Golar LNG Ltd

In February 2019, Gimi MS Corporation ("Gimi MS") and our subsidiary Golar MS Operator S.A.R.L entered into the LOA (which was subsequently amended and restated in 2021) in connection with the employment of the FLNG Gimi as part of the first phase of BP's GTA Project situated off the coast of Mauritania and Senegal. FLNG Gimi is designed to produce approximately 2.7 mtpa, with the total gas resources in the field estimated to be around 15 trillion cubic feet.

The LOA provides for the construction and conversion of the Gimi to a FLNG, transit, mooring and connection to BP's project infrastructure, commissioning with BP's upstream facilities including its FPSO, completing specified acceptance tests, followed by COD. Following COD, we will operate and maintain FLNG _Gimi_ and make her capacity exclusively available for the liquefaction of natural gas from the GTA Project and offloading of LNG produced for a period of twenty years. The total FLNG _Gimi conversion cost including financing costs is approximately $1.7 billion, of which $700.0 million is funded by the Gimi_ debt facility.

In November 2023, FLNG _Gimi sailed away from Singapore's Seatrium shipyard and arrived at the GTA field offshore_ Mauritania and Senegal on January 10, 2024 and was subsequently escorted into her 20-year GTA hub location by BP. The FLNG Gimi is awaiting connection to the feed gas pipeline and start of commissioning activities. First gas is expected in Q3 2024, subject to final completion of upstream activities and installation of the FPSO, as advised by BP. The commissioning period is expected to be approximately six months, with anticipated COD thereafter. Pre-COD, we expect contractual cash flows to be deferred on the balance sheet. COD triggers the start of the 20-year LOA term that unlocks the equivalent of around $3 billion of Adjusted EBITDA backlog to Golar and recognition of the contractual day rate comprised of capital and operating elements.

Pre-commissioning contractual cash flows under the LOA commenced in March 2023 and resulted in a payment of liquidated damages to BP. Following FLNG Gimi's arrival at the GTA hub offshore Mauritania and Senegal on January 10, 2024, we are of the view that under the terms of the LOA, from this date pre-commissioning contractual liquidated damages due to BP should cease. A LOA contract interpretation disputes regarding this and certain other contractual prepayments exist and we have initiated the dispute resolution process as prescribed by the LOA in respect of these. As of March 15, 2024, the dispute remains unresolved, and we are in continued discussions with BP to identify alternative contractual arrangements to replace parts of the existing pre-COD contractual arrangements, including parts of the disputed contract mechanisms. There is no guarantee that we can reach alignment around a potential alternative contractual and commercial arrangement.

**Safety, Environment & Ethics Committee**

Oversight of ESG projects, KPI performance and external reporting. Recommend focus areas and make regular reports to the Board. Chaired by an independent Board member, with the CEO, COO, CFO, DHSEQ and Head of Investor Relations as Committee members. [...] **Management**

Management created a structure of working groups (as shown on the next page) who oversee each aspect of ESG in the business and report up to the Safety, Environment and Ethics ("SEE") Committee, chaired by an independent Board member. The SEE Committee are responsible for identifying, assessing and monitoring climate risks and opportunities, with the highest rated presented to the Board. The SEE and working groups carry out the strategy set by the Board, including the management of climate change related issues. After the transactions described in the "About Golar" section, the working groups were restaffed, repurposed and kicked off again. The groups are made up of staff from a cross section of departments and include those who are responsible in their roles for relevant topics such as monitoring laws and regulations we need to comply with, emissions produced by our vessels, waste disposal, health and safety and people.

In February 2019, Gimi MS Corporation ("Gimi MS") and our subsidiary Golar MS Operator S.A.R.L entered into the LOA (which was subsequently amended and restated in 2021) in connection with the employment of the FLNG Gimi as part of the first phase of BP's GTA Project situated off the coast of Mauritania and Senegal. FLNG Gimi is designed to produce approximately 2.7 mtpa, with the total gas resources in the field estimated to be around 15 trillion cubic feet.

The LOA provides for the construction and conversion of the Gimi to a FLNG, transit, mooring and connection to BP's project infrastructure, commissioning with BP's upstream facilities including its FPSO, completing specified acceptance tests, followed by COD. Following COD, we will operate and maintain FLNG Gimi and make her capacity exclusively available for the liquefaction of natural gas from the GTA Project and offloading of LNG produced for a period of twenty years. The total FLNG Gimi conversion cost including financing costs is approximately $1.7 billion, of which $700.0 million is funded by the Gimi debt facility.

In November 2023, FLNG Gimi sailed away from Singapore's Seatrium shipyard and arrived at the GTA field offshore Mauritania and Senegal on January 10, 2024 and was subsequently escorted into her 20-year GTA hub location by BP. The FLNG Gimi is awaiting connection to the feed gas pipeline and start of commissioning activities. First gas is expected in Q3 2024, subject to final completion of upstream activities and installation of the FPSO, as advised by BP. The commissioning period is expected to be approximately six months, with anticipated COD thereafter. Pre-COD, we expect contractual cash flows to be deferred on the balance sheet. COD triggers the start of the 20-year LOA term that unlocks the equivalent of around $3 billion of Adjusted EBITDA backlog to Golar and recognition of the contractual day rate comprised of capital and operating elements.

