Golar Partners posts $33.1 million Q1 net loss

golar-lng-partners

Exclusive of its interest in FLNG Hilli Episeyo, Golar LNG Partners LP (“Golar Partners” or “the Partnership”) generated operating income of $27.7 million for the first quarter of 2020.

After accounting for $46.8 million of non-cash mark-to-market interest rate swap losses, the Partnership reported a net loss attributable to unit holders of $33.1 million for the first quarter.

Generated distributable cash flow1 of $25.4 million for the first quarter resulting in a distribution coverage ratio1 of 17.79.

Agreed to extend the LNGC Golar Grand charter for a further year.

Subsequent Events

Declared a distribution for the first quarter of $0.0202 per unit.
Karl Fredrik Staubo appointed to succeed Graham Robjohns as CEO.
Bondholders approved 18-month extensions to the May 2020 and May 2021 maturing high yield bonds.
LNGC Golar Maria secured coverage for the majority of its available hire days between April 2020 and commencement of its term charter in Q4 2020, assuming exercise of a charterer option.

Financial Results Overview

Golar Partners reports a net loss attributable to unit holders of $33.1 million and operating income (which excludes its share of Hilli Episeyo which is accounted for under the equity method) of $27.7 million for the first quarter of 2020 (“the first quarter” or “Q1”), as compared to net income attributable to unit holders of $30.4 million and operating income of $36.3 million for the fourth quarter of 2019 (“the fourth quarter” or “Q4”) and a net loss attributable to unit holders of $15.0 million and operating income of $25.9 million for Q1 2019.

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