together with Perenco, the “Customer”) under an eight-year liquefaction tolling agreement (the “Liquefaction Tolling Agreement”). The sale price for the Disposal Interests is $658 million less net lease obligations under the financing facility for the Hilli (the “Hilli Facility”), which are expected to be between $468 and $480 million. Concurrently with the execution of the Hilli Sale Agreement, we received a further $70 million deposit from Golar Partners, upon which we will pay interest at a rate of 5% per annum. We have accounted for $0.5 million and $nil as interest expense for the nine months ended September 30, 2017 and 2016, respectively, in relation to the $70 million deposit from Golar Partners. The closing of the Hilli disposal is subject to the satisfaction of certain closing conditions, which include amongst others the delivery to and acceptance by the charterer of the Hilli and the commencement of commercial operation under the Liquefaction Tolling Agreement.
Net revenues: The transactions with OneLNG and its subsidiaries for the nine months ended September 30, 2017 consisted of the following:
* There was no comparable amount for the nine months ended September 30, 2016. Receivables: The balances with OneLNG and its subsidiaries as of September 30, 2017 and December 31, 2016 consisted of the following:
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Other Commitments and Contingencies (Tables) |
9 Months Ended | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | |||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||
Schedule of Assets Pledged | Assets pledged
(1) This excludes the Hilli which is classified as an "asset under development". The Hilli is secured against the FLNG Hilli facility. Refer to note 8. |
General (Details) |
1 Months Ended | |||||
---|---|---|---|---|---|---|
Mar. 31, 2017
USD ($)
|
Feb. 28, 2017
USD ($)
|
Oct. 12, 2017
crew
|
Sep. 30, 2017
USD ($)
carrier
newbuild
|
Oct. 31, 2016
USD ($)
|
Sep. 30, 2016 |
|
Golar Power | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Additional aggregate funding commitment | $ 150,000,000 | |||||
OneLNG | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Additional aggregate funding commitment | $ 250,000,000 | |||||
Ownership percentage | 51.00% | |||||
Fortuna Project | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Estimated project cost | $ 2,000,000,000 | |||||
Debt financing assumed | 1,200,000,000 | |||||
OneLNG | Fortuna Project | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Initial investment amount | 650,000,000 | |||||
Aggregate new equity funding | 500,000,000 | |||||
Ophir | Fortuna Project | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Initial investment amount | $ 150,000,000 | |||||
Minimum | Golar Power | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Additional aggregate funding commitment | $ 20,000,000 | |||||
Maximum | Golar Power | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Additional aggregate funding commitment | $ 50,000,000 | |||||
Convertible Bond | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Net proceeds from convertible bond offering | $ 360,200,000 | |||||
Margin Loan Facility | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Proceeds raised from entering into loan facility | $ 150,000,000 | |||||
Subsequent Event | Hilli Conversion to FLNG | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Number of crew on board | crew | 108 | |||||
Golar Power | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Number of newbuild commitments contracted for construction | newbuild | 1 | |||||
Sergipe | Golar Power | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Ownership percentage | 50.00% | 25.00% | ||||
LNG Carrier | Golar LNG Partners | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Number of carriers operated by other | carrier | 3 | |||||
LNG Carrier | Golar Power | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Number of carriers operated by other | carrier | 2 | |||||
Floating Storage Regasification Unit | Golar LNG Partners | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Number of carriers operated by other | carrier | 6 | |||||
LNG Carrier | LNG Carrier | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Number of carriers owned and operated | carrier | 14 | |||||
LNG Carrier | LNG Carrier | Golar LNG Limited, Golar LNG Partners, and Golar Power | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Number of carriers owned and operated | carrier | 19 | |||||
LNG Carrier | Floating Storage Regasification Unit | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Number of carriers owned and operated | carrier | 1 | |||||
LNG Carrier | Floating Storage Regasification Unit | Golar LNG Limited, Golar LNG Partners, and Golar Power | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Number of carriers owned and operated | carrier | 7 |
Accounting Policies (Details) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2017
USD ($)
vessel
|
Sep. 30, 2016
USD ($)
|
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Depreciation catch-up charge | $ 59,937 | $ 56,146 |
Number of vessels in sale and leaseback transaction | vessel | 7 | |
Revised Assessment of Guarantee Obligation, Remeasurement Loss | Golar LNG Partners | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Incremental remeasurement loss from revision of guarantee obligation | $ 9,000 | |
Golar Tundra | Held-for-sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Depreciation catch-up charge | $ 9,700 |
Segment Information (Details) $ in Thousands |
9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017
USD ($)
segment
|
Sep. 30, 2016
USD ($)
|
Dec. 31, 2016
USD ($)
|
[2] | ||||||
Segment Reporting [Abstract] | |||||||||
Number of reportable segments | segment | 4 | ||||||||
Segment Reporting Information [Line Items] | |||||||||
