Golar LNG

Delivering the Worlds First Floating Storage and Regasification Units

Blake Blackwell Vice President of Business Development Golar LNG Energy 7 October 2009

Regas trains with HIPPS New Lower Pressure and Gas Metering In- Tank Pumps

LNG Loading Arms

Mooring System

Source: Golar LNG

Turbo Generators

Seawater Pumps

High Pressure Gas Manifolds

Floating Storage and Regasification The Building Blocks

LNG Shuttle Carrier

FSRU

HP Gas Transfer

LNG (Un)loading Arms LNG Loading Arms

Source: Golar LNG/ / Picture copyright Petrobras

Golar Spirit Worlds First FSRU - Pecem, Brazil

Source: Golar LNG/ Courtesy of and copyright Petrobras

Source: Golar LNG

Golar Winter Worlds Second FSRU Guanabara Bay, Brazil

In 2004, potential LNG Floating LNG storage and regasification projects were a new concept

OLT-O Livorno Excelerate Gulf Gateway

Source: Courtesy of Wood Mackenzie / Golar LNG

5 Years Ago - only 2 Floating Regasification projects

but by 2009, 7 projects were operational, a further 4 had been formally sanctioned, and many more had been proposed

Teesside Livorno Northeast Gateway Neptune Project Gulf Gateway Dubai Petrobras- VT2 Mejillones Petrobras- VT1
Golar Operational / Committed Other Industry Operational / Committed Locations where further projects have been proposed Source: Courtesy of Wood Mackenzie /Golar LNG

Kuwait

Bahia Blanca

Today Proven Progress / Firm Demand for More

Economic, accepted, and flexible: the business case for floating storage and regasification is compelling
Low cost / fast start-up Rapid access to high value gas markets Interim solution Proven / improved technology Accepted / promoted by Oil Majors Avoids local opposition (NIMBY) Seasonal / intermittent markets

ECONOMIC

Why?

ACCEPTED

Can be relocated Possible flexibility as LNGC and/or FSRU at other location

Source: Golar LNG

FLEXIBLE SOLUTION
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Floating Regas Economic, Accepted, and Flexible

LNG importers are seriously considering floating storage and regasification as an import solution
A solution in 2 years rather than 3 to 5 years from FID Less risk of delays related to land acquisition Reduced challenges with permitting More difficult in the current world economy to obtain extra funding (~$200-300M USD) FSRU Owner responsible for operations Industry estimates suggest FSRU terminal up to ~50%-75% less expensive Recent 3 MTA onshore Singapore Terminal estimated to cost $750M to $1 Billion USD(1)
Source: Golar LNG

Floating Regas Offers Cost/Schedule Benefits vs. Land Based Terminal

Note: (1) Wood Mackenzie / Reuters

75% of global GDP is OECD but decreasing as the emerging and transitional countries increase their share
OECD vs Non OECD GDP
50,000 NON OECD 45,000 40,000 35,000 OECD

U$S Billion

30,000 25,000 20,000 15,000 10,000 5,000 0 2000 2002 2004 2006 2008 2010 2012 2014

Source: Wood Mackenzie / Golar LNG

Non-OECD LNG Demand is no exception to this trend

The number of LNG importing countries is forecast to grow rapidly, with many of the new importers being Non-OECD
LNG Demand by Status
In 2009, there were 22 countries importing LNG, this is expected to increase to 42 by 2020

OECD vs Non-OECD LNG Demand

In 2009, Non-OECD members accounted for 13% of Global LNG demand. This is forecast to increase to over 22% in 2020
400

20 Countries

350 300 250

mmtpa

23 Countries CAGR 12%

200

22 Countries

9 Countries
150 100 50 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

19 Countries 13 Countries CAGR 6%

Future Im porter (Planned) Future Im porter (Project Under Developm ent) Existing Im porter

Non OECD OECD Mem bers

Source: Wood Mackenzie / Golar LNG

Non-OECD countries increasing LNG demand and faster than OECD

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Of the 20 future LNG importing countries, 14 are non OECD, 10 of which have already committed to, or are planning, floating solutions
Israel
Prequalification Document issued in 2009 to be followed by an Invitation to Bid in 2010 for an offshore LNG terminal. Despite a recent gas discovery, Israel sees benefit in security of supply via linkage to global LNG market

