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INVESTOR PRESENTATION MARCH 2009

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					             INVESTOR PRESENTATION MARCH 2009




March 2009
Overview

           A strong history in Traditional LNG shipping

           • Trace LNG roots to 1970’s (Gotaas-Larsen)

           • 15 controlled LNG vessels (9 Moss / 6 Membrane)

           • Solid forward employment profile

           • Strong technical and commercial capability
                  g                            p      y


           Delivering our Midstream LNG Strategy

           • FSRU: 4 firm projects (Brazil x 2; Italy; and Dubai)

           • FLNG: Partnership with PTTEP / “Field First” approach

             Gladstone: 40% project equity/sole LNG off-taker
           • Gl d t            j t     it / l        ff t k




                                                                    1
Business Strategy




                    2
Vessel Portfolio
                                Capacity                     Current
Ship                   Built      m3     Containment        Charterer     2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Methane Princess        2003     138,000    Membrane BG Group                                                           BG

Golar Freeze            1977     126,000       Moss      BG Group               BG                         DUBAI SUPPLY AUTHORITY

Golar Frost (1)         2004     137,000
                                 137 000       Moss      Spot/Conv
                                                         Spot/Conv.                                                              OLT-O
                                                                                                                                 OLT O

Golar Winter            2004     138,000    Membrane Conv./Petrobras          Shell                            PETROBRAS

Golar Spirit            1981     129,000       Moss      Petrobras                                      PETROBRAS

Golar Mazo              2000     135,000       Moss      Pertamina                                   PERTAMINA

Khannur                 1977     125,000       Moss      BG Group                       BG

Gimi                    1976     125,000       Moss      BG Group                  BG

Hilli                   1975     125,000       Moss      Conversion

Gracilis                2005     140,000    Membrane Shell                        SHELL

Grandis                 2006     145,700    Membrane Shell                        SHELL

Granosa                 2006     145,700    Membrane Shell                        SHELL

Golar Arctic            2003     140,650    Membrane Spot                       Shell

Gandria                 1977     126,000
                                 126 000       Moss      Conversion

Ebisu                   2008     147,200       Moss      NWS/Spot


                                                                           Committed contract        Options    Spot   Yard Conversion

(1) Golar Frost sold to Livono FRSU in Jul 2008. Vessel managed/operated by Golar until June 2009.




                                                                                                                                                                      3
The Markets for
     LNG


                  4
Projected LNG Demand (as at Oct 2008)

                    50,000


                    45,000
                                                                                                            Source: Wood Mac
                    40,000


                    35,000


                    30,000
                                                                                            South America
             mcfd




                    25,000                                                                  North America
            mm




                                                                                            Europe
                                                                                            Asia Pacific
                    20,000


                    15,000


                    10,000


                     5,000


                        0
                                   2000




                                                   2005




                                                                  2010




                                                                                  2015
                             LNG Demand by Region - mmcfd
                                                       2000     2005      2010      2015
                             Asia Pacific             9,663    12,111    17,698    21,119
                             Europe                   3,336     4,771    10,597    13,200
                             North America             621      1,772     2,737     8,143
                             S th America
                             South A      i             0         0        436       494
                             Total                    13,620   18,654    31,468    42,956




                                                                                                                               5
LNG Production Capacity Growth
                         400



                         350
                                                                                                                                                           Source: Wood Mac

                         300



                         250

                                                                                                                                      Possible
                                                                                                                                      Probable
                 mmtpa




                         200
                                                                                                                                      Speculative
                 m




                                                                                                                                      Under Construction
                         150                                                                                                          Onstream



