# EDGAR Filing Document

**Accession Number:** 0001207179
**File Stem:** 0001207179-23-000006
**Filing Date:** 2023-3
**Character Count:** 1374864
**Document Hash:** 8ff063efdc7e6796638152933e1ed0ac
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001207179-23-000006.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001207179-23-000006

**CONFORMED SUBMISSION TYPE**: 20-F

**PUBLIC DOCUMENT COUNT**: 483

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GOLAR LNG LTD
- **CENTRAL INDEX KEY:** 0001207179
- **STANDARD INDUSTRIAL CLASSIFICATION:** WATER TRANSPORTATION [4400]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** D0

**FILING VALUES:**
- **FORM TYPE:** 20-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-50113
- **FILM NUMBER:** 23786416

**BUSINESS ADDRESS:**
- **STREET 1:** 2ND FLOOR, S.E. PEARMAN BUILDING
- **STREET 2:** 9 PAR-LA-VILLE ROAD
- **CITY:** HAMILTON
- **STATE:** D0
- **ZIP:** HM 11
- **BUSINESS PHONE:** 441-295-4705

**MAIL ADDRESS:**
- **STREET 1:** 2ND FLOOR, S.E. PEARMAN BUILDING
- **STREET 2:** 9 PAR-LA-VILLE ROAD
- **CITY:** HAMILTON
- **STATE:** D0
- **ZIP:** HM 11

?xml version="1.0" ? glng-20221231

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM 20-F**

(Mark One)

**☐** **REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934**

**OR**

**☒** **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the fiscal year ended <u>December 31, 2022</u>

**OR**

**☐** **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**OR**

**☐** **SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

Date of event requiring this shell company report 

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| | |
|:---|:---|
| **For the transition period from** | to |

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Commission file number <u>000-50113</u> 

---

| |
|:---|
| **Golar LNG Limited** |
| (Exact name of Registrant as specified in its charter) |
| (Translation of Registrant's name into English) |
| Bermuda |
| (Jurisdiction of incorporation or organization) |
| 2nd Floor, S.E. Pearman Building <br>9 Par-la-Ville Road, Hamilton <br>HM 11, Bermuda |
| (Address of principal executive offices) |

---

Mi Hong Yoon<br>S.E. Pearman Building <br>2nd Floor 9 Par-la-Ville Road, Hamilton <br>HM 11, Bermuda<br>**Telephone:** +1 (441) 295-4705<br>

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to section 12(b) of the Act.

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol | Name of each exchange<br>on which registered |
| Common Shares, par value, $1.00 per share | GLNG | Nasdaq Global Select Market |

---

Securities registered or to be registered pursuant to section 12(g) of the Act.

None <br> (Title of class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.

None <br> (Title of class)

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report.

107,225,832 Common Shares, par value $1.00 per share<br>

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes <u>X</u> No 

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act 1934.

Yes  No <u>X</u>

Note- Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes <u>X</u> No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes <u>X</u> No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of "large accelerated filer", "accelerated filer" and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one).

Large accelerated filer <u>X</u> Accelerated filer  Non-accelerated filer  Emerging growth company 

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. &nbsp;&nbsp;&nbsp;&nbsp;

 

† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

------

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

Yes <u>X</u> No 

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.&nbsp;&nbsp;&nbsp;&nbsp;

Yes  No <u>X</u>

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).&nbsp;&nbsp;&nbsp;&nbsp;

Yes  No <u>X</u>

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP <u>X</u> International Financial Reporting Standards as issued by the International&nbsp;&nbsp;&nbsp;&nbsp; AccountingStandards Board  Other 

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

Item 17  Item 18 

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes  No <u>X</u>

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

Yes  No 

------

**INDEX TO REPORT ON FORM 20-F**

---

| | | |
|:---|:---|:---|
| **PART I** | | **PAGE** |
| ITEM 1. | <u>[IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS](#i05b57b396fa94ed1a41fa7e29911f868_19)</u> | <u>[1](#i05b57b396fa94ed1a41fa7e29911f868_19)</u> |
| ITEM 2. | <u>[OFFER STATISTICS AND EXPECTED TIMETABLE](#i05b57b396fa94ed1a41fa7e29911f868_22)</u> | <u>[1](#i05b57b396fa94ed1a41fa7e29911f868_22)</u> |
| ITEM 3. | <u>[KEY INFORMATION](#i05b57b396fa94ed1a41fa7e29911f868_25)</u> | <u>[1](#i05b57b396fa94ed1a41fa7e29911f868_25)</u> |
| ITEM 4. | <u>[INFORMATION ON THE COMPANY](#i05b57b396fa94ed1a41fa7e29911f868_37)</u> | <u>[19](#i05b57b396fa94ed1a41fa7e29911f868_37)</u> |
| ITEM 4A. | <u>[UNRESOLVED STAFF COMMENTS](#i05b57b396fa94ed1a41fa7e29911f868_64)</u> | <u>[34](#i05b57b396fa94ed1a41fa7e29911f868_64)</u> |
| ITEM 5. | <u>[OPERATING AND FINANCIAL REVIEW AND PROSPECTS](#i05b57b396fa94ed1a41fa7e29911f868_67)</u> | <u>[34](#i05b57b396fa94ed1a41fa7e29911f868_67)</u> |
| ITEM 6. | <u>[DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES](#i05b57b396fa94ed1a41fa7e29911f868_103)</u> | <u>[53](#i05b57b396fa94ed1a41fa7e29911f868_103)</u> |
| ITEM 7. | <u>[MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS](#i05b57b396fa94ed1a41fa7e29911f868_106)</u> | <u>[58](#i05b57b396fa94ed1a41fa7e29911f868_106)</u> |
| ITEM 8. | <u>[FINANCIAL INFORMATION](#i05b57b396fa94ed1a41fa7e29911f868_109)</u> | <u>[59](#i05b57b396fa94ed1a41fa7e29911f868_109)</u> |
| ITEM 9. | <u>[THE OFFER AND LISTING](#i05b57b396fa94ed1a41fa7e29911f868_112)</u> | <u>[60](#i05b57b396fa94ed1a41fa7e29911f868_112)</u> |
| ITEM 10. | <u>[ADDITIONAL INFORMATION](#i05b57b396fa94ed1a41fa7e29911f868_115)</u> | <u>[60](#i05b57b396fa94ed1a41fa7e29911f868_115)</u> |
| ITEM 11. | <u>[QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#i05b57b396fa94ed1a41fa7e29911f868_118)</u> | <u>[71](#i05b57b396fa94ed1a41fa7e29911f868_118)</u> |
| ITEM 12. | <u>[DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES](#i05b57b396fa94ed1a41fa7e29911f868_121)</u> | <u>[72](#i05b57b396fa94ed1a41fa7e29911f868_121)</u> |
| **PART II** | | |
| ITEM 13. | <u>[DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES](#i05b57b396fa94ed1a41fa7e29911f868_127)</u> | <u>[72](#i05b57b396fa94ed1a41fa7e29911f868_127)</u> |
| ITEM 14. | <u>[MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS](#i05b57b396fa94ed1a41fa7e29911f868_130)</u> | <u>[72](#i05b57b396fa94ed1a41fa7e29911f868_130)</u> |
| ITEM 15. | <u>[CONTROLS AND PROCEDURES](#i05b57b396fa94ed1a41fa7e29911f868_133)</u> | <u>[73](#i05b57b396fa94ed1a41fa7e29911f868_133)</u> |
| ITEM 16A. | <u>[AUDIT COMMITTEE FINANCIAL EXPERT](#i05b57b396fa94ed1a41fa7e29911f868_136)</u> | <u>[74](#i05b57b396fa94ed1a41fa7e29911f868_136)</u> |
| ITEM 16B. | <u>[CODE OF ETHICS](#i05b57b396fa94ed1a41fa7e29911f868_139)</u> | <u>[74](#i05b57b396fa94ed1a41fa7e29911f868_139)</u> |
| ITEM 16C. | <u>[PRINCIPAL ACCOUNTANT FEES AND SERVICES](#i05b57b396fa94ed1a41fa7e29911f868_142)</u> | <u>[74](#i05b57b396fa94ed1a41fa7e29911f868_142)</u> |
| ITEM 16D. | <u>[EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES](#i05b57b396fa94ed1a41fa7e29911f868_145)</u> | <u>[75](#i05b57b396fa94ed1a41fa7e29911f868_145)</u> |
| ITEM 16E. | <u>[PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS](#i05b57b396fa94ed1a41fa7e29911f868_148)</u> | <u>[75](#i05b57b396fa94ed1a41fa7e29911f868_148)</u> |
| ITEM 16F. | <u>[CHANGE IN REGISTRANT](#i05b57b396fa94ed1a41fa7e29911f868_151)'[S CERTIFYING ACCOUNTANT](#i05b57b396fa94ed1a41fa7e29911f868_151)</u> | <u>[75](#i05b57b396fa94ed1a41fa7e29911f868_151)</u> |
| ITEM 16G. | <u>[CORPORATE GOVERNANCE](#i05b57b396fa94ed1a41fa7e29911f868_154)</u> | <u>[75](#i05b57b396fa94ed1a41fa7e29911f868_154)</u> |
| ITEM 16H. | <u>[MINE SAFETY DISCLOSURE](#i05b57b396fa94ed1a41fa7e29911f868_157)</u> | <u>[76](#i05b57b396fa94ed1a41fa7e29911f868_157)</u> |
| **PART III** | | |
| ITEM 17. | <u>[FINANCIAL STATEMENTS](#i05b57b396fa94ed1a41fa7e29911f868_163)</u> | <u>[76](#i05b57b396fa94ed1a41fa7e29911f868_163)</u> |
| ITEM 18. | <u>[FINANCIAL STATEMENTS](#i05b57b396fa94ed1a41fa7e29911f868_166)</u> | <u>[76](#i05b57b396fa94ed1a41fa7e29911f868_166)</u> |
| ITEM 19. | <u>[EXHIBITS](#i05b57b396fa94ed1a41fa7e29911f868_169)</u> | <u>[77](#i05b57b396fa94ed1a41fa7e29911f868_169)</u> |
| <u>[SIGNATURES](#i05b57b396fa94ed1a41fa7e29911f868_172)</u> | <u>[SIGNATURES](#i05b57b396fa94ed1a41fa7e29911f868_172)</u> | <u>[82](#i05b57b396fa94ed1a41fa7e29911f868_172)</u> |

---

------

**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS**

Matters discussed in this report may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

We desire to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are including this cautionary statement in connection with this safe harbor legislation. This report and any other written or oral statements made by us or on our behalf may include forward-looking statements, which reflect our current views with respect to future events and financial performance. When used in this report, the words "believe," "anticipate," "intend," "estimate" "forecast," "projected" "plan" "potential," "continue," "will," "may," "could," "should," "would," "expect" and similar expressions identify forward-looking statements.

The forward-looking statements in this report are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. As a result, you are cautioned not to rely on any forward-looking statements.

In addition to these important factors and matters discussed elsewhere herein, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include among other things:

• our ability and that of our counterparty to meet our respective obligations under the 20-year lease and operate agreement (the "LOA") entered into in connection with the Greater Tortue/Ahmeyim Project (the "GTA Project"), including the timing of various project infrastructure deliveries to sites such as the floating production, storage and offloading unit ("FPSO") and FLNG *Gimi*. Delays to contracted deliveries to sites could result in incremental costs to both parties to the LOA, delay commissioning works and the unlocking of FLNG *Gimi* adjusted EBITDA backlog;

• that an attractive deployment opportunity, or any of the opportunities under discussion for the Mark II FLNG, one of our floating liquefaction natural gas vessel ("FLNG") designs, will be converted into a suitable contract. Failure to do this in a timely manner or at all could expose us to losses on our investments in long-lead items and engineering services to date. Assuming a satisfactory contract is secured, changes in project capital expenditures, foreign exchange and commodity price volatility could have a material impact on the expected timing of our return on investment;

• our expectation that documentation and execution of an amendment to the liquefaction tolling agreement ("LTA") with the *Hilli Episeyo* ("FLNG *Hilli*") customer to make up the 2022 production shortfall in 2023 will be completed. Failure to achieve this will require settlement of the 2022 production shortfall liability as a reduction to our final billing in 2026;

• failure to realize the anticipated benefits of our acquisition of New Fortress Energy Inc.'s ("NFE") equity interest in the common units of Golar Hilli LLC ("Hilli LLC") due to the volatility of commodity prices, our ability to recontract the FLNG *Hilli* once her current contract ends and other competitive factors in the FLNG industry;

• continuing uncertainty resulting from potential future claims from our counterparties of purported force majeure ("FM") under contractual arrangements, including but not limited to our construction projects (including the GTA Project) and other contracts to which we are a party;

• failure of shipyards to comply with delivery schedules or performance specifications on a timely basis or at all;

• failure of our contract counterparties to comply with their agreements with us or other key project stakeholders;

• our ability to meet our obligations under the LTA entered into in connection with the FLNG *Hilli*;

• our inability to expand our FLNG portfolio through our innovative FLNG growth strategy;

• our ability to close potential future transactions in relation to equity interests in our vessels, including the Golar *Arctic*, FLNG *Hilli* and *Gimi* or to monetize our remaining equity holdings in Avenir LNG Limited ("Avenir") on a timely basis or at all;

• increases in costs as a result of recent inflation, including but not limited to salaries and wages, insurance, crew provisions, repairs and maintenance;

• continuing volatility in the global financial markets, including but not limited to commodity prices and interest rates;

• changes in our relationship with our equity method investments and the sustainability of any distributions they pay us;

*•* claims made or losses incurred in connection with our continuing obligations with regard to Hygo Energy Transition Ltd ("Hygo"), Golar LNG Partners LP ("Golar Partners"), Floating Infrastructure Holdings Finance LLC ("Energos"), Cool Company Ltd ("CoolCo") and Italy's SNAM group ("Snam");

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*•* the ability of Golar Partners, NFE, Energos, CoolCo and Snam to meet their respective obligations to us, including indemnification obligations;

• changes in our ability to retrofit vessels as FLNGs or floating storage and regasification units ("FSRUs") and our ability to secure financing for such conversions on acceptable terms or at all;

• changes to rules and regulations applicable to liquefied natural gas ("LNG") carriers, FLNGs or other parts of the LNG supply chain;

• changes in the supply of or demand for LNG or LNG carried by sea and for LNG carriers or FLNGs;

• a material decline or prolonged weakness in charter rates for LNG carriers or tolling rates for FLNGs;

• global economic trends, competition and geopolitical risks, including impacts from rising inflation and the ongoing Ukraine and Russia conflict and the related sanctions and other measures, including the related impacts on the supply chain for our conversions or commissioning works;

• changes in general domestic and international political conditions, particularly where we operate, or where we seek to operate;

• changes in the availability of vessels to purchase and in the time it takes to build new vessels and our ability to obtain financing on acceptable terms or at all;

• actions taken by regulatory authorities that may prohibit the access of LNG carriers and FLNGs to various ports;

• the length and severity of outbreaks of pandemics, including the worldwide outbreak of the coronavirus ("COVID-19") and its impact on demand for LNG and natural gas, the timing of completion of our conversion projects or commissioning works, the operations of our charterers and customers, our global operations and our business in general; and

• other factors listed from time to time in registration statements, reports or other materials that we have filed with or furnished to the U.S. Securities and Exchange Commission (the "Commission"), including our most recent annual report on Form 20-F.

Please see our Risk Factors in Item 3 of this report for a more complete discussion of these and other risks and uncertainties. We caution readers of this report not to place undue reliance on these forward-looking statements, which speak only as of their dates. These forward-looking statements are not guarantees of our future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, except as required by law. If one or more forward-looking statements are updated, no inference should be drawn that additional updates will be made.

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**PART I**

**ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS**

Not applicable.

**ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE**

Not applicable.

**ITEM 3. KEY INFORMATION**

*Throughout this report, unless the context indicates otherwise, the "Company", "Golar", "Golar LNG", "we", "us", and "our" all refer to Golar LNG Limited or any one or more of its consolidated subsidiaries, including Golar Management Limited, or Golar Management, or to all such entities. References to "Golar Partners" or the "Partnership" refer, depending on the context, to our former affiliate Golar LNG Partners LP (previously listed on Nasdaq: GMLP) and to any one or more of its subsidiaries. References to "Hygo" refer to our former affiliate Hygo Energy Transition Ltd and to any one or more of its subsidiaries. References to "Avenir" refer to our affiliate Avenir LNG Limited (Norwegian OTC: AVENIR) and to any one or more of its subsidiaries. References to "NFE" refer to New Fortress Energy Inc. (Nasdaq: NFE), the third-party purchaser of Golar Partners and Hygo, which acquisition closed on April 15, 2021. References to "CoolCo" refer to Cool Company Ltd (Euronext Growth/NYSE: CLCO]) and to any one or more of its subsidiaries. Unless otherwise indicated, all references to "USD" and "$" in this report are to U.S. dollars.* 

**A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reserved**

**B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalization and Indebtedness**

Not applicable.

**C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reasons for the Offer and Use of Proceeds**

Not applicable.

**D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risk Factors** 

The risk factors summarized and detailed below could materially and adversely affect our business, our financial condition, our results of operations and the trading price of our common shares. We have categorized the risks we face based on whether they arise from our FLNG business, projects, financing and operational activities or from the industry in which we operate. We have listed these risks based on management's assessment of priority. Where relevant, we have grouped together related risks into the following categories:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**◦ Risks related to our FLNGs**

■FLNG *Gimi* may not meet its anticipated profitability or generate sufficient cash flow to justify our investment;

■FLNG *Hilli* may not meet its anticipated profitability or generate sufficient cash flow to justify our investment;

■Our operating revenue is dependent on a high customer concentration wherein a loss of any of our customers could have an adverse effect on our earnings, cash flows and financial conditions; and

■Our efforts to manage commodity and financial risks through derivative instruments could adversely affect our results of operations and financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**◦ Risks related to our projects**

■Our ability to complete the conversion of a Mark II FLNG design is contingent on our ability to obtain additional funding;

■Cost overruns and difficulties in obtaining an attractive deployment of a Mark II FLNG design could have a material adverse effect on our business, contracts, financial condition, results of operations, cash flow, and project prospects;

■Given the sophisticated nature of the FLNG conversions, we are reliant on a limited number of contractors and shipyards with relevant specialized experience; and

------

■Delays and costs associated with our non-FLNG conversion, including the *Golar Arctic* project, or service contracts could have a material adverse effect on our business, contracts, financial condition, results of operations, cash flow, liquidity and prospects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**◦ Risks related to the financing of our business**

■We may not be able to obtain new financings to meet our obligations as they fall due or to fund our growth or our future capital expenditures, which could negatively impact our results of operations, financial condition and ability to pay dividends;

■We are exposed to volatility in the London Interbank Offered Rate ("LIBOR"), the Secured Overnight Financing Rate ("SOFR") and the derivative contracts we have entered into to hedge our exposures to fluctuations in interest rates could result in charges against our results of operations, being higher than market interest rates;

■Most of our financing agreements are secured by our vessels and contain operating and financial restrictions and other covenants that may restrict our business, financing activities and ability to make cash distributions to our shareholders;

■We entered into guarantees for certain parties. If these parties are unable to service their debt requirements or comply with certain provisions contained in their loan agreements, this may have a material adverse effect on us;

■The inability of certain parties to satisfy their indemnity obligations to us could have a material adverse effect on our financial condition and results of operations;

■If the Hilli letter of credit (the "Hilli LC") is not extended, the results of operations and financial condition of Golar Hilli Corp. ("Hilli Corp") could suffer;

■Servicing our debt agreements substantially limits our funds available for other purposes and our operational flexibility;

■Our consolidated lessor variable interest entity ("VIE") may enter into different financing arrangements, which could affect our financial condition, results of operations and cash flows; and

***■***Our cash and cash equivalents and restricted cash are dependent on a limited number of financial institutions, wherein a collapse of any of our financial institution could have an adverse effect on our cash flows and financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**◦ Risks related to our operations**

■We are subject to certain risks with respect to our contractual counterparties, and failure of such counterparties to meet their obligations could cause us to suffer losses or otherwise adversely affect our business;

■We may experience increased labor costs, the unavailability of skilled workers or the failure to attract and retain qualified key personnel, which may negatively impact the effectiveness of our management and our results of operations;

■A cyber-attack could materially disrupt our business;

■Our operations face several industry risks and events which could cause damage or loss of a vessel, loss of life or environmental consequences that could harm our reputation and ongoing business operations;

■Technical operational risk, human operational errors and wear and tear of equipment may impact uptime and associated impact on financial performance of our operating units;

■Failure to comply with the U.S. Foreign Corrupt Practices Act of 1977 (the "FCPA"), the Bribery Act of the UK (the "UK Bribery Act") and other anti-bribery legislation in other jurisdictions could result in fines, criminal penalties, contract terminations and an adverse effect on our business;

■Vessel values may fluctuate substantially and, if these values are lower at a time when we are attempting to dispose of vessels, we may incur a loss;

■We will have to make additional contributions to our pension scheme because it is underfunded;

■We are exposed to U.S. dollar, Euro, Norwegian Krone, British Pound and other foreign currencies fluctuations and devaluations that could harm our results of operations; and

■Our equity method investments may not result in anticipated profitability to justify our investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**◦ Risks related to our industry**

■Our results of operations and financial condition depend on demand for LNG, FLNGs and LNG carriers;

■Political, governmental and economic instability and sanctions or embargoes imposed by the U.S. or other governmental authorities could adversely affect our business;

■Our operations are subject to extensive and changing laws, regulations, reporting requirements and social attitudes, which may have an adverse effect on our business; and

■Climate change and greenhouse gas restrictions may adversely impact our operations and markets.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**◦ Risks related to our common shares**

■The declaration and payment of dividends is at the discretion of our board of directors;

■If we fail to meet the expectations of analysts or investors, our share price could decline substantially;

■Our common share price may be highly volatile and future sales of our common shares could cause the market price of our common shares to decline and could lead to a loss of all or part of a shareholder's investment;

■We may issue additional common shares or other equity securities without our shareholders' approval, which would dilute their ownership interests and may depress the market price of our common shares;

■Because we are a Bermuda corporation, our shareholders may have less recourse against us or our directors than shareholders of a U.S. company have against the directors of a U.S. company; and

■Because our offices and most of our assets are outside the U.S., our shareholders may not be able to bring a suit against us, or enforce a judgment obtained against us in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**◦ Risks related to tax**

■As a Bermuda exempted company incorporated under Bermuda law with subsidiaries in the Marshall Islands and other offshore jurisdictions, our operations may be subject to economic substance requirements;

■A change in tax laws in any country in which we operate could adversely affect us;

■We could be treated as or become a passive foreign investment company ("PFIC"), which could have adverse U.S. federal income tax consequences to U.S. shareholders;

■We may have to pay tax on certain U.S. source income, which would have a negative effect on our business and reduce our cash available for distribution; and

■We may become subject to taxation in Bermuda which would negatively affect our results.

***Risks related to our FLNGs***

***• FLNG Gimi may not meet its anticipated profitability or generate sufficient cash flow to justify our investment.***

In February 2019, we entered into the LOA with BP Mauritania Investments Limited, as subsidiary of BP p.l.c. ("BP") for the lease and operation of FLNG *Gimi*, for the first phase of the GTA Project, situated off the coast of Mauritania and Senegal, for a period of 20 years. As of March 17, 2023, the Gimi conversion project is 92.5% technically complete and is scheduled for sail away from the shipyard in 2023. Under the LOA, we and BP are required to meet certain obligations including the construction and conversion of LNG carrier *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 the commencement of commercial operations ("COD") and meeting specified performance metrics once operational. Given the GTA Project's complexity and the interdependencies of certain activities required during project mobilization and commissioning leading to COD, should either of us be unable to meet our respective obligations under the LOA, either party could be obligated to pay substantial damages at various points in time, which could have a negative impact on our cash flow, results of operations and financial condition. This could result in a breach of certain of our bank covenants which will obligate us to repay the outstanding debt principal and associated accrued interest and harm our reputation as a FLNG company.

We estimate that the 20-year LOA with BP will contribute approximately $4.3 billion in total Adjusted EBITDA backlog, of which we have a 70% ownership interest. Significant delays to contracted deliveries could result in incremental costs to both parties of the LOA and delay the unlocking of FLNG *Gimi* Adjusted EBITDA backlog which could have an adverse effect on our cash flows and results of operations.

***• FLNG Hilli may not meet its anticipated profitability or generate sufficient cash flow to justify our investment.***

In July 2022, Perenco Cameroon S.A. ("Perenco") and Société Nationale des Hydrocarbures ("SNH") (together the "Customer") exercised its option to increase the annual capacity utilization of the FLNG *Hilli* to 1.4 million tons from January 2023 to the end of the LTA in July 2026. In late 2022, due to a combination of upstream technical issues and maintenance works, the FLNG *Hilli* had a production shortfall for the 2022 contract year for which we have recognized a non-current contract liability for this underutilization, capped in accordance with the LTA, of $35.8 million. We have agreed in principle with the Customer that the 2022 production shortfall will be compensated through overproduction in the 2023 contract year, however this amendment to the LTA has not yet been executed. If this LTA amendment is not executed, we are liable to offset this production shortfall relating to the 2022 contract year via a reduction to our final LTA billing in 2026. If the FLNG *Hilli* is unable to meet its contracted capacity in a given year, it could have a material adverse effect on our results of operations, cash flow and financial condition.

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Following the completion of our acquisition of NFE's equity interest in the common units of Hilli LLC in March 2023, we are exposed to increased risks, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to obtain the benefits of the LTA if the Customer exercises certain rights to terminate the LTA upon the occurrence of specified events of default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to obtain the benefits of the LTA if the Customer fails to make payments under the LTA because of its financial inability, disagreements with us or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incur or assume a higher proportion of unanticipated liabilities, losses or costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incur or assume a higher proportion of damages to the Customer or suffer a higher proportion of reduction in our share of the tolling fee in the event that the FLNG *Hilli* fails to perform to certain specifications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incur other significant charges, such as asset devaluation or restructuring charges; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• be unable to redeploy the FLNG *Hilli* on another long-term charter at the end of the current LTA.

Any of these circumstances or events could have a material adverse effect on our results of operations, cash flow and financial condition.

***• Our operating revenue is dependent on a limited number of customers wherein a loss of any of our customers could have an adverse effect on our earnings, cash flows and financial condition.***

Following the completion of the disposals of the majority of our LNG carriers, one of our FSRUs, and entry into an agreement to convert and subsequently sell our remaining FSRU (subject to receipt of notice to proceed), our future revenues will be generated from a limited number of customers. The loss of a key customer or a substantial decline in the amount of services requested by a key customer, or the inability of a customer to pay for our services, could have a material adverse effect on our results of operations, cash flows and financial condition. We could lose a customer or the benefits of a contract if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the customer fails to make payments because of its financial inability, disagreements with us or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we breach the relevant contract and the customer exercises certain rights to terminate the contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the customer terminates the contract because we fail to deliver the vessel or service within a fixed period of time, the vessel is lost or damaged beyond repair or incurs prolonged periods of off-hire, or we default under the contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the customer terminates the contract due to prolonged FM affecting the customer, including damage to or destruction of relevant facilities, war or geopolitical unrest preventing us from performing services for that customer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the customer becomes subject to sanction laws which directly or indirectly prohibit our ability to lawfully charter our vessel to such customer.

If we lose a key customer or if a customer exercises its right to terminate the contract or charter, we may be unable to acquire an adequate replacement which could have a material adverse effect on our results of operations, cash flows and financial condition.

***• Our efforts to manage commodity and financial risks through derivative instruments could adversely affect our results of operations and financial condition.***

We use derivative instruments to manage commodity, currency and financial market risks. The extent of our derivative position at any given time depends on our assessments of the markets for these commodities and related exposures. We currently account for all derivatives at fair value, with immediate recognition of changes in the fair value in our earnings. These transactions and other derivative transactions have resulted and may continue to result in substantial volatility in reported results of operations, particularly in periods of significant commodity, currency or financial market variability, or as a result of ineffectiveness of these contracts. For certain of these instruments, in the absence of actively quoted market prices and pricing information from external sources, the value of these financial instruments involves management's judgment or use of estimates. Changes in the underlying assumptions or use of alternative valuation methods could affect the reported fair value of these contracts. In addition, our liquidity may be adversely impacted by the cash margin requirements of the commodities exchanges or the failure of a counterparty to perform in accordance with a contract.

