CORRECTION - Preliminary Fourth Quarter and Financial Year 2012 Results -- Now With Attachment

CORRECTION - Preliminary Fourth Quarter and Financial Year 2012 Results -- Now 
With Attachment 
HAMILTON, BERMUDA -- (Marketwire) -- 02/28/13 --   
Highlights 
-       Golar LNG Partners reports net income attributable to unit
holders of $27.3  million and operating income  of $46.0 million for 
the fourth quarter of 2012 
-       Generated distributable  cash flow  of $22.4  million for
the fourth quarter of 2012 
-     Distribution increased to $0.50 per unit for the fourth 
quarter of 2012 
-      Completed second follow-on offering raising net proceeds of
approximately
$180 million 
-      Completion of acquisition of interests in the companies
that lease and operate the LNG carrier Golar Grand 
-       Issued and  listed NOK  1,300 million bonds  in the
Norwegian market (approximately  $227 million)  and  repaid  $222
million  vendor loan from Golar
LNG Limited in respect of the Golar
Freeze acquisition 
-       The $155 million vendor loan from Golar LNG Limited in
respect of the Nusantara  Regas Satu ("NR Satu") acquisition is
repaid following the successful
completion of the NR Satu refinancing 
Subsequent events 
-       Increase  in  distribution  announced  following  the
completion  of acquisition  of  interest  in  the  company  that 
owns  and  operates  the LNG
carrier Golar Maria 
-       Completed third follow-on equity  offering raising total
net proceeds of approximately $130 million 
Financial Results Overview 
Golar LNG Partners LP ("Golar Partners" or the "Partnership") reports
net income
attributable  to unit  holders of  $27.3 million  and
operating  income of $46.0
million  for the fourth  quarter of 2012
("the  fourth quarter"), as compared to net income attributable to
unit holders of $25.2 million and operating profit of $35.5 million
for the fourth quarter of 2011(1). 
(1)Following  the acquisition  of the  Golar Grand  and NR  Satu from
Golar, the comparative  results for the fourth quarter  and year
ended 2011 assume that the Golar  Grand and  NR Satu  were wholly 
owned by  the Partnership for the entire
period that the vessels have
been under the common control of Golar. 
As  required by US GAAP, following the acquisition of the LNG
carrier, the Golar
Grand  from Golar  LNG Limited  (
"Golar" or 
"Golar LNG"),  the results for the fourth  quarter and year ended
December 31, 2012 and comparative numbers for the fourth  quarter and
year ended December 31, 2011 assume that the Golar Grand was wholly 
owned by the Partnership for the  entire period that the vessel has
been
under  the  common  control  of  Golar.  These  results 
therefore  include the
historical carved out results of the Golar
Grand. 
There  was a significant improvement in operating results for the
fourth quarter
of  2012 compared to the same period in  2011 due
largely to the contribution of the  NR Satu.  This is  because the 
NR Satu  was on  hire throughout the fourth
quarter  of 2012 but was
undergoing its conversion  to an FSRU during the fourth
quarter  of
2011 and, therefore,  not generating revenues.  The Golar Spirit was
offhire  from  December  11, 2012, as  planned,  when  the  vessel
commenced its transit  to  its  first  drydock  as  an  FSRU.
Operating results for the fourth
quarter  have therefore been
negatively impacted  by this offhire time for Golar
Spirit  and the
related fuel costs.   All other vessels operated well throughout
the
quarter with 100 per cent utilization. 
Total offhire time for Golar Spirit drydock is now expected to be
approximately
eleven  weeks. This is not however, expected  to be
indicative of future drydock
offhire  time. The  Golar Mazo  is
planned  to drydock  at the  beginning of the second quarter of 2013
but no offhire time is expected due to the time allowance
for 
drydocking provided  by the  charter. The  Methane Princess  is
expected to drydock  towards the  end of  the second  quarter of 2013
and approximately 3-4
weeks offhire time is expected. 
Towards  the end of the  first quarter of 2013 the  Golar Winter is
expected to commence  its drydock and agreed modification  work.
Golar Winter is expected to be  offhire for a total of approximately
six weeks commencing March/April 2013.
Following  the completion of
the agreed modification work to Golar Winter, Golar
Partners  will
receive  approximately $24  million in  additional revenue
evenly
over  the remaining term of the contract  (eleven years)
commencing in the third
quarter of 2013. This is before the effect of
rate escalation as provided for in the time charter. 
Net  interest expenses  increased to  $10.7 million  for the  fourth 
quarter of 2012 compared  to $6.8 million for the  same period in
2011. This is principally
due  to additional interest cost 
associated with the vendor  loan from Golar in respect  of the NR
Satu. During the fourth quarter, the Partnership entered into
a $155
million term loan facility and a $20 million revolving loan facility
with
a  group  of  banks  and  repaid  the  vendor  loan in respect
of the NR Satu in December 2012. 
Other  financial items loss  for the fourth  quarter of 2012 of  $0.5
million is consistent with the loss of $0.5 million for the fourth
quarter of 2011. 
