Golar LNG Limited closed a $1.2 billion asset‑backed bank facility for its FLNG Gimi unit on 25 November 2025. The facility, led by a consortium of ABN AMRO, Citibank, DNB, Goldman Sachs and Standard Chartered, replaces an existing $627 million facility and extends the tenor to seven years with a 16‑year amortisation profile. Interest is set at SOFR plus a 2.5 % margin, providing a more favourable cost of capital than the previous arrangement.
The new loan releases roughly $400 million of net liquidity to Golar after repayment of the prior Gimi debt and unwinding of an interest‑rate swap. The cash injection strengthens the company’s balance sheet, improving its debt‑to‑EBITDA ratio and supporting the company’s target of a fully delivered net debt‑to‑EBITDA of about 3.4× by 2028. The liquidity boost also gives Golar greater flexibility to service existing obligations and to invest in future FLNG projects.
FLNG Gimi is already operational, delivering its first LNG cargo for BP’s Greater Tortue Ahmeyim project off the coast of Mauritania and Senegal. The unit is under a 20‑year charter agreement that generates predictable revenue streams, and the new facility’s terms reflect the bankability of the asset, with a pro‑forma debt‑to‑EBITDA of roughly 5.5× when the unit is fully operational.
CEO Karl Fredrik Staubo said the financing “proves the bankability of Golar’s FLNG assets once operational on their long‑term contracts” and highlighted that the new terms are an improvement over the original financing. He added that the deal demonstrates confidence from leading international banks in Golar’s business model and the long‑term revenue potential of its FLNG fleet.
The refinancing comes at a time when Golar’s contracted EBITDA backlog stands at about $17 billion, giving the company a clear view of future cash flows. Management projects run‑rate adjusted EBITDA of roughly $800 million per year by 2028, more than tripling FY24 performance. While the company’s Altman Z‑Score of 1.09 signals a distress zone, the new facility mitigates leverage risk and positions Golar to pursue additional FLNG projects and expand its service portfolio, reinforcing investor confidence in the company’s long‑term strategy.
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