GMLP - Golar LNG will seek to separate FLNG business
Golar LNG (GLNG) +1.7% pre-market after reporting Q4 operating profit fell by a third from the year-ago quarter to $45.5M but still beat analyst estimates.Q4 adjusted EBITDA slid 16% Y/Y to $78M but beat $71.1M consensus; Q4 operating revenues fell 15% to $118.7M but topped $108M consensus.Q4 average daily time charter equivalent earnings were $48.8K for the fleet with 77% utilization.For Q1, Golar sees fleet TCE at ~$60K/day with 90% utilization, based on fixtures to date and prevailing spot market conditions; the company says 77% of 2021 available days are now covered.Despite the record spot rates recorded by the market in January, Golar says its shipping strategy will continue to prioritize longer term utilization over short-term opportunities.Golar says it will explore opportunities to separate the floating liquefied natural gas business, where it sees "significant hidden value," $3.4B in contract earnings backlog and "attractive growth prospects."The company says it is well-positioned to refinance
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Golar LNG will seek to separate FLNG business