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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE
SECURITIES EXCHANGE ACT OF 1934

For the month of August 2020

Commission File Number: 000-50113

GOLAR LNG LIMITED
(Translation of registrant's name into English)
2nd Floor
 S.E. Pearman Building
9 Par-la-Ville Road
Hamilton HM 11
Bermuda

(Address of principal executive office)


Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F [ X ]  Form 40-F [ ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ].

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ].

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.






INFORMATION CONTAINED IN THIS FORM 6-K REPORT

Included is the Overview, Operating and Financial Review for the six months ended June 30, 2020 and the unaudited condensed consolidated interim financial statements of Golar LNG Limited (the "Company" or "Golar") as of and for the six months ended June 30, 2020.

The information contained in this Report on Form 6-K is hereby incorporated by reference into the Company's registration statement on Form F-3 ASR (File no. 333-237936), which was filed with the U.S. Securities and Exchange Commission on April 30, 2020.

EXHIBITS

101.INSXBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL
tags are embedded within the Inline XBRL document





SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


GOLAR LNG LIMITED
(Registrant)
Date: August 14, 2020
By:/s/ Callum Mitchell-Thomson
Name:Callum Mitchell-Thomson
Title:Principal Financial and Accounting Officer






UNAUDITED CONDENSED INTERIM FINANCIAL REPORT

Forward-Looking Statements

Matters discussed in this report may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

We desire to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are including this cautionary statement in connection with this safe harbor legislation. This report and any other written or oral statements made by us or on our behalf may include forward-looking statements, which reflect our current views with respect to future events and financial performance. When used in this report, the words "believe", "anticipate", "intend", "estimate", "forecast", "project", "plan", "potential", "may", "should", "expect" and similar expressions identify forward-looking statements.

The forward-looking statements in this report are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. As a result, you are cautioned not to rely on any forward-looking statements.

In addition to these important factors and matters discussed elsewhere herein, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include among other things:

our inability and that of our counterparty to meet our respective obligations under the Lease and Operate Agreement ("LOA") entered into in connection with the BP Greater Tortue / Ahmeyim Project (“Gimi GTA Project”);
continuing uncertainty resulting from current or potential future claims from our counterparties of purported force majeure under contractual arrangements, including but not limited to our construction projects (including the Gimi GTA Project) and other contracts to which we are a party;
the length and severity of outbreaks of pandemics, including the ongoing worldwide outbreak of the novel coronavirus ("COVID-19") and its impact on demand for liquefied natural gas ("LNG") and natural gas, the timing of completion of our conversion projects, the operations of our charterers, our global operations including impact to our vessel operating costs and our business in general;
changes in our ability to obtain additional financing on acceptable terms or at all;
Golar Power Limited's ("Golar Power") ability to operate the Sergipe power station project and related FSRU contract and to execute its downstream LNG distribution and merchant power sales plans;
changes in our relationship with Golar LNG Partners LP ("Golar Partners"), Golar Power or Avenir LNG Limited ("Avenir") and the sustainability of any distributions they pay to us;
failure of our contract counterparties, including our joint venture co-owners, to comply with their agreements with us or other key project stakeholders;
changes in LNG carrier, floating storage and regasification units ("FSRUs"), or floating liquefaction natural gas vessel ("FLNG"), or small-scale LNG market trends, including charter rates, vessel values or technological advancements;
our vessel values and any future impairment charges we may incur;
challenges by authorities to the tax benefits we previously obtained under certain of our leasing agreements;
continuing volatility of commodity prices;
a decline or continuing weakness in the global financial markets;
fluctuations in currencies and interest rates;
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our ability to close potential future sales of additional equity interests in our vessels, including the Hilli Episeyo and FLNG Gimi on a timely basis or at all and our ability to contract the full utilization of the Hilli Episeyo or other vessels and the benefits that may to accrue to us as the result of any such modifications;
changes in our ability to retrofit vessels as FSRUs or FLNGs and in our ability to obtain financing for such conversions on acceptable terms or at all;
changes in the supply of or demand for LNG carriers, FSRUs, FLNGs or small-scale LNG infrastructure;
a material decline or prolonged weakness in rates for LNG carriers, FSRUs, FLNGs or small-scale LNG infrastructure;
changes in the performance of the pool in which certain of our vessels operate and the performance of our joint ventures;
changes in trading patterns that affect the opportunities for the profitable operation of LNG carriers, FSRUs, FLNGs or small-scale LNG infrastructure;
changes in the supply of or demand for LNG or LNG carried by sea;
changes in the supply of or demand for natural gas generally or in particular regions;
changes in our relationships with our counterparties, including our major chartering parties;
changes in general domestic and international political conditions, particularly where we operate;
changes in the availability of vessels to purchase and in the time it takes to construct new vessels;
failures of shipyards to comply with delivery schedules or performance specifications on a timely basis or at all;
our ability to integrate and realize the benefits of acquisitions;
changes in our ability to sell vessels to Golar Partners or Golar Power;
changes to rules and regulations applicable to LNG carriers, FSRUs, FLNGs or other parts of the LNG supply chain;
our inability to achieve successful utilization of our expanded fleet or inability to expand beyond the carriage of LNG and provision of FSRUs, FLNGs, and small-scale LNG infrastructure particularly through our innovative FLNG strategy and our joint ventures;
actions taken by regulatory authorities that may prohibit the access of LNG carriers, FSRUs, FLNGs or small-scale LNG vessels to various ports;
increases in costs, including, among other things, wages, insurance, provisions, repairs and maintenance; and
other factors listed from time to time in registration statements, reports or other materials that we have filed with or furnished to the Securities and Exchange Commission, or the Commission, including our most recent annual report on Form 20-F.

We caution readers of this report not to place undue reliance on these forward-looking statements, which speak only as of their dates. These forward-looking statements are not guarantees of our future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements.

