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Golar LNG Partners L.P.: Interim Results for the Period Ended June 30, 2015


* Golar LNG Partners LP reports net income attributable to unit holders of
$41.0 million and operating income of $62.3 million for the second quarter
of 2015.
* Generated distributable cash flow of $41.4 million for the second quarter
with a coverage ratio of 1.07.
* Strong operational performance with 100% availability of the fleet for
scheduled operations and 94% availability taking account of theGolar Freeze
* Successful placement of a $150 million bond in the Norwegian bond market.
* Repaid $120 million of the $220 millionGolar Eskimo vendor financing
together with a maturing $20 million revolving facility also provided by
Golar LNG Limited.
* Executed a $180 million refinancing facility in respect of theGolar Maria
andGolar Freeze .

Financial Results Overview

Golar LNG Partners L.P. ("Golar Partners" or the "Partnership") reports net
income attributable to unit holders of $41.0 million and operating income of
$62.3 million for the second quarter of 2015 ("the second quarter or 2Q"), as
compared to net income attributable to unit holders of $31.3 million and
operating income of $58.7 million for the first quarter of 2015 ("the first
quarter or 1Q") and net income attributable to unit holders of $37.8 million
and operating income of $62.1 million for the second quarter of 2014.

Second quarter operating income was in line with the same period in 2014.
Additional revenue in respect of theGolar Eskimo,
which was acquired on January 20, 2015, was offset by reduced earnings from
theGolar Freeze
as a result of its drydock during the quarter, a full quarter of reduced
earnings for theGolar Grand
given its new contract rate and associated ownership and operating costs in
respect of theGolar Eskimo
FSRU. Second quarter 2015 revenue increased by $4.1 million over 2Q 2014 and
includes an additional $12.4 million hire in respect of theGolar Eskimo
. This was offset in part by a reduction in revenue due to the drydock of
theGolar Freeze
equivalent to $6.7 million and a $2.1 million revenue reduction in respect of
theGolar Grand
which was returned at the end of its contract by BG Group in mid-February and
re-chartered to Golar LNG Limited ("Golar") at a lower rate. Vessel
operating expenses, voyage and commission costs, administration expenses and
depreciation and amortisation increased by a collective $4.0 million compared
to the same period in 2014 primarily reflecting the additional ownership and
operating costs of theGolar Eskimo
. Despite additional debt servicing costs on financing of theGolar Eskimo
, second quarter 2015 net financial expenses were $3.8 million lower than 2Q
2014. The reduction is predominantly reflective of a $6.0 million non-cash
mark-to-market valuation gain on interest rate swaps compared to a $3.3
million loss in 2014. Taxes in respect of 2Q 2015 were $0.8 million higher
than the same period in 2014 when a credit to tax expense resulting from a
year-to-date reassessment of current tax estimates was recognised.

An increase in revenue net of voyage expenses from $98.5 million in the first
quarter to $103.6 million in the second quarter reflects a number of factors.
An additional $8.6 million was recognised in respect of theGolar Igloo
which was on charter for all of the second quarter, whereas two of its
scheduled three months downtime occurred during the first quarter. TheGolar
was also receiving revenue for all of the second quarter compared to 71 days
hire received in respect of the first quarter. This resulted in an
additional $2.8 million of revenue being recognised in 2Q. Offsetting these
was a $6.9 million reduction in revenue from theGolar Freeze
which commenced its scheduled drydock during 2Q resulting in 51 days of
offhire and a $1.2 million reduction in hire from the LNG carrierGolar Grand
which spent part of 1Q on hire to BG Group at a higher rate. The majority of
the remaining $1.8 million increase in revenue reflects the longer quarter
(91 days versus 90 days).

Vessel operating expenses at $17.2 million were $1.6 million higher than the
first quarter cost of $15.6 million. This was mainly due to higher essential
repair expenditures across the fleet and higherGolar Freeze
non-drydock related repairs in particular. It also reflects a full quarter of
operations in respect of theGolar Eskimo
which operated for 71 of the 90 days in the first quarter. Administration
expenses at $1.5 million were in line with the prior quarter.