Vessel and other management fees | [1] | $ 16,930 | $ 8,902 | ||||||
Administrative expenses | (33,571) | (31,073) | |||||||
Depreciation and amortization | (59,937) | (56,146) | |||||||
Other operating gains and losses | 0 | 16 | |||||||
Total other non operating income (loss) | 108 | (12,184) | |||||||
Impairment of long-term assets | 0 | (1,706) | |||||||
Net financial expenses | (51,876) | (66,969) | |||||||
Income taxes | (1,070) | 1,039 | |||||||
Equity in net (losses) earnings of affiliates | (19,100) | 10,118 | |||||||
Net loss | (160,194) | (176,380) | |||||||
Non-controlling interests | (23,332) | (18,775) | |||||||
Net loss attributable to Golar LNG Ltd | (183,526) | (195,155) | |||||||
Total assets | 4,645,223 | 4,178,955 | $ 4,256,911 | ||||||
Non-collaborative Arrangement | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Time and voyage charter revenues | [1] | 52,004 | 37,798 | ||||||
Vessel and voyage operating expenses | (59,507) | (70,244) | |||||||
Collaborative Arrangement | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Time and voyage charter revenues | [1] | 17,016 | 10,494 | ||||||
Vessel and voyage operating expenses | (21,191) | (6,425) | |||||||
Vessel operations | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Vessel and other management fees | 16,930 | 8,902 | |||||||
Administrative expenses | (33,190) | (28,841) | |||||||
Depreciation and amortization | (59,937) | (56,146) | |||||||
Other operating gains and losses | 0 | 0 | |||||||
Total other non operating income (loss) | 108 | (12,184) | |||||||
Impairment of long-term assets | 0 | (1,706) | |||||||
Net financial expenses | (51,876) | (66,969) | |||||||
Income taxes | (1,070) | 1,039 | |||||||
Equity in net (losses) earnings of affiliates | (1,359) | 10,118 | |||||||
Net loss | (142,072) | (174,164) | |||||||
Non-controlling interests | (23,332) | (18,775) | |||||||
Net loss attributable to Golar LNG Ltd | (165,404) | (192,939) | |||||||
Total assets | 3,155,152 | 3,161,928 | |||||||
Vessel operations | Non-collaborative Arrangement | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Time and voyage charter revenues | 52,004 | 37,798 | |||||||
Vessel and voyage operating expenses | (59,507) | (70,244) | |||||||
Vessel operations | Collaborative Arrangement | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Time and voyage charter revenues | 17,016 | 10,494 | |||||||
Vessel and voyage operating expenses | (21,191) | (6,425) | |||||||
LNG trading | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Vessel and other management fees | 0 | ||||||||
Administrative expenses | 0 | ||||||||
Depreciation and amortization | 0 | ||||||||
Other operating gains and losses | 16 | ||||||||
Total other non operating income (loss) | 0 | ||||||||
Impairment of long-term assets | 0 | ||||||||
Net financial expenses | 0 | ||||||||
Income taxes | 0 | ||||||||
Equity in net (losses) earnings of affiliates | 0 | ||||||||
Net loss | 16 | ||||||||
Non-controlling interests | 0 | ||||||||
Net loss attributable to Golar LNG Ltd | 16 | ||||||||
Total assets | 0 | ||||||||
LNG trading | Non-collaborative Arrangement | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Time and voyage charter revenues | 0 | ||||||||
Vessel and voyage operating expenses | 0 | ||||||||
LNG trading | Collaborative Arrangement | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Time and voyage charter revenues | 0 | ||||||||
Vessel and voyage operating expenses | 0 | ||||||||
FLNG | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Vessel and other management fees | 0 | 0 | |||||||
Administrative expenses | (381) | (2,232) | |||||||
Depreciation and amortization | 0 | 0 | |||||||
Other operating gains and losses | 0 | 0 | |||||||
Total other non operating income (loss) | 0 | 0 | |||||||
Impairment of long-term assets | 0 | 0 | |||||||
Net financial expenses | 0 | 0 | |||||||
Income taxes | 0 | 0 | |||||||
Equity in net (losses) earnings of affiliates | (5,281) | 0 | |||||||
Net loss | (5,662) | (2,232) | |||||||
Non-controlling interests | 0 | 0 | |||||||
Net loss attributable to Golar LNG Ltd | (5,662) | (2,232) | |||||||
Total assets | 1,286,646 | 1,017,027 | |||||||
FLNG | Non-collaborative Arrangement | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Time and voyage charter revenues | 0 | 0 | |||||||
Vessel and voyage operating expenses | 0 | 0 | |||||||
FLNG | Collaborative Arrangement | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Time and voyage charter revenues | 0 | 0 | |||||||
Vessel and voyage operating expenses | 0 | $ 0 | |||||||
Power | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Vessel and other management fees | 0 | ||||||||
Administrative expenses | 0 | ||||||||
Depreciation and amortization | 0 | ||||||||
Other operating gains and losses | 0 | ||||||||
Total other non operating income (loss) | 0 | ||||||||
Impairment of long-term assets | 0 | ||||||||
Net financial expenses | 0 | ||||||||
Income taxes | 0 | ||||||||
Equity in net (losses) earnings of affiliates | (12,460) | ||||||||
Net loss | (12,460) | ||||||||
Non-controlling interests | 0 | ||||||||
Net loss attributable to Golar LNG Ltd | (12,460) | ||||||||
Total assets | 203,425 | ||||||||
Power | Non-collaborative Arrangement | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Time and voyage charter revenues | 0 | ||||||||
Vessel and voyage operating expenses | 0 | ||||||||
Power | Collaborative Arrangement | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Time and voyage charter revenues | 0 | ||||||||
Vessel and voyage operating expenses | $ 0 | ||||||||
|
Segment Information - Revenues From External Customers (Details) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2016
USD ($)
charter
|
|
Segment Reporting [Abstract] | ||
Number of charterers | charter | 3 | |
Benchmark percentage of revenue for major customer | 10.00% | |
