Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2018 | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | GOLAR LNG LTD |
Entity Central Index Key | 1,207,179 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | Q2 |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2018 |
UNAUDITED CONSOLIDATED STATEMEN
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | ||
Total operating revenues | $ 125,564 | $ 53,518 | |
Vessel operating expenses | 38,911 | 25,043 | |
Voyage and charterhire expenses | 10,107 | 15,965 | |
Administrative expenses | 24,092 | 18,269 | |
Project development expenses | 11,223 | 4,277 | |
Depreciation and amortization | 36,866 | 42,552 | |
Total operating expenses | 152,096 | 118,878 | |
Realized and unrealized gain on FLNG derivative instrument | 111,348 | 0 | |
Other operating gains and losses | [1] | 18 | 0 |
Total other operating income | 111,366 | 0 | |
Operating gain (loss) | 84,834 | (65,360) | |
Other non-operating income | |||
Other | 0 | 206 | |
Total other non-operating income | 0 | 206 | |
Financial income (expenses) | |||
Interest income | 4,044 | 2,912 | |
Interest expense | (38,012) | (39,710) | |
Other financial items, net | 594 | (7,928) | |
Net financial expenses | (33,374) | (44,726) | |
Income (loss) before taxes and equity in net losses of affiliates | 51,460 | (109,880) | |
Income taxes | (484) | (647) | |
Equity in net earnings (losses) of affiliates | (6,215) | (13,193) | |
Net income (loss) | 44,761 | (123,720) | |
Net income attributable to non-controlling interests | (29,444) | (15,931) | |
Net income (loss) attributable to stockholders of Golar LNG Ltd | $ 15,317 | $ (139,651) | |
Basic and diluted loss per share (in USD per share) | $ 0.15 | $ (1.39) | |
Cash dividends declared and paid per share (in USD per share) | $ 0.10 | $ 0.10 | |
Other Operating Gain | $ 10,000 | ||
Other Operating Loss | 10,000 | ||
Time and Voyage Charter | |||
Total operating revenues | 76,433 | $ 32,284 | |
Time Charter | |||
Total operating revenues | 19,353 | 11,739 | |
Liquefaction Services | |||
Total operating revenues | 18,577 | 0 | |
Vessel and Other Management Fees | |||
Total operating revenues | 11,201 | 9,495 | |
Collaborative Arrangement | |||
Voyage and charterhire expenses | $ 30,897 | $ 12,772 | |
[1] | This represents initial amounts of $10.0 million recovered in connection with the ongoing arbitration proceedings arising from the delays and the termination of the Golar Tundra time charter with a former charterer, partially offset by a write off of $10.0 million of the trading balance with OneLNG, subsequent to the decision to dissolve OneLNG, as we deem it to be no longer recoverable (see note 16). |
UNAUDITED CONSOLIDATED STATEME3
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 44,761 | $ (123,720) |
Other comprehensive (loss) income: | ||
Net (loss) gain on qualifying cash flow hedging instruments | (5,038) | 1,632 |
Net loss on foreign currency translation | (19,099) | 0 |
Other comprehensive (loss) income | (24,137) | 1,632 |
Comprehensive income (loss) | 20,624 | (122,088) |
Comprehensive income (loss) attributable to: | ||
Stockholders of Golar LNG Limited | (8,820) | (138,019) |
Non-controlling interests | $ 29,444 | $ 15,931 |
UNAUDITED CONSOLIDATED BALANCE
UNAUDITED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | |
Current | |||
Cash and cash equivalents | $ 375,067 | $ 214,862 | |
Restricted cash and short-term deposits | 276,289 | 222,265 | |
Trade accounts receivable | [1] | 27,860 | 14,980 |
Inventories | 7,443 | 7,408 | |
Other current assets | 16,557 | 6,047 | |
Amounts due from related parties | 10,912 | 7,898 | |
Total current assets | 714,128 | 473,460 | |
Non-current | |||
Restricted cash | 176,029 | 175,550 | |
Investments in affiliates | 708,664 | 703,225 | |
Asset under development | 0 | 1,177,489 | |
Vessels and equipment, net | 3,342,677 | 2,077,059 | |
Other non-current assets | 251,476 | 157,504 | |
Total assets | 5,192,974 | 4,764,287 | |
Current portion of long-term debt and short-term debt | 868,725 | ||
Current | |||
Current portion of long-term debt and short-term debt | 1,384,933 | ||
Trade accounts payable | 28,530 | 70,430 | |
Accrued expenses | 168,751 | 105,895 | |
Other current liabilities | 76,072 | 62,282 | |
Amounts due to related parties | 17,074 | 8,734 | |
Total current liabilities | 1,159,152 | 1,632,274 | |
Non-current | |||
Long-term debt | 1,855,960 | 1,025,914 | |
Amounts due to related parties | 177,247 | 177,247 | |
Other non-current liabilities | 157,920 | 132,548 | |
Total liabilities | 3,350,279 | 2,967,983 | |
Equity | |||
Stockholders' equity | 1,703,561 | 1,715,316 | |
Non-controlling interests | 139,134 | 80,988 | |
Total liabilities and stockholders' equity | $ 5,192,974 | $ 4,764,287 | |
[1] | This includes amounts arising from transactions with related parties (see note 16). |
UNAUDITED CONSOLIDATED STATEME5
UNAUDITED CONSOLIDATED STATEMENTS OF CASHFLOWS - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | ||
OPERATING ACTIVITIES | |||
Net income (loss) | $ 44,761 | $ (123,720) | |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 36,866 | 42,552 | |
Amortization of deferred charges and debt guarantees | 5,035 | (667) | |
Equity in net earnings (losses) of affiliates | 6,215 | 13,194 | |
Dividends received | [1] | 8,119 | 22,281 |
Compensation cost related to share options | 5,367 | 3,875 | |
Net foreign exchange loss | 618 | 1,121 | |
Change in assets and liabilities: | |||
Trade accounts receivable | (12,880) | (1,989) | |
Inventories | (35) | 447 | |
Other current and non-current assets | (105,056) | 714 | |
Amounts due to related companies | 5,687 | (23,992) | |
Trade accounts payable | (5,135) | (2,319) | |
Accrued expenses | 15,008 | 15,934 | |
Other current and non-current liabilities | 43,764 | 18,438 | |
Net cash provided by (used in) operating activities | 48,334 | (34,131) | |
INVESTING ACTIVITIES | |||
Additions to vessels and equipment | (1,801) | (1,093) | |
Additions to asset under development | (116,715) | (133,696) | |
Additions to investments in affiliates | (62,244) | (57,147) | |
Proceeds from dividends received, investing activities | [1] | 18,335 | 3,374 |
Net cash used in investing activities | (162,425) | (188,562) | |
FINANCING ACTIVITIES | |||
Proceeds from short-term and long-term debt | 1,176,000 | 778,432 | |
Repayments of short-term and long-term debt | (874,256) | (371,268) | |
Payment for capped call in connection with bond issuance | 0 | (31,194) | |
Cash effect of consolidating Hilli Lessor VIE | [2] | 36,532 | 0 |
Cash dividends paid | (9,906) | (10,334) | |
Financing costs paid | 1,183 | 0 | |
Proceeds from exercise of share options | (754) | (1,564) | |
Net cash provided by financing activities | 328,799 | 364,072 | |
Net increase in cash, cash equivalents and restricted cash | [3] | 214,708 | 141,379 |
Cash, cash equivalents and restricted cash at beginning of period | [3] | 612,677 | 640,218 |
Cash, cash equivalents and restricted cash at end of period | [3] | $ 827,385 | $ 781,597 |
[1] | Following the adoption of the amendments to ASC 230, we have made an accounting policy election to classify distributions received from equity method investees using the "cumulative earnings approach" and, as a result, certain of the dividends received have been retrospectively reclassified, where required, as cash inflows from investing activities for the six months ended June 30, 2017. | ||
[2] | This relates to the cash reserves held by the Hilli Lessor VIE as of the date that we determined ourselves to be its primary beneficiary and thus required to consolidate the VIE. See note 8. | ||
[3] | Following the adoption of the amendments to ASC 230, the statement of cash flows presents the change in the period in total cash, cash equivalents and restricted cash. These amendments have been applied retrospectively for the six months ended June 30, 2017. |
UNAUDITED CONSOLIDATED STATEME6
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Share Capital | Treasury Shares | Additional Paid-in Capital | Contributed Surplus | [1] | Accumulated Other Comprehensive (Loss) Income | Accumulated Retained Earnings (Losses) | Total before Non-controlling Interest | Non-controlling Interest | |
Beginning balance at Dec. 31, 2016 | $ 1,909,826 | $ 101,081 | $ (20,483) | $ 1,488,556 | $ 200,000 | $ (9,542) | $ 103,650 | $ 1,863,262 | $ 46,564 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) | (123,720) | (139,651) | (139,651) | 15,931 | |||||||
Dividends | (9,868) | (9,868) | (9,868) | ||||||||
Grant of share options | 4,915 | 4,915 | 4,915 | ||||||||
Other comprehensive income (see note 14) | 1,632 | 1,632 | 1,632 | ||||||||
Issuance of convertible bonds | 39,861 | 39,861 | 39,861 | ||||||||
Ending balance at Jun. 30, 2017 | 1,822,646 | 101,081 | (20,483) | 1,533,332 | 200,000 | (7,910) | (45,869) | 1,760,151 | 62,495 | ||
Beginning balance at Dec. 31, 2017 | 1,796,304 | 101,119 | (20,483) | 1,538,191 | 200,000 | (7,769) | (95,742) | 1,715,316 | 80,988 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) | 44,761 | 15,317 | 15,317 | 29,444 | |||||||
Dividends | (9,906) | (9,906) | (9,906) | ||||||||
Exercise of share options | 1,183 | 120 | 1,063 | 1,183 | |||||||
Grant of share options | 7,214 | 7,214 | 7,214 | ||||||||
Forfeiture of share options | (1,426) | (1,426) | (1,426) | ||||||||
Effect of consolidating Hilli Lessor VIE | [2] | 28,702 | 28,702 | ||||||||
Other comprehensive income (see note 14) | (24,137) | (24,137) | (24,137) | ||||||||
Ending balance at Jun. 30, 2018 | $ 1,842,695 | $ 101,239 | $ (20,483) | $ 1,545,042 | $ 200,000 | $ (31,906) | $ (90,331) | $ 1,703,561 | $ 139,134 | ||
[1] | Contributed Surplus is capital that can be returned to stockholders without the need to reduce share capital, thereby giving Golar greater flexibility when it comes to declaring dividends. | ||||||||||
[2] | This relates to the reserves held by the Hilli Lessor VIE as of the date that we determined ourselves to be its primary beneficiary and thus required to consolidate the VIE. See note 8. |
General
General | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | GENERAL Golar LNG Limited (the "Company" or "Golar") was incorporated in Hamilton, Bermuda on May 10, 2001 for the purpose of acquiring the liquefied natural gas ("LNG") shipping interests of Osprey Maritime Limited, which was owned by World Shipholding Limited. As of June 30, 2018 , our fleet comprises of 12 LNG carriers, one Floating Storage Regasification Unit (''FSRU'') and one Floating Liquefaction Natural Gas vessel ("FLNG"). We also operate, under management agreements, Golar LNG Partners LP's ("Golar Partners" or the "Partnership") fleet of 10 vessels and Golar Power Limited's ("Golar Power") fleet of two LNG carriers and one newbuilding commitment. Collectively with Golar Partners and Golar Power, our combined fleet is comprised of 18 LNG carriers, seven FSRUs and one FLNG. As used herein and unless otherwise required by the context, the terms "Golar", the "Company", "we", "our" and words of similar import refer to Golar or anyone or more of its consolidated subsidiaries, or to all such entities. FLNG Hilli In July 2014, we ordered our first FLNG based on the conversion of our existing LNG carrier, the Hilli Episeyo (the " Hilli "). The Hilli conversion completed in October 2017, and she arrived in Cameroon on November 20, 2017, where she underwent acceptance testing procedures. The Hilli has now completed her acceptance testing procedures, has been accepted under the Liquefaction Tolling Agreement ("LTA") with Perenco Cameroon S.A. ("Perenco") and Société Nationale des Hydrocarbures ("SNH") and is now in full commercial operation. The LTA with Perenco and SNH (together, the "Customer"), was executed on November 29, 2017 and considered legally effective on December 19, 2017 when all conditions precedent were met. Following the effectiveness of the LTA, a derivative asset of $79.6 million was initially recognized, representing the fair value of the estimated discounted cash flows of payments due to us as a result of the Brent Crude price moving above the contractual floor of $60.00 per barrel over the contract term. The derivative asset is subsequently remeasured to fair value at each balance sheet date. The fair value as of June 30, 2018 and December 31, 2017 was $203.0 million and $94.7 million , respectively (see note 15). This resulted in the recognition of a "Realized and unrealized gain on FLNG derivative instrument" of $108.3 million and $ nil for the six months ended June 30, 2018 and 2017, respectively, presented under "Other operating income" in our consolidated statements of income. The corresponding liability relating to the initial fair value of the FLNG derivative ("Day 1 gain") of $79.6 million was deferred and is being released to earnings on a straight-line basis over the term of the LTA, presented under the line item "Liquefaction services revenue" in the consolidated statements of income. Going concern The condensed consolidated financial statements have been prepared on a going concern basis. A pre-condition of the Golar Tundra lease financing with CMBL of $155.3 million (refer to note 8), which is secured on the vessel, is for the FSRU to be employed under an effective charter. Under the terms of our sale and lease back facility for the Golar Tundra , by virtue of our prior termination of the WAGL charter, we are required to find a replacement charter by June 30, 2019 or we could be required to refinance the FSRU. A similar pre-condition also applies to the Golar Seal lease financing with CCBFL of $143.8 million (refer to note 8), which is secured on the vessel, whereby the vessel is to be employed under an effective charter by December 31, 2018 or we could be required to refinance the LNG carrier. Accordingly, to address our anticipated working capital requirements over the next 12 months, in the event we are unable to secure a charter for the Golar Tundra or the Golar Seal , we are currently exploring our refinancing options, which may include seeking further extensions by the lenders of their deadlines for satisfaction of such. While we believe we will be able to obtain the necessary funds from these refinancings, we cannot be certain that the proposed new credit facilities will be executed in time or at all. However, we have a track record of successfully financing and refinancing our vessels, even in the absence of term charter coverage. In addition to vessel refinancings, if market and economic conditions are favorable, we may also consider further issuances of corporate debt or equity to increase liquidity. With respect to our Golar Power joint venture with Stonepeak, pursuant to the recent closing by CELSE (Golar Power’s affiliate in which it holds a 50% interest) of a $1.34 billion financing facility for the Sergipe Project which is partially drawn down, no further equity contributions are expected to be required from Golar Power in relation to the Sergipe Project. Our medium and long-term liquidity requirements are primarily for funding the investments for our conversion projects including investments into our potential joint venture, and repayment of long-term debt balances. Sources of funding for our medium and long-term liquidity requirements include new loans, refinancing of existing financing arrangements, public and private debt or equity offerings, and potential sales of our interests in our vessel owning subsidiaries operating under long-term charters (including additional sales of interests in Golar Hilli LLC ("Hilli LLC")). |
Accounting Policies
Accounting Policies | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Accounting Policies | ACCOUNTING POLICIES Basis of accounting The condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States. The condensed consolidated financial statements do not include all of the disclosures required in the annual consolidated financial statements, and should be read in conjunction with our annual financial statements for the year ended December 31, 2017 . Significant accounting policies The accounting policies adopted in the preparation of the condensed consolidated financial statements for the six months ended June 30, 2018 are consistent with those followed in the preparation of our audited consolidated financial statements for the year ended December 31, 2017 , except for the following significant changes to our accounting policy "Revenue and related expense recognition" as a result of adopting the requirements of ASU 2014-09 "Revenue from Contracts with Customers (Topic 606)" (hereafter, ASC 606), for further changes, see note 3, and as a result of a change in presentation of expenses in the statements of income in quarter ended June 30, 2018 . Revenue and related expense recognition Time charter agreements Revenues include minimum lease payments under time charters and gross pool revenues. Revenues generated from time charters, which we classify as operating leases, are recorded over the term of the charter as service is provided. However, we do not recognize revenue if a charter has not been contractually committed to by a customer and ourselves, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. Repositioning fees (included in time and voyage charter revenues) received in respect of time charters are recognized at the end of the charter when the fee becomes fixed and determinable. However, where there is a fixed amount specified in the charter, which is not dependent upon redelivery location, the fee will be recognized evenly over the term of the charter. Under time charters, voyage expenses are generally paid by our customers. Voyage related expenses, principally fuel, may also be incurred when positioning or repositioning the vessel before or after the period of time charter and during periods when the vessel is not under charter or is offhire, for example when the vessel is undergoing repairs. These expenses are recognized as incurred. Vessel operating expenses, which are recognized when incurred, include crewing, repairs and maintenance, insurance, stores, lube oils, communication expenses and third party management fees. Bunkers consumption represents mainly bunkers consumed during unemployment and off-hire. Liquefaction services revenue Liquefaction services revenue is generated from a LTA entered into with our customer. Our provision of liquefaction services capacity includes the receipt of the customer’s gas, treatment and temporary storage on board our FLNG, and delivery of LNG to waiting carriers. The liquefaction services capacity provided to our customer is considered a single performance obligation recognized evenly over time as our services are rendered. We consider our services a series of distinct services that are substantially the same and have the same pattern of transfer to our customer. Contractual payment terms for liquefaction services is monthly in arrears, after services have been provided, generally resulting in the recognition of contract assets. Contract assets are regularly assessed for impairment. Contract liabilities arise when the customer makes payments in advance of receiving services. The term between when invoicing and when payment is due is not significant. We recognize revenue when obligations under the terms of our contract are satisfied. We have applied the practical expedient to recognize liquefaction services revenue in proportion to the amount we have the right to invoice. Management fees Management fees are generated from commercial and technical vessel-related services and corporate and administrative services. Commercial and technical vessel-related services include vessel maintenance, providing vessel crew, making arrangements for vessel insurance, bunkering, provisions and stores, invoicing and collecting vessel hire. Corporate and administrative services include corporate services, group accounting, treasury, legal, tax, consultancy and other administrative services. These services are provided to our customers Golar Partners, Golar Power and OneLNG. Our contracts generally have an initial contract term of one year or less, after which the arrangement continues with a short notice period to end the contract, ranging from 30 days to 180 days. Our management services provided are considered a single performance obligation recognized evenly over time as our services are rendered. We consider our services a series of distinct services that are substantially the same and have the same pattern of transfer to the customer. Contractual payment terms for management fees generally allow for billing and payment in advance of services being provided. However, contract liabilities did not arise because there was no billing in recognition for services rendered in future periods at the reporting date. Contract assets arise when we render management services in advance of receiving payment from our customers. Contract assets are regularly assessed for impairment. The transaction price is generally considered variable consideration given the key driver of consideration is actual costs incurred in a given period, which varies each period according to activity levels. The entire amount of the transaction price is allocated to the single performance obligation identified. We recognize revenue when obligations under the terms of our contracts with our customers are satisfied. We have applied the practical expedient to recognize management fee revenue in proportion to the amount we have the right to invoice. Cool Pool Pool revenues and expenses under the Cool Pool arrangement have been accounted for in accordance with the guidance for collaborative arrangements. In relation to our vessels participating within the pool, voyage expenses and commissions from collaborative arrangements include an allocation of our net results from the pool to the other participants. Each participants' share of the net pool revenues is based on the number of pool points attributable to its vessels and the number of days such vessels participated in the pool. We have presented our share of