Exhibit 99.1

 

 

Interim results for the period ended June 30, 2026

 

Second Quarter financial summary

 

(in thousands of $)  Q2 2026  Q2 2025  %
Change
  YTD
2026
  YTD
2025
  %
Change
Net income attributable to Golar LNG Ltd   38,265    15,639    145%   121,843    23,836    411%
Total operating revenues   130,479    75,673    72%   268,033    138,175    94%
Adjusted EBITDA 1   127,365    49,255    159%   232,941    90,191    158%
Golar's share of contractual debt 1   2,681,568    2,048,873    31%   2,681,568    2,048,873    31%

 

 

Recent highlights

 

Golar LNG Limited (“Golar” or “the Company”) reports Q2 2026 net income attributable to Golar of $38 million inclusive of $29 million of non-cash items1, Adjusted EBITDA1 of $127 million and Total Golar Cash1 of $908 million, before the recently announced Revolving Credit Facility (“RCF”).
Final Investment Decision for 4th FLNG: Signed an Engineering, Procurement and Construction (“EPC”) contract with Yantai CIMC Raffles Offshore Limited (“CIMC Raffles”) for a 3.5 MTPA MKII unit with a fully delivered cost of approximately $2.45 billion and improved payment terms compared to the FLNG Esperanza. The unit will be the world's earliest available FLNG capacity, with expected delivery by year end 2029. As part of the EPC an option for an incremental FLNG order is included.
Entered into Letter of Intent (“LOI”) with Seatrium Energy (Americas) Pte Ltd (“Seatrium”) securing a yard slot for potential incremental MKI or MKII order.
Closed $600 million senior secured RCF with consortium of banks including ABN AMRO, Citibank, Danske Bank and Standard Chartered Bank.
FLNG Hilli: Ended its 8-year contract in Cameroon with a 100% economic uptime since start-up, offloading 156 cargoes; currently repositioning to Singapore for modifications ahead of next 20-year contract commencing 2027.
FLNG Gimi: Strong operational performance, overproduced 15% compared to contractual committed volume.
SESA officially named MKII under construction the FLNG Esperanza.
FLNG Esperanza: Construction on time and on budget.
Southern Energy S.A. (“SESA”) has received strong interest from offtakers for sale of production volume. San Matías Pipeline S.A. (“SMP”) awarded EPC contract for construction of ~ 500km pipeline.
Concluded legacy Operation and Maintain (“O&M”) contract in respect of the FSRU Italis LNG (former Golar Tundra).
Declared dividend of $0.25 per share for the quarter, payable on September 2, 2026, to shareholders of record on August 24, 2026. 102.1 million shares issued and outstanding as of June 30, 2026.

 

1. Refer to section Non-GAAP measures for definition and reconciliation to the most comparable US GAAP measure, where applicable.

 

 

CEO Comment

 

“We are pleased to announce the ordering of Golar’s 4th FLNG. We believe this order, combining the world’s earliest available FLNG delivery and Golar’s operational track record, is well positioned to provide prospective clients with an attractive gas monetization solution, whilst driving value for Golar. This order strengthens Golar’s position as the market leading owner of FLNGs, increasing our controlled liquefaction capacity by 41% to above 12 MTPA, with potential to increase our earnings potential by ~50% if chartered at similar terms to its sister vessel the FLNG Esperanza.

 

Operationally we are very pleased to have completed Hilli’s initial contract with a market leading 100% uptime throughout the 8-year contract. We would like to thank our project partners SNH and Perenco for the solid cooperation and we are motivated to hopefully work together again on gas monetization projects in Cameroon in the future. We are also very pleased with the operational performance of the FLNG Gimi, producing 15% above contracted capacity during warmer ambient temperatures in summer months in Mauritania and Senegal. We look forward to getting to start-up of operations in Argentina once FLNG Hilli has conducted modification works in Singapore and FLNG Esperanza has completed her conversion. Both projects remain on time and on budget.”

 

 

 

 

 

 

 

 

 

 

 

1. Refer to section Non-GAAP measures for definition and reconciliation to the most comparable US GAAP measure, where applicable.

 

 

Summary and review of financial results

 

Business Performance (3)

   2026  2025
   Apr-Jun  Jan-Mar  Apr - Jun
(in thousands of $)  Total  Total  Total
Net income   55,835    101,804    30,779 
Income tax expense   1,724    923    439 
Net income before income taxes   57,559    102,727    31,218 
Depreciation and amortization   14,249    16,305    12,206 
Unrealized loss/(gain) on oil and gas derivative instruments   38,126    (33,501)   34,816 
Other non-operating loss/(income)   2,656    (3,314)   (29,981)
Interest income   (9,118)   (10,319)   (5,823)
Interest expense, net   22,169    24,380    - 
(Gains)/losses on derivative instruments, net   (6,888)   (3,587)   3,843 
Other financial items, net   1,457    1,409    973 
Net income from equity method investments   (3,395)   1,213    (78)
Sales-type lease receivable in excess of interest income 1   10,550    10,263    2,081 
Adjusted EBITDA 1   127,365    105,576    49,255 

 

   2026
   Apr-Jun
(in thousands of $)  FLNG 

Corporate

and other

 

Total

Segment

Reporting

  Elimination 

 

Consolidated

Reporting

 

Liquefaction services revenue   55,565    -    55,565    -    55,565 
Sales-type lease revenue   48,349    -    48,349    -    48,349 
Vessel management fees and other revenues   25,329    1,236    26,565    -    26,565 
Vessel operating expenses   (41,387)   (779)   (42,166)   -    (42,166)
Administrative expenses   (95)   (9,217)   (9,312)   -    (9,312)
Project development expenses   (1,719)   (89)   (1,808)   -    (1,808)
Realized gain on oil and gas derivative instruments (2)   37,359    -    37,359    -    37,359 
Other operating income/(loss)   2,329    (66)   2,263    -    2,263 
Sales-type lease receivable in excess of interest income 1   10,550    -    10,550    (10,550)   - 
Adjusted EBITDA 1   136,280    (8,915)   127,365    (10,550)   116,815 

 

1. Refer to section Non-GAAP measures for definition and reconciliation to the most comparable US GAAP measure, where applicable.

