shipping floating storage, transportation & regasification

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Golar LNGGolar LNG

Shipping Shipping Floating Storage, Transportation Floating Storage, Transportation

&& RegasificationRegasification

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Golar LNGGolar LNGForward Looking StatementsForward Looking Statements

This presentation contains forward-looking statements. These statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including examination of historical operating trends made by the management of Golar LNG. Although Golar LNG believes that these assumptions were reasonable when made, because assumptions are inherently subject to significant uncertainties and contingencies, which are difficult or impossible to predict and are beyond its control, Golar LNG cannot give assurance that it will achieve or accomplish these expectations, beliefs or intentions.

This presentation contains forward-looking statements. These statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including examination of historical operating trends made by the management of Golar LNG. Although Golar LNG believes that these assumptions were reasonable when made, because assumptions are inherently subject to significant uncertainties and contingencies, which are difficult or impossible to predict and are beyond its control, Golar LNG cannot give assurance that it will achieve or accomplish these expectations, beliefs or intentions.

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Golar LNGGolar LNGOverviewOverview

LNG YesterdayLNG TodayLNG TomorrowIntroduction to GolarFuture Opportunities for Golar

LNG YesterdayLNG TodayLNG TomorrowIntroduction to GolarFuture Opportunities for Golar

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Golar LNGGolar LNGLNG YesterdayLNG Yesterday

Bilateral contracts20 year take or payNo destination flexibilityPrice indexed to buyers alternative source(s) of energyNo un-contracted volumes Projects financed mainly by equity and corporate debt

Bilateral contracts20 year take or payNo destination flexibilityPrice indexed to buyers alternative source(s) of energyNo un-contracted volumes Projects financed mainly by equity and corporate debt

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Golar LNGGolar LNGLNG YesterdayLNG Yesterday

Small number of participantsTechnically conservativeIncremental development onlyStrong focus in the Far EastShipping an integral part of the total project

Small number of participantsTechnically conservativeIncremental development onlyStrong focus in the Far EastShipping an integral part of the total project

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Golar LNGGolar LNGLNG TodayLNG Today

Many more players Shifting toward a global market – Atlantic Basin is as important as the Pacific BasinGreater contract flexibilityGas on gas competition and indexationProject financing more common

Many more players Shifting toward a global market – Atlantic Basin is as important as the Pacific BasinGreater contract flexibilityGas on gas competition and indexationProject financing more common

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Competition leading to technical innovation and price competition for services (including shipping)Emergence of a short term “spot” market –around 12% of LNG sales (including swaps and diversions)Shipping contracted to third parties is the norm

Competition leading to technical innovation and price competition for services (including shipping)Emergence of a short term “spot” market –around 12% of LNG sales (including swaps and diversions)Shipping contracted to third parties is the norm

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“BG Company boss Frank Chapman said that out of 182 cargoes that BG moved last year as many as 78, or nearly 43% of the total, were diverted away from their original destination………….

He explained that BG had switched a high proportion of cargoes originally destined for the US to markets in Europe and Asia where demand was higher. Chapman, speaking in BG’s results and strategy presentation to analysts yesterday, also said that “only a small portion” of its LNG volumes have destination clauses, which adds to the flexibility of its operations. This, he claimed, “allows BG to access premium value markets whenever and wherever they arise”.

From Tradewinds – LNG Unlimited - 9/02/07

“BG Company boss Frank Chapman said that out of 182 cargoes that BG moved last year as many as 78, or nearly 43% of the total, were diverted away from their original destination………….

He explained that BG had switched a high proportion of cargoes originally destined for the US to markets in Europe and Asia where demand was higher. Chapman, speaking in BG’s results and strategy presentation to analysts yesterday, also said that “only a small portion” of its LNG volumes have destination clauses, which adds to the flexibility of its operations. This, he claimed, “allows BG to access premium value markets whenever and wherever they arise”.

