Golar LNG Limited

Good day and thank you for standing by. Welcome to the GOLA LNG Limited first quarter 2026 conference call. At this time, all participants are in a listen only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one and one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one and one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Carl Frederick Stalbo, CEO. Please go ahead.

Thank you, operator, and good morning from our headquarters in Bermuda. Welcome to GOLAR's Q1 2026 earnings results presentation. My name is Carl Frederick Stalbo. I'm the CEO of GOLAR, and I'm accompanied today by our CFO, Eduardo Maranão. Before we get into the presentation, please note the forward-looking statements on slide two. We start on slide three and an overview of GOLAR today. Q1 was a record quarter for LNG production for GOLAR. HILI continued its 100% economic off-time and GIMI produced 19% above the committed contractual capacity. The Mark II FLNG remains on budget and scheduled for delivery by year end 27. Geopolitical risks during the quarter highlights the vulnerability of global energy markets and the need for energy diversification and security. This has driven strong development of our commercial pipeline for incremental FLNG units, but we're now expecting to order our fourth FLNG unit within this year. As you can see on the bottom part of the slide, this is our three growth designs available for the next unit. During the quarter, we also announced that we have launched a strategic review to explore options to further accelerate our FLNG growth ambitions and to maximize shareholder returns. Turning to slide four, we will share some views on how we see the energy market development and the increasing demand for Golar's FLNG offering as the only proven service provider of FLNG. On slide four, we highlight the three key value drivers for Golar. Starting on the left, the NPV of our $17 billion base backlog is increasing every day we get closer to all three units in operation. GIMMI commenced its 20-year charter in June last year. Healy will end her current charter in Cameroon in July, and then go via Singapore for vessel upgrades before starting her 20-year charter in Argentina in the summer of next year. The Mark II remains on schedule for delivery by year-end 27, and it's expected to start her 20-year charter in the summer of 28. Our second value driver in the middle of the slide is the value of the attractive commodity offsides embedded in our Argentina contracts. The significant increase in LNG price indices during Q1 increased the value of our commodities exposure by approximately two to five hundred million dollars per year in the first three years of CESA operations. Once the remaining 4 million tons of offtake is secured, this commodity-linked earnings could be locked in through hedging activities. Beyond 2030, there isn't yet an efficient forward market, but recent events speak to significant upside potential in our commodity exposures in several years to come. Lastly, our third pillar of value creation is Golart's position as the only proven service provider of FLNG as a service. This enables us to open new markets to LNG exports, and with our proven market-leading capex per ton, operational track record, and retainage performance, FLNGs represent a compelling value proposition for gas monetization. On the back of the strong commercial development in the quarter, we are now focused on ordering our fourth FLNG within 2026. Turning to slide five, which provides an overview of our EBITDA backlog. As stated, all FLNGs have 20 air charters. The backlog stands at 17 billion before commodity upside and inflationary adjustments. And for all our long-term contracts, OPEX, maintenance capex, and local taxes are covered by our charter counterparts. Turning to slide six and translating our backlog into annual earnings. Starting on the far left, our 70% equity ownership in the FLNG GIME translates into an annual EBITDA generation of $150 million to go up. This is before utilization bonuses, which I've mentioned was 19% for Q1. Hille, once on her long-term contract in Argentina, will generate $285 million, and the mark to $400 million. As you can see on the commodity outside, Golar will generate approximately $100 million in excess earnings for FOB prices above 8. As mentioned, the lifting of the forward curves suggests an increased annual earnings in the frontiers in the range of $200 to $500 million. This is represented by the pillar on the third one to the right on the slide. Turning to slide seven and looking at the development of the global energy market. According to BP's energy market outlook, the world today consumes approximately 270 million barrels of oil a year. This is set to grow to 295 million barrels of oil by 2035. The two fastest growing sources to cater for this increase in energy demand is, not surprisingly, renewables expected to grow at 80% from a relatively low base, and LNG to be the second positive source of energy with a 42% growth rate in the same period. To then shift to the right-hand side of the slide and drilling into where does this supply come from. As mentioned, the market is expected to grow 42% in this period. However, most of the growth is represented by the world's two largest exporters, the US and Qatar. They are expected to increase their market share from 42 to 53% of global supply. Interestingly to note, the US is also the marginal producer, i.e. the most expensive producer, of L&D globally. With their market share increasing to 33% of global supply, we see strong demand from L&D off-takers to further diversify away from too much concentration risk on two suppliers. To turn to slide 8, this is a geographical map of where L&D export exists today. Interestingly, where Golar operates today, in Cameroon, Mauritania, Senegal, and soon Argentina, we represent the only outputs of LNG in those countries. When we depart Cameroon with Hille this summer, Cameroon will no longer be an LNG exporter. That's not only a loss to Cameroon, but it's a loss to the global energy market, which will then pay less outputs of energy. There are still several countries with abundant proven gas reserves awaiting monetization. We are in advanced commercial negotiations with both established L&D exporters, now considering to build incremental floating capacity as opposed to land-based, as well as new entrants into the market, similar to what we have achieved in