All forward-looking statements included in this report are made only as of the date of this report and, except as required by law, we assume no obligation to revise or update any written or oral forward-looking statements made by us or on our behalf as a result of new information, future events or other factors. If one or more forward-looking statements are revised or updated, no inference should be drawn that additional revisions or updates will be made in the future.


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Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following is a discussion of our financial condition and results of operations for the six months ended June 30, 2020 and 2019. Unless otherwise specified herein, references to "the Company", "Golar", "we", "us", and "our" refer to Golar LNG Limited and any one or more of its consolidated subsidiaries, or to all such entities. References to "Golar Partners" or the "Partnership" refer to Golar LNG Partners LP (Nasdaq: GMLP) and to any one or more of its direct and indirect subsidiaries. References to "Golar Power" refer to Golar Power Limited and to any one or more of its direct and indirect subsidiaries. References to "Avenir" refer to Avenir LNG Limited (Norwegian OTC: AVENIR) and to any one or more of its subsidiaries. You should read the following discussion and analysis together with the financial statements and related notes included elsewhere in this report. For additional information relating to our operating and financial review and prospects, including definitions of certain terms used herein, please see our annual report on Form 20-F for the year ended December 31, 2019, which was filed with the Commission on April 30, 2020.

Overview

We provide infrastructure for the liquefaction, transportation, regasification and downstream distribution of LNG. Through our subsidiaries, affiliates and joint venture we are engaged in the acquisition, ownership, operation and chartering of FLNGs, FSRUs and LNG carriers as well as the development of gas to power projects and small-scale LNG distribution operations.
Recent Developments

Since June 30, 2020, certain developments that have occurred are as follows:

Global COVID-19 outbreak
The worldwide outbreak of the 2019 coronavirus ("COVID-19") that originated in China and subsequently spread to many countries worldwide has resulted in the implementation of numerous actions taken by governments and governmental agencies in an attempt to mitigate the spread of COVID-19. These measures have resulted in a significant reduction in global economic activity, extreme volatility in the global financial markets, and as a result of COVID-19 the global demand for oil, natural gas and LNG has declined significantly.

To date our operations have been impacted primarily by the cancellation and/or delays of crew changes on our vessels, postponement of equipment maintenance and various inspections. The timing of crew rotations remains dependent on the duration and severity of COVID-19 in countries from which our crews are sourced as well as any restrictions in place at ports in which our vessels call, however we are managing to make limited crew changes where possible. Restrictions on crew rotations may lead to a temporary decline in crewing related expenses in the near-term, however where our crew rotations are delayed we may incur increased costs to arrange crew changes in response to the restrictions in place. We have sought to financially support our seafarers to be able to board our vessels. Restrictions in place at ports may also lead to increased provisioning costs to obtain supplies. Some of our global offices are re-opening and are expected to function under local legislation and social distancing guidelines.

The extent to which COVID-19 will impact our results of operations and financial condition will depend on future developments, which are highly uncertain and cannot be predicted, including among others, the severity and duration of COVID-19, new information which may emerge concerning the severity of COVID-19 and the actions to contain or treat its impact. Governments and governmental agencies in different countries are also taking various approaches to relax restrictions previously imposed where possible. An estimate of the impact cannot therefore be made at this time. The severity and duration, as well as the impact of these factors remain uncertain but could have a material impact on our earnings, cash flow and financial condition. If the COVID-19 outbreak continues to impact the global economy on a prolonged basis, or becomes more severe, charter rates in the LNG and natural gas market and our vessel values, operations and cash flows may be negatively impacted.

FLNG Gimi Force Majeure notification
In April 2020, we announced that we had received written notification of a force majeure claim from BP Mauritania Investments Ltd ("BP") under the LOA, relating to the Gimi GTA Project. The notice received from BP claims that due to the recent outbreak of COVID-19 around the globe, it is unable to be ready to receive the Gimi on the 2022 target connection date, with an expected delay in the order of 12-months. A force majeure claim from the conversion shipyard was also received. Discussions are progressing well with all parties to agree a revised plan to delivery.



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Operating and Financial Review

The following details the operating results for our reportable segments for the periods ended June 30, 2020 and 2019.

Six months ended June 30,
20202019
(in thousands of $)Vessel operationsFLNGsPowerTotalVessel operationsFLNGsPowerTotal
Total operating revenues115,753  109,048  —  224,801  101,984  109,048  —  211,032  
Vessel operating expenses(27,901) (26,575) (54,476) (35,172) (26,894) —  (62,066) 
Voyage, charterhire and commission expenses (including expenses from collaborative arrangement)(6,366) —  (6,366) (30,467) (460) —  (30,927) 
Administrative expenses(18,217) (518) (18,735) (27,569) (136) —  (27,705) 
Project development expenses(3,538) (1,399) (4,937) (97) (1,370) —  (1,467) 
Depreciation and amortization(30,252) (23,970) —  (54,222) (32,182) (24,102) —  (56,284) 
Impairment of long-term assets—  —  —  —  (41,597) —  —  (41,597) 
Other operating (losses)/gains532  (37,081) —  (36,549) 9,260  5,183  —  14,443  
Operating income/(loss)30,011  19,505  —  49,516  (55,840) 61,269  —  5,429  
Equity in net losses of affiliates(147,276) —  (30,025) (177,301) (28,946) —  (10,923) (39,869) 


Six month period ended June 30, 2020 compared with the six month period ended June 30, 2019

Vessel operations segment

Six months ended June 30,
(in thousands of $, except average daily TCE) (1)
20202019Change% Change
Total operating revenues115,753  101,984  13,769  14 %
Vessel operating expenses(27,901) (35,172) 7,271  (21 %)
Voyage, charterhire and commission expenses (including expenses from collaborative arrangements)(6,366) (30,467) 24,101  (79 %)
Administrative expenses(18,217) (27,569) 9,352  (34 %)
Project development expenses(3,538) (97) (3,441) 3,547 %
Depreciation and amortization(30,252) (32,182) 1,930  (6 %)
Impairment of long-term assets—  (41,597) 41,597  (100 %)
Other operating gains532  9,260  (8,728) (94 %)
Operating income/(loss)30,011  (55,840) 85,851  (154 %)
Equity in net losses of affiliates(147,276) (28,946) (118,330) 409 %
Other Financial Data:
Average daily TCE (1) (to the closest $100)
53,600  32,000  21,600  68 %
(1) Average Time Charter Equivalent, or TCE, is a non-GAAP financial measure. See the section of this report entitled "Non-GAAP Measures" for a discussion of TCE.

