Golar LNG (GLNG) Takeaways from Management Meeting Watching Fourth Vessel Commercialization

Equity Research 19 August 2026 | 9:58PM EDT

Golar LNG (GLNG): Takeaways from Management Meeting: Watching Fourth Vessel Commercialization; Strategic Review Optionality Retained

Today (8/19/2026), we hosted Golar LNG (GLNG, Buy - on CL) for a virtual John Mackay | management meeting. Joining us were CEO Karl Staubo and CFO Eduardo Goldman Sachs & Co. LLC Maranhao. Key focus areas centered on: 1) next steps to watch on commercializing Olivia Foster the fourth FLNG vessel, following its FID last week, with expectations of being faster | Goldman Sachs & Co. LLC than the process for the third vessel; 2) confidence in the return profile for that project, specifically potentially increasing the contracted EBITDA backlog by 50%+; Jackie Koletas | 3) the value of GLNG’s shipyard slots, secured across both CIMC and Seatrium, for Goldman Sachs & Co. LLC potential FID on vessels 5-7 over time - allowing deployments well ahead of FLNG Ben Lund supply from competitors; 4) strong operational execution on the Hilli refurbishment | Goldman Sachs & Co. LLC and ongoing Gimi outperformance; and 5) the ongoing strategic review. On that last point, while GLNG is limited in what they can share while the process is ongoing, management reiterated that the goals of the strategic review - to accelerate growth and maximize shareholder value (including a potential sale) - are not mutually exclusive. Management emphasized GLNG’s ability to add FLNG capacity at economic returns remains valuable whether GLNG operates as a public or private entity, explicitly acknowledging a potential sale of the company remains under consideration as part of the ongoing strategic review. We maintain our Buy rating and $67 PT - see within for details.

Key takeaways from our virtual management meeting follow:

n Commercial contract negotiations in focus following the fourth vessel FID last week - potentially likely an early 2027 update. Following last week’s FID on the 3.5 mtpa fourth FLNG vessel for a YE29 delivery, management highlighted both continued strong commercial interest from various counterparties and a positive response from prospective customers on the fourth vessel FID. On returns, management reiterated the 5-6x build multiple target, and that the focus remains on maximizing equity returns (thus balancing rates, commodity exposure, counterparty quality, and financeability). On counterparties, management emphasized they are in advanced discussions across multiple geographies, though details elsewhere were limited. On timing, management reiterated that each commercial process is unique, though noted the overall commercial milestone cadence may resemble the FLNG Esperanza’s timeline

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Goldman Sachs Golar LNG (GLNG)

across 2024/2025. Recall, GLNG reached FID on the third MKII (now named the Esperanza) in September 2024, announced a commercial contract in May 2025, and lifted all conditions precedent in late October 2025. Interestingly, management noted that while the overall timeline could resemble the Esperanza (~13 months from FID to lifting of conditions precedent), the timeline to announcing a commercial contract may be accelerated (relative to ~8 months from third boat FID to commercial contract announcement). On milestones to watch, management noted they do not expect execution of nonbinding term sheets to warrant a standalone press release (particularly as the company continues to advance multiple customer contracts), though upcoming public conferences or earnings calls may be a more appropriate forum. In our view, we continue to see the fourth FID last week as a concrete positive execution milestone on GLNG’s FLNG growth pipeline, and…