Cameroon, Mauritania, Senegal, and Argentina. Turning to slide nine, The reason why this is possible is that the gas can be sourced very attractively, because today the gas is stranded. Hence, on current energy prices, several of these nations have billions of dollars literally stuck in the ground, or even worse, in some cases, flared. And if they can then deploy an FLNG and monetize that resource, that's a gain both to the country, to the environment, and to global energy. We have on the middle graph on the top, we have a proven capability to build incremental capacity at the 30 to 40% cost advantage to land-based liquefaction solutions. Lastly, most of the projects we are in discussions with have a shipping advantage versus volumes out of the US. Hence, if you have a business with three cost drivers, the cost of gas, the liquefaction, and the shipping distance, and you're cheaper on all three, we think you have a highly sustainable competitive advantage. In fact, we see this driving the demand and the build-out of the SL&G industry. We see a very similar development to what we saw on the FPSO industry, which started in 1985 and today comprises more than 250 units. The FLNG industry started in 2018. We're today at 9 on the water and 5 on the construction, i.e. 14 units. And we do expect this industry to grow well north of 100 units over time. So as we say in the strapline here, we believe floating is the future, and we see a resembling development to that of the SPSOs. Turning to slide 11 and focus on Q1. As explained, we have a continued operational excellence on the GIMI, which produced 19% above her contractual day rate and generated north of $700,000 a day during the quarter. Hilly maintained her 100% economic uptime and has now offloaded 152 carbons. Because of the strengthening of the commercial pipeline, we are now actively securing slots for loan lead items to secure the construction time that we are promising our clients in the commercial discussions, which we reconfirm that on mark one and two, we expect a construction time of around 36 months and somewhat longer for a mark two. During the quarter, we also entered into a 10% investment in the San Matias pipeline, This is the pipeline that will bring gas from the Vaca Marta Hill to the Gulf of San Matias to service both Hilly and the Mark II for year-round operations. In the Shareholders' Week agreement we have in Southern Energy, all of the shareholders have committed to invest pro-rata in the San Matias pipeline. We estimate that we will invest a total of around 77 million dollars in the pipeline of equity, and that 77 will also generate an attractive infrastructure return once operational for 20 years. During the quarter, CESA and Securing Energy for Europe signed an eight year sale and purchase agreement for two million tons of the LNG production that we will produce in Argentina. one million of the two million tons is linked to brent indices and one million tons is linked to henry hug industry as mentioned we also commence strategic review to both maximize stakeholder value and to accelerate effluent growth turning to slide 12 and the helix As already mentioned, this unit continues her market-leading performance of 100% economic uptime since we started operation in 2018. We have now produced 152 cargoes and generated $47 million in Q1. Our primary focus on the hilly is now preparation work for the unit to disconnect from her current location at the end of July and sail to Singapore for a vessel upgrade scope expected to last between six and seven months before sailing to Argentina to start her 20-year contract. Turning to GIMI, which saw an all-time high production at 19% above contractual levels. Part of this outperformance is attributed to ambient temperature. Hence, when we see colder temperatures, both in the air and the sea, the unit will perform better than what you can expect through summer months. Hence, the 19% should not be annualized, and we do expect a lower production as we enter the summer months. However, we do believe that over a year we will produce meaningfully above the contractual amount, and we expect that to be reflected in our earnings on a pro-rata basis. So the contractual amount brings $150 million to Golar's 70% equity stake, if you assume let's say 10 annualized overproduction that's an extra 15 million dollars of cash earnings to golar with no associated costs attached so that's straight to the bottom line turning to slide 14 the mark 2 remains on schedule and budget you can see some of the pictures of the progress on the right hand side Most importantly, we have now concluded the midship fabrication, which will house the entire liquefaction plant. We're very pleased with the development and the quality of the work done at CIMC in Yangtze, China. And this gives us comfort to also look to do more units at the same location. Turning to slide 15, we're also progressing the infrastructure required to support our operations in Argentina. The primary work today is, as you can see from the pictures, we are constructing the compressor stations. We are trenching both onshore and offshore to facilitate for the pipeline. There are two key pipeline activities. Initially, HILI will produce from a 19-kilometer connection to the existing gas grid in Argentina. That construction is well underway and is very much on schedule to be in place when HILI arrives. The second pipeline is a dedicated pipeline that will go all the way from Vaca Muerte down to San Matias, which is north of 500 kilometers. During the quarter, CESA awarded both line pipes, compressor stations, and the EPC to construct that pipeline to also ensure that that's in place when the mark 2 arrives. So far, everything is on schedule and better than originally anticipated on CESA's budgets. Turning to slide 16. We are now actively working to order our fourth unit within 26. This is on the back of strong development of our commercial pipeline. We see three target regions for incremental business. It continues to be West Africa, Middle East, and certainly South America. We are narrowing our scope as to which design we will build. We've taken active steps to secure long lead items. We're inspecting donor vessels as we speak, and we are confirming shipyard pricing, payment terms, and delivery. We will update the market as this progresses, but this is now very high on our agenda. I'll now hand the call over to Eduardo to run us through group results for Q1.