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***Risks related to our projects***

***• Our ability to complete the conversion of a Mark II FLNG design is contingent on our ability to obtain additional funding.***

We continuously pursue liquefaction expansion opportunities and other projects along the LNG value chain. The conversion of a FLNG, such as Mark II FLNG, one of our FLNG designs, takes a number of years and requires a substantial capital investment that is dependent on sufficient funding and commercial interest, among other factors. We may be required to use cash from operations, incur additional borrowings or raise capital through the sale of debt or additional equity securities to fund the conversion. Our ability to access capital may be limited by our financial condition at the time of such financing or offering, as well as by adverse market conditions resulting from, among other things, general economic conditions and contingencies and uncertainties that are beyond our control. Our failure to obtain funds for future capital expenditures could impact our results of operations, cash flow, financial condition and project prospects.

***• Cost overruns and difficulties in obtaining an attractive deployment of a Mark II FLNG design could have a material adverse effect on our business, contracts, financial condition, results of operations, cash flow and project prospects.***

Our investment decision on any FLNG project relies on cost estimates developed initially through front-end engineering and design studies. However, the actual construction costs may be significantly higher than our current estimates as a result of many factors, including but not limited to, longer construction periods, changes in scope, the ability and availability of the contractors with relevant conversion experience, escalating labor and material cost due to supply chain issues and the potential need for additional funds to maintain construction schedules or comply with existing or future environmental or other regulations. The occurrence of any of the foregoing could have a material adverse impact on our business, contracts, financial condition, results of operations, cash flow and project prospects.

Significant increases in the cost of the conversion among other things, including weakness of the economy, volatility of commodity prices and other competitive factors in the FLNG industry, could impact the commercial viability of the FLNG and adversely affect our plans to realize the full potential of a future Mark II FLNG and maximize return on our investment which could negatively impact our business and limit our FLNG prospects.

Difficulties in securing a commercial agreement with a counterparty for the deployment of a Mark II FLNG design conversion could result in additional costs and failure to secure a commercially attractive deployment could negatively impact our financial condition, operating results, cash flow and project prospects.

***• Given the sophisticated nature of the FLNG conversions, we are reliant on a limited number of contractors and shipyards with relevant specialized experience.***

The conversion of a Mark II FLNG design will be the first of its kind. Due to its novelty and highly technical process related to FLNG conversions, we are reliant on a limited number of contractors and shipyards with relevant FLNG conversion experience. A change of appointed contractors for any reason would likely result in higher costs and a significant delay to delivery schedules to be agreed in the future.

Furthermore, if any future FLNG vessels, once converted, are not able to meet certain performance requirements or perform as intended, we may have to accept reduced rates, not be able to contract out the converted FLNG vessel or recognize an impairment expense for a future vessel in our financial statements. Any of these possibilities would have a negative impact, which could be significant, on our results of operations, cash flows and financial condition.

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• ***Delays and costs associated with our non-FLNG conversions, including the Golar Arctic project, or service contracts could have a material adverse effect on our business, contracts, financial condition, results of operations, cash flow, liquidity and prospects.***

We entered into agreements to provide certain services to Snam, including the conversion and subsequent sale of the *Golar Arctic* (subject to receipt of a notice to proceed), into a FSRU and the agreement entered in August 2022 with Snam to provide drydocking, site commissioning and hook-up services for the *Golar Tundra* (the "Development Agreement"). The provision of these services is subject to risk of delays or defaults by the shipyards or by subcontractors caused by, among other things, unforeseen quality or engineering problems, work stoppages or other labor disturbances at the shipyard, in transit or at the commissioning site, COVID-19, weather interference, unanticipated cost increase and delays of the deliveries of necessary equipment due to supply chain issues. This would likely result in significant project delays and increased costs, which could have a material adverse effect on our business, contracts, financial condition, results of operations, cash flow and project prospects.

As of December 31, 2022, we have incurred $2.9 million of engineering and other professional fees in preparation of the *Golar Arctic's* conversion to a FSRU, despite not receiving notice to proceed with the conversion and subsequent sale. Any changes to the scope could have a material adverse impact on our business, contracts, financial condition, results of operations and cash flow.

***Risks related to the financing of our business***

• ***We may not be able to obtain new financing, to meet our obligations as they fall due or to fund our growth or our future capital expenditures, which could negatively impact our results of operations, financial condition and ability to pay dividends.***

In order to fund future projects, increased working capital levels or other capital expenditures, we may be required to use cash from operations, incur additional borrowings or raise capital through the issuance of debt or additional equity securities.

Our ability to do so may be limited by our financial condition at the time of such financing or offering, as well as by adverse market conditions resulting from, among other things, general economic conditions and contingencies and uncertainties that are beyond our control. Our failure to obtain funds for future capital expenditures could impact our results of operations, financial condition and our ability to pay dividends. Furthermore, our ability to access capital, the overall economic conditions and our ability to secure new customers on a timely basis could limit our ability to fund our growth plans and capital expenditures. If we are successful in issuing equity in order to raise capital, the issuance of additional equity securities would dilute existing shareholders' equity interests and reduce any pro rata dividend payments without a commensurate increase in cash allocated to dividends, if any. Even if we are successful in obtaining bank financing, paying debt service would limit cash available for working capital and increasing our indebtedness could have a material adverse effect on our business, results of operations, cash flows, financial condition and ability to pay dividends.

As a result of concerns about the stability of financial markets generally, and the solvency of counterparties, the availability and cost of obtaining money from the public and private equity and debt markets has become more difficult. Many lenders have increased interest rates, enacted tighter lending standards, refused to refinance existing debt at all or on terms similar to current debt, and reduced, and in some cases ceased, to provide funding to borrowers and other market participants, including equity and debt investors, and some have been unwilling to invest on attractive terms or even at all. Due to these factors, we cannot be certain that financing will be available if needed and to the extent required, or that we will be able to refinance our existing and future credit facilities, on acceptable terms or at all.

• ***We are exposed to volatility in LIBOR, SOFR and the derivative contracts we have entered into to hedge our exposures to fluctuations in interest rates could result in charges against our results of operations, being higher than market interest rates.***

LIBOR is the subject of recent national, international and other regulatory guidance and proposals for reform. Following announcements by the respective regulators, certain tenors of U.S. dollar LIBOR will cease publication after June 30, 2023. While the agreements governing our revolving facilities and secured term loan facilities provide for an alternate method of calculating interest rates if a LIBOR rate is unavailable, once LIBOR ceases to exist, there may be adverse impacts on the financial markets generally and interest rates on borrowings under our revolving facilities and secured term loan facilities may be materially adversely affected.

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Although we have started replacing LIBOR with the SOFR, the renegotiation of our remaining LIBOR-based revolving credit facilities, term loan facilities and interest rate swaps could adversely impact our cost of debt. There can be no assurance that we will be able to modify existing documentation or renegotiate existing transactions before the discontinuation of U.S. dollar LIBOR tenors by June 30, 2023.

***• Most of our financing agreements are secured by our vessels and contain operating and financial restrictions and other covenants that may restrict our business, financing activities and ability to make cash distributions to our shareholders.***

Most of our obligations are secured by certain of our vessels and guaranteed by our subsidiaries holding the interests in our vessels. Our loan agreements impose, and future financial obligations may impose, operating and financial restrictions on us. These restrictions may require the consent of our lenders, or may prevent or otherwise limit our ability to, among other things: merge into or consolidate with any other entity; to sell or otherwise dispose of, all or substantially all of our assets; make or pay equity distributions, repurchase our own shares; incur additional indebtedness; incur or make any capital expenditures; materially amend, or terminate, any of our current vessel contracts or management agreements.

Our loan agreements and lease financing arrangements also require us to maintain specific financial ratios, including minimum amounts of unrestricted cash, minimum ratios of current assets to current liabilities, excluding but not limited to the current portion of long-term debt, VIE balances, minimum levels of stockholders' equity and maximum loan amounts to value. If we were to fail to maintain these levels and ratios without obtaining a waiver of covenant compliance or modification to our covenants, we would be in default of our loans and lease financing agreements, which, unless waived by our lenders, could provide our lenders with the right to require us to increase the minimum value held by us under our equity and liquidity covenants, increase our interest payments, pay down our indebtedness to a level where we are in compliance with our loan covenants, sell vessels in our fleet or reclassify our indebtedness as current liabilities and could allow our lenders to accelerate our indebtedness and foreclose their liens on our vessels, which could result in the loss of our vessels. If our indebtedness is accelerated, we may not be able to refinance our debt or obtain new financing, which would impair our ability to continue to conduct our business.

Events beyond our control, including changes in the economic and business conditions in the industries in which we operate, interest rate developments, changes in the funding costs of our banks, changes in vessel earnings and asset valuations, outbreaks of epidemic and pandemic diseases and war or geopolitical unrest, may affect our ability to comply with these financial covenants. We cannot provide any assurance that we will continue to meet these ratios or satisfy our financial or other covenants or that our lenders will waive any failure to do so.

• ***We entered into certain guarantees and warranties for certain parties. If us or these parties are unable to meet the requirements or comply with certain provisions contained in the agreements, this may have a material adverse effect on us.***

We entered into agreements to provide stand-ready guarantees and warranties in connection with commercial bank indebtedness, charter agreements, share purchase agreements, claims, damages or liabilities imposed by governmental authorities for certain parties, including but not limited to Golar Partners, Hygo, Energos, CoolCo and Avenir. Failure by us or any of these parties to comply with any provisions contained in the agreements, may lead to an event of default under these agreements. In such case, we would need to satisfy the obligations or indemnify the losses of the respective party.

Additionally, if a default occurs under a loan agreement, the lenders could accelerate the outstanding borrowing and declare all amounts outstanding due and payable. In this case, if such party is unable to obtain a waiver or an amendment to the applicable provisions of the loan agreement, or do not have enough cash on hand to repay the outstanding borrowing, the lenders may, among other things, foreclose their liens on the respective asset, or seek repayment of the loan from such party or from us under the guarantee that we have provided.

The occurrence of any of the events described above would have a material adverse effect on our business, results of operations and financial condition, would significantly reduce our ability or make us unable to pay dividends to our shareholders for so long as such default is continuing, and may impair our ability to continue as a going concern.

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• ***The inability of certain parties to satisfy their indemnity obligations to us could have a material adverse effect on our financial condition and results of operations.***

Pursuant to the entry into agreements to provide stand-ready guarantees to certain parties, we are counter indemnified by certain parties, including NFE and Energos for certain losses we may incur in connection with providing guarantees and indemnities. These parties' abilities may be affected by events beyond either of our control, including prevailing economic, financial, geopolitical and industry conditions. If they are unable to meet their indemnification obligations, our financial condition, results of operations and ability to make cash distributions to our shareholders could be materially adversely affected.

***• If the Hilli LC is not extended, the results of operations and financial condition of Hilli Corp could suffer.***

Pursuant to the terms of the LTA, we obtained a letter of credit issued by a financial institution that guarantees certain payments of Hilli Corp, as required under the LTA. The Hilli LC was set to expire on December 31, 2019, but it automatically extends for successive one-year periods until the tenth anniversary of the acceptance of the FLNG *Hilli* to perform the agreed services for the project, unless the financial institution elects to not extend the Hilli LC. The financial institution may elect to not extend the Hilli LC by giving notice at least ninety days prior to December 31, in any subsequent year. If the Hilli LC (i) ceases to be in effect or (ii) the financial institution elects to not extend it, unless replacement security for payment is provided within a certain time, then the LTA may be terminated and Hilli Corp may be liable for a termination fee of up to $125 million. Accordingly, if the financial institution elects at some point in the future to not extend the Hilli LC, Hilli Corp's financial condition could be materially and adversely affected.

• ***Servicing our debt agreements substantially limits our funds available for other purposes and our operational flexibility.***

Our ability to service our indebtedness will depend upon, among other things, our future financial and operating performance, which will be affected by prevailing economic conditions and financial, regulatory, war or geopolitical unrest and other factors, some of which are beyond our control. If our cash inflows are not sufficient to service our indebtedness, we will be forced to take actions, such as reducing or delaying our business activities, acquisitions, investments or capital expenditures, selling assets, restructuring or refinancing our debt or seeking additional equity capital. We may not be able to effect any of these remedies on satisfactory terms, or at all. In addition, a lack of liquidity in the debt and equity markets could hinder our ability to refinance our debt or obtain additional financing on favorable terms in the future.

• ***Our consolidated lessor VIE, may enter into different financing arrangements, which could affect our financial condition, results of operations and cash flows.***

Following the sale and leaseback transaction we have entered into with a subsidiary of a Chinese financial institution that was determined to be lessor VIE, where we are deemed to be the primary beneficiary, we are required by accounting principles generally accepted in the United States of America ("U.S. GAAP") to consolidate the lessor VIE into our financial results. Although consolidated into our results, we have no control over the funding arrangements negotiated by the lessor VIE such as interest rates, maturity and repayment profiles. The funding arrangements negotiated by the lessor VIE could adversely affect our financial condition, results of operations and cash flows. For additional detail refer to note 5 "Variable Interest Entities" of our consolidated financial statements included herein.

***• Our cash and cash equivalents and restricted cash are dependent on a limited number of financial institutions, wherein a collapse of any of our financial institution could have an adverse effect on our cash flows and financial condition.***

As of December 31, 2022, we have $878.8 million of cash and cash equivalents, of which are $634.2 million held in short-term money market deposits carried with a limited number of financial institutions. The collapse of any financial institution or the inability of a financial institution to obtain necessary funding when required, or a banking crisis, could have a material adverse effect on our cash flows and financial condition.

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***Risks related to our operations***

***• We are subject to certain risks with respect to our contractual counterparties, and failure of such counterparties to meet their obligations could cause us to suffer losses or otherwise adversely affect our business.***

Following the sale of our shipping and FSRU management business and the prospective sale of our vessel operations support function, we entered into agreements for the provision of certain technical, crew, transitional corporate and administrative services and have subcontracted the provision of certain corporate and administrative services to CoolCo. Such agreements expose us to subcontractor counterparty risks. The ability of each of our subcontractors to perform its obligations under a contract with us will depend on a number of factors that are beyond our control and may include, among other things, general economic conditions, the overall financial condition of our subcontractors, the condition of the maritime and offshore industries and work stoppages or other labor disturbances. Should our subcontractors fail to honor their obligations under agreements with us, we could sustain significant losses, which could have a material adverse effect on our business, reputation, financial condition, results of operations and cash flow.

***• We may experience increased labor costs, the unavailability of skilled workers or the failure to attract and retain qualified key personnel, which may negatively impact the effectiveness of our management and our results of operations.***

We are dependent upon the available labor pool of skilled employees. We compete with other employers to attract and retain qualified personnel with the technical skills and experience required to construct and operate our FLNGs and to provide our customers with the highest quality service. A shortage in the labor pool of skilled workers, remoteness of our FLNG locations, increasing cost of living or other general inflationary pressures, changes in applicable laws and regulations or labor disputes could make it more difficult for us to attract and retain qualified personnel and could require an increase in the salaries, wages and benefits packages that we offer, thereby increasing our operating costs. Any increase in our operating costs could materially and adversely affect our business, contracts, financial condition, results of operations and cash flow.

Our success depends, to a significant extent, upon the skills and efforts of our senior executives and certain key employees. While we believe that we have an experienced team, the loss or unavailability of one or more of our senior executives and/or the key employees for any extended period of time could have an adverse effect on our business and results of operations.

***• A cyber-attack could materially disrupt our business.***

We rely on information technology systems and networks in our operations and the administration of our business. Cyber-attacks have increased in number and sophistication in recent years. Our operations could be targeted by individuals or groups seeking to sabotage, compromise or disrupt our information technology systems and networks, or to steal data. A successful cyber-attack could materially disrupt our operations, including the safety of our operations, or lead to unauthorized release of information or alteration of information on our systems. Any such attack or other breaches of our information technology systems could have a material adverse effect on our business, financial condition, results of operations and cash flows.

***• Our operations face several industry risks and events which could cause damage or loss of a vessel, loss of life or environmental consequences that could harm our reputation and ongoing business operations.***

Our vessels are at risk of being damaged or lost because of events such as marine disasters, outbreaks of epidemic and pandemic diseases, acts of piracy, environmental accidents, bad weather, mechanical failures, grounding, fire, explosions and collisions, human error, national emergency, war and terrorism. Incidents such as these have historically affected companies in our industry, and such an event or accident involving any of our vessels could result in any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• death or injury to persons, loss of property or environmental damage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• delays in the delivery of cargo or performance of service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the inability to complete scheduled engine overhauls, routine maintenance work, vessel inspections, certifications by class societies and management of equipment malfunctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss of hire from or termination of contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• governmental fines, penalties, remedial liabilities or restrictions on conducting business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a government requisitioning or seizure of our vessels (e.g. in a time of war or national emergency);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• higher insurance premium; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• damage to our reputation and customer relationships generally.

Any of these circumstances or events could increase our costs or lower our revenues and cash flows. In particular:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• although we carry insurance, all risks may not be adequately insured against, and not all claims may be settled. Any claims covered by insurance would be subject to deductibles, and since it is possible that a large number of claims may be brought, the aggregate amount of these deductibles could be material;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if piracy attacks, military action or war results in regions in which our vessels are characterized as operating within "war risk" zones by insurers or the Joint War Committee "war and strikes" listed areas, premiums payable for such coverage could increase significantly and such insurance coverage may be more difficult to obtain;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain of our insurance coverage is maintained through mutual protection and indemnity associations and, as a member of such associations, we may be required to make additional payments over and above budgeted premiums if member claims exceed association reserves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may have to pay repair costs that our insurance policies do not cover. The costs of vessel repairs are unpredictable and can be substantial. The loss of earnings while these vessels are being repaired, as well as the actual cost of these repairs, would further decrease our results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if one of our vessels were involved in an incident resulting in environmental contamination, we could be fully or jointly liable for cleanup of such contamination or face other costs or penalties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if one of our vessels were involved in an accident with the potential risk of environmental contamination, the resulting media coverage could have a material adverse effect on our business, our results of operations and cash flows, weaken our financial condition and negatively affect our ability to pay distributions.

***• Technical operational risk, human operational errors and wear and tear of equipment may impact uptime and associated impact on financial performance of our operating units.***

FLNG units are complex floating operation platforms dependent on multiple systems to work in parallel to obtain efficient operations. The various equipment onboard has different operational procedures and maintenance cycles. A breakdown of critical component(s) may adversely impact the overall performance of our FLNG operations, which may lead to economic impacts. Human operational errors, out of cycle maintenance of equipment, failure to routinely conduct maintenance, wear and tear and external impacts may negatively impact our operations and results of operations.

***• Failure to comply with the FCPA, the UK Bribery Act and other anti-bribery legislation in other jurisdictions could result in fines, criminal penalties, contract terminations and an adverse effect on our business.***

We may operate in several countries throughout the world, including countries known to have a reputation for corruption. We are committed to doing business in accordance with applicable anti-corruption laws and have adopted a code of business conduct and ethics which is consistent and in full compliance with the FCPA and the UK Bribery Act. We are subject, however, to the risk that we, our affiliated entities or our or their respective officers, directors, employees and agents may take actions determined to be in violation of such anti-corruption laws, including the FCPA and the UK Bribery Act. Any such violation could result in substantial fines, sanctions, civil and/or criminal penalties, curtailment of operations in certain jurisdictions, and might adversely affect our business, results of operations or financial condition. In addition, actual or alleged violations could damage our reputation and ability to do business. Furthermore, detecting, investigating, and resolving actual or alleged violations is expensive and can consume significant time and attention of our senior management.

To effectively compete in some foreign jurisdictions, we utilize local agents and/or establish entities with local operators or strategic partners. All these activities may involve interaction by our agents with government officials. Even though some of our agents or partners may not themselves be subject to the FCPA, the UK Bribery Act, or other anti-bribery laws to which we may be subjected to, if our agents or partners make improper payments to government officials or other persons in connection with engagements or partnerships with us, we could be investigated and potentially found liable for violation of such anti-bribery laws and could incur civil and criminal penalties and other sanctions, which could have a material adverse effect on our business and results of operations.

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• ***Vessel values may fluctuate substantially and if these values are lower at a time when we are attempting to dispose of vessels, we may incur a loss in our consolidated financial statements.***

Vessel values can fluctuate substantially over time due to several different factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prevailing economic and market conditions in the natural gas and energy markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a substantial or extended decline in demand for LNG;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increases in the supply of vessel capacity without a commensurate increase in demand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the type, size and age of a vessel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• competition from more technologically advanced vessels; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost of new buildings or retrofitting or modifying existing vessels, as a result of technological advances in vessel design or equipment, changes in applicable environmental or other regulations or standards, customer requirements or otherwise.

As our vessels age, the expenses associated with maintaining and operating them are expected to increase, which could have an adverse effect on our business and operations.

The carrying values of our vessels may not represent their fair market value at any point in time because the market prices of secondhand vessels tend to fluctuate with changes in charter rates, the cost of new build vessels and supply/demand for secondhand vessels. Our vessels are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Any impairment charges recognized in our consolidated financial statements could negatively affect our business, financial condition, results of operations or the trading price of our common shares.

• ***We will have to make additional contributions to our pension scheme because it is underfunded.***

We have two defined benefit pension plans for certain of our current and former marine employees. Members do not contribute to the pension scheme plans and these pension schemes are closed to new entrants. As of December 31, 2022, one of the plans is underfunded by $26.0 million. The underfunded pension liability could change depending on market conditions, interest rates volatility and other key actuarial assumptions. We may need to increase our contributions in order to meet the scheme's liabilities as they fall due, or, to reduce the deficit. Such contributions could have a material and adverse effect on our cash flows and financial condition.

• ***We are exposed to U.S. dollar, Euro, Norwegian Krone, British Pound and other foreign currencies fluctuations and devaluations that could harm our results of operations.***

Our principal currency for our operations and financing is the U.S. dollar. We generate most of our revenues in the U.S. dollar. Apart from the U.S. dollar, we incur operating and administrative expenses in multiple currencies. Due to a portion of our expenses being incurred in currencies other than the U.S. dollar, our expenses may, from time to time, increase relative to our revenues as a result of fluctuations in exchange rates, particularly between the U.S. dollar and but not limited to the Euro, the Norwegian Krone ("NOK") and the British Pound ("GBP"), which could affect our earnings. We may use financial derivatives to hedge some of our currency exposures. Our use of financial derivatives involves certain risks, including the risk that losses on a hedged position could exceed the nominal amount invested in the instrument and the risk that the counterparty to the derivative transaction may be unable or unwilling to satisfy its contractual obligations, which could have an adverse effect on our results and cash flows.

***• Our equity method investments may not result in sufficient profitability to justify our investment.***

As of December 31, 2022, we held investments in Avenir, Aqualung Carbon Capture AS ("Aqualung"), Egyptian Company for Gas Services S.A.E. ("ECGS") and, CoolCo and NFE (which were subsequently disposed of in February and March 2023, respectively). The value of our investments and the income generated from our investments are subject to a variety of risks, including, among others, the inability of our investments to identify and enter into appropriate projects, inability of our investments to obtain sufficient financing for any project it identifies, failure of our investments' current projects, and other industry, regulatory, economic and political risks impacting our investments' operations.

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***Risks related to our industry***

• ***Our results of operations and financial condition depend on demand for LNG, FLNGs and LNG carriers.***

Our results of operations and financial condition depend on continued global and regional demand for LNG, FLNGs and LNG carriers, which could be negatively affected by several factors, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• geopolitical unrest or war, such as the conflict in Ukraine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• price and availability of natural gas, crude oil and petroleum products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increases in the cost of natural gas derived from LNG relative to the cost of natural gas;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• insufficient or oversupply of natural gas liquefaction or receiving capacity worldwide;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• decreases in the cost of, or increases in the demand for, conventional land-based regasification and liquefaction systems, which could occur if providers or users of liquefaction services seek greater economies of scale than what our FLNGs can provide, or if the economic, regulatory or political challenges associated with land-based activities improve;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• further development of, or decreases in the cost of, alternative technologies for floating liquefaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increases in the production levels of low-cost natural gas in domestic natural gas consuming markets, which could further depress prices for natural gas in those markets and make LNG uneconomical;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increases in the production of natural gas in areas linked by pipelines to consuming areas, the extension of existing, or the development of new pipeline systems in markets we may serve, or the conversion of existing non-natural gas pipelines to natural gas pipelines in those markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• negative global or regional economic or political conditions, particularly in LNG-consuming regions, could reduce energy consumption or its growth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• decreases in the consumption of natural gas due to increases in its price relative to other energy sources or other factors making consumption of natural gas less attractive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any significant explosion, spill or other incident involving an LNG carrier, conventional land-based liquefaction system or FLNG;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• new taxes or regulations affecting LNG production or liquefaction that make LNG production less attractive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a significant increase in the number of FLNGs and LNG carriers available, whether by conversion of existing vessels or the increase in construction of vessels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increases in interest rates or other events that may affect the availability of sufficient financing for LNG projects on commercially reasonable terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the inability of project owners or operators to obtain governmental approvals to construct or operate LNG facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• local community resistance to proposed or existing LNG facilities, or decrease in demand for natural gas based on safety, environmental or security concerns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• labor or political unrest affecting existing or proposed areas of LNG production, liquefaction and regasification; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• availability of new, alternative energy sources, including compressed natural gas.

Reduced demand for LNG, natural gas liquefaction, transportation or any reduction or limitation in LNG production capacity, could have a material adverse effect on prevailing charter rates, tolling fees or the market value of our vessels, which could have a material adverse effect on our results of operations and financial condition.

• ***Political, governmental and economic instability and sanctions or embargoes imposed by the U.S. or other governmental authorities could adversely affect our business.***

Although we conduct most of our operations outside of the U.S., the operations of certain of our customers may be adversely affected by changing economic, political and government conditions in the countries and regions where our vessels are employed or registered. Moreover, we operate in, and are pursuing projects in areas of the world that are likely to be adversely impacted by the effects of political conflicts, including the current political instability in Ukraine, Africa, the Middle East and the South China Sea region, terrorist or other attacks, and war (or threatened war) or international hostilities.

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As a result of these political conflicts, our operations may be affected by extensive changes in energy policies or the personnel administering them, expropriation of property, cancellation or modification of contract rights, changes in laws and policies governing operations of foreign-based companies, unilateral renegotiation of contracts by governmental entities, redefinition of international boundaries or boundary disputes, foreign exchange restrictions or controls, currency fluctuations, royalty and tax increases and other risks arising out of governmental sovereignty over the areas in which our operations are conducted, as well as risks of loss due to acts of social unrest, terrorism, corruption and bribery.

Political instability has also resulted in attacks on vessels, mining of waterways and other efforts to disrupt international shipping, particularly in the Arabian Gulf region and most recently in the Black Sea in connection with the conflict between Russia and Ukraine. This conflict has resulted in several countries and international organizations, such as the U.S., the UK and the EU, imposing trade and investment sanctions against Russia which are expected to adversely affect the global economy. While our vessels and customers are not directly impacted by these measures, these factors could also increase our costs of conducting our business, particularly crew, insurance and security costs, and prevent or restrict us from obtaining insurance coverage, all of which have may have a material adverse effect on our business, financial condition, results of operations and cash flows.

In addition, tariffs, trade embargoes and other economic sanctions by the U.S. or other countries, against countries in which we operate, or with which we trade, or with which we or any of our customers or business partners may become subjected to, could harm our business. We could be subjected to monetary fines, penalties, or other sanctions, and our reputation and the market for our common shares could be adversely affected if we were found to be in a violation of sanctions or embargo laws.

Further, governments may turn to trade barriers to protect their domestic industries against foreign imports, thereby depressing shipping and LNG demand. This could have a material adverse effect on our business, results of operations, financial condition and our ability to pay any cash distributions to our shareholders.

• ***Our operations are subject to extensive and changing laws, regulations, reporting requirements and social attitudes, which may have an adverse effect on our business.***

Our operations are affected by extensive and changing laws, regulations, reporting requirements and social attitudes that could create greater reporting obligations and compliance requirements, including those related to environmental protection, handling, use, disposal, and generation of hazardous substances, occupational health and safety, and other matters. We or our customers may be required to obtain permits, licenses, or other authorizations to operate under such laws, which could be costly and time-consuming. Additionally, compliance with these laws, regulations, treaties, conventions, and other requirements, may increase our costs, limit our operations or access to new opportunities or have an adverse effect on our business. Failure to comply can result in administrative and civil penalties, criminal sanctions or the suspension or termination of our operations, including, in certain instances, seizure or detention of our vessels.

***• Climate change, greenhouse gas restrictions and other environmental, social and governance considerations may adversely impact our operations and markets.***

An increasing concern for, and focus on climate change has promoted extensive existing and proposed international, national and local regulations intended to reduce greenhouse gas emissions including from various jurisdictions and the International Maritime Organization (the "IMO"). These regulatory measures may include the adoption of cap-and-trade regimes, carbon taxes, increased efficiency standards and incentives or mandates for renewable energy. Compliance with changes in laws and regulations relating to climate change could increase our costs of operating and maintaining our vessels and could require us to make significant financial expenditures that we cannot predict with certainty.