 

 

   2026
   Jan-Mar
(in thousands of $)  FLNG 

Corporate

and other

 

Total

Segment

Reporting

  Elimination 

 

Consolidated

Reporting

 

Liquefaction services revenue   56,222    -    56,222    -    56,222 
Sales-type lease revenue   49,977    -    49,977    -    49,977 
Vessel management fees and other revenues   25,628    5,727    31,355    -    31,355 
Vessel operating expenses   (36,662)   (2,070)   (38,732)   -    (38,732)
Administrative expenses   (347)   (12,338)   (12,685)   -    (12,685)
Project development expenses   (2,759)   87    (2,672)   -    (2,672)
Realized gain on oil and gas derivative instruments (2)   9,683    -    9,683    -    9,683 
Other operating income/(loss)   2,425    (260)   2,165    -    2,165 
Sales-type lease receivable in excess of interest income 1   10,263    -    10,263    (10,263)   - 
Adjusted EBITDA 1   114,430    (8,854)   105,576    (10,263)   95,313 

 

   2025
   Apr-Jun
(in thousands of $)  FLNG 

Corporate

and other

 

Total

Segment

Reporting

  Elimination 

 

Consolidated

Reporting

 

Liquefaction services revenue   56,512    -    56,512    -    56,512 
Sales-type lease revenue   8,219    -    8,219    -    8,219 
Vessel management fees and other revenues   4,381    6,561    10,942    -    10,942 
Vessel operating expenses   (26,472)   (5,795)   (32,267)   -    (32,267)
Administrative expenses   (60)   (6,412)   (6,472)   -    (6,472)
Project development expenses   (4,162)   (1,607)   (5,769)   -    (5,769)
Realized gain on oil and gas derivative instruments (2)   16,234    -    16,234    -    16,234 
Other operating loss   -    (225)   (225)   -    (225)
Sales-type lease receivable in excess of interest income 1   2,081    -    2,081    (2,081)   - 
Adjusted EBITDA 1   56,733    (7,478)   49,255    (2,081)   47,174 

(2) The line item “Realized and unrealized gain/(loss) on oil and gas derivative instruments” in the Unaudited Consolidated Statements of Operations relates to income from the FLNG Hilli Liquefaction Tolling Agreement (“LTA”) and the natural gas derivative which is split into: “Realized gain on oil and gas derivative instruments” and “Unrealized (loss)/gain on oil and gas derivative instruments”.

 

Golar reports today Q2 2026 net income of $56 million, before non-controlling interests, inclusive of $29 million of non-cash items1. Adjusted EBITDA1 at $127 million for Q2 2026 was $21 million higher than Q1 2026. Higher realized gains on oil and gas derivative instruments, partially offset by lower overproduction-related earnings and reimbursements in relation to FLNG Gimi and reduced management fees net of related operating costs for the Italis LNG account for most of the increase.

 

1. Refer to section Non-GAAP measures for definition and reconciliation to the most comparable US GAAP measure, where applicable.

 

 

The $29 million of Q2 2026 non-cash items1 is comprised of:

 

TTF and Brent oil linked derivative instruments’ unrealized mark-to-market (“MTM”) losses of $38 million;
$7 million MTM gain on interest rate swaps; and a
$2 million gain on sale of non-core investments.

 

During Q2 2026, we recognized a total of $37 million of realized gains on FLNG Hilli's oil and gas derivative instruments, comprised of a:

 

$26 million realized gain on the Brent oil linked derivative instrument; and a
$11 million realized gain in respect of fees for the TTF linked production.

 

A total of $38 million of unrealized non-cash items1 in relation to FLNG Hilli’s oil and gas derivative assets, with corresponding changes in fair value in its constituent parts have been recognized on our unaudited Q2 2026 consolidated statement of operations as follows:

 

$26 million loss on the Brent oil linked derivative asset; and a
$12 million loss on the TTF linked natural gas derivative asset.

 

Corporate/Other

 

Operating revenues and costs under corporate and other items in Q2 2026 are attributable to the Italis LNG FSRU O&M agreement that concluded on April 15, 2026.

 

Balance sheet and liquidity

 

Total Golar Cash1 as of June 30, 2026, was $0.9 billion. Golar’s share of Contractual Debt1 as of June 30, 2026, is $2.7 billion. After deducting Total Golar Cash1 from Golar’s share of Contractual Debt1, the net debt position as of Q2 2026 amounted to $1.8 billion.

 

Asset under development of $1.4 billion relates to the FLNG Esperanza conversion project that will serve a 20-year contract in Argentina. This has been fully equity funded to date. In August 2026, we closed a new $600 million RCF, secured by FLNG Esperanza, with a syndicate of banks. The RCF has a tenor of 18 months from October 1, 2026. Interest will be incurred on drawn amounts under the RCF at 3-month SOFR plus a margin of 3.00% p.a. We continue to progress negotiations on a long term senior secured debt facility with expected closing within 2027. Equity released from the RCF and any subsequent long-term asset level financing is intended to be directed towards FLNG growth projects.

 

1. Refer to section Non-GAAP measures for definition and reconciliation to the most comparable US GAAP measure, where applicable.

 

 

Recent key financial transactions and updates

 

On August 12, 2026, Golar signed an EPC agreement with CIMC Raffles for a second 3.5 MTPA MKII FLNG. The total budget for this FLNG is estimated at $2.45 billion inclusive of previously ordered compressors and gas turbines, the conversion vessel, yard supervision, spares, crew training, contingencies, initial bunker supply, voyage related costs to deliver the FLNG to its operational site and commissioning. The EPC contract also includes an option for an incremental MKII FLNG.

 

Golar has also entered into a LOI with Seatrium securing incremental FLNG yard capacity for a MKI or MKII FLNG.

 

To secure attractive delivery dates for potential incremental FLNG orders Golar has secured long lead equipment reservation slots and is advancing discussions for incremental LNGC conversion candidates.

 

Liquefaction projects overview

 

In aggregate, across FLNG Hilli and FLNG Gimi, we have 5.1 MTPA of liquefaction capacity on the water, 3.5 MTPA currently under conversion and a recently executed EPC contract for a further 3.5 MTPA. At over 12 MTPA in total, this makes Golar the world’s largest owner of FLNG capacity.

