Philippe

$GLNG for beginners Golar is not an LNG shipping company. It is the only pure-play provider of floating liquefaction as a service. It builds/converts the vessels, then leases and operates them for third-party gas owners. It does not own the gas. The fleet 1- Hilli (2.45 mtpa) - 100% uptime since 2018. 20-year charter with Southern Energy (SESA) starting 2Q2027 2- Gimi (2.7 mtpa) - running for BP (Mauritania/Senegal). 20-year contract 3- Esperanza (3.5 mtpa) - on time/on budget at CIMC Raffles. Yard delivery Q4 2027, start-up H2 2028. 20-year SESA charter 4- GraceDahlia (3.5 mtpa) - ordered Aug 2026, delivery 2029. Uncontracted. Earliest large-scale capacity available anywhere 5- Golar Future Assets A- 2030e slot secured @ Yantai CIMC Raffles (3.5mtpa) Pre-FID B- Golar – 2031e slot secured @ Seatrium Singapore (3.5 or 5.4mtpa) Pre-FID SESA contract protections 20-year fixed base rate of $13.7B EBITDA Paid in USD, settled offshore English law No cash collateral Monthly settlement Assets sit offshore and can sail away Not a normal emerging-market deal. Downside is structurally limited. The cash flow floor Management guides ~$800m run-rate EBITDA in 2028 from the three contracted units, before any Unit-4 charter and before commodity upside. Base fee on the Argentina units is roughly $400m/year each before inflation and the kicker. Contracted EBITDA backlog cited around $17bn before commodity. The Commodity Upside Option Argentina contracts give Golar 25% of FOB above $8/MMBtu on Hilli and Esperanza, plus a 10% equity stake in SESA. Roughly $100m incremental EBITDA per $1 above the threshold once both units are running. Upside is uncapped. Downside on the base fee is nil. Some volumes already locked (including SEFE German Govt) and the rest still being tendered to large global Investment Grade counterparties. Unit 4 and Funding $2.45bn MKII vessel (Grace Dahlia) already bought. Policy is never more than one spec build hull. CFO has said ~3 counterparties near final/semi-final. Funding path does not require an equity raise: Hilli refi + Esperanza long-term facility + FCF. Post-bond liquidity already ~$2.1bn. Market Outlook 2027–30 supply wave is mostly US and Qatar onshore and all CONTRACTED. FLNG is for large gas reserves that cannot wait for a 5yr+ multi-billion-dollar onshore plant. Golar is the only pure-play lessor-operator at scale. Wall Street still often calls it a shipping company. It isn’t.

Le nouveau président de la FGTB gagne-t-il 16.600 euros bruts comme son prédécesseur ? « J’ai moins d’ancienneté » rtl.be/actu/belgique/societe…

Oud-minister Brigitte Grouwels: ‘43% van de bevolking in #Brussel betaalt geen inkomstenbelasting.’ 43% 🤐 #Brussel2030

🇱🇺💰 Les agences de notation attribuent une nouvelle fois un «AAA» au Luxembourg où la situation budgétaire est plus favorable que dans la plupart des pays de la zone euro. lessentiel.lu/fr/story/luxem…

"Ik ben bijna 7 jaar voorzitter, wij hebben 3 regeringen gevormd en elk jaar was er een begrotingsakkoord. Ik maak altijd een akkoord: als het redelijk is." Voor @conner_rousseau en @vooruit_nu is het begrotingsvoorstel dat op tafel ligt nog onvoldoende. #deafspraakopvrijdag

New note on Golar LNG (GLNG) is out. The engineering finally works. Hilli finished Cameroon with 100% uptime, Gimi is running above contract and Esperanza is on time. The balance sheet is another story. Golar ordered a $2.45bn fourth FLNG with no charter and has about $3.5bn left to spend against $2.0bn of liquidity. Net debt goes from $1.8bn to roughly $4.9bn by 2029, with the RCF due before Esperanza earns a dollar. The stock is 22% off its high and the strategic review has gone quiet. At $44.95 it trades at about 8x 2029 contract EBITDA, which already prices everything being delivered. We'd get interested below $40. Full note: nortilus.com / nortilus.substack.com $GLNG

