Golar LNG: https://seekingalpha.com/instablog/839737-j-mintzmyer/5225322-lng-spot-150k-golar-soaring

"The Norwegians Get It... Sort of.

Remember talking about Fredriksen and Troim? Troim, the brains, is fully behind Golar (GLNG) and has diversified away from the fickle, cyclical, shipping sectors. Despite this diversification, GLNG is ironically also the absolute best shipping play here as well.

Anyways, Fredriksen is backing Flex LNG ("FLNG"), which is traded on the Oslo exchange. I have nothing against Flex, it's a fine firm and they have some beautiful new vessels with M-Type engines. Top of the line! They have a fully-delivered fleet of 13 vessels. That's beautiful! However, only 4 of these ships are on the water making a single penny right now. Two more arrive in 2019, and the bulk of the fleet at Flex doesn't even land until 2020-2021.

Look, I love the markets. I really like the prospects of 2019-2020, but shipping is a fickle beast. 2021 rates? I don't want to gamble on that! Golar is giving me 10 solid birds in the hand while Flex is only handing me 4 birds and the rest are hiding in far-away bushes! So yeah, I like Flex, but compared to Golar? It's extremely risky and has no real diversification into industrial projects."

https://splash247.com/bullish-golar-lng-analyst-puts-his-money-where-his-mouth-is/

Lite märkligt att se Flex LNG ner idag med en sådan Fearnleys update... men den kanske behöver hämta andan lite.

Golar LNG ukens selskap i Finansavisen.

I hovedtrekk er det en presentasjon av selskapet og dens virksomhet under overskriften "Nærmer seg innhøsting". Det fremkommer egentlig ikke noe nytt, bortsett fra at Golar Power blir fremhevet som et område med stort potensial. Det skrives at Golar Power vil forsøke å selge overskudds LNG lokalt i markedet til blant annet industri- og transportsektoren. Analytiker Espen Landmark hos Fearnley (som har kjøpsanbefaling og kursmål 34 USD) uttaler at det mest spennende for Golar er potensialet for å bytte opp mot 40 millioner fat daglig oljekonsum til gass. Landmark mener at om selskapet får innpass her, så skal kursen mangedobles de neste fem årene. På den negative siden mener han at avviklingen av OneLNG vil forsinke nye prosjekter samt at lønnsomheten i fremtiden neppe vil bli like god som i Kamerun.

175k nu east o west of Suez enligt Fearnleys, sida 2: https://www.hellenicshippingnews.com/wp-content/uploads/2018/10/fw_week_43_2018.pdf

Kjemperater men hvorfor gjør det ikke utslag pp kursen?
Vurderer å ta noen lodd her....

Lite för komplicerat företag för många än så länge är min gissning. Titta bara hur lite intresse GLNG trådar väcker här vs FLNG trådar. Gissar det ändrar sig med tiden.

Enig i det, men de fleste aksjonærene er i USA og vet ikke om flex.

DNB øker kursmålet til 46USD etter kvartalsrapporten.

Da ser det ut for at Golar igjen kan ha gjort en god deal, selv om detaljene rundt oppdraget ikke framkommer ennå. Med utgangspunkt i Q3 rapporten til Golar så går nå Golar Viking (steam 2005) inn på 11 mnd LNG fraktoppdrag og deretter ombygging til FSRU med levering innen 20/9 - 20/10 2020.

Noen som har oversikten over hva denne kontrakten innebærer for Golar/Golar Power??

https://www.lngworldnews.com/golar-power-to-provide-fsru-for-croatias-1st-lng-import-project/

Golar LNG receives Limited Notice to Proceed for an FLNG vessel for Phase 1 of the Greater Tortue / Ahmeyim Project, West Africa

Hamilton, Bermuda, December 17, 2018 - Golar LNG Limited ("Golar LNG" or "Golar") announced today that it has received a Limited Notice to Proceed ("LNTP") from BP Mauritania Investments Ltd and BP Senegal Investments Ltd, (together "BP") in their capacity as block operators, in respect of the provision of a Floating Liquefaction Vessel (" FLNG") to support the development of Phase 1 of the Greater Tortue / Ahmeyim field, located offshore Mauritania and Senegal.

The LNTP is in furtherance of the Preliminary Agreement and Heads of Terms for a Charter Agreement with BP which was announced by Golar on April 19, 2018.

The vessel conversion would take place at Keppel Shipyard Ltd ("Keppel") building on Keppel's delivery of the FLNG Hilli Episeyo, utilizing Black and Veatch Corporation's PRICO technology. Discussions regarding a minority investment in the vessel are also being progressed.

Oppdatering fra Stifel Nicolaus (som har samme kursmål som DNB)

This morning, Golar LNG announced the company has received a limited notice to proceed
from BP on a floating liquefaction vessel to be located on the Tortue field offshore Mauritania
and Senegal. While not a firm final investment decision (FID) on the part of BP, this indicates a
clear plan to move forward and sanctions the expenditure of capital on the part of Golar. GLNG
shares have languished despite extremely strong LNG shipping rates, solid cash flows from
the first FLNG project, and good progress throughout the rest of the business. With everything
going well, it has been a bit of a mystery to us as to why the shares have not been stronger, but
we do believe this could be a catalyst for re-rating.

Key Points

• Still no details on economics. Golar has not given details with respect to the economic
impact of the Tortue FLNG project. However, we are estimating the annual EBITDA
generation from the 20-year contract to be between $225 and $250 million per year against
a construction cost of about $1.25 billion. Importantly, BP has an option for a second vessel
from Golar and is ultimately planning the project to be 10 million tons per year (each Golar
FLNG is 2.5 mtpa). Consequently, progress on the first vessel significantly increases the
likelihood of a second, and potentially third and fourth.

• What it means to the shares. While cash flows are unlikely to materialize until 2022, we
estimate each Tortue FLNG to be worth $9-$10/share in GLNG equity, none of which is
currently reflected in the share price. While shares may not immediately respond due to the
lack of clarity on financial impact, we do believe over time the impact of Tortue and the option
value for growth beyond the first unit should be reflected in share price.

• How to pay for this thing. At year-end 2018, we expect Golar to have about $750 million
of cash and restricted cash. While the restricted cash cannot currently be used, over time,
it should be released and made available to the company. In our view, the existing liquidity
alone should be sufficient to fund the equity portion of the vessel, which should be easy
to finance, given a 20-year contract from BP. However, we estimate operating cash flows
of $292 million in 2019 and $369 million in 2020, with the startup of the Sergipe project in
Brazil. Consequently, we expect cash flow generation to materially exceed debt repayment
obligations, leaving at least $200 million available to the company of free cash flow after debt
to fund Tortue FLNG. In other words, we do not expect Golar to need outside equity for this
project.

• Putting the pieces together. We estimate the NAV of GLNG to be about $24/share based on
the market value of the ships, the remainder of Hilli, cash, GMLP interest, less debt. However,
Sergipe should begin operations next year, which should add at least $4/share. Also, this
Tortue #1 unit should add $10/share, the Delfin project in Louisiana is making progress, there
are expansion opportunities in Brazil and elsewhere for FSRUs and power, and the list could
go on. Consequently, we have little trouble arriving at our $42 target price and reiterate our
Buy rating as we expect these catalysts to drive shares higher in the next 12 months.