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Golar LNG Partners L.P.: Interim Results for the Period Ended 31 March 2016


· Golar LNG Partners LP reports net income attributable to unit
holders of $16.8 million and operating income of $56.1 million for the first
quarter of 2016.

· Generated distributable cash flow of $43.6 million for the first
quarter with a distribution coverage ratio of 1.14.

· Agreed to acquire the FSRUGolar Tundra
for $330.0 million.

· Received commitments for a 5 year $800 million 7 vessel refinancing.

· Golar Maria
enters dry-dock.

Subsequent Events

· Golar Maria completes dry-docking on schedule.

· Draw down on new 5 year $800 million senior secured credit facility.

· Completed acquisition of Golar Tundra.

Financial Results Overview

Golar LNG Partners L.P. ("Golar Partners" or the "Partnership") reports net
income attributable to unit holders of $16.8 million and operating income of
$56.1 million for the first quarter of 2016 ("the first quarter" or "1Q"), as
compared to net income attributable to unit holders of $57.2 million and
operating income of $63.1 million for the fourth quarter of 2015 ("the fourth
quarter" or "4Q") and net income attributable to unit holders of $31.3
million and operating income of $58.7 million for the first quarter of 2015.

| (USD '000) Q1 2016 Q4 2015 Q1 2015 |
| Revenue 101,065 114,993 99,846 |
| Revenue net of voyage expenses 99,246 112,942 98,535 |
| Adjusted EBITDA 81,131 93,924 81,344 |
| Net Interest Expense (11,068 ) (13,847 ) (12,469 ) |
| Other Financial Items (21,812 ) 7,422 (10,370 ) |
| Taxes (3,450 ) 3,459 (2,168 ) |
| Net Income after NCI 16,750 57,184 31,258 |
| Net Debt 1,252,094 1,240,265 1,288,561 |
Revenue net of voyage expenses decreased from $112.9 million in the fourth
quarter to $99.2 million in the first quarter. This is principally due to
reduced revenue in respect of theGolar Igloo
as a result of its scheduled winter downtime period during January and
February. AdditionallyGolar Maria
incurred 21 days off-hire together with positioning costs during 1Q in
connection with its scheduled 5 yearly dry docking. The above items together
with one less day in the reporting period resulted in a $13.7 million
reduction in 1Q revenue.

Vessel operating expenses at $16.2 million were $0.8 million lower than the
fourth quarter cost of $17.0 million. The overall decrease is mainly due to
reduced operating expenses for theGolar Grand
as it is currently in layup. Operating cost savings as a result of layup are
passed on to the charterer by way of a lower daily hire rate under the terms
of the charter. Administration expenses at $1.9 million were in line with the
prior quarter cost of $2.0 million.

Net interest expense at $11.1 million for the first quarter was lower than the
fourth quarter cost of $13.8 million. The decrease is primarily as a result
of a $1.9 million credit to lease interest expense as a result of a reduction
in the UK Lessors tax rate. The Partnership also recognised $1.1 million of
incentive interest income in return for its early repayment of the Golar
Eskimo vendor loan. Partly offsetting this is an increased charge in respect
of the sale and leaseback financing for theGolar Eskimo
that was entered into in 4Q. Other financial items recorded a $21.8 million
first quarter loss compared to a $7.4 million gain in the fourth quarter. A
$17.2 million non-cash mark-to-market loss on interest rate swaps in the
first quarter reversed a $13.9 million fourth quarter gain following a
decrease in interest rate swap rates during the quarter.

Largely as a result of lower revenue as noted above the Partnership's
Distributable Cash Flow1for the fourth quarter was lower at $43.6 million as
compared to $52.9 million in the fourth quarter and the distribution coverage
ratio fell accordingly from 1.39 to 1.14 in 1Q.

1Distributable cash flow is a non-GAAP financial measure used by investors to
measure the performance of master limited partnerships. Please see Appendix A
for a reconciliation to the most directly comparable GAAP financial measure


On February 10, 2016 the Partnership entered into an agreement to acquire from
Golar LNG Limited ("Golar") its ownership interests in the disponent owner
and operator of the FSRUGolar Tundra
for a purchase price of $330.0 million. Concurrent with the execution of the
purchase agreement, the Partnership paid a $30.0 million deposit to Golar.
The acquisition subsequently closed on May 23, 2016.

TheGolar Tundra
is chartered for an initial five year term to West Africa Gas Limited
("WAGL"), an entity 60% owned by subsidiaries of the Nigerian National
Petroleum Corporation and 40% owned by Sahara Energy Resource Ltd. The
charter may be extended for an additional five years at WAGL's option.
Concurrent with the closing on May 23 the Partnership entered into an
agreement with Golar pursuant to which Golar will pay to the Partnership a
daily fee plus operating expenses, aggregating to approximately $2.6 million
per month, for the right to use the FSRU from May 23 until the date that
theGolar Tundra
commences operations under its Charter with WAGL. The Partnership will remit
to Golar any hire receivable byGolar Tundra
from third parties during this period.

