EQUITY RESEARCH 31 May 2023

Research report prepared by DNB Markets, a division of DNB Bank ASA

Energy
Q1 results review
This report was completed and disseminated at 15:26 CET on 31 May 2023

GOLAR LNG BUY

Turning on the distributions TP: USD35.0
There seems to be growing interest for Golar LNG’s fast-
track and flexible FLNG offering with news of the recent GLNG versus S&P 500 TR (12m)

MOU and several potential projects being widely 30

28
discussed. However, it is still a waiting game for 26
concrete news, and we believe the tighter LNG market 24
22
this winter should create more visibility for Hilli and the 20
next FLNG project for its MKII conversion. We continue May Jul Sep Nov Jan Mar
Golar LNG S&P 500 TR (Rebased)
to find the valuation too low when considering the Source: Factset

potential, as its current NAV equates to USD24.1/share SUMMARY

on our numbers. Thus, we reiterate our BUY and USD35 Recommendation (prev.)
Share price (USD)
BUY (BUY)
21.4
target price. Target price (previous) (USD) 35.0 (35.0)
Upside/downside potential (%) 63
Tickers GLNG US
2023–2025 estimates trimmed. We have updated our model to incorporate the Q1
CAPITAL STRUCTURE
actuals, in addition to updating the energy price forward curves. We have cut our adj. No. of shares (m) 107.4
EBITDA for 2023e by 7%, 2024e by 4% and 2025e by 3%. No. of shares fully dil. (m) 107.4
Market cap. (USDm) 2,302
5% run-rate quarterly dividends are back… The company reintroduced quarterly NIBD adj end-2023e (USDm) 189
dividends after striking a deal with bondholders that provides shareholders with a 5% Enterprise value adj (USDm) 2,491
Net debt/EBITDA adj (x) 0.58
run-rate yield at the current share price and before any step-up in earnings from future NAV per share (USD) 24.1
FLNG projects. Among them, the recontracting of Hilli remains the top priority with a Source: Company, DNB Markets (estimates)
targeted project announcement by mid-2024 and likely before the MKII FID. Note: Unless otherwise stated, the share prices in this
note are the last closing price.
…before Gimi step-up in cash flow from 2024e. Although a slightly delayed sail-off
NEXT EVENT
for Gimi (from H1 2023 to Q3 2023e), the delay should not affect first gas on the Tortue Q223 30/08/2023
project. Thus, we see a marked step-up in earnings from 2024e with the pro rata
contribution of USD151m from Gimi, which should increase the cash distribution ESTIMATE CHANGES (USD)
Year-end Dec 2023e 2024e 2025e
potential further and allow for continued growth of its FLNG business. Sales (old) 247.9 473.9 473.9
Sales (new) 257.7 477.0 477.0
BUY and USD35 target price reiterated, based on 1.0x (unchanged) our forward Change (%) 3.9 0.7 0.7
SOTP of USD35/share (35), including the value of two potential FLNG projects. We EPS adj (old) 2.27 2.65 2.08
calculate a current SOTP of USD24.1/share (24.3), which implies the stock is trading EPS adj (new) 2.03 2.40 1.94
11% below what we view as the underlying value of its current project portfolio and Change (%) -10.5 -9.7 -7.0

assets. Source: DNB Markets,

Year-end Dec 2019 2020 2021 2022 2023e 2024e 2025e

Revenue (USDm) 449 439 452 275 258 477 477
EBITDA adj (USDm) 231 275 308 396 324 473 408
EBIT adj (USDm) 84 167 202 343 274 386 321 ANALYSTS
PTP (USDm) -109 -166 561 1,016 88 330 267 Jørgen Lian
EPS rep (USD) -2.10 -2.79 3.78 7.30 0.56 2.52 2.00 jorgen.lian@dnb.no
EPS adj (USD) -1.59 -2.29 1.61 1.58 2.03 2.40 1.94 +47 40 49 44 93
DPS (USD) 0.15 0.00 0.00 0.00 1.00 1.00 1.00 Sander Borgli
Revenue growth (%) 4.2 -2.3 3.0 -39.2 -6.2 85.1 0.0 sander.borgli@dnb.no
EBITDA growth adj (%) 49.6 19.0 11.7 28.8 -18.1 45.9 -13.8 +47 95 45 56 04
EPS growth adj (%) nm nm nm -2.1 28.9 17.8 -19.2 Nicolai Sivertsen
EBITDA margin adj (%) 51.6 62.8 68.1 144.3 125.9 99.2 85.6 nicolai.sivertsen@dnb.no
EV/Sales adj (x) 8.24 7.15 7.56 9.77 9.66 4.92 4.42 +47 97 06 31 49
EV/EBITDA adj (x) 16.0 11.4 11.1 6.8 7.7 5.0 5.2
EV/EBIT adj (x) 44.0 18.7 16.9 7.8 9.1 6.1 6.6 Please see the last two pages for
P/E adj (x) nm nm 7.7 14.4 10.5 8.9 11.1 important information. This research
P/Book (x) 0.96 0.74 0.78 0.98 1.03 0.96 0.92 report was not produced in the US.
ROE (%) nm nm 21.7 31.0 2.2 9.9 7.4 Analysts employed by non-US
Dividend yield (%) 1.1 0.0 0.0 0.0 4.7 4.7 4.7 affiliates are not registered/
FCF yield (%) -21.8 -17.5 1.2 -1.9 2.6 9.6 13.1 qualified research analysts with
Source: Company (historical figures), DNB Markets (estimates) FINRA in the United States.
DNB Markets | Golar LNG
31 May 2023

Investment case overview

Share price performance, DNB Markets’ target price, bear- and bull-case scenarios Target price methodology
◼ We continue to base our target price on
44.0
USD42.0 (96%)
1.0x (unchanged) our forward SOTP of
39.0 USD35/share (35), including the risked
value of Hilli T3 and T4, and two
USD35.0 (63%)
34.0 potential FLNG contracts.
29.0 ◼ We calculate a current SOTP of
USD24.1/share (24.3).
24.0 USD21.4
◼ Our bull-case fair value assumes full
19.0
activation of Hilli T3 and T4 and two
14.0 long-term FLNG contracts.
USD12.0 (-44%)
9.0
◼ Our bear-case fair value is based on
May 2022 Sep 2022 Jan 2023 May 2023 Sep 2023 Jan 2024 0.5x our current SOTP.