 

FLNG Hilli

 

Maintained leading operational track record, offloading her 156th and final Cameroonian cargo on July 27, 2026. Immediately thereafter cold boxes were warmed up, liquefaction trains were shut down, gas was purged from the inlet riser, tow lines were connected, umbilicals and mooring chains were disconnected and remaining equipment was secured. On August 4, 2026, and assisted by two tugs, the vessel departed Cameroonian waters for Seatrium's Singapore shipyard where upgrades and life extension work will be carried out.

 

Of the $350 million budget for upgrade costs, positioning, operating costs, fuel and insurance during the period between August 2026 and the expected Commercial Operations Date (“COD”) for her 20-year contract in Argentina commencing H2 2027, $71 million has been spent as of June 30, 2026.

 

Key commercial terms for FLNG Hilli’s 20-year agreement with SESA in Argentina include Adjusted EBITDA1 to Golar of $285 million per year, with an additional commodity linked FLNG tariff component of 25% of Free on Board (“FOB”) prices in excess of $8/MMBtu. This will add approximately $30 million of potential annual upside to Golar for every US dollar the achieved FOB price is above the reference LNG price of $8/MMBtu. The FLNG tariff will also be inflation adjusted at 30% of US CPI from year six (inclusive).

 

There is significant potential for liquidity to be released through debt refinancing alternatives for FLNG Hilli on the back of our current sale and leaseback contractual debt1 of $493 million against an Adjusted EBITDA backlog1 of $5.7 billion. We are advancing refinancing alternatives to free up liquidity and enhance equity returns for our FLNG Hilli ownership, including a potential upsizing of the current sale and leaseback facility.

 

1. Refer to section Non-GAAP measures for definition and reconciliation to the most comparable US GAAP measure, where applicable.

 

 

FLNG Gimi

 

FLNG Gimi has offloaded 41 cargoes and production remains ahead of schedule. Reflecting this, the Q2 2026 invoiced day rate was 15% above the contractual day rate. During the quarter the FLNG also completed its first full year of commercial operations. Production exceeded the contractual annual target and retainage improved further to market leading liquefaction levels, providing more LNG output for our clients. Liquefaction performance is sensitive to ambient conditions and will likely be lower in the summer months comprising Q3, before improving as the weather cools into winter. We expect FLNG Gimi to produce above her contracted volumes on an annual average basis.

 

Golar owns 70% of FLNG Gimi, and the Company’s expected share of the net earnings backlog1, excluding any over-production-related earnings, for the remaining 19-year contract duration is expected to be approximately $2.9 billion.

 

The Company continues to develop value enhancing initiatives for the GTA project to further improve the project’s unit economics.

 

Of the $1.2 billion Gimi debt facility, $1.16 billion is outstanding as of June 30, 2026.

 

FLNG Esperanza

 

Conversion work on the 3.5 MTPA FLNG Esperanza at CIMC Raffles yard remains on schedule and on budget. Over 15 million work hours have been performed and the midsection that will house the liquefaction units is now complete. Ahead of topside equipment installation, this 85-metre by 62-metre structure will be inserted between the existing bow and stern sections of the Moss-type vessel which has been sliced in half. Upon completion in Q4 2027, the FLNG will then sail to Argentina with contract start-up scheduled for H2 2028. Including capitalized interest, Golar has invested $1.4 billion to date, all equity funded.

 

The contract for FLNG Esperanza with SESA is expected to deliver $8 billion of Adjusted EBITDA backlog1 over 20 years, equivalent to $400 million in annual Adjusted EBITDA1 to Golar, before commodity exposure and inflationary adjustments. The commodity linked tariff component will add approximately $40 million of potential annual upside to Golar for every US dollar the achieved FOB price is above the reference LNG price of $8/MMBtu. Current spot LNG prices are more than twice this threshold. FLNG Esperanza will be deployed in the Gulf of San Matías, offshore Argentina, where it will operate in proximity to FLNG Hilli. Similar to FLNG Hilli, the FLNG tariff will be inflation adjusted at 30% of US CPI from year six (inclusive).

 

1. Refer to section Non-GAAP measures for definition and reconciliation to the most comparable US GAAP measure, where applicable.

 

 

Southern Energy S.A.

 

SESA is a company formed to enable LNG exports from Argentina. SESA is owned by a consortium of leading Argentinian gas producers including Pan American Energy (30%), YPF (25%), Pampa Energia (20%), Harbour Energy (15%) and Golar (10%).

 

Golar’s 10% ownership of SESA provides additional commodity exposure. Once both FLNG Hilli and Esperanza are operational in Argentina, the 10% equity stake equates to additional commodity exposure to Golar for every US dollar/MMBtu change in achieved FOB prices above or below SESA’s cash break even. Combined with the commodity exposure in the FLNG contracts, Golar’s total commodity exposure for the two Argentinian FLNG contracts and through our ownership in SESA is up to $100 million for every $1 the FOB price is above $8/MMBtu, with a downside of approximately $28 million for every $1 the FOB price is below SESA’s cash break even.

 

Building on the executed 8-year agreement with Securing Energy for Europe (“SEFE”) to sell 2 million tonnes of LNG per annum, a bidding process to sell further LNG volumes has been initiated. Proposals received by SESA indicate strong offtaker interest.

 

San Matías Pipeline S.A. (“SMP”), the project company responsible for the construction and operation of the ~500km dedicated gas pipeline to facilitate year-round operations of both FLNG Hilli and FLNG Esperanza in Argentina has made good progress. During the quarter, EPC's for both the pipeline and the compressor plant were awarded. Qualification for the Incentive Regime for Large Investments (“RIGI”) was secured and approval of an Environmental Impact Assessment from the Neuquén and Rio Negro provinces is now in hand. Pipeline financing discussions are at an advanced stage and expected to close in Q3 2026. Golar has a 10% interest in SMP.

