Golar LNG : PRELIMINARY FOURTH QUARTER AND FINANCIAL YEAR 2012 RESULTS

    Golar LNG : PRELIMINARY FOURTH QUARTER AND FINANCIAL YEAR 2012 RESULTS

Highlights

  oGolar LNG ("Golar" or the "Company") reports fourth quarter 2012 operating
    income of $52.9 million (a decrease of 25% from the third quarter) and net
    income of $22.8 million.
  oCommercial waiting time for Golar Maria and a planned Golar Spirit
    drydocking were principal contributors to reduced revenues in the quarter.
  oGolar secures five year charter with energy major for the LNG carrier
    Maria.
  oVendor financing provided in respect of the Freeze sale is repaid after
    Golar LNG Partners LP ("Golar Partners") places a five year NOK 1,300
    million (approximately $227 million) unsecured bond.
  oGolar Partners raises net proceeds of $180.1 million from its second
    post-IPO equity issue and applies funds to the Golar Grand purchase.
  oGolar Partners secures $155 million term loan together with a $20 million
    revolving facility in respect of the Nusantara Regas Satu ("NR Satu").
    Proceeds were used to repay the outstanding $155 million NR Satu vendor
    financing.
  oAccelerated dividend of $0.425 per share in respect of the fourth quarter
    paid in December 2012.

Subsequent events

  oGolar Partners completes its third follow-on equity offering raising net
    proceeds of $130 million.
  oGolar sells its interests in the company that owns and operates the LNG
    carrier Golar Maria to Golar Partners for $215 million.
  oGolar chosen as preferred bidder in Jordan FSRU project, negotiations to
    commence during Q1 2013.
  oGolar announces plan for launch of new entity to pursue floating LNG
    production and other related midstream LNG projects.

Notice regarding this release.

The Company is presenting its fourth quarter results, including those of Golar
Partners, on  a consolidated  basis.The Company  is assessing  whether it  is 
appropriate to  continue  consolidating  Golar Partners  under  US  GAAP  from 
December 13,  2012,  the date  of  Golar  Partners' first  annual  meeting  of 
unitholders where a majority of independent directors were elected. Golar  LNG 
still controls 50.9% of total units in the Company including subordinated  and 
General Partner units. TheCompany is not able to predict the outcome of  this 
assessment as  of  the  date of  this  release,  but there  is  a  significant 
possibility that Golar  Partners' numbers will  be de-consolidated,  effective 
December 13, 2012, from those of  the Company. If Golar Partners'  financials 
are de-consolidated from the Company's,  the numbers reported in this  release 
will differ materially  from the financial  statements to be  reported by  the 
Company in Form 20-F. It is likely that net income will increase significantly
in such case since material gain on ongoing asset sales and revaluation of the
Golar Partners' position will have to be recorded. The Company anticipates  to 
file its Form  20-F within the  ordinary time limits  irrespective of  whether 
this is on a consolidated or de-consolidated basis.

Financial Review

Golar LNG  Limited  reports  consolidated  net income  of  $22.8  million  and 
consolidated operating  income of  $52.9 million  for the  three months  ended 
December 31, 2012  (the "fourth  quarter"). Revenues in  the fourth  quarter 
were $111.8 million  as compared to  $121.1 million for  the third quarter  of 
2012 (the "third quarter").

The decrease in revenue reflects close  to two months commercial waiting  time 
by the Golar Maria and the as-scheduled dry-docking of the Golar Spirit  which 
commenced during December. Together, these two factors also contributed to  a 
reduced fourth  quarter Time  Charter Equivalent  ("TCE") of  $91,479 per  day 
compared to $98,473 for the third quarter.

Operating costs in the  fourth quarter increased to  $23.8 million from  $19.4 
million in the third quarter.  Most of the increase  is due to the  Company's 
move to increase its crewing pool in anticipation of the soon to be  delivered 
newbuilds. Elevated operating  costs in connection  with preparations for  the 
thirteen vessel deliveries will be on-going throughout 2013 and 2014.