the net income earned under the Cool Pool arrangement across a number of line items in the income statement. For net revenues and expenses incurred relating specifically to Golar’s vessels, and for which we are deemed the principal, these will be presented gross on the face of the income statement in the line items "Time and voyage charter revenues" and "Voyage, charterhire and commission expenses". For pool net revenues generated by the other participants in the pooling arrangement, these will be presented separately in revenue and expenses from collaborative arrangements. Refer to note 16 for an analysis of the income statement effect for the pooling arrangement. Project development expenses With effect from the quarter ended June 30, 2018 , we presented a new line item in operating expenses on the face of the statements of income. The new line item, "Project development expenses", includes the costs associated with pursuing future contracts and developing our pipeline of activities that have not met our internal threshold for capitalization. Previously, these costs were presented within "Administrative expenses" along with our general overhead costs. We believe that the introduction of this new line item in the statements of income provides users of our financial statements greater transparency over a key element of our business. This presentation change has been retrospectively restated in prior periods. The change in presentation for the six months ended June 30, 2018 is as follows: Six months ended June 30, 2017 (in thousands of $) As previously reported Adjustments decrease As adjusted Administrative expenses 22,546 (4,277 ) 18,269 Use of estimates The preparation of financial statements in accordance with United States Generally Accepted Accounting Principles ("US GAAP") requires that management make estimates and assumptions affecting the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. As of June 30, 2018 , we leased eight vessels under finance leases from wholly-owned special purpose vehicles (“Lessor SPVs”) of financial institutions in connection with our sale and leaseback transactions. While we do not hold any equity investments in these Lessor SPVs, we have determined that we are the primary beneficiary of these entities and, accordingly, we are required to consolidate these VIEs into our financial results. The key line items impacted by our consolidation of these VIEs are short-term and long-term debt, restricted cash and short-term deposits, non-controlling interests, interest income and interest expense. In consolidating these lessor VIEs, on a quarterly basis, we must make assumptions regarding (i) the debt amortization profile; (ii) the interest rate to be applied against the VIEs’ debt principal; and (iii) the VIE's application of cash receipts. Our estimates are therefore dependent upon the timeliness of receipt and accuracy of financial information provided by these lessor VIE entities. Upon receipt of the audited annual financial statements of the lessor VIEs, we will make a true-up adjustment for any material differences. In relation to the FLNG derivative (see note 1), the fair value was determined using the estimated discounted cash flows of the additional payments due to us as a result of oil prices moving above a contractual oil price floor over the term of the LTA. Significant inputs used in the valuation of the FLNG derivative include management’s estimate of an appropriate discount rate and the length of time to blend the long-term and the short-term oil prices obtained from quoted prices in active markets. The changes in fair value of our FLNG derivative is recognized in each period in current earnings in "Realized and unrealized gain on FLNG derivative instrument". The realized and unrealized gain on FLNG derivative instrument is as follows: (in thousands of $) Six months ended June 30, 2018 2017 Realized gain on FLNG derivative instrument 3,586 — Unrealized gain on FLNG derivative instrument 108,300 — 111,886 — For further information on the nature of this derivative, refer to note 15. The unrealized gain results from movement in oil prices above a contractual floor price over term of the LTA; the realized gain results from monthly billings above the base tolling fee under the LTA. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 6 Months Ended |
Jun. 30, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued Accounting Standards | RECENTLY ISSUED ACCOUNTING STANDARDS Adoption of new accounting standards In May 2014, the FASB issued ASC 606 and subsequent amendments. The standard provides a single, comprehensive revenue recognition model and requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. We adopted this guidance on January 1, 2018, under a modified retrospective approach - see note 5 for further details. The adoption of this guidance impacts presentation and disclosure of our management fee revenue only, there is no impact to recognition or measurement. In January 2016, the FASB issued ASU 2016-01 Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities , which made targeted improvements to the recognition, measurement, presentation and disclosure of financial instruments. We adopted the amendments to this ASU on January 1, 2018 under a modified retrospective approach except for equity securities without a determinable fair value, for which a prospective approach is prescribed. The adoption of this ASU did not have a material impact on the consolidated financial statements. In August 2016, the FASB issued ASU 2016-15 Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which provides guidance on the disclosure and classification of certain items within the statements of cash flows. We adopted this ASU on January 1, 2018 under a retrospective approach, resulting in presentational changes to our consolidated statements of cash flows. In November 2016, the FASB issued ASU 2016-18 Statement of Cash Flows (Topic 230): Restricted Cash , which requires that restricted cash be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts presented on the statements of cash flows. We adopted this ASU on January 1, 2018 under a retrospective approach, resulting in presentational changes to our consolidated statements of cash flows and related disclosures. The adoption changed how restricted cash is reported in the consolidated statements of cash flows as follows for the six months ended June 30, 2017: Six months ended June 30, 2017 (in thousands of $) Cash flow line item As previously reported Adjustments decrease As adjusted OPERATING ACTIVITIES Restricted cash and short-term deposits (406 ) 406 — INVESTING ACTIVITIES Restricted cash and short-term deposits (6,544 ) 6,544 — FINANCING ACTIVITIES Restricted cash and short-term deposits (15,393 ) 15,393 — As a result of the above changes, the following subtotals as retrospectively restated are as follows: Net increase in cash, cash equivalents and restricted cash 119,036 22,343 141,379 Cash, cash equivalents and restricted cash at beginning of period 224,190 416,028 640,218 Cash, cash equivalents and restricted cash at end of period 343,226 438,371 781,597 In January 2017, the FASB issued ASU 2017-01 Business Combinations (Topic 805): Clarifying the Definition of a Business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. We adopted this ASU prospectively from January 1, 2018. As a result, this increases the likelihood that future vessel dropdowns may be considered the sale of an asset rather than a business. However, this will be dependent upon the facts and circumstances of each prospective transaction. There was no material impact on the adoption of this ASU on our consolidated financial statements and related disclosures. In February 2017, the FASB issued ASU 2017-05 Other Income - Gains and Losses from the Derecognition of Non-Financial Assets . This ASU clarifies the scope of guidance applicable to sales of non-financial assets and also provides guidance on partial sales of such assets. We adopted this ASU prospectively from January 1, 2018. We expect any gain or loss on sale from future dropdowns, accounted for as a disposal, will be recognized in full on the disposal date, however this will be dependent on the facts and circumstances of each prospective transaction. There was no material impact to our consolidated financial statements and related disclosures on adoption of this standard. Accounting pronouncements that have been issued but not adopted In February 2016, the FASB issued ASU 2016-02 Leases (Topic 842) and subsequent amendments. This standard requires a lessee to recognize right-of-use assets and lease liabilities on its balance sheet for all leases with terms longer than 12 months and introduces additional disclosure requirements. Lessors are required to classify leases as sales-type, finance or operating, with classification affecting the pattern of income recognition and provides guidance for sale and leaseback transactions. Classification for both lessees and lessors will be based on an assessment of whether risks and rewards as well as substantive control have been transferred through a lease contract. The standard will become effective on a modified retrospective basis for us on January 1, 2019. We are evaluating the impact of this standard on our consolidated financial statements and related disclosures. Due to the transition provisions for lessors, we expect the most significant impact of the adoption of this standard will be the recognition of lease assets and lease liabilities on our balance sheet for those leases where we are a lessee that are currently classified as operating leases. In June 2016, the FASB issued ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments which requires recognition and measurement of expected credit losses for financial assets and off balance sheet credit exposures. The guidance is effective on a modified retrospective basis for us on January 1, 2020 with early adoption permitted. We are evaluating the impact of this standard on our consolidated financial statements and related disclosures. In July 2018, the FASB issued ASU 2018-09 Codification improvements . The amendments in this ASU cover a wide range of topics covering primarily minor corrections, clarifications and codification improvements. We are evaluating the impact of these amendments on our consolidated financial statements and related disclosures. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION We are a marine LNG infrastructure provider and a project development company. We own and operate LNG carriers, a FLNG and FSRUs and provide these services under time charters under varying periods. As of June 30, 2018 , we have completed the commissioning of our first FLNG vessel and have entered the power market in an effort to become a midstream LNG solution provider. Our reportable segments consist of the primary services each provides. Although our segments are generally influenced by the same economic factors, each represents a distinct product in the LNG industry. Segment results are evaluated based on net income. The accounting principles for the segments are the same as for our consolidated financial statements. "Project development expenses" are allocated to each segment based on the nature of the project. Indirect general and administrative expenses are allocated to each segment based on estimated use. The split of the organization of the business into three reportable segments is based on differences in management structure and reporting, economic characteristics, customer base, asset class and contract structure. As of June 30, 2018 , we operate in the following three reportable segments: • Vessel operations – We operate and subsequently charter out vessels on fixed terms to customers. • FLNG – In 2014, we ordered our first FLNG based on the conversion of our existing LNG carrier, the Hilli. The Hilli FLNG conversion has been completed and the vessel has been accepted by the Customer under the LTA. In July 2016, we entered into an agreement with Schlumberger B.V. ("Schlumberger") to form OneLNG, a joint venture, with the intention to offer an integrated upstream and midstream solution for the development of low cost gas reserves to LNG. As a result we report the equity in net losses of OneLNG in the FLNG segment. In May 2018, it was decided that Golar and Schlumberger will wind down OneLNG and work on FLNG projects as required on a case-by-case basis. • Power – In July 2016, we entered into certain agreements forming a 50/50 joint venture, Golar Power, with private equity firm Stonepeak. Golar Power offers integrated LNG based downstream solutions, through the ownership and operation of FSRUs and associated terminal and power generation infrastructure. June 30, 2018 June 30, 2017 (3) (in thousands of $) Vessel operations FLNG Power Other (1) Total Vessel operations FLNG Power Other (1) Total Statement of Operations: Total operating revenues 106,987 18,577 — — 125,564 53,518 — — — 53,518 Depreciation and amortization (32,775 ) (4,091 ) — — (36,866 ) (42,552 ) — — — (42,552 ) Other operating expenses (103,058 ) (12,172 ) — — (115,230 ) (76,100 ) (226 ) — — (76,326 ) Other operating gains and losses 10,000 101,366 — — 111,366 — — — — — Operating (loss) income (18,846 ) 103,680 — — 84,834 (65,134 ) (226 ) — — (65,360 ) Inter segment operating (loss) income (2) 205 — — (205 ) — 199 — — (199 ) — Segment operating (loss) income (18,641 ) 103,680 — (205 ) 84,834 (64,935 ) (226 ) — (199 ) (65,360 ) Equity in net earnings (losses) of affiliates 8,693 (2,047 ) (12,861 ) — (6,215 ) (2,606 ) (3,126 ) (7,461 ) — (13,193 ) Balance Sheet: June 30, 2018 December 31, 2017 (in thousands of $) Vessel operations FLNG Power Other (1) Total Vessel operations FLNG Power Other (1) Total Total assets 2,882,837 2,056,768 258,690 (5,321 ) 5,192,974 3,025,244 1,515,463 228,696 (5,116 ) 4,764,287 Investment in affiliates 449,974 — 258,690 — 708,664 472,482 2,047 228,696 — 703,225 (1) Eliminations required for consolidation purposes. (2) Inter segment operating (loss) income relates to management fee revenues between the segments. (3) We no longer consider LNG trading a separate reportable segment. Given the previously reported segment information was immaterial for all periods presented, we have included these amounts within the vessel operations segment. Revenues from external customers During the six months ended June 30, 2018 , our vessels operated predominately under charters within the Cool Pool and tolling fees under our LTA with Perenco and SNH. For the six months ended June 30, 2018 and 2017 , revenues from the following customers accounted for over 10% of our total operating revenues, excluding vessel and other management fees: Six months ended June 30, (in thousands of $) 2018 2017 Cool Pool (note 16) 83,959 74 % 39,444 90 % Perenco and SNH 18,577 16 % — — % An energy and logistics company 4,579 4 % 4,579 10 % |
Revenue Revenue
Revenue Revenue | 6 Months Ended |
Jun. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUE Contract assets arise when we render services in advance of receiving payment from our customers. Contract liabilities arise when the customer makes payments in advance of receiving the services. Changes in our contract balances during the period are as follows: (in thousands of $) Contract assets (1) Contract liabilities (2) Opening balance on January 1, 2018 17,245 — Payments received for services billed (9,989 ) — Services provided and billed in current period 31,535 33,763 Payments received for services billed in current period (13,631 ) — Impairment (1,006 ) — Deferred commissioning period billing — (357 ) Closing balance on June 30, 2018 24,154 33,406 (1) Relates to management fee revenue and liquefaction services revenue, see a) and b) below. (2) Relates to liquefaction services revenue, see b) below. a) Management fee revenue: By virtue of an agreement to offset intercompany balances entered into between us and Golar Partners, of our total contract asset balances above: • $3.1 million is included in balance sheet line item "Amounts due from related parties" under current assets ( $7.2 million at December 31, 2017), and • $1.0 million is included in "Amounts due to related parties" under current liabilities ( $10.0 million at December 31, 2017). Refer to note 16 for further details of our management fee revenue and contract terms. b) Liquefaction services revenue: The Hilli is moored in close proximity to the Customer’s gasfields, providing liquefaction service capacity over the term of the LTA. Liquefaction services revenue recognized comprises the following amounts: Six months ended June 30, (in thousands of $) 2018 2017 Base tolling fee (1) 17,427 — Amortization of deferred commissioning period billing (2) 357 — Amortization of Day 1 gain (3) 841 — Other (50 ) — Total 18,577 — (1) The LTA bills at a base rate in periods when the oil price is $60 or less per barrel (included in the balance sheets in line-items "Other current assets" and "Other non-current assets"), and at an increased rate when the oil price is greater than $60 per barrel (recognized as a derivative and included in the statements of income line-item "Realized and unrealized gain on FLNG derivative instrument", excluded from revenue and from the transaction price). (2) Customer billing during the commissioning period prior up to vessel acceptance and commencement of the contract term of $33.8 million is considered an upfront payment for services. These amounts billed are deferred (included in the balance sheet line-items "Other current liabilities" and "Other non-current liabilities") and recognized as liquefaction services revenue evenly over the contract term. (3) The Day 1 gain was established when the FLNG derivative asset was initially recognized in December 2017 for $79.6 million (recognized in balance sheet line-item "Other current liabilities" and "Other non-current liabilities"). This amount is amortized and recognized as liquefaction services revenue evenly over the contract term. We expect to recognize liquefaction services revenue related to the partially unsatisfied performance obligation at the reporting date evenly over the remaining contract term of less than eight years, including the components of transaction price described above. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share ("EPS") is calculated with reference to the weighted average number of common shares outstanding during the period. The components of the numerator for the calculation of basic and diluted EPS are as follows: (in thousands of $) Six months ended June 30, 2018 2017 Net income (loss) attributable to Golar LNG Ltd stockholders - basic and diluted 15,317 (139,651 ) The components of the denominator for the calculation of basic and diluted EPS are as follows: (in thousands) Six months ended June 30, 2018 2017 Basic: Weighted average number of common shares outstanding 100,628 100,581 Dilutive: Dilutive impact of share options 100 — Weighted average number of common shares outstanding 100,728 100,581 Earnings (loss) per share are as follows: Six months ended June 30, 2018 2017 Basic $ 0.15 $ (1.39 ) Diluted $ 0.15 $ (1.39 ) For the six months ended June 30, 2018 and 2017 , convertible bonds have been excluded from the calculation of diluted EPS because the effect was anti-dilutive. |
Other Financial Items
Other Financial Items | 6 Months Ended |
Jun. 30, 2018 | |
Other Income and Expenses [Abstract] | |
Other Financial Items | OTHER FINANCIAL ITEMS, NET Other financial items, net comprise of the following: (in thousands of $) Six months ended June 30, 2018 2017 Mark-to-market adjustment for interest rate swap derivatives 7,713 (603 ) Unrealized mark-to-market losses on Earn-Out Units (4,500 ) (500 ) Mark-to-market adjustment for equity derivatives (4,374 ) (4,323 ) Interest income/(expense) on undesignated interest rate swaps 2,596 (2,706 ) Foreign exchange loss on operations (618 ) (944 ) Amortization of debt guarantee 361 846 Financing arrangement fees and other costs (53 ) (239 ) Others (531 ) 541 594 (7,928 ) |
Variable Interest Entities ("VI
