Golar moves ahead with fourth FLNG unit
Key Takeaways
- •Golar LNG has taken a final investment decision on a fourth FLNG unit, a 3.5 mtpa MKII design costing approximately $2.45 billion, scheduled for delivery from CIMC Raffles by the end of 2029.
- •The new order will increase Golar's controlled liquefaction capacity by 41%, bringing its total to more than 12 mtpa across four floating units.
- •Three of Golar's four FLNG assets are now tied to Argentina, underscoring the country's rise as a significant LNG export candidate anchored by the Vaca Muerta shale formation.
- •Golar completed its exit from LNG shipping in early 2025 with the $24 million sale of its last carrier, Golar Arctic, ending a 50-year presence in that segment to focus entirely on floating liquefaction.
Golar LNG has ordered a fourth floating LNG unit, placing another 3.5 mtpa MKII FLNG with China's CIMC Raffles for delivery by the end of 2029.
The Nasdaq-listed company has taken a final investment decision on the project, which is expected to cost about $2.45bn. The new unit will increase Golar's controlled liquefaction capacity by 41% to more than 12 mtpa.
The order follows Golar's first 3.5 mtpa MKII unit, which is currently under conversion at the same yard using the former 148,500 cu m LNG carrier Fuji LNG. That $2.2bn project is scheduled for delivery in the fourth quarter of 2027 and is due to begin a 20-year charter with Southern Energy off Argentina in the second half of 2028.
Golar already has two FLNG units in operation. Gimi began a 20-year charter with bp at the Greater Tortue Ahmeyim development off Mauritania and Senegal last year, while Hilli is moving from Cameroon to Argentina after life-extension and upgrade work at Seatrium in Singapore, ahead of another 20-year contract.
The growing concentration of Golar assets bound for Argentina reflects the country's emergence as a significant LNG-export candidate, anchored by the Vaca Muerta shale formation in Neuquén Province, one of the world's largest unconventional gas reserves. FLNG technology enables gas monetisation without the multi-year construction timelines and capital outlay associated with onshore liquefaction terminals, making it attractive for countries seeking faster paths to exports.
The latest investment further concentrates Golar on floating liquefaction. The company sold its last LNG carrier, Golar Arctic, for $24m in early 2025, ending a 50-year presence in LNG shipping. With four FLNG units either operating, under conversion, or on order, Golar's expansion underscores broader industry interest in floating liquefaction as a flexible route to market for stranded and offshore gas reserves.