Thank you, Carl, and good morning, everyone. I'm pleased to provide an overview of another quarter of strong operation execution, earnings growth, and continued balance sheet progress for Golan. Moving to slide 18. Key one further demonstrates the earnings power of our FONG platform. As GIMI continues to ramp up, and operational optimization translates into higher cash flow generation. Total operating revenues increased to $138 million in the quarter, while EBITDA increased 16%, quarter over quarter, to $106 million. GIME continues to perform exceptionally well, delivering 19% above contractual day rates during the quarter, supported by strong production performance, favorable ambient conditions, and continued operational optimization. At the same time, Healy once again maintained 100% commercial uptime, continuing its outstanding operational track record. Net income increased significantly to $102 million in Q1, highlighting the operating upside embedded within our business model. And importantly, this performance was achieved with only two FLNG units operating today and before any contribution from Mark2. Lastly, consistent with our capital allocation framework, we're pleased to declare another quarterly dividend of 25 cents per share for Q1 2026. Moving to slide 19. We continue to maintain strong balance sheets with substantial flexibility to support future FLNG growth. At order end, total cash stood at just over $1 billion, while net interest in bearing debt was around $1.7 billion. As mentioned before, on a fully delivered basis, once all three units are in operation, we expect annual run rate EBITDA to exceed $800 million before commodity upsides. Based on our current capital structure, this would imply leverage reducing to around 3.4 times fully supported by long-term contracted cash flows. Mark II remains fully unencumbered today, despite $1.2 billion having been invested to date, creating significant embedded flexibility for future financing. Combined with the potential optimization of the Healey financing structure, We continue to see meaningful opportunities to unlock additional liquidity to support further FLNG growth. Turning to slide 20, our capital allocation framework remains clear, disciplined, and highly aligned with our long-term shareholder value creation. We continue to prioritize three key objectives, maintaining balance sheet flexibility, funding accretive FLNG growth, and increasing shareholder returns over time. During Q1, we deployed approximately $200 million across dividends and growth investments. We returned approximately $25 million to shareholders through dividends in the quarter, while investing more than $134 million across our FLNG growth projects. Importantly, the $1.2 billion invested into Mark II has been fully equity funded, highlighting both the strength of our existing cash flow platform and the substantial flexibility still available going forward. Looking ahead, we continue to target the ordering of fourth FLNG units during 2026, as alluded by Karp. Based on our contracted earnings profile, we continue to see a clear pathway toward approximately $5 per share of annual free cash flow generation before commodity upside. This provides substantial flexibility between increasing shareholder returns and funding future growth opportunities. Importantly, we believe the increasing scale of our platform and financing flexibility positions Gola to evolve from a three-unit company into a repeatable FLNG infrastructure platform over time. Moving to slide 21. What this slide really shows is the scale and visibility of the next phase of earnings for us. So today, our platform is generating $274 million of last 12 months EBITDA, with only two units in operation. Once all three units are fully operational, we expect run rate EBITDA to exceed $800 million before commodity upside and before additional FLNG growth units. We expect the first major step up in earnings during 2027 once Healy starts operation, followed by another significant increase once the Mach 2 enters operation in 28. Importantly, This EBITDA growth is expected to materially outpace incremental debt service, resulting in substantial increase in free cash flow and shareholder return capacity. As previously discussed, our current dividend run rate is approximately $1 per share annually and could grow to over $5 per share based on contracted EBITDA. In addition, our contract recesses provide attractive upside linked to LNG prices. with every $1 per million BTU increase in LNG prices above 8 estimated to generate approximately $100 million of incremental annual upside. Combined with around 20 years of average remaining contract duration, we believe this provides exceptional visibility into long-term earnings and cash flow generation. Lastly, on slide 22, We continue to see increasing scale, liquidity, and institutional participation across our capital markets presence. Our market cap has now grown to approximately $5.7 billion, while average daily trading volume exceeds $100 million per day. In addition, we now have approximately $800 million outstanding across two senior unsecured bonds, alongside our $575 million convertible bond, maturing in 2030. Today, investors can gain exposure to GOLA through multiple ways, from our growing equity cash flow profile and increasing shareholder returns, to our unsecured bonds and convertible instruments, all supported by long-term contracted FLNG, infrastructure cash flows, and visible future growth. With that, I'll hand the call back to you, Carlos.