Variable Interest Entities ("VIE") | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities (VIE) | VARIABLE INTEREST ENTITIES ("VIE") As of June 30, 2018 and December 31, 2017 , we leased eight vessels from VIEs under finance leases, of which four were with ICBCL entities, one with a CMBL entity, one with a CCBFL entity, one with a COSCO Shipping entity and one with a China State Shipbuilding Corporation ("CSSC") entity. Each of the ICBCL, CMBL, CCBFL, COSCO and CSSC entities are wholly-owned, newly formed special purpose vehicles ("SPVs"). In each of these transactions, we sold our vessel and then subsequently leased back the vessel on a bareboat charter for a term of ten years. We have options to repurchase each vessel at fixed predetermined amounts during their respective charter periods and an obligation to repurchase each vessel at the end of the ten year lease period. Refer to note 5 to our consolidated financial statements filed with our Annual Report on Form 20-F for the year ended December 31, 2017 , for additional details. While we do not hold any equity investments in the above Lessor SPVs, we have determined that we have a variable interest in these SPVs and that these lessor entities, that own the vessels, are VIEs. Based on our evaluation of the agreements, we have concluded that we are the primary beneficiary of these VIEs and, accordingly, these lessor VIEs are consolidated into our financial results. We did not record any gains or losses from the sale of these vessels as they continued to be reported as vessels at their original costs in our consolidated financial statements at the time of each transaction. Similarly, the effect of the bareboat charter arrangement is eliminated upon consolidation of the Lessor SPV. The equity attributable to the respective lessor VIEs are included in non-controlling interests in our consolidated results. As of June 30, 2018 and December 31, 2017 , the respective vessels are reported under "Vessels and equipment, net" in our consolidated balance sheets. Hilli Lessor VIE In June 2018, we sold the Hilli to a CSSC entity and subsequently leased back the vessel on a bareboat charter for a term of ten years. We have options to repurchase the vessel throughout the charter term at fixed pre-determined amounts, commencing from the fifth year anniversary of the commencement of the bareboat charter, with an obligation to repurchase the vessel at the end of the ten year lease period. A summary of this sale and lease back arrangement, including repurchase options and obligations as of June 30, 2018 is provided below: Vessel Effective from Sales value (in $ millions) First repurchase option (in $ millions) Date of first repurchase option Repurchase obligation at end of lease term (in $ millions) End of lease term Hilli June 2018 1,200.0 633.2 June 2023 300.0 June 2028 A summary of our payment obligations (excluding repurchase options and obligations) under the bareboat charters with the lessor VIEs as of June 30, 2018 , are shown below: (in thousands of $) 2018 (1) 2019 2020 2021 2022 2023+ Golar Glacier 8,620 17,100 17,147 17,100 17,100 29,984 Golar Kelvin 8,620 17,100 17,147 17,100 17,100 32,795 Golar Snow 8,620 17,100 17,147 17,100 17,100 32,795 Golar Ice 8,620 17,100 17,147 17,100 17,100 35,700 Golar Tundra (2)(3) 11,445 21,910 20,833 19,739 18,695 47,532 Golar Seal (3) 7,513 15,193 15,151 15,151 15,151 45,495 Golar Crystal (2) 6,083 11,934 11,726 11,477 11,271 45,529 Hilli (2) 64,568 126,118 121,036 116,143 111,279 505,666 (1) For the six months ending December 31, 2018. (2) The payment obligations relating to the Golar Tundra , Golar Crystal and Hilli above includes variable rental payments due under the lease based on an assumed LIBOR plus margin. (3) The payment obligations relating to the Golar Tundra and Golar Seal above have been prepared on the assumption that we are able to secure a replacement charter for these two vessels, to ensure continuation of these financing arrangements. Refer to note 1 for further details. The assets and liabilities of these lessor VIEs that most significantly impact our consolidated balance sheet as of June 30, 2018 and December 31, 2017 , are as follows: (in thousands of $) Golar Glacier Golar Kelvin Golar Snow Golar Ice Golar Tundra Golar Seal Golar Crystal Hilli June 30, 2018 December 31, 2017 Assets Total Total Restricted cash and short-term deposits 18,844 62,319 18,548 8 25,000 22,141 2,372 36,441 185,673 130,063 Liabilities Debt: Current portion of long-term debt and short-term debt (1) 39,314 182,540 30,398 126,508 155,318 143,849 10,075 148,880 836,882 833,664 Long-term interest bearing debt - non-current portion (1) 117,841 — 127,189 — — — 89,246 779,400 1,113,676 252,691 157,155 182,540 157,587 126,508 155,318 143,849 99,321 928,280 1,950,558 1,086,355 (1) Where applicable, these balances are net of deferred finance charges. The most significant impact of lessor VIE's operations on our unaudited consolidated statements of income is interest expense of $19.1 million and $19.1 million for the six months ended June 30, 2018 and 2017 , respectively. The most significant impact of lessor VIE's cash flows on our unaudited consolidated statements of cash flows is net receipts of $864.7 million and $89.2 million in financing activities for the six months ended June 30, 2018 and 2017 , respectively. |
Restricted cash and short term
Restricted cash and short term deposits | 6 Months Ended |
Jun. 30, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Restricted cash and short term deposits | RESTRICTED CASH AND SHORT-TERM DEPOSITS Our restricted cash and short-term deposits balances are as follows: (in thousands of $) June 30, 2018 December 31, 2017 Restricted cash relating to the total return equity swap 62,547 58,351 Restricted cash in relation to the Hilli (1) 175,206 174,737 Restricted cash and short-term deposits held by lessor VIEs 185,673 130,063 Restricted cash relating to the $1.125 billion debt facility 27,384 33,752 Restricted cash relating to office lease 823 813 Bank guarantee 685 99 Total restricted cash and short-term deposits 452,318 397,815 Less: Amounts included in current restricted cash and short-term deposits (276,289 ) (222,265 ) Long-term restricted cash 176,029 175,550 (1) In November 2015, in connection with the issuance of a letter of credit by a financial institution to our project partner involved in the Hilli FLNG project, we were required to provide cash collateral to support the performance guarantee. The following table identifies the balance sheet line-items included in cash, cash equivalents and restricted cash presented in the consolidated statements of cash flows: (in thousands of $) June 30, 2018 December 31, 2017 June 30, 2017 December 31, 2016 Cash and cash equivalents 375,067 214,862 343,226 224,190 Restricted cash and short-term deposits (current portion) 276,289 222,265 205,227 183,693 Restricted cash (non-current portion) 176,029 175,550 233,144 232,335 827,385 612,677 781,597 640,218 |
Asset Under Development
Asset Under Development | 6 Months Ended |
Jun. 30, 2018 | |
Extractive Industries [Abstract] | |
Asset Under Development | ASSET UNDER DEVELOPMENT (in thousands of $) December 31, 2017 Purchase price installments 962,709 Interest costs capitalized 116,416 Other costs capitalized 98,364 1,177,489 In May 2014, we entered into agreements for the conversion of the Hilli to a FLNG vessel. The primary contract was entered into with Keppel Shipyard Limited ("Keppel"). The Hilli was delivered to Keppel in Singapore in September 2014 for the commencement of her conversion. As of June 30, 2018 the Hilli FLNG conversion and commissioning was completed, accordingly, we have reclassified the total balance to "Vessels and equipment, net" in our consolidated balance sheet as of June 30, 2018 . |
Investments in Affiliates and J
Investments in Affiliates and Joint Ventures | 6 Months Ended |
Jun. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Affiliates and Joint Ventures | INVESTMENTS IN AFFILIATES AND JOINT VENTURES Six Months Ended June 30, (in thousands of $) 2018 2017 Share of net earnings (losses) in Golar Partners (1) 8,630 (2,906 ) Share of net loss in Golar Power (12,861 ) (7,461 ) Share of net loss in OneLNG (2,047 ) (3,126 ) Share of net earnings in Egyptian Company for Gas Services ("ECGS") 63 300 (6,215 ) (13,193 ) (1) For the six months ended June 30, 2017 , our share of net earnings (losses) in Golar Partners includes a non-cash loss on deemed disposal of $17.0 million , being the dilutive impact on our ownership interest due to further issuances of common units by Golar Partners in February 2017. The carrying amounts of our investments in our equity method investments as at June 30, 2018 and December 31, 2017 are as follows: (in thousands of $) June 30, 2018 December 31, 2017 Golar Partners 444,525 467,097 Golar Power 258,690 228,696 OneLNG (1) — 2,047 ECGS 5,449 5,385 Equity in net assets of affiliates 708,664 703,225 (1) The delays in finalizing a debt financing package for the Fortuna FLNG project, together with other capital and resource priorities, has resulted in a decision from Schlumberger to end their participation in the project. Golar and Schlumberger, as a result of this, plan to wind down OneLNG and work on FLNG projects as required on a case-by-case basis. As a result, we have written down our investment in OneLNG to $ nil at June 30, 2018 . |
Other Non-Current Assets
Other Non-Current Assets | 6 Months Ended |
Jun. 30, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Non-Current Assets | OTHER NON-CURRENT ASSETS Other non-current assets comprise of the following: (in thousands of $) June 30, 2018 December 31, 2017 FLNG derivative (1) 203,000 94,700 Other non-current assets (2) 24,793 37,891 Mark-to-market interest rate swaps valuation 16,336 10,166 Investment in OLT Offshore LNG Toscana S.p.A (3) 7,347 7,347 Derivatives - other (4) — 7,400 251,476 157,504 (1) "FLNG derivative" refers to a derivative embedded in the Hilli LTA. See note 1 for further details. (2) "Other non-current assets" is mainly comprised of payments made relating to long lead items ordered in preparation for the conversion of the Gimi and the Gandria into FLNG vessels. As of June 30, 2018 and December 31, 2017 , the aggregate carrying value was $15.0 million and $31.0 million , respectively. The Gimi and the Gandria conversion contracts provide the flexibility wherein certain beneficial cancellation provisions exist which, if exercised prior to contract expiry, will allow termination of contracts and recovery of previous milestone payments, less cancellation fees. The Gimi contract will expire on December 30, 2018 and the Gandria contract will expire on December 31, 2018. (3) "Investment in OLT Offshore LNG Toscana S.p.A" ("OLT-O") refers to our investment in an Italian incorporated unlisted company which is involved in the construction, development, operation and maintenance of a FSRU terminal to be situated off the Livorno coast of Italy. In prior years, this investment was classified as a cost method investment. Following the adoption of ASU 2016-01, we have applied the measurement alternative for measuring equity investments without readily determinable fair values. As of June 30, 2018 and December 31, 2017 , our investment in OLT-O was $7.3 million , representing a 2.7% interest in OLT-O’s issued share capital. (4) "Derivatives - other" refers to the Earn-Out Units issuable to us in connection with the IDR Reset transaction with Golar Partners in October 2016. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Debt | DEBT As of June 30, 2018 and December 31, 2017 , our debt was as follows: (in thousands of $) June 30, 2018 December 31, 2017 Golar Arctic facility 61,950 65,600 Golar Viking facility 49,479 52,083 2017 convertible bonds 346,698 340,173 Margin loan (1) 98,252 119,125 FLNG Hilli facility (2) — 525,000 Hilli shareholder loans 49,066 49,066 $1.125 billion facility 184,590 195,449 ICBCL VIE loans (3) 625,665 641,936 CCBFL VIE loan (3) 143,849 143,849 CMBL VIE loan (3) 155,317 198,613 COSCO Shipping VIE loan (3)(4) 100,022 104,006 CSSC VIE loan (2)(3) 928,280 — Total debt 2,743,168 2,434,900 Less: Deferred finance charges, net (18,483 ) (24,053 ) Total debt, net of deferred financing costs 2,724,685 2,410,847 (1) During July 2018, amendments to the existing margin loan facility, secured by units in Golar Partners, were completed. Although most of the existing terms remain substantially unchanged, the facility will no longer amortize. Subject to the satisfaction of certain covenants, no further principal repayments will be required ahead of maturity in March 2020. (2) In June 2018, we repaid $640.0 million on the pre-delivery credit facility and drew down $960.0 million on the post-acceptance sale and leaseback financing in relation to the FLNG Hilli facility. The sale and leaseback arrangement is provided by a related party of CSSC. (3) See note 8. (4) In April 2018, the SPV, Oriental Fleet LNG 01 Limited, which owns the Golar Crystal , entered into a long-term loan facility for $101.0 million . The loan facility is provided by a related party of COSCO Shipping. The loan facility is denominated in USD, is a 10 year loan, limited to the term of the bareboat charter, bears interest at LIBOR plus a margin and is repayable in monthly installments with a balloon payment on maturity. At June 30, 2018 , our debt can be broken down as follows: Golar debt VIE debt (1) Total debt (in thousands of $) Current portion of long-term debt and short-term debt 31,843 836,882 868,725 Long-term debt 742,284 1,113,676 1,855,960 Total 774,127 1,950,558 2,724,685 (1) These amounts relate to certain lessor entities (for which legal ownership resides with financial institutions) that we are required to consolidate under U.S. GAAP into our financial statements as variable interest entities (see note 8). CSSC VIE loan In June 2018, we repaid $640.0 million on the pre-delivery credit facility and entered into a sale and leaseback transaction pursuant to which we sold the Hilli to a CSSC entity ("Hilli Lessor VIE"), and leased back the vessel under a bareboat charter for a monthly hire rate. As discussed in note 8, while we have no control over the funding arrangements of Hilli Lessor VIE, we consider ourselves to be the primary beneficiary and therefore are required to consolidate the Hilli Lessor VIE’s funding arrangements into our financial statements. Accordingly, in June 2018, Hilli Lessor VIE, which is the legal owner of the Hilli , entered into a secured financing agreement for $840.0 million . This loan facility is a 10 year non-recourse loan denominated in USD, bears interest at LIBOR plus a margin and is repayable in quarterly installments with a balloon payment on maturity. In addition to this facility, Hilli Lessor VIE entered into an internal loan with CSSC for $120.0 million . This loan bears no interest and is repayable on demand. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | ACCUMULATED OTHER COMPREHENSIVE LOSS The components of accumulated other comprehensive loss consisted of the following: (in thousands of $) Pension and post-retirement benefit plan adjustments Share of affiliates' comprehensive income Total accumulated comprehensive loss Balance at December 31, 2016 (12,956 ) 3,414 (9,542 ) Other comprehensive income — 1,632 1,632 Balance at June 30, 2017 (12,956 ) 5,046 (7,910 ) Balance at December 31, 2017 (12,799 ) 5,030 (7,769 ) Other comprehensive loss — (24,137 ) (24,137 ) Balance at June 30, 2018 (12,799 ) (19,107 ) (31,906 ) |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | FINANCIAL INSTRUMENTS Fair values We recognize our fair value estimates using a fair value hierarchy based on the inputs used to measure fair value. The fair value of hierarchy has three levels based on reliability of inputs used to determine fair value as follows: Level 1: Quoted market prices in active markets for identical assets and liabilities. Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. The carrying values and estimated fair values of our financial instruments at June 30, 2018 and December 31, 2017 are as follows: June 30, 2018 December 31, 2017 (in thousands of $) Fair value hierarchy Carrying value Fair value Carrying value Fair value Non-Derivatives: Cash and cash equivalents Level 1 375,067 375,067 214,862 214,862 Restricted cash and short-term deposits Level 1 452,318 452,318 397,815 397,815 Current portion of long-term debt and short-term debt (1)(2) Level 2 871,507 871,507 1,393,229 1,393,229 Long-term debt - convertible bonds (2) Level 2 346,698 437,063 340,173 430,361 Long-term debt (2) Level 2 1,524,963 1,524,963 701,498 701,498 Derivatives: FLNG derivative (3)(7) Level 2 203,000 203,000 94,700 94,700 Interest rate swaps asset (3)(4) Level 2 17,879 17,879 10,166 10,166 Foreign exchange swaps asset (3) Level 2 35 35 51 51 Foreign exchange swaps liability (3) Level 2 573 573 223 223 Total return equity swap liability (3)(4)(5) Level 2 44,516 44,516 40,141 40,141 Earn-Out Units asset (6) Level 2 2,900 2,900 7,400 7,400 (1) The carrying amounts of our short-term debt approximate their fair values because of the near term maturity of these instruments. (2) Our debt obligations are recorded at amortized cost in the consolidated balance sheets. The amounts presented in the table above are gross of the deferred finance charges amounting to $ 18.5 million and $ 24.1 million at June 30, 2018 and December 31, 2017 , respectively. (3) Derivative liabilities are captured within other current liabilities and derivative assets are generally captured within other non-current assets on the balance sheet. (4) The fair value of certain derivative instruments is the estimated amount that we would receive or pay to terminate the agreements at the reporting date, taking into account current interest rates, foreign exchange rates, closing quoted market prices and our creditworthiness and that of our counterparties. (5) The fair value of total return equity swaps is calculated using the closing prices of the underlying listed shares, dividends paid since inception and the interest rate charged by the counterparty. (6) The Earn-Out Units are issuable to Golar in connection with the IDR Reset transaction between Golar and Golar Partners in October 2016. (7) The fair value of the FLNG derivative was determined using the estimated discounted cash flows of the additional payments due to us as a result of oil prices moving above a contractual oil price floor over the term of the LTA. Significant inputs used in the valuation of the FLNG derivative include management’s estimate of an appropriate discount rate and the length of time to blend the long-term and the short-term oil prices obtained from quoted prices in active markets. As of June 30, 2018 , we were party to the following interest rate swap transactions involving the payment of fixed rates in exchange for LIBOR as summarized below: Instrument (in thousands of $) Notional value Maturity dates Fixed interest rates Interest rate swaps: Receiving floating, pay fixed 1,250,000 2018 to 2021 1.13% to 1.94% The credit exposure of our interest rate and equity swap agreements are represented by the fair value of contracts with a positive fair value at the end of each period, reduced by the effects of master netting agreements. It is our policy to enter into master netting agreements with the counterparties to derivative financial instrument contracts, which give us the legal right to discharge all or a portion of amounts owed to the counterparty by offsetting them against amounts that the counterparty owes to us. We have elected not to offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable master netting arrangements. However, if we were to offset and record the asset and liability balances of derivatives on a net basis, the amounts presented in our consolidated balance sheets as of June 30, 2018 and December 31, 2017 would be adjusted as detailed in the following table: June 30, 2018 December 31, 2017 (in thousands of $) Gross amounts presented in the consolidated balance sheet Gross amounts not offset in the consolidated balance sheet subject to netting agreements Net amount Gross amounts presented in the consolidated balance sheet Gross amounts not offset in the consolidated balance sheet subject to netting agreements Net amount Total asset derivatives 17,879 — 17,879 10,166 — 10,166 The total return equity swap has a credit arrangement that requires us to provide cash collateral equaling 20% of the initial purchase price and to subsequently post additional cash collateral that corresponds to any unrealized loss. As at June 30, 2018 , cash collateral amounting to $62.5 million has been provided. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS a) Transactions with Golar Partners and subsidiaries: Net revenues (expenses): The transactions with Golar Partners and its subsidiaries for the six months ended June 30, 2018 and 2017 consisted of the following: Six Months Ended (in thousands of $) 2018 2017 Management and administrative services revenue (a) 3,877 2,571 Ship management fees revenue (b) 2,600 2,138 Charterhire expense (c) — (9,089 ) Interest expense on deposits payable (d) (4,484 ) (1,404 ) Total 1,993 (5,784 ) Payables: The balances with Golar Partners and its subsidiaries as of June 30, 2018 and December 31, 2017 consisted of the following: (in thousands of $) June 30, 2018 December 31, 2017 Deposit payable (d) (177,247 ) (177,247 ) Methane Princess security lease deposit movement (e) (3,143 ) (3,464 ) Trading balances owing to Golar Partners and affiliates (f) (7,040 ) (4,144 ) Total (187,430 ) (184,855 ) a) Management and administrative services agreement - On March 30, 2011, Golar Partners entered into a management and administrative services agreement with Golar Management Limited ("Golar Management"), a wholly-owned subsidiary of Golar, pursuant to which Golar Management will provide to Golar Partners certain management and administrative services. The services provided by Golar Management are charged at cost plus a management fee equal to 5% of Golar Management’s costs and expenses incurred in connection with providing these services. Golar Partners may terminate the agreement by providing 120 days written notice. b) Ship management fees - Golar and certain of its affiliates charge ship management fees to Golar Partners for the provision of technical and commercial management of Golar Partners' vessels. Each of Golar Partners’ vessels is subject to management agreements pursuant to which certain commercial and technical management services are provided by Golar Management. Golar Partners may terminate these agreements by providing 30 days written notice. c) Charterhire expenses - For the six months ended June 30, 2017 , this consists of charterhire expenses that we incurred for the charter back from Golar Partners of the Golar Grand , less any time charter revenues that Golar Partners generated through subleasing the Golar Grand from Golar during the period . On November 1, 2017, the Golar Grand arrangement concluded. d) Interest expense on deposits payable Expense under Tundra Letter Agreement - In May 2016, we completed the Golar Tundra Sale and received a total cash consideration of $107.2 million . We agreed to pay Golar Partners a daily fee plus operating expenses for the right to use the Golar Tundra from the date the Golar Tundra Sale was closed, until the date that the vessel would commence operations under the Golar Tundra Time Charter. In return, Golar Partners agreed to remit to us any hire income received with respect to the Golar Tundra during that period. It was further agreed that, if for any reason the Golar Tundra Time Charter had not commenced by the 12 month anniversary of the closing of the Golar Tundra Sale, Golar Partners had the right to require that we repurchase the shares of Tundra Corp at a price equal to the purchase price. Accordingly, by virtue of the put option, which was exercised by Golar Partners in May 2017, we