Total operating revenues: Total operating revenues increased by $13.8 million to $115.8 million for the six months ended June 30, 2020 compared to $102.0 million for the same period in 2019. This was principally due to:

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$23.0 million increase in revenue as a result of higher utilization and higher charterhire rates of our Tri-Fuel Diesel Electric propulsion ("TFDE") fleet for the six months ended June 30, 2020 compared to the same period in 2019; and
$5.9 million increase in revenue from the Golar Arctic as she was fully utilized for the six months ended June 30, 2020, compared to 42 on-hire days in the same period in 2019, due to maturity of her previous charter and subsequent drydock.

This was partially offset by:

$10.9 million decrease in revenue from the Golar Viking, following her entry into the shipyard in late January 2020 for her conversion to a FSRU, compared to full utilization during the same period in 2019; and
$3.9 million decrease in revenue from the Golar Tundra, as the vessel left the Cool Pool (as defined below) at the end of May 2020 in preparation for her drydock, compared to full utilization during the same period in 2019.

Average daily TCE: As a result of lower voyage expenses and increased charter rates and utilization for the majority of our fleet for the six months ended June 30, 2020, the average daily TCE increased to $53,600 from $32,000 for the same period in 2019.

Vessel operating expenses: Vessel operating expenses decreased by $7.3 million to $27.9 million for the six months ended June 30, 2020, compared to $35.2 million for the same period in 2019, primarily due to a decrease of:

$5.4 million in operating costs of the Golar Viking as she entered the shipyard for her conversion in late January 2020, compared to full utilization for the same period in 2019;
$1.1 million in repairs and maintenance, procurement of spares and main engine overhauls of our TFDE fleet for the six months ended June 30, 2020, compared to the same period in 2019 due to COVID-19 related restrictions. These deferred works are expected to take place in the later part of the year when and if restrictions are lifted; and
$0.8 million in lay-up costs for the Gandria, incurred during the six months ended June 30, 2019.

Voyage, charterhire and commission expenses: Voyage, charterhire and commission expenses largely relate to charterhire expenses, fuel costs associated with commercial waiting time and vessel positioning costs. While a vessel is on-hire, fuel costs are typically paid by the charterer, whereas during periods of commercial waiting time, fuel costs are paid by us. The decrease of $24.1 million in voyage, charterhire and commission expenses to $6.4 million for the six months ended June 30, 2020 compared to $30.5 million for the same period in 2019, was mainly due to:

$22.4 million reduction in voyage expenses as a result of increased utilization of our TFDE fleet; and
$2.4 million reduction in bunker consumption in relation to the Golar Arctic as she had full utilization for the six months ended June 30, 2020, compared to being mostly on commercial waiting time and subsequently in drydock during the same period in 2019.

This was partially offset by the $1.4 million increase in bunker consumption in relation to the Golar Viking, incurred prior to entering the shipyard for her conversion in January 2020, compared to full utilization during the same period in 2019.

Administrative expenses: Administrative expenses decreased by $9.4 million to $18.2 million for the six months ended June 30, 2020 compared to $27.6 million for the same period in 2019, mainly due to ongoing cost reduction measures and COVID-19 restrictions resulting in a decrease in corporate expenses, legal costs and employee related costs.

Project development expenses: Project development expenses increased by $3.4 million to $3.5 million for the six months ended June 30, 2020 compared to $0.1 million for the same period in 2019, mainly due to an increase in non-capitalizable project related expenses comprising of professional, legal and consultancy fees.

Depreciation and amortization: Depreciation and amortization decreased by $1.9 million to $30.3 million for the six months ended June 30, 2020 compared to $32.2 million for the same period in 2019, principally due to a decrease of $1.5 million in the Golar Viking depreciation following her entry into the shipyard in January 2020, to commence her conversion to a FSRU.

Impairment of long-term assets: There is $nil impairment of long-term assets for the six months ended June 30, 2020. The impairment charge for the six months ended June 30, 2019 relates to:

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$34.3 million impairment associated with our LNG carrier, the Golar Viking. In March 2019, we signed an agreement with LNG Hrvatska for the future sale of the Golar Viking once converted into an FSRU, following the completion of her existing charter. Although the sale is not expected to close until the fourth quarter of 2020, the transaction triggered an immediate impairment test, resulting in the recognition of a non-cash impairment charge of $34.3 million; and
$7.3 million impairment charge associated with our investment in OLT Offshore LNG Toscana S.P.A. ("OLT-O"). In May 2019, a major shareholder in OLT-O sold its shareholding which triggered an assessment of the recoverability of the carrying value of our 2.6% investment in OLT-O. As the carrying value of our investment exceeded the representative fair value, we recognized a write down of our investment as of June 30, 2019.

Other operating gains: Other operating gains of $0.5 million for the six months ended June 30, 2020 relates to a loss of hire insurance receipt for the Golar Bear. The $9.3 million gain for the six months ended June 30, 2019 represents the final payment to settle our claims on the delays and the termination of the Golar Tundra time charter with a former charterer.