 

FLNG Four: 3.5 MTPA MKII conversion

 

In July 2026, ahead of the recently signed EPC contract with CIMC Raffles, and included in the $2.45 billion total budget, Golar utilized previously agreed reservation slots for key long lead items including refrigerant gas compressors and gas turbines. Securing these items allows for yard delivery of the FLNG by year end 2029, making it the earliest available FLNG capacity globally. A donor vessel for the conversion project has been secured.

 

FLNG business development

 

Development of long-term charter interest for our FLNG growth pipeline is advancing, with detailed negotiations with prospective clients. Geopolitical disruption to key LNG suppliers drives focus on time to market, energy security and geographical diversification of LNG supply. With our 4th FLNG confirmed for 2029 delivery we now offer the world’s earliest available FLNG capacity. Further options for incremental FLNG units at both CIMC Raffles and Seatrium enables scalability and continued commercial development with multiple interested charterparties that seek proven operations, efficient time to market and the flexibility FLNG deployment offers. We continue to target long-term charters for monetization of attractive gas reserves. Ongoing discussions have economics in line with our latest announced charter contracts, with adjustments catering for geographical and project characteristics. Increasing adoption of FLNGs globally has increased the geographical opportunity set.

 

1. Refer to section Non-GAAP measures for definition and reconciliation to the most comparable US GAAP measure, where applicable.

 

 

Investor conference call and webcast

 

We will host a conference call to discuss our financial and operating results for the second quarter 2026 on Thursday, August 13, 2026, at 8 a.m. Eastern time / 7 a.m. Central time / 1 p.m. London time / 2 p.m. Oslo time. A listen-only webcast of the call and an accompanying slide presentation may be accessed through our website at www.golarlng.com. Following the call, a recording will be made available on our website.

 

About Golar LNG

 

Golar LNG Limited (NASDAQ: GLNG) is a LNG infrastructure company. Through its 80-year history, the company has pioneered maritime LNG infrastructure including the world’s first Floating LNG liquefaction terminal (FLNG) and Floating Storage and Regasification Unit (FSRU) projects based on the conversion of existing LNG carriers. Today Golar is a focused FLNG company, and the only proven provider of FLNG as a service. Golar owns the world’s largest fleet of FLNG units by annual liquefaction capacity, with a market leading operational track record.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1. Refer to section Non-GAAP measures for definition and reconciliation to the most comparable US GAAP measure, where applicable.

 

 

Non-GAAP measures

 

In addition to disclosing financial results in accordance with U.S. generally accepted accounting principles (US GAAP), this earnings release and the associated investor presentation contains references to the non-GAAP financial measures which are included in the table below. We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business and measuring our performance.

 

This report also contains certain forward-looking non-GAAP measures for which we are unable to provide a reconciliation to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside of our control, such as oil and gas prices and exchange rates, as such items may be significant. Non-GAAP measures in respect of future events which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied to Golar’s unaudited consolidated condensed financial statements.

 

These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures and financial results calculated in accordance with GAAP. Non-GAAP measures are not uniformly defined by all companies and may not be comparable with similarly titled measures and disclosures used by other companies. The reconciliations as at June 30, 2026 and for the six months ended June 30, 2026, from these results should be carefully evaluated.

 

Non-GAAP measure Closest equivalent US GAAP measure Adjustments to reconcile to primary financial statements prepared under US GAAP Rationale for adjustments
Performance measures

Adjusted

EBITDA

 

Net income/(loss)

+/- Income taxes

+ Depreciation and amortization

+ Impairment of long-lived assets

+/- Unrealized (gain)/loss on oil and gas derivative instruments

+/- Other non-operating (income)/losses

+/- Net financial (income)/expense

+/- Net (income)/losses from equity method investments

+/- Net loss/(income) from discontinued operations

+ Sales-type lease receivable in excess of interest income

 

 

 

Increases the comparability of total business performance from period to period and against the performance of other companies by excluding the results of our equity investments, removing the impact of unrealized movements on embedded derivatives, depreciation, impairment charge, financing costs, tax items, discontinued operations and including sales-type lease receivable in excess of interest income.

 

 

 

1. Refer to section Non-GAAP measures for definition and reconciliation to the most comparable US GAAP measure, where applicable.

 

 

Liquidity measures1

Contractual

debt

 

Total debt (current and non-current), net of deferred financing costs

+/-Variable Interest Entity (“VIE”) consolidation adjustments

+/-Deferred financing costs

 

 

During the year, we consolidate a lessor VIE for our Hilli sale and leaseback facility. This means that on consolidation, our contractual debt is eliminated and replaced with the lessor VIE debt.

 

Contractual debt represents our debt obligations under our various financing arrangements before consolidating the lessor VIE.

 

The measure enables investors and users of our financial statements to assess our liquidity, identify the split of our debt (current and non-current) based on our underlying contractual obligations and aid comparability with our competitors.

 

 

 

 

Total Golar cash

Golar cash based on GAAP measures:

 

+ Cash and cash equivalents

 

+ Restricted cash (current and non-current)

 

-VIE restricted cash

We consolidate a lessor VIE for our sale and leaseback facility. This means that on consolidation, we include restricted cash held by the lessor VIE.

 

Total Golar Cash represents our cash and cash equivalents and restricted cash (current and non-current) before consolidating the lessor VIE.

 

Management believes that this measure enables investors and users of our financial statements to assess our liquidity and aids comparability with our competitors.

 

 

 

 

Adjusted interest expense Interest expense, net  

+/-Variable Interest Entity (“VIE”) consolidation adjustments

+Capitalized deemed interest

-Deferred financing costs amortization

 

During the year, we consolidate a lessor VIE for our Hilli sale and leaseback facility. This means that on consolidation, our contractual debt interest expense is eliminated and replaced with the lessor VIE debt interest expense.

 

Adjusted interest expense removes the effects of VIE consolidation, adjusted for capitalized deemed interest on qualifying assets and deferred financing costs amortization.

 

Management believes this measure provides useful supplemental information to investors by enhancing period-over-period and peer comparability and facilitating an assessment of our capital structure.

 

 

 

 

(1) Please refer to reconciliation below for Golar’s share of contractual debt

 

1. Refer to section Non-GAAP measures for definition and reconciliation to the most comparable US GAAP measure, where applicable.