Oh thank god, Greta Thunberg has finally arrived in France The French people can now sleep peacefully knowing the situation is under control

Gloednieuw bushokje pronkt in Wuustwezel, maar buslijn is intussen geschrapt vrt.be/vrtnws/nl/2026/10/17/…

$GLNG It’s annoying to see how the market is mispricing this company. I mean, it’s true the company should be viewed as an infrastructure play—a kind of bond proxy—and its valuation should reflect rising interest rates. But the current valuation is just silly. It has $17bn in contracted EBITDA over the next 20 years with strong counterparties. That EBITDA represents free cash flow before debt service and interest, as the business requires virtually no taxes or maintenance capex, yet the company is trading at around $4.5bn. That’s before adding the fourth FLNG, which has already reached FID and could significantly increase run-rate EBITDA from $800m to $1.1bn–$1.2bn. It’s also before considering the 20-year commodity upside option Golar signed into its contracts, which could generate free cash flow equivalent to the market cap in a year like this one—and multiple times that amount if we look at 2022. Is the market so silly? I think so… As I’ve argued, I don’t expect Goldman Sachs’ strategic review to end in a sale, and that’s likely been weighing on Golar’s share price recently. I can see Goldman bringing in a strategic partner to develop and accelerate the strong pipeline, but I don’t think any capable external player could both fund and execute that growth pipeline. After meeting Tor Olav Troim at my office this week, I’m even more confident that Golar has four or five highly credible projects it could sign soon. Recent reports from TradeWinds and Africa Intelligence confirm that these projects are moving ahead—and that only Golar can deliver. 1) TradeWinds reported that Eni and Repsol are moving ahead with Venezuela’s FLNG project. Golar LNG, BW LNG, Bumi Armada, SBM Offshore, Samsung Heavy Industries, Hanwha Ocean, and Saipem have reportedly submitted EOIs, with a full invitation to tender expected later this year. 2) Africa Intelligence reported that Trident Energy is looking to monetize its 1 trillion cubic feet of gas reserves in Congo, with Golar and Exmar currently competing for the contract. With all due respect to the companies mentioned in the news, nobody can really compete with Golar. Only Samsung and Exmar have ever built an FLNG vessel. That’s no simple undertaking, so I don’t expect any of them to take on more than $2bn in risk to get started. As for Exmar, it built a very small liquefaction vessel called Tango, which performed so-so for a while before Eni bought it in 2022. Exmar’s accounts are public, and it’s well known that the company doesn’t have the funding capacity to carry out a project of this size. I know Exmar very well, as we recently funded $12m out of a $150m bond. Finally, Samsung has experience, but it’s a shipyard, and financing a customer over 20 years isn’t its business. I don’t expect it to change its business model now. Gas is hot right now, and demand is expected to grow considerably. After the conflicts involving Russia and the Middle East, every country realized it needs to diversify its supply; it can’t rely only on the US, Russia, or Qatar. This is a great time for Golar to capitalize on the current environment, which is why it’s building a $2.5bn FLNG on spec. I expect we’ll have a contract within the next six months, and thereafter, Golar will find another compelling project for the fifth. I may be overthinking this, and the current weakness could simply be driven by its association with shipping—which seems silly nowadays, given its legacy as a shipping company. Or even some HF exiting as they are forced to cut leverage because interest rates are rising… But to be fair, I just struggle to understand why Golar is so cheap, even without factoring in growth or commodity upside.

Ondernemer uit Nieuwpoort haalt miljoenen op voor luxeresort in Kaapverdië: project na 4 jaar nog niet gebouwd vrt.be/vrtnws/nl/2026/10/01/…

Gebroken beloftes, povere oneliners, protest van de klimaatzaak en een bitter geforceerd applaus. Dit was de Septemberverklaring. #slechteboekhouders

Noord-Koreaanse leider Kim Jong-un is "extreem zwaarlijvig", volgens Zuid-Koreaanse inlichtingendiensten vrt.be/vrtnws/nl/2026/09/30/…