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2020-08-13

Golar LNG Partners LP: Interim results for the period ended 30 June 2020

Highlights and subsequent events

  • Exclusive of its interest in FLNG Hilli Episeyo, Golar LNG Partners LP (“Golar Partners” or “the Partnership”) generated operating income of $32.8 million for the second quarter of 2020.
  • After accounting for $4.5 million of non-cash mark-to-market interest rate swap losses, the Partnership reported net income attributable to unit holders of $14.3 million for the second quarter.
  • The Partnership generated distributable cash flow1 of $28.7 million for the second quarter resulting in a distribution coverage ratio1 of 20.09.
  • Bondholders approved 18-month extensions to the May 2020 and May 2021 maturing high yield bonds.
  • LNGC Golar Maria secured a multi-month charter giving Q2 utilization of 81% for this vessel and 92% for the fleet.
  • The partnership declared a distribution for the second quarter of $0.0202 per unit.

Financial Results Overview

Golar Partners reports a net income attributable to unit holders of $14.3 million and operating income (which excludes its share of Hilli Episeyo which is accounted for under the equity method) of $32.8 million for the second quarter of 2020 (“the second quarter” or “Q2”), as compared to a net loss attributable to unit holders of $33.1 million and operating income of $27.7 million for the first quarter of 2020 (“the first quarter” or “Q1”) and a net loss attributable to unit holders of $5.5 million and operating income of $36.2 million for Q2 2019.

Consolidated GAAP Financial Information
(in thousands of $)Q2 2020Q1 2020Q2 2019
Total Operating Revenue72,114  69,815  77,361  
Vessel Operating Expenses(12,991) (16,212) (14,913) 
Voyage and Commission Expenses(2,359) (2,184) (1,621) 
Administrative Expenses(3,913) (3,717) (3,251) 
Operating Income32,805  27,739  36,208  
Interest Income4,615  4,490  2,409  
Interest Expense(17,115) (17,495) (20,695) 
Losses on Derivative Instruments(4,472) (46,835) (24,502) 
Net Income/(Loss) attributable to Golar LNG Partners LP Owners14,264  (33,144) (5,516) 


Non-GAAP Financial Information1
(in thousands of $)Q2 2020Q1 2020Q2 2019
Adjusted Interest Income416  549  

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