 

 

Adjusted EBITDA backlog: This is a non-GAAP financial measure and represents the share of contracted fee income for executed contracts less forecasted operating expenses for these contracts/agreements. Adjusted EBITDA backlog should not be considered as an alternative to net income / (loss) or any other measure of our financial performance calculated in accordance with U.S. GAAP.

 

Non-cash items: Non-cash items comprised of impairment of long-lived assets, release of prior year contract underutilization liability, mark-to-market (“MTM”) movements on our TTF and Brent oil linked derivatives, listed equity securities and interest rate swaps (“IRS”) which relate to the unrealized component of the gains/(losses) on oil and gas derivative instruments, unrealized MTM (losses)/gains on investment in listed equity securities, gains on derivative instruments, net, gain/(loss) on debt extinguishment and gains/(losses) on disposals of investments.

 

Sales-type lease receivable in excess of interest income: Sales-type lease receivable in excess of interest income 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. This amount is eliminated from the unaudited consolidated statement of operations in accordance with U.S. GAAP.

Abbreviations used:

 

FLNG: Floating Liquefaction Natural Gas vessel

FSRU: Floating Storage and Regasification Unit

MMBtu: Million British Thermal Units

MTPA: Million Tons Per Annum

 

Reconciliations - Liquidity Measures

 

Total Golar Cash

(in thousands of $)    June 30, 2026      December 31, 2025      June 30, 2025  
Cash and cash equivalents   870,474    1,151,221    783,427 
Restricted cash (current and non-current)   37,987    64,196    123,874 
Less: VIE restricted cash   (33)   (11,429)   (16,466)
Total Golar Cash   908,428    1,203,988    890,835 

 

 

 

 

Contractual Debt

(in thousands of $)    June 30, 2026      December 31, 2025      June 30, 2025  
Total debt (current and non-current) net of deferred financing costs   2,675,419    2,758,024    1,948,455 
VIE consolidation adjustments   312,611    283,886    261,444 
Deferred financing costs   42,288    47,013    31,474 
Total Contractual Debt   3,030,318    3,088,923    2,241,373 
Less: Keppel’s share of the Gimi debt   (348,750)   (360,000)   (192,500)
Golar’s share of Contractual Debt   2,681,568    2,728,923    2,048,873 

Please see Appendix A for the repayment profile for Golar’s Contractual Debt.

 

Adjusted interest expense

     2026      2026      2025  
(in thousands of $)    Apr-Jun      Jan-Mar      Apr-Jun  
Interest expense, net   22,169    24,381    - 
Capitalized deemed interest on qualifying assets   20,921    19,341    17,740 
VIE consolidation adjustments (1)   6,695    6,614    6,628 
Deferred financing costs   (2,355)   (2,370)   (1,112)
Adjusted interest expense   47,430    47,966    23,256 
Less: Keppel’s share of the Gimi debt interest expense   (5,481)   (5,637)   (4,195)
Golar’s share of adjusted interest expense   41,949    42,329    19,061 

(1) This represents the difference between the VIE debt and our contractual debt

 

 

 

 

 

 

 

 

Forward Looking Statements

 

This press release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflect management’s current expectations, estimates and projections about its operations. All statements, other than statements of historical facts, that address activities and events that will, should, could or may occur in the future are forward-looking statements. Words such as “if,” “subject to,” “believe,” “assuming,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “will,” “may,” “should,” “expect,” “could,” “would,” “predict,” “propose,” “continue,” or the negative of these terms and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Golar undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise. Other important factors that could cause actual results to differ materially from those in the forward-looking statements include but are not limited to:

 

our ability to fulfill our obligations under our commercial agreements, including the 20-year Lease and Operate Agreement (the “LOA”) for the FLNG Gimi (“FLNG Gimi”);
our ability to perform under our agreements with Southern Energy S.A. (“SESA”) for the deployment of FLNG Hilli (“FLNG Hilli”) and FLNG Esperanza (“FLNG Esperanza”) in Argentina, including the timely completion of redeployment, conversion and commissioning activities, as well as SESA’s ability to meet its commitments to us;
our ability to complete the FLNG Esperanza conversion and FLNG Hilli refurbishment in a timely manner and within budget;
that an attractive deployment opportunity, or any of the opportunities under discussion for our second 3.5 MTPA MKII-design FLNG unit (“fourth FLNG” or “FLNG four”), will be converted into a suitable contract. Failure to do this in a timely manner or at all could expose us to losses on our investment in the long-lead item payments to date, as well as to termination fees. Assuming a satisfactory contract is secured, changes in project capital expenditures, foreign exchange and commodity price volatility could have a material impact on the expected magnitude and timing of our return on investment;
our ability to obtain additional financing or refinance existing debt on acceptable terms or at all;
any failure of shipyards to comply with work standards, project schedules, performance specifications or agreed prices;

 

 

 

 

an increase in tax liabilities in the jurisdictions where we are currently operating, have previously operated or expect to operate;
the outcome and timing of the Company’s strategic review process, including the possibility that the review may not result in any transaction, strategic alternative, or other outcome; the potential for disruption to operations, commercial activities, financings or relationships during the review process; the ability to identify and execute transactions or structural alternatives that enhance shareholder value or accelerate the FLNG growth pipeline; market, regulatory, financing, and counterparty conditions affecting any potential transaction; and costs, opportunity costs, management distraction, or other uncertainties associated with the process;
global economic trends, competition, and geopolitical risks, including actions by the U.S. government, trade tensions or conflicts such as those between the U.S. and China or the U.S. and Iran, related sanctions, and the potential effects of any Russia-Ukraine or U.S.-Iran peace settlement on liquefied natural gas (“LNG”) supply and demand;
continuing volatility in the global financial markets, including commodity prices, foreign exchange rates, interest rates and global trade policy;
changes in general domestic and international political conditions, particularly where we operate, or where we seek to operate;
changes in our ability to retrofit vessels as FLNGs, including the availability of donor vessels to purchase, lead times for critical components and the time it takes to build new vessels;
any material decline or prolonged weakness in tolling rates for FLNGs;
any failure of our contract counterparties to comply with their agreements with us or other key project stakeholders;
continuing uncertainty resulting from potential future claims from our counterparties of purported force majeure under contractual arrangements, including our future projects and other contracts to which we are a party;
our ability to close potential future transactions in relation to equity interests in our vessels or to monetize our remaining investments on a timely basis or at all;
increases in operating costs as a result of inflation or trade policy, including salaries and wages, insurance, crew and related costs, repairs and maintenance and spares;
claims made or losses incurred in connection with our continuing obligations;
the ability of certain parties to meet their respective obligations to us, including indemnification obligations;
changes to rules and regulations applicable to FLNGs or other parts of the natural gas and LNG supply chain;
rules on climate-related disclosures promulgated by the European Union, including but not limited to disclosure of certain climate-related risks and financial impacts, as well as greenhouse gas emissions;
actions taken by regulatory authorities that may prohibit the access of FLNGs to various ports and locations; and
other factors listed from time to time in registration statements, reports or other materials that we have filed with or furnished to the Commission, including our annual report on Form 20-F for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (“U.S. SEC”) on March 26, 2026 (the “2025 Annual Report”).