Historical Share Price Performance Price Target (May 24) Current Share Price

Source: FactSet, DNB Markets Source: DNB Markets

Downside risks to our investment DNB Markets investment case and Upside risks to our investment case
case how we differ from consensus
◼ A steady drop in energy prices, leading ◼ Elevated gas prices have illustrated the ◼ Strong demand recovery and growth of
to ongoing margin pressure throughout need for fast-track and flexible FLNG gas/LNG as non-intermittent energy
the value chain. solutions, in our view placing Golar sources in the green transition.
LNG in pole position with its track
◼ Pandemic- or recession-related ◼ Higher energy prices should boost
record on Hilli.
disruption depressing energy markets margin potential for FLNG projects,
and reducing demand for LNG-related ◼ We are now 5% below Bloomberg which also have upside potential from
business. consensus adj. EBITDA for 2023e, 9% higher commodity prices.
above for 2024e and 4% below for
◼ Competing liquefaction solutions ◼ A constructive climate for project FIDs
2025e.
capturing market share. backed by strong counterparties willing
to enter long-term SPAs.
◼ Investment reluctance among oil & gas
stakeholders limiting growth
opportunities.
Source: DNB Markets Source: DNB Markets Source: DNB Markets

EBITDA bridge 2022–2024e (USDm)

700.0 -17.0 4.9
600.0

500.0
-25.9 70.4
400.0

300.0
-434.5 219.4
200.0

100.0
656.0 209.4 473.3
0.0
T/C income

2023e

T/C income

2024e
Other (incl. gains)

Other (incl. gains)

Opex

Opex
2022

Source: DNB Markets (forecasts), company (historical data)

2
DNB Markets | Golar LNG
31 May 2023
ESG overview
Sustainability assessment
Positive
Conclusions ◼ According to the IEA’s Sustainable Development
Scenario (aligned to the Paris Agreement), gas is
the only fossil fuel set to see growth beyond 2025
and even increase until 2030.
◼ Gas is hierarchically above coal and oil in terms of
the energy transition ‘pecking order’, thus a relative
positive.
◼ A record number of new FIDs in new liquefaction
projects, securing longer-term growth prospects.
Actions being taken ◼ Continuous drive to renew the fleet and deploy on
by company long-term contracts to mitigate residual risk.
Key ESG drivers
Short-term ◼ A short-term LNG demand driver is the switch from
coal to gas as countries and regions reduce their
dependence on coal in the energy mix.
◼ A global trend in recent years has been an increase
in carbon pricing, which favours gas over coal,
increasing demand for LNG.
◼ LNG is increasingly used as a shipping fuel, as the
merchant fleet tries to cut emissions, despite LNG
being an intermediary solution to the future energy
mix. We are starting to see newbuild orders with
LNG propulsion systems, and Avenir LNG building
out LNG fuel infrastructure using available FSRUs.
Long-term ◼ LNG made up 6% of gas consumption in 2000, 11%
in 2018 and we forecast 25% by 2040, if the share
of LNG in the total gas mix continues to grow at the
same pace as in the past c20 years.
◼ According to the IEA’s Sustainable Development
Scenario (aligned with the Paris Agreement), gas is
the only fossil fuel set to see growth beyond 2025
and even increase until 2030. The IEA says gas
consumption could grow by 7% between 2018 and
2030, but would then need to fall by 3% between
2030 and 2040 for global warming to be capped at
<2 degrees versus the pre-industrial level.
◼ From an emissions perspective, gas continues to be
the most promising fossil fuel. Thus, in the absence
of significant power-storage solutions, gas is set to
be a key swing energy carrier, supplying energy to
grids when renewables cannot deliver.
Source: DNB Markets
Negative
◼ As LNG is still a fossil fuel and is potentially
perceived as an intermediary solution in the energy
mix, this may slow the build-out of LNG
infrastructure, as countries instead accelerate the
build-out of renewable energy.
◼ The LNG value chain being expensive, increased
protectionism globally and the desire to reduce
energy import dependence may slow LNG import
growth, as renewable energy is produced locally.
◼ The industry could face increased attention on
methane emissions as a more potent GHG.
◼ There have been three designs for newbuilds in the
past 20 years, with more design changes likely,
reducing the useful life of vessels on water today.
◼ Government policy changes, such as the recent
push for carbon policies and regulations for low
carbon or renewable energy sources, affects the
cost competitiveness of LNG. This in turn could
increase project development costs and operating
cost, as well as higher costs for LNG and reduced
global demand leading to lower shipping rates,
infrastructure returns and growth opportunities.
◼ Increased stigmatisation of the LNG industry as part
of the fossil-fuel sector, which could produce
financing challenges for new projects and
refinancing issues.
◼ LNG still being a fossil fuel and perceived as a
‘transitional’ fuel may slow the build-out of LNG
infrastructure if regions and countries accelerate the
build-out of renewable energy.
◼ The combination of the LNG value chain being
expensive, increased protectionism globally, and
the desire to reduce dependence on energy imports
may slow the growth in LNG imports, as renewable
energy is usually produced locally.
◼ There is a large residual risk in an LNG carrier built
to last 40 years, as several newbuilds need to be
ordered to meet increased gas demand in the next
10 years, before demand is set to decline (if meeting
the ambitions of the Paris Accord). 25% of the LNG
fleet has been ordered in the past two years, and the
past 10 years have seen 9% annual ordering, which
shows the importance of having the latest ship
design in lowering transportation costs when the
LNG value chain is expensive.
3
DNB Markets | Golar LNG
31 May 2023
Sustainability assessment
Risk
Transition risks
Policy and legal ◼ The shipping industry faces numerous policy and
legal risks, most of which have been initiated by the
IMO, a UN body. IMO 2020, which regulates the
sulphur content in shipping fuel, does not affect the
LNG space. The next is likely to be CO2 reduction.
Technology ◼ Golar infrastructure and ships become
technologically obsolete through competitors
improving performance or through Golar investing in
uncompetitive technologies. This could potentially
lead to an increase in cost through failed
investments.
Market ◼ Potential decline in demand for fossil fuels to adhere
to the Paris Agreement would remove a
considerable part of shipping demand. While coal
would be below oil and gas in the pecking order,
LNG demand could be distorted by disruption from
renewables.
Reputation ◼ Increased focus on the sustainable recycling of
ships, in essence providing safe working conditions
for scrapyard workers and protecting the local
biosphere, as well as general seafarer welfare, pose
considerable risks to shipowners’ reputations and
investor appetite. Reputational risk from being in a
carbon-intensive industry is a constant.
Source: DNB Markets
Sustainability assessment
Opportunities
Resource efficiency ◼ Requirements for vessel efficiency and ratings (e.g.
RightShips’ Emissions Rating) among major
charterers, and increasing costs for higher-quality
fuels and new propulsion systems.
Source: DNB Markets
Company’s risk mitigation
◼ Actively pursuing a modern, fuel-efficient fleet to
remain attractive among charterers, as well as
active participation in trade associations
representing the industry’s interests at a regulatory
level, and working for viable solutions.
◼ Keeping a well-maintained fleet, close dialogue with
yards and class agencies (which are in charge of
certifying the vessels) to stay on top of the latest
technology, and sound relationships with major
clients, allowing for de-risked investments in new
technology by securing the vessels on long-term
contracts.
◼ Potentially turning the operational profile towards
de-risking short-term market exposure to deploy
vessels on long-term contracts, while long-term
trends in a commoditised business, such as
shipping, are difficult to mitigate.
◼ Strong corporate governance including routines for
employee welfare and sale/purchase of vessels.
Company’s utilisation of opportunity
◼ Besides owning a modern fleet, investing in fuel-
efficiency measures and technology in order to
achieve strong ratings and be a preferred provider
of transportation services.
4
DNB Markets | Golar LNG
31 May 2023

Estimate changes
Trimming our estimates through 2023–2025
We have updated our model to incorporate the Q1 actuals and updated energy price estimates.
Our new oil and gas price estimates, which are based on the most recent forward curves, have
resulted in a USD4.1m decrease to Golar’s pro rata EBITDA on the oil-lined derivative for
2023e, USD6.6m for 2024e and USD5.6m for 2025e. For TTF-linked exposure, we have cut
USD3.9m in pro rata EBITDA for 2023e, USD10.1m for 2024e and USD6.5m for 2025e. Overall,
we have cut our adj. EBITDA for 2023e by 7%, 2024e by 4% and 2025e by 3%. We are now
5% below Bloomberg consensus for 2023e, 9% above for 2024e and 4% below for 2025e.