                         100



                          50



                           0
                               2005


                                      2006


                                                    2007


                                                              2008


                                                                       2009


                                                                               2010


                                                                                      2011


                                                                                              2012


                                                                                                            2013


                                                                                                                      2014


                                                                                                                               2015
      Liquefaction Capacity by Basin - mmtpa
                                             2005          2006      2007     2008    2009       2010              2011      2012     2013       2014      2015
      Atlantic                               46.0          58.1      63.8     71.1    73.1           76.0          78.9      83.1     91.2       107.8     121.5
      Middle East                            34.2          40.9      45.2     45.5    58.2           81.9          95.8      99.0     99.3       99.5      99.5
      Pacific
      P ifi                                  66.6
                                             66 6          67.7
                                                           67 7      67.4
                                                                     67 4     68.6
                                                                              68 6    82.3
                                                                                      82 3           90.7
                                                                                                     90 7          95.0
                                                                                                                   95 0      94.0
                                                                                                                             94 0     95.2
                                                                                                                                      95 2       110.7
                                                                                                                                                 110 7     127.8
                                                                                                                                                           127 8
      Total                                  146.8         166.7     176.5    185.2   213.6     248.6              269.7     276.1    285.8      318.0     348.8



                                                                                                                                                                              6
LNG Carrier Fleet Growth




        Cumulative Fleet numbers                      Vessel Deliveries



                                   Source: Wood Mac
                                   S       W dM




                                                                          7
LNG Receiving Terminal Capacity Growth
                       120,000
                       120 000




                                                                                                                               Source: Wood Mac
                       100,000




                        80,000
               mmcfd




                                                                                                                    Pacific
                        60,000
                                                                                                                    Atlantic
               m




                        40,000




                        20,000




                            0
                                  005



                                          006



                                                 007



                                                        008



                                                               009



                                                                      010



                                                                             011



                                                                                    012



                                                                                           013



                                                                                                   014



                                                                                                            015
                                 20



                                         20



                                                20



                                                       20



                                                              20



                                                                     20



                                                                            20



                                                                                   20



                                                                                          20



                                                                                                  20



                                                                                                           20
          Regas Capacity by Basin - mmcfd
                                        2005    2006   2007   2008   2009   2010   2011    2012     2013     2014     2015
          Atlantic                      10,902 13,883 16,511 21,769 33,008 36,109 38,816 42,069 45,352 48,096 49,288
          Pacific                       33,203 34,154 34,397 35,899 38,806 40,836 41,636 44,325 47,073 48,018 49,729
          Total                         44,105 48,037 50,908 57,668 71,814 76,945 80,452 86,393 92,424 96,114 99,017




                                                                                                                                             8
Financials



             9
Financials - Earnings
• LNG carrier spot market weaker in
  2008 versus 2007 not helped by high                                             $229                                $225
                                                                          $250
  fuel costs
• Spot market outlook weak in first half                                  $200
  2009 but should improve as 30%                                                                                              $140




                                                           USD millions
                                                                      s
  increase in LNG production delivers in                                  $150             $116
  2009
                                                                                                                                       $73
                                                                          $100
• Spot market exposure higher in 2008                                                              $49
  versus 2007 but decreasing in 2009
                           g
                                                                          $50
                                                                          $
• Transitional period as LNG carriers
  converted to FSRUs                                                       $0
                                                                                     2008                                 2007
• 3 FSRU contracts committed in
                   $1.3
  2007/2008 adding $1 3 bn to                           Operating revenues
                                                        Operating revenues       EBITDA (ex. Gain on sale)
                                                                                 EBITDA (ex Gain on sale)    Operating cash flow (after interest expense)
                                                                                                             Operating cash flow (after interest expense)
  contracted revenue
         Vessel / contract type                  2009 (expected)                         2008                          2007
         Long-term chartered LNGCs                     5                                  5                              6
         Long term
         Long-term chartered FSRUs                     2                                  1                              0
         Variable rate chartered LNGCs (Shell)         3                                  3                              3
         Spot/short-term LNGCs                         2                                  3                              2
         Undergoing conversion                         1                                  1                              1
         Held for conversion (1 joint owned)           1.5                               1.5                             0
         TOTAL                                        13.5                               14.5                           12




                                                                                                                                                    10
Financials - Earnings

                Fourth Quarter of 2008
                                                                               $ Millions                      Q4 2008
                • Golar Spirit trades for a full quarter as
                  an FSRUs
                                                                               Operating revenue                59.5
                • Golar Winter entered ship yard for
                  conversion to a FSRU                                         EBITDA                           29.3
                • FSRU revenue growth is coming….                              Q4 EBITDA annualised             117.2