Equity in net losses of affiliates:

Six months ended June 30,
(in thousands of $)20202019Change% Change
Equity in net losses in Golar Partners(147,015) (27,659) (119,356) 432 %
Share of net losses in other affiliates(261) (1,287) 1,026  (80 %)
Equity in net losses of affiliates(147,276) (28,946) (118,330) 409 %

As of June 30, 2020, we held a 32.2% (2019: 32.0%) ownership interest in Golar Partners (including our 2% general partner interest) and 100% of the incentive distribution rights ("IDRs"). Given the duration and the extent of the suppressed unit price of Golar Partners, we believe that the difference between the carrying value and the fair value of our equity accounted investment is no longer temporary and recognized an impairment of $135.9 million on June 30, 2020.

The share of net losses in other affiliates represents our share of equity in Egyptian Company for Gas Services S.A.E and Avenir.

FLNG segment

Six months ended June 30,
(in thousands of $)20202019Change% Change
Total operating revenues109,048  109,048  —  — %
Vessel operating expenses(26,575) (26,894) 319  (1 %)
Voyage, charter-hire and commission expenses—  (460) 460  (100 %)
Administrative expenses(518) (136) (382) 281 %
Project development expenses(1,399) (1,370) (29) %
Depreciation and amortization(23,970) (24,102) 132  (1 %)
Other operating (losses)/gains(37,081) 5,183  (42,264) (815 %)
Operating income19,505  61,269  (41,764) (68 %)

Vessel operating expenses: Vessel operating expenses decreased by $0.3 million for the six months ended June 30, 2020, compared to the same period in 2019, primarily due to a decrease in repairs and maintenance in relation to Hilli Episeyo’s operations due to COVID-19 related restrictions. These deferred works are expected to take place in the later part of the year when and if restrictions are lifted.

Voyage, charterhire and commission expenses: The decrease in voyage, charterhire and commission expenses of $0.5 million for the six months ended June 30, 2020 compared to the same period in 2019 is due to reduced bunker consumption.

Administrative expenses: Administrative expenses increased by $0.4 million to $0.5 million for the six months ended June 30, 2020 compared to $0.1 million in 2019, principally due to an increase in corporate expenses associated with Hilli Episeyo’s operations.

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Other operating (losses)/gains: Included in other operating (losses)/gains are:

realized gain on the oil derivative instrument, based on monthly billings above the base tolling fee under the Liquefaction Services Agreement ("LTA") relating to the Hilli Episeyo of $2.5 million for the six months ended June 30, 2020 compared to $7.4 million for the same period in 2019; and
unrealized loss on the oil derivative instrument, due to changes in oil prices above a contractual floor price over the term of the LTA of $39.6 million for the six months ended June 30, 2020 compared to an unrealized gain of $0.8 million for the same period in 2019.

Power segment

Six months ended June 30,
(in thousands of $)20202019Change% Change
Equity in net losses of affiliates(30,025) (10,923) (19,102) 175 %

The share in net losses of Golar Power principally relates to trading activity of the Golar Celsius and the Golar Penguin operating as LNG carriers and the performance of the Sergipe power plant, including the Golar Nanook operating as a FSRU regasifying LNG for the power station. The increase in our share of net losses in Golar Power is mainly driven by:

commencement of operations of the Sergipe power plant and the Golar Nanook in late March 2020, which triggered the recognition of directly attributable costs as expense which were previously capitalized; and
our share of the non-cash loss recognized on the difference between the carrying value of the asset and fair value of the Golar Nanook when the vessel became available for use by the lessee which triggered the commencement of the sales-type lease in late March 2020.

Other results

The following details our other consolidated results for the six months ended June 30, 2020 and 2019:
Six months ended June 30,
(in thousands of $)20202019Change% Change
Interest income1,403  6,437  (5,034) (78 %)
Interest expense(38,044) (53,728) 15,684  (29 %)
Losses on derivative instruments(49,857) (20,418) (29,439) 144 %
Other financial items, net(11) (3,339) 3,328  (100 %)
Income taxes(382) (381) (1) — %
Net income attributable to non-controlling interests(45,205) (48,554) 3,349  (7 %)

Interest income: Interest income decreased by $5.0 million to $1.4 million for the six months ended June 30, 2020 compared to $6.4 million for the same period in 2019. The decrease was primarily due to a decrease in the returns on our fixed deposits that had been made during the six months ended June 30, 2020, and income derived from the lending capital of our lessor VIEs, that we are required to consolidate under United States Generally Accepted Accounting Principles ("U.S. GAAP").

Interest expense: Interest expense decreased by $15.7 million to $38.0 million for the six months ended June 30, 2020 compared to $53.7 million for the same period in 2019. This decrease was primarily due to:

$15.4 million decrease in interest expense arising on the loan facilities of our consolidated lessor VIEs;
$3.7 million decrease in interest expense relating to the refinance of Golar Viking facility and the prepayment of the Margin loan facility; and
$1.3 million decrease in interest expense on the Hilli letter of credit, due to a contractual step down in the Hilli letter of credit from $300.0 million to $250.0 million in May 2019, and a further step down to $125.0 million in November 2019, upon achievement of the contractual production milestone.

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This was partially offset by:

$2.7 million increase in interest expense following the $150.0 million term loan facility drawdown in August 2019;
$1.0 million decrease in capitalized interest on borrowing costs in relation to our qualifying investments; and
$0.7 million increase in amortization of deferred financing costs for the six months ended June 30, 2020 as a result of our various refinancings.

