Golar LNG Limited delivered impressive second-quarter results in 2026, showcasing significant operational advancements and strategic fleet expansion. The company’s focus on floating liquefied natural gas (FLNG) infrastructure is clearly yielding positive outcomes, with robust financial figures and a forward-looking plan for continued growth. This quarter’s performance underscores Golar's leading position in the FLNG market and its commitment to meeting the increasing global demand for diversified LNG supply.
During the second quarter of 2026, Golar LNG reported total operating revenues of $130.5 million, marking a substantial 72% year-over-year increase. This growth was primarily fueled by the strong operational efficiency of its FLNG Gimi unit and enhanced earnings linked to commodity prices. The adjusted EBITDA for the quarter reached $127.4 million, representing a 20.6% rise from the preceding quarter, while net income attributable to Golar stood at $38.3 million, inclusive of non-cash items. The company’s EBITDA backlog, secured through long-term contracts for the Hilli, Gimi, and Esperanza units, has surged to $17 billion, extending through 2045, excluding potential commodity price upsides. Golar's financial health remains strong, with $908.4 million in total cash as of June 30, 2026, providing ample liquidity for its ambitious expansion plans. Contractual debt for Golar’s share amounted to $2.68 billion, resulting in a net debt of $1.8 billion by quarter-end.
A key strategic move in Q2 2026 was the order of a fourth FLNG unit, a Mark II vessel, increasing Golar’s controlled liquefaction capacity by 41% to 12.1 million tonnes per annum. This new unit, scheduled for delivery by the end of 2029, is anticipated to offer the earliest available FLNG capacity globally. The Esperanza conversion project is progressing well, now 74% complete with over 15 million man-hours logged without any lost-time incidents, and is on track for operations in Argentina by the second half of 2028. The Hilli unit successfully concluded its 8-year contract in Cameroon with 100% economic uptime and is now en route to Singapore for modifications before its 20-year contract in Argentina. Management projects an annual run-rate EBITDA of $800 million by 2028, with the potential to exceed $1.2 billion by 2030, assuming the fourth FLNG unit secures comparable charter terms. The company also highlighted the significant commodity exposure upside, estimating an additional $100 million in annual earnings for every $1 per MMBtu increase in FOB prices above $8.
The company's strategic vision extends beyond its current projects, with ongoing discussions for additional FLNG units and partnerships to accelerate growth. Golar's commitment to maintaining a robust balance sheet and a disciplined capital allocation framework ensures its ability to fund future projects while delivering strong shareholder returns. The increasing global demand for LNG, coupled with geopolitical events emphasizing the need for supply diversification, positions Golar's FLNG solutions as critical for energy security worldwide. The company’s proven track record of operational excellence and innovative project development reinforces its leadership in the floating LNG sector.
