Losses mount at Golar LNG Energy

The Golar LNG majority owned Golar LNG Energy has reported a net loss of US$45.5 million and operating loss of $33.3 million for the year ended December 31, 2010, compared to a reported net loss of $2.2 million and operating loss of $1.1 million from first trading (August 12, 2009) to December 31, 2009.

Revenues in the year were $64.2 million (2009: $33.9 million). Revenues from vessels were weaker during 2010 relative to 2009 as a result of low demand. However, the spot market improved significantly during the second half of the year due to increase demand and supply of LNG. In January 2011, Golar concluded charters for four of its vessels at relatively attractive rates for periods between 12 and 18 months. Average utilisation for the year was 61 percent (2009: 91 percent), with average daily time charter equivalent rates (TCEs) at US$20,678 per day excluding the contribution from 'Golar Freeze' (2009: $36,174).

The fleet as at December 31, 2010 stood at 366 vessels including FSRUs and regas vessels with a further 27 on order.

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