Losses on derivative instruments: Losses on derivative instruments increased by $29.4 million to a loss of $49.9 million for the six months ended June 30, 2020 compared to a loss of $20.4 million for the same period in 2019. The movement was primarily due to:

Net realized and unrealized (losses)/gains on interest rate swap agreements: As of June 30, 2020, we have an interest rate swap portfolio with a notional amount of $562.5 million, none of which are designated as hedges for accounting purposes. Net unrealized losses on the interest rate swaps increased to a loss of $44.7 million for the six months ended June 30, 2020 compared to a loss of $12.2 million for the same period in 2019. The increase was due to the decline in the long-term swap rates, partially offset by fair value adjustments reflecting our creditworthiness and that of our counterparties and a decrease in the notional value of our swap portfolio for the six months ended June 30, 2020. Realized (losses)/gains on our interest rate swaps resulted in a loss of $1.3 million for the six months ended June 30, 2020, compared to a gain of $4.1 million for the same period in 2019. The decrease was primarily due to lower LIBOR rates for the six months ended June 30, 2020.

Unrealized losses on total return swap (or equity swap): In December 2014, we established a three-month facility for a Stock Indexed Total Return Swap Program or Equity Swap Line with DNB Bank ASA in connection with a share buyback scheme. In February 2020, we repurchased the remaining 1.5 million of our shares and 0.1 million of Golar Partners' units underlying the equity swap which terminated the Total Return Swap Program. The equity swap derivatives mark-to-market adjustment resulted in a net loss of $5.1 million recognized in the six months ended June 30, 2020, compared to a net loss of $12.6 million for the same period in 2019. The losses are due to the decline in our share price.

Net unrealized gains on foreign exchange swaps: Net unrealized gains on the foreign exchange swaps increased to $1.1 million for the six months ended June 30, 2020 compared to $0.3 million for the same period in 2019. The increase was due to the favorable exchange rate movements for the six months ended June 30, 2020.

Other financial items, net: Losses on other financial items, net decreased by $3.3 million to $nil for the six months ended June 30, 2020, compared to a loss of $3.3 million for the same period in 2019, primarily as a result of consolidating our VIEs and favorable foreign exchange movements.

Net income attributable to non-controlling interests: Net income attributable to non-controlling interests decreased by $3.3 million to $45.2 million for the six months ended June 30, 2020 compared to $48.6 million for the same period in 2019 mainly due to the subscription of 30% equity interest of Gimi MS Corporation ("Gimi MS") by First FLNG Holdings in April 2019.

The net income attributable to non-controlling interests is comprised of:
$9.0 million loss and $nil in relation to the non-controlling shareholders who hold interests in Gimi MS for the periods ended June 30, 2020 and 2019, respectively;
$18.4 million and $19.7 million income in relation to the non-controlling shareholders who hold interests in Golar Hilli LLC ("Hilli LLC") for the periods ended June 30, 2020 and 2019, respectively; and
$35.8 million and $28.9 million income in relation to the equity interests in our lessor VIEs for the periods ended June 30, 2020 and 2019, respectively.


Liquidity and Capital Resources

Our short-term liquidity requirements are primarily for the servicing of debt, working capital, potential investments in our joint venture and conversion project related commitments due within the next 12 months. We may require additional working capital for the continued operation of our vessels in the spot market, which is dependent upon vessel employment and fuel costs incurred during idle time. We remain responsible for the manning and technical management of our vessels within the LNG carrier pool in which nine of our vessels operate, referred to as the "Cool Pool".

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As of June 30, 2020, we had cash and cash equivalents (including restricted cash and short-term deposits) of $265.2 million, of which $136.5 million is restricted cash. Included within restricted cash is $75.9 million with respect to the issuance of the letter of credit by a financial institution to our project partner involved in the Hilli FLNG project, $11.0 million collateral relating to requirements for our interest rate swaps and the balance mainly relates to the cash belonging to our lessor VIEs that we are required to consolidate under U.S. GAAP.

Since June 30, 2020, certain transactions impacting our cash flows include:

Payments:

payment of $5.1 million of scheduled loan and interest repayments; 

payment of $5.3 million of additions to the assets under development;

payment of $1.4 million of financing costs;

payment of $0.4 million of collateral relating to interest rate swaps.


Borrowing activities

During the six months ended June 30, 2020, we entered into the following transactions relating to our debt facilities:

In June 2020, we refinanced the Golar Bear facility and concurrently entered into an agreement to bareboat charter the vessel with AVIC International Leasing Company Limited ("AVIC") and drawdown $110.0 million. The facility has a term of seven years and bears a fixed interest rate of 4.64%;

In March 2020, the unit price of Golar Partners common units which we own and which are pledged as security for the Margin Loan facility, fell below a defined threshold and triggered a mandatory prepayment option for the lenders. The lenders agreed to amend the existing terms of the Margin Loan facility rather than exercise that option. We prepaid a portion of the facility and released the associated restricted cash, reducing the principal to $30.0 million from $100.0 million and removed the mandatory prepayment clause. The facility bears an interest rate of LIBOR plus a margin of 2.95%; and

In January 2020, we refinanced the Golar Viking facility and concurrently entered into an agreement to bareboat charter the vessel with CSSC and drawdown $56.0 million. The facility bears an interest rate of LIBOR plus a margin of 3.8%. The financing agreement also includes a conversion tranche for the vessel conversion of up to $75.0 million, of which as of June 30, 2020 we have drawn $33.4 million.