The Cool Pool | Customer Concentration Risk | Revenues | ||
Segment Reporting Information [Line Items] | ||
Time and voyage charter revenues | $ 62,113 | $ 36,663 |
Concentration risk, percentage | 90.00% | 76.00% |
NFE Transport Partners LLC | Customer Concentration Risk | Revenues | ||
Segment Reporting Information [Line Items] | ||
Time and voyage charter revenues | $ 6,907 | $ 5,648 |
Concentration risk, percentage | 10.00% | 12.00% |
Nigeria LNG Ltd | Customer Concentration Risk | Revenues | ||
Segment Reporting Information [Line Items] | ||
Time and voyage charter revenues | $ 0 | $ 5,849 |
Concentration risk, percentage | 0.00% | 12.00% |
(Losses) Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Earnings Per Share [Abstract] | ||
Net loss attributable to Golar LNG Ltd stockholders - basic and diluted | $ (183,526) | $ (195,155) |
Weighted average number of common shares outstanding (in shares) | 100,599 | 93,050 |
Losses per share | ||
Basic and diluted (in USD per share) | $ (1.82) | $ (2.10) |
Other Financial Items - Schedule of Other Financial Items (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||
Impairment of loan | $ 0 | $ (7,627) |
Financing arrangement fees and other costs | (283) | 130 |
Amortization of debt guarantee | 1,234 | 0 |
Others | 1,775 | (502) |
Other financial items, net | (3,495) | (14,979) |
Interest Rate Swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Mark-to-market adjustment for derivatives | 1,056 | (18,699) |
Interest expense on undesignated interest rate swaps | (3,436) | (8,165) |
Equity Derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Mark-to-market adjustment for derivatives | $ (3,841) | $ 19,884 |
Other Financial Items - Narrative (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Other Income and Expenses [Abstract] | ||
Impairment charge against loan receivable | $ 0 | $ 7,627 |
Variable Interest Entities - Narrative (Details) $ in Thousands |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2017
USD ($)
vessel
|
Sep. 30, 2016
USD ($)
|
|||
Variable Interest Entity [Line Items] | ||||
Number of vessels in sale and leaseback transaction | 7 | |||
Interest expense | $ | [1] | $ 53,085 | $ 53,517 | |
Net cash received in financing activities | $ | $ (300,152) | (23,184) | ||
Variable Interest Entity, Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Number of vessels in sale and leaseback transaction | 7 | |||
Sale and leaseback term | 10 years | |||
Interest expense | $ | $ 29,400 | 33,200 | ||
Net cash received in financing activities | $ | $ 80,900 | $ 167,700 | ||
Variable Interest Entity, Primary Beneficiary | ICBCL Agreement | ||||
Variable Interest Entity [Line Items] | ||||
Number of vessels in sale and leaseback transaction | 4 | |||
Variable Interest Entity, Primary Beneficiary | CMBL Agreement | ||||
Variable Interest Entity [Line Items] | ||||
Number of vessels in sale and leaseback transaction | 1 | |||
Variable Interest Entity, Primary Beneficiary | CCBFL Agreement | ||||
Variable Interest Entity [Line Items] | ||||
Number of vessels in sale and leaseback transaction | 1 | |||
Variable Interest Entity, Primary Beneficiary | COSCO Shipping Agreement | ||||
Variable Interest Entity [Line Items] | ||||
Number of vessels in sale and leaseback transaction | 1 | |||
|
Variable Interest Entities - Summary of Bareboat Charters (Details) - Variable Interest Entity, Primary Beneficiary $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2017
USD ($)
| |
Golar Tundra and Golar Crystal | LIBOR | Minimum | |
Variable Interest Entity [Line Items] | |
Variable rate | 0.38% |
Golar Tundra and Golar Crystal | LIBOR | Maximum | |
Variable Interest Entity [Line Items] | |
Variable rate | 0.42% |
ICBCL Agreement | Golar Glacier | |
Variable Interest Entity [Line Items] | |
2017 | $ 4,310 |
2018 | 17,100 |
2019 | 17,100 |
2020 | 17,147 |
2021 | 17,100 |
After 2022 | 47,084 |
ICBCL Agreement | Golar Kelvin | |
Variable Interest Entity [Line Items] | |
2017 | 4,310 |
2018 | 17,100 |
2019 | 17,100 |
2020 | 17,147 |
2021 | 17,100 |
After 2022 | 49,895 |
ICBCL Agreement | Golar Snow | |
Variable Interest Entity [Line Items] | |
2017 | 4,310 |
2018 | 17,100 |
2019 | 17,100 |
2020 | 17,147 |
2021 | 17,100 |
After 2022 | 49,895 |
ICBCL Agreement | Golar Ice | |
Variable Interest Entity [Line Items] | |
2017 | 4,310 |
2018 | 17,100 |
2019 | 17,100 |
2020 | 17,147 |
2021 | 17,100 |
After 2022 | 52,800 |
CMBL Agreement | Golar Tundra | |
Variable Interest Entity [Line Items] | |
2017 | 5,200 |
2018 | 20,446 |
2019 | 19,934 |
2020 | 19,466 |
2021 | 18,953 |
After 2022 | 68,097 |
CCBFL Agreement | Golar Seal | |
Variable Interest Entity [Line Items] | |
2017 | 3,736 |
2018 | 15,151 |
2019 | 15,193 |
2020 | 15,151 |
2021 | 15,151 |
After 2022 | 60,646 |
COSCO Shipping Agreement | Golar Crystal | |
Variable Interest Entity [Line Items] | |
2017 | 2,610 |
2018 | 10,433 |
2019 | 10,420 |
2020 | 10,419 |
2021 | 10,381 |
After 2022 | $ 53,659 |
Variable Interest Entities - Schedule of Assets and Liabilities of Lessor VIEs (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
|||||||
---|---|---|---|---|---|---|---|---|---|---|
Assets | ||||||||||
Total assets | $ 4,645,223 | $ 4,256,911 | [1] | $ 4,178,955 | ||||||
Debt: | ||||||||||
Long-term interest bearing debt - non-current portion | [2],[3] | 1,199,989 | 1,525,744 | [1] | ||||||
Total liabilities | 2,860,794 | 2,347,085 | [1] | |||||||
Variable Interest Entity, Primary Beneficiary | ||||||||||
Assets | ||||||||||
Restricted cash and short-term deposits | 116,511 | 70,021 | ||||||||
Total assets | 116,511 | 70,021 | ||||||||
Debt: | ||||||||||
Short-term interest bearing debt | 686,477 | 388,628 | ||||||||
Long-term interest bearing debt - current portion | 15,650 | 21,532 | ||||||||
Long-term interest bearing debt - non-current portion | 413,552 | 624,384 | ||||||||