 

 

 

 

As a result, you are cautioned not to rely on any forward-looking statements. Actual results may differ materially from those expressed or implied by such forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise unless required by law.

 

Responsibility Statement

 

We confirm that, to the best of our knowledge, the unaudited consolidated financial statements for the six months ended June 30, 2026, which have been prepared in accordance with accounting principles generally accepted in the United States give a true and fair view of Golar’s unaudited consolidated assets, liabilities, financial position and results of operations. To the best of our knowledge, the report for the six months ended June 30, 2026, includes a fair review of important events that have occurred during the period and their impact on the unaudited consolidated financial statements, the principal risks and uncertainties and major related party transactions.

 

August 13, 2026

The Board of Directors

Golar LNG Limited

Hamilton, Bermuda

Investor Questions: +44 207 063 7900

Karl Fredrik Staubo - CEO

Eduardo Maranhão - CFO

 

Tor Olav Trøim (Chairman of the Board)

Benoît de la Fouchardiere (Director)

Carl Steen (Director)

Dan Rabun (Director)

Lori Wheeler Naess (Director)

Mi Hong Yoon (Director)

Niels Stolt-Nielsen (Director)

Stephen J. Schaefer (Director)

 

 

 

 

 

 

Golar LNG Limited

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

     2026      2026      2026      2025  
(in thousands of $)    Apr-Jun      Jan-Mar      Jan-Jun      Jan-Jun  
Liquefaction services revenue   55,565    56,222    111,787    112,200 
Sales-type lease revenue   48,349    49,977    98,326    8,219 
Vessel management fees and other revenues   26,565    31,355    57,920    16,880 
Time and voyage charter revenues   -    -    -    876 
Total operating revenues   130,479    137,554    268,033    138,175 
                     
Vessel operating expenses   (42,166)   (38,732)   (80,898)   (60,737)
Administrative expenses   (9,312)   (12,685)   (21,997)   (16,059)
Project development expenses   (1,808)   (2,672)   (4,480)   (9,088)
Depreciation and amortization   (14,249)   (16,305)   (30,554)   (24,844)
Total operating expenses   (67,535)   (70,394)   (137,929)   (110,728)
                     
Realized and unrealized (loss)/gain on oil and gas derivative instruments   (767)   43,184    42,417    (22,370)
Other operating income/(loss)   2,263    2,165    4,428    (1,628)
Total other operating income/(losses)   1,496    45,349    46,845    (23,998)
                     
Operating income   64,440    112,509    176,949    3,449 
                     
Other non-operating (loss)/income   (2,656)   3,314    658    29,981 
Total other non-operating (loss)/income   (2,656)   3,314    658    29,981 
                     
Interest income   9,118    10,319    19,437    14,522 
Interest expense, net   (22,169)   (24,380)   (46,549)   - 
Gains/(losses) on derivative instruments, net   6,888    3,587    10,475    (10,638)
Other financial items, net   (1,457)   (1,409)   (2,866)   (3,265)
Net financial loss   (7,620)   (11,883)   (19,503)   619 
                     
Income before taxes and net income from equity method investments   54,164    103,940    158,104    34,049 
Income taxes expense   (1,724)   (923)   (2,647)   (618)
Net income/(losses) from equity method investments   3,395    (1,213)   2,182    10,287 
Net income   55,835    101,804    157,639    43,718 
                     
Net income attributable to non-controlling interests   (17,570)   (18,226)   (35,796)   (19,882)
                     
Net income attributable to stockholders of Golar LNG Limited   38,265    83,578    121,843    23,836 

 

 

 

 

Supplemental note to the unaudited consolidated statements of operations

 

The following amounts included in the unaudited consolidated statements of operations relate to transactions with related parties:

     2026      2026      2026      2025  
(in thousands of $)    Apr-Jun      Jan-Mar      Jan-Jun      Jan-Jun  
Liquefaction services revenue   52,497    52,253    104,750    17,304 
Vessel management and other revenues   288    -    288    - 
Vessel operating expenses   (1,295)   (1,425)   (2,720)   (430)
Realized and unrealized gain on oil and gas derivative instruments   37,359    9,683    47,042    4,333 
Other non-operating (loss)/income   (67)   (261)   (328)   (1,077)
Interest income   89    -    89    1,324 

 

The realized and unrealized gain/(loss) on oil and gas derivative instruments consists of the following,

     2026      2026      2026      2025  
(in thousands of $)    Apr-Jun      Jan-Mar      Jan-Jun      Jan-Jun  
Realized gain on FLNG Hillis oil derivative instrument   26,318    3,887    30,205    21,249 
Realized gain on FLNG Hillis gas derivative instrument   11,041    5,796    16,837    16,198 
Realized gain on oil and gas derivative instruments   37,359    9,683    47,042    37,447 
                     
Unrealized (loss)/gain on FLNG Hillis oil derivative instrument   (26,303)   29,286    2,983    (39,450)
Unrealized (loss)/gain on FLNG Hillis gas derivative instrument   (11,823)   4,215    (7,608)   (20,367)
Unrealized (loss)/gain on oil and gas derivative instruments   (38,126)   33,501    (4,625)   (59,817)
                     