Pre-commissioning contractual cash flows under the LOA commenced in March 2023 and resulted in a payment of liquidated damages to BP. Following FLNG Gimi's arrival at the GTA hub offshore Mauritania and Senegal on January 10, 2024, we are of the view that under the terms of the LOA, from this date pre-commissioning contractual liquidated damages due to BP should cease. A LOA contract interpretation disputes regarding this and certain other contractual prepayments exist and we have initiated the dispute resolution process as prescribed by the LOA in respect of these. As of March 15, 2024, the dispute remains unresolved, and we are in continued discussions with BP to identify alternative contractual arrangements to replace parts of the existing pre-COD contractual arrangements, including parts of the disputed contract mechanisms. There is no guarantee that we can reach alignment around a potential alternative contractual and commercial arrangement.

The consolidated financial statements have been prepared on a going concern basis. [...] To ensure we have the necessary liquidity to meet our anticipated capital expenditure commitments, including the FLNG Gimi and MKII FLNG conversion projects, the maturing 2021 Unsecured Bonds, scheduled debt interests and principal payments and working capital requirements over the next twelve months, we are actively undertaking the following measures: - Refinancing of the existing FLNG Gimi debt facility: We are in the process of refinancing the existing FLNG Gimi debt facility through a sale and leaseback transaction of up to $1.4 billion with multiple financial institutions. On March 20, 2025, we signed financing agreements with financial institutions with credit approvals secured for approximately $1.2 billion. This sale and leaseback refinancing is subject to third-party stakeholder approvals and standard closing conditions which are expected to complete by the end of April 2025; and [...] Release of restricted cash in relation to FLNG Hilli: We agreed the release of $60.7 million in restricted cash, which was previously held as cash collateral for a letter of credit issued by a financial institution as a performance guarantee under the Hilli LTA with Perenco and S&H. This cash collateral was otherwise expected to be restricted until the end of the LTA term. This release of the restricted cash is expected to complete in April 2025.

Management created a structure of working groups (as shown on the next page) who oversee each aspect of ESG in the business and report up to the Safety, Environment and Ethics ("SEE") Committee, chaired by an independent Board member. The SEE Committee is responsible for identifying, assessing and monitoring climate risks and opportunities, with the highest rated presented to the Board. The SEE and working groups carry out the strategy set by the Board, including management of climate change related issues. [...] SAFETY, ENVIRONMENT & ETHICS COMMITTEE Oversight of ESG projects, KPI performance and external reporting. Recommend focus areas and make regular reports to the Board. Chaired by an independent Board member, with the CEO, COO, CFO, DHSEQ and Head of Investor Relations as Committee members.

The Head of Cybersecurity updates the Cybersecurity Steering Committee ("CSC") when potential risks arising from cybersecurity threats and incidents are identified. The CSC includes key executives such as the Chief Financial Officer, Chief Accounting Officer, Head of Legal, Head of Investor Relations and Head of IT. The committee is responsible for assessing the materiality of cybersecurity risks and incidents. Significant cybersecurity risks identified by the CSC are communicated to the Audit Committee, and a comprehensive report is subsequently presented to the board of directors. [...] As of March 17, 2025, Golar and our service providers have experienced specific cybersecurity incidents, however, no material risks arising from these incidents have been identified, that have materially affected or are reasonably likely to materially affect Golar, our business strategy, results of operations or financial condition.

Management created a structure of working groups (as shown on the next page) who oversee each aspect of ESG in the business and report up to the Safety, Environment and Ethics ("SEE") Committee, chaired by an independent Board member. The SEE Committee is responsible for identifying, assessing and monitoring climate risks and opportunities, with the highest rated presented to the Board. The SEE and working groups carry out the strategy set by the Board, including management of climate change related issues. [...] SAFETY, ENVIRONMENT & ETHICS COMMITTEE Oversight of ESG projects, KPI performance and external reporting. Recommend focus areas and make regular reports to the Board. Chaired by an independent Board member, with the CEO, COO, CFO, DHSEQ and Head of Investor Relations as Committee members.

**Safety, Environment & Ethics Committee**

Oversight of ESG projects, KPI performance and external reporting. Recommend focus areas and make regular reports to the Board. Chaired by an independent Board member, with the CEO, COO, CFO, DHSEQ and Head of Investor Relations as Committee members. [...] **Management**

Management created a structure of working groups (as shown on the next page) who oversee each aspect of ESG in the business and report up to the Safety, Environment and Ethics ("SEE") Committee, chaired by an independent Board member. The SEE Committee are responsible for identifying, assessing and monitoring climate risks and opportunities, with the highest rated presented to the Board. The SEE and working groups carry out the strategy set by the Board, including the management of climate change related issues. After the transactions described in the "About Golar" section, the working groups were restaffed, repurposed and kicked off again. The groups are made up of staff from a cross section of departments and include those who are responsible in their roles for relevant topics such as monitoring laws and regulations we need to comply with, emissions produced by our vessels, waste disposal, health and safety and people.