Total liabilities | 1,115,679 | $ 1,034,544 | ||||||||
ICBCL Agreement | Golar Glacier | Variable Interest Entity, Primary Beneficiary | ||||||||||
Assets | ||||||||||
Restricted cash and short-term deposits | 17,673 | |||||||||
Total assets | 17,673 | |||||||||
Debt: | ||||||||||
Short-term interest bearing debt | 31,657 | |||||||||
Long-term interest bearing debt - current portion | 7,650 | |||||||||
Long-term interest bearing debt - non-current portion | 125,370 | |||||||||
Total liabilities | 164,677 | |||||||||
ICBCL Agreement | Golar Kelvin | Variable Interest Entity, Primary Beneficiary | ||||||||||
Assets | ||||||||||
Restricted cash and short-term deposits | 48,693 | |||||||||
Total assets | 48,693 | |||||||||
Debt: | ||||||||||
Short-term interest bearing debt | 182,540 | |||||||||
Long-term interest bearing debt - current portion | 0 | |||||||||
Long-term interest bearing debt - non-current portion | 0 | |||||||||
Total liabilities | 182,540 | |||||||||
ICBCL Agreement | Golar Snow | Variable Interest Entity, Primary Beneficiary | ||||||||||
Assets | ||||||||||
Restricted cash and short-term deposits | 12,069 | |||||||||
Total assets | 12,069 | |||||||||
Debt: | ||||||||||
Short-term interest bearing debt | 22,391 | |||||||||
Long-term interest bearing debt - current portion | 8,000 | |||||||||
Long-term interest bearing debt - non-current portion | 131,062 | |||||||||
Total liabilities | 161,453 | |||||||||
ICBCL Agreement | Golar Ice | Variable Interest Entity, Primary Beneficiary | ||||||||||
Assets | ||||||||||
Restricted cash and short-term deposits | 20 | |||||||||
Total assets | 20 | |||||||||
Debt: | ||||||||||
Short-term interest bearing debt | 139,276 | |||||||||
Long-term interest bearing debt - current portion | 0 | |||||||||
Long-term interest bearing debt - non-current portion | 0 | |||||||||
Total liabilities | 139,276 | |||||||||
CMBL Agreement | Golar Tundra | Variable Interest Entity, Primary Beneficiary | ||||||||||
Assets | ||||||||||
Restricted cash and short-term deposits | 7,524 | |||||||||
Total assets | 7,524 | |||||||||
Debt: | ||||||||||
Short-term interest bearing debt | 198,613 | |||||||||
Long-term interest bearing debt - current portion | 0 | |||||||||
Long-term interest bearing debt - non-current portion | 0 | |||||||||
Total liabilities | 198,613 | |||||||||
CCBFL Agreement | Golar Seal | Variable Interest Entity, Primary Beneficiary | ||||||||||
Assets | ||||||||||
Restricted cash and short-term deposits | 22,747 | |||||||||
Total assets | 22,747 | |||||||||
Debt: | ||||||||||
Short-term interest bearing debt | 0 | |||||||||
Long-term interest bearing debt - current portion | 0 | |||||||||
Long-term interest bearing debt - non-current portion | 157,120 | |||||||||
Total liabilities | 157,120 | |||||||||
COSCO Shipping Agreement | Golar Crystal | Variable Interest Entity, Primary Beneficiary | ||||||||||
Assets | ||||||||||
Restricted cash and short-term deposits | 7,785 | |||||||||
Total assets | 7,785 | |||||||||
Debt: | ||||||||||
Short-term interest bearing debt | 112,000 | |||||||||
Long-term interest bearing debt - current portion | 0 | |||||||||
Long-term interest bearing debt - non-current portion | 0 | |||||||||
Total liabilities | $ 112,000 | |||||||||
|
Asset Under Development (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
|||
---|---|---|---|---|---|
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||||
Asset under development | $ 1,032,116 | $ 731,993 | [1] | ||
Hilli Conversion to FLNG | |||||
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||||
Purchase price installments | 883,872 | 653,378 | |||
Interest costs capitalized | 88,984 | 53,985 | |||
Other costs capitalized | 59,260 | 24,630 | |||
Asset under development | 1,032,116 | $ 731,993 | |||
Expected cost | $ 1,300,000 | ||||
|
Asset Under Development - Schedule of Estimated Outstanding Payments (Details) - Hilli Conversion to FLNG $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2017
USD ($)
| |
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | |
Payable within 3 months to December 31, 2017 | $ 97,575 |
Payable within 12 months to December 31, 2018 | 95,775 |
Total estimated payment | $ 193,350 |
Equity in Net (Losses) Earnings of Affiliates (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Schedule of Available-for-sale Securities [Line Items] | ||
Equity in net (losses) earnings of affiliates | $ (19,100) | $ 10,118 |
Golar Partners | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Equity in net (losses) earnings of affiliates | (1,763) | 12,756 |
Golar Power | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Equity in net (losses) earnings of affiliates | (12,460) | (2,679) |
OneLNG | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Equity in net (losses) earnings of affiliates | (5,281) | 0 |
Egyptian Company for Gas Services (ECGS) | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Equity in net (losses) earnings of affiliates | $ 404 | $ 41 |
Equity in Net (Losses) Earnings of Affiliates - Narrative (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended | |
---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Dec. 31, 2012 |
|
Investments in and Advances to Affiliates [Line Items] | |||
Gain on loss of control | $ 0 | $ (12,184) | $ 854,000 |
Golar Partners | |||
Investments in and Advances to Affiliates [Line Items] | |||
Non-cash loss on deemed disposal | 17,000 | ||
Amortization of basis difference | $ 16,200 | $ 25,600 |
Equity in Net (Losses) Earnings of Affiliates - Schedule of Carrying Amount of Equity Method Investments (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
|||
---|---|---|---|---|---|
Schedule of Equity Method Investments [Line Items] | |||||
Equity in net assets of affiliates | $ 684,285 | $ 648,780 | [1] | ||