continued to consolidate the Golar Tundra for the periods whilst the put option remained in place, thus we have accounted for $nil and $1.4 million as interest expense for the six months ended June 30, 2018 and 2017, respectively. Deferred purchase price - In May 2017, the Golar Tundra had not commenced her charter and, accordingly, Golar Partners elected to exercise the Tundra Put Right to require us to repurchase Tundra Corp at a price equal to the original purchase price. In connection with Golar Partners exercising the Tundra Put Right, we and Golar Partners entered into an agreement pursuant to which we agreed to purchase Tundra Corp from Golar Partners on the date of the closing of the Tundra Put Sale (the "Put Sale Closing Date") in return we will be required to pay an amount equal to $107.2 million (the "Deferred Purchase Price") plus an additional amount equal to 5% per annum of the Deferred Purchase Price (the "Additional Amount"). The Deferred Purchase Price and the Additional Amount shall be due and payable by us on the date of the closing of the Hilli Disposal (see below). We agreed to accept the Deferred Purchase Price and the Additional Amount in lieu of a cash receipt on the Put Sale Closing Date in return we have provided Golar Partners with an option (which Golar Partners have exercised) to purchase an interest in Hilli Corp. We have accounted for $2.7 million and nil as interest expense for the six months ended June 30, 2018 and 2017, respectively, in relation to the Deferred Purchase Price. Deposit received from Golar Partners - On August 15, 2017, we entered into a purchase and sale agreement (the "Hilli Sale Agreement") with Golar Partners for the disposal (the "Hilli Disposal") from Golar and affiliates of Keppel and Black & Veatch Corporation of common units (the "Disposal Interests") in Hilli LLC. On the closing date of the Hilli Disposal, Hilli LLC will indirectly (through its subsidiary) be the disponent owner of the Hilli . The Disposal Interests represent the equivalent of 50% of the two liquefaction trains, out of a total of four , that are contracted to Perenco and SNH under an eight -year LTA. The sale price for the Disposal Interests is $658 million less 50% of the net lease obligations under the financing facility for the Hilli (the "Hilli Facility") on closing date, plus post-closing purchase price adjustments. Concurrently with the execution of the Hilli Sale Agreement, we received a further $70 million deposit from Golar Partners, upon which we pay interest at a rate of 5% per annum. We have accounted for $1.8 million and $nil as interest expense for the six months ended June 30, 2018 and 2017, respectively, in relation to the $70 million deposit from Golar Partners. On June 12, 2018, we concluded the Hilli Disposal with Golar Partners, accordingly we applied the Deferred Purchase Price as well as the deposit received from Golar Partners against the disposal. e) Methane Princess Lease security deposit movements - This represents net advances from Golar Partners since its IPO, which correspond with the net release of funds from the security deposits held relating to the Methane Princess Lease. This is in connection with the Methane Princess tax lease indemnity provided to Golar Partners under the Omnibus Agreement. Accordingly, these amounts will be settled as part of the eventual termination of the Methane Princess Lease. f) Trading balances - Receivables and payables with Golar Partners and its subsidiaries are comprised primarily of unpaid management fees, interest expense and expenses for management, advisory and administrative services and may include working capital adjustments in respect of disposals to the Partnership, as well as charterhire expenses. In addition, certain receivables and payables arise when we pay an invoice on behalf of a related party and vice versa. Receivables and payables are generally settled quarterly in arrears. Trading balances owing to or due from Golar Partners and its subsidiaries are unsecured, interest-free and intended to be settled in the ordinary course of business. They primarily relate to recharges for trading expenses paid on behalf of Golar Partners, including ship management and administrative service fees due to us. g) Distributions from Golar Partners - During the six months ended June 30, 2018 and June 30, 2017, we received total distributions from Golar Partners of $26.2 million and $25.7 million , respectively in respect of the common units and general partner units owned by us. b) Transactions with Golar Power and affiliates: Net revenues: The transactions with Golar Power and its affiliates for the six months ended June 30, 2018 and 2017 consisted of the following: Six Months Ended (in thousands of $) 2018 2017 Management and administrative services revenue 2,457 1,819 Ship management fees income 700 278 Debt guarantee compensation (a) 361 402 Other (247 ) — Total 3,271 2,499 Payables: The balances with Golar Power and its affiliates as of June 30, 2018 and December 31, 2017 consisted of the following: (in thousands of $) June 30, 2018 December 31, 2017 Trading balances due to Golar Power and affiliates (b) (6,803 ) (935 ) Total (6,803 ) (935 ) a) Debt guarantee compensation - In connection with the closing of the formation of the joint venture Golar Power with Stonepeak, Golar Power entered into agreements to compensate Golar in relation to certain debt guarantees relating to Golar Power and its subsidiaries. This compensation amounted to an aggregate of $0.4 million and $0.4 million income for the six months ended June 30, 2018 and 2017 , respectively. b) Trading balances - Receivables and payables with Golar Power and its subsidiaries are comprised primarily of unpaid management fees, charterhire expenses, advisory and administrative services and may include working capital adjustments in connection with the initial formation of the joint venture and transaction with Stonepeak. In addition, certain receivables and payables arise when we pay an invoice on behalf of a related party and vice versa. Receivables and payables are generally settled quarterly in arrears. Trading balances owing to or due from Golar Power and its subsidiaries are unsecured, interest-free and intended to be settled in the ordinary course of business. They primarily relate to recharges for trading expenses paid on behalf of Golar Power, including ship management and administrative service fees due to us. c) Transactions with OneLNG and subsidiaries: Net revenues: The transactions with OneLNG and its subsidiaries for the six months ended June 30, 2018 and 2017 consisted of the following: Six Months Ended (in thousands of $) 2018 2017 Management and administrative services revenue 1,399 2,708 Total 1,399 2,708 Receivables: The balances with OneLNG and its subsidiaries as of June 30, 2018 and December 31, 2017 consisted of the following: (in thousands of $) June 30, 2018 December 31, 2017 Trading balances due from OneLNG (a) 10,912 7,898 Total 10,912 7,898 a) Trading balances - Receivables and payables with One LNG and its subsidiaries are comprised primarily of unpaid management fees, charterhire expenses, advisory and administrative services. In addition, certain receivables and payables arise when we pay an invoice on behalf of a related party and vice versa. Receivables and payables are generally settled quarterly in arrears. Trading balances owing to or due from OneLNG are unsecured, interest-free and intended to be settled in the ordinary course of business. Subsequent to the decision to dissolve OneLNG, we have written off $10.0 million of the trading balance with OneLNG as we deem it to be no longer recoverable. The trade receivables of $10.9 million is net of this provision. d) Transactions with the Cool Pool: The table below summarizes our earnings generated from our participation in the Cool Pool: Six Months Ended (in thousands of $) 2018 2017 Time and voyage charter revenues 64,605 27,705 Time charter revenues - collaborative arrangement 19,353 11,739 Voyage, charterhire and commission expenses (8,600 ) (82 ) Voyage, charterhire and commission expenses - collaborative arrangement (30,897 ) (12,772 ) Net income from the Cool Pool 44,461 26,590 Receivables from other related parties: (in thousands of $) June 30, 2018 December 31, 2017 Cool Pool (a) 10,514 14,004 10,514 14,004 a) Trade accounts receivable includes amounts due from the Cool Pool arising from our collaborative arrangement, amounting to $10.5 million as of June 30, 2018 (December 31, 2017: $14.0 million ). From our participation in the Cool Pool, we recognized net income of $44.5 million and $26.6 million for the six months ended June 30, 2018 and 2017 , respectively. |
Other Commitments and Contingen
Other Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other Commitments and Contingencies | OTHER COMMITMENTS AND CONTINGENCIES Assets pledged (in thousands of $) June 30, 2018 December 31, 2017 Book value of vessels secured against long-term loans 3,299,901 2,032,747 As at June 30, 2018 , 21,226,586 Golar Partners common units were pledged as security for the obligations under the Margin Loan Facility. See note 13. UK tax lease benefits As described under note 31 in our audited consolidated financial statements filed with our Annual Report on Form 20-F for the year ended December 31, 2017 , during 2003 we entered into six UK tax leases. Under the terms of the leasing arrangements, the benefits are derived primarily from the tax depreciation assumed to be available to the lessors as a result of their investment in the vessels. As is typical in these leasing arrangements, as the lessee we are obligated to maintain the lessor’s after-tax margin. Accordingly, in the event of any adverse tax changes or a successful challenge by the UK Tax Authorities (''HMRC'') with regard to the initial tax basis of the transactions, or in relation to the 2010 lease restructurings, or in the event of an early termination of the Methane Princess lease, we may be required to make additional payments principally to the UK vessel lessor, which could adversely affect our earnings or financial position. We would be required to return all, or a portion of, or in certain circumstances significantly more than, the upfront cash benefits that we received in respect of our lease financing transactions, including the 2010 restructurings and subsequent termination transactions. The gross cash benefit we received upfront on these leases amounted to approximately £41 million British Pounds (before deduction of fees). Of these six leases we have since terminated five , with one lease remaining, being that of the Methane Princess lease. Pursuant to the deconsolidation of Golar Partners in 2012, Golar Partners is no longer considered a controlled entity but an affiliate and therefore as at June 30, 2018 , the capital lease obligation relating to this remaining UK tax lease is not included on our consolidated balance sheet. However, under the indemnity provisions of the Omnibus Agreement or the respective share purchase agreements, we have agreed to indemnify Golar Partners in the event of any tax liabilities in excess of scheduled or final scheduled amounts arising from the Methane Princess leasing arrangements and termination thereof. HMRC has been challenging the use of similar lease structures and has been engaged in litigation of a test case for some years. In August 2015, following an appeal to the Court of Appeal by the HMRC which set aside previous judgments in favor of the tax payer, the First Tier Tribunal (UK court) ruled in favor of HMRC. The tax payer in this particular ruling has the election to appeal the courts’ decision, but no appeal has been filed. The judgments of the First Tier Tribunal do not create binding precedent for other UK court decisions and therefore the ruling in favor of HMRC is not binding in the context of our structures. Further, we consider there are differences in the fact pattern and structure between this case and our 2003 leasing arrangements and therefore is not necessarily indicative of any outcome should HMRC challenge us and we remain confident that our fact pattern is sufficiently different to succeed if we are challenged by HMRC. HMRC have written to our lessor to indicate that they believe our lease may be similar to the case noted above. We have reviewed the details of the case and the basis of the judgment with our legal and tax advisers to ascertain what impact, if any, the judgment may have on us and the possible range of exposure has been estimated at approximately £ nil to £112 million British Pounds. We are currently in conversation with HMRC on this matter, presenting the factual background of our position. Legal proceedings and claims We may, from time to time, be involved in legal proceedings and claims that arise in the ordinary course of business. A provision will be recognized in the financial statements only where we believe that a liability will be probable and for which the amounts are reasonably estimable, based upon the facts known prior to the issuance of the financial statements. Other In December 2005, we signed a shareholders' agreement in connection with the setting up of a jointly owned company to be named Egyptian Company for Gas Services S.A.E ("ECGS"), which was to be established to develop hydrocarbon business and in particular LNG related business in Egypt. As at June 30, 2018 , we had a commitment to pay $1.0 million to a third party, contingent upon the conclusion of a material commercial business transaction by ECGS as consideration for work performed in connection with the setting up and incorporation of ECGS. We are party to a shareholders’ agreement with a consortium of investors to fund the development of pipeline infrastructure and a FSRU which are intended to supply two power plants in the Ivory Coast. The project is currently in the initial design phase, with final investment decision ("FID") currently expected to be taken in the second half of 2018. Negotiations are underway with third party lenders for the financing of construction costs in the event a positive investment decision is made. During the initial phase of the project, our remaining contractual commitments for this project are estimated to be in the region of €0.5 million . In the event a positive FID is taken on the project, this could increase up to approximately €15 million . This figure is dependent upon a variety of factors such as whether third party financing is obtained for a portion of the construction costs. The timing of this range of payments is dependent on whether and when FID is made, progress of negotiations with lenders for non-investor financing, and the progress of eventual construction work. The nature of payments to the project could be made in a combination of capital contributions or interest-bearing shareholder loans. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS Dividends On August 23, 2018, we declared a dividend of $0.125 per share in respect of the quarter ended June 30, 2018 to holders of record on September 6, 2018, which will be paid on or about October 3, 2018. Hilli disposal to Golar Partners The drop down of 50% of the common units in Hilli LLC to Golar Partners under the terms of the Hilli Sale Agreement was concluded on July 12, 2018. Margin loan During July 2018, amendments to the existing margin loan facility, secured by units in Golar Partners, were completed. Although most of the existing terms remain substantially unchanged, the facility will no longer amortize. Previously the dividend cash received from the pledged Partnership shares was first used to service the interest on the loan, any excess cash was then used to prepay a portion of the principal. Under the modified agreement, any excess cash after servicing the interest will be returned to Golar. Subject to the satisfaction of certain covenants, no further principal repayments will be required ahead of loan maturity in March 2020. Hilli LLC Limited Liability Company Agreement In connection with the closing of the Hilli Disposal, Golar Partners has agreed to provide a several guarantee of 50% of the indebtedness of Hilli Corp under the Hilli Facility. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of accounting | Basis of accounting The condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States. The condensed consolidated financial statements do not include all of the disclosures required in the annual consolidated financial statements, and should be read in conjunction with our annual financial statements for the year ended December 31, 2017 . |
Use of estimates | Use of estimates The preparation of financial statements in accordance with United States Generally Accepted Accounting Principles ("US GAAP") requires that management make estimates and assumptions affecting the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. As of June 30, 2018 , we leased eight vessels under finance leases from wholly-owned special purpose vehicles (“Lessor SPVs”) of financial institutions in connection with our sale and leaseback transactions. While we do not hold any equity investments in these Lessor SPVs, we have determined that we are the primary beneficiary of these entities and, accordingly, we are required to consolidate these VIEs into our financial results. The key line items impacted by our consolidation of these VIEs are short-term and long-term debt, restricted cash and short-term deposits, non-controlling interests, interest income and interest expense. In consolidating these lessor VIEs, on a quarterly basis, we must make assumptions regarding (i) the debt amortization profile; (ii) the interest rate to be applied against the VIEs’ debt principal; and (iii) the VIE's application of cash receipts. Our estimates are therefore dependent upon the timeliness of receipt and accuracy of financial information provided by these lessor VIE entities. Upon receipt of the audited annual financial statements of the lessor VIEs, we will make a true-up adjustment for any material differences. In relation to the FLNG derivative (see note 1), the fair value was determined using the estimated discounted cash flows of the additional payments due to us as a result of oil prices moving above a contractual oil price floor over the term of the LTA. Significant inputs used in the valuation of the FLNG derivative include management’s estimate of an appropriate discount rate and the length of time to blend the long-term and the short-term oil prices obtained from quoted prices in active markets. The changes in fair value of our FLNG derivative is recognized in each period in current earnings in "Realized and unrealized gain on FLNG derivative instrument". The realized and unrealized gain on FLNG derivative instrument is as follows: (in thousands of $) Six months ended June 30, 2018 2017 Realized gain on FLNG derivative instrument 3,586 — Unrealized gain on FLNG derivative instrument 108,300 — 111,886 — For further information on the nature of this derivative, refer to note 15. The unrealized gain results from movement in oil prices above a contractual floor price over term of the LTA; the realized gain results from monthly billings above the base tolling fee under the LTA. |