Changes to DNB Markets’ forecasts Changes to adj. EBITDA forecasts

600 0%
491

477
477
474

474
473

421
408

500
-1%
350

346
330
324

400
278
271

267
264
258
248
USDm

-2%
300

Estimate changes (%)

200 -3%
-3%
100
-4% -4%
0
Revenue

adj. net profit

Revenue

adj. net profit

Revenue

adj. net profit

adj. EBITDA
adj. EBITDA

adj. EBITDA

-5%

-6%

-7%
2023e 2024e 2025e
-7%
-8%
New Old 2023e 2024e 2025e

Source: DNB Markets (forecasts) Source: DNB Markets (forecasts)

Changes to adj. net income forecasts DNB Markets versus consensus on 2023–2025e adj. EBITDA
0% 500 473 10%

DNB Markets relative to consensus (%)

434 424
-1% 450 408 8%
9%
-1% 400 6%
343
Adj. EBITDA (USDm)

350 324
Estimate changes (%)

-2% 4%
300
-2% 2%
250
-3% -2% 0%
200
-3% -2%
150
-4% -4% -4%
100
-4% -5%
-4% 50 -6%

-5% 0 -8%
-5% 2023e 2024e 2025e
-5%
2023e 2024e 2025e DNB Markets Bloomberg consensus DNB Markets relative to cons.

Source: DNB Markets (forecasts) Source: DNB Markets (forecasts), Bloomberg (consensus)

5
DNB Markets | Golar LNG
31 May 2023

Q1 review
Quarterly DPS reinstated
Golar LNG reported Q1 revenues of USD74.0m (15% above consensus (Bloomberg) of
USD64.3m, 11% above our estimate of USD66.4m), adjusted EBITDA of USD84.1m (13%
below consensus of USD97.2m, 14% below our estimate of USD97.6m), adjusted net income
of USD83.9m (20% below consensus of USD104.9m, 8% above our estimate of USD77.6m).
The adjusted EBITDA miss included USD11m net expenses relating to its development
agreement to assist Snam with FSRU Tundra, which would largely close the gap to consensus
on a normalised basis.
USD0.25 DPS for 4.5% yield
Following its agreement with bondholders, the company has reinstated quarterly dividends at
USD0.25/share in Q1 "set at a sustainable level that allows for potential for growth after Gimi
has reached COD." This represents a 4.5% run-rate yield, and the company has also authorised
a USD150m share buyback programme to "opportunistically repurchase shares from time to
time for cash".
Close of Hilli acquisition and refinancing agreement announced…
The Hilli acquisition was closed during the quarter and the company has received credit
approval to improve the terms of the existing Hilli debt facility, reducing the debt service cost
from USD126m in 2023 to USD93m and extending maturity from 2028 to 2033, increasing
flexibility for recontracting Hilli after the current contract expires in July 2026. Also, several
promising projects for recontracting Hilli with more attractive economics than the current
contract are now being discussed.
…as Gimi sail-away postponed from H1 to Q3 without an effect on first gas
The FLNG Gimi is now 94% technically complete, but the departure date has been postponed
from H1 to Q3 without affecting first gas from the Tortue project.
NNPC MOU and Gandria sale confirmed
The MOU with NNPC was confirmed, with duration of five years and an ambition to explore the
potential for multiple future FLNG projects. The reported sale of Gandria (USD15m) is expected
to be completed in H2 and the option to purchase the Fuji has been exercised with delivery
expected early 2024.

6
DNB Markets | Golar LNG
31 May 2023

Q1 review
Key highlights Q1 2023 Deviation (%) Deviation, Abs Q1 2022 DNBe
USDm Actual DNB Cons. DNB Cons. DNB Cons. Actual 2023e
Operating revenues 74.0 66.4 64.3 11% 15% 7.6 9.7 79.7 247.9

Vessel operating expenses -18.6 -16.7 -19.5 -65.5

Voyage and charterhire expenses -0.2 0.0 -2.4 0.0
Administrative expenses -28.5 -8.6 -10.9 -34.8
Gains and other income -57.6 56.4 214.6 202.5

EBITDA -30.9 97.6 97.2 <-100% <-100% -128.4 -128.0 261.5 350.1
EBITDA adj. 84.1 97.6 97.2 -14% -13% -13.4 -13.0 93.2 350.1

Depreciation -12.6 -12.4 -15.5 -49.7

Impairment 0.0 0.0 0.0 0.0

EBIT -43.4 85.1 88.4 <-100% <-100% -128.6 -131.9 246.0 300.4

Interest income 11.5 0.1 0.0 0.6

Interest expense -0.4 -7.7 -7.6 -30.4
Other financial items -61.5 0.0 382.2 0.0
Dividend income 0.0 0.0 0.0 0.0

Pre-tax profit -93.8 77.6 104.9 <-100% <-100% -171.4 -198.7 620.7 270.6

Tax -0.3 0.0 -0.4 0.0

Equity in net earnings of investees 1.3 0.0 -1.1 0.0
Net income from discontinued operations 0.2 0.0 -209.2 0.0

Net income -92.6 77.6 104.9 <-100% <-100% -170.1 -197.5 410.0 270.6
Adj. Net income 83.9 77.6 104.9 8% -20% 6.3 -21.0 68.7 270.6
Net income to non-controlling interest -9.3 -7.3 -64.8 -26.9
Net income attributable to Golar LNG Ltd -101.9 70.2 96.6 <-100% <-100% -172.1 -198.4 345.2 243.7
Number of shares - Basic 107.4 107.2 0.2 108.1 107.2
EPS - Basic -0.95 0.66 0.73 <-100% <-100% -1.60 -1.68 3.19 2.27
DPS 0.25 0.00 0.00 0.25 0.25 0.00 0.00
Source: DNB Markets (forecasts), company (historical data), Bloomberg (consensus)

7
DNB Markets | Golar LNG
31 May 2023

Valuation
BUY and USD35 target price reiterated
We base our target price on 1.0x (unchanged) our forward SOTP valuation of USD35/share
(35), including the value of two potential FLNG projects. We calculate a current SOTP of
USD24.1/share (24.3), which implies that the stock is trading 11% below what we view as the
underlying value of its current project portfolio and assets.

For future FLNG projects, we have applied an 80% discount (i.e. upsizing or added production
of another 200ktpa) to the full upsizing of Hilli T3 and T4, as we continue to believe that Perenco
and SNH should be motivated to maximise production in the current markets, but that
considerable volume appears increasingly unlikely. We have also included the value of two
potential FLNG projects, in line with that announced by BP, as Golar LNG has signalled possible
project announcements near-term.