                        Golar Freeze and Golar Winter 
                            EBITDA contribution
                                                                  $81.0
                                                                                    Further Earnings Growth Potential
                $90.0                                                               • Improving LNG spot market
                $80.0
                $70.0
                                                                                      New FSRU projects / contracts
                                                                                    • N           j t        t t
                $60.0
 USD millions




                                                                                    • Charter of existing/new vessels to
                $50.0
                                                                                      projects
                $40.0
                $30.0                          $11.2                                • Liquefaction projects
                $20.0            $2.8
                $10.0
                 $0.0
                            Q4 2008       Q4 2008           Annual 
                          contribution   annualised    contribution with 
                                                       both vessels in full 
                                                       both vessels in full
                                                        FSRU operation




                                                                                                                           11
Financials - Financing

                                                                     As t Dec
                                                                     A at D 31 2008

Total assets (excluding restricted cash)                               $1.75 Bn
Debt and capital lease obligations (net of restricted cash)              $1 Bn
Book equity                                                             $452 M
Gearing (Debt / Debt + equity + minority interests)                       67%
Percentage of current fixed interest debt                                 67%
Current debt cost (based on swap rates, Libor and average margins)       4.5%
Contracted forward revenues                                             $2.1Bn

Unfinanced FSRU conversion capex - 2009                                 $45 M
                                   2010                                 $35 M
(Positive bank responses in respect of Golar Freeze refinancing)        $80 M

Market capitalisation (March 4, 2009)                                  $243 M
Shares outstanding                                                     67.2 M


                                                                                      12
Earnings – Income Statement
                                                               2008               2008             2007
 (USD thousands)                                              Oct-Dec           Jan-Dec           Jan-Dec
                                                              (unaudited)       (unaudited)       (audited)

 Operating revenues                                                 59,479          228,779           224,674
 Gain on sale of vessel/newbuilding                                      -            78,108           41,088
 Vessel operating expenses                                          16 003
                                                                    16,003            61,868
                                                                                      61 868           52,986
                                                                                                       52 986
 Voyage expenses                                                    10,242            33,126           10,763
 Administrative expenses                                             4,104            17,815           18,645
 Depreciation and amortisation                                      15,432            62,005           60,163
 Gain on sale of long-lived assets                                   (204)             (430)                -
               long-lived
 Impairment of long lived assets                                        46               110            2,345
                                                                                                        2 345
 Total operating expenses                Interest rate swap         45,623          174,494           144,902
 Operating income                         valuations and fx         13,856          132,393           120,860
 Interest income                             translation            10,214            45,828           54,906
 Interest expense                                                 (22,120)          (96,489)        (112,336)

 Other financial items                                            (57,044)          (82,100)           (8,162)

 Gain on sale of available-for-sale shares                                  -                 -        46,276

 Income (loss) before taxes & minority interest                     55,094
                                                                    55 094             (368)          101 544
                                                                                                      101,544
 Minority interest                                                  (1,611)          (6,705)           (6,547)
 Taxes                                                                   46            (510)               299
 Equity in net earnings of investees                               (1,062)           (2,406)           13,640
 Gain on sale of associate                                                -                -           27,268
 Net income (loss)                                                (57 721)
                                                                  (57,721)           (9,989)
                                                                                     (9 989)          136 204
                                                                                                      136,204
 Earnings per share ($)                                            ($0.86)           ($0.15)             $2.09



                                                                                                                 13
  LNG
Shipping
Shi i


           14
Overview: Fleet Management



►   Our ship management partners are leaders within their area
     −   Wilhelmsen Ship Management (7 vessels)
                                                                 Oslo based
     −   Thome Ship Management (4 vessels)                       Established over 150 years ago
                                                                 275 vessels under management
     −   STASCO (Shell) (3 vessels)