Adoption of new accounting standards, Accounting pronouncements to be adopted | Significant accounting policies The accounting policies adopted in the preparation of the condensed consolidated financial statements for the six months ended June 30, 2018 are consistent with those followed in the preparation of our audited consolidated financial statements for the year ended December 31, 2017 , except for the following significant changes to our accounting policy "Revenue and related expense recognition" as a result of adopting the requirements of ASU 2014-09 "Revenue from Contracts with Customers (Topic 606)" (hereafter, ASC 606), for further changes, see note 3, and as a result of a change in presentation of expenses in the statements of income in quarter ended June 30, 2018 . Revenue and related expense recognition Time charter agreements Revenues include minimum lease payments under time charters and gross pool revenues. Revenues generated from time charters, which we classify as operating leases, are recorded over the term of the charter as service is provided. However, we do not recognize revenue if a charter has not been contractually committed to by a customer and ourselves, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. Repositioning fees (included in time and voyage charter revenues) received in respect of time charters are recognized at the end of the charter when the fee becomes fixed and determinable. However, where there is a fixed amount specified in the charter, which is not dependent upon redelivery location, the fee will be recognized evenly over the term of the charter. Under time charters, voyage expenses are generally paid by our customers. Voyage related expenses, principally fuel, may also be incurred when positioning or repositioning the vessel before or after the period of time charter and during periods when the vessel is not under charter or is offhire, for example when the vessel is undergoing repairs. These expenses are recognized as incurred. Vessel operating expenses, which are recognized when incurred, include crewing, repairs and maintenance, insurance, stores, lube oils, communication expenses and third party management fees. Bunkers consumption represents mainly bunkers consumed during unemployment and off-hire. Liquefaction services revenue Liquefaction services revenue is generated from a LTA entered into with our customer. Our provision of liquefaction services capacity includes the receipt of the customer’s gas, treatment and temporary storage on board our FLNG, and delivery of LNG to waiting carriers. The liquefaction services capacity provided to our customer is considered a single performance obligation recognized evenly over time as our services are rendered. We consider our services a series of distinct services that are substantially the same and have the same pattern of transfer to our customer. Contractual payment terms for liquefaction services is monthly in arrears, after services have been provided, generally resulting in the recognition of contract assets. Contract assets are regularly assessed for impairment. Contract liabilities arise when the customer makes payments in advance of receiving services. The term between when invoicing and when payment is due is not significant. We recognize revenue when obligations under the terms of our contract are satisfied. We have applied the practical expedient to recognize liquefaction services revenue in proportion to the amount we have the right to invoice. Management fees Management fees are generated from commercial and technical vessel-related services and corporate and administrative services. Commercial and technical vessel-related services include vessel maintenance, providing vessel crew, making arrangements for vessel insurance, bunkering, provisions and stores, invoicing and collecting vessel hire. Corporate and administrative services include corporate services, group accounting, treasury, legal, tax, consultancy and other administrative services. These services are provided to our customers Golar Partners, Golar Power and OneLNG. Our contracts generally have an initial contract term of one year or less, after which the arrangement continues with a short notice period to end the contract, ranging from 30 days to 180 days. Our management services provided are considered a single performance obligation recognized evenly over time as our services are rendered. We consider our services a series of distinct services that are substantially the same and have the same pattern of transfer to the customer. Contractual payment terms for management fees generally allow for billing and payment in advance of services being provided. However, contract liabilities did not arise because there was no billing in recognition for services rendered in future periods at the reporting date. Contract assets arise when we render management services in advance of receiving payment from our customers. Contract assets are regularly assessed for impairment. The transaction price is generally considered variable consideration given the key driver of consideration is actual costs incurred in a given period, which varies each period according to activity levels. The entire amount of the transaction price is allocated to the single performance obligation identified. We recognize revenue when obligations under the terms of our contracts with our customers are satisfied. We have applied the practical expedient to recognize management fee revenue in proportion to the amount we have the right to invoice. Cool Pool Pool revenues and expenses under the Cool Pool arrangement have been accounted for in accordance with the guidance for collaborative arrangements. In relation to our vessels participating within the pool, voyage expenses and commissions from collaborative arrangements include an allocation of our net results from the pool to the other participants. Each participants' share of the net pool revenues is based on the number of pool points attributable to its vessels and the number of days such vessels participated in the pool. We have presented our share of the net income earned under the Cool Pool arrangement across a number of line items in the income statement. For net revenues and expenses incurred relating specifically to Golar’s vessels, and for which we are deemed the principal, these will be presented gross on the face of the income statement in the line items "Time and voyage charter revenues" and "Voyage, charterhire and commission expenses". For pool net revenues generated by the other participants in the pooling arrangement, these will be presented separately in revenue and expenses from collaborative arrangements. Refer to note 16 for an analysis of the income statement effect for the pooling arrangement. Project development expenses With effect from the quarter ended June 30, 2018 , we presented a new line item in operating expenses on the face of the statements of income. The new line item, "Project development expenses", includes the costs associated with pursuing future contracts and developing our pipeline of activities that have not met our internal threshold for capitalization. Previously, these costs were presented within "Administrative expenses" along with our general overhead costs. We believe that the introduction of this new line item in the statements of income provides users of our financial statements greater transparency over a key element of our business. This presentation change has been retrospectively restated in prior periods. Adoption of new accounting standards In May 2014, the FASB issued ASC 606 and subsequent amendments. The standard provides a single, comprehensive revenue recognition model and requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. We adopted this guidance on January 1, 2018, under a modified retrospective approach - see note 5 for further details. The adoption of this guidance impacts presentation and disclosure of our management fee revenue only, there is no impact to recognition or measurement. In January 2016, the FASB issued ASU 2016-01 Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities , which made targeted improvements to the recognition, measurement, presentation and disclosure of financial instruments. We adopted the amendments to this ASU on January 1, 2018 under a modified retrospective approach except for equity securities without a determinable fair value, for which a prospective approach is prescribed. The adoption of this ASU did not have a material impact on the consolidated financial statements. In August 2016, the FASB issued ASU 2016-15 Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which provides guidance on the disclosure and classification of certain items within the statements of cash flows. We adopted this ASU on January 1, 2018 under a retrospective approach, resulting in presentational changes to our consolidated statements of cash flows. In November 2016, the FASB issued ASU 2016-18 Statement of Cash Flows (Topic 230): Restricted Cash , which requires that restricted cash be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts presented on the statements of cash flows. We adopted this ASU on January 1, 2018 under a retrospective approach, resulting in presentational changes to our consolidated statements of cash flows and related disclosures. The adoption changed how restricted cash is reported in the consolidated statements of cash flows as follows for the six months ended June 30, 2017: Six months ended June 30, 2017 (in thousands of $) Cash flow line item As previously reported Adjustments decrease As adjusted OPERATING ACTIVITIES Restricted cash and short-term deposits (406 ) 406 — INVESTING ACTIVITIES Restricted cash and short-term deposits (6,544 ) 6,544 — FINANCING ACTIVITIES Restricted cash and short-term deposits (15,393 ) 15,393 — As a result of the above changes, the following subtotals as retrospectively restated are as follows: Net increase in cash, cash equivalents and restricted cash 119,036 22,343 141,379 Cash, cash equivalents and restricted cash at beginning of period 224,190 416,028 640,218 Cash, cash equivalents and restricted cash at end of period 343,226 438,371 781,597 In January 2017, the FASB issued ASU 2017-01 Business Combinations (Topic 805): Clarifying the Definition of a Business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. We adopted this ASU prospectively from January 1, 2018. As a result, this increases the likelihood that future vessel dropdowns may be considered the sale of an asset rather than a business. However, this will be dependent upon the facts and circumstances of each prospective transaction. There was no material impact on the adoption of this ASU on our consolidated financial statements and related disclosures. In February 2017, the FASB issued ASU 2017-05 Other Income - Gains and Losses from the Derecognition of Non-Financial Assets . This ASU clarifies the scope of guidance applicable to sales of non-financial assets and also provides guidance on partial sales of such assets. We adopted this ASU prospectively from January 1, 2018. We expect any gain or loss on sale from future dropdowns, accounted for as a disposal, will be recognized in full on the disposal date, however this will be dependent on the facts and circumstances of each prospective transaction. There was no material impact to our consolidated financial statements and related disclosures on adoption of this standard. Accounting pronouncements that have been issued but not adopted In February 2016, the FASB issued ASU 2016-02 Leases (Topic 842) and subsequent amendments. This standard requires a lessee to recognize right-of-use assets and lease liabilities on its balance sheet for all leases with terms longer than 12 months and introduces additional disclosure requirements. Lessors are required to classify leases as sales-type, finance or operating, with classification affecting the pattern of income recognition and provides guidance for sale and leaseback transactions. Classification for both lessees and lessors will be based on an assessment of whether risks and rewards as well as substantive control have been transferred through a lease contract. The standard will become effective on a modified retrospective basis for us on January 1, 2019. We are evaluating the impact of this standard on our consolidated financial statements and related disclosures. Due to the transition provisions for lessors, we expect the most significant impact of the adoption of this standard will be the recognition of lease assets and lease liabilities on our balance sheet for those leases where we are a lessee that are currently classified as operating leases. In June 2016, the FASB issued ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments which requires recognition and measurement of expected credit losses for financial assets and off balance sheet credit exposures. The guidance is effective on a modified retrospective basis for us on January 1, 2020 with early adoption permitted. We are evaluating the impact of this standard on our consolidated financial statements and related disclosures. In July 2018, the FASB issued ASU 2018-09 Codification improvements . The amendments in this ASU cover a wide range of topics covering primarily minor corrections, clarifications and codification improvements. We are evaluating the impact of these amendments on our consolidated financial statements and related disclosures. |
Accounting Policies (Tables)
Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The change in presentation for the six months ended June 30, 2018 is as follows: Six months ended June 30, 2017 (in thousands of $) As previously reported Adjustments decrease As adjusted Administrative expenses 22,546 (4,277 ) 18,269 The adoption changed how restricted cash is reported in the consolidated statements of cash flows as follows for the six months ended June 30, 2017: Six months ended June 30, 2017 (in thousands of $) Cash flow line item As previously reported Adjustments decrease As adjusted OPERATING ACTIVITIES Restricted cash and short-term deposits (406 ) 406 — INVESTING ACTIVITIES Restricted cash and short-term deposits (6,544 ) 6,544 — FINANCING ACTIVITIES Restricted cash and short-term deposits (15,393 ) 15,393 — As a result of the above changes, the following subtotals as retrospectively restated are as follows: Net increase in cash, cash equivalents and restricted cash 119,036 22,343 141,379 Cash, cash equivalents and restricted cash at beginning of period 224,190 416,028 640,218 Cash, cash equivalents and restricted cash at end of period 343,226 438,371 781,597 |
Schedule of Price Risk Derivatives | The realized and unrealized gain on FLNG derivative instrument is as follows: (in thousands of $) Six months ended June 30, 2018 2017 Realized gain on FLNG derivative instrument 3,586 — Unrealized gain on FLNG derivative instrument 108,300 — 111,886 — |
Recently Issued Accounting St27
Recently Issued Accounting Standards Recently Issued Accounting Standards (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The change in presentation for the six months ended June 30, 2018 is as follows: Six months ended June 30, 2017 (in thousands of $) As previously reported Adjustments decrease As adjusted Administrative expenses 22,546 (4,277 ) 18,269 The adoption changed how restricted cash is reported in the consolidated statements of cash flows as follows for the six months ended June 30, 2017: Six months ended June 30, 2017 (in thousands of $) Cash flow line item As previously reported Adjustments decrease As adjusted OPERATING ACTIVITIES Restricted cash and short-term deposits (406 ) 406 — INVESTING ACTIVITIES Restricted cash and short-term deposits (6,544 ) 6,544 — FINANCING ACTIVITIES Restricted cash and short-term deposits (15,393 ) 15,393 — As a result of the above changes, the following subtotals as retrospectively restated are as follows: Net increase in cash, cash equivalents and restricted cash 119,036 22,343 141,379 Cash, cash equivalents and restricted cash at beginning of period 224,190 416,028 640,218 Cash, cash equivalents and restricted cash at end of period 343,226 438,371 781,597 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | June 30, 2018 June 30, 2017 (3) (in thousands of $) Vessel operations FLNG Power Other (1) Total Vessel operations FLNG Power Other (1) Total Statement of Operations: Total operating revenues 106,987 18,577 — — 125,564 53,518 — — — 53,518 Depreciation and amortization (32,775 ) (4,091 ) — — (36,866 ) (42,552 ) — — — (42,552 ) Other operating expenses (103,058 ) (12,172 ) — — (115,230 ) (76,100 ) (226 ) — — (76,326 ) Other operating gains and losses 10,000 101,366 — — 111,366 — — — — — Operating (loss) income (18,846 ) 103,680 — — 84,834 (65,134 ) (226 ) — — (65,360 ) Inter segment operating (loss) income (2) 205 — — (205 ) — 199 — — (199 ) — Segment operating (loss) income (18,641 ) 103,680 — (205 ) 84,834 (64,935 ) (226 ) — (199 ) (65,360 ) Equity in net earnings (losses) of affiliates 8,693 (2,047 ) (12,861 ) — (6,215 ) (2,606 ) (3,126 ) (7,461 ) — (13,193 ) Balance Sheet: June 30, 2018 December 31, 2017 (in thousands of $) Vessel operations FLNG Power Other (1) Total Vessel operations FLNG Power Other (1) Total Total assets 2,882,837 2,056,768 258,690 (5,321 ) 5,192,974 3,025,244 1,515,463 228,696 (5,116 ) 4,764,287 Investment in affiliates 449,974 — 258,690 — 708,664 472,482 2,047 228,696 — 703,225 (1) Eliminations required for consolidation purposes. (2) Inter segment operating (loss) income relates to management fee revenues between the segments. (3) We no longer consider LNG trading a separate reportable segment. Given the previously reported segment information was immaterial for all periods presented, we have included these amounts within the vessel operations segment. |
Schedules of Concentration of Risk, by Risk Factor | For the six months ended June 30, 2018 and 2017 , revenues from the following customers accounted for over 10% of our total operating revenues, excluding vessel and other management fees: Six months ended June 30, (in thousands of $) 2018 2017 Cool Pool (note 16) 83,959 74 % 39,444 90 % Perenco and SNH 18,577 16 % — — % An energy and logistics company 4,579 4 % 4,579 10 % |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Change in Contract with Customer, Asset and Liability | Changes in our contract balances during the period are as follows: (in thousands of $) Contract assets (1) Contract liabilities (2) Opening balance on January 1, 2018 17,245 — Payments received for services billed (9,989 ) — Services provided and billed in current period 31,535 33,763 Payments received for services billed in current period (13,631 ) — Impairment (1,006 ) — Deferred commissioning period billing — (357 ) Closing balance on June 30, 2018 24,154 33,406 (1) Relates to management fee revenue and liquefaction services revenue, see a) and b) below. (2) Relates to liquefaction services revenue, see b) below. |
Disaggregation of Revenue | Liquefaction services revenue recognized comprises the following amounts: Six months ended June 30, (in thousands of $) 2018 2017 Base tolling fee (1) 17,427 — Amortization of deferred commissioning period billing (2) 357 — Amortization of Day 1 gain (3) 841 — Other (50 ) — Total 18,577 — (1) The LTA bills at a base rate in periods when the oil price is $60 or less per barrel (included in the balance sheets in line-items "Other current assets" and "Other non-current assets"), and at an increased rate when the oil price is greater than $60 per barrel (recognized as a derivative and included in the statements of income line-item "Realized and unrealized gain on FLNG derivative instrument", excluded from revenue and from the transaction price). (2) Customer billing during the commissioning period prior up to vessel acceptance and commencement of the contract term of $33.8 million is considered an upfront payment for services. These amounts billed are deferred (included in the balance sheet line-items "Other current liabilities" and "Other non-current liabilities") and recognized as liquefaction services revenue evenly over the contract term. (3) The Day 1 gain was established when the FLNG derivative asset was initially recognized in December 2017 for $79.6 million (recognized in balance sheet line-item "Other current liabilities" and "Other non-current liabilities"). This amount is amortized and recognized as liquefaction services revenue evenly over the contract term. |
(Losses) Earnings Per Share (Ta
(Losses) Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of (Losses) Earnings Per Share | The components of the numerator for the calculation of basic and diluted EPS are as follows: (in thousands of $) Six months ended June 30, 2018 2017 Net income (loss) attributable to Golar LNG Ltd stockholders - basic and diluted 15,317 (139,651 ) The components of the denominator for the calculation of basic and diluted EPS are as follows: (in thousands) Six months ended June 30, 2018 2017 Basic: Weighted average number of common shares outstanding 100,628 100,581 Dilutive: Dilutive impact of share options 100 — Weighted average number of common shares outstanding 100,728 100,581 Earnings (loss) per share are as follows: Six months ended June 30, 2018 2017 Basic $ 0.15 $ (1.39 ) Diluted $ 0.15 $ (1.39 ) |
Other Financial Items (Tables)
Other Financial Items (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Financial Items | Other financial items, net comprise of the following: (in thousands of $) Six months ended June 30, 2018 2017 Mark-to-market adjustment for interest rate swap derivatives 7,713 (603 ) Unrealized mark-to-market losses on Earn-Out Units (4,500 ) (500 ) Mark-to-market adjustment for equity derivatives (4,374 ) (4,323 ) Interest income/(expense) on undesignated interest rate swaps 2,596 (2,706 ) Foreign exchange loss on operations (618 ) (944 ) Amortization of debt guarantee 361 846 Financing arrangement fees and other costs (53 ) (239 ) Others (531 ) 541 594 (7,928 ) |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Sale Leaseback Transactions | A summary of this sale and lease back arrangement, including repurchase options and obligations as of June 30, 2018 is provided below: Vessel Effective from Sales value (in $ millions) First repurchase option (in $ millions) Date of first repurchase option Repurchase obligation at end of lease term (in $ millions) End of lease term Hilli June 2018 1,200.0 633.2 June 2023 300.0 June 2028 |
Summary of Bareboat Charters | A summary of our payment obligations (excluding repurchase options and obligations) under the bareboat charters with the lessor VIEs as of June 30, 2018 , are shown below: (in thousands of $) 2018 (1) 2019 2020 2021 2022 2023+ Golar Glacier 8,620 17,100 17,147 17,100 17,100 29,984 Golar Kelvin 8,620 17,100 17,147 17,100 17,100 32,795 Golar Snow 8,620 17,100 17,147 17,100 17,100 32,795 Golar Ice 8,620 17,100 17,147 17,100 17,100 35,700 Golar Tundra (2)(3) 11,445 21,910 20,833 19,739 18,695 47,532 Golar Seal (3) 7,513 15,193 15,151 15,151 15,151 45,495 Golar Crystal (2) 6,083 11,934 11,726 11,477 11,271 45,529 Hilli (2) 64,568 126,118 121,036 116,143 111,279 505,666 (1) For the six months ending December 31, 2018. (2) The payment obligations relating to the Golar Tundra , Golar Crystal and Hilli above includes variable rental payments due under the lease based on an assumed LIBOR plus margin. (3) The payment obligations relating to the Golar Tundra and Golar Seal above have been prepared on the assumption that we are able to secure a replacement charter for these two vessels, to ensure continuation of these financing arrangements. Refer to note 1 for further details. |
Schedule of Assets and Liabilities of Lessor VIEs | The assets and liabilities of these lessor VIEs that most significantly impact our consolidated balance sheet as of June 30, 2018 and December 31, 2017 , are as follows: (in thousands of $) Golar Glacier Golar Kelvin Golar Snow Golar Ice Golar Tundra Golar Seal Golar Crystal Hilli June 30, 2018 December 31, 2017 Assets Total Total Restricted cash and short-term deposits 18,844 62,319 18,548 8 25,000 22,141 2,372 36,441 185,673 130,063 Liabilities Debt: Current portion of long-term debt and short-term debt (1) 39,314 182,540 30,398 126,508 155,318 143,849 10,075 148,880 836,882 833,664 Long-term interest bearing debt - non-current portion (1) 117,841 — 127,189 — — — 89,246 779,400 1,113,676 252,691 157,155 182,540 157,587 126,508 155,318 143,849 99,321 928,280 1,950,558 1,086,355 (1) Where applicable, these balances are net of deferred finance charges. |
Restricted cash and short ter33