Golar Partners | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity in net assets of affiliates | 470,673 | 507,182 | |||
Golar Power | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity in net assets of affiliates | 203,426 | 126,534 | |||
OneLNG | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity in net assets of affiliates | 4,919 | 10,200 | |||
ECGS | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity in net assets of affiliates | $ 5,267 | $ 4,864 | |||
|
Other Non-Current Assets (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
|||
---|---|---|---|---|---|
Components of Other Non-Current Assets: | |||||
Other non-current assets | $ 34,816 | $ 36,386 | |||
Total other non-current assets | 56,970 | 56,408 | [1] | ||
Debt Guarantees | Golar Power | |||||
Components of Other Non-Current Assets: | |||||
Other non-current assets | 1,700 | 2,800 | |||
Golar Gimi | |||||
Components of Other Non-Current Assets: | |||||
Other non-current assets | 31,000 | 31,000 | |||
Mark-to-market interest rate swaps valuation | |||||
Components of Other Non-Current Assets: | |||||
Derivatives | 5,154 | 5,022 | |||
Earn-out Units | |||||
Components of Other Non-Current Assets: | |||||
Derivatives | $ 17,000 | $ 15,000 | |||
|
Debt - Components of Debt (Details) - USD ($) |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Debt Instrument [Line Items] | ||
Total debt | $ 2,329,937,000 | $ 2,003,506,000 |
Less: Deferred finance charges, net | (27,388,000) | (26,308,000) |
Total debt, net of deferred financing costs | 2,302,549,000 | 1,977,198,000 |
Secured Debt | Golar Arctic facility | ||
Debt Instrument [Line Items] | ||
Total debt | 67,425,000 | 72,900,000 |
Secured Debt | Golar Viking facility | ||
Debt Instrument [Line Items] | ||
Total debt | 53,386,000 | 57,292,000 |
Secured Debt | FLNG Hilli facility | ||
Debt Instrument [Line Items] | ||
Total debt | 375,000,000 | 250,000,000 |
Secured Debt | $1.125 billion facility | ||
Debt Instrument [Line Items] | ||
Total debt | 200,919,000 | 318,444,000 |
Secured Debt | $1.125 billion facility | Line of Credit | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | 1,125,000,000 | 1,125,000,000 |
Secured Debt | ICBC VIE loans | ||
Debt Instrument [Line Items] | ||
Total debt | 650,083,000 | 674,688,000 |
Secured Debt | Seal VIE loan | ||
Debt Instrument [Line Items] | ||
Total debt | 157,120,000 | 157,120,000 |
Secured Debt | Tundra VIE loan | ||
Debt Instrument [Line Items] | ||
Total debt | 198,613,000 | 205,145,000 |
Secured Debt | Crystal VIE loan | ||
Debt Instrument [Line Items] | ||
Total debt | 112,000,000 | 0 |
Secured Debt | Margin Loan Facility | ||
Debt Instrument [Line Items] | ||
Total debt | 129,426,000 | 0 |
Convertible Debt | Convertible bonds - 2012 | ||
Debt Instrument [Line Items] | ||
Total debt | 0 | 218,851,000 |
Convertible Debt | Convertible bonds - 2017 | ||
Debt Instrument [Line Items] | ||
Total debt | 336,899,000 | 0 |
Shareholder Notes Payable | Hilli shareholder loans | ||
Debt Instrument [Line Items] | ||
Total debt | $ 49,066,000 | $ 49,066,000 |
Debt - Narrative (Details) |
9 Months Ended | ||||
---|---|---|---|---|---|
Mar. 03, 2017
USD ($)
shares
|
Feb. 17, 2017
USD ($)
instrument
$ / shares
|
Sep. 30, 2017
USD ($)
shares
|
Sep. 30, 2016
USD ($)
|
Feb. 13, 2017
$ / shares
|
|
Debt Instrument [Line Items] | |||||
Cost of capped call transactions | $ 31,194,000 | $ 0 | |||
Margin Loan Facility | Golar Partners, Common Units | |||||
Debt Instrument [Line Items] | |||||
Number of common units pledged as security (in shares) | shares | 20,852,291 | ||||
Convertible Debt | Convertible bonds - 2017 | |||||
Debt Instrument [Line Items] | |||||
Face amount | $ 402,500,000 | $ 402,500,000 | |||
Term | 5 years | ||||
Stated interest rate | 2.75% | ||||
Conversion rate | 0.0265308 | ||||
Initial conversion price (in USD per share) | $ / shares | $ 37.69 | ||||
Premium percentage for convertible bonds | 35.00% | ||||
Closing share price (in USD per share) | $ / shares | $ 27.92 | ||||
Cost of capped call transactions | $ 31,200,000 | ||||
Number of common shares covered by capped call transactions (in shares) | instrument | 10,678,647 | ||||
Initial cap price (in USD per share) | $ / shares | $ 48.86 | ||||
Premium percentage for capped call transactions | 75.00% | ||||
All-in cost of the bond | 4.30% | ||||
Bond proceeds, net of fees and cost of capped call transactions | $ 360,200,000 | ||||
Convertible Debt | Convertible bonds - 2012 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 3.75% | ||||
Secured Debt | Margin Loan Facility | |||||
Debt Instrument [Line Items] | |||||
Face amount | $ 150,000,000 | ||||
Term | 3 years | ||||
Secured Debt | Margin Loan Facility | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Variable rate margin | 3.95% | ||||
Secured Debt | Margin Loan Facility | Golar Partners, Common Units | |||||
Debt Instrument [Line Items] | |||||
Number of common units pledged as security (in shares) | shares | 20,852,291 |
Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
|
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | $ 1,909,826 | $ 1,916,179 |
Other comprehensive income | 1,621 | 2,606 |
Ending balance | 1,784,429 | 1,723,971 |
Pension and post-retirement benefit plan adjustments | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (12,956) | (12,400) |
Other comprehensive income | 0 | 0 |
Ending balance | (12,956) | (12,400) |
Share of affiliates' comprehensive income | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | 3,414 | (192) |
Other comprehensive income | 1,621 | 2,606 |
Ending balance | 5,035 | 2,414 |
Total accumulated comprehensive (loss) income | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (9,542) | (12,592) |
Other comprehensive income | 1,621 | 2,606 |
Ending balance | $ (7,921) | $ (9,986) |
Financial Instruments (Details) - USD ($) |
Sep. 30, 2017 |
Dec. 31, 2016 |