Administrative costs increased from $4.9 million in the third quarter to  $6.8 
million in the fourth quarter, however, underlying base overhead expenses have
remained stable. Increased expense over third quarter is primarily related to
costs for the previously announced  front end engineering and design  ("FEED") 
study on the FLNG vessel.

Net interest expense at $9.9 million increased by $2.2 million over the  third 
quarter cost of $7.7 million. This increase is mainly due to the $227 million
high yield bond  that Golar LNG  Partners issued in  October to refinance  the 
$222.3 million vendor  financing in  respect of the  Freeze dropdown.  Higher 
interest expenses following the Norwegian bond issue were partially  mitigated 
by a  decrease  in Libor.  Other  financial charges  are  in line  with  last 
quarter.

Financing

Settlement of Freeze Vendor Financing
On September 28, Golar  Partners successfully concluded  a five year  NOK1,300 
million bond issue in the Norwegian Bond market that was closed and settled in
October 2012. The aggregate  principal amount of the  bonds is equivalent  to 
approximately $227 million and  has been swapped to  USD with an all-in  fixed 
rate of 6.485%.  Golar Partners applied  $222.3 million of  the net  proceeds 
against the  equivalent  outstanding vendor  financing  provided by  Golar  in 
respect of the Golar Freeze. This facility which accrued interest at 6.75% in
favour of Golar was extinguished on October 12.

Settlement of Nusantara Regas Satu ("NR Satu") Vendor Financing
On December 14,  PT Golar Indonesia,  the company that  owns and operates  the 
FSRU NR Satu executed a syndicated  agreement for a $175 million facility.  Of 
this is a $155 million term loan  tranche and $20 million is a revolving  loan 
tranche. Drawdown of the  $155 million loan took  place in December with  the 
proceeds being immediately applied against  the $155 million vendor loan  that 
the Company made available to Golar LNG Partners when it acquired the NR  Satu 
from Golar on July 19. The facility has a term of seven years with  quarterly 
repayments based on a 12 year profile, industry standard covenants and a $52.5
million final balloon settlement payable at maturity.

Golar Partners third follow-on equity offering
Golar Partners closed its third post  IPO public offering of 3,900,000  common 
units on February 5, 2013 at a price of $29.74 per common unit. Golar GP LLC,
the Partnership's general partner, maintained its 2% general partner  interest 
and  Golar  subscribed  to  416,947  common  units  in  a  concurrent  private 
placement, also  at a  price of  $29.74 per  unit. The  net proceeds  to  the 
Partnership from this offering were approximately $130 million. Following the
closing, the Company owns 12,238,096 common units and 15,949,831  subordinated 
units representing an approximate 48.9% interest in the Partnership. By virtue
of its  ownership of  the  General Partner  which  owns 1,153,326  units,  the 
Company's total  interest  in  the Partnership  now  stands  at  approximately 
50.9%.

Golar Maria
On February 7,  the Company  completed its sale  of interests  in the  company 
which owns and operates the LNG carrier Golar Maria to Golar Partners for $215
million. Golar Partners financed the purchase by using $125.5 million of  the 
$130 million proceeds from the equity offering that closed on February 5.  As 
part of the sale, Golar  Partners also assumed $89.5  million of bank debt  in 
respect of the vessel.

As forecast, the company concluded 2012 with close to half a billion in cash.
This together with  the additional $115  million net proceeds  from the  Maria 
sale will be primarily used to fund the remaining estimated equity portion  of 
its newbuilding program.

Corporate and other matters

Dividends
The Board  decided  to  accelerate  the fourth  quarter  dividend  payment  in 
response to  the possibility  of increased  taxation of  dividends paid  after 
January 1^st 2013. Both the third  and fourth quarter dividends were paid  on 
December 21,  2012. No  additional  dividend payment  will  be made  prior  to 
declaration of  the  first quarter  dividend  in 2013.The  Board  expects  the 
dividend to be distributed in respect  of the Company's first quarter  results 
will be a  minimum of $0.445  per share. Final  clarification of the  dividend 
will be given in  connection with the release  of the Company's first  quarter 
2013 results.