Restricted cash and short term deposits (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Restrictions on Cash and Cash Equivalents | Our restricted cash and short-term deposits balances are as follows: (in thousands of $) June 30, 2018 December 31, 2017 Restricted cash relating to the total return equity swap 62,547 58,351 Restricted cash in relation to the Hilli (1) 175,206 174,737 Restricted cash and short-term deposits held by lessor VIEs 185,673 130,063 Restricted cash relating to the $1.125 billion debt facility 27,384 33,752 Restricted cash relating to office lease 823 813 Bank guarantee 685 99 Total restricted cash and short-term deposits 452,318 397,815 Less: Amounts included in current restricted cash and short-term deposits (276,289 ) (222,265 ) Long-term restricted cash 176,029 175,550 (1) In November 2015, in connection with the issuance of a letter of credit by a financial institution to our project partner involved in the Hilli FLNG project, we were required to provide cash collateral to support the performance guarantee. |
Schedule of Cash Flow, Supplemental Disclosures | The following table identifies the balance sheet line-items included in cash, cash equivalents and restricted cash presented in the consolidated statements of cash flows: (in thousands of $) June 30, 2018 December 31, 2017 June 30, 2017 December 31, 2016 Cash and cash equivalents 375,067 214,862 343,226 224,190 Restricted cash and short-term deposits (current portion) 276,289 222,265 205,227 183,693 Restricted cash (non-current portion) 176,029 175,550 233,144 232,335 827,385 612,677 781,597 640,218 |
Asset Under Development (Tables
Asset Under Development (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Extractive Industries [Abstract] | |
Schedule for Assets Under Development | (in thousands of $) December 31, 2017 Purchase price installments 962,709 Interest costs capitalized 116,416 Other costs capitalized 98,364 1,177,489 |
Equity in Net (Losses) Earnings
Equity in Net (Losses) Earnings of Affiliates (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Equity Method Investments | Six Months Ended June 30, (in thousands of $) 2018 2017 Share of net earnings (losses) in Golar Partners (1) 8,630 (2,906 ) Share of net loss in Golar Power (12,861 ) (7,461 ) Share of net loss in OneLNG (2,047 ) (3,126 ) Share of net earnings in Egyptian Company for Gas Services ("ECGS") 63 300 (6,215 ) (13,193 ) (1) For the six months ended June 30, 2017 , our share of net earnings (losses) in Golar Partners includes a non-cash loss on deemed disposal of $17.0 million , being the dilutive impact on our ownership interest due to further issuances of common units by Golar Partners in February 2017. The carrying amounts of our investments in our equity method investments as at June 30, 2018 and December 31, 2017 are as follows: (in thousands of $) June 30, 2018 December 31, 2017 Golar Partners 444,525 467,097 Golar Power 258,690 228,696 OneLNG (1) — 2,047 ECGS 5,449 5,385 Equity in net assets of affiliates 708,664 703,225 (1) The delays in finalizing a debt financing package for the Fortuna FLNG project, together with other capital and resource priorities, has resulted in a decision from Schlumberger to end their participation in the project. Golar and Schlumberger, as a result of this, plan to wind down OneLNG and work on FLNG projects as required on a case-by-case basis. As a result, we have written down our investment in OneLNG to $ nil at June 30, 2018 . |
Other Non-Current Assets (Table
Other Non-Current Assets (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Components of Other Non-current Assets | Other non-current assets comprise of the following: (in thousands of $) June 30, 2018 December 31, 2017 FLNG derivative (1) 203,000 94,700 Other non-current assets (2) 24,793 37,891 Mark-to-market interest rate swaps valuation 16,336 10,166 Investment in OLT Offshore LNG Toscana S.p.A (3) 7,347 7,347 Derivatives - other (4) — 7,400 251,476 157,504 (1) "FLNG derivative" refers to a derivative embedded in the Hilli LTA. See note 1 for further details. (2) "Other non-current assets" is mainly comprised of payments made relating to long lead items ordered in preparation for the conversion of the Gimi and the Gandria into FLNG vessels. As of June 30, 2018 and December 31, 2017 , the aggregate carrying value was $15.0 million and $31.0 million , respectively. The Gimi and the Gandria conversion contracts provide the flexibility wherein certain beneficial cancellation provisions exist which, if exercised prior to contract expiry, will allow termination of contracts and recovery of previous milestone payments, less cancellation fees. The Gimi contract will expire on December 30, 2018 and the Gandria contract will expire on December 31, 2018. (3) "Investment in OLT Offshore LNG Toscana S.p.A" ("OLT-O") refers to our investment in an Italian incorporated unlisted company which is involved in the construction, development, operation and maintenance of a FSRU terminal to be situated off the Livorno coast of Italy. In prior years, this investment was classified as a cost method investment. Following the adoption of ASU 2016-01, we have applied the measurement alternative for measuring equity investments without readily determinable fair values. As of June 30, 2018 and December 31, 2017 , our investment in OLT-O was $7.3 million , representing a 2.7% interest in OLT-O’s issued share capital. (4) "Derivatives - other" refers to the Earn-Out Units issuable to us in connection with the IDR Reset transaction with Golar Partners in October 2016. |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Components of Debt | As of June 30, 2018 and December 31, 2017 , our debt was as follows: (in thousands of $) June 30, 2018 December 31, 2017 Golar Arctic facility 61,950 65,600 Golar Viking facility 49,479 52,083 2017 convertible bonds 346,698 340,173 Margin loan (1) 98,252 119,125 FLNG Hilli facility (2) — 525,000 Hilli shareholder loans 49,066 49,066 $1.125 billion facility 184,590 195,449 ICBCL VIE loans (3) 625,665 641,936 CCBFL VIE loan (3) 143,849 143,849 CMBL VIE loan (3) 155,317 198,613 COSCO Shipping VIE loan (3)(4) 100,022 104,006 CSSC VIE loan (2)(3) 928,280 — Total debt 2,743,168 2,434,900 Less: Deferred finance charges, net (18,483 ) (24,053 ) Total debt, net of deferred financing costs 2,724,685 2,410,847 (1) During July 2018, amendments to the existing margin loan facility, secured by units in Golar Partners, were completed. Although most of the existing terms remain substantially unchanged, the facility will no longer amortize. Subject to the satisfaction of certain covenants, no further principal repayments will be required ahead of maturity in March 2020. (2) In June 2018, we repaid $640.0 million on the pre-delivery credit facility and drew down $960.0 million on the post-acceptance sale and leaseback financing in relation to the FLNG Hilli facility. The sale and leaseback arrangement is provided by a related party of CSSC. (3) See note 8. (4) In April 2018, the SPV, Oriental Fleet LNG 01 Limited, which owns the Golar Crystal , entered into a long-term loan facility for $101.0 million . The loan facility is provided by a related party of COSCO Shipping. The loan facility is denominated in USD, is a 10 year loan, limited to the term of the bareboat charter, bears interest at LIBOR plus a margin and is repayable in monthly installments with a balloon payment on maturity. At June 30, 2018 , our debt can be broken down as follows: Golar debt VIE debt (1) Total debt (in thousands of $) Current portion of long-term debt and short-term debt 31,843 836,882 868,725 Long-term debt 742,284 1,113,676 1,855,960 Total 774,127 1,950,558 2,724,685 (1) These amounts relate to certain lessor entities (for which legal ownership resides with financial institutions) that we are required to consolidate under U.S. GAAP into our financial statements as variable interest entities (see note 8). |
Accumulated Other Comprehensi38
Accumulated Other Comprehensive (Loss) Income (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive (Loss) Income | The components of accumulated other comprehensive loss consisted of the following: (in thousands of $) Pension and post-retirement benefit plan adjustments Share of affiliates' comprehensive income Total accumulated comprehensive loss Balance at December 31, 2016 (12,956 ) 3,414 (9,542 ) Other comprehensive income — 1,632 1,632 Balance at June 30, 2017 (12,956 ) 5,046 (7,910 ) Balance at December 31, 2017 (12,799 ) 5,030 (7,769 ) Other comprehensive loss — (24,137 ) (24,137 ) Balance at June 30, 2018 (12,799 ) (19,107 ) (31,906 ) |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Carrying Values and Estimated Values of Financial Instruments | The carrying values and estimated fair values of our financial instruments at June 30, 2018 and December 31, 2017 are as follows: June 30, 2018 December 31, 2017 (in thousands of $) Fair value hierarchy Carrying value Fair value Carrying value Fair value Non-Derivatives: Cash and cash equivalents Level 1 375,067 375,067 214,862 214,862 Restricted cash and short-term deposits Level 1 452,318 452,318 397,815 397,815 Current portion of long-term debt and short-term debt (1)(2) Level 2 871,507 871,507 1,393,229 1,393,229 Long-term debt - convertible bonds (2) Level 2 346,698 437,063 340,173 430,361 Long-term debt (2) Level 2 1,524,963 1,524,963 701,498 701,498 Derivatives: FLNG derivative (3)(7) Level 2 203,000 203,000 94,700 94,700 Interest rate swaps asset (3)(4) Level 2 17,879 17,879 10,166 10,166 Foreign exchange swaps asset (3) Level 2 35 35 51 51 Foreign exchange swaps liability (3) Level 2 573 573 223 223 Total return equity swap liability (3)(4)(5) Level 2 44,516 44,516 40,141 40,141 Earn-Out Units asset (6) Level 2 2,900 2,900 7,400 7,400 (1) The carrying amounts of our short-term debt approximate their fair values because of the near term maturity of these instruments. (2) Our debt obligations are recorded at amortized cost in the consolidated balance sheets. The amounts presented in the table above are gross of the deferred finance charges amounting to $ 18.5 million and $ 24.1 million at June 30, 2018 and December 31, 2017 , respectively. (3) Derivative liabilities are captured within other current liabilities and derivative assets are generally captured within other non-current assets on the balance sheet. (4) The fair value of certain derivative instruments is the estimated amount that we would receive or pay to terminate the agreements at the reporting date, taking into account current interest rates, foreign exchange rates, closing quoted market prices and our creditworthiness and that of our counterparties. (5) The fair value of total return equity swaps is calculated using the closing prices of the underlying listed shares, dividends paid since inception and the interest rate charged by the counterparty. (6) The Earn-Out Units are issuable to Golar in connection with the IDR Reset transaction between Golar and Golar Partners in October 2016. (7) The fair value of the FLNG derivative was determined using the estimated discounted cash flows of the additional payments due to us as a result of oil prices moving above a contractual oil price floor over the term of the LTA. Significant inputs used in the valuation of the FLNG derivative include management’s estimate of an appropriate discount rate and the length of time to blend the long-term and the short-term oil prices obtained from quoted prices in active markets. |
Schedule of Designated Cash Flow Hedges | As of June 30, 2018 , we were party to the following interest rate swap transactions involving the payment of fixed rates in exchange for LIBOR as summarized below: Instrument (in thousands of $) Notional value Maturity dates Fixed interest rates Interest rate swaps: Receiving floating, pay fixed 1,250,000 2018 to 2021 1.13% to 1.94% |
Offsetting Assets | We have elected not to offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable master netting arrangements. However, if we were to offset and record the asset and liability balances of derivatives on a net basis, the amounts presented in our consolidated balance sheets as of June 30, 2018 and December 31, 2017 would be adjusted as detailed in the following table: June 30, 2018 December 31, 2017 (in thousands of $) Gross amounts presented in the consolidated balance sheet Gross amounts not offset in the consolidated balance sheet subject to netting agreements Net amount Gross amounts presented in the consolidated balance sheet Gross amounts not offset in the consolidated balance sheet subject to netting agreements Net amount Total asset derivatives 17,879 — 17,879 10,166 — 10,166 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Net revenues: The transactions with OneLNG and its subsidiaries for the six months ended June 30, 2018 and 2017 consisted of the following: Six Months Ended (in thousands of $) 2018 2017 Management and administrative services revenue 1,399 2,708 Total 1,399 2,708 Receivables: The balances with OneLNG and its subsidiaries as of June 30, 2018 and December 31, 2017 consisted of the following: (in thousands of $) June 30, 2018 December 31, 2017 Trading balances due from OneLNG (a) 10,912 7,898 Total 10,912 7,898 a) Trading balances - Receivables and payables with One LNG and its subsidiaries are comprised primarily of unpaid management fees, charterhire expenses, advisory and administrative services. In addition, certain receivables and payables arise when we pay an invoice on behalf of a related party and vice versa. Receivables and payables are generally settled quarterly in arrears. Trading balances owing to or due from OneLNG are unsecured, interest-free and intended to be settled in the ordinary course of business. Transactions with the Cool Pool: The table below summarizes our earnings generated from our participation in the Cool Pool: Six Months Ended (in thousands of $) 2018 2017 Time and voyage charter revenues 64,605 27,705 Time charter revenues - collaborative arrangement 19,353 11,739 Voyage, charterhire and commission expenses (8,600 ) (82 ) Voyage, charterhire and commission expenses - collaborative arrangement (30,897 ) (12,772 ) Net income from the Cool Pool 44,461 26,590 Receivables from other related parties: (in thousands of $) June 30, 2018 December 31, 2017 Cool Pool (a) 10,514 14,004 10,514 14,004 a) Trade accounts receivable includes amounts due from the Cool Pool arising from our collaborative arrangement, amounting to $10.5 million as of June 30, 2018 (December 31, 2017: $14.0 million ). From our participation in the Cool Pool, we recognized net income of $44.5 million and $26.6 million for the six months ended June 30, 2018 and 2017 , respectively. Net revenues: The transactions with Golar Power and its affiliates for the six months ended June 30, 2018 and 2017 consisted of the following: Six Months Ended (in thousands of $) 2018 2017 Management and administrative services revenue 2,457 1,819 Ship management fees income 700 278 Debt guarantee compensation (a) 361 402 Other (247 ) — Total 3,271 2,499 Payables: The balances with Golar Power and its affiliates as of June 30, 2018 and December 31, 2017 consisted of the following: (in thousands of $) June 30, 2018 December 31, 2017 Trading balances due to Golar Power and affiliates (b) (6,803 ) (935 ) Total (6,803 ) (935 ) a) Debt guarantee compensation - In connection with the closing of the formation of the joint venture Golar Power with Stonepeak, Golar Power entered into agreements to compensate Golar in relation to certain debt guarantees relating to Golar Power and its subsidiaries. This compensation amounted to an aggregate of $0.4 million and $0.4 million income for the six months ended June 30, 2018 and 2017 , respectively. b) Trading balances - Receivables and payables with Golar Power and its subsidiaries are comprised primarily of unpaid management fees, charterhire expenses, advisory and administrative services and may include working capital adjustments in connection with the initial formation of the joint venture and transaction with Stonepeak. In addition, certain receivables and payables arise when we pay an invoice on behalf of a related party and vice versa. Receivables and payables are generally settled quarterly in arrears. Trading balances owing to or due from Golar Power and its subsidiaries are unsecured, interest-free and intended to be settled in the ordinary course of business. They primarily relate to recharges for trading expenses paid on behalf of Golar Power, including ship management and administrative service fees due to us. Net revenues (expenses): The transactions with Golar Partners and its subsidiaries for the six months ended June 30, 2018 and 2017 consisted of the following: Six Months Ended (in thousands of $) 2018 2017 Management and administrative services revenue (a) 3,877 2,571 Ship management fees revenue (b) 2,600 2,138 Charterhire expense (c) — (9,089 ) Interest expense on deposits payable (d) (4,484 ) (1,404 ) Total 1,993 (5,784 ) Payables: The balances with Golar Partners and its subsidiaries as of June 30, 2018 and December 31, 2017 consisted of the following: (in thousands of $) June 30, 2018 December 31, 2017 Deposit payable (d) (177,247 ) (177,247 ) Methane Princess security lease deposit movement (e) (3,143 ) (3,464 ) Trading balances owing to Golar Partners and affiliates (f) (7,040 ) (4,144 ) Total (187,430 ) (184,855 ) a) Management and administrative services agreement - On March 30, 2011, Golar Partners entered into a management and administrative services agreement with Golar Management Limited ("Golar Management"), a wholly-owned subsidiary of Golar, pursuant to which Golar Management will provide to Golar Partners certain management and administrative services. The services provided by Golar Management are charged at cost plus a management fee equal to 5% of Golar Management’s costs and expenses incurred in connection with providing these services. Golar Partners may terminate the agreement by providing 120 days written notice. b) Ship management fees - Golar and certain of its affiliates charge ship management fees to Golar Partners for the provision of technical and commercial management of Golar Partners' vessels. Each of Golar Partners’ vessels is subject to management agreements pursuant to which certain commercial and technical management services are provided by Golar Management. Golar Partners may terminate these agreements by providing 30 days written notice. c) Charterhire expenses - For the six months ended June 30, 2017 , this consists of charterhire expenses that we incurred for the charter back from Golar Partners of the Golar Grand , less any time charter revenues that Golar Partners generated through subleasing the Golar Grand from Golar during the period . On November 1, 2017, the Golar Grand arrangement concluded. d) Interest expense on deposits payable Expense under Tundra Letter Agreement - In May 2016, we completed the Golar Tundra Sale and received a total cash consideration of $107.2 million . We agreed to pay Golar Partners a daily fee plus operating expenses for the right to use the Golar Tundra from the date the Golar Tundra Sale was closed, until the date that the vessel would commence operations under the Golar Tundra Time Charter. In return, Golar Partners agreed to remit to us any hire income received with respect to the Golar Tundra during that period. It was further agreed that, if for any reason the Golar Tundra Time Charter had not commenced by the 12 month anniversary of the closing of the Golar Tundra Sale, Golar Partners had the right to require that we repurchase the shares of Tundra Corp at a price equal to the purchase price. Accordingly, by virtue of the put option, which was exercised by Golar Partners in May 2017, we continued to consolidate the Golar Tundra for the periods whilst the put option remained in place, thus we have accounted for $nil and $1.4 million as interest expense for the six months ended June 30, 2018 and 2017, respectively. Deferred purchase price - In May 2017, the Golar Tundra had not commenced her charter and, accordingly, Golar Partners elected to exercise the Tundra Put Right to require us to repurchase Tundra Corp at a price equal to the original purchase price. In connection with Golar Partners exercising the Tundra Put Right, we and Golar Partners entered into an agreement pursuant to which we agreed to purchase Tundra Corp from Golar Partners on the date of the closing of the Tundra Put Sale (the "Put Sale Closing Date") in return we will be required to pay an amount equal to $107.2 million (the "Deferred Purchase Price") plus an additional amount equal to 5% per annum of the Deferred Purchase Price (the "Additional Amount"). The Deferred Purchase Price and the Additional Amount shall be due and payable by us on the date of the closing of the Hilli Disposal (see below). We agreed to accept the Deferred Purchase Price and the Additional Amount in lieu of a cash receipt on the Put Sale Closing Date in return we have provided Golar Partners with an option (which Golar Partners have exercised) to purchase an interest in Hilli Corp. We have accounted for $2.7 million and nil as interest expense for the six months ended June 30, 2018 and 2017, respectively, in relation to the Deferred Purchase Price. Deposit received from Golar Partners - On August 15, 2017, we entered into a purchase and sale agreement (the "Hilli Sale Agreement") with Golar Partners for the disposal (the "Hilli Disposal") from Golar and affiliates of Keppel and Black & Veatch Corporation of common units (the "Disposal Interests") in Hilli LLC. On the closing date of the Hilli Disposal, Hilli LLC will indirectly (through its subsidiary) be the disponent owner of the Hilli . The Disposal Interests represent the equivalent of 50% of the two liquefaction trains, out of a total of four , that are contracted to Perenco and SNH under an eight -year LTA. The sale price for the Disposal Interests is $658 million less 50% of the net lease obligations under the financing facility for the Hilli (the "Hilli Facility") on closing date, plus post-closing purchase price adjustments. Concurrently with the execution of the Hilli Sale Agreement, we received a further $70 million deposit from Golar Partners, upon which we pay interest at a rate of 5% per annum. We have accounted for $1.8 million and $nil as interest expense for the six months ended June 30, 2018 and 2017, respectively, in relation to the $70 million deposit from Golar Partners. On June 12, 2018, we concluded the Hilli Disposal with Golar Partners, accordingly we applied the Deferred Purchase Price as well as the deposit received from Golar Partners against the disposal. e) Methane Princess Lease security deposit movements - This represents net advances from Golar Partners since its IPO, which correspond with the net release of funds from the security deposits held relating to the Methane Princess Lease. This is in connection with the Methane Princess tax lease indemnity provided to Golar Partners under the Omnibus Agreement. Accordingly, these amounts will be settled as part of the eventual termination of the Methane Princess Lease. f) Trading balances - Receivables and payables with Golar Partners and its subsidiaries are comprised primarily of unpaid management fees, interest expense and expenses for management, advisory and administrative services and may include working capital adjustments in respect of disposals to the Partnership, as well as charterhire expenses. In addition, certain receivables and payables arise when we pay an invoice on behalf of a related party and vice versa. Receivables and payables are generally settled quarterly in arrears. Trading balances owing to or due from Golar Partners and its subsidiaries are unsecured, interest-free and intended to be settled in the ordinary course of business. They primarily relate to recharges for trading expenses paid on behalf of Golar Partners, including ship management and administrative service fees due to us. g) Distributions from Golar Partners - During the six months ended June 30, 2018 and June 30, 2017, we received total distributions from Golar Partners of $26.2 million and $25.7 million , respectively in respect of the common units and general partner units owned by us. |