Current SOTP/share by business division Forward SOTP including risked growth potential for FLNG
30 40

35 -2
25 5

30 5
20 8.3
USD/share
USD/share

25 3
15 0.7 37
35
24.1 20
10 24
15.2 15
5
10
Current Hilli FLNG FLNG Fwd Risk Risked
0 SOTP T3&4 Project Project SOTP adj. fwd
FLNG Shipping Holdings Current SOTP #1 #2 SOTP

Source: DNB Markets Source: DNB Markets

Golar LNG SOTP breakdown

30

7.9 8.3 24.1

25
GLNG SOTP (USD/share)

20
0.7 0.7 0.4
8.9 0.1 15.2
Holdings
15
Shipping
10 FLNG
6.2

0
Hilli Gimi Gandria Total Arctic Total Avenir Cash etc Total
FLNG Shipping Holdings SOTP

Source: DNB Markets

8
DNB Markets | Golar LNG
31 May 2023

Forecast changes – P&L

New Old Change
(USDm) 2023e 2024e 2025e 2023e 2024e 2025e 2023e 2024e 2025e
Revenues 258 477 477 248 474 474 10 3 3
Cost of sales -69 -95 -95 -65 -93 -93 -4 -3 -3
Gross profit 188 382 382 182 381 381 6 1 1

Operating expenses -54 -34 -34 -35 -35 -35 -20 1 1

EBITDA 209 473 408 350 491 421 -141 -18 -12
EBITDA adj 324 473 408 350 491 421 -26 -18 -12
EBITDA margin (%) 81.3 99.2 85.6 141.2 103.6 88.7 -60.0 -4.4 -3.2

Depreciation -50 -87 -87 -50 -87 -87 -1 -1 -1

Impairment of PPE 0 0 0 0 0 0 0
EBITA 159 386 321 300 404 334 -141 -18 -13

EBIT 159 386 321 300 404 334 -141 -18 -13
EBIT adj 274 386 321 300 404 334 -26 -18 -13

Associated companies 1 0 0 0 0 0 1 0 0
Net interest -11 -56 -53 -30 -58 -56 19 2 3
Other financial items -61 0 0 0 0 0 0
Net financial items -72 -56 -53 -30 -58 -56 -42 2 3
PBT 88 330 267 271 346 278 -182 -16 -10

Taxes 0 0 0 0 0 0 0
Minorities -27 -59 -53 -27 -61 -54 -1 2 1
Discontinued operations 0 0 0 0 0 0 0 0 0
Net profit 61 271 214 244 285 223 -183 -14 -9
Adjustments to net profit 158 -13 -6 -25 -18 -9 183 5 2
Net profit adj 218 257 208 218 267 214 0 -9 -6

Per share data (USD)

EPS 0.56 2.52 2.00 2.27 2.65 2.08 -1.71 -0.13 -0.09
EPS adj 2.03 2.40 1.94 2.27 2.65 2.08 -0.24 -0.26 -0.15
DPS 1.00 1.00 1.00 0.00 0.00 1.00 1.00

Other key metrics (%)

Revenue growth -6.2 85.1 0.0 -9.7 91.2 0.0 3.6 -6.0 0.0
EBIT adj growth -20.0 40.7 -16.9 -16.4 34.5 -17.4 -3.6 6.3 0.5
EPS adj growth 28.9 17.8 -19.2 -36.4 16.8 -21.6 65.2 1.0 2.3

Avg. number of shares (m) 107 107 107 107 107 107 0 0 0
Capex -200 -116 0 -314 -89 0 114 -27 0
OpFCF 125 357 408 36 402 421 89 -44 -12
Working capital 569 756 893 880 1,246 1,499 -311 -490 -606
NIBD adj 189 45 -196 69 -296 -652 120 341 457
Source: DNB Markets

9
DNB Markets | Golar LNG
31 May 2023

Quarterly numbers
(USDm) Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023e Q3 2023e Q4 2023e Q1 2024e Q2 2024e
Revenues 115 80 67 69 59 74 65 61 58 119 119
Cost of sales -26 -22 -19 -18 -19 -19 -17 -17 -16 -24 -24
Gross profit 89 58 48 50 40 55 47 44 42 95 95

Operating expenses -9 -11 -13 -8 -14 -28 -9 -9 -9 -9 -9

EBITDA 126 262 283 98 14 -31 87 77 76 119 118

Depreciation -26 -16 -13 -12 -12 -13 -13 -13 -13 -22 -22
Impairment of PPE 0 0 -76 0 0 0 0 0 0 0 0
EBITA 100 246 193 85 2 -43 75 64 64 97 96

EBIT 100 246 193 85 2 -43 75 64 64 97 96

Associated companies 2 -1 4 10 6 1 0 0 0 0 0
Net interest -13 -8 -4 -1 5 11 -7 -7 -7 -13 -14
Other financial items -42 382 -33 78 51 -61 0 0 0 0 0
Net financial items -56 375 -37 77 56 -50 -7 -7 -7 -13 -14
PBT 46 620 160 173 64 -93 67 57 57 84 82

Taxes -1 0 0 0 1 0 0 0 0 0 0
Minorities -38 -65 -57 -34 4 -9 -7 -6 -6 -15 -15
Discontinued operations 0 -209 126 3 3 0 0 0 0 0 0
Net profit 7 345 230 141 71 -102 61 51 51 69 67
Adjustments to net profit 8 -347 -208 -90 27 172 -5 -4 -5 -3 -3
Net profit adj 15 -2 22 51 98 70 56 47 46 66 64

Dividend paid -9 -11 -14 -14 -16 -12 -27 -27 -27 -27 -27
Avg. number of shares (m) 108 108 108 108 107 107 107 107 107 107 107

Per share data (USD)

EPS 0.06 3.19 2.13 1.31 0.67 -0.95 0.57 0.47 0.47 0.65 0.62
EPS adj 0.45 -0.02 0.21 0.48 0.91 0.66 0.52 0.43 0.43 0.61 0.59
DPS 0.00 0.00 0.00 0.00 0.00 0.25 0.25 0.25 0.25 0.25 0.25

Growth and margins (%)

Revenues, QOQ growth 7.9 -30.7 -15.6 2.1 -13.8 25.1 -12.8 -4.8 -6.1 106.7 0.0
Revenues, YOY growth -3.1 -36.7 -35.5 -35.6 -48.6 -7.2 -4.0 -10.4 -2.4 61.3 84.8
EPS adj, YOY growth 785.4 nm -63.2 -16.6 101.2 nm 149.3 -9.4 -53.3 -6.3 14.5

Gross margin 77.5 72.6 72.0 73.1 67.6 74.6 73.4 71.7 72.1 80.0 80.1
EBITDA adj margin 81.3 116.9 150.1 144.3 174.4 113.8 135.3 124.6 132.3 100.0 99.0
Depreciation/revenues -23.0 -19.5 -19.5 -18.1 -21.0 -17.0 -19.5 -20.5 -21.8 -18.3 -18.3
EBIT adj margin 58.3 97.4 130.6 126.1 153.4 96.8 115.8 104.2 110.5 81.6 80.7
Net profit margin 38.8 514.5 426.2 255.6 113.4 nm 104.4 92.2 97.9 70.5 68.6
Source: Company (historical figures), DNB Markets (estimates)

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DNB Markets | Golar LNG
31 May 2023

Adjustments to quarterly numbers

(USDm) Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023e Q3 2023e Q4 2023e Q1 2024e Q2 2024e
EBITDA 126 262 283 98 14 -31 87 77 76 119 118
Gains and losses -46 -215 -247 -56 11 58 -49 -41 -43 -32 -31
Other EBITDA adjustments 13 46 65 57 77 57 49 41 43 32 31
EBITDA adj 94 93 101 99 103 84 87 77 76 119 118

EBITA 100 246 193 85 2 -43 75 64 64 97 96

Gains and losses -46 -215 -247 -56 11 58 -49 -41 -43 -32 -31
Other EBITA adjustments 13 46 141 57 77 57 49 41 43 32 31
EBITA adj 67 78 88 87 91 72 75 64 64 97 96