Adverse effects upon the oil and gas industry relating to climate change, including growing public concern about the environmental impact of climate change, may also influence demand for our services and could have a significant adverse financial and operational impact on our business that we cannot predict with certainty at this time.

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Additionally, investors', lenders' and other market participants' preferences and sentiments are influenced by Environmental, Social and Governance ("ESG") considerations including climate change, prioritizing sustainable energy practices, reducing our carbon footprint and promoting sustainability. While we may create and publish voluntary disclosures regarding ESG matters from time to time, many of the statements in those voluntary disclosures will be based on hypothetical expectations and assumptions that may or may not be representative of current or actual risks or events or forecasts of expected risks or events, including the costs associated therewith. Such expectations and assumptions are necessarily uncertain and may be prone to error or subject to misinterpretation given the long timelines involved and the lack of an established single approach to identifying, measuring, and reporting on many ESG matters. Additionally, while we may also announce various voluntary ESG targets in the near future, such targets are aspirational and we may not be able to meet such targets in the manner or on a timeline as initially contemplated.

Changes in those preferences and sentiments could affect our access to capital markets and our attractiveness to potential investors, potentially resulting in reduced access to financing, increased financing costs or restrictions on financing and impact our business plans and financial performance. These limitations may affect our ability to grow as our business plans and our strategic plans for growth may include accessing the equity and debt capital markets. If those markets are unavailable, or if we are unable to access alternative means of financing on acceptable terms, or at all, we may be unable to implement our business strategy, which would have a material adverse effect on our financial condition and results of operations and impair our ability to service our indebtedness.

***Risks related to our common shares***

• ***The declaration and payment of dividends and repurchase of our own shares are at the discretion of our board of directors.***

The declaration and payment of dividends to holders of our common shares or the repurchase of shares from holders of our common shares will be at the discretion of our board of directors in accordance with applicable law. In determining whether to declare and pay a dividend, or to repurchase our shares, our board of directors will take into account various factors, including actual results of operations, liquidity and financial condition, net cash provided by operating activities, restrictions imposed by applicable law, our taxable income, our operating expenses, the share price, and other factors our board of directors deem relevant. There can be no assurance that we will resume the payment of dividends in amounts or on a basis consistent with prior distributions, if at all, or approve new share repurchase programs, or pursue share repurchases, even if such a program has been approved. Certain of our loan agreements restrict our payment of distributions. Because we are a holding company and have no direct operations, we will only be able to pay dividends from our available cash on hand and any funds we receive from our subsidiaries and our ability to receive distributions from our subsidiaries may be limited by the financing agreements to which they are subject.

• ***If we fail to meet the expectations of analysts or investors, our share price could decline substantially.***

In some quarters, our results may be below analysts' or investors' expectations. If this occurs, the price of our common shares could decline. Important factors that could cause our revenue and results of operations to fluctuate from quarter to quarter or year on year, include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prevailing economic and market conditions in the natural gas and energy markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• negative global or regional economic or political conditions, particularly in LNG-consuming regions, which could reduce energy consumption or its growth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• declines in demand for LNG or the services of FLNGs and LNG carriers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increases in the supply of FLNGs or LNG carriers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• marine disasters, war, piracy or terrorism, environmental accidents, or extreme weather conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• mechanical failures or accidents involving any of our vessels; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• dry-dock scheduling and capital expenditures.

Most of these factors are not within our control, and the occurrence of one or more of them may cause our results of operations to vary widely.

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• ***Our common share price may be highly volatile and future sales of our common shares could cause the market price of our common shares to decline and could lead to a loss of all or part of a shareholder*'*s investment.***

The market price of our common shares has fluctuated widely since they began trading on the NASDAQ Global Select Market. We cannot assure you that an active and liquid public market for our common shares will continue.

The market price of our common shares may experience extreme volatility in response to many factors, including factors that may be unrelated to our operating performance or prospects such as actual or anticipated fluctuations in our quarterly or annual results and those of other public companies in our industry, the suspension of our dividend payments, mergers and strategic alliances within our industry, market conditions in the LNG industry, developments in our FLNG investments, shortfalls in our results of operations from levels forecast by securities analysts, announcements concerning us or our competitors, business interruptions, the general state of the securities market, and other factors, many of which are beyond our control.

Additionally, sales of a substantial number of our common shares in the public market, or the perception that these sales could occur, may depress the market price for our common shares. These sales could also impair our ability to raise additional capital through the sale of our equity securities in the future. Therefore, there can be no guarantee that our share price will remain at current prices, and we cannot assure our shareholders that they will be able to sell any of our common shares that they may have purchased at a price greater than or equal to the original purchase price.

• ***We may issue additional common shares or other equity securities without our shareholders' approval, which would dilute their ownership interests and may depress the market price of our common shares.***

We may issue additional common shares or other equity securities in the future in connection with, among other things, mergers and strategic alliances, vessel conversions, future vessel acquisitions, repayment of outstanding indebtedness or our equity incentive plan, in each case without shareholder approval in several circumstances.

Our issuance of additional common shares or other equity securities could have the following effects:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our existing shareholders' proportionate ownership interest in us may decrease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount of cash available for dividends payable on our common shares may decrease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the relative voting strength of each previously outstanding common share may be diminished; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the market price of our common shares may decline.

• ***Because we are a Bermuda corporation, our shareholders may have less recourse against us or our directors than shareholders of a U.S. company have against the directors of a U.S. Company.*** 

Because we are a Bermuda exempted company, the rights of holders of our common shares will be governed by Bermuda law and our memorandum of association and bye-laws. The rights of shareholders under Bermuda law may differ from the rights of shareholders in other jurisdictions, including with respect to, among other things, rights related to interested directors, amalgamations, mergers and acquisitions, takeovers, the discharge and indemnification of directors and shareholder lawsuits.

Among these differences is a Bermuda law provision that permits a company to exempt a director from liability for any negligence, default, or breach of a fiduciary duty except for liability resulting directly from that director's fraud or dishonesty. Our bye-laws provide that no director or officer shall be liable to us or our shareholders unless the director's or officer's liability results from that person's fraud or dishonesty. Our bye-laws also require us to indemnify a director or officer against any losses incurred by that director or officer resulting from their negligence or breach of duty, except where such losses are the result of fraud or dishonesty. Accordingly, we carry directors' and officers' insurance to protect against such a risk.

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In addition, under Bermuda law, the directors of a Bermuda company owe their duties to that company and not to the shareholders. Bermuda law does not, generally, permit shareholders of a Bermuda company to bring an action for a wrongdoing against the company or its directors, but rather the company itself is generally the proper plaintiff in an action against the directors for a breach of their fiduciary duties. Moreover, class actions and derivative actions are generally not available to shareholders under Bermuda law. These provisions of Bermuda law and our bye-laws, as well as other provisions not discussed here, may differ from the law of jurisdictions with which shareholders may be more familiar and may substantially limit or prohibit a shareholder's ability to bring suit against our directors or in the name of the company. The Bermuda courts, however, would ordinarily be expected to permit a shareholder to commence an action in the name of a company to remedy a wrong to the company where the act complained of is alleged to be beyond the corporate power of the company or illegal, or would result in the violation of the company's memorandum of association or bye-laws. Furthermore, consideration would be given by a Bermuda court to acts that are alleged to constitute a fraud against minority shareholders or, for instance, where an act requires the approval of a greater percentage of the company's shareholders than that which actually approved it.

It's also worth noting that under Bermuda law, our directors and officers are required to disclose to our board any material interests they have in any material contract entered into by our company or any of its subsidiaries with third parties. Our directors and officers are also required to disclose their material interests in any corporation or other entity which is party to a material contract with our company or any of its subsidiaries. A director who has disclosed his or her interests in accordance with Bermuda law may participate in any meeting of our board and may vote on the approval of a material contract, notwithstanding that he or she has a material interest.

• ***Because our offices and most of our assets are outside the U.S., our shareholders may not be able to bring a suit against us, or enforce a judgment obtained against us in the United States.***

We, and most of our subsidiaries, are incorporated in jurisdictions outside the U.S. and substantially all of our assets and those of our subsidiaries are located outside the U.S. In addition, most of our directors and officers are non-residents of the U.S., and all or a substantial portion of the assets of these non-residents are located outside the U.S. As a result, it may be difficult or impossible for U.S. investors to serve process within the U.S. upon us, our subsidiaries, or our directors and officers, or to enforce a judgment against us for civil liabilities in U.S. courts. In addition, you should not assume that courts in the countries in which we or our subsidiaries are incorporated or where our or our subsidiaries' assets are located would enforce judgments of U.S. courts obtained in actions against us or our subsidiaries based upon the civil liability provisions of applicable U.S. federal and state securities laws, or would enforce, in original actions, liabilities against us or our subsidiaries based on those laws.

***Risks related to tax***

***• As a Bermuda exempted company incorporated under Bermuda law with subsidiaries in the Marshall Islands and other offshore jurisdictions, our operations may be subject to economic substance requirements.***

On December 5, 2017, following an assessment of the tax policies of various countries by the Code of Conduct Group for Business Taxation of the European Union (the "COCG"), the Council of the European Union (the "Council") approved and published Council conclusions containing a list of "non-cooperative jurisdictions" for tax purposes. The Council periodically reviews and updates the list of "non-cooperative jurisdictions". On March 12, 2019, the Council adopted a revised list of non-cooperative jurisdictions (the "2019 Conclusions"). In the 2019 Conclusions, the European Union ("E.U.") placed Bermuda and the Republic of the Marshall Islands, among others, on its list of non-cooperative jurisdictions for tax purposes for failing to implement certain commitments previously made to the E.U. by the agreed deadline. It was announced by the Council on May 17, 2019 and on October 10, 2019 that Bermuda and the Marshall Islands, respectively, had been removed from the list of non-cooperative tax jurisdictions, but the Marshall Islands was reinstated to the list of "non-cooperative jurisdictions" for tax purposes on February 14, 2023 owing to concerns that this jurisdiction, which has a zero or only nominal rate of corporate income tax, is attracting profits without real economic activity (in particular, the Marshall Islands were found to be lacking in the enforcement of economic substance requirements). The E.U. member states have agreed upon a set of measures, which they can choose to apply against the listed countries, including increased monitoring and audits, controlled foreign company rules, non-deductibility of costs incurred in a listed jurisdiction, withholding taxes, special documentation requirements and anti-abuse provisions. The European Commission has stated it will continue to support member states' efforts to develop a more coordinated approach to sanctions for the listed countries. E.U. legislation prohibits E.U. funds from being channeled or transited through entities in non-cooperative jurisdictions. The next revision of the list of "non-cooperative jurisdictions" is due in October 2023.

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We are a Bermuda exempted company incorporated under Bermuda law with principal executive offices in Bermuda. Certain of our subsidiaries are Marshall Islands entities. Both Bermuda and the Marshall Islands have enacted economic substance laws and regulations with which we may be obligated to comply. For example, on December 17, 2018, the House of Assembly of Bermuda passed the Economic Substance Act 2018 of Bermuda (the "Economic Substance Act"), which became operative on December 31, 2018, along with the Economic Substance Regulations 2018 of Bermuda. The Economic Substance Act requires each registered entity to maintain a substantial economic presence in Bermuda and provides that a registered entity that carries on a relevant activity must comply with economic substance requirements set out in the legislation. Regulations were also adopted in the Marshall Islands, through Economic Substance Regulations 2018 which came into force in January 2019, and with Guidance Notes being published in October 2019, requiring certain entities that carry out activities to comply with an economic substance test and satisfy certain reporting obligations, beginning with the financial period which ended in 2020.

If we fail to comply with our obligations under this legislation, as it may be amended from time to time, or any similar or supplemental law applicable to us in these or any other jurisdictions, we could be subject to financial penalties and spontaneous disclosure of information to foreign tax officials, or could be removed from the register of companies, in related jurisdictions. Any of the foregoing could be disruptive to our business and could have a material adverse effect on our business, financial conditions and results of operations.

***• A change in tax laws in any country in which we operate could adversely affect us.***

Tax laws, treaties and regulations are highly complex and subject to interpretation. Consequently, we and our subsidiaries are subject to changing laws, treaties and regulations in and between the countries in which we operate. Our tax expense is based on our interpretation of the tax laws in effect at the time the expense was incurred. A change in tax laws, treaties or regulations, or in the interpretation thereof, could result in a materially higher tax expense or a higher effective tax rate on our earnings. Such changes may include measures enacted in response to the ongoing initiatives in relation to fiscal legislation at an international level such as the Action Plan on Base Erosion and Profit Shifting of the Organization for Economic Co-Operation and Development.

• ***We could be treated as or become a PFIC, which could have adverse U.S. federal income tax consequences to U.S. shareholders.***

A foreign corporation will be treated as a "passive foreign investment company" ("PFIC") for U.S. federal income tax purposes if either (i) at least 75% of its gross income during the taxable year consists of "passive income" or (ii) at least 50% of the average value of the corporation's assets during such taxable year produce or are held for the production of "passive income." For purposes of these tests, "passive income" includes dividends, interest, capital gains and rents derived other than in the active conduct of a rental business. For purposes of these tests, income derived from the performance of services does not constitute "passive income." U.S. shareholders of a PFIC are subject to an adverse U.S. federal income tax regime with respect to the distributions they receive from the PFIC and the gain, if any, they derive from the sale or other disposition of their shares in the PFIC.

To date, we and our subsidiaries have derived most of our income from the LTA of FLNG *Hilli*, as well as time and voyage charters for our legacy shipping and FSRU operations. We believe this income should be treated as services income, and not as "passive income" for PFIC purposes. While there is substantial legal authority supporting our conclusion, including pronouncements by the United States Internal Revenue Service ("US IRS") concerning the characterization of income derived from time charters as services income, there is also authority that characterizes such time charter income as rental income rather than services income for other tax purposes. The US IRS or a court could disagree with our position. Because PFIC status depends upon the composition of a company's income and assets and the market value of its assets from time to time, and because there is no controlling authority for determining whether certain types of our income constitute passive income for PFIC purposes, there can be no assurance that we will not be considered a PFIC for the current or any future taxable year.

Based on the foregoing, we believe that we were not a PFIC with respect to any prior taxable year. If we were a PFIC for any taxable year, our U.S. shareholders would face adverse U.S. tax consequences and certain information reporting requirements regardless of whether we remain a PFIC in subsequent years. In addition, although we intend to conduct our affairs in a manner to avoid being classified as a PFIC, we cannot assure that the nature of our assets, income, and operations will not change, or that we can avoid being treated as a PFIC for any taxable year. Furthermore, the PFIC rules may change, which could result in us being treated as a PFIC in the future as a result of such change in law.

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Under the PFIC rules, unless those shareholders make a certain U.S. federal income tax election (which election could itself have adverse consequences for such shareholders), such shareholders would be liable to pay U.S. federal income tax at the then prevailing income tax rates on ordinary income plus interest upon excess distributions and upon any gain from the disposition of our common shares, as if the excess distribution or gain had been recognized ratably over the shareholder's holding period of our common shares. Please see the section of this annual report entitled "Taxation" under "Item 10. Additional Information - E. Taxation" for a more comprehensive discussion of the U.S. federal income tax consequences if we were to be treated as a PFIC.

• ***We may have to pay tax on certain U.S. source income, which would have a negative effect on our business and reduce our cash available for distribution.***

Under the U.S. Internal Revenue Code of 1986, as amended (the "Code"), 50% of the gross shipping income of a vessel owning or chartering corporation, such as ourselves and our subsidiaries, that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States ("U.S. Source International Transportation Income") may be subject to a 4% U.S. federal income tax imposed without allowance for deduction, unless that corporation qualifies for exemption from tax under Section 883 of the Code (the "Section 883 Exemption").

We expect that we and each of our subsidiaries generating transportation income will qualify for the Section 883 Exemption. However, there are factual circumstances beyond our control that could cause us not to qualify for the Section 883 Exemption and thereby become subject to U.S. federal income tax on our U.S. source income. Our qualifying for the Section 883 Exemption is not free from doubt, and we can provide no assurances that the Section 883 Exemption will apply to us or our subsidiaries.

In general, if we and/or our subsidiaries are not eligible for the Section 883 Exemption for any taxable year, we or our subsidiaries could be subject to an effective 4% U.S. federal income tax on our U.S. Source International Transportation Income in such taxable year. The imposition of this tax would have a negative effect on our business and reduce our cash available for distribution to our shareholders. Please see "Item 10. Additional Information - E. Taxation" for a more comprehensive discussion of the Section 883 Exemption.

• ***We may become subject to taxation in Bermuda which would negatively affect our results.***

At the present time, there is no Bermuda income or profits tax, withholding tax, capital gains tax, capital transfer tax, estate duty or inheritance tax payable by us or by our shareholders in respect of our shares. We have obtained an assurance from the Minister of Finance of Bermuda under the Exempted Undertakings Tax Protection Act 1966 that, in the event that any legislation is enacted in Bermuda imposing any tax computed on profits or income, or computed on any capital asset, gain or appreciation or any tax in the nature of estate duty or inheritance tax, such tax shall not, until March 31, 2035, be applicable to us or to any of our operations or to our shares or other obligations except insofar as such tax applies to persons ordinarily resident in Bermuda or is payable by us in respect of real property owned or leased by us in Bermuda. We cannot assure you that a future Minister of Finance of Bermuda would honor that assurance, which is not legally binding, or that after such date we would not be subject to any such tax. If we were to become subject to taxation in Bermuda, our results of operations could be adversely affected.

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**ITEM 4. INFORMATION ON THE COMPANY** 

**A. History and Development of the Company**

**Overview** 

Our operations have evolved from LNG shipping, floating regasification and combined cycle gas fired power plants to our current focus on floating liquefaction operations. We design, own and operate marine infrastructure for the liquefaction of natural gas and the regasification, storage and offloading of LNG. We believe that natural gas has a critical role to play in providing cleaner energy for many years to come. Our pioneering infrastructure assets provide safe, competitive and sustainable ways of liquefying, transporting and turning gas into energy across the world. Our mission is to be recognized as an organization with an outstanding reputation for safe, reliable and cost-effective operations; to employ and develop talented people who can see the impact of what they do; to develop a pipeline of new FLNG infrastructure opportunities and convert the best opportunities into world class projects; and to be a great business partner, where combining skills and resources make a big difference.

Timeline of our business:

![glng-20221231_g1.jpg](glng-20221231_g1.jpg)

We have delivered on our objective to simplify and focus our business, crystallize underlying values and de-lever our balance sheet during 2021 and 2022 by divesting our investments in Golar Partners and Hygo and our legacy LNG carrier and FSRU asset portfolio:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Golar Partners and Hygo: In April 2021, we completed the disposals of our investments in Golar Partners and Hygo to NFE for a net consideration of $876.3 million and a gain on disposal of $574.9 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CoolCo and *Golar Tundra*: From March to June 2022, we completed the disposals of most of our LNG carriers and our FSRU (namely the *Golar Seal, Golar Crystal, Golar Bear, Golar Frost, Golar Glacier, Golar Snow, Golar Kelvin, Golar Ice and Golar Tundra*) for a net consideration of $697.8 million and a gain on disposal of $113.2 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• NFE listed equity securities*: In 2022, we sold 13.3 million of our shares of Class A NFE common shares ("NFE Shares") at a price ranging from $40.80 and $58.29 per share for aggregate consideration of $625.6 million. In January and February 2023, we sold 1.2 million of our NFE Shares at a price ranging from $36.90 and $40.38 per share for aggregate consideration of $45.6 million. On March 15, 2023, we completed the acquisition of NFE's common units in Hilli LLC in exchange for our remaining 4.1 million NFE Shares and $100.0 million of cash as well as retrospective distribution rights to January 1, 2023 attributed to these common units; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *CoolCo shares*: In November 2022, we sold 8.0 million of our CoolCo shares for NOK 130/$12.16 per share for a net consideration of $97.9 million. In February 2023, we sold our remaining 4.5 million CoolCo shares for NOK 130/$12.42 per share for a net consideration of $55.8 million.

The proceeds received from these divestments allow for significant balance sheet flexibility with focus on maximizing shareholder returns through development of new attractive FLNG growth opportunities.

We are listed on Nasdaq under the ticker "GLNG". We are incorporated under the name Golar LNG Limited as an exempted company under the Bermuda Companies Act of 1981 in the Islands of Bermuda on May 10, 2001 and our registered office is at 2nd Floor, S.E. Pearman Building, 9 Par-la-Ville Road, Hamilton HM 11, Bermuda. Our telephone number at that address is +(1) 441 295 4705. Our principal administrative office is located at 6<sup>th</sup> Floor, The Zig Zag, 70 Victoria Street, London, SW1E 6SQ, United Kingdom and our telephone number at that address is +44 207 063 7900. The Commission maintains an internet site that contains reports, proxy and information statements, and other information that we file electronically with the Commission and this can be obtained from the Commission's website at (*http://www.sec.gov*) or from the "SEC filings" tab in the "Investor Relations" section of our website (*www.golarlng.com*). Information contained on our website does not constitute part of this annual report.

**B.&nbsp;&nbsp;&nbsp;&nbsp; Business Overview**

Our strategy is to provide market leading FLNG operations and focus our balance sheet flexibility to maximize shareholder returns through attractive FLNG projects. We offer gas resource holders a proven, quick and low-cost delivering solution to monetize stranded gas reserves. Our industry leading FLNG operational track record and offering allow gas resource holders, developers and customers a low-cost, low-risk, quick-delivering solution for natural gas liquefaction.

Compared to onshore liquefaction terminals, the FLNG industry is young. FLNG projects are a solution for stranded gas reserves (such as lean gas sourced from offshore fields) for which geographical, technical and economic limitations restrict the ability to convert these gas reserves to LNG. Our standardized FLNG design can be redeployed to new opportunities after producing a field, offer a viable economic solution to the traditional giant land-based projects. Our liquefaction solution places liquefaction technology on board an existing LNG carrier using low-cost execution model resulting in a vessel conversion to a fully-commissioned FLNG lead time of approximately three to four years. We are currently the only proven company to deliver FLNG as a service to gas resource owners.

The FLNG industry is in the early stages of development, and we do not currently face significant competition from other providers of FLNG services. There are currently five FLNGs on the water, one of which is the FLNG *Hilli*, one existing FLNG is under preparation for operations and four further FLNGs are currently under construction, one of which is the *Gimi*. We anticipate that other companies will enter the FLNG industry at some point in the future, resulting in greater competition.

As of March 17, 2023, our fleet is comprised of two LNG carriers (one, the *Golar Arctic*, is contracted for conversion to a FSRU for subsequent sale, subject to receipt of a notice to proceed and the *Gandria*) and two FLNGs (the operational FLNG *Hilli* and the *Gimi*, which is currently under conversion to a FLNG). We operate in three distinct reportable segments: FLNG, Corporate and other and Shipping. Refer to "Item 5. Operating and Financial Review and Prospects" for further discussion on the respective performance of our reportable segments.

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As of March 17, 2023, an overview of our assets is as follows:

![glng-20221231_g2.jpg](glng-20221231_g2.jpg)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Vessel Name** | **Year of Delivery/Acceptance** | **Capacity (Cubic Meters)** | **Flag** | **Type** | **Ownership** | **Counterparty** | **Current Contract Expiration** |
| FLNG *Hilli* | 2017 | 125000 | Marshall Islands | FLNG Moss | 94.6% of the common units<br>89.1% of each of the Series A and Series B units | Perenco/SNH | 2026 |
| *Gimi*  | Conversion in progress | 125000 | Marshall Islands | FLNG Moss | 70% | BP | 20 years from COD |
| *Gandria* | 1977 | 126000 | Marshall Islands | Moss | 100% | In lay-up | Not applicable |
| *Golar Arctic* | 2003 | 140000 | Marshall Islands | LNG<br>carrier Membrane | 100% | Asian Shipping Company | 2023 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•* FLNG *Hilli***

The FLNG *Hilli* conversion was completed in the shipyard in October 2017, and she commenced operations following her successful commissioning in May 2018. Pursuant to the LTA, FLNG *Hilli's* contracted annual liquefaction capacity is 1.2 million tons ("mtpa"). In 2021, we entered into LTA Amendment 3 with our Customer, which includes a 0.2 mtpa capacity increase for the 2022 contract year, and an option for additional capacity of up to 0.4 mtpa for the 2023 contract year to the end of the LTA term (of which the Customer exercised 0.2 mtpa in July 2022), which resulted in an increase in the utilization of FLNG *Hilli* to 1.4 million tons per annum from January 2022 to the end of the LTA in July 2026. In contract year 2022, the FLNG *Hilli* was underutilized and produced 96.5% of the 1.4 mtpa annual contracted capacity. We recognized a contract liability, capped in accordance with the LTA, of $35.8 million which will be settled at the end of the LTA in July 2026 via a reduction against our final invoice to the Customer. In 2023, we have agreed in principle LTA Amendment 4 with our Customer, agreeing to produce the underutilized quantity relating to the 2022 contract year in the 2023 contract year which will offset the underutilization liability payable of $35.8 million at the end of the LTA in 2026, however this amendment to the LTA has not yet been executed.

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In February 2023, we agreed to acquire NFE's 50% interest in the common units of Hilli LLC, which owns the FLNG *Hilli,* in exchange for $100.0 million cash and our remaining holdings of 4.1 million NFE Shares*.* Although ownership and title to the common units was transferred to us on the closing date, March 15, 2023, we acquired the distribution rights from the repurchased common units with retrospective effect from January 1, 2023. Subsequent to the closing of the acquisition, we own:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 94.6% of common units that receive the base tolling fees, and 5% of gas linked tolling fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 89.1% of Series A Special units that receive the oil linked tolling fees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 89.1% of Series B Special units that receive 95% of gas linked tolling fees.

As of March 17, 2023, FLNG *Hilli* offloaded a total of 89 LNG cargoes and had produced around 6.1 million tonnes of LNG since the start of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Gimi***

In February 2019, we entered into the LOA (which was subsequently amended and restated in September 2021) with BP, Gimi MS Corporation ("Gimi MS") and our subsidiary Golar MS Operator S.A.R.L in connection with the conversion of *Gimi* from a LNG carrier to a FLNG in connection with the first phase of the 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 *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 *Gimi* FLNG conversion cost including financing costs is approximately $1.7 billion of which $700 million is funded by our Gimi debt facility. In June 2022, we agreed to a $50 million incentive payment to Keppel Shipyard Limited ("Keppel") to safeguard sail away from the shipyard expected during the first half of 2023

As of March 17, 2023, the *Gimi* conversion is 92.5% technically complete.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Future FLNG Projects***

We actively work to develop FLNG projects around the globe. Our FLNG projects under development broadly fall into one of three commercial categories: (i) tolling, (ii) gas sale and purchase ("GSA") and (iii) integrated projects. Tolling projects are our core business today, with both FLNG *Hilli* and *Gimi* under long term charter agreements where we are a FLNG service provider and not the owner of hydrocarbons. That said, as is the case with FLNG *Hilli*, a key part of our unique value proposition to potential tolling customers is to trade fixed toll for exposure to the price of an underlying commodity, such as LNG or oil reference indices. GSA projects would typically not require the deployment of capital directly into an upstream oil and gas development but would increase our commodity exposure, as we would be a purchaser of natural gas and a seller of LNG. Integrated projects combine upstream and FLNG assets for integrated/joint delivery of a future FLNG project. Development of any major FLNG project involves multiple stakeholders, including but not limited to, resource owners, national and international energy companies, governments, contractors, technology providers, regulators, and various international organizations and the speed of development of any future FLNG project is not always directly within our control.

We have developed three FLNG designs, i.e. the Mark I, Mark II and Mark III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Mark I*

The FLNG *Hilli* and FLNG *Gimi* are both Mark I FLNGs. Mark I has a nameplate capacity of up to 2.7 mtpa and is based on the conversion of a Moss type LNG carrier. Sponsons that create the necessary deck space to house the liquefaction and gas processing topside equipment must first be built and added to either side of the LNG carrier before the topside equipment can then be installed. Conversion, delivery and commissioning of the FLNG typically takes between three to four years. To date, we have been successful in executing our Mark I program together with contractors, Keppel Shipyard and Black & Veatch which delivered the FLNG *Hilli* in 2018 and is currently constructing the FLNG *Gimi.* 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Mark II*

This FLNG design has a nameplate capacity of up to 3.5 mtpa and is also based on the conversion of a Moss type LNG carrier. The Mark II design involves the construction of a new mid-ship section containing the liquefaction equipment that can be inserted between the two sections of the Moss type vessel that has been 'cut in half'. The higher maximum nameplate capacity is possible as the mid-ship section also allows for a more efficient configuration of the liquefaction equipment. This modularized approach to the conversion project reduces the time required for conversion, delivery and commissioning of the Mark II FLNG design compared to our other two FLNG designs. In addition, this approach increases the number of shipyards and fabricators that are capable of executing the work. This competition between contractors can reduce the construction cost per ton of capacity delivered, construction timeline and helps us secure more attractive payment terms, financing solutions and other benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Mark III*

Targeting large field developments and representing a competitive alternative to land-based LNG projects, this FLNG design has a larger nameplate capacity of up to 5.0 mtpa, more storage than a Mark I or Mark II design, and is a newbuild hull that does not involve the conversion of an existing Moss type LNG carrier. Construction, delivery and commissioning of the FLNG is expected to take around four years.

