Golar LNG Ltd. (NASDAQ:GLNG) Q4 2019 Earnings Conference Call - Final Transcript
Feb 25, 2020 • 10:00 am ET
Ladies and gentlemen, thank you for standing by and welcome to Golar LNG Limited 4Q 2019 Results Presentation. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]. I must advise you that this conference is being recorded today, Tuesday 25th of February 2020.
I would like to hand the conference over to your first speaker today, Iain Ross, please go ahead, sir.
Thanks, operator. Good morning and good afternoon everyone. Welcome to the Golar LNG Q4 2019 results call. My name is Iain Ross and I'm the CEO of Golar LNG and I'm joined today by our CFO, Graham Robjohns, and our Head of Investor Relations, Stuart Buchanan.
Turning to Slide 3 and the highlights, today we report Q4 adjusted EBITDA of $93 million as a result of full contribution from the Hilli FLNG and improved shipping performance. We've had good operational performance across all our assets and our projects continue to progress to plan. Our downstream development is gathering pace and I'll talk more about that later in the presentation.
Slide 4, and a closer look at shipping, our TCE for the carriers was $77,000 per day, noting that this included the completion of the final two ships in dry-dock we concluded 2019 with $172 million in the shipping revenue backlog.
Slide 5 and FLNG, Hilli continues to perform well with 100% commercial uptime and 34 cargoes now offloaded. Gimi project remains on track from both the cost and the schedule point of view with approximately 2,000 people currently working on site in Singapore. Our Mark III newbuild FEED has completed its first pass and we're currently working on some project specific scenarios, as well as developing the larger LNG capacity variant of the vessel.
Slide 6 and downstream, FSRU Nanook was fully commissioned during the quarter. She is performing well, supplying gas for the Sergipe power station commissioning, which is also going according to plan, with the full load acceptance test expected to be completed this quarter. Project planning for the Barcarena terminal is progressing well as is the small-scale business development.
And turning to Slide 7, on our license to operate the safety of our people and our contractors and partners that we work with remains at the height of our priorities. We recently took time to celebrate 2 million man-hours without a loss time injury on the Gimi project at Keppel Shipyard, and we remain on track to publish our first ESG report after concluding our Q1 2020 results.
I'll come back with more details on our sectors, but with this, I'll hand over to Graham to run through the financials at this time.
Thank you, Iain, and good day everybody. Turning to Slide 8. As you can see, our total operating revenues were significantly up this quarter to $139 million from $99 million last quarter, as a result of significantly improved shipping market and few of our vessels drydocking in Q4. Fleet utilization