The  Partnership's Distributable Cash Flow(2) for the fourth quarter
of 2012 was $22.4  million as compared to $25.2 million  in the third
quarter of 2012. These
amounts  are after adjustments to remove
dropdown vessels results prior to their
actual  acquisition date. 
The reduction  is due  to offhire  time and fuel cost
related  to the
Golar Spirit drydocking in  the fourth quarter as well as
higher
average  operating costs in  the fourth quarter.  This is
offset  in part by the contribution of the Golar Grand from November
8, 2012. 
On January 23, 2013, Golar Partners declared an increased
distribution for the
fourth quarter of $0.50 per unit. This
represented a 5.3% increase from the third quarter of 2012 and
reflected the full accretive value of the acquisition
of the Golar
Grand. The dividend was paid on February 14, 2013. 
(2)Distributable cash flow is a non-GAAP financial measure used by
investors to measure the performance of master limited partnerships.
Please see Appendix A
for a reconciliation to the most directly
comparable GAAP financial measure. 
Follow-on Equity Offerings 
In November 2012, the Partnership completed its second follow-on
equity offering
selling   a  total  of  4,300,000 common  units, 
representing  limited partner
interests,  at a price of $30.50 per
common unit. In addition, Golar GP LLC, the Partnership's  general
partner,  contributed approximately  $3.6 million to the Partnership 
to maintain its  2.0% general partner interest  in the
Partnership.
Simultaneously,  the Partnership also  closed a private 
placement of 1,524,590
common  units to Golar at  a price of $30.50 
per common unit. The Partnership's
total combined net proceeds
amounted to approximately $180 million. 
Subsequent  to the quarter end, in  February 2013, the Partnership
completed its third follow-on offering selling a total of 3,900,000
common units, representing
limited  partner interests,  at a  price
of  29.74 per common unit. In addition,
Golar  GP LLC, the
Partnership's general partner, contributed approximately $2.6
million
 to the Partnership to maintain its 2.0% general partner interest in
the Partnership.  Simultaneously, the Partnership also closed a
private placement of 416,947 common  units  to  Golar  at  a  price 
of  $29.74  p
er common unit. The Partnership's  total  combined  net 
proceeds  amounted  to  approximately $130
million. 
Acquisitions 
LNG carrier Golar Grand 
In  November 2012, the Partnership completed the acquisition of
interests in the companies  that lease  and operate  the LNG  carrier
Golar  Grand for a purchase
price  of  $265  million.  In  connection
 with the acquisition, the Partnership
assumed  a  $90  million 
finance  lease  liability  (net of restricted cash) in respect  of
the Golar Grand with the  balance of the purchase price funded
using
the  proceeds of its second  follow-on equity offering. The 
Golar Grand is on a three  year  charter  to  Methane  Services 
Limited  ("MSL"),  a  wholly owned
subsidiary  of BG Group.  MSL have
an  option to extend  the charter term for an additional  three 
years.  The  Partnership  have  also  entered  into an
Option
Agreement  pursuant to which the Partnership has the right to
cause Golar LNG to charter the vessel from March 2015 until October
2017, in the event MSL does not exercise  the option to extend.  The 
Partnership estimates that the Golar Grand
acquisition  will  give 
rise  to  annual  revenues  between $42 million and $44 million  and
annual net  cash from operations  (before the deduction of
interest
costs)  between $36 million and $38 million  during the term
of its charter with
Methane Services Limited. 
LNG carrier Golar Maria 
In February 2013, the Partnership completed its acquisition of
interests in the
company  that owns and operates the LNG carrier, the
Golar Maria, from Golar LNG for  a purchase  price of  $215 million. 
The Golar  Maria was  delivered to its current  charterer, LNG 
Shipping S.p.A.  ("LNG Shipping"),  a subsidiary of Eni S.p.A in
November 2012 under a charter with an initial term expiring in
December
2017. The acquisition  is  expected  to  generate  annual 
revenues between $28 million  and  $29  million  and  annual  net 
cash  from  operations (before the deduction of interest costs)
between $22 million and $24 million during the term
of its charter
with LNG Shipping. 
The Partnership financed the acquisition of the Golar Maria by
assuming the debt
on  the vessel amounting to approximately $89
million and the remainder from the net proceeds of its equity
offering that completed in February 2013. 
Financing and Liquidity 
Bond issuance for NOK 1,300 million 
In September 2012, the Partnership successfully completed the
issuance of a NOK
1,300 million bond in the Norwegian bond market
with maturity expected to be on October 12, 2017. The aggregate net
principal amount of the bonds is equivalent
to approximately USD  227
million and  has been  swapped to  US dollars, with a fixed interest
rate of 6.485%. Golar Partners listed the bonds on the Oslo
Stock
Exchange in December 2012. 
Subsequent to the issuance of the  bonds, in October 2012, the
Partnership used
some of the net proceeds to repay the  vendor loan
from Golar of $222.3 million
in respect of the Golar Freeze
acquisition. 