Security, debt and lease restrictions
Certain of our financing agreements are collateralized by ship mortgages and, in the case of some debt, pledges of shares by each guarantor subsidiary. The existing financing agreements impose operating and financing restrictions which may significantly limit or prohibit, among other things, our ability to incur additional indebtedness, create liens, sell capital shares of subsidiaries, make certain investments, engage in mergers and acquisitions, purchase and sell vessels, enter into time or consecutive voyage charters or pay dividends without the consent of the relevant lenders. In addition, lenders may accelerate the maturity of indebtedness under existing financing agreements and foreclose upon the collateral securing the indebtedness upon the occurrence of certain events of default, including a failure to comply with any of these existing covenants contained in the financing agreements. Many of our debt agreements contain certain covenants, which require compliance with certain financial ratios. Such ratios include maintaining a positive working capital ratio, tangible net worth covenant and minimum free cash restrictions. With regards to cash restrictions, we have agreed to retain at least $50 million of cash and cash equivalents on a consolidated group basis. In addition, as of June 30, 2020, there are cross default provisions in certain of our and Golar Partners' and Golar Power's loan and lease agreements.

Refer to note 1 of our condensed consolidated financial statements for our going concern assessment.

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Cash Flow
Six months ended June 30,
(in thousands of $)20202019Change% Change
Net cash provided by operating activities45,878  10,272  35,606  347 %
Net cash used in investing activities(160,013) (22,353) (137,660) 616 %
Net cash used in financing activities(31,081) (146,760) 115,679  (79 %)
Net decrease in cash, cash equivalents and restricted cash (145,216) (158,841) 13,625  (9 %)
Cash, cash equivalents and restricted cash at beginning of period410,412  704,261  (293,849) (42 %)
Cash, cash equivalents and restricted cash at end of period265,196  545,420  (280,224) (51 %)

Net cash provided by operating activities increased by $35.6 million to $45.9 million for the six months ended June 30, 2020, compared to $10.3 million for the same period in 2019, mainly due to:

higher contribution recognized from our participation in the Cool Pool due to higher utilization, higher charter rates and a lower number of drydocking days for our vessels; and
the improvement in the general timing of working capital for the six months ended June 30, 2020, compared to the same period in 2019, driven by on-going cost saving measures, deferred vessels repairs and maintenance works and general reduction in overheads due to COVID-19 restrictions. These deferred works and essential overhead costs are expected to be incurred later in the year when restrictions are lifted.

This was partially offset by $9.3 million cash receipts in connection with arbitration proceedings with a former charterer of the Golar Tundra for the six months ended June 30, 2019. There were no comparable receipts in the same period in 2020.

Net cash used in investing activities of $160.0 million for the six months ended June 30, 2020 arose mainly due to:

additions of $155.2 million to assets under development relating to payments made in respect of the conversion of the Gimi and the Golar Viking;
$40.0 million short term-loan advanced to Golar Partners in February and May 2020; and
additions of $10.5 million to our investments in Golar Power and Avenir.

This was partially offset by:
$40.0 million receipts from Golar Partners for repayment of the loan advanced in February and May 2020; and
$9.2 million of dividends received from Golar Partners.

Net cash used in investing activities of $22.4 million for the six months ended June 30, 2019 arose mainly due to the addition of:

$105.3 million to asset under development relating to payments made in respect of the conversion of the Gimi into a FLNG;
$12.2 million due to capital expenditures predominately in relation to the Golar Viking, Golar Crystal and Golar Arctic; and
$8.3 million to our investments in Golar Power and Avenir.

This was partially offset by the:
$72.2 million proceeds from Keppel's subscription of 30% of the equity interest in Gimi MS;
$18.4 million of dividends received from Golar Partners; and
$9.7 million of cash consideration received from Golar Partners in respect of the remaining net purchase price less working capital adjustments in connection with the Hilli acquisition.

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Net cash used in financing activities was $31.1 million for the six months ended June 30, 2020 and arose principally due to:

scheduled debt repayments of $382.5 million, which includes repayments made by our lessor VIE's (see note 9 "Variable Interest Entities" of our condensed consolidated financial statements included herein);
prepayment of $70.0 million on the principal balance on the Margin Loan facility in March 2020. There was no comparable prepayment in 2019;
payment of $59.3 million to settle the outstanding principal following the Golar Bear refinancing in June 2020.
payment of $16.7 million to repurchase the shares and units underlying our equity swap in February 2020. There was no comparable payment in 2019;
payment of dividends of $9.8 million in relation to Hilli LLC; and
financing costs of $4.3 million predominately in relation to the Golar Viking and Gimi facilities.

This was partially offset by debt proceeds drawn down of:
$95.0 million being the third draw down under the $700 million Gimi facility; and
$416.4 million in relation to borrowings made by our lessor VIE's (see note 9 "Variable Interest Entities" of our condensed consolidated financial statements included herein).

Net cash used in financing activities was $146.8 million for the six months ended June 30, 2019 and arose primarily due to:
scheduled debt repayments of $123.5 million; and
payment of dividends of $38.1 million.

This was partially offset by $14.8 million of debt proceeds drawn down by the lessor VIE.

Critical Accounting Policies and Estimates

The preparation of our financial statements in accordance with U.S. GAAP requires that management make estimates and assumptions affecting the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The following is a discussion of the accounting policies applied by us that we consider to involve a higher degree of judgment. See note 2 “Basis of preparation and significant accounting policies” of our 2019 Annual Report.

Impairment of equity method investments

Description: We assess our equity investments for impairment whenever factors indicate that the carrying value of the investment may not be recoverable. Where there are indicators that the fair value is below the carrying value of our investments, we will evaluate these for other-than-temporary impairment.

Judgments and estimates: The assessment of ‘other than temporary’ requires judgments regarding the severity and the duration of any decline in fair value before an impairment loss is recognized. Consideration is given to the length of time and the extent to which fair value is below carrying value, the financial condition and near-term prospects of our investee and our intent and ability to hold the investment until any anticipated recovery. The share price of our equity investment in Golar Partners has not recovered from the impact of the COVID-19 outbreak in line with peer companies in the LNG sector and market sentiment towards the equity investment has declined from the first quarter of 2020, contributed to by the change in strategy to cut dividend distributions to focus capital allocation on debt reduction. Although there has been no significant change to underlying business model, we believe the above factors around recoverability and decline in market sentiment have resulted in this decline being other than temporary.