Dubai
Golar Freeze currently undergoing conversion to FSRU with commissioning in 2010

Jamaica.
Government of Jamaica continues to show interest in a floating regas project

Teesside Livorno Northeast Gateway Neptune Project Gulf Gateway Dubai Kuwait Indonesia - Java
May use floating regas to link Indonesia's LNG supply projects with the domestic market. Possible additional requirement in Sumatra

Uruguay.
Expected to solicit Invitations to Bid on a floating regas solution to meet power demand
Selected projects only Golar Operational / Committed Other Industry Operational / Committed Locations where further projects have been proposed Source: Wood Mackenzie LNG Tool August 2009, Wood Mackenzie / Golar Estimates

Petrobras- VT2 Mejillones Petrobras- VT1 South Africa.

Floating regas proposed to help alleviate the current electricity shortfalls and as a potential longer-term energy security option

Bahia Blanca

Future floating regas solutions are primarily in Non-OECD countries

11

The characteristics of FSRU projects make them well suited to both OECD and non OECD countries
A more cost effective way to meet low demand or to grow into LNG Can be relocated if demand is not sustainable over the long-term Reduced financing requirement; no need to build storage tank More suitable to less stable environments; Can mitigate security concerns Quicker to develop than land based facilities This can be beneficial where a short to medium term opportunity exists This may be particularly beneficial in this environment where surplus supply exists Can support LNG trading strategies low cost option to access a market

Source: Wood Mackenzie / Golar LNG

Floating regasification Strong fit in developing markets

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FSRU projects to date have been focused on tailoring converted LNGC to customer requirement Moss Containment
OLT-O - Livorno (Golar Frost)
5.0 bcm / year Offshore Side by side LNG transfer Gas risers to subsea pipeline Open Loop

DUSUP Jebel Ali (Golar Freeze)

Petrobras Pecem (Golar Spirit)

Source: Golar LNG

Moss Containment 2.5 bcm / year Near Shore (Existing Pier) Over jetty LNG transfer HP arms on pier Closed Loop

Petrobras Rio (Golar Winter) Membrane Containment 5.1 bcm / year Near Shore (New Pier) Over jetty LNG transfer HP arms on jetty Open / Closed Loop

Moss Containment 4.0 bcm / year Near Shore (New Pier) Side by side LNG transfer HP arms on jetty Open Loop

Client Defined- No such thing as a generic FSRU

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SUPPORT

DEFINITION

SITING

PROJECT DEVELOPMENT CAPABILITY

GAS OFFTAKER(S)

A Clear Mandate / Strong Support Base Clear project drivers / Support of government and/or strong energy partner Project Functional Requirements Definition Regas Rate / Vaporization / Storage / Availability / Permitting / Emissions Siting of Vessel Infrastructure requirements / Environmental conditions (including sea state, wind, etc) Full Chain Project Development Capability Scope may include LNG Sourcing + FSRU + Downstream Infrastructure + Gas Sales The Gas Offtaker Establishes Foundation Sets bearable LNG price / Normally key to successful project financing
Source: Golar LNG

FSRU Simple in Principle Complex in Execution

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LNG Loading Arms

Regasification

LNG Shuttle Carrier FSRU

HP Gas Transfer

Source: Golar LNG/ / Picture copyright DUSUP/Shell

FSRU Simple in Principle Complex in Execution

15

Source: Golar LNG/ / Picture copyright DUSUP/Shell

FSRU Simple in Principle Complex in Execution

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DEEPLNG EXPERIENCE AVAILABLE ASSETS FINANCIAL STRENGTH

TECHNICAL ANDMARINE CAPABILITY SPEED/ FLEXIBILITY

PROJECT MANAGEMENT CAPABILITY

Source: Golar LNG

FSRU Provider Simple in Principle Complex in Execution

17

Source: Golar LNG

FSRU Simple in Principle Complex in Execution

18

Source: Golar LNG

Source: Golar LNG

FSRU Simple in Principle Complex in Execution

19

Source: Golar LNG

Source: Golar LNG

FSRU Simple in Principle Complex in Execution

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Source: Golar LNG Source: Golar LNG