EBIT 100 246 193 85 2 -43 75 64 64 97 96

Gains and losses -46 -215 -247 -56 11 58 -49 -41 -43 -32 -31
Other EBIT adjustments 13 46 141 57 77 57 49 41 43 32 31
EBIT adj 67 78 88 87 91 72 75 64 64 97 96

Net profit 7 345 230 141 71 -102 61 51 51 69 67

Gains and losses -46 -215 -247 -56 11 58 -49 -41 -43 -32 -31
Other EBIT adjustments 13 46 141 57 77 57 49 41 43 32 31
Tax adjustments -1 -6 -9 -10 -8 -4 -5 -4 -5 -3 -3
Other adjustments 42 -173 -93 -82 -54 61 0 0 0 0 0
Net profit adj 15 -2 22 51 98 70 56 47 46 66 64
Source: Company (historical figures), DNB Markets (estimates)

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DNB Markets | Golar LNG
31 May 2023

Annual P&L
(USDm) 2016 2017 2018 2019 2020 2021 2022 2023e 2024e 2025e
Revenues 82 144 431 449 439 452 275 258 477 477
Cost of sales -103 -117 -203 -160 -122 -131 -78 -69 -95 -95
Gross profit -20 26 228 289 317 321 196 188 382 382

Operating expenses -46 -50 -73 -57 -44 -38 -46 -54 -34 -34
EBITDA -63 -24 208 216 234 1,065 656 209 473 408

Depreciation -73 -77 -94 -147 -108 -106 -54 -50 -87 -87
Impairment of PPE -2 0 0 -8 0 0 -76 0 0 0
EBITA -137 -101 114 61 126 959 526 159 386 321

EBIT -137 -101 114 61 126 959 526 159 386 321

Associated companies 2 -25 -158 -46 -175 -5 19 1 0 0

Net interest -48 -53 -92 -81 -68 -56 -8 -11 -56 -53
Other financial items -17 36 -32 -44 -48 -337 479 -61 0 0
Net financial items -65 -18 -124 -124 -116 -393 470 -72 -56 -53
PBT -200 -144 -167 -109 -166 561 1,016 88 330 267

Taxes 1 -2 -1 -1 -1 -2 0 0 0 0
Effective tax rate (%) 0 -1 -1 -1 -1 0 0 0 0 0
Minorities -18 -34 -63 -101 -106 -147 -151 -27 -59 -53
Discontinued operations 0 0 0 0 0 0 -77 0 0 0
Net profit -217 -180 -231 -212 -272 413 788 61 271 214
Adjustments to net profit 23 -36 -21 67 90 -413 -618 158 -13 -6
Net profit adj -194 -215 -253 -145 -182 0 170 218 257 208

Dividend paid -54 -20 -43 -65 -26 -28 -55 -92 -107 -107
Avg. number of shares 94 101 101 101 99 109 108 107 107 107

Per share data (USD)

EPS -2.33 -1.78 -2.29 -2.10 -2.79 3.78 7.30 0.56 2.52 2.00
EPS adj -2.07 -2.14 -2.50 -1.59 -2.29 1.61 1.58 2.03 2.40 1.94
DPS 0.20 0.20 0.48 0.15 0.00 0.00 0.00 1.00 1.00 1.00

Growth and margins (%)

Revenue growth -23.1 74.3 200.0 4.2 -2.3 3.0 -39.2 -6.2 85.1 0.0
EPS adj growth nm nm nm nm nm nm -2.1 28.9 17.8 -19.2

Gross margin nm 18.3 52.9 64.3 72.3 71.0 71.5 73.0 80.0 80.0
EBITDA margin nm nm 48.3 48.1 53.3 235.8 238.8 81.3 99.2 85.6
EBITDA adj margin nm nm 35.9 51.6 62.8 68.1 144.3 125.9 99.2 85.6
Depreciation/revenues -88.6 -53.3 -21.8 -32.8 -24.6 -23.5 -19.5 -19.5 -18.3 -18.3
EBIT margin nm nm 26.6 13.5 28.6 212.3 191.6 61.8 80.9 67.2
EBIT adj margin -169.3 -70.1 14.2 18.7 38.2 44.6 124.8 106.4 80.9 67.2
PBT margin nm nm nm nm nm 124.2 369.8 34.2 69.1 56.0
Net profit margin nm nm nm nm nm 123.8 341.9 34.2 69.1 56.0
Source: Company (historical figures), DNB Markets (estimates)

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DNB Markets | Golar LNG
31 May 2023

Adjustments to annual P&L

(USDm) 2016 2017 2018 2019 2020 2021 2022 2023e 2024e 2025e
EBITDA -63 -24 208 216 234 1,065 656 209 473 408
Gains and losses -4 0 -53 16 39 -782 -506 -76 -126 -60
Other EBITDA adjustments 0 0 0 0 3 25 246 191 126 60
EBITDA adj -66 -24 155 231 275 308 396 324 473 408

EBITA -137 -101 114 61 126 959 526 159 386 321
Gains and losses -4 0 -53 16 39 -782 -506 -76 -126 -60
Other EBITA adjustments 2 0 0 8 3 25 322 191 126 60
EBITA adj -139 -101 61 84 167 202 343 274 386 321

EBIT -137 -101 114 61 126 959 526 159 386 321
Gains and losses -4 0 -53 16 39 -782 -506 -76 -126 -60
Other EBIT adjustments 2 0 0 8 3 25 322 191 126 60
EBIT adj -139 -101 61 84 167 202 343 274 386 321

Net profit -217 -180 -231 -212 -272 413 788 61 271 214
Gains and losses -4 0 -53 16 39 -782 -506 -76 -126 -60
Other EBIT adjustments 2 0 0 8 3 25 322 191 126 60
Tax adjustments 8 -32 -18 -13 -6
Other adjustments 25 -36 32 44 48 337 -402 61 0 0
Net profit adj -194 -215 -253 -145 -182 0 170 218 257 208

Per share data (USD)

EPS -2.33 -1.78 -2.29 -2.10 -2.79 3.78 7.30 0.56 2.52 2.00
Recommended adjustment 0.26 -0.36 -0.21 0.51 0.50 -2.17 -5.72 1.47 -0.13 -0.06
EPS adj -2.07 -2.14 -2.50 -1.59 -2.29 1.61 1.58 2.03 2.40 1.94
Source: Company (historical figures), DNB Markets (estimates)

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DNB Markets | Golar LNG
31 May 2023

Cash flow
(USDm) 2016 2017 2018 2019 2020 2021 2022 2023e 2024e 2025e
Net profit -217 -180 -231 -212 -272 413 788 61 271 214
Depreciation and amortisation 73 77 94 147 108 106 54 50 87 87
Other non-cash adjustments 37 13 0 0 0 0 0 0 0 0
Change in net working capital 31 102 191 58 204 -435 -772 141 -22 0
Cash flow from operations (CFO) -40 47 117 107 146 230 220 261 337 302

Capital expenditure -160 -254 -202 -420 -313 -214 -267 -200 -116 0
Acquisitions/Investments 15 -250 -1 80 19 19 752 117 0 0
Divestments 113 70 0 75 190 120 569 26 31 46
Cash flow from investing (CFI) -32 -434 -202 -264 -103 -76 1,054 -58 -85 46