In 2022, our board of directors approved up to $328.5 million of capital expenditure for a future Mark II FLNG conversion. To date, we have entered into contracts for engineering services, multiple long lead items and secured an option to acquire a suitable LNG carrier for 3.5 mtpa future Mark II FLNG conversion. We paid a non-refundable deposit of $5.0 million for the LNG carrier in February 2023, which, subject to us exercising the option in the second quarter of 2023, will be deducted from the purchase price of $77.5 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Our investments***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Avenir* 

Avenir is a joint investment with Stolt-Nielsen Ltd (an entity affiliated with our director Niels Stolt-Nielsen), Höegh LNG Holdings Limited and us for the pursuit of opportunities in small-scale LNG, including the delivery of LNG to areas of stranded gas demand and the development of LNG bunkering services and supply to the transportation sector. Avenir currently has five small-scale LNG carriers and an LNG terminal and distribution facility in the Italian port of Oristano, Sardinia. During the private placement in 2018, we subscribed for 24.8 million shares at $1 per share and further injected $18.0 million in 2020, bringing our total capital contributions to $42.8 million, representing 23.5% ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• NFE*

In April 2021, we sold our outstanding shares in Hygo to NFE and received 18.6 million NFE Shares as part consideration. During 2022, we sold 13.3 million of our NFE Shares for net consideration of $625.6 million, reducing our holdings to 5.3 million NFE Shares as of December 31, 2022. In January and February 2023, we sold a further 1.2 million of our NFE Shares for net proceeds of $45.6 million. On March 15, 2023, we acquired NFE's 50% interest in the common units of Hilli LLC (as described above) for our remaining holdings of 4.1 million NFE Shares, $100 million in cash and the rights to distributions of such common units with retrospective effect to January 1, 2023. With the closing of this acquisition, we had fully divested our NFE Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• CoolCo*

In 2022, we sold eight modern tri-fuel diesel electric ("TFDE") LNG carriers and the LNG carriers' commercial and technical management companies to CoolCo for a net consideration of $218.2 million cash and $127.1 million of CoolCo shares and recognized a loss on disposal of $10.1 million. In November 2022, we sold 8.0 million of our 12.5 million CoolCo shares for a net consideration of $97.9 million, reducing our 31.3% interest in CoolCo to 8.3% as of December 31, 2022. In February 2023, we divested our CoolCo investment by selling our remaining 4.5 million CoolCo shares for a net consideration of $55.8 million.

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**Vessel Maintenance**

Safety is our top priority. Our vessels are operated in a manner intended to protect health and safety of our employees, the general public and the environment. We actively manage the risks inherent in our business and are committed to eliminating incidents that threaten safety, such as fires, environmental spills or any other incident that causes harm to people. We are also committed to reducing emissions and waste generation. We have established key performance indicators to facilitate regular monitoring of operational performance, including lost time injury frequency monitoring, total recordable case frequency reporting, carbon dioxide, sulfur oxide ("SOx"), nitrogen oxide ("NOx"), methane and particulate matter emissions, total waste disposed of, spills, and crew retention rates, amongst others. We set targets to drive continuous improvement, and we review performance indicators frequently to determine if remedial action is necessary to reach our targets.

Since July 2022, LNG carrier and FSRU operations have been outsourced to CoolCo, who maintains a technical department that monitors and audits our LNG carrier and FSRU operations and provides expertise in various functions critical to our operations. This affords an efficient and cost effective operations and provides appropriate access to supporting administrative functions.

**Risk of Loss, Insurance and Risk Management**

The operation of any vessel, including LNG carriers, FSRUs and FLNGs has inherent risks. These risks include mechanical failure, personal injury, collision, property loss, vessel or cargo loss or damage and business interruption due to political circumstances in foreign countries and/or war risk situations or hostilities or pandemics. In addition, there is always an inherent possibility of marine disaster, including explosion, spills and other environmental mishaps, and the liabilities arising from owning and operating vessels in international trade. We believe that our current insurance coverage is adequate to protect us against the accident-related risks involved in the conduct of our business and that we maintain appropriate levels of environmental damage and pollution insurance coverage consistent with standard industry practice. However, not all risks can be insured, and there can be no guarantee that any specific claim will be paid, or that we will always be able to obtain adequate insurance coverage at reasonable premiums.

We have obtained hull and machinery insurance on all our vessels to protect us against marine and war risks, which include the risks of damage to our vessels, salvage or towing costs, and also insure against actual or constructive total loss of any of our vessels. However, our insurance policies contain deductible amounts for which we will be responsible in the event of a claim. We have also obtained additional total loss coverage for each vessel. This coverage, which is called hull interest and freight interest coverage, provides us additional coverage in the event of the total loss of a vessel.

We have also obtained loss of hire insurance to protect us against loss of income in the event one of our vessels cannot be employed due to damage that is covered under the terms of our hull and machinery insurance. Under our loss of hire policies, our insurer will pay us the daily rate agreed in respect of each vessel for each day, in excess of a certain number of deductible days, for the time that the vessel is out of service as a result of damage. The maximum coverage varies from 120 days to 360 days, depending on the vessel. The number of deductible days varies from 30 days to 60 days, depending on the vessel.

Protection and indemnity insurance, which covers our third-party legal liabilities in connection with our vessel activities, is provided by mutual protection and indemnity associations ("P&I clubs"). This includes third-party liability and other expenses related to the injury or death of crew members, passengers and other third-party persons, loss or damage to cargo, claims arising from collisions with other vessels or from contact with jetties or wharves and other damage to other third-party property, including pollution arising from oil or other substances, and other related costs, including wreck removal. Subject to the capping discussed below, our coverage, except for pollution, is unlimited.

The current protection and indemnity insurance coverage for pollution is $1 billion per vessel per incident. The twelve P&I clubs that comprise the International Group of Protection and Indemnity Clubs insure approximately 90% of the global commercial tonnage and have entered into a pooling agreement to reinsure each association's liabilities. Each P&I club has capped its exposure in this pooling agreement so that the maximum claim covered by the pool and its reinsurance would be approximately $8.9 billion per accident or occurrence. We are a member of Gard and Skuld P&I clubs. As a member of these P&I clubs, we are subject to a call for additional premiums based on the clubs' claims record, as well as the claims record of all other members of the P&I clubs comprising the International Group. However, our P&I clubs have reinsured the risk of additional premium calls to limit our additional exposure. This reinsurance is subject to a cap, and there is the risk that the full amount of the additional call would not be covered by this reinsurance.

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The insurers providing the hull and machinery, hull and cargo interests, protection and indemnity and loss of hire insurances have confirmed that they will consider a FSRU as a vessel for the purpose of providing insurance. For FSRU and FLNGs, we have also arranged an additional comprehensive general liability insurance/extended contractual liability insurance. This type of insurance is common for offshore operations and is in addition to the P&I insurance.

The *Gimi* is currently undergoing conversion from a LNG carrier to a FLNG and is insured under a building risks policy obtained by the shipyard. We have also obtained for additional comprehensive general liability insurance/extended contractual liability insurance in preparation for her sail away to the site where she will be situated off the coast of Senegal and Mauritania. We are also currently over-seeing the site commissioning and hook-up services for the Snam owned *Golar Tundra* offshore Italy and have obtained for contractual liability insurance.

Our operations utilize a thorough risk management program that includes, among other things, computer-aided risk analysis tools, maintenance and assessment programs, a seafarers' competence training program, seafarers' workshops and membership to emergency response organizations. We expect to benefit from our commitment to safety and environmental protection, as certain of our subsidiaries assist us in managing our vessel operations. Golar Management AS renewed its ISO 9001 certification for a quality management system, ISO 14001 certification for an environmental management system and ISO 45001 certification for an occupational health and safety management system in June 2022 and is certified in accordance with the IMO's International Safety Management ("ISM"), on a fully integrated basis.

**Classification, Inspection and Maintenance**

Our vessels are "classed" by a classification society. A classification society certifies that the vessel has been built and is maintained in accordance with the rules of the vessel's country of registry (flag state) and the international conventions of which that country is a member. In addition, where surveys are required by international conventions and corresponding laws and ordinances of a flag state, the classification society will undertake them on application or by official order, acting on behalf of the authorities concerned.

For maintenance of the class certificate, regular and extraordinary surveys of hull, machinery, including the electrical plant and any special equipment classed, are required to be performed by the classification society to ensure continuing compliance. The class certificates are renewed every five years. If any defects are found during any of the regular and extraordinary surveys, the classification surveyor will issue a "condition to class" or "condition to authority".

All insurance underwriters make it a condition for insurance coverage that a vessel be certified as "in class" by a classification society, which is a member of the International Association of Classification Societies. *Golar Arctic* is certified by the American Bureau of Shipping and the FLNG *Hilli* is certified by Det Norske Veritas. Both societies are members of the International Association of Classification Societies. All of our vessels have been awarded ISM certification and are currently "in class" except for the *Gimi*, currently in Keppel's shipyard in Singapore for her conversion into a FLNG, and the *Gandria* currently in layup.

We carry out inspections of our vessels on a regular basis. These inspections result in a report containing recommendations for improvements to the overall condition of the vessel, maintenance, safety and crew welfare. Based in part on these evaluations, we create and implement a program of continual maintenance and improvement for our vessels and their systems.

**Environmental and Other Regulations**

***General***

Our business and the operation of our vessels are subject to various international treaties and conventions and to the applicable local national and subnational laws and regulations of the countries in which our vessels operate or are registered. Such laws and regulations cover a variety of topics, including but not limited to air pollution, water pollution, waste management, protection of natural resources and protection of worker health and safety, and might require us to obtain governmental permits and authorizations before we may conduct certain activities. Failure to comply with these laws or to obtain the necessary business and technical licenses could result in sanctions including suspension and/or freezing of the business and responsibility for all damages arising from any violation.

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Governments may also periodically revise their environmental laws and regulations or adopt new ones, and the effects of new or revised laws and regulations on our operations cannot be predicted. Although we believe that we are substantially in compliance with applicable environmental laws and regulations and have all permits, licenses and certificates required for our vessels, future non-compliance or failure to maintain necessary permits or approvals could require us to incur substantial costs or temporarily suspend the operation of one or more of our vessels. There can be no assurance that additional significant costs and liabilities will not be incurred to comply with such current and future laws and regulations, or that such laws and regulations will not have a material effect on our operations. Similar or more stringent laws may also apply to our customers, including oil & gas exploration and production companies, which may impact demand for our services.

International environmental treaties and conventions as well as U.S. environmental laws and regulations that apply to the operation of our vessels are described below. Other countries, including African countries and member countries of the E.U., in which we operate or in which our vessels are registered have or may in the future have laws and regulations that are similar, or more stringent, in nature to the U.S. laws referenced below. Commencing in July 2022, we began outsourcing the technical management services for our LNG carriers to CoolCo which is certified in accordance with the IMO standard for International Safety Management ("ISM") and operates in compliance with the International Standards Organization (the "ISO") Environmental Management Standard for the management of significant environmental aspects associated with the ownership and operation of our LNG carriers. Our wholly owned subsidiary, Golar Management AS, also provides these services for FLNG *Hilli*.

***International Maritime Regulations of LNG Vessels***

The IMO provides international regulations governing shipping and international maritime trade. Among other requirements, the International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention ("the ISM Code") requires the party with operational control of a vessel to develop an extensive safety management system and the adoption of a policy for safety and environmental protection setting forth instructions and procedures for operating its vessels safely and also describing procedures for responding to emergencies. Our ship manager holds a document of compliance under the ISM Code for operation of Gas Carriers.

Vessels that transport gas, including LNG carriers and FSRUs, are also subject to regulation under the International Code for the Construction and Equipment of Ships Carrying Liquefied Gases in Bulk (the "IGC Code"), published by the IMO. The IGC Code provides a standard for the safe carriage of LNG and certain other liquid gases by prescribing the design and construction standards of vessels involved in such carriage. The completely revised and updated IGC Code entered into force in 2016, and the amendments were developed following a comprehensive five-year review and are intended to take into account the latest advances in science and technology. Compliance with the IGC Code must be evidenced by a Certificate of Fitness for the Carriage of Liquefied Gases in Bulk. Each of our vessels is in compliance with the IGC Code and each of our conversion contracts requires that the vessel receive certification that it is in compliance with applicable regulations before it is delivered.

The IMO also promulgates ongoing amendments to the International Convention for the Safety of Life at Sea ("SOLAS"), which provides rules for the construction of and equipment required for commercial vessels and includes regulations for safe operation and addresses maritime security. SOLAS requires, among other things, the provision and maintenance of lifeboats and other life-saving appliances, requires the use of the Global Maritime Distress and Safety System (an international radio equipment and watch keeping standard), afloat and at shore stations, and relates to the International Convention on the Standards of Training and Certification of Watchkeeping Officers ("STCW") also promulgated by the IMO. The STCW establishes minimum training, certification, and watchkeeping standards for seafarers. The SOLAS and other IMO regulations concerning safety, including those relating to treaties on training of shipboard personnel, lifesaving appliances, radio equipment and the global maritime distress and safety system, are applicable to our operations. Flag states that have ratified the SOLAS and STCW generally employ the classification societies, which have incorporated the SOLAS and STCW requirements into their class rules, to undertake surveys to confirm compliance.

In the wake of increased worldwide security concerns, the IMO amended SOLAS and added the International Ship and Port Facility Security Code ("ISPS Code"), which came into effect on July 1, 2004, to detect security threats and take preventive measures against security incidents affecting vessels or port facilities. We outsourced the technical management services for our LNG vessels to a CoolCo subsidiary which has developed security plans and appointed and trained ship and office security officers. Our wholly owned subsidiary, Golar Management AS, also provides these services for our FLNG vessel. In addition, all of our trading vessels have been certified to meet the ISPS Code and the security requirements of the SOLAS and the Maritime Transportation Security Act ("MTSA").

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The IMO continues to review and introduce new regulations. It is impossible to predict what additional regulations, if any, may be passed by the IMO and what effect, if any, such regulation may have on our operations. Non-compliance with the IGC Code or other applicable IMO regulations may subject a shipowner or a bareboat charterer to increased liability or penalties, may lead to decreases in available insurance coverage for affected vessels and may result in the denial of access to, or detention in, some ports.

***Air Emissions***

The IMO adopted MARPOL, which imposes environmental standards on the shipping industry relating to marine pollution, including oil spills, management of garbage, the handling and disposal of noxious liquids, sewage and air emissions. MARPOL is broken into six Annexes, each of which regulates a different source of pollution. Annex I relates to oil leakage or spilling and applies to various vessels delivered on or after August 1, 2010. It includes requirements for the protected location of the fuel tanks, performance standards for accidental oil fuel outflow, a tank capacity limit and certain other maintenance, inspection and engineering standards. IMO regulations also require owners and operators of vessels to adopt Shipboard Oil Pollution Emergency Plans. Periodic training and drills for response personnel and for vessels and their crews are required. Annexes II and III relate to harmful substances carried in bulk, in liquid or in packaged form, respectively, and Annexes IV and V relate to sewage and garbage management, respectively.

MARPOL 73/78 Annex VI regulations for the "Prevention of Air Pollution from Ships" apply to all vessels, fixed and floating drilling rigs and other floating platforms. Annex VI sets limits on sulfur oxide and nitrogen oxide emissions from vessel exhausts, emissions of volatile compounds from cargo tanks, incineration of specific substances, and prohibits deliberate emissions of ozone depleting substances. Annex VI also includes a global cap on sulfur content of fuel oil and allows for special areas to be established with more stringent controls on sulfur emissions. The certification requirements for Annex VI depend on size of the vessel and time of the periodic classification survey. Ships weighing more than 400 gross tons and engaged in international voyages involving countries that have ratified the conventions, or vessels flying the flag of those countries, are required to have an International Air Pollution Certificate ("IAPP Certificate"). Annex VI came into force in the United States on January 8, 2009. All our vessels delivered or drydocked since May 19, 2005 have been issued IAPP Certificates.

Amendments to Annex VI to the MARPOL Convention that took effect in 2010 imposed progressively stricter limitations on sulfur emissions from vessels. As of January 1, 2020, the ultimate limit of 0.5% allowable sulfur content for fuel used to power vessels operating in areas outside of designated emission control areas ("ECAs") took effect. This represents a substantial reduction from the previous 3.5% sulfur cap. The 0.5% sulfur cap is generally referred to as IMO 2020 and applies absent the installation of expensive sulfur scrubbers to meet reduced emission requirements for sulfur. Our operating vessels have achieved compliance with sulfur emission standards, where necessary, by being modified to burn gas only in their boilers when alongside a berth. The amendments to Annex VI also established new tiers of stringent nitrogen oxide emissions standards for new diesel engines, depending on their date of installation. The European directive 2005/33/EC bans the use of fuel oils containing more than 0.10% sulfur by mass by any merchant vessel while at berth in any EU country.

Even more stringent sulfur emission standards apply in coastal areas designated as ECAs, such as the United States and Canadian coastal areas designated by the IMO's Marine Environment Protection Committee ("MEPC"), as discussed in the "U.S. Clean Air Act" below. These areas include certain coastal areas of North America and the United States Caribbean Sea. Annex VI Regulation 14, which came into effect on January 1, 2015, set a 0.10% sulfur limit in areas of the Baltic Sea, North Sea, North America, and United States Caribbean Sea ECAs.

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***Clean Air Act***

The U.S. Clean Air Act of 1970 (including its amendments of 1977 and 1990) ("CAA") requires the Environmental Protection Agency (the "EPA") to promulgate standards applicable to emissions of volatile organic compounds and other air contaminants. Our vessels are subject to vapor control and recovery requirements for certain cargos when loading, unloading, ballasting, cleaning and conducting other operations in regulated port areas and emission standards for so-called "Category 3" marine diesel engines operating in U.S. waters. The marine diesel engine emission standards are currently limited to new engines beginning with the 2004 model year. On April 30, 2010, the EPA promulgated final emission standards for Category 3 marine diesel engines equivalent to those adopted in the amendments to Annex VI to MARPOL. The emission standards apply in two stages: near-term standards for newly-built engines apply from 2011, and long-term standards requiring an 80% reduction in nitrogen dioxides, or NOx, apply from 2016. A further stage of reductions, known as "Tier 4" standards, has also been developed and implemented. However, in October 2020, EPA published a final rule to provide additional lead time for implementation for certain high-speed vessels. Pursuant to the final rule, the Tier 4 standards apply from model year 2022 for engines installed in a wide range of high-speed vessels, and from model year 2024 for engines installed in certain other such vessels, subject to certain limitations. Separately, in December 2019, the EPA published a final rule concerning national diesel fuel regulations that will allow fuel suppliers to distribute distillate diesel fuel that complies with the 0.5% international sulfur cap instead of fuel standards that otherwise apply to distillate diesel fuel in the United States. Fuel that does not meet the 0.5% sulfur cap cannot be used in ECA boundaries. Compliance with these standards may cause us to incur costs to install control equipment on our vessels in the future.

***Anti-Fouling Requirements***

Anti-fouling systems, such as paint or surface treatment, are used to coat the bottom of vessels to prevent the attachment of mollusks and other sea life to the hulls of vessels. Our vessels are subject to the IMO's International Convention on the Control of Harmful Anti-fouling Systems on Ships, or the "Anti-fouling Convention", which prohibits the use of organotin compound coatings in anti-fouling systems. Vessels of over 400 gross tons engaged in international voyages must obtain an International Anti-fouling System Certificate and undergo an initial survey before the vessel is put into service or when the anti-fouling systems are altered or replaced.

In November 2020, MEPC 75 approved draft amendments to the Anti-fouling Convention to prohibit anti-fouling systems containing cybutryne, which would apply to ships from January 1, 2023, or, for ships already bearing such an anti-fouling system, at the next scheduled renewal of the system after that date, but no later than 60 months following the last application to the ship of such a system. These amendments were formally adopted at MEPC 76 in June 2021. We have obtained Anti-fouling System Certificates for all of our trading vessels, and we do not believe that maintaining such certificates will have an adverse financial impact on the operation of our vessels.

***Oil Pollution Act and The Comprehensive Environmental Response Compensation and Liability Act***

The U.S. Oil Pollution Act of 1990 ("OPA") established an extensive regulatory and liability regime for the protection and cleanup of the environment from oil spills. OPA affects all owners and operators whose vessels trade or operate within the U.S., its territories and possessions, or whose vessels operate in the waters of the U.S., which includes the U.S. territorial seas and its 200 nautical mile exclusive economic zone. The Comprehensive Environmental Response, Compensation, and Liability Act ("CERCLA"), which applies to the discharge of hazardous substances whether on land or at sea. While OPA and CERCLA would not apply to the discharge of LNG, these laws may affect us because we carry oil as fuel and lubricants for our engines, and the discharge of these could cause an environmental hazard. Under OPA, vessel owners and operators, are "responsible parties" and are jointly, severally and strictly liable (unless the spill results solely from the act or omission of a third party, an act of God or an act of war) for all containment and clean-up costs and other damages arising from discharges or threatened discharges of oil from their vessels, including bunkers (fuel). OPA defines these damages broadly to include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• injury to, destruction or loss of, or loss of use of, natural resources and related assessment costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• injury to, or economic losses resulting from, the destruction of real and personal property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net loss of taxes, royalties, rents, fees or net profit revenues resulting from injury, destruction or loss of real or personal property, or natural resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss of subsistence use of natural resources that are injured, destroyed or lost;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lost profits or impairment of earning capacity due to injury, destruction or loss of real or personal property or natural resources; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net cost of increased or additional public services necessitated by removal activities following a discharge of oil, such as protection from fire, safety or health hazards.

The limits of OPA liability are the greater of $2,300 per gross ton or $19.9 million for any tanker other than single-hull tank vessels, over 3,000 gross tons (subject to possible adjustment for inflation). These limits of liability do not apply, however, where the incident is caused by violation of applicable U.S. federal safety, construction or operating regulations, or by the responsible party's gross negligence or willful misconduct. These limits likewise do not apply if the responsible party fails or refuses to report the incident or to cooperate and assist in connection with the substance removal activities. OPA specifically permits individual states to impose their own liability regimes with regard to oil pollution incidents occurring within their boundaries, and some states have enacted legislation providing for unlimited liability for discharge of pollutants within their waters. In some cases, states, which have enacted their own legislation, have not yet issued implementing regulations defining ship owners' responsibilities under these laws.

CERCLA, which also applies to owners and operators of vessels, contains a similar liability regime and provides for recovery of clean up and removal costs and the imposition of natural resource damages for releases of "hazardous substances," which as defined in CERCLA does not include oil. Liability under CERCLA is limited to the greater of $300 per gross ton or $0.5 million for each release from vessels not carrying hazardous substances as cargo or residue, and the greater of $300 per gross ton or $5.0 million for each release from vessels carrying hazardous substances as cargo or residue. As with OPA, these limits of liability do not apply where the incident is caused by violation of applicable U.S. federal safety, construction or operating regulations, or by the responsible party's gross negligence or willful misconduct or if the responsible party fails or refuses to report the incident or to cooperate and assist in connection with the substance removal activities. OPA and CERCLA each preserve the right to recover damages under existing law, including maritime tort law. We believe that we are in substantial compliance with OPA, CERCLA and all applicable state regulations in the ports where our vessels call.

OPA and CERCLA both require owners and operators of vessels to establish and maintain with the U.S. Coast Guard ("USCG") evidence of financial responsibility sufficient to meet the maximum amount of liability to which the particular responsible person may be subject. Vessel owners and operators may satisfy their financial responsibility obligations by providing a proof of insurance, a surety bond, qualification as a self-insurer or a guaranty. Under OPA regulations, an owner or operator of more than one vessel is required to demonstrate evidence of financial responsibility for the entire fleet in an amount equal only to the financial responsibility requirement of the vessel having the greatest maximum liability under OPA/CERCLA. Each of our ship owning subsidiaries and affiliates that has vessels trading in U.S. waters has applied for and obtained from the USCG National Pollution Funds Center three-year certificates of financial responsibility, or COFRs, supported by guarantees purchased from an insurance based provider. We believe that we will be able to continue to obtain the requisite guarantees and that we will continue to be granted COFRs from the USCG for each of our vessels that is required to have one.

Compliance with any new requirements of OPA and future legislation or regulations applicable to the operation of our vessels could impact the cost of our operations and adversely affect our business and ability to make distributions to our shareholders. We currently maintain pollution liability coverage insurance in the amount of $1 billion per incident for each of our vessels. If the damages from a catastrophic spill were to exceed our insurance coverage it could have an adverse effect on our business and results of operation.

 ***Bunker Convention/CLC State Certificate***

The International Convention on Civil Liability for Bunker Oil Pollution Damage 2001, (the "Bunker Convention"), an International treaty, entered into force on November 21, 2008. The Bunker Convention provides a liability, compensation and compulsory insurance system for the victims of oil pollution damage caused by spills of bunker oil. The Bunker Convention imposes strict liability on ship owners (including the registered owner, bareboat charterer, manager or operator) for pollution damage in jurisdictional waters of ratifying states caused by discharges of bunker fuel. Registered owners of any sea going vessel and seaborne craft over 1,000 gross tonnage, of any type whatsoever, and registered in a State Party, or entering or leaving a port in the territory of a State Party, will be required to maintain insurance which meets the requirements of the Bunker Convention and to obtain a certificate issued by a State Party attesting that such insurance is in force. The State Party issued certificate must be carried on board at all times. P&I clubs in the International Group issue the required Bunker Convention "Blue Cards" provide evidence that there is insurance in place that meets the Bunker Convention requirements and thereby enable signatory states to issue certificates. All of our trading vessels have received "Blue Cards" from their P&I club and are in possession of a Civil Liability Convention ("CLC") State-issued certificate attesting that the required insurance cover is in force.

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***Clean Water Act and National Invasive Species Act***

The IMO has negotiated international conventions that impose liability for pollution in international waters and the territorial waters of the signatories to such conventions. The EPA and USCG have also enacted rules relating to ballast water discharge for all vessels entering or operating in United States waters. Compliance requires the installation of equipment on our vessels to treat ballast water before it is discharged or the implementation of other port facility disposal arrangements or procedures at potentially substantial cost, and/or otherwise restrict our vessels from entering United States waters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*a. Clean Water Act*

The U.S. Clean Water Act (the "CWA") prohibits the discharge of oil, hazardous substances and ballast water in U.S. navigable waters unless authorized by a duly-issued permit or exemption, and imposes strict liability in the form of penalties for any unauthorized discharges. The CWA also imposes substantial liability for the costs of removal, remediation and damages and complements the remedies available under OPA and CERCLA. In addition, many U.S. states that border a navigable waterway have enacted environmental pollution laws that impose strict liability on a person for removal costs and damages resulting from a discharge of oil or a release of a hazardous substance. These laws may be more stringent than U.S. federal law.