Maria Charter
On November 29, the  Company announced that  it had entered  into a five  year 
charter for the modern LNG carrier, Golar Maria. The vessel had been idle for
the quarter up until this point. In the Board's view the rate achieved with a
strong counter-party  made the  vessel an  attractive dropdown  candidate  for 
Golar Partners and lent support to  favourable rates on the Company's soon  to 
deliver tri-fuel newbuild  carriers. The charter  will run until  the end  of 
2017 and generate an annualized EBITDA of between $22 million and $24 million.

Chile FSRU
As previously  announced,  Golar has  been  asked by  Gas  Atacama  Mejillones 
Seaport's ("Gas Atacama") to  extend the validity of  the contract to  provide 
them with an FSRU. The existing contract was subject to Gas Atacama  achieving 
a threshold  of  new  power  sales agreements  by  December  31,  2012.  Golar 
continues in discussions with Gas Atacama in order to reach agreement on  such 
extension. However,  no assurance  can be  given that  such extension  can  be 
concluded at commercially interesting terms for Golar.

Floating Liquefaction ("FLNG")
The announcement  of  Golar's  first FLNG  vessel  has  generated  significant 
interest and has been well received  by market participants who recognize  the 
benefits of a flexible, fast track solution that is very competitive with land
based alternatives. The Company is  targeting projects with pipeline  quality 
gas and unconventional natural gas reserves such as coal bed methane and shale
gas or  clean and  relatively  dry gas  sourced  from offshore  or  near-shore 
fields.

Golar continues  to progress  its  FEED study  with  Keppel Shipyard  and  its 
topside partners and completion  is on target for  mid-2013. Once the FEED  is 
complete Golar will be able to convert one of the three first generation ships
into an  FLNGV  in approximately  24  months.  The Company  is  currently  in 
discussions with  an  array  of  producers, end  users,  traders  and  project 
developers to secure employment.

As part of the Company's efforts to progress specific project opportunities in
the  liquefaction  space,  discussions  have  continued  with  regard  to  the 
potential investment in the  proposed Douglas Channel  LNG project in  British 
Columbia, Canada. The Company confirmed on January 18 that LNG Partners  LLC 
and Golar  have been  awarded conditional  joint access  to the  purchase  and 
off-take of 700,000 metric tonnes of LNG. This development is consistent with
the long-held objective to expand  the Company's presence along the  midstream 
LNG  value  chain.  However,  significant  obstacles  remain  and,  as  such, 
participation in the project and commitment to the LNG off-take are subject to
the Company reaching agreement  to investment terms  and receipt of  remaining 
permits.

In response to  the promising outlook  in floating production,  The Board  has 
initiated plans  for the  launch of  a new  subsidiary from  which Golar  will 
pursue its  midstream project  ambitions. Creating  a separate  company  will 
provide the necessary focus to fully capitalize on the opportunity through the
development of Golar's  floating production technical  concepts, building  and 
financing the vessels,  recruiting top qualified  personnel and promoting  the 
development of new LNG production projects worldwide. The new company,  which 
is anticipated to launch with the next 1-2 months, will take ownership of  the 
Company's three existing Moss vessels in anticipation for possible  conversion 
into floating  production  units. The  aim  of the  new  company will  be  to 
accelerate the Company's move toward full integration across the LNG midstream
and leveraging  new projects  into  greater returns  in combination  with  the 
existing carrier  and  FSRU  franchises. Golar  LNG  will  initially  retain 
minimum 66  %  ownership  in the  new  Company.  The separation  of  the  FLNG 
activities has also the target to create a corporate structure where financing
can be optimized and Golar LNG and Golar Production later can be separated in
order to avoid any potential conflicts with our chartering customers.

Shares and options
During the quarter  a total of  96,303 options were  exercised. In  connection 
with this, the Company issued 96,303 new shares. The total number of remaining
options is  580,417.  As at  December  31, 2012  the  total number  of  shares 
outstanding in Golar excluding options is 80,503,364.