Thank you, Eduardo. Turning to slide 24 and a summary of our focus on continued value creation. Near-term, we see increasing commodity prices boosting both earnings on HILI's remaining commodity exposure of Cameroon and for the front years of our CETA contracts. The increased utilization on GIMI results in a parata increase in adjusted EBITDA And as explained, we don't think it's fair to assume 90% annualized, but we do expect a meaningful overproduction over committed contraction volume. We have several levers, as Eduardo explained, for further debt optimization, in particular on asset level financing on HILI and the Mark II, where any significant liquidity release will be used for growth and directed to our fourth FLE. The start-up of the 20-year contract for HILI in Argentina will be at a much higher base versus the unit's current earnings in Cameroon. Hence, the reset of the contract will strongly benefit our cash flow. As explained a couple of times during this presentation, we are targeting to order our fourth FLNG within 26, and this is even further strengthened by the global energy market disruptions. which builds momentum in our commercial discussion. Longer term, we see a continued strong development of the FLNG market. As we laid out, we see a similar trajectory to that of the FPSO industry, and we remain by our policies to add at least one FLNG per year going forward. We see, as Eduardo said, a capacity for multiple increase in shareholder returns just based on our existing three assets once they start the long-term contracts. And we see strong demand for further energy diversification and security and thereby opening new markets to LNG exports. As a matter of fact, the NPV of Golar is increasing daily until both Hildi and the Mark II are operational in Argentina. To summarize on slide 25, we are the only proven service provider of FLNG, and we've now delivered more than 185 LNG cargoes with no unplanned downtime. We have a backlog of $17 billion. Our adjusted EBITDA will grow to $800 million a year. As Eduardo explained, we have balance sheet flexibility with a truly delivered net debt to adjusted EBITDA of just over three times and quickly deleveraging thereafter. We're positioned for growth, and we're now focused on ordering number four, and we're equally focused on shareholder returns, which is evident both from our capital allocation policy and our ongoing strategic reach. That concludes our prepared remarks for the quarter, but before turning it over to the operator for questions, we would like to remind you that as stated in the press release announcing our strategic review, which was released March 25th, we will not provide any commentary on the strategic review process until the review is complete. With that, we will now open up for questions.

Thank you. As a reminder, to ask a question, you will need to press star 1 and 1 on your telephone and wait for your name to be announced. To withdraw your question, please press star 1 and 1 again. For the benefit of all participants on today's call, you are kindly asked to limit yourself to two questions. If you wish to ask further questions, you may re-enter the queue. Please stand by while we compile the Q&A queue. And our first question comes from the line of John McKay from Goldman Sachs. Please go ahead. Your line is open.

Hey, good morning, guys. Thank you for the time. I appreciate all the color and prepared remarks. I'd love just to hear a little bit more from you in terms of the commercial progress, specifically maybe how these conversations have changed or accelerated over the past two months since the Iran war started and whether that's brought in kind of new geographies, new types of customers, etc. Maybe walk us through that.