The EPA regulates the discharge of ballast and bilge water and other substances in United States waters under the CWA. The EPA regulations historically have required vessels 79 feet in length or longer (other than commercial fishing vessels and recreational vessels) to obtain and comply with a permit that regulates ballast water discharges and other discharges incidental to the normal operation of certain vessels within United States waters. In March 2013, the EPA issued the Vessel General Permit for Discharges Incidental to the Normal Operation of Vessels, ("VGP"). The 2013 VGP focuses on authorizing discharges incidental to operations of commercial vessels and contains ballast water discharge limits for most vessels to reduce the risk of invasive species in US waters, more stringent requirements for exhaust gas scrubbers and the use of environmentally acceptable lubricants. In December 2018, the Vessel Incidental Discharge Act ("VIDA") was signed into law and restructured the EPA and the USCG programs for regulating incidental discharges from vessels. Rather than requiring CWA permits, the discharges will be regulated under a new CWA Section 312(p) establishing Uniform National Standards for Discharges Incidental to Normal Operation of Vessels. Under VIDA, VGP provisions and existing USCG regulations will be phased out over a period of approximately four years and replaced with National Standards of Performance ("NSPs") to be developed by EPA and implemented and enforced by the USCG. Under VIDA, the EPA was directed to develop the NSPs by December 2020 and the USCG is directed to develop its corresponding regulations two years after EPA develops the NSPs. On October 26, 2020, EPA issued proposed regulations to establish NSPs, including general discharge standards of performance, covering general operation and maintenance, bio fouling management and oil management, and specific discharge standards applicable to specified pieces of equipment and systems. The 2013 VGP was scheduled to expire in December 2018, however, under VIDA the provisions of the 2013 VGP will remain in place until the new EPA and USCG regulations are in place, which remain outstanding. Pursuant to the requirements in the VGP, vessel owners and operators must meet twenty-five sets of state-specific requirements as the CWA's 401 certification process allows tribes and states to impose their own requirements for vessels operating within their waters. Vessels operating in multiple jurisdictions could face potentially conflicting conditions specific to each jurisdiction that they travel through.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*b. National Invasive Species Act*

The USCG regulations adopted under the U.S. National Invasive Species Act ("NISA") require the USCG's approval of any technology before it is placed on a vessel. As a result, the USCG has provided waivers to vessels which could not install the then as-yet unapproved technology. In May 2016, the USCG published a review of the practicability of implementing a more stringent ballast water discharge standard. The results concluded that technology to achieve a significant improvement in ballast water treatment efficacy cannot be practically implemented. In February 2016, the USCG issued a new rule amending the USCG's ballast water management record-keeping requirements. Effective February 22, 2016, vessels with ballast tanks operating exclusively on voyages between ports or places within a single Captain of the Port zone were required to submit an annual report of their ballast water management practices. Further, under the amended requirements, vessels may submit their reports after arrival at the port of destination instead of prior to arrival. As discussed above, under VIDA, existing USCG ballast water management regulations will be phased out over a period of approximately four years and replaced with NSPs to be developed by EPA and implemented and enforced by the USCG.

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***E.U. Regulations***

In October 2009, the E.U. amended a directive to impose criminal sanctions for illicit ship-source discharges of polluting substances, including minor discharges, if committed with intent, recklessly or with serious negligence and the discharges individually or in the aggregate result in deterioration of the quality of water. Aiding and abetting the discharge of a polluting substance may also lead to criminal penalties. The directive applies to all types of vessels, irrespective of their flag, but certain exceptions apply to warships or where human safety or that of the ship is in danger. Criminal liability for pollution may result in substantial penalties or fines and increased civil liability claims. Regulation (EU) 2015/757 of the European Parliament and of the Council of 29 April 2015 (amending EU Directive 2009/16/EC) governs the monitoring, reporting and verification of carbon dioxide emissions from maritime transport, and, subject to some exclusions, requires companies with ships over 5,000 gross tonnage to monitor and report carbon dioxide emissions annually, which may cause us to incur additional expenses.

The E.U. has adopted several regulations and directives requiring, among other things, more frequent inspections of high-risk ships, as determined by type, age and flag as well as the number of times the ship has been detained. The E.U. also adopted and extended a ban on substandard ships and enacted a minimum ban period and a definitive ban for repeated offenses. The regulation also provided the E.U. with greater authority and control over classification societies, by imposing more requirements on classification societies and providing for fines or penalty payments for organizations that failed to comply. Furthermore, the EU has implemented regulations requiring vessels to use reduced sulfur content fuel for their main and auxiliary engines. The EU Directive 2005/33/EC (amending Directive 1999/32/EC) introduced requirements parallel to those in Annex VI relating to the sulfur content of marine fuels. In addition, the EU imposed a 0.1% maximum sulfur requirement for fuel used by ships at berth in the Baltic, the North Sea and the English Channel (the so called "SOx-Emission Control Area"). As of January 2020, EU member states must also ensure that ships in all EU waters, except the SOx-Emission Control Area, use fuels with a 0.5% maximum sulfur content.

***International Labor Organization***

The International Labor Organization (the "ILO") is a specialized agency of the UN that has adopted the Maritime Labor Convention 2006 ("MLC 2006"). A Maritime Labor Certificate and a Declaration of Maritime Labor Compliance is required to ensure compliance with the MLC 2006 for all ships that are 500 gross tonnage or over and are either engaged in international voyages or flying the flag of a Member and operating from a port, or between ports, in another country. We believe that all our vessels are in substantial compliance with and are certified to meet MLC 2006.

***Greenhouse Gas ("GHG") Regulation***

The issue of climate change and the effect of GHG emissions, in particular emissions from fossil fuels, has and continues to attract attention from a wide range of groups, including politicians, regulators, financial institutions, and the general public.

Currently, emissions of GHGs from international shipping are not subject to the international protocols and agreements addressing climate change, such as the 2005 Kyoto Protocol and the 2015 Paris Agreement. However, absent a global approach to address GHG emissions from international transport, the E.U. has initiated action and is pursuing a strategy to integrate maritime emissions into the overall E.U. strategy to reduce GHG emissions. In 2013, the European Commission initiated a three-step strategy aimed at this reduction consisting of (i) monitoring, reporting and verification of carbon dioxide emissions from large vessels using E.U. ports, (ii) establishment of GHG reduction targets for the sector, and (iii) implementation of further measures, including market-based measures such as emissions trading, in the medium to long term. EU Directive 2018/410, which amended the EU Emissions Trading System Directive, emphasized the need to act on GHG emissions from shipping and other sectors and called for action by either the IMO or the E.U. to address emissions from the international transport sector from 2023. The first step of the three-step strategy initiated in 2013 was addressed with a E.U. regulation that took effect in January 2018 that requires large vessels (over 5,000 gross tons) calling at European ports to collect and publish data on carbon dioxide emissions and other information. In 2022, the European Parliament and Council reached a provisional political agreement on legislative proposals that would include GHG emissions from large vessels in the EU emissions trading system and include methane emissions in monitoring, reporting and verification requirements applicable to vessels. Vessels would be required to gradually surrender allowances for verified emissions under the emissions trading system: 40% from 2024, 70% from 2025, and 100% in 2026. This proposal, part of the broader "Fit for 55" climate package, is not yet finalized. The European Parliament has also called for binding carbon dioxide reduction targets for shipping companies, which would require reductions of annual average carbon dioxide emissions of all ships during operation by at least 40% relative to 2008 levels, by 2030, and apply even deeper cuts by 2050.

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In addition, the IMO has taken some action, including mandatory measures to reduce emissions of GHGs from all vessels that took effect in January 2013. These measures included amendments to MARPOL Annex VI Regulations requiring the Energy Efficiency Design Index ("EEDI") for new vessels, and the Ship Energy Efficiency Management Plan ("SEEMP") for all vessels. The regulations apply to all vessels of 400 gross tonnage and above. The IMO also adopted a mandatory requirement in October 2016, which entered into force in March 2018, that ships of 5,000 gross tonnage and above record and report their fuel oil consumption, with the first year of data collection having commenced on January 1, 2019. These measures affect the operations of vessels that are registered in countries that are signatories to MARPOL Annex VI or vessels that call upon ports located within such countries. MEPC subsequently adopted further amendments to MARPOL Annex VI intended to significantly strengthen the EEDI "phase 3" requirements. These amendments accelerate the entry into effect date of phase 3 from 2025 to 2022 for several ship types, including gas carriers, general cargo ships and LNG carriers and require new ships built from that date to be significantly more energy efficient. The MEPC is also looking into the possible introduction of a phase 4 of EEDI requirements. The implementation of the EEDI and SEEMP standards could cause us to incur additional compliance costs. The IMO is also considering the implementation of a market-based mechanism for greenhouse gas emissions from vessels. The IMO adopted its initial GHG reduction strategy in 2018 and established a program of follow-up actions up to 2023 as a planning tool ("IMO GHG Strategy"). The IMO GHG Strategy has established a goal of a reduction in carbon intensity of international shipping by at least 40% by 2030 compared to 2008, and by at least 50% by 2050 compared to 2008.

In November 2020, the MEPC agreed to draft amendments to MARPOL Annex VI establishing an enforceable regulatory framework to reduce GHG emissions from international shipping, consisting of technical and operational carbon reduction measures. These measures include use of an Energy Efficiency Existing Ship Index ("EEXI"), an operational Carbon Intensity Indicator ("CII") and an enhanced SEEMP to drive carbon intensity reductions. A vessel's attained EEXI would be calculated in accordance with values established based on type and size category, which compares the vessels' energy efficiency to a baseline. A vessel would then be required to meet a specific EEXI based on a required reduction factor expressed as a percentage relative to the EEDI baseline. Under the draft MARPOL VI amendments, vessels with a gross tonnage of 5,000 or greater must determine their required annual operational CII and their annual carbon intensity reduction factor needed to ensure continuous improvement of the vessel's CII. On an annual basis, the actual annual operational CII achieved would be documented and verified against the vessel's required annual operational CII to determine the vessel's operational carbon intensity rating on a performance level scale of A (major superior) to E (inferior). The performance level would be required to be recorded in the vessel's SEEMP. A vessel with an E rating, or three consecutive years of a D (minor inferior) rating, would be required to submit a corrective action plan showing how the vessel would achieve a C (moderate) or above rating. This regulatory approach is expected to be consistent with the IMO GHG Strategy target of a 40% carbon intensity reduction for international shipping by 2030, as compared to 2008. MEPC adopted these amendments to MARPOL Annex VI in June 2021 and entered into force in November 2022, with the requirements for EEXI and CII certification coming into effect from January 2023. At the same meeting, MEPC announced plans to revise the IMO GHG Strategy to establish stronger targets, with an aim to adopt a revised strategy at the MEPC meeting in Spring 2023.

An increasing number of financial institutions have also established policies or commitments to reduce emissions associated with their portfolios. In 2019, a consortium of shipping financiers launched the Poseidon Principles, a framework to assess and disclose the alignment of ship finance portfolios with the climate-related goals of the IMO. While voluntary, signatories commit to implementing the Poseidon Principles in their internal policies. Similarly, at the 26th Conference to the Parties of the United Nations Framework Convention on Climate Change ("COP 26"), the Glasgow Financial Alliance for Net Zero ("GFANZ") announced that commitments from over 450 firms across 45 countries had resulted in over $130 trillion in capital committed to net zero goals. The various sub-alliances of GFANZ generally require participants to set short-term, sector-specific targets to transition their financing, investing, and/or underwriting activities to net zero emissions by 2050. There is also a risk that financial institutions will be required to adopt policies that have the effect of reducing the funding provided to the fossil fuel sector. In late 2020, the United States Federal Reserve announced that it had joined the Network for Greening the Financial System, a consortium of financial regulators focused on addressing climate-related risks in the financial sector. Subsequently, the United States Federal Reserve has issued a statement in support of the efforts of the NGFS to identify key issues and potential solutions for the climate-related challenges most relevant to central banks and supervisory authorities. In 2022, the United States Federal Reserve announced that six of the U.S.'s largest banks would take part in a pilot climate scenario analysis, expected to conclude at the end of 2023. Limitation of investments in and financings for fossil fuel energy companies could result in the restriction, delay or cancellation of drilling programs or development, production, liquefaction, or related activities, which may ultimately reduce demand for our services. Additionally, the Commission has published proposed rules requiring climate disclosures. Although the final form and substance of these requirements is not yet known, this may result in additional future costs and human resources, to comply with any such disclosure requirements.

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In the U.S., the EPA issued a finding that GHGs endanger public health and safety and has adopted regulations that regulate the emission of GHGs from certain sources. For example, fossil fuel companies to whom we provide services are subject to regulations by various government agencies, which may include the EPA and bodies within the Department of the Interior ("DOI"). These regulations may include restrictions on certain oil & gas production or stimulation techniques, requirements for the installation and use of certain emissions control technologies, and other regulations that may adversely impact the operations of our customers, which may ultimately reduce demand for our services. Regarding our own operations, the EPA enforces both the CAA and the international standards found in Annex VI of MARPOL concerning marine diesel emissions, and the sulfur content found in marine fuel. Other federal and state regulations relating to the control of greenhouse gas emissions may follow, including climate change initiatives that have been considered in the U.S. Congress. Notably, the U.S. rejoined the Paris Agreement in February 2021, and, in April 2021, announced a new, more rigorous nationally determined emissions reduction level of 50-52% reduction from 2005 levels in economy-wide net GHG emissions by 2030. At the international level, at COP 26, the U.S. and E.U. jointly announced the launch of the Global Methane Pledge, an initiative committing to a collective goal of reducing global methane emissions by at least 30% from 2020 levels by 2030, including "all feasible reductions" in the energy sector.

In 2022, the U.S. Congress passed the Inflation Reduction Act of 2022, which appropriates significant federal funding for renewable energy initiatives and establishes the first ever federal methane fee on sources required to report their GHG emissions to the EPA. The methane fee could increase costs for oil and gas operations and adversely impact the operations of our customers, which may reduce demands for our services. Additionally, the provisions supporting renewable energy development could accelerate the transition of the economy away from the use of fossil fuels and towards lower- or zero-carbon alternatives, which could also reduce demand for oil and gas and consequently adversely affect the business of our customers, reducing demand for our services.

Any passage of climate control legislation or other regulatory or policy initiatives by the IMO, the E.U., the United States, or other countries where we operate, or any treaty adopted at the international level that restricts emissions of GHGs from vessels, could require us to make significant financial expenditures that we cannot predict with certainty at this time. In addition, even without such regulation, our business may be indirectly affected to the extent that climate change results in sea level changes or more intense weather events.

***Other Regulations***

Our vessels may also become subject to the International Convention on Liability and Compensation for Damage in Connection with the Carriage of Hazardous and Noxious Substances by Sea, or HNS, adopted in 1996, the HNS Convention, and subsequently amended by the April 2010 Protocol. The HNS Convention creates a regime of liability and compensation for damage from hazardous and noxious substances, including liquefied gases. The HNS Convention introduces strict liability for the ship owner and covers pollution damage as well as the risks of fire and explosion, including loss of life or personal injury and damage to property. At least 12 states must ratify or accede to the 2010 Protocol for it to enter into effect. In July 2019, South Africa became the 5<sup>th</sup> state to ratify the protocol. At least 7 more states must ratify or accede to the treaty for it to enter into effect.

&nbsp;&nbsp;&nbsp;&nbsp;The April 2010 Protocol sets up a two-tier system of compensation composed of compulsory insurance taken out by ship owners and an HNS fund that comes into play when the insurance is insufficient to satisfy a claim or does not cover the incident. Under the 2010 Protocol, if damage is caused by bulk HNS, claims for compensation will first be sought from the ship owner up to a maximum of 100 million Special Drawing Rights, or SDR. SDR is a potential claim on the freely usable currencies of the IMF members. If the damage is caused by packaged HNS or by both bulk and packaged HNS, the maximum liability is 115 million SDR. Once the limit is reached, compensation will be paid from the HNS Fund up to a maximum of 250 million SDR. We cannot estimate the costs that may be needed to comply with any such requirements that may be adopted with any certainty at this time.

**C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organizational Structure**

For a list of our significant subsidiaries, see Exhibit 8.1 to this annual report and note 4 "Subsidiaries" of our consolidated financial statements included herein. All of our subsidiaries are, directly or indirectly, wholly-owned by us except for Hilli LLC, Hilli Corp and Gimi MS.

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**D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, Plant and Equipment**

For information on our fleet, please see the section of "Item 4B. Business Overview".

We do not own any interest in real estate. As of December 31, 2022, we lease the following office spaces: 10,700 square feet in London, England; 32,000 square feet in Oslo, Norway; 4,200 square feet in Kuala Lumpur, Malaysia; 2,500 square feet in Hamilton, Bermuda; and 2,100 square feet of office space in Douala, Cameroon.

**ITEM 4A. UNRESOLVED STAFF COMMENTS**

None.

**ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS**

The following discussion of our financial condition and results of operations should be read in conjunction with the sections of this Annual Report entitled "Item 4. Information on the Company" and our consolidated financial statements and notes thereto, included herein. Our financial statements have been prepared in accordance with U.S. GAAP. This discussion includes forward-looking statements based on assumptions about our future business. You should also review the section of this Annual Report entitled "Cautionary Statement Regarding Forward-Looking Statements" and "Item 3. Key Information - D. Risk Factors" for a discussion of important factors that could cause our actual results to differ materially from the results described in or implied by certain forward-looking statements.

**Significant Developments since January 1, 2023**

***<u>Financing</u>***

(i)&nbsp;&nbsp;&nbsp;&nbsp;Dutch Title Transfer Facility ("TTF") linked commodity swap derivatives

In January 2023, we entered into new commodity swaps to effectively unwind the majority of our previous 2023 and 2024 TTF linked commodity swap arrangements and regain full market exposures to the TTF prices, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 100% of the March 2023 to December 2023 TTF linked commodity swaps unwound at $21.80/MMBtu resulting in a net gain of $28.20/MMBtu, equivalent to $75.8 million that will be received in monthly installments between March and December 2023; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 50% of January 2024 to December 2024 TTF linked commodity swaps unwound at $20.55/MMBtu resulting in a net gain of $30.65/MMBtu, equivalent to $49.5 million that will be received in twelve monthly installments from March 2023 to December 2024.

(ii)&nbsp;&nbsp;&nbsp;&nbsp;Divestment of our NFE investment

In January and February 2023, we sold 1.2 million of our NFE Shares raising net proceeds of $45.6 million.

In February 2023, we agreed to acquire NFE's common units of Hilli LLC (which represents 50% of the Hilli LLC common units outstanding), which owns the FLNG *Hilli*, in exchange for our remaining 4.1 million NFE Shares and $100.0 million cash. Although ownership and title to the common units was transferred to us on closing date, March 15, 2023, we acquired the distribution rights from the repurchased common units with retrospective effect from January 1, 2023. Upon the closing of the acquisition, our effective interest in the currently contracted FLNG *Hilli* earnings is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 94.55% of common units that receive tolling related fees relating to trains 1 and 2, and 5% of TTF linked gas related fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 89.1% of Series A Special units that receive Brent linked crude oil related fees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 89.1% of Series B Special units that receive 95% of TTF linked gas related fees.

(iii)&nbsp;&nbsp;&nbsp;&nbsp;Sale of our CoolCo shares

In February 2023, we sold 4.5 million CoolCo Shares for NOK 130/share, raising net proceeds of $55.8 million.

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(iv)&nbsp;&nbsp;&nbsp;&nbsp;Partial buyback of Unsecured Bonds

In March 2023, we repurchased 4.5 million of the Unsecured Bonds for a total consideration of $4.6 million inclusive of accrued interest.

***<u>FLNG business development</u>***

In February 2023, we secured an option to acquire a 148,000 cubic meter moss design LNG carrier for a Mark II FLNG. A non-refundable payment of $5.0 million was paid in February 2023, which, subject to the option being exercised in the second quarter of 2023, will be deducted from the agreed $77.5 million purchase price. Significant progress has been made with the conversion shipyard, procurement of long lead items and financing.

**Factors Affecting Our Future Results of Operations and Financial Condition**

Our historical results of operations may not be indicative of our future results of operations which may be principally affected for the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Timely completion of the Gimi FLNG conversion and customer acceptance***. The *Gimi* conversion project is 92.5% technically complete as of March 17, 2023. The FLNG conversion requires highly specialized contractors and is subject to risk of delay or default by shipyard or other factors outside our or the shipyard's control such as COVID-19, labor shortages, supply chain disruptions or timing of various project infrastructure delivery to site. Further, we are required to meet certain obligations under the GTA Project, including the delivery schedules and performance specifications. In the event the shipyard, the customer or us are unable to perform under the terms of the respective construction agreements or the LOA, it may adversely impact our results of operations, our future cash flows owing to delays in unlocking our Adjusted EBITDA backlog, breach certain bank covenants which will obligate us to repay the outstanding debt principal and associated interest and penalties and harm our reputation as a FLNG company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Utilization of FLNG Hilli and future redeployment***. In July 2022, the Customer exercised its option to increase the annual capacity utilization of FLNG *Hilli* to 1.4 million tons from January 2023 to the end of the LTA in July 2026. In late 2022, due to a combination of upstream technical issues and maintenance works, FLNG *Hilli* had a production shortfall for the 2022 contract year. We have agreed in principle with the Customer that the 2022 production shortfall will be compensated through overproduction in contract year 2023, subject to documentation and execution of Amendment 4 to the LTA. In the event FLNG *Hilli* is unable to meet its contracted capacity in a given year, if LTA Amendment 4 is not duly executed, or if we fail to secure a new contract once her current contract ends in July 2026, our earnings and cash flows will be adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Acquisition of additional interest in Hilli LLC***. The acquisition of NFE's equity interest in the Common Units which closed on March 15, 2023 is expected to increase our share of the cash flow generation from FLNG *Hilli*'*s* existing contract ending in July 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Our results are affected by fluctuations in the fair value of our derivative instruments.*** The change in fair value of our derivative instruments, which includes oil and gas derivatives, commodity swaps and interest rate swaps, are included in our net income. These changes may fluctuate significantly as interest rates, foreign exchange rates and the price of commodities fluctuate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Conversion and deployment of Mark II FLNG***. We have entered into agreements for engineering services and materials and an option to purchase a LNG carrier for a future conversion of one of our Mark II FLNG design without a firm customer in place. Should the future deployment opportunities require additional bespoke specifications, we may incur significant unplanned project costs which could adversely affect our cash flows and the timeliness of our ability to realize the full potential of this asset and maximize returns of our investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Risk of breach of certain debt covenants.*** Our loan agreements and lease financing arrangements require us to maintain specific financial levels and ratios, including minimum amounts of available cash, minimum ratios of current assets to current liabilities (excluding current portion of long-term debt), minimum levels of stockholders' equity and maximum loan amounts to value. If certain covenants are breached, we may be required to make further principal repayments ahead of our loan maturity which would reduce our available cash.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Our vessels*' *net book value may be impaired.*** Our current results include an impairment charge following the *Golar Arctic*'*s* entry into a sale and purchase agreement with Snam in the second quarter of 2022. The remaining vessels in our fleet are reviewed for impairment whenever events or changes in circumstances, such as a sale of one or more of our vessels, which may indicate that the carrying amount may not be recoverable. In assessing the recoverability of our long-lived assets' carrying amounts, we make assumptions regarding estimated undiscounted future cash flows, such as the vessels' economic useful life and estimates in respect of residual or scrap value. If the market value of our vessels declines, we may be required to record an impairment charge in our financial statements, which could adversely affect our results of operations and financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• *We have retroactively adjusted the presentation of our results following the CoolCo Disposal and the disposal of our subsidiary that owned Golar Tundra.*** The disposals of CoolCo (the "CoolCo Disposal") and our subsidiary that owned *Golar Tundra* (the "TundraCo Disposal" and collectively with the CoolCo Disposal, the "Disposal Group") during the year, as discussed in note 14 "Assets and liabilities held for sale and discontinued operations" of the consolidated financial statements, both met the criteria for presentation as held-for-sale and as discontinued operations. Consequently, we have retrospectively adjusted the assets, liabilities, results of operations and cashflows of the Disposal Group as discontinued operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***The ongoing conflict between Russia and Ukraine could have material adverse effects on our business, results of operations, or financial condition.*** The ongoing conflict between Russia and Ukraine, in addition to sanctions announced as of March 2023 by the U.S. and several European and world leaders and nations against Russia and any further sanctions, may adversely impact our business given Russia's role as a major global exporter of crude oil and natural gas. Our business could be harmed by trade tariffs, trade embargoes or other economic sanctions by the United States or other countries against Russia, Russian companies or the Russian energy sector and harmed by any retaliatory measures by Russia in response. While much uncertainty remains regarding the global impact of the ongoing conflict between Russia and Ukraine, it is possible that the hostilities could adversely affect our business, financial condition, results of operation and cash flows. Furthermore, it is possible that third parties with whom we have charter contracts or business arrangements may be impacted by events in Russia and Ukraine, which could adversely affect our operations and financial condition.

Please see the section of this Annual Report entitled "Item 3. Key Information - D. Risk Factors" for a discussion of certain risks inherent in our business.

***Important Financial and Operational Terms***

We use a variety of financial and operational terms when analyzing our performance. These include the following:

***Liquefaction services revenue.*** The provision of liquefaction services capacity is considered a single performance obligation recognized evenly over time. We consider our services (the receipt of customer's gas, treatment and temporary storage on board our FLNG and delivery of LNG to waiting carriers) to be a series of distinct services that are substantially the same and have the same pattern of transfer to our customer. We recognize revenue when obligations under the terms of our contract are satisfied and applied the practical expedient to recognize liquefaction services revenue in proportion to the amount we have the right to invoice. Amounts of overproduction or underutilization are considered variable consideration, estimated and recognized using the output method to the extent it is probable that a significant reversal will not occur.

***FLNG tariff, net.*** FLNG tariff, net is a non-U.S. GAAP financial measure and is calculated by taking the liquefaction services revenue adjusted for the amortization of deferred commissioning period revenue and Day 1 gains on deferred revenues, the unwinding of liquidated damages, accrued underutilization, accrued overproduction revenue and the realized gains on oil and gas derivative instruments. FLNG tariff, net reflects the cash earnings of FLNG *Hilli* in a given period which consists of the base tolling fees, oil linked fees, gas linked fees, billed overproduction revenue and underutilization adjustment invoiced to the customer. Management believes that FLNG tariff, net increases the comparability of our FLNG performance from period to period and against the performance of other operational FLNGs. FLNG tariff, net should not be considered as an alternative to net income or any other measure of our financial performance calculated in accordance with U.S. GAAP. See the section of this Item 5 entitled "A. Operating Results" included herein for a reconciliation of FLNG tariff, net to total operating income, the most comparable U.S. GAAP financial measure.

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***Adjusted EBITDA.*** Adjusted EBITDA is a non-U.S. GAAP financial measure and is calculated by taking net income/(loss) before net (loss)/income from discontinued operations, net income/(losses) from equity method investments, income taxes, other financial items net, net gains/(losses) on derivative instruments, interest expense, interest income, net other non-operating income/(losses), realized and unrealized mark-to-market gain/(losses) on our investment in listed equity securities, unrealized movements on the oil and gas derivative instruments, impairment of long-lived assets and depreciation and amortization. Adjusted EBITDA is a financial measure used by management and investors to assess our total financial and operating performance. Management believes that Adjusted EBITDA assists management and investors by increasing the comparability of our total performance from period to period against the performance of other companies. Adjusted EBITDA should not be considered as an alternative to net income or any other measure of our financial performance calculated in accordance with U.S. GAAP. See the section of this Item 5 entitled "A. Operating Results" included herein for a reconciliation of Adjusted EBITDA to net income, the most comparable U.S. GAAP financial measure.

***Adjusted EBITDA backlog****.* Adjusted EBITDA backlog is a non-U.S. GAAP financial measure and represents the share of contracted fee income for executed contracts less forecast operating expenses for these contracts. Adjusted EBITDA backlog should not be considered as an alternative to net income or any other measure of our financial performance calculated in accordance with U.S. GAAP.

See note 2 "Basis of preparation and significant accounting policies" of our consolidated financial statements included herein for further details.

**A. Operating Results**

The historical results in relation to our recent disposals has been presented as discontinued operations and, as such, have been excluded from both continuing operations and segment results for all periods presented. Throughout this annual report on Form 20-F, unless otherwise indicated, the amounts and activities are presented on a continuing operations basis. See note 6 "Segment information" and note 14 "Assets and liabilities held for sale and discontinued operations" of the consolidated financial statements included herein for additional information on our segments and discontinued operations.

Reconciliations of the 2022, 2021 and 2020 consolidated net income/(loss) to Adjusted EBITDA are as follows:

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| | | | |
|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | **December 31,** |
| *(in thousands of $)* | **2022** | **2021** | **2020** |
| **Net income/(loss)** | **939057** | **560615** | **(167930)** |
| Income taxes | (438) | 1440 | 579 |
| Income/(loss) before income taxes | 938619 | 562055 | (167351) |
| Depreciation and amortization | 51712 | 55362 | 55940 |
| Impairment of long-term assets | 76155 |  |  |
| Unrealized (gain)/loss on oil and gas derivative instruments, net | (288977) | (179891) | 45100 |
| Realized and unrealized (gains)/losses on our investment in listed equity securities | (400966) | 295777 |  |
| Other non-operating (income)/losses, net | (11916) | 66027 | (5682) |
| Interest income | (12225) | (128) | (1479) |
| Interest expense | 19286 | 34486 | 39182 |
| (Gains)/losses on derivative instruments, net | (71497) | (24348) | 52423 |
| Other financial items, net | 5380 | (693) | 557 |
| Net (income)/losses from equity method investments <sup>(1)</sup> | (19041) | (1080) | 537 |
| Net loss/(income) from discontinued operations | 76450 | (625389) | 142912 |
| Adjusted EBITDA | 362980 | 182178 | 162139 |

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(1) Please refer to the individual reportable segments below for discussions on net income/(loss) from equity method investments.

