Golar LNG Limited, a Bermuda-domiciled foreign private issuer that is the only company with a proven track record of running a floating liquefaction vessel as a commercial service, has used the first half of 2026 to turn its operating fleet into a real cash engine. The inflection reflects the FLNG Gimi moving from half a month of operation in 2025 to a full six months of contribution under its 20-year Lease and Operate Agreement with bp. These are not just bigger numbers; they are the first half where both Hilli and Gimi earned for the entire period. The half-year report shows revenue of $268.0M against $138.2M in the prior-year period. The FLNG tariff net figure, the company's measure of total cash earnings from its units, more than doubled to $316.9M from $155.3M.
The strategic reset is happening at the same time. The 20-year Cameroon contract for FLNG Hilli ended in July 2026. The vessel now sails to Singapore for refurbishment ahead of a new Argentine charter that builds the longer-term contracted backlog. The third unit, FLNG Esperanza, is currently under conversion at a Chinese shipyard for delivery into the same SESA contract in 2028. Management signed an engineering, procurement and construction contract for a fourth FLNG in August 2026, with delivery by the end of 2029. The pipeline at full deployment would push Golar from two operational units to four across two continents. Golar entered a revolving credit facility to fund the conversion pipeline. The new facility is sized at $600.0M and is secured by the Esperanza vessel. The Argentine charter is set to begin in 2027.
The decision in the next twelve months is less about whether Golar can run its vessels, which it has now demonstrated for a full half with both units, and more about how the company finances the conversion pipeline. Management has flagged in the half-year disclosure that, absent additional capital, the company's contingency plan is to pause the Esperanza conversion by March 2027 and terminate the fourth FLNG construction contract before the end of the third quarter of 2026. The strategic review process disclosed as a forward-looking risk adds another unknown. Shares trade at $52.05. The market capitalization near $5.31B and enterprise value near $7.19B already reflect a partial credit for the contracted pipeline. Trailing earnings multiple near 35.7x and forward multiple near 103x reflect the sharp jump in annualized earnings this half. The dividend declared for the second quarter, $0.25 per share, signals management's confidence in the cash conversion. The funding path determines whether the fourth FLNG becomes part of the franchise or a casualty of the transition.