Realized and unrealized (loss)/gain on oil and gas derivative instruments   (767)   43,184    42,417    (22,370)

 

 

 

 

Golar LNG Limited

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

     2026      2026      2026      2025  
(in thousands of $)    Apr-Jun      Jan-Mar      Jan-Jun      Jan-Jun  
             
Net income   55,835    101,804    157,639    43,718 
                     
Other comprehensive income:                    
(Losses)/gains associated with pensions, net of tax   (137)   1,368    1,231    1,108 
Share of equity method investment’s comprehensive income/(losses)   1,209    (773)   436    981 
Net other comprehensive income   1,072    595    1,667    2,089 
                     
Comprehensive income   56,907    102,399    159,306    45,807 

 

Comprehensive income attributable to:                    
                     
Stockholders of Golar LNG Limited   39,337    84,173    123,510    25,925 
Non-controlling interests   17,570    18,226    35,796    19,882 
Comprehensive income   56,907    102,399    159,306    45,807 

 

 

 

 

 

 

 

 

 

Golar LNG Limited

UNAUDITED CONSOLIDATED BALANCE SHEETS

     2026      2025  
(in thousands of $)    June 30,      December 31,  
     Unaudited      Audited  
ASSETS          
Current assets          
Cash and cash equivalents   870,474    1,151,221 
Restricted cash   33    24,695 
Trade accounts receivable and accrued income   65,167    35,518 
Amounts due from related parties   32,226    23,228 
Current portion of net investment in sales-type lease   145,826    146,829 
Other current assets   21,755    32,013 
Total current assets   1,135,481    1,413,504 
           
Non-current assets          
Restricted cash   37,954    39,501 
Equity method investments   76,858    45,011 
Asset under development   1,430,685    1,228,129 
Vessels and equipment, net   907,715    931,192 
Net investment in sales-type leases   1,584,688    1,601,452 
Intangible assets   2,112    2,070 
Non-current amounts due from related parties   5,775    1,691 
Other non-current assets   160,783    63,051 
Total assets   5,342,051    5,325,601 
           
LIABILITIES AND EQUITY          
Current liabilities          
Current portion of long-term debt and short-term debt   (251,499)   (301,202)
Trade accounts payable (including related party of $3.0 million in 2025)   (39,825)   (123,605)
Accrued expenses   (165,213)   (101,619)
Amounts due to related parties   (3,867)   - 
Other current liabilities   (24,516)   (28,914)
Total current liabilities   (484,920)   (555,340)
           
Non-current liabilities          
Long-term debt   (2,423,920)   (2,456,822)
Other non-current liabilities   (241,729)   (245,885)
Total liabilities   (3,150,569)   (3,258,047)
EQUITY          
Stockholders’ equity   (1,943,244)   (1,842,976)
Non-controlling interests   (248,238)   (224,578)
           
Total liabilities and equity   (5,342,051)   (5,325,601)

 

 

 

 

Golar LNG Limited

UNAUDITED CONSOLIDATED STATEMENTS OF CASHFLOWS

     2026      2026      2026      2025  
(in thousands of $)    Apr-Jun      Jan-Mar      Jan-Jun      Jan-Jun  
OPERATING ACTIVITIES                    
Net income   55,835    101,804    157,639    43,718 
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities:                    
Depreciation and amortization   14,249    16,305    30,554    24,844 
Sales-type lease receivable in excess of interest income   10,550    10,263    20,813    2,081 
Compensation cost related to employee stock awards   2,252    3,321    5,573    5,584 
Amortization of deferred financing costs and debt guarantees, net   2,355    2,370    4,725    1,971 
Net foreign exchange losses   118    527    645    1,138 
Provision for credit loss   66    260    326    1,177 
Net (income)/loss from equity method investments   (3,395)   1,213    (2,182)   (10,287)
Net gain on disposal of investments   (457)   -    (457)   - 
Gain on deemed sale of FLNG Gimi   -    -    -    (29,981)
Loss on disposal of long lived asset   -    -    -    451 
Change in fair value of derivative instruments (interest rate swaps)   (6,553)   (3,037)   (9,590)   11,611 
Change in fair value of derivative instruments (oil and gas derivatives), commodity swaps and amortization of day 1 gains   34,999    (36,593)   (1,594)   53,598 
Changes in assets and liabilities:                    
 Trade accounts receivable and accrued income   (4,449)   (25,200)   (29,649)   (20,966)
 Other current and non-current assets   (22,113)   (6,036)   (28,149)   (3,779)
 Amounts due from/to related parties   (9,842)   4,655    (5,187)   462 
 Trade accounts payable   (2,888)   (10,886)   (13,774)   3,470 
 Accrued expenses   12,617    9,844    22,461    10,083 
 Other current and non-current liabilities   (12,738)   4,269    (8,469)   96,724 
Net cash provided by operating activities   70,606    73,079    143,685    191,899 
INVESTING ACTIVITIES                    
Additions to asset under development   (105,189)   (132,782)   (237,971)   (424,959)
Additions to equity method investment   (24,722)   (15,408)   (40,130)   (19,268)
Additions for FLNG Hilli redeployment   (18,782)   (17,663)   (36,445)   - 
Loan advanced to related party   (1,485)   (2,869)   (4,354)   (798)
Additions to intangibles   (120)   (182)   (302)   - 
Proceeds from sale of equity method investment   10,663    -    10,663    39,143 
Proceeds from disposal of investments   3,126    -    3,126    - 
Proceeds from short-term loan advanced to related party   -    -    -    17,930 
Proceeds from subscription of equity interest in Gimi MS   -    -    -    21,020 
Consideration received for long-lived assets held for sale   -    -    -    24,828 
Net cash used in investing activities   (136,509)   (168,904)   (305,413)   (342,104)
FINANCING ACTIVITIES                    
Repayments of short-term and long-term debt   (53,600)   (33,730)   (87,330)   (70,048)
Cash dividends paid   (33,010)   (30,032)   (63,042)   (52,330)
Financing costs paid   -    (521)   (521)   (10,781)
Proceeds from exercise of share options   -    5,665    5,665    1,808 
Proceeds from short-term and long-term debt   -    -    -    575,000 
Purchase of treasury shares   -    -    -    (102,725)
Net cash (used in)/provided by financing activities   (86,610)   (58,618)   (145,228)   340,924 
                     