Free cash flow (FCF) -72 -387 -86 -158 43 154 1,274 203 252 348

Net change in debt 167 449 183 2 -180 47 -573 12 22 -103

Dividends paid -54 -20 -43 -65 -26 -28 -55 -92 -107 -107
Share issue (repurchase) 143 0 0 -19 83 -18 -25 -100 0 0
Other -65 -51 37 -24 -15 -14 -10 -1 0 0
Cash flow from financing (CFF) 191 377 177 -106 -137 -14 -664 -180 -86 -211

Total cash flow (CFO+CFI+CFF) 119 -9 92 -264 -94 141 611 23 166 137

FCFF calculation
Free cash flow -72 -387 -86 -158 43 154 1,274 203 252 348
Less: net interest 48 53 92 81 68 56 8 11 56 53
Less: acquisitions -15 250 1 -80 -19 -19 -752 -117 0 0
Less: divestments -113 -70 0 -75 -190 -120 -569 -26 -31 -46

Growth (%)
CFO 43.4 218.8 147.5 -8.7 36.8 57.8 -4.2 18.3 29.1 -10.3
CFI 94.2 -1246.2 53.3 -30.6 61.0 26.7 1494.7 -105.5 -47.7 154.1
FCF 88.5 -437.8 77.8 -83.9 127.0 261.9 725.1 -84.1 23.8 38.3
CFF -64.6 97.7 -53.0 -159.7 -29.5 90.1 -4813.2 72.8 52.4 -145.4
FCFF nm nm nm nm nm nm nm nm nm nm
Source: Company (historical figures), DNB Markets (estimates)

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DNB Markets | Golar LNG
31 May 2023

Balance sheet
(USDm) 2016 2017 2018 2019 2020 2021 2022 2023e 2024e 2025e
Assets 4,263 4,764 4,807 4,662 4,340 4,948 4,307 4,150 4,399 4,402

Inventories 0 0 0 0 0 0 0 0 0 0
Trade receivables 0 0 0 0 0 0 0 36 36 36
Other receivables 290 36 100 38 42 580 358 150 236 236
Current financial assets 212 222 332 142 126 77 50 19 19 19
Cash and cash equivalents 224 215 218 222 128 269 879 902 1,068 1,205
Current assets 726 473 650 402 295 926 1,286 1,107 1,358 1,496

Property, plant and equipment 2,615 3,255 3,291 3,595 3,641 3,756 2,289 2,429 2,427 2,293
Other intangible assets 7 7 0 0 0 0 0 0 0 0
Other tangible assets 41 150 139 80 28 142 512 450 450 450
Investments in associates 641 703 572 509 313 52 104 47 47 47
Non-current financial assets 232 176 154 77 63 73 116 116 116 116
Non-current assets 3,538 4,291 4,157 4,261 4,045 4,023 3,021 3,043 3,040 2,907

Total assets 4,263 4,764 4,807 4,662 4,340 4,948 4,307 4,150 4,399 4,402

Equity and liabilities 4,263 4,764 4,807 4,662 4,340 4,948 4,307 4,150 4,399 4,402

Total equity to the parent 1,841 1,715 1,745 1,498 1,293 1,729 2,500 2,231 2,395 2,502
Minority interests 45 81 81 264 338 447 400 437 437 437

Total equity 1,886 1,796 1,826 1,763 1,631 2,177 2,900 2,668 2,832 2,939

Trade payables 0 0 0 0 0 0 0 36 36 36
Other payables and accruals 314 247 270 197 195 257 69 158 222 222
Short-term debt 690 1,385 730 1,071 1,008 1,051 373 344 344 344
Total current liabilities 1,004 1,632 1,000 1,268 1,203 1,308 442 539 602 602

Long-term debt 1,321 1,026 1,835 1,489 1,368 1,359 845 859 881 778
Other non-current liabilities 52 310 146 143 138 105 120 84 84 84
Total non-current liabilities 1,373 1,336 1,981 1,632 1,506 1,464 965 943 964 861

Total liabilities 2,377 2,968 2,981 2,900 2,709 2,772 1,407 1,482 1,567 1,464

Total equity and liabilities 4,263 4,764 4,807 4,662 4,340 4,948 4,307 4,150 4,399 4,402

Key metrics
Net interest bearing debt 1,554 2,020 2,193 2,261 2,185 2,068 226 189 45 -196
Source: Company (historical figures), DNB Markets (estimates)

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DNB Markets | Golar LNG
31 May 2023

Valuation ratios
(USDm) 2016 2017 2018 2019 2020 2021 2022 2023e 2024e 2025e
Enterprise value
Share price (USD) 22.94 29.81 21.76 14.22 9.64 12.39 22.79 21.43 21.43 21.43
Number of shares (m) 93.94 100.9 101.1 101.1 98.63 108.9 107.8 107.4 107.4 107.4
Market capitalisation 2,155 3,009 2,200 1,438 951 1,349 2,456 2,302 2,302 2,302
Net interest bearing debt 1,554 2,020 2,193 2,261 2,185 2,068 226 189 45 -196
Adjustments to NIBD 0 0 0 0 0 0 0 0 0 0
Net interest bearing debt adj 1,554 2,020 2,193 2,261 2,185 2,068 226 189 45 -196
EV 3,709 5,029 4,393 3,699 3,136 3,417 2,682 2,490 2,347 2,106
EV adj 3,709 5,029 4,393 3,699 3,136 3,417 2,682 2,490 2,347 2,106

Valuation
EPS -2.33 -1.78 -2.29 -2.10 -2.79 3.78 7.30 0.56 2.52 2.00
EPS adj -2.07 -2.14 -2.50 -1.59 -2.29 1.61 1.58 2.03 2.40 1.94
DPS 0.20 0.20 0.48 0.15 0.00 0.00 0.00 1.00 1.00 1.00
P/E -9.8 -16.7 -9.5 -6.8 -3.5 3.3 3.1 38.1 8.5 10.7
P/E adj -11.1 -13.9 -8.7 -9.0 -4.2 7.7 14.4 10.5 8.9 11.1
P/B 1.17 1.75 1.26 0.96 0.74 0.78 0.98 1.03 0.96 0.92
Average ROE -11.5% -9.8% -12.8% -11.8% -16.0% 21.7% 31.0% 2.2% 9.9% 7.4%
Earnings yield adj -9.0% -7.2% -11.5% -11.2% -23.8% 13.0% 6.9% 9.5% 11.2% 9.0%
Dividend yield 0.9% 0.7% 2.2% 1.1% 0.0% 0.0% 0.0% 4.7% 4.7% 4.7%

EV/SALES 45.04 35.04 10.20 8.24 7.15 7.56 9.77 9.66 4.92 4.42
EV/SALES adj 45.04 35.04 10.20 8.24 7.15 7.56 9.77 9.66 4.92 4.42
EV/EBITDA -59.3 -207.6 21.1 17.1 13.4 3.2 4.1 11.9 5.0 5.2
EV/EBITDA adj -55.8 -209.2 28.4 16.0 11.4 11.1 6.8 7.7 5.0 5.2
EV/EBIT -27.0 -49.9 38.4 61.0 25.0 3.6 5.1 15.7 6.1 6.6
EV/EBIT adj -26.6 -50.0 72.0 44.0 18.7 16.9 7.8 9.1 6.1 6.6
EV/NOPLAT -27.0 -49.9 38.4 61.0 25.0 3.6 5.1 15.7 6.1 6.6
EV/OpFCF (taxed) -16.4 -18.1 -93.0 -19.6 -84.2 36.7 20.8 20.0 6.6 5.2
Source: Company (historical figures), DNB Markets (estimates)