Net interest expense at $13.8 million for the second quarter was $1.3 million
higher than the first quarter due to a full quarters interest on a $162.8
million debt facility and a $220.0 million vendor loan from Golar, which
together financed the acquisition of theGolar Eskimo
on January 20. On May 12, Golar Partners issued a USD 150 million bond in the
Norwegian bond market, the majority of the proceeds of which were
subsequently used to repay existing debt facilities. Other financial items
for the second quarter were a loss of $1.5 million compared to a $10.4
million loss in the first quarter. This included non-cash mark-to-market
valuation gains on interest rate swaps of $6.0 million in the second quarter
as a result of an increase in 3-year and 5-year interest swap rates by 14bps
and 26bps respectively. This compares to a $5.9 million loss in the first

The Partnership's Distributable Cash Flow1for the second quarter was $41.4
million as compared to $40.7 million in the first quarter and the coverage
ratio was 1.07 as compared to 1.06 for the first quarter. The coverage ratio
was negatively impacted in the first quarter by 2 months of scheduled
downtime for theGolar Igloo
and in the second quarter by 51 days offhire for theGolar Freeze
scheduled drydock.

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.

Corporate and other matters

Our General Partner, Golar, announced on August 4, 2015 a unit purchase
program of up to $25 million worth of Golar Partners outstanding units over
the subsequent 12 months. To date, Golar has purchased 167,000 shares in open
market transactions increasing its stake in the Partnership to 30.3%
inclusive of its General Partner stake.

On July 27, 2015, Golar Partners declared a distribution for the second
quarter of $0.5775 per unit. The second quarter dividend was paid on August
14, 2015 on total units of 62,870,335.

Operational Review

The fleet performed well during the quarter with 100% utilisation of all
vessels except for theGolar Freeze
which incurred 51 days offhire as a result of its scheduled drydock, which was
longer than the anticipated 30-40 days offhire.Golar Freeze
recommenced operations in Dubai on July 4 and will therefore report 3 further
days offhire in 3Q. TheGolar Grand
represents the only remaining vessel in the fleet scheduled to be dry-docked
before year end. The exact timing of theGolar Grand
drydock will however depend on the vessels planned operations and may be
postponed into 2016.

FSRUGolar Eskimo
arrived off Aqaba on May 25, issued a notice of readiness, commenced its
charter on June 24 and went on to complete it's commissioning for the
Hashemite Kingdom of Jordan without issue on July 12. Since commencement,
the FSRU has since been producing at close to peak capacity and with 100%

Financing and Liquidity

As of June 30, 2015, the Partnership had cash and cash equivalents of $59.5
million and undrawn revolving credit facilities of $80 million. Total debt
and capital lease obligations net of total cash balances was $1,305.4 million
as of June 30, 2015.

Based on the above net debt amount and annualized2 second quarter 2015
adjusted EBITDA3, Golar Partners debt to adjusted EBITDA multiple was 3.8.

On May 11, 2015 the Partnership launched a USD 150 million five year
non-amortising bond in the Norwegian bond market. The oversubscribed issue
successfully priced at LIBOR plus 4.4%. Golar Partners intends to list the
bond in the Norwegian market. Golar Partners subsequently entered into
interest rate swaps to hedge the aggregate principal of the bond such that
the all-in interest cost for the $150 million is 6.275%. The majority of the
proceeds were used to repay existing debt; $120 million was applied against
the vendor financing provided in connection with the acquisition of theGolar
and a further $20 million was used to extinguish a maturing $20 million
revolving facility, also provided by Golar.

On June 16, the Partnership executed a $180 million facility comprised of a
$150 million term loan and a $30 million revolving credit facility. The
facility was used to repay $133.4 million of long term debt that matured in
2015. Secured against theGolar Maria
LNG carrier andGolar Freeze
FSRU, the facility has a tenor of 36-months, the $150 million term loan will
be repaid in 12 quarterly instalments plus a balloon payment of $114 million
at maturity and the facility carries interest at LIBOR plus a margin of up to

Golar Partners expects to refinance the remaining $100 millionGolar Eskimo
vendor loan and the Golar Maria/Freeze facility ahead of their maturities in
January 2017 and June 2018.

As of June 30, 2015, Golar Partners had interest rate swaps with a notional
outstanding value of approximately $1,218.0 million (including swaps with a
notional value of $377.2 million in connection with the Partnership's bonds
but excluding $100 million of forward starting swaps) representing
approximately 93% of net debt. In addition to the Bond swaps, a new $100
million 7-year swap was also entered into and a $55 million swap matured
during the quarter. The average fixed interest rate of swaps related to bank
debt is approximately 2.14% with average maturity of approximately 3.2 years
as of June 30, 2015.

As of June 30, 2015, the Partnership had outstanding bank debt of $970.6
million with average margins, in addition to LIBOR or fixed swap rates, of
approximately 2.32%, a Norwegian Krone (NOK) bond of $165.5 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 has 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 June 30, 2015, which also includes an interest rate swap element, was
$68.4 million. The Partnership also has a $100 million vendor loan from Golar
entered into in connection with the acquisition of the Golar Eskimo. The
vendor loan...

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