Discussed below are our financial statement line items of our consolidated results of operations for the years ended December 31, 2022, 2021 and 2020 that are not covered by the segmental analysis presented later in this section:

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***Depreciation and amortization:*** Depreciation and amortization decreased by $3.7 million in 2022 compared to 2021. This is primarily due to a decrease in depreciation charge in *Golar Arctic* for the year ended December 31, 2022 compared to the same period in 2021 as a result of $76.2 million impairment charge on *Golar Arctic* in May 2022 (see below for further details).

The depreciation and amortization in 2021 is comparable to 2020.

***Impairment of long-lived assets:*** The impairment charge of $76.2 million is associated with our LNG carrier, the *Golar Arctic*. In May 2022, we entered into agreements with Snam for the future sale of the *Golar Arctic* following her conversion into a FSRU ("Arctic SPA") subject to receipt of notice to proceed. Although the sale is not expected to close until 2025, the agreement with Snam triggered an immediate impairment test. As the carrying value of the vessel exceeded the price that a market participant would pay for the vessel at the measurement date, we impaired the vessel. The fair value was based on average broker valuations as of the measurement date, which represents the exit price of the vessel in the principal LNG carrier sales market.

There was no comparable impairment charge recognized for the same period in 2021 and 2020.

***Unrealized gain/(loss) on the oil and gas derivative instruments:***

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| | | | |
|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | **December 31,** |
| *(in thousands of $)* | **2022** | **2021** | **2020** |
| Unrealized gain on FLNG *Hilli*'*s* gas derivative instrument | 121959 | 51286 |  |
| Unrealized MTM adjustment for commodity swap derivatives | 111703 | 1665 |  |
| Unrealized gain/(loss) on FLNG *Hilli*'*s* oil derivative instrument | 55315 | 126940 | (45100) |
| Unrealized gain/(loss) on oil and gas derivative instruments, net | 288977 | 179891 | (45100) |

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• *Unrealized gain on FLNG Hilli*'*s gas derivative instrument:* In July 2022, the Customer exercised the option to increase the annual capacity utilization of FLNG *Hilli* by 0.2 mtpa for the period from January 2023 to the end of the term of the LTA in July 2026, which together with the 0.2 mtpa annual capacity increase for the 2022 contract year (both pursuant to LTA Amendment 3 entered into in July 2021), bringing total annual base capacity to 1.4 mtpa from January 2022 to the end of the LTA in July 2026. This reflects the mark-to-market ("MTM") movements related to the changes in the fair value of the FLNG Hilli's gas derivative instrument which we estimated using the discounted future cash flows of the additional payments due to us for the 0.2 million tons of LNG incremental capacity to the end of the LTA which is linked to the TTF gas prices and forecast Euro/USD exchange rates. The increase of $70.7 million in 2022 compared to 2021 was primarily driven by the volatility in the future TTF linked gas price curves over the LTA's remaining term.

There was no comparable derivative instrument recognized in 2020.

• *Unrealized MTM adjustment for commodity swap derivatives:* In 2021, we entered into commodity swaps to hedge our exposure to the TTF linked earnings (100% of which attributable to Golar). The increase of $110.0 million unrealized MTM gain in 2022 compared to 2021, was due to an increase in exposure and volatility in the future TTF linked gas price curves.

There were no comparable derivative instrument recognized in 2020.

• *Unrealized gain on FLNG Hilli*'*s oil derivative instrument:* This reflects the MTM movements related to the changes in the fair value of the FLNG Hilli's oil derivative instrument which we estimated using the discounted future cash flows of the additional payments due to us as a result of Brent linked crude oil prices moving above a contractual oil price floor to the end of the LTA. The decrease of $71.6 million in unrealized gain in 2022 compared to the unrealized gain in 2021 and the increase of $172.0 million unrealized gain in 2021 compared to unrealized loss in 2020, were largely driven by the volatility in the future Brent linked crude oil price curves over the LTA's remaining term.

***Realized and unrealized gains/(losses) on our investment in listed equity securities:*** This reflects the MTM movements related to changes in the fair value of the NFE Shares received in April 2021 as part consideration for the disposal of our former equity method investment in Hygo. In 2022, we sold 13.3 million of our NFE Shares at a price range between $40.80 and $58.29 per share for aggregate consideration of $625.6 million, inclusive of $3.8 million fees, which resulted in realized MTM gains of $50.1 million. Further, in 2022 and 2021, we recognized $350.9 million unrealized MTM gains and $295.8 million unrealized MTM losses, respectively due to a significant increase in the NFE share prices to $42.42/share at December 31, 2022, compared to $24.14/share for the same period in 2021.

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There were no comparable listed equity securities recognized in 2020.

***Other non-operating income/(losses), net:***

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| | | | |
|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | **December 31,** |
| *(in thousands of $)* | **2022** | **2021** | **2020** |
| UK tax lease liability | 7148 | (71739) |  |
| Dividend income from our investment in listed equity securities | 4768 | 5588 |  |
| Gain on disposal of *LNG Croatia*  |  |  | 5682 |
| Others |  | 124 |  |
| Other non-operating income/(losses), net | 11916 | (66027) | 5682 |

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• *U.K. tax lease liability:* In 2021, we reached a settlement with the U.K. tax authorities ("HMRC") in relation to the legacy U.K. tax lease inquiry with the HMRC and recognized $71.7 million liability. In 2022, we settled our liability to the HMRC in full of $66.4 million, inclusive of fees, released the remaining liability recognized of $5.3 million and recognized a foreign exchange movement of $1.8 million.

There was no comparable liability recognized in 2020.

• *Dividend income from our investment in listed equity securities:* This reflects the dividend income received in relation to our NFE Shares. The decrease of $0.8 million dividend income is mainly due to fewer NFE Shares owned of 5.3 million shares at December 31, 2022, compared to 18.6 million NFE Shares for the same period in 2021.

There was no comparable dividend income recognized in 2020.

*• Gain on disposal of LNG Croatia:* In 2019, we entered into agreements with LNG Hrvatska d.o.o. ("LNG Hrvatska") relating to the conversion and subsequent sale of the converted carrier, *LNG Croatia.* In 2020, the converted FSRU, *LNG Croatia* was accepted by LNG Hrvatska and we recognized a gain on disposal of $5.7 million which was comprised of cash proceeds of $193.3 million, partially offset by the carrying value of the converted vessel of $187.6 million.

There was no comparable gain recognized in 2022 and 2021.

***Interest income:*** The increase in interest income of $12.1 million in 2022 compared to 2021 was primarily due to the increase in short-term money market deposits of $634.2 million at December 31, 2022, compared to $nil for the same period in 2021.

The decrease in interest income of $1.4 million in 2021 compared to 2020 was primarily due to the decrease in the return on our collateral held in relation to the Margin Loan facility and the conversion of *LNG Croatia* which were released following the repayment of the Margin Loan facility in December 2020 and acceptance of *LNG Croatia* in January 2021, respectively.

***Interest expense:*** The decrease in net interest expense of $15.2 million in 2022 compared to 2021 was primarily due to:

*•* $30.5 million net decrease in interest expense, including amortization of deferred finance charges was driven by the redemption of our convertible senior unsecured notes in February 2022 and the repayments of the Corporate Revolving Credit Facility in November 2022 and the Revolving Credit Facility ("RCF") in November 2021;

• $5.7 million increase in capitalized interest expense on our borrowing cost in relation to our qualifying investment in our asset under development, the *Gimi*; and

• $21.1 million net increase in interest expense driven by our $300.0 million senior unsecured bonds ("Unsecured Bonds") which closed in October 2021 and higher LIBOR on the debt facility of our consolidated lessor VIE.

The decrease in net interest expense of $4.7 million in 2021 compared 2020, was due to:

• $9.7 million net decrease in interest expense, including amortization of deferred finance charges driven by the repayment of the Golar Viking facility, the Margin Loan facility and the Term Loan Facility in December 2020;

• $8.6 million decrease in interest expense on the loan facilities including our consolidated lessor VIE following scheduled capital repayments in 2021;

• $9.6 million net increase in interest expenses driven by the Unsecured Bonds and the RCF entered in October 2021 and December 2020, respectively; and

------

• $4.0 million decrease in capitalized interest on borrowing costs in relation to our qualifying investments, including Avenir and the *LNG Croatia* FSRU conversion.

***Gains/(losses) on derivative instruments, net:*** 

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| | | | |
|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | **December 31,** |
| *(in thousands of $)* | **2022** | **2021** | **2020** |
| Unrealized MTM adjustment for interest rate swap ("IRS") derivatives | 72269 | 27016 | (38601) |
| Net interest expense on undesignated IRS derivatives | (772) | (2908) | (6215) |
| Foreign exchange gain/(loss) on terminated undesignated foreign exchange swaps |  | 240 | (2556) |
| Unrealized MTM adjustment for equity derivatives |  |  | (5051) |
| Gains/(losses) on derivative instruments, net | 71497 | 24348 | (52423) |

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***•*** *Unrealized MTM adjustment for interest rate swap ("IRS") derivatives:* This reflects the MTM movements related to the changes in the fair value of our IRS derivatives. As of December 31, 2022, 2021 and 2020, we have an IRS portfolio with a notional amount of $740.0 million, $505.0 million and $597.5 million, respectively, none of which are designated as hedges for accounting purposes. The increase of $45.3 million in 2022 compared to 2021 was driven by the increase in the long-term swap rates, increase in the notional values of our swap portfolio and fair value adjustments reflecting our creditworthiness and that of our counterparties. The $65.6 million movement in 2021 compared to 2020 was driven by increase in the long-term swap rates, partially offset by a decrease in the notional values of our swap portfolio and fair value adjustments reflecting our creditworthiness and that of our counterparties.

***•*** *Net interest expense on undesignated IRS derivatives:* This reflects the net interest exposure in relation to our IRS derivatives. The decrease in net interest expense on undesignated IRS derivatives of $2.1 million in 2022 compared to 2021 and $3.3 million in 2021 compared to 2020 were largely driven by the movements in the LIBOR.

***•*** *Foreign exchange gain/(loss) on terminated undesignated foreign exchange swaps:* This reflects the net foreign exchange exposure in relation of our foreign exchange swaps. In 2020, we entered a foreign exchange swap that fixed our USD/Euro foreign exchange exposure which matured in 2021 and recognized a gain of $0.2 million compared to a loss of $2.6 million in 2020 due to the unfavorable exchange rate of the Euros against the U.S. dollar.

There were no comparable foreign exchange swaps entered into in 2022.

*• Unrealized MTM adjustment for equity derivatives:* In December 2014, we established a three-month facility for a Stock Indexed Total Return Swap Program ("Total Return Swap") or Equity Swap Line with third party banks, in connection with a share buyback scheme. In February 2020, we purchased the remaining 1.5 million of our shares and 0.1 million of Golar Partners' common units underlying the return swap which terminated the Total Return Swap. The equity swap derivatives MTM adjustment resulted in a net loss of $5.1 million, recognized in the year ended December 31, 2020.

There were no comparable equity derivatives entered into in 2022 and 2021.

***Other financial items, net:*** 

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| | | | |
|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | **December 31,** |
| *(in thousands of $)* | **2022** | **2021** | **2020** |
| Financing arrangement fees and other related costs | (9340) | (1201) | (1409) |
| Amortization of debt guarantees | 2657 | 2569 | 4111 |
| Foreign exchange gain/(loss) on operations | 1598 | (384) | (3107) |
| Other | (295) | (291) | (152) |
| Other financials items, net | (5380) | 693 | (557) |

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***•*** *Financing arrangement fees and other related costs:* The increase in financing arrangement fees and other related costs of $8.1 million in 2022 compared to 2021 was due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $4.9 million write-off of deferred finance charges and expenses in relation to our undrawn corporate bilateral facility, the availability of which expired in June 2022;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $2.3 million loss on extinguishment in relation to the redemption of $140.7 million of our Unsecured Bonds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $1.4 million commitment fee in relation to the undrawn portion of the Corporate RCF which was cancelled in November 2022.

The financing arrangement fees and other related costs in 2021 was comparable to 2020.

*• Amortization of debt guarantees:* This relates to fees earned from debt guarantees provided. The decrease of $1.5 million in 2021 compared to 2020 was driven by a decrease in various debt guarantees provided.

The amortization of debt guarantees in 2022 was comparable to 2021.

*• Foreign exchange gain/(loss) on operations:* The increase of $2.0 million gains in 2022 compared to 2021 and $2.7 million gains in 2021 compared to 2020 were driven by the favorable foreign exchange movements against the U.S. dollar.

***Net income/(losses) from equity method investments:*** This represents our share of earnings from our equity accounted investments in ECGS, Avenir, CoolCo and Aqualung. The increase in net income/(losses) from equity method investments of $18.0 million in 2022 compared to 2021 was mainly due to our share in the net earnings of CoolCo of $23.8 million and a $0.4 million gain on disposal of 8.0 million of our CoolCo shares in 2022.

The increase in net income/(losses) from equity method investments of $1.6 million in 2021 compared to 2020 was due to our share in the net earnings of Avenir of $1.2 million in 2021 compared to the net losses of $0.2 million in 2020.

***Net (loss)/income from discontinued operations:*** This relates to the CoolCo Disposal, the TundraCo Disposal, and Golar Partners and Hygo Disposals, which are discussed in more detail in note 14 "Assets and liabilities held for sale and discontinued operations" of the consolidated financial statements:

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| | | | |
|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | **December 31,** |
| *(in thousands of $)* | **2022** | **2021** | **2020** |
| *The CoolCo Disposal* |  |  |  |
| (Loss)/income from discontinued operations | (194500) | 54534 | 36699 |
| Loss on disposal | (10060) |  |  |
| Net (loss)/income from discontinued operations | (204560) | 54534 | 36699 |

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*(Loss)/income from discontinued operations:* The increase in the loss from discontinued operations of $249.0 million in 2022 compared to 2021 was primarily due to the impairment of $218.3 million on the LNG carriers following their classification as held-for-sale and reduced earnings from the LNG carriers given the disposals were completed in April 2022, compared to a full year of earnings in 2021.

The increase in the income from discontinued operations of $17.8 million in 2021 compared to 2020 was primarily due to lower commercial waiting time of 23 days and higher average daily charter rates of $52,900 per day, compared to 318 days and $48,900 per day, respectively.

*Loss on disposal:* This comprised of carrying values of the assets and liabilities disposed of amounting to $355.4 million, partially offset by the proceeds received in the form of $218.2 million cash and $127.1 million worth of CoolCo shares.

There is no comparable loss recognized in 2021 and 2020.

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| | | | |
|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | **December 31,** |
| *(in thousands of $)* | **2022** | **2021** | **2020** |
| *The TundraCo Disposal* |  |  |  |
| Income/(loss) from discontinued operations | 4880 | 2806 | (3622) |
| Gain on disposal | 123230 |  |  |
| Net income/(loss) from discontinued operations | 128110 | 2806 | (3622) |

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*Income/(loss)from discontinued operations:* The increase in income from discontinued operations of $2.1 million in 2022 compared to 2021 was due to reduced depreciation expense as the disposal was completed in May 2022, compared to a full year of depreciation expense in 2021, which was partially offset by the acceleration of deferred financing charges when the vessel was sold.

The increase in income from discontinued operations of $6.4 million in 2021 compared to 2020 was due to higher earnings from the *Golar Tundra* due to her full utilization in 2021, compared to 120 off-hire days following her scheduled drydock in 2020.

*Gain on disposal:* This comprised of (i) total consideration received of $352.5 million, net of (ii) the net asset value of Golar LNG NB 13 Corporation (the subsidiary we sold which owned *Golar Tundra*) of $229.0 million and (iii) related disposal costs of $0.3 million.

There is no comparable loss recognized in 2021 and 2020.

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| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| *(in thousands of $)* | **2021** | **2020** |
| *Golar Partners and Hygo disposals* |  |  |
| Loss from discontinued operations | (6892) | (175989) |
| Gain on disposal | 574941 |  |
| Net income/(loss) from discontinued operations | 568049 | (175989) |

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*Loss from discontinued operations:* The decrease in loss from discontinued operations of $169.1 million in 2021 compared to 2020 was primarily due to the impairment charge of $135.9 million on our investment in Golar Partners in 2020.

There is no comparable loss recognized in 2022.

*Gain on disposal:* This comprised of (i) total consideration received of $130.9 million in cash and $745.4 million of NFE Shares; (ii) release of our tax indemnity guarantee liability to Golar Partners of $2.0 million; (iii) a partial offset of the carrying values of our investment in affiliates disposed of amounting to $257.3 million as of April 15, 2021; (iv) realized accumulated comprehensive losses on disposal of investment in affiliates of $43.4 million; and (v) related disposal costs of $2.7 million.

There is no comparable loss recognized in 2022 and 2020. The following details our operating results and the resultant Adjusted EBITDA for our reportable segments for the years ended December 31, 2022, 2021 and 2020.

**<u>FLNG segment</u>**

This relates to activities of the FLNG *Hilli* and our other FLNG projects.

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| | | | |
|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | **December 31,** |
| *(in thousands of $)* | **2022** | **2021** | **2020** |
| Total operating revenues | 214825 | 221020 | 226061 |
| Realized gain on oil and gas derivative instruments | 232020 | 24772 | 2539 |
| Vessel operating expenses | (58583) | (51195) | (52104) |
| Voyage, charterhire and commission expenses | (600) | (600) |  |
| Administrative income/(expenses) | 22 | (241) | (1672) |
| Project development expenses | (5335) | (3171) | (2793) |
| Other operating losses | (15417) |  |  |
| Adjusted EBITDA | 366932 | 190585 | 172031 |

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| | | | |
|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | **December 31,** |
| *(in thousands of $)* | **2022** | **2021** | **2020** |
| **Other Financial Data:** |  |  |  |
| Total operating revenues | 214825 | 221020 | 226061 |
| Vessel management fees and other revenues | (855) |  |  |
| Liquefaction services revenue  | 213970 | 221020 | 226061 |
| Amortization of deferred commissioning period revenue, amortization of Day 1 gains, underutilization adjustment <sup>(1)</sup>, accrued overproduction revenue and other | (6077) | (16520) | (21560) |
| Realized gain on oil and gas derivative instruments, net | 232020 | 24772 | 2539 |
| FLNG tariff, net | 439913 | 229272 | 207040 |

---

(1) Due to a production shortfall of the FLNG *Hilli* for the contract year 2022, we recognized a non-current contract liability for this underutilization, capped in accordance with the LTA, of $35.8 million, which is payable in the form of an offset against our final invoice at the end of the LTA in July 2026. In 2023, we have agreed in principle LTA Amendment 4 with our Customer, that the underutilization liability arising from production shortfall in contract year 2022 is to be compensated through overproduction in contract year 2023, however this amendment to the LTA as not yet been executed.

***Total operating revenues:*** 

---

| | | | |
|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | **December 31,** |
| *(in thousands of $)* | **2022** | **2021** | **2020** |
| Base tolling fee | 204501 | 204501 | 204501 |
| Amortization of deferred commissioning period revenue | 4120 | 4120 | 4220 |
| Amortization of Day 1 gains | 22608 | 9712 | 9950 |
| (Underutilization)/overproduction | (20089) | 3249 | 7965 |
| Incremental base tolling fee | 5000 |  |  |
| Other | (1315) | (562) | (575) |
| Total operating revenues | 214825 | 221020 | 226061 |

---

• *Base tolling fee:* Under the terms of the LTA, we invoice and recognize base tolling fees up to the contracted annual base capacity so long as actual production is 95% of the contracted base capacity, provided that there are no services unavailability considered our fault in a given contract year.

***•*** *Amortization of Day 1 gains:* This relates to the amortization of the FLNG *Hilli*'*s* deferred Day 1 gains on the oil and gas derivative instruments. In July 2021, we entered into LTA Amendment 3 whereby the contracted capacity of *Hilli* increased by 0.2 million tons of LNG to 1.4 million tons of contracted capacity for contract year 2022. This resulted into the recognition of the TTF linked Day 1 gain of $28.3 million, amortized over one year given the Customer had not exercised the option to maintain the increased annual contracted volume of 1.4 million tons from January 2023 until July 2026 (the "2023+ expansion capacity"). In July 2022, the Customer exercised the 2023+ expansion capacity resulting to the extension to the initial amortization profile of the TTF linked Day 1 gain until July 2026.

The amortization of Day 1 gains in 2021 is comparable to 2020.

***•*** *(Underutilization)/overproduction:* In March 2021, we signed an agreement with the Customer ("LTA Amendment 2"), amending the LTA contract term from one linked to fixed capacity of 500.0 billion cubic feet to one of a fixed term, terminating on July 18, 2026. This amendment also permits billing adjustments for amounts over or under the annual contracted capacity in a given contract year ('overproduction' or 'underutilization', respectively), commencing from the 2019 contract year. Amounts for overproduction were invoiced at the end of a given contract year, while amounts for underutilization (which is capped per contract year) will be a reduction against our final invoice to the Customer at the end of the LTA.

------

For the LTA contract year 2022, due to a combination of upstream technical issues and maintenance works, we recognized underutilization of $35.8 million, which is bifurcated on our consolidated statement of operations presentation, as reductions to the "Liquefaction services revenue" and "Other operating income" financial statement line items, amounting to $20.1 million and $15.7 million, respectively. The decrease in overproduction revenue of $4.7 million in 2021 compared to 2020 was primarily due to overproduction in excess of the contracted annual base capacity for 2019 of $5.1 million, which was invoiced and recognized in 2020, pursuant LTA Amendment 2.

***•*** *Incremental base tolling fee:* As discussed above, in July 2022 the Customer exercised its option to increase the annual capacity utilization of FLNG *Hilli* by 0.2 million tons of LNG, which when combined with the incremental 0.2 mtpa for the 2022 contract year that was contracted pursuant to entry into LTA Amendment 3 in July 2021, brings total annual base capacity to 1.4 million tons from January 1, 2022 to the end of the LTA in July 2026. The contractual floor rate is recognized in "Liquefaction services revenue" and the tolling fee above the contractual floor rate is recognized in "Realized and unrealized gain/(loss) on oil and gas derivative instruments", in the consolidated statements of operations.

***•*** *Other:* The increase in other of $0.8 million in 2022 compared to 2021, is due to $1.6 million demurrage costs incurred as a result of FLNG *Hilli*'*s* extended maintenance window offset by $0.9 million revenue from an FLNG study for a third party, recognized for the year ended December 31, 2022.

Others in 2021 was comparable to 2020.

***Realized gain on oil and gas derivative instrument:***

---

| | | | |
|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | **December 31,** |
| *(in thousands of $)* | **2022** | **2021** | **2020** |
| Realized gain on FLNG *Hilli*'*s* gas derivative instrument | 139929 |  |  |
| Realized gain on FLNG *Hilli*'*s* oil derivative instrument | 110696 | 24772 | 2539 |
| Realized MTM adjustment on commodity swap derivatives  | (18605) |  |  |
| Realized gain on oil and gas derivative instruments, net | 232020 | 24772 | 2539 |

---

***•*** *Realized gain on* FLNG *Hilli*'*s gas derivative instrument:* This reflects the tolling fee in excess of the contractual floor rate, linked to TTF and the Euro/USD foreign exchange movements. The gain of $139.9 million in 2022 was driven by the increase in TTF prices based on one-month look-back average price of €132.0 and average Euro/USD rate of 1.056.

There were no comparable gains recognized in 2021 and 2020.

***•*** *Realized gain on* FLNG *Hilli*'*s oil derivative instrument:* This reflects the billings above the FLNG *Hilli*'*s* base tolling fee when the Brent linked crude oil price is greater than $60 per barrel. The increase of $85.9 million in 2022 compared to 2021 and $22.3 million gain in 2021 compared to 2020 were driven by the increasing three-month look-back average oil prices of $99.76/barrel, $65.35/barrel and $44.77/barrel for 2022, 2021 and 2020, respectively.

***•*** *Realized MTM adjustment for commodity swap derivatives:* In 2021, we entered into commodity swaps to hedge our exposure to a portion of FLNG *Hilli'*s tolling fee that is linked to the TTF index pursuant to the LTA Amendment 2 (100% of which were attributable to Golar). The $18.6 million loss in 2022 was driven by increasing TTF prices.

There was no comparable MTM adjustment recognized in 2021 and 2020.

***FLNG Tariff, net:*** The increase in FLNG Tariff, net of $210.6 million in 2022 compared to 2021, is primarily due to the commencement of the 0.2 million tons increased contracted base capacity option for FLNG *Hilli*, exercised by the Customer pursuant to LTA Amendment 3 in July 2021 and the increase in the three-month look-back average Brent linked crude oil prices.

The increase in FLNG Tariff, net of $22.2 million in 2021 compared to 2020, was primarily due to the increase in the three-month look-back average Brent linked crude oil prices.

------

***Vessel operating expenses:*** The increase in vessel operating expenses of $7.4 million in 2022 compared 2021 was primarily due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $3.5 million increase in repair costs following planned maintenance window; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $3.1 million increase in crew costs given the 2021 costs were suppressed by the release of crew taxes accruals following the finalization of the 2020 local tax return in 2021.

The decrease in vessel operating expenses of $0.9 million in 2021 compared to 2020 was mainly due to a decrease of $2.2 million in crew costs following logistical restrictions brought about by COVID-19, partially offset by $1.6 million increase in FLNG *Hilli*'*s* insurance costs and management fees.

***Administrative income/(expenses):*** The decrease in administrative expenses of $1.4 million in 2021 compared 2020 was mainly due to the reclassification of FLNG *Hilli*'*s* and *Gandria*'*s* commercial management fees to voyage, charterhire and commission expenses in 2021.

Administrative income/(expenses) in 2022 was comparable to 2021.

***Project development expenses:*** This comprised of non-capitalizable project-related expenses such as legal, professional and consultancy costs for FLNG projects in the early exploratory stages. The increase in project development expenses of $2.2 million in 2022 compared to 2021 and $0.4 million in 2021 compared to 2020 were driven by an increasing focus to grow our FLNG portfolio, using the proceeds from our recent assets divestment.

**<u>Corporate and other segment</u>**

This relates to our activities including ship management, administrative and ship operation and maintenance services. We have offices in Bermuda, London and Oslo that provide FLNG commercial, operational and technical support, crew management services and supervision, corporate secretarial, accounting and treasury services.

---

| | | | |
|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | **December 31,** |
| *(in thousands of $)* | **2022** | **2021** | **2020** |
| Total operating revenues | 43230 | 27777 | 20695 |
| Vessel operating (expenses)/income | (6578) | (12119) | 504 |
| Voyage, charterhire and commission (expenses)/income | (34) | 166 |  |
| Administrative expenses | (38224) | (34913) | (32068) |
| Project development (expenses)/income | (2637) | 507 | (5711) |
| Adjusted EBITDA | (4243) | (18582) | (16580) |

---

***Total operating revenues:*** The increase in total operating revenues of $15.5 million in 2022 compared to 2021 was primarily due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** $14.4 million increase in service revenue in relation to the Development Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $0.9 million increase administrative services revenue in 2022, generated from services provided to certain parties, including CoolCo. There was no comparable revenue in 2021.

The increase in total operating revenues of $7.1 million in 2021 compared to 2020 was primarily due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** $10.8 million increase in vessel management fees billed pursuant to the Operation and Maintenance Agreement that we entered into with LNG Hrvastska (the "O&M Agreement") for the FSRU *LNG Croatia,* which commenced in January 2021; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• partially offset by $3.3 million decrease in vessel management fees charged to our former equity method investments, Golar Partners and Hygo.

***Vessel operating (expenses)/income:*** The vessel operating expenses relates to the cost to operate and maintain the FSRU *LNG Croatia* under the O&M Agreement which commenced in January 2021. The decrease in vessel operating expenses of $5.5 million in 2022 compared to 2021 was due to the repair and maintenance works performed in 2021.

------

The increase in vessel operating expenses of $12.6 million in 2021 compared to 2020 was due to the commencement of the O&M Agreement from January 1, 2021. There were no comparable expenses for the same period in 2020.

***Administrative expenses:*** The increase in administrative expenses of $3.3 million in 2022 compared to 2021 was due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $4.8 million increase in professional fees in relation to the subcontracting of our contractual vessel management obligations to CoolCo (note 14.1 and note 28 of our consolidated financial statements included herein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $1.2 million increase in travel and corporate expenses following the easing of COVID-19 travel restrictions in 2022;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $0.8 million increase in share options and restricted stock units ("RSUs") expenses following additional awards in 2022; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• partially offset by $3.5 million decrease in employee related costs as a result of corporate overhead streamlining exercise in 2021.

The increase in administrative expenses of $2.8 million in 2021 compared to 2020 was due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;$4.5 million increase in corporate expenses including legal and professional fees, audit fees and employee related costs as a result of the corporate overhead streamlining exercise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;partially offset by $1.8 million decrease in share options and RSUs expenses due to lesser share options awards which vested in 2021 and forfeitures of RSUs as a consequence of this corporate overhead streamlining exercise.