Effect if actual results differ from assumptions: Although we believe the underlying judgments supporting our impairment charge are reasonable, if the fair value of our equity investments subsequently recovers to the carrying value before impairment, we would not be able to reflect this increase as part of our investment in equity and reverse the impairment charge previously taken in our statement of operations.


11


Non-GAAP Measures

Average Daily Time Charter Equivalent


Non-GAAP measureClosest equivalent US GAAP measureAdjustments to reconcile to primary financial statements prepared under US GAAPRationale for adjustments
Performance measures
Average daily TCETotal Operating revenues-Liquefaction services revenue

-Vessel and other management fees

-Voyage and commission expenses

The above total is then divided by calendar days less scheduled off-hire days.
Measure of the average daily net revenue performance of a vessel.

Standard shipping industry performance measure used primarily to compare period-to-period changes in the vessel’s net revenue performance despite changes in the mix of charter types (i.e. spot charters, time charters and bareboat charters) under which the vessel may be employed between the periods.

Assists management in making decisions regarding the deployment and utilization of its fleet and in evaluating financial performance.

Six months ended June 30,
(in thousands of $ except number of days and average daily TCE)20202019
Total operating revenues224,801  211,032  
Less: Liquefaction service revenue(109,048) (109,048) 
Less: Vessel and other management fees(10,181) (10,594) 
Time and voyage charter revenues (1)
105,572  91,390  
Voyage and commission expenses (1)(3)
(6,366) (30,467) 
99,206  60,923  
Calendar days less scheduled off-hire days (2)
1,850  1,904  
Average daily TCE (to the closest $100)53,600  32,000  
(1) This includes revenue and voyage, charterhire and commission expenses from the Cool Pool collaborative arrangement amounting to $23.4 million and $18.9 million, respectively, for the six months ended June 30, 2019. See note 16.
(2) This excludes days when vessels are in cold lay-up, undergoing dry dock or undergoing conversion.
(3) "Voyage and commission expenses" is derived from the caption "Voyage, charterhire and commission expenses" and "Voyage, charterhire and commission expenses - collaborative arrangement" less voyage and commission expenses in relation to the Hilli of $0.5 million for the six months ended June 30, 2019.

12


GOLAR LNG LIMITED
INDEX TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

                     PAGE



Unaudited Consolidated Statements of Loss for the six months ended June 30, 2020 and 2019
Unaudited Consolidated Statements of Comprehensive Loss for the six months ended June 30, 2020 and 2019
Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019
Unaudited Consolidated Statements of Cash Flows for the six months ended June 30, 2020 and 2019
Unaudited Consolidated Statements of Changes in Equity for the six months ended June 30, 2020 and 2019
Condensed Notes to the Unaudited Consolidated Financial Statements


        

         











GOLAR LNG LIMITED
UNAUDITED CONSOLIDATED STATEMENTS OF LOSS
(in thousands of $, except per share data)Six months ended June 30,
Notes20202019
Time and voyage charter revenues 8105,572  68,031  
Time charter revenues - collaborative arrangement 4, 16  23,359  
Liquefaction services revenue5109,048  109,048  
Vessel and other management fees510,181  10,594  
Total operating revenues4, 16224,801  211,032  
 
Vessel operating expenses(54,476) (62,066) 
Voyage, charterhire and commission expenses 16(6,366) (11,994) 
Voyage, charterhire and commission expenses - collaborative arrangement 4, 16  (18,933) 
Administrative expenses(18,735) (27,705) 
Project development expenses(4,937) (1,467) 
Depreciation and amortization(54,222) (56,284) 
Impairment of long-term assets4  (41,597) 
Total operating expenses(138,736) (220,046) 
 
Other operating (loss)/income
Realized and unrealized (loss)/gain on oil derivative instrument2(37,081) 8,145  
Other operating gains532  6,298  
Total other operating (loss)/income(36,549) 14,443  
Operating income49,516  5,429  
Financial income/(expenses)
Interest income1,403  6,437  
Interest expense16(38,044) (53,728) 
Losses on derivative instruments7(49,857) (20,418) 
Other financial items, net7(11) (3,339) 
Net financial expenses(86,509) (71,048) 
 
Loss before taxes and equity in net losses of affiliates(36,993) (65,619) 
Income taxes(382) (381) 
Equity in net losses of affiliates12(177,301) (39,869) 
Net loss(214,676) (105,869) 
Net income attributable to non-controlling interests(45,205) (48,554) 
Net loss attributable to stockholders of Golar LNG Limited(259,881) (154,423) 
Basic and dilutive loss per share ($)6(2.75) (1.53) 
Cash dividends declared and paid per share ($)$  $0.15  

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

13


GOLAR LNG LIMITED
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(in thousands of $)Six months ended June 30,
Notes20202019
 
Net loss(214,676) (105,869) 
 
Other comprehensive (loss)/income:
Gain associated with pensions, net of tax104    
Share of affiliates comprehensive (loss)/income (1)
(21,098) 651  
Other comprehensive (loss)/income(20,994) 651  
Comprehensive loss(235,670) (105,218) 
Comprehensive (loss)/income attributable to:
 
Stockholders of Golar LNG Limited(280,875) (153,772) 
Non-controlling interests45,205  48,554  
Comprehensive loss(235,670) (105,218) 
(1) No tax impact for the six months ended June 30, 2020 and 2019.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

