Golar LNG is stepping up efforts to secure a yard slot and long-lead equipment for what would be its fourth floating LNG (FLNG) production unit.
The Nasdaq-listed company, backed by Norwegian shipping investor Tor Olav Trim, said it is in talks with three shipyards over potential designs and construction schedules. The designs under consideration-MK I, MK II, and MK III-range in liquefaction capacity from 2.0 to 5.4 million tonnes per annum (mtpa).
The yards in play involve Singapore’s Seatrium for a 2.0 – 2.7 mtpa unit, an option for a second conversion at CIMC Raffles for up to 3.5 mtpa vessel and discussions for the so-called MKIII unit at South Korea’s Samsung Heavy Industries, which would be the largest FLNG ever built at 5.4 mtpa.
“In order to secure attractive delivery, we plan to enter into slot reservations for long lead equipment within Q3 2025,” Golar said in its latest update.
The company is pursuing its fourth unit without waiting for a charter, a strategy it previously applied to both the FLNG Hilli and the MKII project. Golar said yard capacity constraints suggest this could be the only FLNG unit available for delivery within the decade.
As for the existing projects, the FLNG Hilli is expected to complete its current charter in July 2026, before heading to a yard for life extension and upgrades. It is expected to be redeployed to Argentina under a 20-year contract with SESA starting in the second quarter of 2027.
The FLNG Gimi reached commercial operations in June under a 20-year lease with BP offshore Mauritania and Senegal. Golar holds 70% ownership and expects its share of net earnings to be about $3bn.
The MKII FLNG, a $2.2bn 3.5 mtpa conversion project, is on schedule for Q4 2027 delivery. SESA reached a final investment decision on the project in August, and the vessel is expected to begin operations in Argentina in 2028, subject to regulatory approvals.
Golar said it expects to finalise a design and move forward with ordering its fourth FLNG unit once EPC pricing and yard availability are confirmed. The company also signalled that a fifth unit could follow shortly after the fourth is ordered and chartered.