    Golar ‘in-house’ technical team ‘manages the managers’
     −   Experienced fleet management team retained in house
     −   Annual ship audits and inspections by in-house staff
                                               in house              g p
                                                                  Singapore based
                                                                  Established in 1976
     −   Golar presence at all dockings and repairs               255 vessels under management
     −   Experienced “Golar” staff placed in Wilhelmsen and
         Thome
     −   Golar employs third party company to carry out an
         annual Ship Safety Audit
                                                                 London based
     −   Specific system of tracking HSSE performance            40+ vessels under management
                                                                 R      i d      Industry leader
                                                                 Recognised LNG I d t l d



                                                                                                   15
FSRU Projects



                16
FSRU Value Proposition

 • Low cost / fast start-up
 • Rapid access to high value gas markets           Economic
 • Interim solution




 • Proven technology                         Why?          Accepted
 • Accepted / promoted by Oil Majors
 • Avoids local opposition (NIMBY)



  •
 • Seasonal / intermittent markets
 • Can be relocated / flexibility as LNGC                e be
                                                       Flexible
                                                       Solution
 • Technology available for harsh environments




                                                                      17
FSRU- Our Story




 • 2002: Commissioned FSRU concept study for offshore FSRU with Saipem

 • 2005: Awarded contract to Keppel for conversion of LNG carrier on a speculative basis

 • 2007: Awarded 2 long term charters from Petrobras for FSRUs

                                                                    p j
 • 2008: Final Investment Decisions for Dubai FSRU and Livorno FSRU projects

 • 2009: Successful Commissioning of Golar Spirit in Brazil


                                                                                           18
Golar FSRU Projects- Worldwide / Flexible Structure / Long Term

                                     • Golar Frost
                                     • JV Participant
                                     • Delivery 2010 (Livorno)




                                                                              • Golar Freeze
                                                                              • 10 year lease with options
      • Golar Spirit                                                          • Delivery 2Q10 (Dubai)
      • 10 year lease with options
      • Delivered Jun 2008 (Pecem)
                                                 • Golar Winter
                                                 • 10 year lease with options
                                                 • Delivery 2Q09 (Rio de Janeiro)




                                                                                                             19
Strong Floating LNG Regasification Growth in Three Years




                                         Teesside


                             Northeast Gateway
                                                         Livorno
                         N t     Project
                         Neptune P j t
                                                                   Kuwait

                   Gulf Gateway
                                                                      Dubai



                                        Petrobras- VT2
                                        P t b


                Mejillones
                                      Petrobras- VT1



                                Bahia Blanca



                                                                              Golar Operational / Committed


                                                                              Other Industry Operational / Committed




                                                                                                                  20
No Such Thing as a Generic FSRU


                       Brazil-1              Brazil- 2                 Italy                 Dubai


Regasification        2 5 bcm/yr
                      2.5                    5 1 bcm/yr
                                             5.1                   5.0
                                                                   5 0 bcm/yr              4 0 bcm/yr
                                                                                           4.0
     (up to)

Storage              129,000 m³             138,000 m³             137,000 m³             125,000 m³

Location            At existing pier     Purpose built pier          Offshore          Purpose built pier


LNG Transfer         Over jetty /           Over jetty /          Side by Side /         Side by Side /
                 Loading arms on pier   Loading arms on pier   Loading arms on ship   Loading arms on ship



Gas Transfer       HP Arms on jetty       HP Arms on jetty      Riser to subsea p/l     HP Arms on jetty


Vaporization         Closed Loop         Closed/Open Loop          Open Loop              Open Loop

Other                   LNGC                   LNGC                      -                   FSRU
Flexibility



 The Client plays a key role in the overall project – from definition to delivery………



                                                                                                             21
Midstream Project – Petrobras FSRUs


        Technical

  •   Conversion of LNG carrier Golar Spirit / Winter into FSRUs
  •   Provides improved energy security and diversity for Brazil
  •   Pier Mooring; Side by Side LNG transfer system
  •   Regas capacity of 2.5 bcm/yr (Spirit) / 5.1 bcm/yr (Winter)
  •   Storage capacity : 129,000 m³ (Spirit) / 138,000 m³ at -163˚C.
  •   Vessel retains flexibility to trade as LNG carrier