|||
---|---|---|---|---|---|
Non-Derivatives: | |||||
Cost method investments | $ 7,347,000 | $ 7,347,000 | [1] | ||
Derivatives: | |||||
Derivative asset | 5,154,000 | 5,022,000 | |||
Derivative liability | 546,000 | 1,470,000 | |||
Deferred finance charges | 27,388,000 | 26,308,000 | |||
Interest Rate Swaps | Cash Flow Hedging | Designated as Hedging Instrument | |||||
Derivatives: | |||||
Notional value | $ 1,250,000,000 | ||||
Interest Rate Swaps | Minimum | Cash Flow Hedging | Designated as Hedging Instrument | |||||
Derivatives: | |||||
Fixed interest rates | 1.13% | ||||
Interest Rate Swaps | Maximum | Cash Flow Hedging | Designated as Hedging Instrument | |||||
Derivatives: | |||||
Fixed interest rates | 1.94% | ||||
Carrying value | Level 1 | |||||
Non-Derivatives: | |||||
Cash and cash equivalents | $ 286,562,000 | 224,190,000 | |||
Restricted cash and short-term deposits | 452,503,000 | 416,028,000 | |||
Carrying value | Level 2 | |||||
Non-Derivatives: | |||||
Current portion of long-term debt and short-term debt | 1,111,697,000 | 455,405,000 | |||
Long-term debt - convertible bonds | 336,899,000 | 218,851,000 | |||
Long-term debt | 881,341,000 | 1,329,250,000 | |||
Carrying value | Level 2 | Interest Rate Swaps | |||||
Derivatives: | |||||
Derivative asset | 5,154,000 | 5,022,000 | |||
Derivative liability | 546,000 | 1,470,000 | |||
Carrying value | Level 2 | Foreign Exchange Swaps | |||||
Derivatives: | |||||
Foreign exchange swaps asset | 388,000 | 0 | |||
Foreign exchange swaps liability | 17,000 | 993,000 | |||
Carrying value | Level 2 | Return Equity Swap | |||||
Derivatives: | |||||
Derivative liability | 60,603,000 | 56,763,000 | |||
Carrying value | Level 2 | Earn-out Units | |||||
Derivatives: | |||||
Derivative asset | 17,000,000 | 15,000,000 | |||
Carrying value | Level 3 | |||||
Non-Derivatives: | |||||
Cost method investments | 7,347,000 | 7,347,000 | |||
Fair value | Level 1 | |||||
Non-Derivatives: | |||||
Cash and cash equivalents | 286,562,000 | 224,190,000 | |||
Restricted cash and short-term deposits | 452,503,000 | 416,028,000 | |||
Fair value | Level 2 | |||||
Non-Derivatives: | |||||
Current portion of long-term debt and short-term debt | 1,111,697,000 | 455,405,000 | |||
Long-term debt - convertible bonds | 381,236,000 | 219,428,000 | |||
Long-term debt | 881,341,000 | 1,329,250,000 | |||
Fair value | Level 2 | Interest Rate Swaps | |||||
Derivatives: | |||||
Derivative asset | 5,154,000 | 5,022,000 | |||
Derivative liability | 546,000 | 1,470,000 | |||
Fair value | Level 2 | Foreign Exchange Swaps | |||||
Derivatives: | |||||
Foreign exchange swaps asset | 388,000 | 0 | |||
Foreign exchange swaps liability | 17,000 | 993,000 | |||
Fair value | Level 2 | Return Equity Swap | |||||
Derivatives: | |||||
Derivative liability | 60,603,000 | 56,763,000 | |||
Fair value | Level 2 | Earn-out Units | |||||
Derivatives: | |||||
Derivative asset | 17,000,000 | 15,000,000 | |||
Fair value | Level 3 | |||||
Non-Derivatives: | |||||
Cost method investments | $ 7,347,000 | $ 7,347,000 | |||
|
Financial Instruments - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Total asset derivatives | ||
Gross amounts presented in the consolidated balance sheet | $ 5,154 | $ 5,022 |
Gross amounts not offset in the consolidated balance sheet subject to netting agreements | (546) | (1,351) |
Net amount | 4,608 | 3,671 |
Total liability derivatives | ||
Gross amounts presented in the consolidated balance sheet | 546 | 1,470 |
Gross amounts not offset in the consolidated balance sheet subject to netting agreements | (546) | (1,351) |
Net amount | $ 0 | $ 119 |
Related Party Transactions - Schedule of Related Party Transactions with Golar Partners and Subsidiaries (Details) - Golar LNG Partners - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Related Party Transaction [Line Items] | ||
Net (expenses) income (due to) from related parties | $ (8,252) | $ (15,774) |
Management and administrative services revenue | ||
Related Party Transaction [Line Items] | ||
Related party revenues | 5,066 | 2,163 |
Ship management fees revenue | ||
Related Party Transaction [Line Items] | ||
Related party revenues | 4,030 | 5,342 |
Charterhire expense | ||
Related Party Transaction [Line Items] | ||
Related party expense | (14,908) | (21,920) |
Interest expense on short-term credit arrangements | ||
Related Party Transaction [Line Items] | ||
Related party interest expense | 0 | (122) |
Interest expense on deposits payable | ||
Related Party Transaction [Line Items] | ||
Related party interest expense | (2,535) | (1,237) |
Share options expense recharge | ||
Related Party Transaction [Line Items] | ||
Related party revenues | $ 95 | $ 0 |
Related Party Transactions - Balances with Golar Partners and Subsidiaries (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
May 31, 2017 |
Dec. 31, 2016 |
May 31, 2016 |
---|---|---|---|---|
Related Party Transaction [Line Items] | ||||
Due from (to) related party | $ 4,595 | $ 3,353 | ||
Golar LNG Partners | ||||
Related Party Transaction [Line Items] | ||||
Due from (to) related party | (174,485) | (131,045) | ||
Golar LNG Partners | Trading balances due from (owing to) Golar Partners and affiliates | ||||
Related Party Transaction [Line Items] | ||||
Due from (to) related party | 6,383 | (21,792) | ||
Golar LNG Partners | Deposit payable | ||||
Related Party Transaction [Line Items] | ||||
Due from (to) related party | (177,247) | $ (107,200) | (107,247) | $ (107,200) |
Golar LNG Partners | Methane Princess security lease deposit movement | ||||
Related Party Transaction [Line Items] | ||||
Due from (to) related party | $ (3,621) | $ (2,006) |
Related Party Transactions - Transactions with Golar Partners and Subsidiaries Footnotes (Details) $ in Thousands |
1 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Aug. 15, 2017
USD ($)