Net (decrease)/increase in cash and cash equivalents and restricted cash   (152,513)   (154,443)   (306,956)   190,719 
Cash and cash equivalents and restricted cash at the beginning of the period   1,060,974    1,215,417    1,215,417    716,582 
Cash and cash equivalents and restricted cash at the end of the period   908,461    1,060,974    908,461    907,301 

 

 

 

 

Golar LNG Limited

UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(in thousands of $) 

Share

Capital

 

Treasury

Shares

 

Additional

Paid-in Capital

 

Contributed

Surplus (1)

 

Accumulated

Other

Comprehensive Loss

 

Accumulated

Retained

Earnings

 

Non-

Controlling

Interests

 

Total

Equity

Balance at December 31, 2024 (Audited)   104,535    -    1,705,093    200,000    (5,743)   10,266    355,253    2,369,404 
Net income   -         -    -    -    23,836    19,882    43,718 
Dividends   -         -    -    -    (52,330)   -    (52,330)
Exercise of share options   139         1,669    -    -    -    -    1,808 
Stock compensation   -         5,497    -    -    -    -    5,497 
Forfeiture of employee stock compensation   -         (45)   -    -    -    -    (45)
Restricted stock units   101         (101)   -    -    -    -    - 
Repurchase and cancellation of treasury shares   (2,500)        -    -    -    (100,225)   -    (102,725)
Proceeds from subscription of equity interest in Gimi MS Corporation   -         -    -    -    -    21,020    21,020 
Other comprehensive income   -         -    -    2,089    -    -    2,089 
Reacquisition of common units of Hilli LLC (2)   -         -    -    -    (6,271)   3,905    (2,366)
Balance at June 30, 2025   102,275    -    1,712,113    200,000    (3,654)   (124,724)   400,060    2,286,070 

 

(in thousands of $) 

Share

Capital

 

Treasury

Shares

 

Additional

Paid-in

Capital

 

Contributed

Surplus (1)

 

Accumulated

Other

Comprehensive Loss

 

Accumulated

Retained

Earnings/

(Losses)

 

Non-

Controlling

Interests

 

Total

Equity

Balance at December 31, 2025 (Audited)   101,319    (684)   1,717,732    200,000    (1,935)   (173,456)   224,578    2,067,554 
Net income   -    -    -    -    -    121,843    35,796    157,639 
Dividends   -    -    -    -    -    (50,906)   (12,136)   (63,042)
Exercise of share options   383    -    5,282    -    -    -    -    5,665 
Stock compensation   -    -    22,019    -    -    -    -    22,019 
Forfeiture of employee stock compensation   -    -    (20)   -    -    -    -    (20)
Restricted stock units   413    -    (413)   -    -    -    -    - 
Repurchase and cancellation of treasury shares   (18)   684    -    -    -    (666)        - 
Other comprehensive income   -    -    -    -    1,667    -    -    1,667 
Balance at June 30, 2026   102,097    -    1,744,600    200,000    (268)   (103,185)   248,238    2,191,482 

(1) Contributed Surplus is “capital” that can be returned to shareholders without the need to reduce share capital, thereby giving us greater flexibility when it comes to declaring dividends.

 

(2) This relates to the receipt of waived dividend distribution in relation to the repurchases of the minority interests in Hilli LLC.

 

 

 

 

Golar LNG Limited

 

APPENDIX A

 

The table below represents our actual Contractual Debt, including the net finance lease obligation between us and the lessor VIE as at June 30, 2026:

 

(in thousands of $) 

Total

Contractual

Debt

 

Golar’s share of

Contractual Debt

 

Total

scheduled

capital

repayments

over the next

12 months

 

GLNG’s share of

scheduled capital

repayments over the

next 12 months

Non-VIE debt                              
2024 Unsecured Bonds   300,000         300,000    -         - 
2025 Convertible Bonds   575,000         575,000    -           
2025 Senior Unsecured Notes   500,000         500,000    -           
Gimi facilities   1,162,500    70%   813,750    (75,000)   70%   (52,500)
                               
Net finance lease obligations between Golar and the lessor VIE (1)                              
FLNG Hilli   492,818         492,818    (42,210)        (42,210)
                               
Total Contractual Debt   3,030,318         2,681,568    (117,210)        (94,710)

(1) Under US GAAP, we consolidate the lessor VIE. Accordingly, the net finance lease obligation between Golar and the lessor VIE is eliminated.

 

The table below represents our anticipated contractual capital repayments for the next five years as at June 30, 2026, including the net finance lease obligation between us and the lessor VIE which is eliminated on consolidation:

(in thousands of $)  2026  2027  2028  2029    2030  
Non-VIE debt                         
2024 Unsecured Bonds   -    -    -    (300,000)   - 
2025 Convertible Bonds   -    -    -    -    (575,000)
2025 Senior Unsecured Notes   -    -    -    -    (500,000)
Gimi facilities   (37,500)   (75,000)   (75,000)   (75,000)   (75,000)
                          
Net finance lease obligation between Golar and the lessor VIE                         
FLNG Hilli   (21,105)   (42,210)   (42,210)   (42,210)   (42,210)
                          
Total Contractual Capital Repayments   (58,605)   (117,210)   (117,210)   (417,210)   (1,192,210)

 

 

 

 

Included within the restricted cash and debt balances are amounts relating to the lessor VIE entity that we are required to consolidate under US GAAP into our financial statements. The table represents the impact of consolidating our remaining lessor VIE into our balance sheet, with respect to the following line items:

 

(in thousands of $)    June 30, 2026      December 31, 2025  
Restricted cash   33    11,429 
           
Current portion of long-term debt and short-term debt   (179,839)   (229,654)
Total debt, net of deferred financing costs   (179,839)   (229,654)

 

The consolidated results and net assets of the consolidated lessor VIE entity are based on management’s best estimates. As discussed above, we are required to consolidate amounts relating to lessor VIE entity into our financial statements. As such, the table above represents the lessor VIE entity balances and not our actual costs and balances.