      Commercial


  •   Awarded contracts from Petrobras in Apr. 2007
  •   Charter terms are 10 yrs with options for up to 5 yrs.
  •   S i it – D li  d Jul 2008; Winter- Delivery scheduled 2Q09
      Spirit Delivered J l 2008 Wi t D li           h d l d
  •   Winter conversion at Keppel Shipyard in progress




                                                                       22
Golar Spirit- Regasification Equipment




                                         Picture courtesy and copyright Golar LNG




                                                                                    23
Golar Spirit- In FSRU Service




                                Picture courtesy and copyright Petrobras




                                                                           24
Midstream Project – Dubai FSRU

        Technical

  •   Conversion of LNG carrier Golar Freeze into FSRU
  •   Jetty Mooring, Side by Side LNG transfer system
  •   Regasification capacity of 400 MCFD
  •   Storage capacity: 125,000 m³ at -163˚C.
  •   Vessel not expected to trade




       Commercial



  •   Project FID – April 2008
  •   Charter term is 10 yrs with options up to Oct. 2024
  •                   Sep.
      Conversion from Sep 2009
  •   Delivery scheduled for Q2 2010




                                                            25
Midstream Project – Livorno FSRU

       Technical

 •   Conversion of LNG carrier Golar Frost into FSRU
 •      g               g        y                    y
     Single Point Mooring; Side by Side LNG transfer system
 •   Regulated regasification capacity of 3.75 to 5 bcm/yr
 •   Storage capacity : 137,000 m³ at -163˚C.
 •   20 km sub-sea pipeline onshore to Livorno, Italy


     Commercial


 • OLT Toscana Shareholder Agreement e ec ted
                                     executed:
     – IRIDE, EoN, OLT Energy; Golar
 • Fully permitted in February 2006
 • EPC contract awarded in Feb. 2008
 • First gas delivery targeted for 2011




                                                              26
Liquefaction
     j
  Projects


               27
Gladstone LNG Project

• Feed Gas: Arrow Energy

• Location: Fisherman’s Landing (Gladstone, NE
                     )
            Australia)

• Scope: 1 x 1.5 MTA with potential for further
          trains

• FEED: Prepared by SKEC/Lang O'Rourke

• Project Equity: LNG Ltd:- 40%; Golar- 40%;
                  Arrow Energy – 20% (option)

• Capital cost: ~$500M

• FID: Scheduled for end 2009

• LNG Offtaker: Golar (FOB)

• Shipping: up to 2 x existing Golar LNGC
            required



                                                  28
Gladstone LNG - Project Structure




                               Gas field/Pipeline   LNG Facility (Project)   Port Modifications

                               Arrow Energy         Gladstone LNG Pty Ltd    Gladstone Port
                               Limited                                       Corporation




                               Gasfield             Liquefaction process     Dredging & berth pocket
                               Development          plant                    dredging


                               Central Qld Gas      Onsite LNG Storage       Wharf No.5 extension
                               Pipeline

                               Tie-in / Metering    Wharf Pipe work /
                                                    LNG Arms




                                                                                                       29
Floating LNG (Production, Storage, and Offtaker)


Partnership with PTTEP

  “Field First Strategy”
• “Fi ld Fi t St t     ”
• Complementary capabilities
• Sharing of risk and reward
  World id         ti
• W ld wide cooperation
• Aligned strategy for growth / speed of
execution
• Actively evaluating targeted/acquired
upstream opportunities




                                                   30
Why Golar LNG?

                  • Gl b l shift t gas t combat climate change
                    Global hift to     to     b t li t h
     LNG
                  • Industry growth locked in

                  • Established, reliable provider of LNG shipping
                                  ,        p                 pp g
  C
  Capability
                  • Ability to identify and develop new concepts for LNG
                  • Working with and accepted by the major industry participants
          y
   Delivery
                  • More than talk and pictures – strong track record of delivery

                  • Full value chain participation
 Differentiated
                  • Speed to market, manageable capex

                  • Secure forward cash flow with strong counter parties
    Growth        • Project portfolio with the potential for very significant growth

                  • Risks well understood and managed
     Value
                  • Significant growth in shareholder value identified



                                                                                       31
THANK YOU




            32

				
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