train
|
May 31, 2017
USD ($)
|
Jan. 31, 2016
USD ($)
|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2016
USD ($)
|
Dec. 31, 2016
USD ($)
|
May 31, 2016
USD ($)
|
|
Related Party Transaction [Line Items] | |||||||
Due from (to) related party | $ 4,595 | $ 3,353 | |||||
Golar LNG Partners | |||||||
Related Party Transaction [Line Items] | |||||||
Related party transaction rate | 5.00% | ||||||
Termination of related party agreement, period of written notice | 120 days | ||||||
Due from (to) related party | $ (174,485) | (131,045) | |||||
Additional amount, percent per annum of Deferred Purchase Price | 5.00% | ||||||
Golar LNG Partners | Golar Hilli LLC | Purchase and Sale Agreement | |||||||
Related Party Transaction [Line Items] | |||||||
Disposal interest, equivalent percentage | 50.00% | ||||||
Number of liquefaction trains contracted | train | 2 | ||||||
Total number of liquefaction trains | train | 4 | ||||||
Liquefaction trains, contractual term | 8 years | ||||||
Sale price for disposal interests | $ 658,000 | ||||||
Golar LNG Partners | Golar LNG Partners Credit Facility | Line of Credit | |||||||
Related Party Transaction [Line Items] | |||||||
Proceeds from long-term debt from related parties | $ 30,000 | ||||||
Short-term credit facility repayment period | 60 days | ||||||
Golar LNG Partners | Golar LNG Partners Credit Facility | LIBOR | Line of Credit | |||||||
Related Party Transaction [Line Items] | |||||||
Related party transaction rate | 5.00% | ||||||
Golar LNG Partners | Hilli facility | Golar Hilli LLC | Purchase and Sale Agreement | Secured Debt | Minimum | |||||||
Related Party Transaction [Line Items] | |||||||
Net lease obligations under financing facility | 468,000 | ||||||
Golar LNG Partners | Hilli facility | Golar Hilli LLC | Purchase and Sale Agreement | Secured Debt | Maximum | |||||||
Related Party Transaction [Line Items] | |||||||
Net lease obligations under financing facility | $ 480,000 | ||||||
Golar LNG Partners | Charterhire Expenses Golar Grand | |||||||
Related Party Transaction [Line Items] | |||||||
Related party expense | 14,900 | $ 21,900 | |||||
Golar LNG Partners | Remeasurement Loss Net of Amoritzation for Guarantee Obligation | |||||||
Related Party Transaction [Line Items] | |||||||
Related party expense | 3,500 | 4,600 | |||||
Golar LNG Partners | Deposit payable | |||||||
Related Party Transaction [Line Items] | |||||||
Due from (to) related party | $ (107,200) | (177,247) | $ (107,247) | $ (107,200) | |||
Golar LNG Partners | Tundra Letter Agreement, Interest expense on deposits payable | |||||||
Related Party Transaction [Line Items] | |||||||
Interest expense, related party | 2,100 | 1,200 | |||||
Golar LNG Partners | Deposit Received | |||||||
Related Party Transaction [Line Items] | |||||||
Related party transaction rate | 5.00% | ||||||
Interest expense, related party | $ 500 | $ 0 | |||||
Related party transaction amount | $ 70,000 | ||||||
Golar LNG Partners | Golar Management | |||||||
Related Party Transaction [Line Items] | |||||||
Termination of related party agreement, period of written notice | 30 days |
Related Party Transactions - Transactions with Golar Power and Affiliates (Details) - Golar Power - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Related Party Transaction [Line Items] | ||
Net (expenses) income (due to) from related parties | $ 4,681 | $ 1,691 |
Management and administrative services revenue | ||
Related Party Transaction [Line Items] | ||
Related party revenues | 3,470 | 1,209 |
Ship management fees income | ||
Related Party Transaction [Line Items] | ||
Related party revenues | 552 | 188 |
Debt guarantee compensation | ||
Related Party Transaction [Line Items] | ||
Related party transaction amount | 592 | 294 |
Share options expense recharge | ||
Related Party Transaction [Line Items] | ||
Related party revenues | $ 67 | $ 0 |
Related Party Transactions - Balances with Golar Power and Affiliates (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Related Party Transaction [Line Items] | ||
Due from (to) related party | $ 4,595 | $ 3,353 |
Golar Power | ||
Related Party Transaction [Line Items] | ||
Due from (to) related party | (2,806) | (4,442) |
Golar Power | Trading balances due to Golar Power and affiliates | ||
Related Party Transaction [Line Items] | ||
Due from (to) related party | $ (2,806) | $ (4,442) |
Related Party Transactions - Transactions with Golar Power and Affiliates Footnotes (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Golar Power | Debt guarantee compensation | ||
Related Party Transaction [Line Items] | ||
Related party transaction amount | $ 592 | $ 294 |
Related Party Transactions - Transactions with OneLNG and Subsidiaries Narrative (Details) - OneLNG |
Jul. 25, 2016 |
---|---|
Related Party Transaction [Line Items] | |
Ownership percentage | 51.00% |
Schlumberger | |
Related Party Transaction [Line Items] | |
Ownership percentage | 49.00% |
Related Party Transactions - Transactions with OneLNG and Subsidiaries (Details) - OneLNG - USD ($) |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Related Party Transaction [Line Items] | ||
Net (expenses) income (due to) from related parties | $ 3,797,000 | $ 0 |
Management and administrative services revenue | ||
Related Party Transaction [Line Items] | ||
Related party revenues | $ 3,797,000 |
Related Party Transactions - Balances with OneLNG and Subsidiaries (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Related Party Transaction [Line Items] | ||
Due from (to) related party | $ 4,595 | $ 3,353 |
OneLNG | ||
Related Party Transaction [Line Items] | ||
Due from (to) related party | 4,639 | 719 |
OneLNG | Trading Balances Due from OneLNG | ||
Related Party Transaction [Line Items] | ||
Due from (to) related party | $ 4,639 | $ 719 |