So, I think one very clear effect of the disruptions in the Middle East is the bombing and fire of Roslafen, which has taken out at least seven million tons for three to five years, according to Katargaard themselves. So obviously that impacts the forward supply-demand dynamics and also the price expectations that people can foresee in the front months of an FLNG charter. That has caused the drive for urgency and tried to get as early delivery as possible. This is why we feel strongly about securing long lead items to ensure that we can deliver an FLNG in 36 months which the way we see it will be the earliest available liquefaction capacity globally. When you then have several parties interested to secure that capacity at much higher offtake prices than they originally subscribed to, you can translate that into the commercial discussions. So instead of having sort of a price war with the counterpart, it's who gets the first delivery. And that's a much better dynamic for us than to discuss tariff details. So that's the key impact the way we see it.

Maybe just follow up for me. Clear on boat four, has any of this started to pick up your conversations around a potential fifth boat if you're working through a couple customers that several might end up wanting some capacity here?

Absolutely. So as we've said, the reason for launching this strategic review is to see how we can further accelerate growth, and that's on the back of the commercial discussion. So for us, the short answer is yes.

All right. That's fantastic. Thank you for the time.

Thank you. We'll now move on to our next question. Our next question comes from the line of Chris Robertson from Deutsche Bank. Please go ahead. Your line is open.

Thank you, operator. Good morning, Carl. Good morning, Eduardo. Good morning. Just staying on the topic of the fourth asset here, when you're looking at a donor-type vessel, which in my mind indicates it will be either a Mark I or Mark II, so when you're looking at a donor vessel here, does it matter The type, could it be converted to either type of project? Or when you're selecting the vessel, is it specific to whether it will be a Mark I or a Mark II? Just trying to get your thoughts around expectations around the size, you know, the specification of this fourth asset. And maybe any commentary you could give around expectations of whether or not you know, terms might be similar or even improved from the last, the Argentinian contracts.

So your point that a donor vessel suggests mark one or two, we fully agree with. The answer is yes. We don't see the next one being either of the two. The second part of the question, whatever donor vessel we secure can be used for both. The donor vessel is not what dictates mark one or two. The magnitude of long leads will impact mark one and two, and for now we are ensuring that at least we can do a mark two. So that's where we probably see the next one coming. In terms of the commercial terms, we have previously guided that we target long-term contracts of 15 to 20 years at the capex to EBITDA between five and six times. And then obviously we try to also build in inflationary adjustments as well as commodity upside. The commercial discussions we are in is within that guidance. However, they differ from geography and counterpart as to the level of fixed versus commodity exposure. Some clients, big IOCs, are less inclined to pay a significant commodity upside, but are in line to pay the long-term infrastructure charge rates in the five to six capex three beta range.

Okay, that's clear. Thank you, Carl. Just turning to the dedicated gas pipeline, can you talk a little bit more about The regulatory or any environmental approvals that are remaining if any and what does the construction time like look from today?

until completion Sure, so the pipeline that will go from our commercial to go to San Matias will be go alongside the oil pipeline that was Started in December 24. So all of the right-of-way and regulatory approvals is in place and We do expect a separate Rigi protection to be awarded to the pipeline company. There are three key components to the construction of the pipeline. One is line pipes. That has been awarded and is under construction. The second is compressor station. That was awarded back in December and is under construction. And then the third and last part is the EPC, the actual work of putting it all together. And that's also been awarded. The construction time is well within two years, so we should be very much ready for when the mark two arrives.

All right, great. I'll turn it over. Thank you, Carl.

Thank you. Thank you. We'll now move on to our next question. And our next question comes from the line of Sharif El-Maghrabi from BTIG. Please go ahead. Your line is open.

Hi, good morning, and thanks for taking my questions. Starting with the sale agreement that you signed for the HILI, for both HILI and Mark II, is there an amount of LNG capacity that CESA aims to have under long-term contract versus spot, especially since you've taken some commodity exposure on your contract with CESA?

Hi, Sharif. So if you take Hilli and the Mark 2, Hilli has a capacity of approximately 2.5, Mark 2 of approximately 3.5. So we are in total, because we guarantee 90% uptime, we have just shy of 6 million tons to market. CETA has already sold the first two. That leaves us another four to sell. We are actively discussing amongst the CETA shareholders to reserve around 1 million tons for spot cargoes. There is currently no significant outlet of LNG in South America. Hence, with the establishment of the operations of Heliander Mark II in Argentina, we expect to open new local demand with a massive shipping advantage versus where they are sourcing gas today. A natural example for such spot volumes could be Brazil, which recently awarded another 30 gigawatts of PPA, where the majority of that will be gas-fired. Hence, we see significant potential local demand for that capacity that should dictate a higher FOB price than what we can obtain on long-term contracts. However, we want to have a measured approach to it, so we will start off with around, well, probably around 1 million tons, subject to the CESA partnership agreement. And then we will see how that develops over time, and that's why the CESA contract, for example, is eight years, so we can optimize as we continue.