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DNB Markets | Golar LNG
31 May 2023

Key accounting ratios

2016 2017 2018 2019 2020 2021 2022 2023e 2024e 2025e
Profitability (%)
ROA -5.1 -4.0 -4.8 -4.5 -6.0 8.9 17.0 1.4 6.3 4.9

Return on invested capital (%)

Net PPE/revenues 3175.7 2267.4 764.4 801.1 830.1 831.3 833.4 942.8 508.7 480.8
Working capital/revenues -338.5 -807.3 -81.3 -193.0 -207.0 -84.6 307.3 220.6 158.5 187.3

Cash flow ratios (%)

FCF/revenues -87.3 -269.4 -19.9 -35.2 9.7 34.2 463.9 78.8 52.7 72.9
FCF yield (%) -9.3 -6.9 -3.9 -21.8 -17.5 1.2 -1.9 2.6 9.6 13.1
CFO/revenues -48.2 32.8 27.1 23.7 33.2 50.9 80.2 101.2 70.6 63.3
CFO/market capitalisation -1.8 1.6 5.3 7.4 15.3 17.0 9.0 11.3 14.6 13.1
CFO/capex -24.8 18.6 57.8 25.4 46.6 107.3 82.4 130.4 290.7
CFO/current liabilities -4.0 2.9 11.7 8.4 12.1 17.6 49.8 48.4 55.9 50.1
Cash conversion ratio 33.1 215.2 37.1 74.5 -15.7 37.4 161.8 335.5 92.8 162.3
Capex/revenues 194.6 176.9 46.9 93.6 71.3 47.5 97.4 77.6 24.3 0.0
Capex/depreciation 219.6 331.9 215.5 285.1 289.7 202.4 499.3 397.4 132.4 0.0
OpFCF margin -275.3 -193.7 -11.0 -42.0 -8.5 20.6 46.9 48.3 74.9 85.6
Total payout ratio -8.6 -11.2 -20.7 -7.2 0.0 0.0 0.0 177.7 39.7 50.1

Leverage and solvency (x)

Interest cover -2.68 -1.60 1.22 0.78 1.83 17.03 26.01 7.53 6.84 5.95
EBIT/interest payable nm nm 1.12 0.66 1.81 17.03 25.42 7.00 6.83 5.94
EBITA adj/interest payable nm nm 0.60 0.92 2.41 3.58 16.55 12.07 6.83 5.94
Cash coverage -1.30 -0.45 2.27 2.67 3.45 18.96 77.34 19.31 8.46 7.65
Net debt/EBITDA -24.83 -83.41 10.54 10.48 9.36 1.94 0.35 0.90 0.09 -0.48
Total debt/total capital (BV) 0.47 0.51 0.53 0.55 0.55 0.49 0.28 0.29 0.28 0.25
LTD / (LTD + equity (MV)) 0.38 0.25 0.45 0.51 0.59 0.50 0.26 0.27 0.28 0.25

Cash conversion cycle

Inventory turnover days 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Receivables turnover days 1284.0 92.4 84.8 30.7 34.9 468.3 475.7 264.4 208.2 208.2
Credit period 0.0 0.0 0.0 0.0 0.0 0.0 0.0 189.1 138.0 138.0
Cash conversion cycle 1284.0 92.4 84.8 30.7 34.9 468.3 475.7 75.3 70.1 70.1
Source: Company (historical figures), DNB Markets (estimates)

17
DNB Markets | Golar LNG
31 May 2023

Important Information
Company: Golar LNG
Coverage by Analyst: Jørgen Lian
Date: 31/05/2023
This report has been prepared by DNB Markets, a division of DNB Bank ASA. DNB Bank ASA is a part of the DNB Group. This report is based on information obtained from
public sources that DNB Markets believes to be reliable but which DNB Markets has not independently verified, and DNB Markets makes no guarantee, representation or
warranty as to its accuracy or completeness. This report does not, and does not attempt to, contain everything material which there is to be said about the Company. Any
opinions expressed herein reflect DNB Markets’ judgement at the time the report was prepared and are subject to change without notice. The report is planned updated
minimum every quarter.

Any use of non-DNB logos in this report is solely for the purpose of assisting in identifying the relevant issuer. DNB is not affiliated with any such issuer.

This report is for clients only, and not for publication, and has been prepared for information purposes only by DNB Markets, a division of DNB Bank ASA.

This report is the property of DNB Markets. DNB Markets retains all intellectual property rights (including, but not limited to, copyright) relating to the report. Sell-side investment
firms are not allowed any commercial use (including, but not limited to, reproduction and redistribution) of the report contents, either partially or in full, without DNB Markets’
explicit and prior written consent. However, buy-side investment firms may use the report when making investment decisions, and may also base investment advice given to
clients on the report. Such use is dependent on the buy-side investment firm citing DNB Markets as the source.

Risk warning – generally high risk

The risk of investing in financial instruments is generally high. Past performance is not a reliable indicator of future performance, and estimates of future performance are based
on assumptions that may not be realised. When investing in financial instruments, the value of the investment may increase or decrease, and the investor may lose all or part
of their investment. Careful consideration of possible financial distress should be made before investing in any financial instrument.

Recommendation structure
DNB Markets recommendations are based on absolute performance:
Buy - indicates an expected return greater than 10% within 12 months
Hold - indicates an expected return between 0 and 10% within 12 months
Sell - indicates an expected negative return within 12 months

Price targets are based on a combination of several valuation methods such as discounted cash flow, pricing based on earnings multiples, multiple on book value, net asset
value and peer comparison. Substantial material sources for coverage of this company include historical financial figures and communication with the company, and relevant
third party information. If you would like further information on the valuation, methodology or underlying assumptions used in this note, please contact the analyst (contact
details on front page).

Recommendations and historical target prices below do not include all recommendations published by DNB Markets. Please see DNB Markets' website
(dnb.no/disclaimer/MAR) for an overview of all recommendations from DNB Markets over the past 12 months, as per Market Abuse Regulations (MAR).

Price, Rating, and Price Target History Golar LNG (GLNG US) as of 30-5-23

12-8-22 14-11-22 23-2-23

B : 35.0 B : 36.0 B : 35.0
36

34

32

30

28

26

24

22

20
29-8-22 28-9-22 29-10-22 28-11-22 29-12-22 28-1-23 28-2-23 30-3-23 30-4-23 30-5-23

Source: Factset Estimates (Prices) / DNB (ratings and target price)

Conflict of interest
DNB Markets has provided investment services and/or ancillary services to the company and received compensation for it during the past 12 months.
Readers should assume that DNB Markets may currently or may in the coming three months and beyond be providing or seeking
to provide confidential investment banking services or other services to the company, and may receive compensation for these services.

Share positions in the company: Analyst* Employees** DNB***

Number of shares 0 0 0
*The analyst or any close associates. **Share positions include people involved in the production of credit and equity research,
including people that could reasonably be expected to have access to it before distribution.
***Share positions as part of DNB Group. Holdings as part of DNB Markets investment services activity are not included.
Recommendation distribution and corporate clients for the last 12 months
Buy Hold Sell No_rec Total
Number 218 68 21 34 341
% of total 64% 20% 6% 10%
DNB Markets client 31% 5% 3% 3% 141

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DNB Markets | Golar LNG
31 May 2023

Legal statement
This Report is a research report within the meaning of Regulation (EU) NO 596/2014 on market abuse (Market Abuse Regulation), and has been prepared in accordance
with rules set out in relevant industry standards issued by The Norwegian Securities Dealers Association. This Report has been prepared as general information and is
therefore not intended as a personal recommendation of particular financial instruments or strategies, and does not constitute personal investment advice as defined the
Norwegian securities trading act (Norwegian verdipapirhandelloven).

