v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment information SEGMENT INFORMATION
In January 2025, our LNG carrier Fuji LNG completed its final cargo delivery under a short-term contract and entered the shipyard in early February 2025 to begin conversion into a MKII FLNG. In March 2025, we finalized the sale of our remaining LNG carrier, the Golar Arctic. These key milestones marked our exit from shipping operations. Accordingly, starting in the first quarter of 2025, we no longer classify Shipping as a reportable segment. All associated legacy shipping activities have been included within the broader Corporate and other segment with retrospective effect.

In June 2025, FLNG Gimi achieved its COD under its 20-year customer contract, which comprises both lease and non-lease components (note 5), marking a significant milestone in the expansion of our FLNG segment and earnings base.

Consequently, we determined that we provide two distinct services and operate in the following two reportable segments: “FLNG” and “Corporate and other” and our key performance indicator is Adjusted EBITDA.

A reconciliation of net income to Adjusted EBITDA for the six months ended June 30, 2025 and 2024 is as follows:
(in thousands of $)20252024
Net income43,718 101,725 
Income tax expense
618 278 
Income before income tax
44,336 102,003 
Depreciation and amortization24,844 26,256 
Unrealized loss on oil and gas derivative instruments (note 7)
59,817 13,902 
Other non-operating income, net (note 5)
(29,981)— 
Interest income(14,522)(18,582)
Losses/(gains) on derivative instruments, net (note 8)
10,638 (6,309)
Other financial items, net (note 8)3,265 2,694 
Net (income)/losses from equity method investments (note 13)
(10,287)2,339 
Sales-type lease receivable in excess of interest income (7)
2,081 — 
Adjusted EBITDA90,191 122,303 


Our two distinct reportable segments are as follows:
•FLNG – This segment includes the operations of our FLNG vessels and projects. We convert LNG carriers into FLNG vessels or build new FLNG vessels and subsequently contract them to third parties. We currently have two operational FLNGs, the FLNG Hilli and the FLNG Gimi. We also have one FLNG undergoing conversion, the MKII FLNG (note 12).
•Corporate and other – This segment includes our legacy shipping segment activities, vessel management, floating storage and regasification unit services for third parties, LNG carrier transportation operations, administrative services to affiliates and third parties, our corporate overhead costs and other strategic investments.
Six months ended June 30, 2025
(in thousands of $)FLNG
Corporate and
other (1)
Total Segment Reporting
Elimination (7)
Consolidated Reporting
Statement of Operations:
Liquefaction services revenue
112,200 — 112,200 — 112,200 
Sales-type lease revenue
8,219 — 8,219 — 8,219 
Vessel management fees and other revenues
4,381 12,499 16,880 — 16,880 
Time and voyage charter revenues
— 876 876 — 876 
Total operating revenues (note 5)
124,800 13,375 138,175 — 138,175 
Vessel operating expenses (2)
(45,257)(15,480)(60,737)— (60,737)
Administrative expenses (3)
(648)(15,411)(16,059)— (16,059)
Project development expenses (4)
(6,513)(2,575)(9,088)— (9,088)
Realized gain on oil and gas derivative instruments, net (note 7)37,447 — 37,447 — 37,447 
Other operating loss (5) (6)
— (1,628)(1,628)— (1,628)
Sales-type lease receivable in excess of interest income (7)
2,081 — 2,081 (2,081)— 
Adjusted EBITDA111,910 (21,719)90,191 (2,081)88,110 
Net income from equity method investments
(note 13)
— 10,287 10,287 — 10,287 

Balance Sheet:June 30, 2025
(in thousands of $)FLNG
Corporate and
other (1)
Total assets
Total assets
3,977,509 793,914 4,771,423 
Equity method investments (note 13)
19,271 15,789 35,060 

Six months ended June 30, 2024
(in thousands of $)FLNG
Corporate and
other (1)
Total
Statement of Operations:
Liquefaction services revenue112,488 — 112,488 
Vessel management fees and other revenues— 10,830 10,830 
Time and voyage charter revenues— 6,330 6,330 
Total operating revenues (note 5)
112,488 17,160 129,648 
Vessel operating expenses (2)
(41,549)(19,068)(60,617)
Administrative expenses (3)
(437)(12,490)(12,927)
Project development expenses (4)
(2,385)(1,953)(4,338)
Realized gain on oil and gas derivative instruments, net (note 7)70,537 — 70,537 
Adjusted EBITDA138,654 (16,351)122,303 
Net loss from equity method investments (note 13)
— (2,339)(2,339)
Balance Sheet:December 31, 2024
(in thousands of $)FLNG
Corporate and
other (1)
Total assets
Total assets3,623,417 744,260 4,367,677 
Equity method investments (note 13)
— 43,665 43,665 
(1) Includes inter-segment eliminations arising from vessel and administrative management fees revenue between segments.
(2) Includes crew, repairs and maintenance, spares, stores and consumables and insurance costs.
(3) Includes employee compensation and benefits, audit and accounting fees, legal fees and other corporate costs, which are managed centrally under our “Corporate and other” segment.
(4) Includes costs incurred for early-stage development activities, feasibility studies, and business development efforts for projects not yet at FID stage. In May 2025, we entered into a Front-End Engineering Design (“FEED”) study agreement for the potential development of a Mark III FLNG unit.
(5) In March 2025, we completed the sale of our remaining LNG carrier, the Golar Arctic including its unused fuel onboard for a net consideration of $24.8 million resulting in a loss on disposal of $0.5 million recognized in “Other Operating loss” in the unaudited consolidated statement of operations.
(6) As of June 30, 2025, management evaluated the expected credit losses related to its shareholder loan to Higas Holdings Limited (“Higas”) (note 20). Based on our assessment of Higas’ financial condition and the continued uncertainty regarding Higas’ potential inclusion to Sardinia’s regulatory framework as of the reporting date, an allowance for credit losses of $1.1 million was recognized within “Other operating loss” in the unaudited consolidated statements of operations.
(7) Amounts recognized as revenue is analogous to the interest income component earned, while the principal amortization is treated as a reduction to the lease receivable balance presented in “Net investment in sales-type lease” in the unaudited consolidated balance sheet. Represents the lease receivable principal amortization component of the total amounts invoiced under the FLNG Gimi sales-type lease which commenced in June 2025. We included the total invoiced amounts comprising both interest income and principal repayment in our FLNG Adjusted EBITDA to reflect the total cash earnings and economic performance of the FLNG Gimi (note 5.2). This amount is eliminated from the unaudited consolidated statements of operations in accordance with U.S. GAAP.