During April Golar completed the minor modifications to the FSRU required to
ensure its compatibility with the proposed receiving terminal inside the port
of Tema, Ghana. TheGolar Tundra
is now en-route to Ghana and is expected to arrive offshore shortly. The
Partnership is preparing to tender notice of readiness in the very near
future and payments under the contract commence 30 days thereafter.

Corporate and Other Matters

On April 25 2016, Golar Partners declared a distribution for the fourth
quarter of $0.5775 per unit. The first quarter distribution was paid on May
13, 2016 on total units of 62,336,335.

On February 29 the Partnership's General Partner appointed Ms Lori Wheeler
Naess as a Director and Audit Committee Chairperson. Ms Naess was most
recently a Director with PWC in Oslo and has previously served as a Senior
Advisor for the Financial Supervisory Authority in Norway and held other
roles with PWC in the US, Norway and Germany.

Total outstanding units as at March 31, 2016 were 62.336.335 of which
19,115,335 are owned by Golar, including 1,257,408 General Partner units.

Operational Review

Excluding scheduled downtime, the fleet reported 100% utilization for the
quarter. This reduces to 91% when theGolar Maria
dry-dock andGolar Igloo's
winter downtime are taken into account.Golar Maria's
dry-dock, originally expected to take 28 days, was completed 2 days ahead of
schedule on April 5. Second quarter revenue will be slightly reduced as a
result. As charterers of theGolar Grand
, Golar have now placed the vessel into layup pending a recovery in the
shipping market. The vessel's layup means that its scheduled 2016 dry-dock is
not expected to take place until shortly before the vessel resumes service,
likely during 2017. No other vessels in the fleet are scheduled to be dry
docked this year.

Financing and Liquidity

As of March 31, 2016, the Partnership had cash and cash equivalents of $55.5
million and available and undrawn revolving credit facilities of
approximately $12 million. Total debt and capital lease obligations net of
total cash balances was $1,252.1 million as of March 31, 2016.

Based on the above net debt amount and annualized2first quarter 2015 adjusted
EBITDA3, Golar Partners' debt to adjusted EBITDA multiple was 3.9.

As of March 31, 2016, Golar Partners had interest rate swaps with a notional
outstanding value of approximately $1,086.3 million (including swaps with a
notional value of $377.2 million in connection with the Partnership's bonds)
representing approximately 87% of net debt. The average fixed interest rate
of swaps related to bank debt is approximately 1.93% with average maturity of
approximately 3.6 years as of March 31, 2016.

As of March 31, 2016, the Partnership had outstanding bank debt of $1,057.0
million with average margins, in addition to LIBOR or fixed swap rates, of
approximately 2.2%, a Norwegian Krone (NOK) bond of $157.2 million with a
fixed rate of 6.485% and a $150.0 million Norwegian USD bond with a swapped
all-in rate of 6.275%. The Partnership has a currency swap to hedge the NOK
exposure for the Norwegian Krone bond. As the US dollar depreciated against
the NOK during the quarter, the value of this bond in USD terms has increased
whilst the swap liability has fallen. The total swap liability as at March
31, 2016, which also includes an interest rate swap element, was $77.9
million and the restricted cash securing this swap liability was $32.2

During the first quarter the Partnership received commitments from Banks for a
new 5 year, $800 million senior secured credit facility. Immediately prior to
completion of theGolar Tundra
acquisition on May 23 the Partnership closed and drew down on this facility.
Consisting of a $650.0 million term loan and a $150.0 million revolver, this
new facility, secured by seven of the Partnership's existing ten vessels, was
used to refinance existing credit facilities amounting to approximately
$681.4 million. A further $77.3 million was used to pay the outstanding
balance due to Golar in respect of the acquired FSRUGolar Tundra
. The balance of the agreed $330.0 million purchase price is comprised of an
existing $222.7 million sale and leaseback facility secured by theGolar
that has been assumed by the Partnership and the $30.0 million deposit paid
upon signing the acquisition agreement in 1Q. The new $800 million facility
will increase the average tenor of the Partnership's existing bank debt and
extend the maturity of approximately $380 million of indebtedness from 2018
to 2021. $25 million of the revolving tranche currently remains undrawn.

2Annualized means the figure for the quarter multiplied by 4.

3Adjusted EBITDA: Earnings before interest, other financial items, taxes,
non-controlling interest, depreciation and amortization. Adjusted EBITDA is a
non-GAAP financial measure used by investors to measure our performance.
Please see Appendix A for a reconciliation to the most directly comparable
GAAP financial measure.


Other than approximately 5 days' offhire in respect of theGolar...

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