14


GOLAR LNG LIMITED
CONSOLIDATED BALANCE SHEETS
20202019
(in thousands of $)NotesJune 30,December 31
UnauditedAudited
ASSETS
Current
Cash and cash equivalents128,661  222,123  
Restricted cash and short-term deposits
1075,106  111,545  
Trade accounts receivable18,563  25,470  
Inventories3,671  1,228  
Other current assets10,297  9,280  
Amounts due from related parties165,548  1,743  
Total current assets241,846  371,389  
Non-current
Restricted cash1061,429  76,744  
Investments in affiliates12312,601  508,805  
Assets under development11693,004  434,248  
Vessels and equipment, net3,032,797  3,160,549  
Other non-current assets1327,562  80,409  
Total assets4,369,239  4,632,144  
LIABILITIES AND STOCKHOLDERS' EQUITY
Current
Current portion of long-term debt and short-term debt14(1,200,584) (1,241,108) 
Trade accounts payable(15,739) (13,930) 
Accrued expenses(86,063) (81,040) 
Other current liabilities15(97,449) (96,081) 
Amounts due to related parties16(7,117) (11,790) 
Total current liabilities(1,406,952) (1,443,949) 
Non-current
Long-term debt14(1,344,281) (1,294,719) 
Other non-current liabilities(133,017) (142,650) 
Total liabilities(2,884,250) (2,881,318) 
Equity
Stockholders' equity(1,203,507) (1,498,261) 
Non-controlling interests(281,482) (252,565) 
Total liabilities and stockholders' equity(4,369,239) (4,632,144) 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.















15


GOLAR LNG LIMITED UNAUDITED CONSOLIDATED STATEMENTS OF CASHFLOWS
 Six months ended June 30,
(in thousands of $)Notes20202019
OPERATING ACTIVITIES
Net loss(214,676) (105,869) 
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization54,222  56,284  
Impairment of non-current assets  7,347  
Impairment of long-lived assets  34,250  
Amortization of deferred charges and debt guarantees3,173  2,712  
Equity in net losses of affiliates12177,301  39,869  
Dividends received460    
Drydocking expenditure(7,543) (7,001) 
Compensation cost related to employee stock awards2,771  5,008  
Net foreign exchange losses302  573  
Change in fair value of derivative instruments48,575  25,152  
Change in fair value of oil derivative instrument239,620  (750) 
Change in assets and liabilities:
Trade accounts receivable6,907  31,198  
Inventories(2,443) (1,189) 
Other current and non-current assets(9,127) (11,790) 
Amounts due to related companies(6,642) (5,778) 
Trade accounts payable2,818  164  
Accrued expenses6,009  (57,268) 
Other current and non-current liabilities(55,849) (2,640) 
Net cash provided by operating activities45,878  10,272  
INVESTING ACTIVITIES
Additions to vessels and equipment(3,529) (12,178) 
Additions to asset under development(155,236) (105,339) 
Additions to investments in affiliates(10,452) (8,292) 
Dividends received9,204  18,408  
Short-term loan advanced to related parties16(40,000) —  
Proceeds from repayment of short-term loan advanced to related parties1640,000    
Proceeds from disposals to Golar Partners  9,652  
Proceeds from subscription of equity interest in Gimi MS Corporation  72,236  
Proceeds from disposal of fixed assets  3,160  
Net cash used in investing activities(160,013) (22,353) 
FINANCING ACTIVITIES
Proceeds from short-term and long-term debt 511,375  14,824  
Repayments of short-term and long-term debt(511,792) (123,495) 
Cash dividends paid(9,762) (38,089) 
Financing costs paid(4,252)   
Purchase of treasury shares(16,650)   
Net cash used in financing activities(31,081) (146,760) 
Net decrease in cash, cash equivalents and restricted cash (145,216) (158,841) 
Cash, cash equivalents and restricted cash at beginning of period410,412  704,261  
Cash, cash equivalents and restricted cash at end of period 265,196  545,420  
16





Supplemental note to the consolidated statements of cash flows

The following table identifies the balance sheet line-items included in cash, cash equivalents and restricted cash presented in the consolidated statements of cash flows:
(in thousands of $)June 30, 2020December 31, 2019June 30, 2019December 31, 2018
Cash and cash equivalents128,661  222,123  139,834  217,835  
Restricted cash and short-term deposits75,106  111,545  252,843  332,033  
Restricted cash (non-current portion)61,429  76,744  152,743  154,393  
265,196  410,412  545,420  704,261  

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

17


GOLAR LNG LIMITED
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(in thousands of $)Share CapitalTreasury SharesAdditional Paid-in Capital
Contributed Surplus (1)
Accumulated Other Comprehensive Loss (2)
Accumulated Retained LossesTotal before Non- controlling InterestNon-Controlling InterestTotal Equity
Balance at December 31, 2018101,303  (20,483) 1,857,196  200,000  (28,512) (364,379) 1,745,125  80,666  1,825,791  
Net (loss) income—  —  —  —  —  (154,423) (154,423) 48,554  (105,869) 
Dividends—  —  —  —  —  (29,288) (29,288) (8,016) (37,304) 
Employee stock compensation—  —  5,097  —  —  —  5,097  —  5,097  
Forfeiture of employee stock compensation—  —  (88) —  —  —  (88) —  (88) 
Proceeds from subscription of equity interest in Gimi MS Corporation—  —  9,989  —  —  —  9,989  62,247  72,236  
Other comprehensive loss—  —  —  —  651  —  651  —  651  
Balance at June 30, 2019101,303  (20,483) 1,872,194  200,000  (27,861) (548,090) 1,577,063  183,451  1,760,514  
(in thousands of $)Share CapitalTreasury SharesAdditional Paid-in Capital
Contributed Surplus (1)
Accumulated Other Comprehensive Loss (2)
Accumulated Retained LossesTotal before Non- controlling InterestsNon-controlling InterestsTotal Equity
Balance at December 31, 2019101,303  (39,098) 1,876,067  200,000  (34,866)