Golar LNG Forth Quarter 2009 results.

PRELIMINARY FOURTH QUARTER AND FINANCIAL YEAR 2009 RESULTS

Highlights

· Golar LNG reports consolidated net income of $17.4 million and consolidated operating income of $19.2 million

· Results positively impacted by a full quarters trading for Golar Winter and improved results from Golar LNG Energy's spot traded vessels

· Sale of LNG Limited shares results in net gain of $8.4 million

· Floating regas projects taking shape; Golar LNG Energy well positioned for next contract(s)

· Restructuring of Gladstone LNG Fisherman's Landing project


Financial Review


Golar LNG Limited ("Golar" or the "Company") reports consolidated net income of $17.4 million and consolidated operating income of $19.2 million for the three months ended 31 December, 2009 (the "fourth quarter").


Revenues in the fourth quarter were $65.5 million representing an increase of 30% from $50.3 million for the third quarter of 2009 (the "third quarter"). This is mainly as a result of a full quarter's contribution from the Golar Winter together with the contribution to revenue from spot traded vessels also showing a marked improvement despite the drydocking of one vessel. As a result utilisation for the fourth quarter was at 93% compared to 80% for the third quarter and fourth quarter average daily time charter equivalents ("TCEs") increased to $62,471 compared to third quarter TCE of $44,142.


Voyage expenses decreased from $9.6 million in the third quarter of 2009 to $7.2 million for the fourth quarter mainly due to an improved utilisation of spot traded vessels. The improvement in utilisation rates has resulted in lower fuel costs paid for by Golar. Vessel operating expenses were lower at $14.9 million for the fourth quarter compared to $15.7 million for the third quarter.

Net interest expense for the fourth quarter at $11.7 million was down from $12.5 million in the third quarter. This is mainly due to a decrease in LIBOR during the quarter and a reduction in debt levels as a result of amortisation from regular repayments.

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