***Project development (expenses)/income:*** The increase in project development expenses of $3.1 million in 2022 compared to 2021 was primarily due to professional fees and materials incurred in relation to Development Agreement with Snam. There was no comparable cost incurred in 2021.

The decrease in project development expenses of $6.2 million in 2021 compared to 2020 was primarily due to strategic initiatives in 2020 for corporate simplification, comprising of professional, legal and consultancy costs. There was no comparable cost incurred in 2021.

**<u>Shipping segment</u>**

This comprises of the operations of LNG transportation. We have historically operated and subsequently chartered out LNG carriers on fixed terms to customers.

---

| | | | |
|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | **December 31,** |
| *(in thousands of $)* | **2022** | **2021** | **2020** |
| Total operating revenues | 9685 | 11476 | 14632 |
| Vessel operating expenses | (7641) | (1052) | (5652) |
| Voyage, charterhire and commission expenses, net | (1810) | (235) | (1544) |
| Administrative income/(expenses) | 102 | (157) | (636) |
| Project development (expenses)/income | (45) | 143 | (112) |
| Adjusted EBITDA | 291 | 10175 | 6688 |

---

***Total operating revenues:*** The decrease in total operating revenues of $1.8 million in 2022 compared to 2021 was primarily due to higher commercial waiting time of 174 in 2022, compared to full utilization of the *Golar Arctic* in 2021.

The decrease in total operating revenues of $3.2 million in 2021 compared to 2020 was primarily due to the *LNG Croatia* entering the shipyard in late January 2020 for her conversion to a FSRU. There was no comparable revenue in 2021 as the *LNG Croatia* was sold to LNG Hrvatska following the completion of the conversion of the *LNG Croatia* in December 2020.

***Vessel operating expenses:*** The increase in vessel operating expenses of $6.6 million in 2022 compared to 2021 was primarily due to 2021 vessel operating expenses being suppressed by the $5.3 million insurance receipt and $0.8 million higher operating cost for the *Golar Arctic* in 2022.

The decrease in vessel operating expenses of $4.6 million in 2021 compared to 2020 was primarily due to the $5.3 million insurance receipt in 2021 and $0.7 million lower operating cost for the *Golar Arctic* in 2020.

------

***Voyage, charterhire and commission expenses, net:*** This comprised of charterhire expenses, fuel costs associated with commercial waiting time and vessel positioning costs. While a vessel is on-hire, fuel costs are typically paid by the charterer, whereas during periods of commercial waiting time, fuel costs are paid by us. The increase in voyage, charterhire and commission expenses, net of $1.6 million in 2022 compared to 2021 was primarily due to $1.6 million of bunker consumption for the *Golar Arctic* relating to her commercial waiting time during 2022. There were no comparable costs incurred for the same period in 2021.

The decrease in voyage, charterhire and commission expenses, net of $1.3 million in 2021 compared to 2020 was primarily due $1.2 million of bunker consumption for the *LNG Croatia* prior to entering the shipyard for conversion to a FSRU. There was no comparable bunker consumption in 2021.

**B.&nbsp;&nbsp;&nbsp;&nbsp; Liquidity and Capital Resources** 

**Liquidity and Cash Requirements**

We operate in a capital intensive industry, and we have historically financed the purchase of our vessels, conversion projects and other capital expenditures through a combination of borrowings from debt transactions, leasing arrangements with financial institutions, cash generated from operations, sales of vessels and investments and equity capital. Our liquidity requirements relate to servicing our debt, funding our conversion projects, funding investment in the development of our project portfolio, funding working capital requirements, payment of dividends and maintaining cash reserves to satisfy certain of our borrowing covenants (including cash collateral requirements in respect of certain of our derivatives and as security for the provision of letters of credit) and to offset fluctuations in operating cash flows.

Our funding and treasury activities are conducted within our established corporate policies to maximize investment returns while maintaining appropriate liquidity for our working capital requirements. Cash and cash equivalents are held primarily in U.S. dollars with some balances held in GBP, NOK, Singapore Dollars, Euros and Central African Francs. We have used derivative instruments for interest rate, foreign currency and commodity risk management purposes.

Our short-term liquidity requirements are primarily for the servicing of our debt, working capital, potential investments, contracted FSRU and FLNG conversion projects (*Golar Tundra* for Snam and *Gimi* for the LOA) and FLNG Mark II project related commitments. We believe that our existing cash and cash equivalents and short-term bank deposits, together with cash flow from operations, will be sufficient to support our liquidity and capital requirements for at least the next 12 months.

As of December 31, 2022, we had cash and cash equivalents (including short-term deposits) of $1,012.9 million, of which $134.0 million is restricted cash. Included within restricted cash is $61.0 million in respect of the issuance of the Hilli LC by a financial institution in relation to the FLNG *Hilli*, $21.7 million cash belonging to the lessor VIE, $38.8 million in respect to the Arctic SPA and $11.5 million in respect of the LNG Hrvatska O&M Agreement. Refer to note 15 "Restricted Cash and Short-term Deposits" of our consolidated financial statements included herein for additional details.

Since December 31, 2022, significant transactions impacting our cash flows include:

*Receipts of:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $55.8 million of net proceeds from the sale of 4.5 million CoolCo shares in February 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $45.6 million of net proceeds from the sale of 1.2 million NFE Shares in January and February 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* $16.4 million of scheduled receipts in relation to net settlement of our commodity swap arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $11.1 million dividend receipt relating to our investment in NFE; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** $1.4 million proceeds from First FLNG Holdings' subscription of equity interest in Gimi MS.

*Payments of:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $100.0 million cash and 4.1 million NFE Shares, for the acquisition of NFE's common units of Hilli LLC in the FLNG *Hilli*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $15.2 million of additions to the asset under development, the *Gimi;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $26.8 million of capital expenditure on the Mark II FLNG, comprised of engineering services and long lead items;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $10.7 million of scheduled loan and interest repayments;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $5.0 million non-refundable payment to secure an option to acquire a suitable LNG carrier for 3.5 mtpa Mark II FLNG conversion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $4.6 million to repurchase 4.5 million notional of the Unsecured Bonds, inclusive of accrued interest.

***Medium to Long-term Liquidity and Cash Requirements***

Our medium and long-term liquidity requirements are primarily for funding future investments and our conversion projects and repayment of long-term debt balances. Sources of funding for our medium and long-term liquidity requirements include new loans, refinancing of existing debt arrangements, and public and private debt or equity offerings.

**Cash Flows**

The following table summarizes our cash flows from operating, investing and financing activities for the periods indicated.

---

| | | | |
|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | **December 31,** |
| *(in thousands of $)* | **2022** | **2021** | **2020** |
| Net cash provided by continuing operations | 279054 | 120381 | 53656 |
| Net cash (used in)/provided by discontinued operations | (60673) | 133499 | 92126 |
| Net cash provided by/(used in) investing activities | 498423 | (193424) | (107323) |
| Net cash provided by discontinued investing activities | 569298 | 119070 | 4294 |
| Net cash (used in)/provided by financing activities | (533363) | 51798 | (76735) |
| Net cash used in discontinued financing activities | (158280) | (103405) | (85559) |
| Net decrease/(increase) in cash and cash equivalents, restricted cash and short-term deposits within assets held for sale | 80500 | (15553) | 1672 |
| Net increase/(decrease) in cash and cash equivalents, restricted cash, <br>short-term deposits and cash within assets held for sale | 674959 | 112366 | (117869) |
| Cash and cash equivalents, restricted cash and short-term deposits at the beginning of the period | 337922 | 225556 | 343425 |
| Cash and cash equivalents, restricted cash and short-term deposits at the end of the period | 1012881 | 337922 | 225556 |

---

***Continuing and discontinued operations***

The increase in net cash provided by continuing operating activities of $158.9 million in 2022 compared to 2021 were due to 0.2 million tons increased contracted capacity for FLNG *Hilli,* increasing oil and gas prices and improvement in the general timing of working capital in 2022.

The increase in net cash provided by continuing operating activities of $66.7 million in 2021 compared to 2020 were due to the increasing oil prices and improvement in the general timing of working capital in 2021.

The increase in net cash used in discontinued operating activities of $194.4 million in 2022 compared to 2021 was due to lower contributions recognized from our participation in the Cool Pool given the disposals of our eight TFDEs to CoolCo occurred between March and April 2022, compared to a full year of contribution in 2021.

The increase in net cash provided by discontinued operating activities of $41.4 million in 2021 compared to 2020 were due to higher contribution recognized from our participation in the Cool Pool due to higher utilization and charter rates, $9.0 million reduction of drydocking expenditure and improvement in the general timing of working capital.

***Investing activities***

Net cash flows from investing activities for the years ended December 31, 2022, 2021, 2020, were $498.4 million provided by, $193.4 million used in and $107.3 million used in, respectively and comprised of:

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2022:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $625.8 million net proceeds from the sale of our 13.3 million NFE shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $97.8 million net proceeds from the sale of our 8.0 million CoolCo shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** $39.3 million proceeds from First FLNG Holdings' subscription of 30% additional equity interest in Gimi MS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $5.3 million of dividends received from our NFE Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** $267.4 million of additions in relation to the *Gimi's* FLNG conversion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $2.4 million of equity contribution to our investment in Aqualung.

2021:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** $25.4 million proceeds from First FLNG Holdings' subscription of 30% additional equity interest in Gimi MS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $5.0 million of dividends received from NFE shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $213.5 million of additions in relation to the *Gimi's* FLNG conversion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $8.6 million of additional equity contribution and $1.8 million revolving shareholder loan advanced to Avenir.

2020:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* $190.1 million net proceeds from the disposal of the *LNG Croatia* to LNG Hrvatska;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** $11.1 million proceeds from First FLNG Holdings' subscription of 30% additional equity interest in Gimi MS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $298.3 million of additions in relation to the *Gimi's* FLNG conversion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $10.2 million of additional equity contribution to Avenir.

Net cash provided by discontinued investing activities were $569.3 million, $119.1 million, $4.3 million, for the years ended December 31, 2022, 2021, 2020, respectively and comprised of:

2022:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $351.1 million net proceeds the TundraCo Disposal; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $218.2 million net proceeds from the CoolCo Disposal.

2021:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $119.5 million net cash consideration from disposals of our former equity method investments, Golar Partners and Hygo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $0.5 million dividends received from Golar Partners; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $0.9 million of vessels and equipment additions in relation to the installation of the water ballast treatment systems for our LNG carriers owned at that time*.*

2020:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $45.0 million of short term-loans advanced to Golar Partners, which was subsequently fully settled in the same year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $10.6 million of dividends received from Golar Partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $3.9 million of vessels and equipment additions in relation to the installation of the water ballast treatment systems for our LNG carriers owned at that time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $2.4 million of additional equity contribution to Hygo.

***Financing activities***

Net cash flows from continuing financing activities for the years ended December 31, 2022, 2021, 2020 were $533.4 million used in, $51.8 million provided by and $76.7 million used in, respectively and comprised of:

2022:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $131.0 million drawdown from our Corporate RCF in February 2022;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $125.0 million collectively representing the seventh and eighth drawdowns from the $700 million Gimi facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $20.6 million borrowings made by our lessor VIE;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $315.6 million redemption of the outstanding face value of our 2017 Convertible Bonds in February 2022;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $140.7 million partial redemption of our Unsecured Bonds at par in December 2022;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $131.0 million repayment of our Corporate RCF in May 2022;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $132.6 million of scheduled debt repayments which includes $123.5 million of repayments made by our lessor VIE;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $55.2 million dividend payment to the equity holders of Hilli LLC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $25.5 million payment in relation to our share repurchase program; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $9.6 million financing costs paid predominantly in relation to fees on the Gimi facility, our undrawn corporate bilateral facility the availability of which expired in June 2022 and our Corporate RCF facility which was canceled in November 2022.

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2021:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $299.0 million receipt following completion of the Unsecured Bonds in October 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $110.0 million collectively representing the fifth and sixth drawdowns under the $700 million Gimi facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $2.9 million borrowings made by our lessor VIE;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $104.3 million of scheduled debt repayments which includes $97.1 million of repayments made by our lessor VIE;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $100.0 million repayment and termination of the RCF in November 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $84.8 million partial redemption of our 2017 Convertible bonds in October 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $33.1 million dividend payment to the equity holders of Hilli LLC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $24.5 million payment in relation to our share repurchase program; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $13.3 million financing costs paid predominantly in relation to fees on the Gimi facility, RCF facilities and the Unsecured Bonds.

2020:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $354.9 million borrowings made by our lessor VIEs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $170.0 million collectively representing the third and fourth drawdowns under the $700 million Gimi facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $100.0 million drawdown of the RCF in December 2020;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $99.8 million of net proceeds from the issuance of equity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $329.6 million of scheduled debt repayments which includes $322.3 million of repayments made by our lessor VIE;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $250.0 million repayment of the Margin Loan and the Term facility in December 2020;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** $165.8 million repayment following the refinancing of the Golar Viking facility with a sale and leaseback arrangement which was repaid in full upon *LNG Croatia's* disposal in December 2020;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $26.1 million dividend payment to the equity holders of Hilli LLC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $16.7 million payment in relation to our share repurchase program; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $13.3 million financing costs paid predominantly in relation to the *Gimi*, *LNG Croatia* and RCF facilities.

Net cash used in discontinued financing activities were $158.3 million, $103.4 million and $85.6 million for the years ended December 31, 2022, 2021, 2020, respectively and comprised of:

2022:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $155.8 million repayment of the Golar Tundra facility following the sale of Golar LNG NB13 Corporation to Snam in May 2022; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $2.5 million of scheduled debt repayments.

2021:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $158.0 million drawdown on the Golar Tundra debt facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $10.4 million borrowings made by our discontinued lessor VIEs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $166.0 million of scheduled debt repayments which includes $155.1 million of repayments made by our lessor VIEs (retrospectively included in discontinued operations as discussed in note 5 "Variable Interest Entities");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $102.1 million refinancing of the sale and leaseback facility related to *Golar Tundra* to the Golar Tundra facility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $3.7 million financing costs paid predominantly in relation to the Golar Tundra debt facility and our lessor VIEs (retrospectively included in discontinued operations as discussed in note 5 "Variable Interest Entities").

2020:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $104.8 million borrowings made by our discontinued lessor VIEs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $119.1 million of scheduled debt repayments which includes $102.8 million of repayments made by our discontinued lessor VIEs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $70.0 million repayment following the refinancing of the Golar Bear facility with a sale and leaseback arrangement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $1.3 million financing costs paid by our discontinued lessor VIEs,

**Borrowing Activities**

As of December 31, 2022, we were in compliance with all our covenants under our various loan agreements. See note 21 "Debt" in our consolidated financial statements included herein for additional information.

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**Derivatives**

We use financial instruments to reduce the risk associated with fluctuations in interest rates, commodity prices and foreign currency exchange rates. See note 27 "Financial Instruments" in our consolidated financial statements included herein for additional information.

**Capital Commitments**

Our conversion commitments relate to *Gimi's* conversion to a FLNG, further described in note 18, "Asset Under Development" and note 29, "Commitments and Contingencies", of our consolidated financial statements included herein for additional information.

**Contractual Obligations**

The following table sets forth our contractual obligations for the periods indicated as at December 31, 2022:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in millions of $)* | Total<br>Obligation | Due in 2023 | Due in 2024 – 2025 | Due in 2026 – 2027 | Due Thereafter |
| ***Financing*** |  |  |  |  |  |
| Gross Golar long-term and short-term debt (note 21) <sup>(1)</sup> | 715.9 | 7.3 | 261.1 | 116.7 | 330.8 |
| Capital lease obligations between Golar and the lessor VIE | 646.5 | 66.0 | 132.0 | 132.0 | 316.5 |
| Interest commitments on long-term debt and other interest rate swaps <sup>(2)</sup> | 235.3 | 17.9 | 96.1 | 61.3 | 60.0 |
| Shareholder loan and revolving credit facility <sup>(3)</sup> | 28.5 |  | 28.5 |  |  |
| ***Capital expenditure commitments*** |  |  |  |  |  |
| FLNG *Gimi* (note 18) <sup>(4)</sup> | 525.5 | 385.8 | 139.7 |  |  |
| Mark II FLNG (note 29) | 292.7 | 121.0 | 171.7 |  |  |
| Other projects (note 29) | 21.0 | 21.0 |  |  |  |
| Total | 2465.4 | 619.0 | 829.1 | 310.0 | 707.3 |

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(1)The obligations under long-term and short-term debt above are presented gross of deferred finance charges and exclude interest.

(2)Our interest commitment on our long-term debt is calculated based on assumed LIBOR rates of between 3.04% to 5.32% and takes into account our various margin rates and interest rate swaps associated with each financing arrangement.

(3)We advanced a three year shareholder loan to Avenir of which $3.5 million is outstanding at December 31, 2022. Following the CoolCo Disposal, we have provided CoolCo a two year revolving credit facility which remained undrawn at December 31, 2022. See note 28 "Related Party Transactions" of our consolidated financial statements included herein.

(4)Pursuant to the LOA, we expect certain delays in advance of COD to result in contractual prepayments between the parties. Given the complexity and interdependencies of the activities required during the project mobilization and commissioning leading to COD, it is difficult for us to reasonably estimate eventual net payments/receipts.

**C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research and Development, Patents and Licenses**

Not applicable.

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**D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trend Information**

Other than as described elsewhere in this Annual Report on Form 20-F, we are not aware of any trends, uncertainties, demands, commitments or events that are reasonably likely to have a material adverse effect on our revenue, income from continuing operations, profitability, liquidity or capital resources, or that would cause our reported financial information not necessarily to be indicative of future operation results or financial condition.

See the sections of this Item 5 entitled "Significant Developments in Early 2023," "Factors Affecting Our results of Operations and Future Results" and "A. Operating Results" included herein for additional information.

**E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Critical Accounting Estimates**

The preparation of our financial statements in accordance with U.S. GAAP requires that management make estimates and assumptions affecting the amounts reported in the consolidated financial statements and the accompanying notes. The following is a discussion of the accounting policies applied by us that we consider to involve a higher degree of judgments and estimates. See also note 2 "Basis of Preparation and Significant Accounting Policies" of our consolidated financial statements included herein.

***Revenue***

*Description:* We recognize revenue when control of our services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to receive, in exchange for those services.

*Judgments and estimates:* Our revenue recognition accounting methodology requires us to make significant estimates and judgment, which include (a) determining whether a performance obligation is distinct; (b) determining the appropriate method to measure our progress in transferring control of our services to our customer, for performance obligations that are satisfied over time; (c) assessing whether any practical expedients are available to us; (d) determining the appropriate method to estimate variable consideration; (e) assessing whether our contracts contain an embedded derivative and the interaction of revenue accounting and derivative accounting; and (f) assessing whether contract modifications are considered a new contract or part of an existing contract and the appropriate accounting treatment thereof.

*Effect if actual results differ from assumptions*: If we were to change any of these estimates or judgements, it could cause a material change in the amounts of revenue, deferred revenue or other operating income that we report in a particular period.

***Vessels and impairment***

*Description:* We review vessels and equipment for impairment whenever events or circumstances indicate the carrying value of the vessel may not be fully recoverable. Management performs an annual impairment assessment and when such events or circumstances are present, we assess recoverability by comparing the vessel's projected undiscounted net cash flows to its carrying value. If the total projected undiscounted net cash flows are lower than the vessel's carrying value, we recognize an impairment loss measured as the excess of the carrying amount over the fair value of the vessel. In 2022, we recognized impairment charges in relation to the *Golar Arctic* and on the eight LNG carriers disposed to CoolCo.

*Judgments and estimates:* When performing the recoverability assessment for the LNG carriers sold to CoolCo, our estimates of fair values were based on the purchase price in the share purchase agreement, subject to working capital and debt adjustments.

Our entry into the Arctic SPA changed the expected recovery of *Golar Arctic*'s carrying amount from continued use in operations over her remaining useful life, to recovery from sale, and was considered an indicator of impairment. As the revised estimated undiscounted future cash flows were less than her carrying amount, an impairment charge was recognized reflecting an adjustment to her fair value, based on average broker valuations at date of measurement which represents the exit price in the principal LNG carrier sales market.

*Effect if actual results differ from assumptions*: Although we believe the underlying assumptions supporting our impairment assessment are reasonable, our estimates of vessel market values may not be indicative of the current or future market value of our vessels or prices that we could achieve if we were to sell them. It is reasonably possible that a further decline in the economic environment could adversely impact our business prospects in the next year and a material loss might be recognized upon the sale of our vessels.

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***Vessel market values***

*Description*: Under "Vessels and impairment", we discuss our policy for assessing impairment of the carrying values of our vessels. There is a future risk that the market value of certain of our vessels could decline below those vessels' carrying value.

*Judgments and estimates*: Our estimates of market value assume that our vessels are all in good and seaworthy condition without need for repair and, if inspected, would be certified in class without notations of any kind. Our estimates for our LNG carriers and FLNG are based on approximate vessel market values that have been received from third-party ship brokers, which are commonly used and accepted by our lenders for determining compliance with the relevant covenants in our credit facilities. Vessel values can be highly volatile, such that our estimates may not be indicative of the current or future market value of our vessels or prices that we could achieve if we were to sell. In addition, the determination of estimated market values may involve considerable judgment given the illiquidity of the second hand market for these types of vessels.

*Effect if actual results differ from assumptions*: As of December 31, 2022, while we intend to hold and operate our remaining vessels except for the *Golar Arctic*, were we to hold them for sale, we have determined the fair market value of our vessels, were greater than their carrying values. Decline in the market value of certain of our vessels below the carrying value would not result in a recognition of an impairment for those vessels due to our belief that projected undiscounted net cash flows expected to be earned by such vessels over their useful economic lives would exceed such vessels' carrying amounts.

**Recently Issued Accounting Standards**

See Item 18. Financial Statements: note 3 "Recently Issued Accounting Standards".

**ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES**

**A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors and Senior Management**

**Directors**

The following provides information about each of our directors as of the date of this annual report.

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| Tor Olav Trøim | 60 | Chairman of our Board of Directors and Director |
| Daniel Rabun | 68 | Director, Audit Committee member, Compensation Committee member and Nomination Committee member |
| Thorleif Egeli | 59 | Director and Audit Committee member |
| Carl Steen | 72 | Director, Compensation Committee Chairperson and Nomination Committee member |
| Niels Stolt-Nielsen | 58 | Director and Compensation Committee member |
| Lori Wheeler Naess | 52 | Director and Audit Committee Chairperson |
| Georgina Sousa | 72 | Director |

---

***Tor Olav Trøim*** has served as a director of the Company since September 2011 and was appointed as the Chairman of the Board in September 2017. Mr. Trøim is founder and sole shareholder of Magni Partners (Bermuda) Limited ("Magni Partners"). He is the senior partner (and an employee) of Magni Partners' subsidiary, Magni Partners Limited, in the U.K. Mr. Trøim is a beneficiary of the Drew Trust, and the sole shareholder of Drew Holdings Limited. Mr. Trøim has 35 years of experience in energy related industries in various positions. Before founding Magni Partners in 2014, Mr. Trøim was a Director of Sea Tankers Management Co. Ltd. from 1995 until September 2014. During this period, he was also CEO at Seadrill Limited, Frontline Ltd., Ship Finance International Limited and Golar LNG Partners LP. He was Chief Executive Officer of DNO AS from 1992 to 1995 and an Equity Portfolio Manager with Storebrand ASA from 1987 to 1990. Mr. Trøim graduated with an MSc degree in naval architecture from the University of Trondheim, Norway in 1985. Mr. Trøim is a Norwegian citizen and a resident of the UK. Other directorships and management positions include Magni Partners (Founding Partner), Borr Drilling Limited (Chairman), Stolt-Nielsen SA. (Director), Magni Sports AS (Director) and Vålerenga Football AS (Director).

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***Daniel Rabun*** has served as a director since February 2015 and was appointed Chairman in September 2015. Mr. Rabun resigned as Chairman in September 2017 and was appointed a non-executive director on that date. He also serves on our Audit Committee, Compensation Committee and Nomination Committee. He joined Ensco plc in March 2006 as President and as a member of the Board of Directors. Mr. Rabun was appointed to serve as Ensco plc's Chief Executive Officer from January 1, 2007 and was elected Chairman of the Board of Directors in May 2007. Mr. Rabun retired from Ensco plc as President and Chief Executive Officer in May 2014 and as Chairman in May 2015. Prior to joining Ensco plc, Mr. Rabun was a partner at the international law firm of Baker & McKenzie LLP where he had practiced law since 1986. In May 2015, Mr. Rabun became a non-executive director and currently serves a member of the Audit Committee and the Corporate Responsibility, Governance and Nominations Committee of APA Corporation (formerly Apache Corp.). In May 2018, Mr. Rabun became Chairman of the Board and a member of the Compensation Committee and is Chairman of the Governance and Nominations Committee of ChampionX Corporation. He has been a U.S. Certified Public Accountant since 1976 and a member of the Texas Bar since 1983. Mr. Rabun holds a Bachelor of Business Administration Degree in Accounting from the University of Houston and a Juris Doctorate Degree from Southern Methodist University.

***Thorleif Ege*li** was appointed as a director and as member of the Audit Committee in September 2018 and February 2023, respectively. Until May 2018, Mr. Egeli was Vice President of Schlumberger Production Management – North America managing the non-operating Exploration & Production ("E&P") assets for Schlumberger in the US, Canada and Argentina. Prior to this he held a number of senior positions within Schlumberger having begun his career with Schlumberger in 1990 as a field engineer. Between October 2009 and April 2013, Mr. Egeli held a number of positions within Archer including President Latin America, Corporate Marketing and Chief Operating Officer; before re-joining Schlumberger in 2013. Appointed in June 2018, Mr. Egeli also serves on the Board of Directors of Stimline, an international well intervention and completion company headquartered in Kristiansand Norway. Other current directorships and management positions also include the Marshall Islands (Director and Vice President). Mr. Egeli holds a Master of Science (MSc) in Mechanical Engineering and an MBA from Rotterdam School of Management, Holland.

***Carl Steen*** was appointed as a director in January 2015. Mr. Steen was also appointed as the Compensation Committee Chairperson and currently serves on our Nomination Committee. Mr. Steen stepped down from our Audit Committee in February 2023. From August 2012 until the completion of GMLP's merger with NFE, Mr. Steen served as a director of GMLP. Mr. Steen graduated in 1975 from ETH Zurich Switzerland with a M.Sc in Industrial and Management Engineering. After working for a number of high-profile companies, Mr. Steen joined Nordea Bank from January 2001 to February 2011 as head of the bank's Shipping, Oil Services & International Division. Mr. Steen holds directorship positions in various Norwegian and international companies including Himalaya Shipping Ltd, Wilhelmsen Holding ASA and Belships ASA.

 **&nbsp;&nbsp;&nbsp;&nbsp;*Niels Stolt-Nielsen*** was appointed as a director in September 2015 and serves on our Compensation Committee. He is also CEO, Director and a shareholder of Stolt-Nielsen Limited, which includes world-leading businesses in global bulk-liquid and chemical logistics, an innovative business in land-based aquaculture and a number of LNG joint ventures and investments. Mr. Stolt-Nielsen is the Chairman of Avenir. He brings with him extensive shipping, logistical and strategic leadership experience.

***Lori Wheeler Naess*** was appointed as a director and Audit Committee Chairperson in February 2016. Ms. Naess also serves on the Board and Audit Committee of Opera Limited, a U.S.-listed company. Ms. Naess was a director at PricewaterhouseCoopers in Oslo and was a Project Leader for the Capital Markets Group. Between 2010 and 2012, she was a Senior Advisor for the Financial Supervisory Authority in Norway and prior to this she was also with PricewaterhouseCoopers in roles in the U.S., Norway and Germany. Ms. Naess is a U.S. Certified Public Accountant (inactive).

***Georgina Sousa*** was appointed as a director in September 2019. She also served as secretary from May 2019 until March 2022. She currently serves as a director of Himalaya Shipping Ltd. Ms. Sousa was employed by Golar Management (Bermuda) Limited (GMBL) as Managing Director from January 2019 until her retirement in March 2022. She previously served as a director and secretary of Borr Drilling Limited, a company listed on both the NYSE and the Oslo Stock Exchange ("OSE") and 2020 Bulkers Ltd., listed on the OSE from February 2019 to February 2022. Prior to joining GMBL, Ms. Sousa was employed by Frontline Limited as Head of Corporate Administration from February 2007 until December 2018. She previously served as a director of Frontline Ltd. from April 2013 until December 2018, North Atlantic Drilling Ltd. from September 2013 until June 2018, Sevan Drilling Limited from August 2016 until June 2018, Northern Drilling Ltd. from March 2017 until December 2018 and Flex LNG LTD. from June 2017 until December 2018. Ms. Sousa also served as a director of Seadrill Limited from November 2015 until July 2018. Ms. Sousa served as secretary for all the above-mentioned companies at various times during the period between 2005 and 2018. Until January 2007, Ms. Sousa was Vice-President Corporate Services of Consolidated Services Limited, a Bermuda Management Company, having joined the firm in 1993 as Manager of Corporate Administration. From 1976 to 1982 Ms. Sousa was employed by the Bermuda law firm of Appleby, Spurling & Kempe as secretary and from 1982 to 1993, she was employed by the Bermuda law firm of Cox & Wilkinson as senior company secretary. Ms. Sousa is a UK citizen and resides in Bermuda.