Shipping

Despite a softening market  sentiment, the fourth  quarterstarted with a  few 
FOB and DES  tenders together  with diversion opportunities,  creating a  more 
positive outlook for short term shipping transactions. A lengthy force majeure
in Nigeria and several sabotages on the Yemen LNG pipeline however meant  that 
several cargoes were removed  from the market  creating a short-term  shipping 
surplus. Poor  production in  Egypt and  Indonesia in  particular  accentuated 
this. Project vessels controlled  by Angola LNG, Tangguh  LNG, Yemen LNG  and 
Sakhalin LNG  were  circulated  in  the  market.  Short  term  rate  sentiment 
consequently decreased, though rates remained  in the $90,000 to $130,000  per 
day range throughout the  period. Due to the  very limited shipping  available 
for term contracts, some medium term opportunities arose.

As of December  31, 2012,  the existing fleet  consisted of  365 vessels  over 
12,000 cbm (including  FSRUs and trading  FSRUs). The order  book stood at  94 
vessels including eight FSRUs, 33 of which were ordered in 2012. One FSRU and
two conventional vessels have  so far been ordered  in 2013. In December,  the 
industry saw the first two orders  for LNG vessels with the M-type  Electronic 
controlled Gas  Injection  propulsion system,  both  on a  speculative  basis. 
Around 57% of the vessels on  order have secured employment including  vessels 
for trading  purposes  with the  respective  trading portfolios.  That  leaves 
approximately 37 ships unfixed out of which Golar controls 11.

LNG Market

Spot LNG prices rose  throughout the fourth quarter,  from the high $12's  per 
MMbtu to around $17 per MMbtu in December and $20 per MMbtu in February due to
a variety  of  factors. An  unprecedented  drought in  Brazil  saw  Petrobras 
continuing an aggressive buying strategy throughout the quarter and well  into 
the new-year. In  Korea, several  nuclear reactors  were switched  off due  to 
alleged component malfunctions causing the state buyer to aggressively compete
for Atlantic basin cargoes. A cold  winter in China increased its imports  by 
up to 20% earlier  this year. The  outage of nuclear  power in Japan  combined 
with a relatively cold winter meant Japanese utilities were very active in the
spot market.  In December,  Argentine  ENARSA and  YPF  launched a  series  of 
tenders for  deliveries  in 2013  for  approximately 80-85  cargoes.  Turkey's 
demand for spot LNG also rose  significantly forcing them to compete for  spot 
cargoes. As a consequence of the above,  towards the end of the year,  demand 
for shipping capacity increased both in the Atlantic and Pacific. Higher  than 
expected ramp  up by  Woodside's Pluto  LNG plant  also created  some  demand. 
Several cargoes produced in Australia, Oman,  Qatar and Brunei were lifted  by 
short-term chartered vessels. In the Atlantic, cargo diversions out of Nigeria
and reloads out of mainly European terminals (Spain, Belgium and France)  also 
utilized short-term chartered vessels. 

Estimated LNG production during 2012 did not rise to anticipated levels due to
the many noted production and feed gas issues referred to above. During  2012, 
the re-export  market  did however  exceed  3.5 MMt,  which  created  shipping 
demand, as  South America,  North Asian  and European  markets imported  these 
volumes. The long-awaited Angola LNG facility is now slated for a Q2 start-up
and a higher than  normal fleet-wide program of  drydockings will absorb  some 
vessels. Rates remained resilient  in the face of  delays and incidents  over 
the course of 2012 which the Board sees as testimony to the strong  underlying 
market fundamentals

LNG is still selling  at attractive price  against oil as  measured on a  burn 
parity basis. This together with  the environmental benefits and the  flexible 
use of LNG  as source for  the power market  has led to  significant build  up 
demand in for LNG  purchases. However the important  factor for the  shipping 
market in the years  to come will not  be the demand side  but to what  extent 
producers of LNG can bring enough product to the market to feed this built  up 
hunger for LNG . The strength of the LNG shipping market in the years to  come 
will be closely linked to what kind of success the LNG producers will have in
debottle necking existing facilities and also bringing their new volumes into
the market in accordance with original plans. 