That's very helpful. And then I want to bring it back to the pipeline. It sounds like things are humming along, right? Stuff's under construction. Everything's been awarded. Are there any key milestones we should be looking at for this year? And then perhaps more importantly, I'm curious if that pipeline would be fully utilized by the Mark II, or is there any other spare capacity over the long term?

So the milestones this year, I think this year we are waiting There's nothing that will be fully complete this year. So the milestones will be, I guess, on the quarterly calls. We will provide updates on where we sit versus the schedule. I guess you're referring to the dedicated pipeline. So when you talk about pipelines, there are two key things. It's how big is the pipeline in inches, and the other thing is compressor stations. you can boost the throughput of the pipeline beyond just helium mark two if you add the compression but there's a limit to how much you can grow it by the the size of the actual pipeline in inches so to answer the question yes you can boost it beyond the two units but there's certainly a restriction at some point just given the size of the button got it carl thank you very much thank you

We'll now move on to our next question. Our next question comes from the line of Alexander Bidwell from Weber Research and Advisory. Please go ahead. Your line is open.

Good morning. Appreciate the time. So with the Argentina project running on or slightly ahead of schedule, are there any upside mechanisms in the contracts if the project starts up early?

Sure, then you produce hydrocarbons earlier. So hydrocarbons earlier is more money earlier and the contract starts whenever we're ready. However, that said, there's a lot of infrastructure that should line up to the startup of the arrival of the FLNDs. And there is no upside. If the pipeline is ready and the FLNG is not, then obviously there's no upside. So everything needs to be in place. More than looking for the upside, we are just wanting to ensure that we are according to the schedule that we have put forward. And for now, we're tracking very well to achieve that.

All right. Thank you. Appreciate the color there. And then I guess just kind of piggybacking off that, so you'd mentioned about 90% of the FLNG infrastructure capex is awarded. Can you walk us through what remains outstanding?

When you do this type of work, there's always some additional contracting that will happen. For example, some of the costs you don't pay upfront, but you pay when you actually conduct the work. So as I mentioned, the line pipes, the compressor station, and the EPC has been awarded, but there will be other costs that will come alongside when we do construction, such as roads, warehouse and certain other things that there's no reason why it should be awarded now but it will be sort of call it pay as you go closer in time to the delivery of definitely all right thank you I'll turn it back over thank you we'll now move on to our next question and our next question comes from the line of Liam Burke from be Riley securities please go ahead your line is open

Thank you. Good morning, Carl. Good morning, Eduardo. Good morning. Good morning. Carl, as you move HILI from the coast of Africa to South America, are there any significant changes in geography that would affect the modification of the FLNG as it goes from one geography to another?

So our units are generic. that there are certain adjustments you need to make. So the short answer is for the big impact, not much. The key changes, however, are two. One of them is a different metocean condition in Argentina versus Cameroon. So we'll do relatively large modifications to the anchoring points on the hilly, like physically where the vessel is connected to the mooring system. That's one big scope. The other one is that during winter in Argentina, you can see negative temperatures, which is not the case in Cameroon. Hence, we need to do a limited winterization scope of key components that will be exposed to such temperatures. Those are the two key modifications, but other than that, none.

Okay, great. And this is sort of a nitpicking item. On corporate and other, there's a mention of an FSRU operation and maintenance agreement. You don't have any other legacy operations related to some of the past either carrier, LNG carrier or FSRU operations anymore, do you?

Today, no. When we started this quarter, yes. Golar has been around for 80 years this year. We actually celebrate 80 this year. So there are always some legacy stuff. We have done a lot of work to sort of get rid of all of it because it takes, some of it we're making modest money on, but it takes a lot of organization time. So we have basically terminated most, if not all of them. And we no longer have any exposure to any FSRU nor LNG carrier operations.

Great. Thank you, Carl.

Thank you.

Thank you. There are no further questions at this time, so I'll hand the call back to Carl for closing remarks.

Thank you all for dialing in and listening to our Q1 presentation. We wish you all a good day. Thank you.

This concludes today's conference call. Thank you for participating. You may now disconnect. Speakers, please stand by.