From Tradewinds – LNG Unlimited - 9/02/07

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Golar LNGGolar LNGLNG Today

From PricewaterhouseCoopers - Connectedthinking publication

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Golar LNGGolar LNGRapid Growth of LNG FleetRapid Growth of LNG Fleet

From Wood Mac Kenzie

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Golar LNGGolar LNGChasing Economies of ScaleChasing Economies of Scale

LNG production trains are increasing in size

Number of LNG trains per location increasing

Fleet sizes are growing

Vessels are getting larger

LNG production trains are increasing in size

Number of LNG trains per location increasing

Fleet sizes are growing

Vessels are getting larger

From Wood Mac Kenzie

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Golar LNGGolar LNGChasing EfficiencyChasing Efficiency

Shift toward membrane containment systems

Shift toward alternative more efficient propulsion

Shift toward membrane containment systems

Shift toward alternative more efficient propulsion

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Golar LNGGolar LNGLNG TomorrowLNG Tomorrow

Continued rapid growthShift away from JV marketing of LNG toward participants marketing their own equity volumesPortfolio players emerging - leading to a more merchant mindsetSwaps, trade patterns rationaliseFloating solutions to liquefaction andregasification a reality

Continued rapid growthShift away from JV marketing of LNG toward participants marketing their own equity volumesPortfolio players emerging - leading to a more merchant mindsetSwaps, trade patterns rationaliseFloating solutions to liquefaction andregasification a reality

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“Voelte said LNG trading is expected to grow to 370 million tonnes by 2015 from 145 million tonnes last year. Demand could eclipse supplies by 20 million tpabetween next year and 2015, he added. “It’s not (just) about who has the regas facilities, but who has the molecules,” said Voelte. In that context, Woodside is setting aside a portion of future LNG production from its Pluto project in Australia for the spot market, Voeltesaid.”

Tradewinds – LNG Unlimited - 16/02/07Don Voelte - Woodside Petroleum Managing Director speaking at CERA Week

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From PricewaterhouseCoopers – Connected thinking publication

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Golar LNGGolar LNGLNG Tomorrow

From PricewaterhouseCoopers – Connected thinking publication

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Golar LNGGolar LNGGolar LNGGolar LNG

Gotaas Larsen was founded in 1946LNG involvement from early 1970’sToday a leading independent LNG shipping operatorFleet management located in Atlantic and Pacific basinsSingle LNG focusStrong cash flow from fixed forward revenues – $1.8 billionNASDAQ listed (GLNG) – Oslo listed (GOL)Market capitalisation +/- USD 1,200 millionNumber of shares 64.6 millionAverage daily share volumes 200,000 (Nasdaq and Oslo)

Gotaas Larsen was founded in 1946LNG involvement from early 1970’sToday a leading independent LNG shipping operatorFleet management located in Atlantic and Pacific basinsSingle LNG focusStrong cash flow from fixed forward revenues – $1.8 billionNASDAQ listed (GLNG) – Oslo listed (GOL)Market capitalisation +/- USD 1,200 millionNumber of shares 64.6 millionAverage daily share volumes 200,000 (Nasdaq and Oslo)

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Golar LNGGolar LNGFinancial SummaryFinancial Summary

987.91785.62110.32230.72571.6 Total assets (mill US$)

916.91601.02094.12101.12439.3Long term assets (mill US$)

71.0184.6116.2129.6132.3Short term assets (mill US$]

27.139.655.934.572.5Net income (mill US$)

130.6132.7163.4171.0239.7Revenue (mill US$)

66.2581011.5Ship-years (ships in operation)

20022003200420052006Finance /Year

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Golar LNGGolar LNGGolar Shipping PortfolioGolar Shipping Portfolio

CapacityShip Owned Built m3 Charterer 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Golar Mazo 60% 2000 135,000 Pertamina(CPC)

Golar Spirit 100% 1981 129,000 Petrobras

Golar Freeze 100% 1977 126,000 BG Group

Khannur 100% 1977 125,000 BG Group

Gimi 100% 1976 125,000 BG Group

Hilli 100% 1975 125,000 BG Group

Methane Princess 100% 2003 138,000 BG Group

Golar Winter 100% 2004 138,000 Petrobras

Golar Frost 100% 2004 137,000 Short-term

Gracilis 100% 2005 140,000 Shell

Grandis 100% 2006 145,700 Shell

Granosa 100% 2006 145,700 Shell

Committed Options Spot Pending FID

FSRU ProjectsGolar Frost 'earmarked' for Livorno FRT project

CapacityShip Owned Built m3 Charterer 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Golar Mazo 60% 2000 135,000 Pertamina(CPC)

