GLNG · CIK 0001207179
What Golar LNG Ltd. told the SEC could break it.
2 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
A limited set so far, we surface every cited disclosure we’ve extracted for GLNG. More may follow as additional filings are processed.
In its own words
What could break it.
Commodity & input dependence
- natural gas / LNG FOB prices — commodity-linked charter hiremedium
SESA charter tariffs carry a two-sided commodity link: 25% of FOB prices above $8/mmbtu (uncapped upside) and partial charter-hire reductions below $7.5/mmbtu down to a $6 floor (max accumulated discount $122M on MKII).
“Golar has also agreed to a mechanism where the charter hire can be partially reduced for FOB prices below a reference price of $7.5/mmbtu down to a floor of $6/mmbtu.”
Regulatory & policy
- U.S.–China tensions — shipbuilding/conversion exposuremedium
FLNG conversion work sits at Chinese (CIMC Raffles) and Singaporean (Seatrium) yards; the filing flags U.S.–China tensions and related sanctions as a risk to shipbuilding cost, labor, materials, and schedule.
“Additionally, the global nature of the shipbuilding industry exposes us to geopolitical and economic risks including potential tensions or conflicts between the U.S. and China, including related sanctions.”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
Southern Energy S.A. (SESA, Argentina)
“We have committed $350 million of capital expenditures for refurbishment and life-extension works required prior to the redeployment of FLNG Hilli under a 20-year agreement with SESA.”
Cited →“On June 12, 2025, the FLNG Gimi achieved commercial operations ("COD"), triggering the commencement of the 20-year lease term with bp”
Cited →
Its suppliers
Black & Veatch
“The Mark I conversions were executed in collaboration with our principal contractors, Seatrium (formerly Keppel Shipyard) and Black & Veatch, who delivered both FLNG Hilli and FLNG Gimi.”
Cited →
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