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Golar LNG
Golar LNG was incorporated in Bermuda in 2001 under the direction of shipping magnate John Fredriksen and long-time associate Tor Olav Trøim.
Golar LNG
Golar LNG was incorporated in Bermuda in 2001 under the direction of shipping magnate John Fredriksen and long-time associate Tor Olav Trøim. The company initially operated a conventional fleet of LNG carriers before a decisive strategic shift beginning around 2012 toward floating liquefied natural gas (FLNG) production vessels. Unlike traditional LNG shipping firms that earn day rates tied to spot or time-charter markets, Golar now functions as an integrated infrastructure developer whose core asset — the FLNG Hilli Episeyo, operating offshore Cameroon — converts natural gas into LNG for export under a multi-year tolling agreement with Perenco and Cameroon's national hydrocarbon company. The firm deploys capital through a dual structure: a direct corporate balance sheet holding wholly owned FLNG units and a separately listed affiliate, Cool Company (CoolCo), which owns and operates a modern fleet of tri-fuel diesel electric LNG carriers. Golar's investment strategy hinges on converting older LNG carriers into floating production assets or commissioning newbuilds, effectively repurposing maritime steel for stationary energy infrastructure. Key deployments include the Hilli Episeyo, which has been producing LNG since 2018, and the FLNG Gimi, a converted Moss design carrier that arrived at the Greater Tortue Ahmeyim field off Mauritania and Senegal in 2024. The Gimi started its 20-year tolling contract with BP in the first quarter of 2025, marking Golar's second operational FLNG unit. Beyond Africa, the firm acquired a stake in Avenir LNG, a small-scale bunkering and distribution company, and maintains a development pipeline that includes the Mark II FLNG design, a purpose-built unit targeting the Nigerian market through a framework agreement with the Nigerian National Petroleum Corporation. Headquartered in Bermuda with a major operational office in Oslo, Golar employs a lean corporate team reliant on deep maritime and energy sector engineering expertise. As of mid-2025, the company's two active FLNG units represent roughly $4.2 billion in balance-sheet assets, with contracted revenue backlog extending beyond 20 years. The boardroom is dominated by Tor Olav Trøim, whose investment vehicle Seatankers maintains a significant influence, while Karl Fredrik Staubo has served as CEO since 2022, focusing on operational execution and monetizing the Mark II FLNG concept. Golar maintains a disciplined approach to capital returns, having initiated a share buyback program and distributing regular dividends funded by stable Hilli and Gimi cash flows. The company operates a separate wholly owned subsidiary, Golar Power, focused on downstream LNG-to-power projects in Latin America, though its scale remains small relative to the FLNG segment. Golar's structural differentiation rests on its niche as one of the only publicly traded companies offering pure-play exposure to floating liquefaction infrastructure. It occupies a middle ground between asset-heavy energy producers and volatile shipping stocks, selling not molecules but long-term processing capacity. This architecture insulates revenues from commodity price swings while retaining upside through expanded capacity and new unit deployment — a model few competitors have replicated at scale outside the integrated oil majors.
General information
Firm type
Asset Manager
Year founded
2001
AUM
Undisclosed
Location
Region
North America
Country
Bermuda
City
Hamilton
Corporate office
Hamilton, Bermuda
Additional offices
Oslo, Norway · London, United Kingdom
Principals
Tor Olav Trøim
Chairman and significant shareholder
Karl Fredrik Staubo
Chief Executive Officer
Sector focus
Frequently asked questions
Who controls Golar LNG, and what is Tor Olav Trøim's role?
Tor Olav Trøim is the Chairman and a significant long-term shareholder, primarily through his investment holding Seatankers. He was instrumental in Golar's 2001 founding alongside John Fredriksen and drove the strategic pivot into FLNG infrastructure. Operational leadership sits with CEO Karl Fredrik Staubo, who assumed the role in 2022 and focuses on commercializing the Mark II FLNG design and expanding the project pipeline.
What is an FLNG unit, and how does it make money for Golar?
A Floating Liquefied Natural Gas (FLNG) vessel is a converted or purpose-built ship that takes raw natural gas from offshore fields, liquefies it onboard, and offloads LNG directly to tankers. Golar's revenue comes from long-term tolling contracts where upstream partners pay a fixed processing fee, regardless of the LNG selling price. This creates visible, contracted cash flows with minimal commodity price exposure. Golar currently operates two units — Hilli Episeyo (offshore Cameroon) and Gimi (offshore Mauritania/Senegal).
How is Golar different from a traditional LNG shipping company?
A standard LNG shipping company earns day rates transporting LNG on behalf of charterers, exposing revenue to spot market volatility and fleet utilization cycles. Golar repurposes its maritime steel as stationary floating infrastructure, locking in 20-year utilization contracts that resemble infrastructure toll booths more than shipping leases. The separately listed Cool Company handles conventional carrier operations, keeping Golar's balance sheet focused on production assets.
What is the status of Golar's Mark II FLNG design and its Nigeria plans?
Golar is developing a purpose-built Mark II FLNG design with a capacity of 3.5 million tonnes per annum, targeting cost efficiencies over converted LNG carriers. The company signed a framework agreement with the Nigerian National Petroleum Corporation (NNPC) to deploy the unit on a gas field development in Nigeria. As of mid-2025, a final investment decision for the Mark II project has not been announced, pending gas supply agreements and financing arrangements.
What is the relationship between Golar LNG and Cool Company?
Cool Company (CoolCo) was spun out from Golar in a 2022 transaction that sold a controlling stake to Eastern Pacific Shipping, with Golar retaining a minority interest. CoolCo operates a fleet of modern LNG carriers under medium-term charters, allowing Golar to deconsolidate shipping exposure and focus its corporate strategy exclusively on the higher-margin FLNG platform business.
How does Golar source its deal flow, given the small number of FLNG operators globally?
Golar's pipeline derives from direct negotiations with national oil companies and upstream operators seeking to monetize stranded offshore gas fields. The cost advantage of FLNG over land-based liquefaction terminals — lower upfront capex and faster deployment — positions Golar as a solutions provider. The firm's track record operating Hilli since 2018 and Gimi's delivery to BP gives it a reference base few competitors possess. Executive relationships, particularly those of Tor Olav Trøim in maritime and energy circles, further open doors.
What are the primary risks to Golar's contracted cash flow model?
The main risk is counterparty credit — if an upstream partner defaults on tolling payments or a host country repudiates the agreement, revenue stops. Operational risk includes unplanned downtime from liquefaction train failure, which triggers penalty clauses. Force majeure events in the Gulf of Guinea (for Hilli) or offshore Mauritania/Senegal could interrupt production. Golar mitigates these through insurance, financial guarantees from sovereign entities where possible, and a maintenance strategy that aims for 92–94% uptime.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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