reports
- Jørgen Lian
Golar LNG (Hold, TP: USD44.00) - Priced to match current potential
We have witnessed a re-rating in the stock following a simplification of the company’s structure, mostly completed by recent asset sales and full ownership of Hilli, while traction for FLNG projects has raised market expectations. With the near-term ramping up of Gimi and final confirmation and forthcoming details for Hilli and the FLNG #3, we believe the valuation largely reflects the company’s current potential. We have downgraded to HOLD (BUY), but raised our target price to USD44 (42).
Sale of LNGC Golar Arctic Marks Golar’s Exit From LNG Shipping Segment
Sale of LNGC Golar Arctic Marks Golar’s Exit From LNG Shipping Segment Golar LNG Limited (“Golar”) announces today that it has executed agreements to sell the 2003 built steam turbine LNG carrier, Golar Arctic. The sale price for the vessel is USD 24 million before transaction related expenses. The LNG carrier is unencumbered. The transaction is expected to close, and the vessel is to be handed over to its new owner, within Q1 2025. The Golar Arctic is the last LNG carrier in the Golar fleet. Following the vessel sale, Golar will have fully exited its legacy shipping business. The LNG carr...
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Petter Haugen
- Jørgen Lian
Flex LNG Minor model adjustments
We have updated our estimates following the Q4 report. We still believe Flex LNG’s solid contract backlog, leading to limited spot exposure near-term, and ample liquidity (11x its Q4 dividend) leave it well placed to maintain its quarterly USD0.75 DPS for an attractive 12% run-rate dividend yield, despite our expectations for the current historically weak freight market to remain soft for at least 2025. We do not consider these changes to be material, and we have not changed our BUY recommendati...
- Jørgen Lian
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- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
Golar LNG Limited – Q4 2024 results presentation
Golar LNG Limited – Q4 2024 results presentation Golar LNG's 4th Quarter 2024 results will be released before the NASDAQ opens on Thursday, February 27, 2025. In connection with this a webcast presentation will be held at 1:00 P.M (London Time) on Thursday February 27, 2025. The presentation will be available to download from the Investor Relations section at We recommend that participants join the conference call via the listen-only live webcast link provided. Sell-side analysts interested in raising a question during the Q&A session that will immediately follow the presentation should a...
Sale of Shareholding in Avenir LNG Limited
Sale of Shareholding in Avenir LNG Limited Golar LNG Limited (“Golar”) has entered into a share purchase agreement for the sale of all its shares in Avenir LNG Limited ("Avenir LNG" or “Avenir”) to Stolt-Nielsen Gas Ltd. for a total consideration of approximately USD 40 million (the "Transaction"). The Transaction is expected to be completed during the first quarter of 2025, subject to fulfilment of the conditions under the share purchase agreement. Golar will remain a 25% shareholder and debt provider to Higas Srl, the HIGAS LNG storage terminal in Sardinia, (“HIGAS”) that was spun off f...
- Jørgen Lian
Flex LNG (Buy, TP: NOK340.00) - DPS likely shielded from market lull
With limited spot exposure in 2025–2026e and ample pro forma liquidity of c11x its ‘regular’ USD0.75 quarterly DPS, we see support to maintain a 12% dividend yield. We also see re-rating potential of its contract backlog, and calculate a 16% earnings yield assuming ‘open’ vessels (with no extension options exercised) are contracted at the 2019–2024 average 2-stroke 1-year TC rate of USD110k/day in 2027. We reiterate our BUY, and have raised our target price to NOK340 (335).
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Petter Haugen
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
ABGSC Shipping Daily 22 January
Tanker, dry bulk and LPG markets down, Shipping peer group trades at P/NAV 0.74x, GLNG: Gimi receives first gas from the GTA field, Gulf of Aden arrivals down 76% by capacity, Panama Canal - Transits remains in line with pre-drought levels, Gatun Lake monitor - Water levels projected lower.
FLNG Gimi Received First Gas From the GTA Field
FLNG Gimi Received First Gas From the GTA Field Golar LNG Limited (“Golar”) is pleased to announce that on January 18, 2025, FLNG Gimi received feed gas from the bp operated FPSO on the Greater Tortue Ahmeyim (“GTA”) project offshore Mauritania and Senegal. Full commissioning of the FLNG has now commenced. Prior to achieving this key milestone, gas from the LNG carrier British Sponsor was being used to undertake advanced commissioning work. Receipt of gas from the FPSO allows the full commissioning activity to ramp up. The first LNG export cargo is now expected within Q1 2025, and full Comm...
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
Golar Acquires All Outstanding Minority Interests in the FLNG Hilli
Golar Acquires All Outstanding Minority Interests in the FLNG Hilli Golar LNG Limited ("Golar" or "the Company") is pleased to announce that the company has acquired Seatrium’s and Black & Veatch’s minority ownership interests in the FLNG Hilli. The acquisitions comprise all third-party interests in the asset, including a total of 5.45% common units, 10.9% Series A shares and 10.9% Series B shares. The transaction is equivalent to ~8% of the full FLNG capacity. The total consideration for the acquisitions is $90.2 million, of which $59.9m is in equity and $30.3 million is a pro-rata share ...
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
- Jørgen Lian
Golar LNG (Buy, TP: USD42.00) - Primed for a decisive 2025
The FLNG business should see a steady stream of news flow over the next 12 months that we expect to confirm, and then add to, Golar LNG’s valuation. Potential cash flow underpins an attractive investment case in our view. As projects firm up, we believe investors should gravitate towards appealing multiples and long-term visibility. Hence, we reiterate our BUY and USD42 target price.
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
- Jørgen Lian
Flex LNG (Buy, TP: NOK335.00) - 13% yield highly appealing
Flex LNG remains insulated in a challenging freight market, with only one vessel open into a potentially poor 2025, while the two positions for 2026 are still likely to see options extended into 2028. Lower rates have led to our minor near-term adjustments, but we see no reason to doubt its USD0.75 quarterly DPS, offering an attractive 13% dividend yield into better markets. We reiterate our BUY, but have cut our target price to NOK335 (345).
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
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