Other Commitments and Conting41
Other Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Assets Pledged | Assets pledged (in thousands of $) June 30, 2018 December 31, 2017 Book value of vessels secured against long-term loans 3,299,901 2,032,747 |
General (Details)
General (Details) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2018USD ($)$ / barrelcarriernewbuild | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 19, 2017USD ($) | |
Property, Plant and Equipment [Line Items] | ||||
Derivative asset | $ | $ 17,879 | $ 10,166 | ||
Oil Price Per Barrel | $ / barrel | 60 | |||
Liabilities | $ | $ 3,350,279 | 2,967,983 | ||
Golar LNG Partners | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of carriers operated by other | carrier | 10 | |||
Golar Power | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of newbuild commitments contracted for construction | newbuild | 1 | |||
Sergipe | Golar Power | ||||
Property, Plant and Equipment [Line Items] | ||||
Ownership percentage | 50.00% | |||
Debt instrument, face amount | $ | $ 1,340,000 | |||
LNG Carrier | Golar Power | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of carriers operated by other | carrier | 2 | |||
LNG Carrier | LNG Carrier | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of carriers owned and operated | carrier | 12 | |||
LNG Carrier | LNG Carrier | Golar LNG Limited, Golar LNG Partners, and Golar Power | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of carriers owned and operated | carrier | 18 | |||
LNG Carrier | Floating Storage Regasification Unit | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of carriers owned and operated | carrier | 1 | |||
LNG Carrier | Floating Storage Regasification Unit | Golar LNG Limited, Golar LNG Partners, and Golar Power | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of carriers owned and operated | carrier | 7 | |||
LNG Carrier | FLNG | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of carriers owned and operated | carrier | 1 | |||
FLNG | ||||
Property, Plant and Equipment [Line Items] | ||||
Derivative asset | $ | $ 79,600 | |||
Derivative liability | $ | 79,600 | |||
FLNG derivative | FLNG | ||||
Property, Plant and Equipment [Line Items] | ||||
Unrealized gain on FLNG derivative instrument | $ | $ 108,300 | $ 0 | ||
FLNG derivative | FLNG | Fair value | Level 2 | ||||
Property, Plant and Equipment [Line Items] | ||||
Derivative asset | $ | $ 203,000 | $ 94,700 |
Accounting Policies (Details)
Accounting Policies (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018USD ($)vessel | Jun. 30, 2017USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Administrative expenses | $ 24,092 | $ 18,269 |
Number of vessels in sale and leaseback transaction | vessel | 8 | |
Previously Reported | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Administrative expenses | 22,546 | |
Restatement Adjustment | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Administrative expenses | $ (4,277) |
Accounting Policies Price risk
Accounting Policies Price risk derivatives (Details) - FLNG derivative - FLNG - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Price Risk Derivatives [Line Items] | ||
Realized gain on FLNG derivative instrument | $ 3,586 | $ 0 |
Unrealized gain on FLNG derivative instrument | 108,300 | 0 |
Gain on FLNG derivative instrument | $ 111,886 | $ 0 |
Recently Issued Accounting St45
Recently Issued Accounting Standards Recently Issued Accounting Standards (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Increase (decrease) in restricted cash and cash equivalents, operating activities | $ 0 | ||
Increase (decrease) in restricted cash and cash equivalents, investing activities | 0 | ||
Increase (decrease) in restricted cash and cash equivalents, financing activities | 0 | ||
Net increase in cash, cash equivalents and restricted cash | [1] | $ 214,708 | 141,379 |
Cash, cash equivalents and restricted cash at beginning of period | [1] | 612,677 | 640,218 |
Cash, cash equivalents and restricted cash at end of period | [1] | $ 827,385 | 781,597 |
Accounting Standards Update 2016-18 [Member] | Previously Reported | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Increase (decrease) in restricted cash and cash equivalents, operating activities | (406) | ||
Increase (decrease) in restricted cash and cash equivalents, investing activities | (6,544) | ||
Increase (decrease) in restricted cash and cash equivalents, financing activities | (15,393) | ||
Net increase in cash, cash equivalents and restricted cash | 119,036 | ||
Cash, cash equivalents and restricted cash at beginning of period | 224,190 | ||
Cash, cash equivalents and restricted cash at end of period | 343,226 | ||
Accounting Standards Update 2016-18 [Member] | Restatement Adjustment | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Increase (decrease) in restricted cash and cash equivalents, operating activities | 406 | ||
Increase (decrease) in restricted cash and cash equivalents, investing activities | 6,544 | ||
Increase (decrease) in restricted cash and cash equivalents, financing activities | 15,393 | ||
Net increase in cash, cash equivalents and restricted cash | 22,343 | ||
Cash, cash equivalents and restricted cash at beginning of period | 416,028 | ||
Cash, cash equivalents and restricted cash at end of period | $ 438,371 | ||
[1] | Following the adoption of the amendments to ASC 230, the statement of cash flows presents the change in the period in total cash, cash equivalents and restricted cash. These amendments have been applied retrospectively for the six months ended June 30, 2017. |
Segment Information - Narrative
Segment Information - Narrative (Details) | 6 Months Ended |
Jun. 30, 2018segment | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 3 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Total operating revenues | $ 125,564 | $ 53,518 | |
Depreciation and amortization | (36,866) | (42,552) | |
Other operating expenses | (115,230) | (76,326) | |
Other operating gains and losses | 111,366 | 0 | |
Operating income (loss) before inter-segment eliminations | 84,834 | (65,360) | |
Operating (loss) income | 84,834 | (65,360) | |
Equity in net earnings (losses) of affiliates | (6,215) | (13,193) | |
Total assets | 5,192,974 | $ 4,764,287 | |
Investments in affiliates | 708,664 | 703,225 | |
Operating Segments | Vessel Operations | |||
Segment Reporting Information [Line Items] | |||
Total operating revenues | 106,987 | 53,518 | |
Depreciation and amortization | (32,775) | (42,552) | |
Other operating expenses | (103,058) | (76,100) | |
Other operating gains and losses | 10,000 | 0 | |
Operating income (loss) before inter-segment eliminations | (18,846) | (65,134) | |
Operating (loss) income | (18,641) | (64,935) | |
Equity in net earnings (losses) of affiliates | 8,693 | (2,606) | |
Total assets | 2,882,837 | 3,025,244 | |
Investments in affiliates | 449,974 | 472,482 | |
Operating Segments | FLNG | |||
Segment Reporting Information [Line Items] | |||
Total operating revenues | 18,577 | 0 | |
Depreciation and amortization | (4,091) | 0 | |
Other operating expenses | (12,172) | (226) | |
Other operating gains and losses | 101,366 | 0 | |
Operating income (loss) before inter-segment eliminations | 103,680 | (226) | |
Operating (loss) income | 103,680 | (226) | |
Equity in net earnings (losses) of affiliates | (2,047) | (3,126) | |
Total assets | 2,056,768 | 1,515,463 | |
Investments in affiliates | 0 | 2,047 | |
Operating Segments | Power Segment | |||
Segment Reporting Information [Line Items] | |||
Total operating revenues | 0 | 0 | |
Depreciation and amortization | 0 | 0 | |
Other operating expenses | 0 | 0 | |
Other operating gains and losses | 0 | 0 | |
Operating income (loss) before inter-segment eliminations | 0 | 0 | |
Operating (loss) income | 0 | 0 | |
Equity in net earnings (losses) of affiliates | (12,861) | (7,461) | |
Total assets | 258,690 | 228,696 | |
Investments in affiliates | 258,690 | 228,696 | |
Intersegment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Total operating revenues | 0 | 0 | |
Depreciation and amortization | 0 | 0 | |
Other operating expenses | 0 | 0 | |
Other operating gains and losses | 0 | 0 | |
Operating income (loss) before inter-segment eliminations | 0 | 0 | |
Operating (loss) income | (205) | (199) | |
Equity in net earnings (losses) of affiliates | 0 | 0 | |
Total assets | (5,321) | (5,116) | |
Investments in affiliates | 0 | $ 0 | |
Intersegment Eliminations | Vessel Operations | |||
Segment Reporting Information [Line Items] | |||
Operating (loss) income | 205 | 199 | |
Intersegment Eliminations | FLNG | |||
Segment Reporting Information [Line Items] | |||
Operating (loss) income | 0 | 0 | |
Intersegment Eliminations | Power Segment | |||
Segment Reporting Information [Line Items] | |||
Operating (loss) income | $ 0 | $ 0 |
Segment information - Revenue f
Segment information - Revenue from external customers (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | $ 125,564 | $ 53,518 |
Sales Revenue, Net | The Cool Pool | Customer Concentration Risk | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | $ 83,959 | $ 39,444 |
Concentration Risk, Percentage | 74.00% | 90.00% |
Sales Revenue, Net | Perenco and SNH | Customer Concentration Risk | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | $ 18,577 | $ 0 |
Concentration Risk, Percentage | 16.00% | 0.00% |
Sales Revenue, Net | An Energy and Logistics Company | Customer Concentration Risk | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | $ 4,579 | $ 4,579 |
Concentration Risk, Percentage | 4.00% | 10.00% |
Revenue Change in Contract Bala
Revenue Change in Contract Balances (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Change in Contract with Customer, Asset [Abstract] | |
Contract with customer, asset, net, beginning balance | $ 17,245 |
Payments received for services billed | (9,989) |
Services provided and billed in current period | 31,535 |
Payments received for services billed in current period | (13,631) |
Impairment | (1,006) |
Contract with customer, asset, net, ending balance | 24,154 |
Change in Contract with Customer, Liability [Abstract] | |
Contract with customer, liability, beginning balance | 0 |
Services provided and billed in current period | 33,763 |
Deferred commissioning period billing | (357) |
Contract with customer, liability, ending balance | $ 33,406 |
Revenue Management Fee Revenue
Revenue Management Fee Revenue (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Related Party Transaction [Line Items] | ||
Amounts due from related parties | $ 10,912 | $ 7,898 |
Amounts due to related parties | 17,074 | 8,734 |
Golar LNG Partners | Management and administrative services revenue | ||
Related Party Transaction [Line Items] | ||
Amounts due from related parties | 3,100 | 7,200 |
Amounts due to related parties | $ 1,000 | $ 10,000 |
Revenue Liquefaction services r
Revenue Liquefaction services revenue (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018USD ($)$ / barrel | Jun. 30, 2017USD ($) | |
Disaggregation of Revenue [Line Items] | ||
Liquefaction services revenue | $ 125,564 | $ 53,518 |
Oil Price Per Barrel | $ / barrel | 60 | |
Contract with customer, liability, revenue recognized | $ 33,763 | |
Base tolling fee | ||
Disaggregation of Revenue [Line Items] | ||
Liquefaction services revenue | 17,427 | 0 |
Liquefaction Services | ||
Disaggregation of Revenue [Line Items] | ||
Liquefaction services revenue | 18,577 | 0 |
Amortization of deferred commissioning period billing | 357 | 0 |
Amortization of Day 1 gain | 841 | 0 |
Decrease in Revenue | $ (50) | $ 0 |
(Losses) Earnings Per Share (De
(Losses) Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Net income (loss) attributable to Golar LNG Ltd stockholders - basic and diluted | $ 15,317 | $ (139,651) |
Weighted average number of common shares outstanding, basic (in shares) | 100,628 | 100,581 |
Weighted average number of common shares outstanding, basic and diluted (in shares) | 100,728 | 100,581 |
Losses per share | ||
Basic and diluted (in USD per share) | $ 0.15 | $ (1.39) |
Employee Stock Option | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Dilutive impact of share options (in shares) | 100 | 0 |
Other Financial Items - Schedul
Other Financial Items - Schedule of Other Financial Items (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Foreign exchange loss on operations | $ (618) | $ (944) |
Amortization of debt guarantee | 361 | 846 |
Financing arrangement fees and other costs | (53) | (239) |
Others | (531) | 541 |
Other financial items, net | 594 | (7,928) |
Interest Rate Swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Mark-to-market adjustment for derivatives | 7,713 | (603) |
Interest Income (Expense), Net | 2,596 | (2,706) |
Earn-out Units | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Mark-to-market adjustment for derivatives | (4,500) | (500) |
Equity Derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Mark-to-market adjustment for derivatives | $ (4,374) | $ (4,323) |
Variable Interest Entities - Na
Variable Interest Entities - Narrative (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2018USD ($)vessel | Jun. 30, 2017USD ($) | Dec. 31, 2017vessel | |
Variable Interest Entity [Line Items] | |||
Number of vessels in sale and leaseback transaction | 8 | ||
Interest expense | $ | $ 38,012 | $ 39,710 | |
Net cash received in financing activities | $ | $ (328,799) | (364,072) | |
Variable Interest Entity, Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Number of vessels in sale and leaseback transaction | 8 | 8 | |
Sale and leaseback term | 10 years | ||
Interest expense | $ | $ 19,100 | 19,100 | |
Net cash received in financing activities | $ | $ 864,700 | $ 89,200 | |
Variable Interest Entity, Primary Beneficiary | ICBCL Agreement | |||
Variable Interest Entity [Line Items] | |||
Number of vessels in sale and leaseback transaction | 4 | 4 | |
Variable Interest Entity, Primary Beneficiary | CMBL Agreement | |||
Variable Interest Entity [Line Items] | |||
Number of vessels in sale and leaseback transaction | 1 | 1 | |
Variable Interest Entity, Primary Beneficiary | CCBFL Agreement | |||
Variable Interest Entity [Line Items] | |||
Number of vessels in sale and leaseback transaction | 1 | 1 | |
Variable Interest Entity, Primary Beneficiary | COSCO Shipping Agreement | |||
Variable Interest Entity [Line Items] | |||
Number of vessels in sale and leaseback transaction | 1 | 1 | |
Variable Interest Entity, Primary Beneficiary | CSSC | |||
Variable Interest Entity [Line Items] | |||
Number of vessels in sale and leaseback transaction | 1 | 1 |
Variable Interest Entities - Sa
Variable Interest Entities - Sale and Leaseback summary (Details) - Hilli - Variable Interest Entity, Primary Beneficiary - CSSC - Hilli / CSSC $ in Millions | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Variable Interest Entity [Line Items] | |
Sales value | $ 1,200 |
First repurchase option | 633.2 |
Last repurchase option | $ 300 |
Variable Interest Entities - Su
Variable Interest Entities - Summary of Bareboat Charters (Details) - Variable Interest Entity, Primary Beneficiary $ in Thousands | Jun. 30, 2018USD ($) |
ICBCL Agreement | Golar Glacier | |
Variable Interest Entity [Line Items] | |
2,018 | $ 8,620 |
2,019 | 17,100 |
2,020 | 17,147 |
2,021 | 17,100 |
2,022 | 17,100 |
After 2,023 | 29,984 |
ICBCL Agreement | Golar Kelvin | |
Variable Interest Entity [Line Items] | |
2,018 | 8,620 |
2,019 | 17,100 |
2,020 | 17,147 |
2,021 | 17,100 |
2,022 | 17,100 |
After 2,023 | 32,795 |
ICBCL Agreement | Golar Snow | |
Variable Interest Entity [Line Items] | |
2,018 | 8,620 |
2,019 | 17,100 |
2,020 | 17,147 |
2,021 | 17,100 |
2,022 | 17,100 |
After 2,023 | 32,795 |
ICBCL Agreement | Golar Ice | |
Variable Interest Entity [Line Items] | |
2,018 | 8,620 |
2,019 | 17,100 |
2,020 | 17,147 |
2,021 | 17,100 |
2,022 | 17,100 |
After 2,023 | 35,700 |
CMBL Agreement | Golar Tundra | |
Variable Interest Entity [Line Items] | |
2,018 | 11,445 |
2,019 | 21,910 |
2,020 | 20,833 |
2,021 | 19,739 |
2,022 | 18,695 |
After 2,023 | 47,532 |
CCBFL Agreement | Golar Seal | |
Variable Interest Entity [Line Items] | |
2,018 | 7,513 |
2,019 | 15,193 |
2,020 | 15,151 |
2,021 | 15,151 |
2,022 | 15,151 |
After 2,023 | 45,495 |
COSCO Shipping Agreement | Golar Crystal | |
Variable Interest Entity [Line Items] | |
2,018 | 6,083 |
2,019 | 11,934 |
2,020 | 11,726 |
2,021 | 11,477 |
2,022 | 11,271 |
After 2,023 | 45,529 |
CSSC | Hilli | |
Variable Interest Entity [Line Items] | |
2,018 | 64,568 |
2,019 | 126,118 |
2,020 | 121,036 |
2,021 | 116,143 |
2,022 | 111,279 |
After 2,023 | $ 505,666 |
Variable Interest Entities - Sc
Variable Interest Entities - Schedule of Assets and Liabilities of Lessor VIEs (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Debt: | ||
Current portion of long-term debt and short-term debt | $ 868,725 | |
Long-term debt | 1,855,960 | $ 1,025,914 |
Total liabilities | 3,350,279 | 2,967,983 |
Variable Interest Entity, Primary Beneficiary | ||
Assets | ||
Restricted cash and short-term deposits | 185,673 | 130,063 |
Debt: | ||
Short-term interest bearing debt | 833,664 | |
Current portion of long-term debt and short-term debt | 836,882 | |
Long-term debt | 1,113,676 | 252,691 |
Total liabilities | 1,950,558 | $ 1,086,355 |
ICBCL Agreement | Golar Glacier | Variable Interest Entity, Primary Beneficiary | ||
Assets | ||
Restricted cash and short-term deposits | 18,844 | |
Debt: | ||
Short-term interest bearing debt | 39,314 | |
Long-term debt | 117,841 | |
Total liabilities | 157,155 | |
ICBCL Agreement | Golar Kelvin | Variable Interest Entity, Primary Beneficiary | ||
Assets | ||
Restricted cash and short-term deposits | 62,319 | |
Debt: | ||
Short-term interest bearing debt | 182,540 | |
Long-term debt | 0 | |
Total liabilities | 182,540 | |
ICBCL Agreement | Golar Snow | Variable Interest Entity, Primary Beneficiary | ||
Assets | ||
Restricted cash and short-term deposits | 18,548 | |
Debt: | ||
Short-term interest bearing debt | 30,398 | |
Long-term debt | 127,189 | |
Total liabilities | 157,587 | |
ICBCL Agreement | Golar Ice | Variable Interest Entity, Primary Beneficiary | ||
Assets | ||
Restricted cash and short-term deposits | 8 | |
Debt: | ||
Short-term interest bearing debt | 126,508 | |
Long-term debt | 0 | |
Total liabilities | 126,508 | |
CMBL Agreement | Golar Tundra | Variable Interest Entity, Primary Beneficiary | ||
Assets | ||
Restricted cash and short-term deposits | 25,000 | |
Debt: | ||
Short-term interest bearing debt | 155,318 | |
Long-term debt | 0 | |
Total liabilities | 155,318 | |
CCBFL Agreement | Golar Seal | Variable Interest Entity, Primary Beneficiary | ||
Assets | ||
Restricted cash and short-term deposits | 22,141 | |
Debt: | ||
Short-term interest bearing debt | 143,849 | |
Long-term debt | 0 | |
Total liabilities | 143,849 | |
COSCO Shipping Agreement | Golar Crystal | Variable Interest Entity, Primary Beneficiary | ||
Assets | ||
Restricted cash and short-term deposits | 2,372 | |
Debt: | ||
Short-term interest bearing debt | 10,075 | |
Long-term debt | 89,246 | |
Total liabilities | 99,321 | |
CSSC | Hilli | Variable Interest Entity, Primary Beneficiary | ||
Assets | ||
Restricted cash and short-term deposits | 36,441 | |
Debt: | ||
Short-term interest bearing debt | 148,880 | |
Long-term debt | 779,400 | |
Total liabilities | $ 928,280 |
Restricted cash and short ter58
Restricted cash and short term deposits Restricted cash and short-term deposits, composition (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash and cash equivalents | $ 452,318,000 | $ 397,815,000 | ||
Restricted cash and cash equivalents, current | (276,289,000) | (222,265,000) | $ (205,227,000) | $ (183,693,000) |
Restricted cash | 176,029,000 | 175,550,000 | $ 233,144,000 | $ 232,335,000 |
Return Equity Swap | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash and cash equivalents | 62,547,000 | 58,351,000 | ||
Letter of Credit | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash and cash equivalents | 175,206,000 | 174,737,000 | ||