The analyst hereby certifies that (i) the views expressed in this report accurately reflect that research analyst’s personal views about the company and the securities that
are the subject of this report, and (ii) no part of the research analyst’s compensation was, is, or will be, directly or indirectly, related to the specific recommendations or
views expressed by that research analyst in this report. DNB Markets employees, including research analysts, may receive compensation that is generated by overall firm
profitability. Confidentiality rules and internal rules restricting the exchange of information between different parts of DNB Markets/DNB Bank ASA or the DNB Group are in
place to prevent employees of DNB Markets who are preparing this report from utilizing or being aware of information available in the DNB Group that may be relevant to
the recipients’ decisions. DNB Markets and the DNB Group have incorporated internal rules and regulations in order to avoid any potential conflicts of interest.

The Report has been prepared by DNB Markets, a division of DNB Bank ASA, a Norwegian bank organized under the laws of the Kingdom of Norway and under
supervision by the Norwegian Financial Supervisory Authority, The Monetary Authority of Singapore, and on a limited basis by the Financial Conduct Authority
and the Prudential Regulation Authority of the UK, and the Financial Supervisory Authority of Sweden. Details about the extent of our regulation by local authorities
outside Norway are available from us on request.

It is issued subject to the General Business Terms for DNB Markets and information about the terms is available at www.dnb.no. For requests regarding the
General Business Terms of the Singapore Branch of DNB Bank ASA, please contact +65 6212 6144. Information about the DNB Group can be found at www.dnb.no.
DNB Markets is a member of The Norwegian Securities Dealers Association, which has issued recommendations and market standards for securities companies.
The Association's Internet address where the recommendations and market standards can be found is: www.vpff.no. This report is not an offer to buy or sell any security or
other financial instrument or to participate in any investment strategy. No liability whatsoever is accepted for any direct or indirect (including consequential) loss or
expense arising from the use of this report. Distribution of research reports is in certain jurisdictions restricted by law. Persons in possession of this report should seek
further guidance regarding such restrictions before distributing this report. Please contact DNB Markets at 08940 (+47 915 08940) for further information and inquiries
regarding this report.

Additional information for clients in Singapore

The report has been distributed by the Singapore Branch of DNB Bank ASA. It is intended for general circulation and does not take into account the specific investment
objectives, financial situation or particular needs of any particular person. You should seek advice from a financial adviser regarding the suitability of any product referred
to in the report, taking into account your specific financial objectives, financial situation or particular needs before making a commitment to purchase any such product.
You have received a copy of the report because you have been classified either as an accredited investor, an expert investor or as an institutional investor, as these terms
have been defined under Singapore's Financial Advisers Act (Cap. 110) ("FAA") and/or the Financial Advisers Regulations ("FAR"). The Singapore Branch of DNB Bank
ASA is a financial adviser exempt from licensing under the FAA but is otherwise subject to the legal requirements of the FAA and of the FAR. By virtue of your status as an
accredited investor or as an expert investor, the Singapore Branch of DNB Bank ASA is, in respect of certain of its dealings with you or services rendered to you, exempt
from having to comply with certain regulatory requirements of the FAA and FAR, including without limitation, sections 25, 27 and 36 of the FAA. Section 25 of the FAA
requires a financial adviser to disclose material information concerning designated investment products which are recommended by the financial adviser to you as the
client. Section 27 of the FAA requires a financial adviser to have a reasonable basis for making investment recommendations to you as the client. Section 36 of the FAA
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In the United States

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The research analyst(s) named on this report are foreign research analysts as defined by FINRA Rule 1050. The only affiliate contributing to this research report
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page;
the foreign research analysts are not registered/qualified as research analysts with FINRA; foreign research analysts are not associated persons of DNB Markets,
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This is a Third Party Research Report as defined by FINRA Rules 2241 and 2242. Any material conflict of interest that can reasonably be expected to have influenced
the choice of DNB Markets/DNB Bank as a research provider or the subject company of a DNB Markets/DNB Bank research report, including the disclosures required
by FINRA Rules 2241 and 2242 can be found above.

This report is being furnished solely to Major U.S. Institutional Investors within the meaning of Rule 15a-6 under the U.S. Securities Exchange Act of 1934 and
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(“FINRA”) and the Securities Investor Protection Corporation (“SIPC”).

Any U.S. recipient of this report seeking to obtain additional information or to effect any transaction in any security discussed herein or any related instrument
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In Canada
The Information has been distributed in reliance on the International Dealer Exemption pursuant to NI 31-103 section 8.18. Please be advised that:
1) DNB Bank ASA (DNB Markets) and DNB Markets, Inc. are not registered as a dealer in the local jurisdiction to make the trade. We provide our services in Canada
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4) The name and address of the agent for service of process for DNB Bank ASA (DNB Markets) and DNB Markets, Inc. in the local jurisdiction is:
Alberta: Blake, Cassels & Graydon LLP, 855 - 2nd Street S.W., Suite 3500, Bankers Hall East Tower, Calgary, AB T2P 4J8. British Columbia: Blakes Vancouver
Services Inc., 595 Burrard Street, P.O. Box 49314, Suite 2600, Three Bentall Centre, Vancouver, BC V7X 1L3. Manitoba: MLT Aikins, 30th Floor, Commodity
Exchange Tower, 360 Main Street, Winnipeg, MB R3C 4G1. New Brunswick: Stewart McKelvey, Suite 1000, Brunswick House, 44 Chipman Hill, PO Box 7289,
Station A, Saint John, NB E2L 2A9. Newfoundland and Labrador: Stewart McKelvey, Suite 1100, Cabot Place, 100 New Gower Street, P.O. Box 5038, St. John's,
NL A1C 5V3. Nova Scotia: Stewart McKelvey, Purdy's Wharf Tower One, 1959 Upper Water Street, Suite 900, P.O. Box 997, Halifax, NS B3J 2X2.
Northwest Territories: Field LLP, 601, 4920 52nd Street, Yellowknife, NT X1A 3T1. Nunavut: Field LLP, P.O. Box 1734, House 2436, Iqaluit, NU X0A 0H0.
Ontario: Blakes Extra-Provincial Services Inc., Suite 4000, 199 Bay Street, Toronto, ON M5L 1A9. Prince Edward Island: Stewart McKelvey, 65 Grafton Street,
Charlottetown, PE C1A 1K8. Québec: Services Blakes Québec Inc., 1 Place Ville Marie, Suite 3000, Montréal, QC H3B 4N8. Saskatchewan: MLT Aikins,
1500 Hill Centre I, 1874 Scarth Street, Regina, SK S4P 4E9. Yukon: Macdonald & Company, Suite 200, Financial Plaza, 204 Lambert Street, Whitehorse, YK Y1A 3T2.

In Brazil
The analyst or any close associates do not hold nor do they have any direct/indirect involvement in the acquisition, sale, or intermediation of the securities discussed
herein.
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31 May 2023

Any financial interests, not disclosed above, that the analyst or any close associates holds in the issuer discussed in the report is limited to investment funds that do not
mainly invest in the issuer or industry discussed in the report and the management of which these persons cannot influence.

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