Highlights

Golar LNG ("Golar" or the "Company") reports a second quarter 2014 ("second quarter") net loss of USD $24.2 million (including a non-cash loss of $13.6 million on interest rate swaps).

EBITDA* generated in the quarter amounts to $1.1 million.

Total pro-forma EBITDA** on a group-wide basis (including consolidation of Golar Partners) is $84.3 million.

Golar takes delivery of the LNG carrier Golar Crystal ("Crystal") on May 15.

On June 30 Golar raises $661 million net of fees following the successful follow-on issue of 12,650,000 shares of its common stock (including underwriters' options). Subscription price was USD $54.0.

Spot and short-term chartering market remains challenging due to negative growth in LNG production caused by underperformance of certain existing production facilities.

Board maintains dividend at $0.45 per share for the quarter.

* Adjusted EBITDA is defined as earnings before interest, depreciation and amortization equal to operating income plus depreciation and amortization.

** Proforma adjusted EBITDA is defined as *above but includes the consolidation of Golar Partners. Refer to Appendix A for the reconciliation of Group-wide results

Subsequent events

On July 2 the Company executed and made effective key agreements for conversion of the 125,000 m3 LNG carrier Hilli to a floating liquefaction vessel (an "FLNGV"). 

Far East spot LNG prices fall below $11 creating strong contango and making storage plays more attractive for traders. Utilisation of Golar fleet improves in August as a result.

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