FSRU Simple in Principle Complex in Execution

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 The only company to deliver a floating regas projects based on converting an LNGC Spirit operating; Winter operating; Freeze conversion Dubai Government selected Golar for sole source award Track record of delivering projects on time (~ 20 to 24 months from FID) Golar approach based on tailoring solution to the customer requirements Accepted solutions: Class Society; Banks; Petrobras; Shell Full chain participant: Liquefaction; Shipping; FSRUs Supported by Fredriksen Group: financial capability; partners; technology; speed
Source: Golar LNG

FSRU Simple in Principle Complex in Execution

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Our success in FSRUs has helped provide a platform for growth for our longer term ambitions as a midstream LNG player. A restructure improves focus/execution GolarLNGLtd.
100% 74%

GolarLNGLtd. LongTermContracts
2 LNG carriers and 3 FSRU units on long term charter Fwd revenues of $ 1.9 billion Limited Capital Expenditures High dividend capacity

GolarLNGEnergyLtd. NewBusinessDevelopment
4 modern LNG carriers 3.5 Moss LNG vessels, ideal conversion candidates Project portfolio w/upside Proven track record

Production & Liquefaction

Source: Golar LNG

Shipping & Trading

Regasification

Golar restructured to create a strong platform for future growth

23

Golar LNG Energy and partners have made material progress on the worlds first coal bed methane based LNG project

LNG Ltd.; Golar LNG Energy, and Arrow Energy JV Land based liquefaction at Fishermans Landing, Gladstone, Queensland, Australia Small scaleable LNG plant (~1.5 MTA) provides fast start up and low capex Significant expansion opportunities; first mover advantage in prime location Gas supply HOA with Arrow 12 years at full capacity Golar LNG Energy HOA for 100% of LNG offtake - HOA signed with Toyota Two LNG carriers for transportation
Source: Golar LNG

Small Scale Liquefaction - Access to Molecules provides further upside

24

Source: Golar LNG / Copyright LNG Ltd

Implementing the Midstream Strategy

25

Golar LNG Energy is progressing plans in Floating LNG production (FLNG) to capture value of underdeveloped and stranded gas reserves

JV with Thailands PTT Exploration and Production Global cooperation on FLNG / Share risk and reward PTTEP acquired Coogee Resources in Q1 2009 with gas fields off NW Australia Joint Study agreement (FEED) and HOA signed Circa 1 mtpa 1.5 mtpa

Source: Golar LNG

Floating Liquefaction - Access to Molecules provides further upside

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Thank You

Source: Golar LNG/ / Picture copyright Petrobras

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Ship

Ownership

Built

Capacity 3 m

Containment

Current Charterer

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

GOLAR LNG GROUP Methane Princess Golar Winter Golar Spirit Golar Mazo Golar Freeze Ebisu 100% 100% 100% 60% 100%
Chartered in until 2010

2003 2004 1981 2000 1977

138,000 138,000 129,000 135,000 126,000

Membrane Membrane Moss Moss Moss Moss

BG Group Petrobras Petrobras Pertamina BG Group BG

BG GROUP (LNGC) PETROBRAS (FSRU) PETROBRAS (FSRU) PERTAMINA (LNGC) DUBAI SUPPLY AUTHORITY (FSRU)

Intention to exercise option to acquire Golar Freeze from Golar LNG Energy after conversion.

2008

147,200

Spot

GOLAR LNG ENERGY GROUP Khannur Gimi Hilli Gracilis Grandis Granosa Golar Arctic Gandria 100% 100% 100% 100% 100% 100% 100% 50%
1977 1976 1975 2005 2006 2006 2003 1977 125,000 125,000 125,000 140,000 145,700 145,700 140,650 126,000 Moss Moss Moss Membrane Membrane Membrane Membrane Moss BG Group BG Group Conversion Shell Shell Shell Spot Conversion SHELL SHELL SHELL BG GROUP BG GROUP

Options
Source: Golar LNG

Spot

Yard Conversion

Held for Conversion

Small Scale Liquefaction - Access to Molecules provides further upside

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