NR Satu Debt Financing 
In  December 2012, PT Golar  Indonesia, the company  that owns and
operates the
FSRU,  NR Satu, entered into a 7 year  secured loan
facility. The total facility
is  $175  million  and  is  split  into 
two  tranches, a $155 million term loan
facility and a $20 million
revolving facility. The facility is with a syndicate
of  banks and
bears interest at LIBOR plus  a margin. The facility has a
balloon
payment of $52.5 million payable after 7 years. 
Immediately after the closing of the NR Satu facility, the
Partnership used the
proceeds  to repay the vendor loan from Golar 
of $155 million in respect of the NR Satu acquisition. The $20
million revolving tranche remains undrawn. 
In  February 2013, the Partnership  entered into interest  rate swaps
to fix the LIBOR  interest rate on a principal amount  of $122.5
million in connection with
the NR Satu financing at an average rate
of 1.27%. 
Liquidity Position 
As  of December 31, 2012 the Partnership had cash and cash
equivalents of $66.3
million  and undrawn revolving credit facilities
 of $40 million. Total debt and capital  lease  obligations  net  of 
restricted  cash  was $930.4 million as of December 31, 2012. 
Based  on the above  debt amount and  annualized(3) fourth quarter
2012 adjusted
EBITDA(4 )Golar Partners has a debt to adjusted EBITDA
multiple of 3.9 times. 
As  of December 31, 2012, Golar Partners had interest rate swaps
with a notional
outstanding  value  of  $759.6  million  (including 
swaps of notional amount of $227.2   million  in  connection  with 
the  Partnership's  bonds) representing
approximately  81.6% of 
total  debt  and  capital  lease  obligations, net  of restricted 
cash. As noted above, subsequent to the quarter end, the
Partnership
swapped  an  additional  notional  amount  of  $122.5
million. The average fixed
interest  rate of swaps  related to bank 
debt and capital  lease obligations is approximately  2.5%. Average 
bank  margins  paid  on  outstanding  bank debt in addition  to  the 
interest  rate  are  approximately  1.84%. The all in rate of
interest payable on the Partnerships bonds is 6.485%. 
(3)Annualized means the figure for the quarter multiplied by 4. 
(4)Adjusted EBITDA: Earnings before interest, other financial items,
taxes, non-controlling interest, depreciation and amortization.
Adjusted EBITDA is a non-GAAP financial measure used by investors to
measure our performance. Please see
Appendix A for a reconciliation
to the most directly comparable GAAP financial
measure. 
Outlook 
Since  Golar Partners IPO  in April 2011 quarterly  distributions
have increased
from  the minimum quarterly  distribution of $0.385 
per unit to  $0.475 as paid
prior to December 31, 2012. This
represents an increase of 23.4%. As a result of the  Golar Grand 
acquisition, Golar  Partners' has  further increased
quarterly
distributions   from   $0.475  per  unit  to  $0.50  per 
unit.  This increased
distribution,  representing a 5.3% increase,
was declared for the fourth quarter
of 2012 and paid in February
2013. 
Following  the  acquisition  of  the  Golar  Maria  the Partnership's
management
intends  to recommend  to the  Board an  increase in the
Partnership's quarterly
cash  distribution of between $0.0125 and 
$0.0175 (or an annualized increase of between $0.05 and $0.07), which
would become effective for the distribution with
respect to the
quarter ending March 31, 2013. If approved this would result in a
quarterly  distribution  level  of  between  $0.5125 and $0.5175
representing an increase  of between 2.5% and 3.5% over the  $0.50
distribution paid in February
2013. 
The Board is pleased with the acquisition of the Golar Maria,
particularly as it is  further demonstration  of the  strong incentive
 of both the Partnership and Golar  to pursue further  drop-down
transactions. It  also maintains the pace of strong distribution
growth that the Partnership is highly focused on. 
First  quarter  2013 operating  results  will  be  positively 
impacted  by the
acquisition  of the  Golar Maria  but will  also
reflect  offhire related to the Golar Spirit drydock and the likely
commencement of the Golar Winter drydock and modification  work.  The
 rate  increase  in  connection  with  the Golar Winter
modification
work will commence in the third quarter of 2013. 
Golar  has a  fleet of  eleven newbuild  LNG carriers,  four of which
deliver in 2013 and  two  FSRU's,  one  of  which  delivers  in 
2013. With  strong market
fundamentals  and this fleet of potential
drop-down vessels that Golar owns, the Board  remains optimistic that
Golar Partners  can continue its high growth rate
and continue to
increase distributions over the long-term. 
February 28, 2013 
Golar LNG Partners L.P. 
Hamilton, Bermuda. 
GMLP Q4 RESULTS: http://hugin.info/147317/R/1682092/550131.pdf 
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Source: Golar LNG Partners L.P. via Thomson Reuters ONE 
[HUG#1682092] 
Questions should be directed to:
C/o Golar Management Ltd
+44 207 063 7900
Brian Tienzo
Graham Robjohns