FSRUs

Global FSRU projects under development continue to progress with one  project, 
Emirates LNG making an award in the fourth quarter. The contract was concluded
on terms which Golar did not find attractive. While the Board is  disappointed 
that Golar was unable to secure its second project in the region, the  Company 
is encouraged  by the  Jordanian  Ministry of  Energy and  Mineral  Resources' 
decision to select Golar  as preferred bidder for  their FSRU requirement  for 
which negotiations  on a  firm contract  should begin  shortly.  Furthermore, 
Golar's two speculative new build order have positioned the company as one  of 
only two owners that are able to deliver  an FSRU prior to 2015. Up to  three 
awards are expected in  the first half  of 2013, all  for projects that  start 
prior to or early in 2015.

The Board believes that the current tightness in the FSRU fleet will  continue 
post-2015 as existing tonnage has largely been consumed and only two firm FSRU
orders have been placed for 2015.  As such, Golar is presently in  discussions 
with our newbuilding yards to retain the option to convert a number of the  11 
existing LNG  new  buildings into  FSRUs  (while maintaining  the  ability  to 
operate  the  vessels   as  standard  carriers   with  the  same   performance 
characteristics).

The FSRU market  continues to mature  and FSRUs  are no longer  seen as  short 
term, stop gap  regasification solutions. FSRU  tenders now routinely  request 
10, 15 and over 20 years terms demonstrating the market's acceptance of  FSRUs 
are a viable long term alternative  to land based regasification. Terms  such 
as these make FSRUs prime candidates for drop down to Golar LNG Partners.

Significant development activity continues to  take place in the Middle  East, 
India and South America.

Outlook

The Board is disappointed  with the deterioration in  results the Company  has 
shown in the quarter which were largely as a result of commercial waiting time
on Golar Maria. The chartering  environment that was anticipated coming  into 
the fall of 2012 did not materialize but instead, the collapse of the Atlantic
/ Pacific price arbitrage and unanticipated reductions in production  capacity 
resulted in shorter voyages, less overall LNG being shipped, and a release  of 
incremental shipping capacity on to the market from ailing projects. However,
the Board's view  is that this  environment was clearly  driven by short  term 
issues and thus does not detract from the very positive long term fundamentals
to which the  Company's carrier  fleet is  exposed. Looking  forward, due  to 
other short term effects  and the choppy nature  of new production coming  on, 
investors should anticipate some level of  volatility in charter rates as  the 
market enters  a rebalancing  period  beginning later  this year.  The  Board 
remains pleased  with  the progress  made  in  the recent  months  toward  the 
Company's funding  of  the  newbuilding  program. The  Company  is  in  active 
discussions with various parties in regard to debt facilities to round out the
funding of the fleet expansion. The Board anticipates as stated before that no
new equity is needed to fund the 13 newbuildings, but that such funding can be
secured through the  bank and the  bond market and  further supported by  drop 
downs to Golar Partners.

The Board is optimistic about its position  in the FSRU space with two  prompt 
vessels set against active development of new projects. The vast majority  of 
the opportunities  should result  in  longer term  contract terms  leading  to 
attractive opportunities for Golar Partners dropdowns.

The Board is also  looking forward to continued  progress on the floating  LNG 
project. The important FEED study is  continuing on schedule with the  target 
to be concluded in  mid-year 2013. There are  today multiple prospects  which 
the Company  is  looking  at. However,  such  prospects,  although  extremely 
economically  attractive,   come  with   significant  execution   and   timing 
uncertainties and as such, the Company  faces many hurdles prior to  realizing 
upside earnings from firm floating LNG production projects.

