Golar LNG Limited

Good afternoon ladies and gentlemen and welcome to the GOLA LNG Limited third quarter 2021 conference call. At this time all participants are in listen only mode until we conduct the question and answer session on the phone and on the web. Just to remind you all this call is being recorded. I'd like to hand over to Mr Karl Staubo, please begin your meeting.

Hi all and welcome to GOLA LNG's Q3 earnings results presentation. We would like to thank you for taking time to dial in. My name is Karl Fredrik Staubo, the CEO of Golar LNG. Before we get into the quarterly results, please note the forward-looking statement on slide two. I'm accompanied today by our CFO, Mr. Eduardo Maranhao, to present this quarter's results. Turning to slide three and Q3 highlights. We report revenue for the quarter of $107 million, a year-over-year increase of 12%, and an adjusted EBITDA of $74 million, up 30% year-over-year. We expect to continue to see a strong growth in our earnings across both our FLNG segment and shipping, and we'll get into the details of which throughout this presentation. Starting off on FLNG, we continue to deliver 100% uptime on Hili, which now has delivered its 63rd LNG cargo, more than any other FLNG globally. Furthermore, we hedged 50% of our TTF-linked commodity exposure for Q1 2022 at $28 per MMBTU, implying a Q1 earnings from our train 3 production of $21.2 million for the quarter. We also see increasing contribution from our Brent-linked earnings. and together the commodity-linked production from Hilli is expected to more than double Golar's per rata earnings from Hilli in 2022 versus the last 12 months earnings. FLNG GIMMI is now 75% technically complete and scheduled to start its 20-year contract for BP in just about two years. This will unlock an EBITDA backlog to Golar of $3 billion. We also experience increased momentum for potential new FLNG projects. We continue constructive discussions with an existing customer for use of a 5 million ton Mark III new build. And we're also making rapid progress on potential integrated projects. We have also seen an increase in the amount of prospective FLNG customers in the quarter across different geographies.

Turning to shipping.