Lessor VIEs | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash and cash equivalents | 185,673,000 | 130,063,000 | ||
Office lease | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash and cash equivalents | 823,000 | 813,000 | ||
Bank guarantee | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash and cash equivalents | 685,000 | 99,000 | ||
$1.125 billion facility | Interest-bearing Deposits | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash and cash equivalents | 27,384,000 | 33,752,000 | ||
Secured Debt | Line of Credit | $1.125 billion facility | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Maximum borrowing capacity | $ 1,125,000,000 | $ 1,125,000,000 |
Restricted cash and short ter59
Restricted cash and short term deposits Cash and restricted cash, summary (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |||||
Cash and cash equivalents | $ 375,067 | $ 214,862 | $ 343,226 | $ 224,190 | |
Restricted cash and short-term deposits | 276,289 | 222,265 | 205,227 | 183,693 | |
Restricted cash | 176,029 | 175,550 | 233,144 | 232,335 | |
Cash, cash equivalents, restricted cash and restricted cash equivalents | [1] | $ 827,385 | $ 612,677 | $ 781,597 | $ 640,218 |
[1] | Following the adoption of the amendments to ASC 230, the statement of cash flows presents the change in the period in total cash, cash equivalents and restricted cash. These amendments have been applied retrospectively for the six months ended June 30, 2017. |
Asset Under Development (Detail
Asset Under Development (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | ||
Asset under development | $ 0 | $ 1,177,489 |
Hilli Conversion to FLNG | ||
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | ||
Purchase price installments | 962,709 | |
Interest costs capitalized | 116,416 | |
Other costs capitalized | 98,364 | |
Asset under development | $ 1,177,489 |
Equity in Net (Losses) Earnin61
Equity in Net (Losses) Earnings of Affiliates (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Debt Securities, Available-for-sale [Line Items] | ||
Equity in net earnings (losses) of affiliates | $ (6,215) | $ (13,193) |
Golar Partners | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity in net earnings (losses) of affiliates | 8,630 | (2,906) |
Non cash loss on deemed disposal | 17,000 | |
Golar Power | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity in net earnings (losses) of affiliates | (12,861) | (7,461) |
OneLNG | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity in net earnings (losses) of affiliates | (2,047) | (3,126) |
Egyptian Company for Gas Services (ECGS) | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity in net earnings (losses) of affiliates | $ 63 | $ 300 |
Equity in Net (Losses) Earnin62
Equity in Net (Losses) Earnings of Affiliates - Schedule of Carrying Amount of Equity Method Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Schedule of Equity Method Investments [Line Items] | ||
Equity in net assets of affiliates | $ 708,664 | $ 703,225 |
Golar Partners | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity in net assets of affiliates | 444,525 | 467,097 |
Golar Power | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity in net assets of affiliates | 258,690 | 228,696 |
OneLNG | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity in net assets of affiliates | 0 | 2,047 |
ECGS | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity in net assets of affiliates | $ 5,449 | $ 5,385 |
Other Non-Current Assets (Detai
Other Non-Current Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Components of Other Non-Current Assets: | ||
Other non-current assets | $ 24,793 | $ 37,891 |
Total other non-current assets | 251,476 | 157,504 |
OLT Offshore LNG Toscana | ||
Components of Other Non-Current Assets: | ||
Investment in OLT Offshore LNG Toscana | $ 7,347 | $ 7,347 |
Ownership percentage | 2.70% | 2.70% |
Golar Gimi and Gandria | ||
Components of Other Non-Current Assets: | ||
Other non-current assets | $ 15,000 | $ 31,000 |
Interest Rate Swaps | ||
Components of Other Non-Current Assets: | ||
Derivatives | 16,336 | 10,166 |
Earn-out Units | ||
Components of Other Non-Current Assets: | ||
Derivatives | 0 | 7,400 |
FLNG | FLNG derivative | ||
Components of Other Non-Current Assets: | ||
Derivatives | $ 203,000 | $ 94,700 |
Debt - Components of Debt (Deta
Debt - Components of Debt (Details) - USD ($) | 1 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Apr. 30, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | |||||
Total debt | $ 2,743,168,000 | $ 2,743,168,000 | $ 2,434,900,000 | ||
Less: Deferred finance charges, net | (18,483,000) | (18,483,000) | (24,053,000) | ||
Total debt, net of deferred financing costs | 2,724,685,000 | 2,724,685,000 | 2,410,847,000 | ||
Repayments of Debt | 874,256,000 | $ 371,268,000 | |||
Secured Debt | Golar Arctic facility | |||||
Debt Instrument [Line Items] | |||||
Total debt | 61,950,000 | 61,950,000 | 65,600,000 | ||
Secured Debt | Golar Viking facility | |||||
Debt Instrument [Line Items] | |||||
Total debt | 49,479,000 | 49,479,000 | 52,083,000 | ||
Secured Debt | Margin Loan Facility | |||||
Debt Instrument [Line Items] | |||||
Total debt | 98,252,000 | 98,252,000 | 119,125,000 | ||
Secured Debt | FLNG Hilli facility (2) | |||||
Debt Instrument [Line Items] | |||||
Total debt | 0 | 0 | 525,000,000 | ||
Secured Debt | $1.125 billion facility | |||||
Debt Instrument [Line Items] | |||||
Total debt | 184,590,000 | 184,590,000 | 195,449,000 | ||
Secured Debt | ICBC VIE loans | |||||
Debt Instrument [Line Items] | |||||
Total debt | 625,665,000 | 625,665,000 | 641,936,000 | ||
Secured Debt | Seal VIE loan | |||||
Debt Instrument [Line Items] | |||||
Total debt | 143,849,000 | 143,849,000 | 143,849,000 | ||
Secured Debt | Tundra VIE loan | |||||
Debt Instrument [Line Items] | |||||
Total debt | 155,317,000 | 155,317,000 | 198,613,000 | ||
Secured Debt | Crystal VIE loan | |||||
Debt Instrument [Line Items] | |||||
Total debt | 100,022,000 | 100,022,000 | 104,006,000 | ||
Debt instrument, face amount | $ 101,000,000 | ||||
Secured Debt | CSSC VIE Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Total debt | 928,280,000 | 928,280,000 | 0 | ||
Convertible Debt | 2017 convertible bonds | |||||
Debt Instrument [Line Items] | |||||
Total debt | 346,698,000 | 346,698,000 | 340,173,000 | ||
Shareholder Notes Payable | Hilli shareholder loans | |||||
Debt Instrument [Line Items] | |||||
Total debt | 49,066,000 | 49,066,000 | 49,066,000 | ||
Hilli / CSSC | Affiliated Entity [Member] | FLNG Hilli facility (2) | |||||
Debt Instrument [Line Items] | |||||
Repayments of Debt | 640,000,000 | ||||
Hilli / CSSC | Variable Interest Entity, Primary Beneficiary | Affiliated Entity [Member] | FLNG Hilli facility (2) | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | 960,000,000 | 960,000,000 | |||
Line of Credit | Secured Debt | $1.125 billion facility | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 1,125,000,000 | $ 1,125,000,000 | $ 1,125,000,000 |
Debt Debt - Summary (Details)
Debt Debt - Summary (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Current portion of long-term debt and short-term debt | $ 868,725 | |
Long-term debt | 1,855,960 | $ 1,025,914 |
Total | 2,724,685 | |
Variable Interest Entity, Primary Beneficiary | ||
Debt Instrument [Line Items] | ||
Current portion of long-term debt and short-term debt | 836,882 | |
Long-term debt | 1,113,676 | $ 252,691 |
Total | 1,950,558 | |
Golar | ||
Debt Instrument [Line Items] | ||
Current portion of long-term debt and short-term debt | 31,843 | |
Long-term debt | 742,284 | |
Total | $ 774,127 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||||
Repayments of Debt | $ 874,256 | $ 371,268 | ||
Total debt | $ 2,743,168 | 2,743,168 | $ 2,434,900 | |
Secured Debt | FLNG Hilli facility (2) | ||||
Debt Instrument [Line Items] | ||||
Total debt | 0 | 0 | $ 525,000 | |
Secured Debt | Hilli Lessor VIE | ||||
Debt Instrument [Line Items] | ||||
Total debt | 840,000 | 840,000 | ||
Affiliated Entity [Member] | Secured Debt | Hilli Lessor VIE | ||||
Debt Instrument [Line Items] | ||||
Total debt | 120,000 | $ 120,000 | ||
Affiliated Entity [Member] | Hilli / CSSC | FLNG Hilli facility (2) | ||||
Debt Instrument [Line Items] | ||||
Repayments of Debt | $ 640,000 |
Accumulated Other Comprehensi67
Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | $ 1,796,304 | $ 1,909,826 |
Other comprehensive income | (24,137) | 1,632 |
Ending balance | 1,842,695 | 1,822,646 |
Pension and post-retirement benefit plan adjustments | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (12,799) | (12,956) |
Other comprehensive income | 0 | 0 |
Ending balance | (12,799) | (12,956) |
Share of affiliates' comprehensive income | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | 5,030 | 3,414 |
Other comprehensive income | (24,137) | 1,632 |
Ending balance | (19,107) | 5,046 |
Total accumulated comprehensive loss | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (7,769) | (9,542) |
Other comprehensive income | (24,137) | 1,632 |
Ending balance | $ (31,906) | $ (7,910) |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 | Dec. 19, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Non-Derivatives: | |||||
Cash and cash equivalents | $ 375,067,000 | $ 214,862,000 | $ 343,226,000 | $ 224,190,000 | |
Restricted cash and cash equivalents | 452,318,000 | 397,815,000 | |||
Debt, current | 1,384,933,000 | ||||
Long-term debt | 1,855,960,000 | 1,025,914,000 | |||
Derivatives: | |||||
Derivative asset | 17,879,000 | 10,166,000 | |||
Deferred finance charges | 18,483,000 | 24,053,000 | |||
Interest Rate Swaps | Cash Flow Hedging | |||||
Derivatives: | |||||
Notional value | $ 1,250,000,000 | ||||
Interest Rate Swaps | Minimum | Cash Flow Hedging | |||||
Derivatives: | |||||
Fixed interest rates | 1.13% | ||||
Interest Rate Swaps | Maximum | Cash Flow Hedging | |||||
Derivatives: | |||||
Fixed interest rates | 1.94% | ||||
Carrying value | Level 1 | |||||
Non-Derivatives: | |||||
Cash and cash equivalents | $ 375,067,000 | 214,862,000 | |||
Restricted cash and cash equivalents | 452,318,000 | 397,815,000 | |||
Carrying value | Level 2 | |||||
Non-Derivatives: | |||||
Debt, current | 871,507,000 | 1,393,229,000 | |||
Long-term debt - convertible bonds | 346,698,000 | 340,173,000 | |||
Long-term debt | 1,524,963,000 | 701,498,000 | |||
Carrying value | Level 2 | Interest Rate Swaps | |||||
Derivatives: | |||||
Derivative asset | 17,879,000 | 10,166,000 | |||
Carrying value | Level 2 | Foreign Exchange Swaps | |||||
Derivatives: | |||||
Foreign exchange swaps asset | 35,000 | 51,000 | |||
Foreign exchange swaps liability | 573,000 | 223,000 | |||
Carrying value | Level 2 | Return Equity Swap | |||||
Derivatives: | |||||
Derivative liability | 44,516,000 | 40,141,000 | |||
Carrying value | Level 2 | Earn-out Units | |||||
Derivatives: | |||||
Derivative asset | 2,900,000 | 7,400,000 | |||
Fair value | Level 1 | |||||
Non-Derivatives: | |||||
Cash and cash equivalents, fair value disclosure | 375,067,000 | 214,862,000 | |||
Restricted cash and cash equivalents, fair value disclosure | 452,318,000 | 397,815,000 | |||
Fair value | Level 2 | |||||
Non-Derivatives: | |||||
Debt, current, fair value disclosure | 871,507,000 | 1,393,229,000 | |||
Convertible debt, fair value disclosures | 437,063,000 | 430,361,000 | |||
Long-term debt, fair value | 1,524,963,000 | 701,498,000 | |||
Fair value | Level 2 | Interest Rate Swaps | |||||
Derivatives: | |||||
Derivative asset | 17,879,000 | 10,166,000 | |||
Fair value | Level 2 | Foreign Exchange Swaps | |||||
Derivatives: | |||||
Foreign exchange swaps asset | 35,000 | 51,000 | |||
Foreign exchange swaps liability | 573,000 | 223,000 | |||
Fair value | Level 2 | Return Equity Swap | |||||
Derivatives: | |||||
Derivative liability | 44,516,000 | 40,141,000 | |||
Fair value | Level 2 | Earn-out Units | |||||
Derivatives: | |||||
Derivative asset | 2,900,000 | 7,400,000 | |||
FLNG | |||||
Derivatives: | |||||
Derivative asset | $ 79,600,000 | ||||
Derivative liability | 79,600,000 | ||||
FLNG | Carrying value | Level 2 | Interest Rate Swaps | |||||
Derivatives: | |||||
Derivative asset | 203,000,000 | 94,700,000 | |||
FLNG | Fair value | Level 2 | Interest Rate Swaps | |||||
Derivatives: | |||||
Derivative asset | $ 203,000,000 | $ 94,700,000 |
Financial Instruments - Offsett
Financial Instruments - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Total asset derivatives | ||
Gross amounts presented in the consolidated balance sheet | $ 17,879 | $ 10,166 |
Gross amounts not offset in the consolidated balance sheet subject to netting agreements | 0 | 0 |
Net amount | 17,879 | $ 10,166 |
Cash Collateral for Borrowed Securities | $ 62,500 |
Related Party Transactions - Tr
Related Party Transactions - Transactions and balances with Golar Partners and Subsidiaries (Details) - USD ($) $ in Thousands | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | May 31, 2017 | May 31, 2016 | |
Related Party Transaction [Line Items] | |||||
Total operating revenues | $ 125,564 | $ 53,518 | |||
Due from (to) related party | 10,514 | $ 14,004 | |||
Golar LNG Partners | |||||
Related Party Transaction [Line Items] | |||||
Net (expenses) income (due to) from related parties | 1,993 | (5,784) | |||
Due from (to) related party | (187,430) | (184,855) | |||
Golar LNG Partners | Management and administrative services revenue | |||||
Related Party Transaction [Line Items] | |||||
Total operating revenues | 3,877 | 2,571 | |||
Golar LNG Partners | Ship management fees revenue | |||||
Related Party Transaction [Line Items] | |||||
Total operating revenues | 2,600 | 2,138 | |||
Golar LNG Partners | Charterhire expense | |||||
Related Party Transaction [Line Items] | |||||
Related party expense | 0 | (9,089) | |||
Golar LNG Partners | Interest expense on deposits payable | |||||
Related Party Transaction [Line Items] | |||||
Related party interest expense | (4,484) | (1,404) | |||
Golar LNG Partners | Methane Princess security lease deposit movement [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due from (to) related party | (3,143) | (3,464) | |||
Golar LNG Partners | Deposits Due to Affiliates | |||||
Related Party Transaction [Line Items] | |||||
Related party interest expense | (2,700) | $ 0 | |||
Due from (to) related party | (177,247) | (177,247) | $ (107,200) | $ (107,200) | |
Golar LNG Partners | Trading Balances Due from Affiliates [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due from (to) related party | $ (7,040) | $ (4,144) |
Related Party Transactions - Go
Related Party Transactions - Golar Partners and Subsidiaries Footnotes (Details) $ in Thousands | Aug. 15, 2017USD ($)train | May 31, 2017USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($) | May 31, 2016USD ($) |
Related Party Transaction [Line Items] | ||||||
Due from (to) related party | $ 10,514 | $ 14,004 | ||||
Golar LNG Partners | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction rate | 5.00% | |||||
Termination of related party agreement, period of written notice | 120 days | |||||
Due from (to) related party | $ (187,430) | (184,855) | ||||
Additional amount, percent per annum of Deferred Purchase Price | 5.00% | |||||
Distributions from related party | 26,200 | $ 25,700 | ||||
Golar LNG Partners | Golar Hilli LLC | Purchase and Sale Agreement | ||||||
Related Party Transaction [Line Items] | ||||||
Disposal interest, equivalent percentage | 50.00% | |||||
Number of liquefaction trains contracted | train | 2 | |||||
Total number of liquefaction trains | train | 4 | |||||
Liquefaction trains, contractual term | 8 years | |||||
Sale price for disposal interests | $ 658,000 | |||||
Golar LNG Partners | Deposits Due to Affiliates | ||||||
Related Party Transaction [Line Items] | ||||||
Due from (to) related party | $ (107,200) | (177,247) | $ (177,247) | $ (107,200) | ||
Interest expense, related party | 2,700 | 0 | ||||
Golar LNG Partners | Tundra Letter Agreement, Interest expense on deposits payable | ||||||
Related Party Transaction [Line Items] | ||||||
Interest expense, related party | 0 | 1,400 | ||||
Golar LNG Partners | Deposit Received | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction rate | 5.00% | |||||
Interest expense, related party | $ 1,800 | $ 0 | ||||
Related party transaction amount | $ 70,000 | |||||
Golar LNG Partners | Golar Management | ||||||
Related Party Transaction [Line Items] | ||||||
Termination of related party agreement, period of written notice | 30 days |
Related Party Transactions - 72
Related Party Transactions - Transactions and balances with Golar Power and Affiliates (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Total operating revenues | $ 125,564 | $ 53,518 | |
Due from (to) related party | 10,514 | $ 14,004 | |
Golar Power | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Net Income (Expense) from Related Parties | 3,271 | 2,499 | |
Due from (to) related party | (6,803) | (935) | |
Golar Power | Management and administrative services revenue | |||
Related Party Transaction [Line Items] | |||
Total operating revenues | 2,457 | 1,819 | |
Golar Power | Ship management fees revenue | |||
Related Party Transaction [Line Items] | |||
Total operating revenues | 700 | 278 | |
Golar Power | Debt Guarantee Compensation | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | 361 | 402 | |
Golar Power | Share Options Expense Recharge | |||
Related Party Transaction [Line Items] | |||
Related party revenues | (247) | $ 0 | |
Golar Power | Trading balances due to Golar Power and affiliates | |||
Related Party Transaction [Line Items] | |||
Due from (to) related party | $ (6,803) | $ (935) |
Related Party Transactions - 73
Related Party Transactions - Transactions and balances with OneLNG and Subsidiaries (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Due from (to) related party | $ 10,514 | $ 14,004 | |
OneLNG | |||
Related Party Transaction [Line Items] | |||
Due from (to) related party | 10,912 | 7,898 | |
OneLNG | Management and administrative services revenue | |||
Related Party Transaction [Line Items] | |||
Related party revenues | 1,399 | $ 2,708 | |
OneLNG | Trading Balances Due from OneLNG | |||
Related Party Transaction [Line Items] | |||
Impairment of related party transaction | 10,000 | ||
Due from (to) related party | $ 10,912 | $ 7,898 |
Related Party Transactions - Ea
Related Party Transactions - Earnings Generated from Participation in The Cool Pool (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | ||
Related Party Transaction [Line Items] | ||||
Total operating revenues | $ 125,564 | $ 53,518 | ||
Voyage and charterhire expenses | (10,107) | (15,965) | ||
Due from (to) related party | 10,514 | $ 14,004 | ||
Accounts receivable, gross, current | [1] | 27,860 | 14,980 | |
The Cool Pool | ||||
Related Party Transaction [Line Items] | ||||
Net income (expenses) from related party transactions | 44,461 | 26,590 | ||
Due from (to) related party | 10,514 | 14,004 | ||
Accounts receivable, gross, current | 10,500 | $ 14,000 | ||
Non-collaborative Arrangement | The Cool Pool | ||||
Related Party Transaction [Line Items] | ||||
Voyage and charterhire expenses | (8,600) | (82) | ||
Collaborative Arrangement | ||||
Related Party Transaction [Line Items] | ||||
Voyage and charterhire expenses | (30,897) | (12,772) | ||
Collaborative Arrangement | The Cool Pool | ||||
Related Party Transaction [Line Items] | ||||
Voyage and charterhire expenses | (30,897) | (12,772) | ||
Time and Voyage Charter | ||||
Related Party Transaction [Line Items] | ||||
Total operating revenues | 76,433 | 32,284 | ||
Time and Voyage Charter | Non-collaborative Arrangement | The Cool Pool | ||||
Related Party Transaction [Line Items] | ||||
Total operating revenues | 64,605 | 27,705 | ||
Time Charter | ||||
Related Party Transaction [Line Items] | ||||
Total operating revenues | 19,353 | 11,739 | ||
Time Charter | Collaborative Arrangement | The Cool Pool | ||||
Related Party Transaction [Line Items] | ||||
Total operating revenues | $ 19,353 | $ 11,739 | ||
[1] | This includes amounts arising from transactions with related parties (see note 16). |
Other Commitments and Conting75
Other Commitments and Contingencies Other Commitments and Contingencies - Pledged Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Commitments and Contingencies Disclosure [Abstract] | ||
Book value of vessels secured against long-term loans | $ 3,299,901 | $ 2,032,747 |
Other Commitments and Conting76
Other Commitments and Contingencies - Narrative (Details) £ in Millions, $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2018GBP (£)tax_lease | Dec. 31, 2003GBP (£)tax_lease | Jun. 30, 2018USD ($)shares | |
Loss Contingencies [Line Items] | |||
Number of tax leases | tax_lease | 6 | ||
Gross cash benefit received from tax leases | £ | £ 41 | ||
Number of tax leases terminated | tax_lease | 5 | ||
Number of tax leases remaining | tax_lease | 1 | ||
Minimum | |||
Loss Contingencies [Line Items] | |||
Estimate of possible exposure | £ | £ 0 | ||
Maximum | |||
Loss Contingencies [Line Items] | |||
Estimate of possible exposure | £ | £ 112 | ||
Margin Loan Facility | Golar Partners, Common Units | |||
Loss Contingencies [Line Items] | |||
Number of common units pledged as security (in shares) | shares | 21,226,586 | ||
ECGS | |||
Loss Contingencies [Line Items] | |||
Commitments and Contingencies | $ | $ 1 | ||
Shareholders' Agreement, Project to Fund Development of Pipeline Infrastructure and FSRU [Member] | |||
Loss Contingencies [Line Items] | |||
Contractual Obligation | $ | 0.5 | ||
Shareholders' Agreement, Project to Fund Development of Pipeline Infrastructure and FSRU [Member] | Maximum | |||
Loss Contingencies [Line Items] | |||
Contractual Obligation | $ | $ 15 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event - $ / shares | Jul. 12, 2018 | Jul. 31, 2018 | Aug. 23, 2018 |
Subsequent Event [Line Items] | |||
Dividend declared (in USD per share) | $ 0.125 | ||
Decrease in ownership | 50.00% | ||
Guarantee of portion of indebtedness | 50.00% |