Whilst the Company's management continue to assess the significant possibility
of de-consolidating  Golar Partners'  results from  the Company's,  the  Board 
understands that  the Company  would then  account for  Golar Partners  as  an 
investment. This will  mean that  in the  income statement,  the Company  will 
recognise its share of  after tax profits or  losses from Golar Partners.  The 
Company would also recognise all future dropdowns to Golar Partner's on a fair
value basis which  could lead to  gains or  losses on disposal  that would  be 
included within  its  operating results  and  therefore impact  the  Company's 
retained reserves. The main impact to  the Company's balance sheet will be  to 
de-recognise the  vessels and  associated  debt that  Golar Partners  owns  or 
leases and  also the  non-controlling  interest in  Golar Partners,  but  then 
recognise the investment in Golar Partners on  a fair value basis on the  date 
of  deconsolidation  and  therefore   immediately  realise  increased   equity 
reserves.

The operating  results  for the  first  quarter  of 2013  will  be  negatively 
impacted by  the  continuing  scheduled  dry-docking  of  Golar  Spirit  which 
commenced in December 2012 and is estimated to be out of service in the  first 
quarter for approximately eight weeks.  Further, Golar Winter is  anticipated 
to begin its  scheduled dry-docking towards  the end of  the first quarter  of 
2013 when the vessel is  expected to be offhire  for a total of  approximately 
six weeks. On a consolidated basis, operating results are expected to  improve 
from fourth quarter 2012 to first quarter 2013 and remain relatively flat  for 
the second and third quarter of 2013.

Operating results for the Golar Group, are likely to show a significant growth
when new tonnage capacity commence operations during fourth quarter 2013.

The Board is confident in the way the Company is positioned for the long term.
However,  shareholders  should  expect  high  volatility  in  the  short  term 
chartering market as  a function  of any delays  in production  start ups  and 
irregularity in  current  production.  The  Board  sees  extremely  attractive 
economics in the new FLNG segment, however significant completion risk exists.

Forward Looking Statements

This press release contains forward  looking statements. These statements  are 
based upon various assumptions, many of which are based, in turn, upon further
assumptions, including examination of historical operating trends made by  the 
management of  Golar.  Although Golar  believes  that these  assumptions  were 
reasonable  when  made,   because  assumptions  are   inherently  subject   to 
significant uncertainties and contingencies, which are difficult or impossible
to predict and are beyond its control, Golar LNG cannot give assurance that it
will achieve or accomplish these expectations, beliefs or intentions.

Included among the  factors that, in  the Company's view,  could cause  actual 
results to differ materially from the forward looking statements contained  in 
this press  release are  the following:  inability of  the Company  to  obtain 
financing for the new building vessels  at all or on favorable terms;  changes 
in demand; a material decline or prolonged weakness in rates for LNG carriers;
political events  affecting  production  in  areas in  which  natural  gas  is 
produced and demand  for natural gas  in areas to  which our vessels  deliver; 
changes in demand for natural gas generally or in particular regions;  changes 
in the financial stability of our  major customers; adoption of new rules  and 
regulations applicable to LNG carriers and FSRU's; actions taken by regulatory
authorities that may prohibit the access of LNG carriers or FSRU's to  various 
ports; our inability to achieve  successful utilization of our expanded  fleet 
and inability  to  expand beyond  the  carriage  of LNG;  increases  in  costs 
including: crew wages, insurance, provisions, repairs and maintenance; changes
in general  domestic  and  international  political  conditions;  the  current 
turmoil in the global financial markets and deterioration thereof; changes  in 
applicable  maintenance  or  regulatory   standards  that  could  affect   our 
anticipated dry-docking or maintenance and repair costs; our ability to timely
complete our FSRU conversions;  failure of shipyards  to comply with  delivery 
schedules on a  timely basis and  other factors  listed from time  to time  in 
registration statements and reports  that we have filed  with or furnished  to 
the Securities and Exchange  Commission, including our  Annual Report on  Form 
20-F and subsequent announcements and reports. Nothing contained in this press
release shall constitute an offer of any securities for sale.

March 4, 2013
The Board of Directors
Golar LNG Limited
Hamilton, Bermuda.

Questions should be directed to:
Golar Management Limited - +44 207 063 7900
Doug Arnell - Chief Executive Officer
Brian Tienzo - Chief Financial Officer



Golar LNG Preliminary Fourth Quarter and Financial Year 2012 Results

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