Golar LNG designs, converts, owns, and operates floating liquefied natural gas (FLNG) vessels — repurposed LNG carriers outfitted with liquefaction equipment. Golar sells liquefaction capacity as a service to international oil and gas companies and national energy consortiums via long-term tolling contracts, typically 20 years, under which customers pay a fixed USD tariff in exchange for Golar providing liquefaction capacity offshore. This model allows customers to monetize stranded offshore gas reserves without building land-based infrastructure. Golar operates three FLNG units: Hilli, operational since 2018 offshore Cameroon and transitioning to a 20-year Argentina charter in H2 2027; Gimi, which reached commercial operations in June 2025 under a 20-year contract with bp for the Greater Tortue Ahmeyim project offshore Mauritania and Senegal; and the MKII, currently under conversion in China targeting delivery in Q4 2027 for a 20-year Argentina charter. Together, the three contracted vessels represent roughly $17B in EBITDA backlog. A key feature of Golar's model is that operating costs are passed through to or borne directly by customers, leaving the fixed tariff largely as clean EBITDA. The Argentina contracts also include a profit-sharing mechanism tied to LNG prices above $8/mmbtu, giving Golar commodity upside. Golar funds conversions with equity, then refinances at the asset level once units are under long-term contract, recycling capital into new FLNG units. Golar is actively pursuing a fourth FLNG unit and returning capital to shareholders via dividends and buybacks.