Related Party Transactions - Schedule of Related Party Transactions With Other Related Parties (Details) - USD ($) $ in Thousands |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Dec. 31, 2016 |
|
Related Party Transaction [Line Items] | |||
Net income (expenses) from related party transactions | $ 33,848 | $ 18,657 | |
Due from (to) related party | 4,595 | $ 3,353 | |
Cool Pool | |||
Related Party Transaction [Line Items] | |||
Net income (expenses) from related party transactions | 33,990 | 22,919 | |
Due from (to) related party | 4,761 | 3,490 | |
Magni Partners | |||
Related Party Transaction [Line Items] | |||
Net income (expenses) from related party transactions | (142) | $ (4,262) | |
Due from (to) related party | $ (166) | $ (137) |
Related Party Transactions - Related Party Transactions with Other Related Parties Footnotes (Details) - USD ($) $ in Thousands |
9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Dec. 31, 2016 |
||||||
Related Party Transaction [Line Items] | ||||||||
Trade accounts receivable | [1] | $ 4,758 | $ 3,567 | [2] | ||||
Net income (expenses) from related party transactions | 33,848 | $ 18,657 | ||||||
Cool Pool | ||||||||
Related Party Transaction [Line Items] | ||||||||
Trade accounts receivable | 4,800 | $ 3,500 | ||||||
Net income (expenses) from related party transactions | $ 33,990 | $ 22,919 | ||||||
|
Related Party Transactions - Earnings Generated from Participation in The Cool Pool (Details) - USD ($) $ in Thousands |
9 Months Ended | ||||
---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
||||
Related Party Transaction [Line Items] | |||||
Net income (expenses) from related party transactions | $ 33,848 | $ 18,657 | |||
The Cool Pool | |||||
Related Party Transaction [Line Items] | |||||
Net income (expenses) from related party transactions | 33,990 | 22,919 | |||
Non-collaborative Arrangement | |||||
Related Party Transaction [Line Items] | |||||
Time and voyage charter revenues | [1] | 52,004 | 37,798 | ||
Voyage and charterhire expenses | [1] | (20,637) | (28,505) | ||
Non-collaborative Arrangement | The Cool Pool | |||||
Related Party Transaction [Line Items] | |||||
Time and voyage charter revenues | 45,097 | 26,169 | |||
Voyage and charterhire expenses | (6,932) | (7,319) | |||
Collaborative Arrangement | |||||
Related Party Transaction [Line Items] | |||||
Time and voyage charter revenues | [1] | 17,016 | 10,494 | ||
Voyage and charterhire expenses | [1] | (21,191) | (6,425) | ||
Collaborative Arrangement | The Cool Pool | |||||
Related Party Transaction [Line Items] | |||||
Time and voyage charter revenues | 17,016 | 10,494 | |||
Voyage and charterhire expenses | $ (21,191) | $ (6,425) | |||
|
Other Commitments and Contingencies (Details) $ in Thousands, € in Millions, £ in Millions |
9 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2017
GBP (£)
tax_lease
|
Dec. 31, 2003
GBP (£)
tax_lease
|
Sep. 30, 2017
USD ($)
plant
shares
|
Sep. 30, 2017
EUR (€)
plant
shares
|
Dec. 31, 2016
USD ($)
|
|
Commitments and Contingencies Disclosure [Abstract] | |||||
Book value of vessels secured against long-term loans | $ | $ 2,048,776 | $ 2,106,062 | |||
Loss Contingencies [Line Items] | |||||
Number of tax leases | tax_lease | 6 | ||||
Gross cash benefit received from tax leases | £ | £ 41 | ||||
Number of tax leases terminated | tax_lease | 5 | ||||
Number of tax leases remaining | tax_lease | 1 | ||||
Shareholders' Agreement, Project to Fund Development of Pipeline Infrastructure and FSRU | |||||
Loss Contingencies [Line Items] | |||||
Number of power plants in Ivory Coast intended to be supplied by project | plant | 2 | 2 | |||
Remaining contractual commitments for project, estimate | € | € 0.6 | ||||
Minimum | |||||
Loss Contingencies [Line Items] | |||||
Estimate of possible exposure | £ | £ 0 | ||||
Maximum | |||||
Loss Contingencies [Line Items] | |||||
Estimate of possible exposure | £ | £ 108 | ||||
Maximum | Shareholders' Agreement, Project to Fund Development of Pipeline Infrastructure and FSRU | |||||
Loss Contingencies [Line Items] | |||||
Remaining contractual commitments for project, estimate | € | € 15.0 | ||||
Margin Loan Facility | Golar Partners, Common Units | |||||
Loss Contingencies [Line Items] | |||||
Number of common units pledged as security (in shares) | shares | 20,852,291 | 20,852,291 |
Subsequent Events (Details) - Subsequent Event - USD ($) $ / shares in Units, $ in Millions |
Dec. 15, 2017 |
Nov. 15, 2017 |
Nov. 30, 2017 |
---|---|---|---|
Subsequent Event [Line Items] | |||
Dividend declared (in USD per share) | $ 0.05 | ||
Golar Partners | |||
Subsequent Event [Line Items] | |||
Minimum quarterly distributions paid for four preceding quarters, cash distributions received | $ 0.9 | ||
Golar Partners, Common Units | |||
Subsequent Event [Line Items] | |||
Ownership in Partnership, number of units (in shares) | 21,226,586 | ||
Golar Partners, General Partner Units | |||
Subsequent Event [Line Items] | |||
Ownership in Partnership, number of units (in shares) | 1,420,870 | ||
Golar Partners | |||
Subsequent Event [Line Items] | |||
Minimum quarterly distributions paid for four preceding quarters, percent of units previously withheld required to be issued | 50.00% | ||
Percent of units withheld that will be required to be issued if minimum quarterly distributions paid for four subsequent quarters | 50.00% | ||
Minimum quarterly distribution per unit (in USD per share) | $ 0.5775 | ||
Golar Partners | Golar Partners, Common Units | |||
Subsequent Event [Line Items] | |||
Minimum quarterly distributions paid for four preceding quarters, number of units issued (in shares) | 374,295 | ||
Golar Partners | Golar Partners, General Partner Units | |||
Subsequent Event [Line Items] | |||
Minimum quarterly distributions paid for four preceding quarters, number of units issued (in shares) | 7,639 |
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