Golar Spirit 100% 1981 129,000 Petrobras

Golar Freeze 100% 1977 126,000 BG Group

Khannur 100% 1977 125,000 BG Group

Gimi 100% 1976 125,000 BG Group

Hilli 100% 1975 125,000 BG Group

Methane Princess 100% 2003 138,000 BG Group

Golar Winter 100% 2004 138,000 Petrobras

Golar Frost 100% 2004 137,000 Short-term

Gracilis 100% 2005 140,000 Shell

Grandis 100% 2006 145,700 Shell

Granosa 100% 2006 145,700 Shell

Committed Options Spot Pending FID

FSRU ProjectsGolar Frost 'earmarked' for Livorno FRT project

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2020

Golar LNGGolar LNGFuture Opportunities for GolarFuture Opportunities for Golar

Pursue conventional long term charters where profitableBuild a strong shipping position in the growing short term trade of LNGAggressively pursue floating regas opportunitiesDevelop LNG liquefaction and trading positionsDevelop technology to support floating LNG production

Pursue conventional long term charters where profitableBuild a strong shipping position in the growing short term trade of LNGAggressively pursue floating regas opportunitiesDevelop LNG liquefaction and trading positionsDevelop technology to support floating LNG production

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Golar LNGGolar LNGGolar Project PortfolioGolar Project Portfolio

Livorno– Premium (Tuscan) Italian market– All government permitting completed– Floating LNG terminal to serve Italy’s growing demand

for growth– 20% equity participant in terminal, strong JV partners

(Endesa, Iride)– Limited notice to proceed issued, full FID immanent– 20 year take or pay off take contract agreed– Start up 2009

Livorno– Premium (Tuscan) Italian market– All government permitting completed– Floating LNG terminal to serve Italy’s growing demand

for growth– 20% equity participant in terminal, strong JV partners

(Endesa, Iride)– Limited notice to proceed issued, full FID immanent– 20 year take or pay off take contract agreed– Start up 2009

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Petrobras FSRU:

– 2 Floating FSRU LNG receiving terminals– Contract firm– First mover advantage– 10 years employment plus extension options– Contract value approx $860 million– Petrobras has signaled additional requirements

Petrobras FSRU:

– 2 Floating FSRU LNG receiving terminals– Contract firm– First mover advantage– 10 years employment plus extension options– Contract value approx $860 million– Petrobras has signaled additional requirements

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Cyprus:

– Floating LNG receiving and power generation plant to fuel Cyprus’growing demand for energy

– Innovative electrical power and (potentially) gas to shore solution– Licence to import, store and use LNG granted– Other permitting requirements at an advanced stage– Technical development in partnership with Moss Maritime– Suitable Golar vessel available for conversion

Cyprus:

– Floating LNG receiving and power generation plant to fuel Cyprus’growing demand for energy

– Innovative electrical power and (potentially) gas to shore solution– Licence to import, store and use LNG granted– Other permitting requirements at an advanced stage– Technical development in partnership with Moss Maritime– Suitable Golar vessel available for conversion

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Torp:

– Innovative offshore LNG receiving terminal– Low capital cost, high flexibility– 14% share holding in parent company– Permitting on Bienville Terminal (Gulf Coast USA) at an

advanced stage– Option to take 30% capacity in Bienville project– Opportunities emerging in other locations

Torp:

– Innovative offshore LNG receiving terminal– Low capital cost, high flexibility– 14% share holding in parent company– Permitting on Bienville Terminal (Gulf Coast USA) at an

advanced stage– Option to take 30% capacity in Bienville project– Opportunities emerging in other locations

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LNG Limited:

– Proven technology– Small scale “niche” LNG production projects– Rapid project delivery schedules– Several projects under development (land based and floating)– 19.8% (largest) shareholder– Signed cooperation agreement

LNG Limited:

– Proven technology– Small scale “niche” LNG production projects– Rapid project delivery schedules– Several projects under development (land based and floating)– 19.8% (largest) shareholder– Signed cooperation agreement

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ECGS (Egyptian Company for Gas Services)

– Strong JV partners (EGAS and HK Petroleum)– Identified opportunities to develop LNG shipping, LNG

supply and LNG trading business– Important business growth platform

ECGS (Egyptian Company for Gas Services)

– Strong JV partners (EGAS and HK Petroleum)– Identified opportunities to develop LNG shipping, LNG

supply and LNG trading business– Important business growth platform

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Golar LNGGolar LNGGolar LNGThank YouThank You

shipping floating storage, transportation & regasification

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