Natural gas midstream firm Golar LNG Ltd. reported Aug. 29 a net loss attributable to the company of $112.7 million for the second quarter, down from a net income $36.3 million a year ago.
During the quarter, total operating revenues climbed to $96.7 million from $59.4 million in the prior-year period.
The fleet had a time charter equivalent of $24,400 per day during the quarter, down from $39,300 in the first quarter but up from $19,600 per day a year earlier.
Adjusted EBITDA for the quarter increased to $39.7 million from $4.2 million in the prior-year period.
The company saw an operating loss of $23.4 million during the quarter, down from operating income of $78.4 million a year ago.
Adjusted net debt went up slightly to $2.26 billion for the quarter from $2.19 billion in the prior-year period.
The company reported contract earnings backlog of $6.5 billion.
Golar LNG said it expects the LNG shipping segment will improve and helped lift earnings into 2020.
Centrais Elétricas de Sergipe, which is a joint venture of Golar Power Ltd. and Stonepeak Partners LP, will start the commercial operations of its Sergipe thermoelectric power plant in Brazil in January 2020. The power plant will have a capacity of 1.5 GW.