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**Board diversity**

The table below provides certain information regarding the diversity of our board of directors as of the date of this annual report.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Board Diversity Matrix** | **Board Diversity Matrix** | **Board Diversity Matrix** | **Board Diversity Matrix** | **Board Diversity Matrix** |
| Country of Principal Executive Office: | Bermuda | Bermuda | Bermuda | Bermuda |
| Foreign Private Issuer | Yes | Yes | Yes | Yes |
| Disclosure Prohibited under Home Country Law | No | No | No | No |
| Total Number of Directors | 7 | 7 | 7 | 7 |
|  | **Female** | **Male** | **Non-Binary** | **Did Not Disclose Gender** |
| **Part I: Gender Identity** |  |  |  |  |
| Directors | 2 | 5 |  |  |
| **Part II: Demographic Background** |  |  |  |  |
| Underrepresented Individual in Home Country Jurisdiction |  |  |  |  |

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**Executive Officers**

The following provides information about each of our executive officers as of the date of this annual report:

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| Karl Fredrik Staubo | 36 | Chief Executive Officer – Golar Management AS |
| Eduardo Maranhão | 39 | Chief Financial Officer – Golar Management Ltd |
| Øistein Dahl | 62 | Chief Operating Officer – Golar Management AS (resigned April 1, 2022) |
| Ragnar Nes | 55 | Chief Operating Officer – Golar Management AS (appointed April 1, 2022) |
| Olve Skjeggedal | 48 | Chief Technical Officer – Golar Management AS (resigned June 1, 2022) |
| Erik Svendsen | 51 | Chief Technical Officer – Golar Management AS (appointed June 1, 2022) |

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***Karl Fredrik Staubo*** was appointed as our CEO in May 2021. Prior to this role he acted as our Chief Financial Officer from September 2020 and as CEO of Golar Partners from May 2020 until the closing of the GMLP Merger. Mr. Staubo has 12 years of experience advising and investing in shipping, energy and infrastructure companies. Mr. Staubo worked in the Corporate Finance division of Clarkson's Platou Securities, including as Head of Shipping, from June 2010 until September 2018. Subsequent to his time at Clarkson's, Mr. Staubo has worked at Magni Partners Ltd, as a partner since October 2018. During his time with Magni Partners Ltd, Mr. Staubo has worked as an advisor to the Golar group. He has a MA in Business Studies and Economics from the University of Edinburgh.

***Eduardo Maranhão*** was appointed as our Chief Financial Officer in May 2021. Prior to assuming this position, Mr. Maranhão served as Chief Financial Officer of Hygo. Mr. Maranhão has also served as Chief Financial Officer of Cool Company Ltd, as both CEO and director of CELSE - Centrais Eletricas de Sergipe S.A., and as a partner at Magni Partners Ltd. Mr. Maranhão has vast experience in international energy projects and infrastructure financing having worked at different financial institutions including Lakeshore Partners, Banco Santander, Crédit Agricole CIB, Banco Votorantim and Citibank. Mr. Maranhão holds a Bachelor of Business Administration from Universidade de Pernambuco in Brazil and has completed a Management Acceleration Programme from INSEAD in France.

***Øistein Dahl*** has served as Chief Operating Officer ("COO") from April 2012. On April 1, 2022, Mr Dahl resigned as our COO.

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***Ragnar Nes*** joined Golar in November 2017 and was appointed the COO of Golar Management AS in April 2022 after having served as the Head of FLNG since March 2018. Prior to joining Golar, Mr. Nes served as the operational manager and asset manager for the FPSOs in Fred Olsen, Yinson and BW Offshore for 10 years. Prior to joining offshore oil and gas, Mr. Nes held various positions in ship management for Odfjell and Wilh.Wilhelmsen. Mr. Nes has also worked with Det Norske Veritas and started his career at sea as electrician onboard submarines in the Royal Norwegian Navy. Mr. Nes has a MSc degree in Electrical Engineering from the NTNU Technical University in Trondheim, Norway.

***Olve Skjeggedal*** has served as Chief Technical Officer ("CTO") from September 2019. On June 01, 2022, Mr Skjeggedal stepped down as our CTO.

***Erik Svendsen*** joined Golar in May 2020 and was appointed CTO in June 2022. Mr. Svendsen started his career with the shipping company Bergesen and was part of the team that spun off the FPSO company BW Offshore from the shipping group. He served as Engineering Manager, Project Manager, EVP Projects and COO with BW Offshore before taking the position as Managing Director of turret & mooring specialist APL. When APL was acquired by NOV, Mr. Svendsen continued serving as the Managing Director of APL while building up a Floating Production Business unit within NOV. He served for 5 years as President for Floating Production Solution in NOV. Mr. Svendsen has a MSc degree from the NTNU Technical University in Trondheim, Norway.

**B.&nbsp;&nbsp;&nbsp;&nbsp; Compensation**

For the year ended December 31, 2022, we paid our directors and executive officers aggregate cash compensation (including bonus) of $3.6 million and an aggregate amount of $0.1 million for pension and retirement benefits. During the year ended December 31, 2022, we granted them 34,752 restricted stock units which vest in equal increments over three years. For a description of our share based payment plan please refer to the section of this item entitled "E. Share Ownership - Share Based Payment Plan" below.

In addition to cash compensation, during 2022 we also recognized an expense of $2.5 million relating to share based compensation issued to certain of our directors and executive officers. See note 26 "Share Capital and Share Based Compensation" of our consolidated financial statements included herein.

**C.&nbsp;&nbsp;&nbsp;&nbsp; Board Practices**

Our directors do not have service contracts with us and do not receive any benefits upon termination of their directorships. Our board of directors established an Audit Committee in July 2005, which is responsible for overseeing the quality and integrity of our external financial reporting, appointment, compensation and oversight of our external auditors and oversees our management assessment of internal controls and procedures, as more fully set forth in its written charter, which has been adopted by the board. Our Audit Committee consists of three independent members, Lori Wheeler Naess, Daniel Rabun and Thorleif Egeli, who are all independent directors. In addition, the board of directors also has a Compensation Committee and a Nomination Committee, details of which are further described in "Item 16G. Corporate Governance".

Our board of directors is elected annually at the annual general meeting. Officers are appointed from time to time by our board of directors and hold office until a successor is elected.

As a foreign private issuer, we are exempt from certain Nasdaq requirements that are applicable to U.S. listed companies. Please see the section of this Annual Report entitled "Item 16G. Corporate Governance" for a discussion of how our corporate governance practices differ from those required of U.S. companies listed on the Nasdaq.

**D.&nbsp;&nbsp;&nbsp;&nbsp; Employees**

As of December 31, 2022, we employed approximately 260 employees and consultants situated in Bermuda, Cameroon, Croatia, UK, Malaysia and Norway, as well as in the shipyard where the *Gimi* FLNG conversion is underway. We also employed approximately 230 seafaring employees for the vessels that we own.

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**E.&nbsp;&nbsp;&nbsp;&nbsp; Share Ownership**

The table below shows the number and percentage of our issued and outstanding common shares beneficially owned by our directors and officers as of March 17, 2023. Also shown are their interests in share options, restricted stock units and vested stock awards granted to them under our various share based payment schemes. The subscription price for the share options granted under the scheme will normally be reduced by the amount of all dividends declared by us in the period from the date of grant until the date the option is exercised.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>***Director or Officer*** | ***Beneficial Ownership in<br>Common Shares*** | ***Beneficial Ownership in<br>Common Shares*** | ***Interest in Options*** | ***Interest in Options*** | ***Interest in Options*** | ***Restricted Stock Units*** | ***Restricted Stock Units*** |
|  | Number of shares | % | Total<br>number of<br>options | <br>Exercise price | <br>Expiry date | Number of RSUs | Vesting Date |
| Tor Olav Trøim | 4219385 | 3.94% |  | N/A | N/A | N/A | N/A |
| Daniel Rabun | \* | \* |  | N/A | N/A | N/A | N/A |
| Thorleif Egeli | \* | \* |  | N/A | N/A | N/A | N/A |
| Carl Steen | \* | \* |  | N/A | N/A | N/A | N/A |
| Niels Stolt-Nielsen | 2755059 | 2.57% |  | N/A | N/A | N/A | N/A |
| Lori Wheeler Naess | \* | \* |  | N/A | N/A | N/A | N/A |
| Georgina Sousa | \* | \* |  | N/A | N/A | N/A | N/A |
| Karl Fredrik Staubo | \* | \* | 500000 | $10.97 | 2024 | 6527 | 2023 |
|  |  |  | 200000 | $21.70 | 2027 | 12294 | 2024 |
|  |  |  |  |  |  | 12293 | 2025 |
|  |  |  |  |  |  | 5766 | 2026 |
| Eduardo Maranhão | \* | \* | 250000 | $10.97 | 2024 | 4183 | 2023 |
|  |  |  | 100000 | $21.70 | 2027 | 7983 | 2024 |
|  |  |  |  |  |  | 7983 | 2025 |
|  |  |  |  |  |  | 3800 | 2026 |
| Ragnar Nes |  |  | 50000 | $21.70 | 2027 | 967 | 2024 |
|  |  |  |  |  |  | 967 | 2025 |
|  |  |  |  |  |  | 966 | 2026 |
| Erik Svendsen | \* | \* | 50000 | $21.70 | 2027 | 875 | 2023 |
|  |  |  |  |  |  | 2575 | 2024 |
|  |  |  |  |  |  | 2574 | 2025 |
|  |  |  |  |  |  | 1700 | 2026 |

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\* Less than 1%.

(1) Included within this balance are 4,200,000 common shares which are owned by Drew Holdings Limited, a company controlled by Tor Olav Trøim.

(2) Included within this balance are 2,672,695 common shares which are owned by Stolt-Nielsen Ltd, a company controlled by Niels Stolt-Nielsen.

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Our directors and executive officers have the same voting rights as all other holders of our common shares.

**Share Based Payment Plan**

Our Long Term Incentive Plan (the "LTIP") was adopted by our board of directors, effective as of October 24, 2017. The purpose of the LTIP is primarily to provide a means through which we may attract, retain and motivate qualified persons as employees, directors and consultants. The LTIP provides for the grant of options and other awards as determined by the board of directors in its sole discretion.

As of March 17, 2023, 1.4 million of our authorized and unissued common shares were reserved for issuance as grants under our LTIP. For further detail on share options and restricted stock units please see note 26 "Share Capital and Share Based Compensation" of our consolidated financial statements included herein.

**F.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation**

Not applicable.

**ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS**

**A.&nbsp;&nbsp;&nbsp;&nbsp;Major shareholders**

The following table presents certain information as of March 17, 2023 regarding the beneficial ownership of our common shares with respect to shareholders that, to the best of our knowledge, beneficially own more than 5% of our issued and outstanding common shares:

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| | | |
|:---|:---|:---|
| | **Common Shares** | **Common Shares** |
| **Owner** | **Number** | **Percent**<sup>(4)</sup> |
| Orbis Investment Management Limited <sup>(1)</sup> | 8055643 | 7.51% |
| Rubric Capital Management LP <sup>(2)</sup> | 6352765 | 5.92% |
| Cobas Asset Management <sup>(3)</sup> | 5416625 | 5.05% |

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(1) Information derived from Schedule 13G/A of Orbis Investment Management Limited filed with the Commission on February 14, 2023.

(2) Information derived from Schedule 13G/A of Rubric Capital Management LP filed with the Commission on February 10, 2023.

(3) Information derived from Schedule 13G/A of Cobas Asset Management filed with the Commission on January 16, 2023.

(4) Based on a total of 107,225,832 outstanding shares of our common shares as of March 17, 2023.

Our major shareholders have the same voting rights as all of our other common shareholders. To our knowledge, no corporation or foreign government owns more than 50% of our issued and outstanding common shares.

As of March 17, 2023, we had fifty common shareholders of record located in the United States. One of those shareholders is CEDE & CO., a nominee of The Depository Trust Company, which held in aggregate 107,132,052 common shares, representing 99.91% of our outstanding common shares. We believe that the shares held by CEDE & CO. include common shares beneficially owned by both holders in the U.S. and non-U.S. beneficial owners.

**B.&nbsp;&nbsp;&nbsp;&nbsp; Related party transactions**

There are no provisions in our Memorandum of Association or Bye-Laws regarding related party transactions. The Bermuda Companies Act of 1981 provides that a company, or one of its subsidiaries, may enter into a contract with an officer of the company, or an entity in which an officer has a material interest, if the officer notifies the directors of his or her interest in the contract or proposed contract.

The related party transactions that we were party to between January 1, 2022 and December 31, 2022 are described in note 28 "Related Party Transactions" of our consolidated financial statements included herein.

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**C.&nbsp;&nbsp;&nbsp;&nbsp; Interests of Experts and Counsel**

Not applicable.

**ITEM 8. FINANCIAL INFORMATION**

**A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Financial Statements and Other Financial Information**

See "Item 18. Financial Statements"

***Legal proceedings and claims***

We may, from time to time, be involved in various legal proceedings, claims, lawsuits and complaints that arise in the ordinary course of business. We will recognize a contingent liability in our financial statements if the contingency has occurred at the date of the financial statements, where we believe that the likelihood of a loss was probable and the amounts can be reasonably estimated. If we determine that the reasonable estimate of the loss is a range and there is no best estimate within the range, we will provide the lower amount within the range.

***UK tax lease benefits***

During 2003 we entered into six UK tax leases. Under the terms of the leasing arrangements, the benefits are derived primarily from the tax depreciation assumed to be available to the lessors as a result of their investment in the vessels. As is typical in these leasing arrangements, as the lessee we are obligated to maintain the lessor's after-tax margin. HMRC have been challenging the use of similar lease structures and had engaged in litigation of a test case. In 2021, we reached a settlement with HMRC and in April 2022, we settled our liability to the HMRC in full, resulting in a payment of $66.4 million, inclusive of fees, of which $16.0 million was released from amounts earmarked for such settlement in our restricted cash balance. See note 29 "Commitments and Contingencies" of our consolidated financial statements included herein for further details.

***Dividend distribution policy***

Our long-term objective is to pay a regular dividend in support of our main objective to provide significant returns to shareholders. The level of our dividends will be guided by current earnings, market prospects, capital expenditure requirements and investment opportunities.

Any future dividends declared will be at the discretion of our board of directors and will depend upon our financial condition, earnings and other factors, such as any restrictions in our financing arrangements. Our ability to declare dividends is also regulated by Bermuda law, which prohibits us from paying dividends if, at the time of distribution, we will not be able to pay our liabilities as they fall due or the value of our assets is less than the sum of our liabilities, issued share capital and share premium.

In addition, since we are a holding company with no material assets other than the shares of our subsidiaries and equity method investments through which we conduct our operations, our ability to pay dividends will depend on our subsidiaries and equity method investments distributing to us their earnings and cash flows. Some of our loan agreements limit or prohibit our ability to make distributions without the consent of our lenders.

During 2022, 2021 and 2020, we purchased 1.2 million of treasury shares, 2.0 million treasury shares and 1.5 million of our shares underlying the Total Return Swap, respectively, and subsequently cancelled 1.2 million of treasury shares, 2.0 million treasury shares and 3.5 million treasury shares, respectively. See note 26 "Share capital and share based compensation" of our consolidated financial statements included herein for further details.

**B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Significant Changes**

Significant changes since the date of our consolidated financial statements are discussed on Item 5. "Operating and Financial Review and Prospects and further" disclosed in note 30 "Subsequent Events" of our consolidated financial statements included herein.

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**ITEM 9. THE OFFER AND LISTING**

**A. Markets**

Our common shares have traded on the Nasdaq since December 12, 2002 under the symbol "GLNG". In March 2022, we listed our Unsecured Bonds on the Oslo Børs trading under the International Securities Identification Number NO0011123432.

**ITEM 10.&nbsp;&nbsp;&nbsp;&nbsp;ADDITIONAL INFORMATION**

This section summarizes our share capital and the material provisions of our Memorandum of Association and Bye-Laws, including rights of holders of our common shares. The description is only a summary and does not describe everything that our Memorandum of Association and Bye-laws contain. Our Memorandum of Association and the Bye-Laws have previously been filed as Exhibits 1.1 and 1.2, respectively to our Registration Statement on Form 20-F, (File No. 000-50113) filed with the Commission on November 27, 2002, and are hereby incorporated by reference into this Annual Report.

At our 2013 Annual General Meeting, our shareholders voted to amend our Bye-laws to ensure conformity with revisions to the Bermuda Companies Act 1981, as amended. We adopted these amended Bye-laws of the Company on September 20, 2013, and they were filed as Exhibit 3.1 to our report on Form 6-K filed with the Commission on July 1, 2014, and are hereby incorporated by reference into this Annual Report.

At our 2020 Annual General Meeting, our shareholders voted to further amend our Bye-laws to change the quorum necessary for the transaction of the company business. We adopted these amended Bye-laws of the Company on September 24, 2020, and they were filed as Exhibit 1.1 to our report on Form 6-K filed with the Commission on November 30, 2020, and are hereby incorporated by reference into this Annual Report.

**A.&nbsp;&nbsp;&nbsp;&nbsp; Share capital**

Not applicable.

**B.&nbsp;&nbsp;&nbsp;&nbsp; Memorandum of Association and Bye-laws**

The object of our business, as stated in Section Six of our Memorandum of Association, is to engage in any lawful act or activity for which companies may be organized under the Companies Act, 1981 of Bermuda, or the Companies Act, other than to issue insurance or re-insurance, to act as a technical advisor to any other enterprise or business or to carry on the business of a mutual fund. Our Memorandum of Association and Bye-laws do not impose any limitations on the ownership rights of our shareholders.

*Shareholder Meetings*. Under our Bye-laws, annual shareholder meetings will be held in accordance with the Companies Act at a time and place selected by our board of directors in Bermuda or any such other location but not in the United Kingdom or in a Combating the Financing of Terrorism ("CFT") Jurisdiction. The quorum at any annual or general meeting is at least two shareholders, either present in person or represented by proxy and entitled to vote (whatever the number of shares held by them). Special meetings may be called at the discretion of the board of directors and at the request of shareholders holding at least one-tenth of all outstanding shares entitled to vote at a meeting. Annual shareholder meetings and special meetings must be called by not less than seven days' prior written notice specifying the place, day and time of the meeting. The board of directors may fix any date as the record date for determining those shareholders eligible to receive notice of and to vote at the meeting.

The Companies Act provides that a company must have a general meeting of its shareholders in each calendar year. The Companies Act does not impose any general requirements regarding the number of voting shares which must be present or represented at a general meeting in order for the business transacted at the general meeting to be valid. The Companies Act generally leaves the quorum for shareholder meetings to the company to determine in its Bye-laws. The Companies Act specifically imposes special quorum requirements where the shareholders are being asked to approve the modification of rights attaching to a particular class of shares (33.33%) or an amalgamation or merger transaction (33.33%) unless in either case the Bye-laws provide otherwise. The Company's Bye-laws do not provide for a quorum requirement other than at least two members being present in person or by proxy and entitled to vote (whatever the number of shares held by them).

There are no limitations on the right of non-Bermudians or non-residents of Bermuda to hold or vote our common shares.

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The key powers of our shareholders include the power to alter the terms of the Company's Memorandum of Association and to approve and thereby make effective any alterations to the Company's Bye-laws made by the directors. Dissenting shareholders holding 20% of the Company's shares may apply to the Court to annul or vary an alteration to the Company's Memorandum of Association. A majority vote against an alteration to the Company's Bye-laws made by the directors will prevent the alteration from becoming effective. Other key powers are to approve the alteration of the Company's capital including a reduction in share capital, to approve the removal of a director, to resolve that the Company be wound up or discontinued from Bermuda to another jurisdiction or to enter into an amalgamation or winding up. Under the Companies Act, all of the foregoing corporate actions require approval by an ordinary resolution (a simple majority of votes cast), except in the case of an amalgamation or merger transaction, which requires approval by 75% of the votes cast unless the Bye-Laws provide otherwise. The Company's Bye-laws only require an ordinary resolution to approve an amalgamation. In addition, the Company's Bye-laws confer express power on the board to reduce its issued share capital selectively with the authority of an ordinary resolution.

The Companies Act provides shareholders holding 10% of the Company's voting shares the ability to request that the board of directors shall convene a meeting of shareholders to consider any business which the shareholders wish to be discussed by the shareholders including (as noted below) the removal of any director. However, the shareholders are not permitted to pass any resolutions relating to the management of the Company's business affairs unless there is a pre-existing provision in the Company's Bye-laws which confers such rights on the shareholders. Subject to compliance with the time limits prescribed by the Companies Act, shareholders holding 20% of the voting shares (or alternatively, 100 shareholders) may also require the directors to circulate a written statement not exceeding 1000 words relating to any resolution or other matter proposed to be put before, or dealt with at, the annual general meeting of the Company.

Majority shareholders do not generally owe any duties to other shareholders to refrain from exercising all of the votes attached to their shares. There are no deadlines in the Companies Act relating to the time when votes must be exercised.

The Companies Act provides that a company shall not be bound to take notice of any trust or other interest in its shares. There is a presumption that all the rights attaching to shares are held by, and are exercisable by, the registered holder, by virtue of being registered as a member of the company. The company's relationship is with the registered holder of its shares. If the registered holder of the shares holds the shares for someone else (the beneficial owner) then if the beneficial owner is entitled to the shares, the beneficial owner may give instructions to the registered holder on how to vote the shares. The Companies Act provides that the registered holder may appoint more than one proxy to attend a shareholder meeting, and consequently where rights to shares are held in a chain, the registered holder may appoint the beneficial owner as the registered holder's proxy.

*Directors.* The Companies Act provides that the directors shall be elected or appointed by the shareholders. A director may be elected by a simple majority vote of shareholders, at a meeting where more than two shareholders are present in person or by proxy and entitled to vote (whatever the number of shares held by them). There are no provisions for cumulative voting in the Companies Act or the Bye-laws and the Company's Bye-laws do not contain any super-majority voting requirements. The appointment and removal of directors is covered by Bye-laws 86, 87 and 88.

There are procedures for the removal of one or more of the directors by the shareholders before the expiration of his term of office. Shareholders holding 10% or more of the voting shares of the Company may require the board of directors to convene a shareholder meeting to consider a resolution for the removal of a director. At least 14 days' written notice of a resolution to remove a director must be given to the director affected, and that director must be permitted to speak at the shareholder meeting at which the resolution for his removal is considered by the shareholders.

The Companies Act stipulates that an undischarged bankruptcy of a director (in any country) shall prohibit that director from acting as a director, directly or indirectly, and taking part in or being concerned with the management of a company, except with leave of the court. The Company's Bye-Law 89 is more restrictive in that it stipulates that the office of a director shall be vacated upon the happening of any of the following events (in addition to the director's resignation or removal from office by the shareholders):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If he becomes of unsound mind or a patient for any purpose of any statute or applicable law relating to mental health and the Board resolves that he shall be removed from office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If he becomes bankrupt or compounds with his creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If he is prohibited by law from being a director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If he ceases to be a director by virtue of the Companies Act.

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Subject to the provisions of the Companies Act, a director of a company may, notwithstanding his office, be a party to or be otherwise interested in any transaction or arrangement with that company, and may act as director, officer, or employee of any party to a transaction in which the company is interested. Under our Bye-Law 92, provided an interested director declares the nature of his or her interest immediately or thereafter at a meeting of the board of directors, or by writing to the directors as required by the Companies Act, a director shall not by reason of his office be held accountable for any benefit derived from any outside office or employment. The vote of an interested director, provided he or she has complied with the provisions of the Companies Act and our Bye-Laws with regard to disclosure of his or her interest, shall be counted for purposes of determining the existence of a quorum.

The Company's Bye-law 94 provides the board of directors with the authority to exercise all of the powers of the Company to borrow money and to mortgage or charge all or any part of our property and assets as collateral security for any debt, liability or obligation. The Company's directors are not required to retire because of their age, and the directors are not required to be holders of the Company's common shares. Directors serve for a one year term, and shall serve until re-elected or until their successors are appointed at the next annual general meeting. The Company's Bye-laws provide that no director, alternate director, officer or member of a committee, if any, resident representative, or his heirs, executors or administrators, whom we refer to collectively as an indemnitee, is liable for the acts, receipts, neglects or defaults of any other such person or any person involved in our formation, or for any loss or expense incurred by us through the insufficiency or deficiency of title to any property acquired by us, or for the insufficiency or deficiency of any security in or upon which any of our monies shall be invested, or for any loss or damage arising from the bankruptcy, insolvency, or tortuous act of any person with whom any monies, securities, or effects shall be deposited, or for any loss occasioned by any error of judgment, omission, default, or oversight on his part, or for any other loss, damage or misfortune whatever which shall happen in relation to the execution of his duties, or supposed duties, to us or otherwise in relation thereto. Each indemnitee will be indemnified and held harmless out of our funds to the fullest extent permitted by Bermuda law against all liabilities, loss, damage or expense (including but not limited to liabilities under contract, tort and statute or any applicable foreign law or regulation and all reasonable legal and other costs and expenses properly payable) incurred or suffered by him as such director, alternate director, officer, committee member or resident representative (or in his reasonable belief that he is acting as any of the above). In addition, each indemnitee shall be indemnified against all liabilities incurred in defending any proceedings, whether civil or criminal, in which judgment is given in such indemnitee's favor, or in which he is acquitted or in connection with any application under the Companies Act in which relief from liability is granted to him by the court. The Company is authorized to purchase insurance to cover any liability it may incur under the indemnification provisions of its Bye-laws. The indemnity provisions are covered by Bye-laws 138 through 146.

*Dividends.* Holders of common shares are entitled to receive dividend and distribution payments, pro rata based on the number of common shares held, when, as and if declared by the board of directors, in its sole discretion. Any future dividends declared will be at the discretion of the board of directors and will depend upon our financial condition, earnings and other factors.

As a Bermuda exempted company, we are subject to Bermuda law relating to the payment of dividends. We may not pay any dividends if, at the time the dividend is declared or at the time the dividend is paid, there are reasonable grounds for believing that, after giving effect to that payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will not be able to pay our liabilities as they fall due; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the realizable value of our assets is less than our liabilities.

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In addition, since we are a holding company with no material assets, and conduct our operations through subsidiaries and our affiliates, our ability to pay any dividends to shareholders will depend on our subsidiaries' and affiliates distributing to us their earnings and cash flow. Some of our loan agreements currently limit or prohibit our subsidiaries' ability to make distributions to us and our ability to make distributions to our shareholders.

*Share repurchases and preemptive rights*. Subject to certain balance sheet restrictions, the Companies Act permits a company to purchase its own shares if it is able to do so without becoming cash flow insolvent as a result. The restrictions are that the par value of the share must be charged against the company's issued share capital account or a company fund which is available for dividend or distribution or be paid for out of the proceeds of a fresh issue of shares. Any premium paid on the repurchase of shares must be charged to the company's current share premium account or charged to a company fund which is available for dividend or distribution. The Companies Act does not impose any requirement that the directors shall make a general offer to all shareholders to purchase their shares *pro rata* to their respective shareholdings. The Company's Bye-Laws do not contain any specific rules regarding the procedures to be followed by the Company when purchasing its own shares, and consequently the primary source of the Company's obligations to shareholders when the Company tenders for its shares will be the rules of the listing exchanges on which the Company's shares are listed. The Company's power to purchase its own shares is covered by Bye-laws 9, 10 and 11.

The Companies Act does not confer any rights of pre-emption on shareholders when a company issues further shares, and no such rights of pre-emption are implied as a matter of common law. The Company's Bye-Laws do not confer any rights of pre-emption. Bye-Law 8 specifically provides that the issuance of more shares ranking *pari passu* with the shares in issue shall not constitute a variation of class rights, unless the rights attached to shares in issue state that the issuance of further shares shall constitute a variation of class rights. Bye-Law 12 confers on the directors the right to dispose of any number of unissued shares forming part of the authorized share capital of the Company without any requirement for shareholder approval. The Company's power to issue shares is covered by Bye-laws 12, 13, 14, and 15.

*Liquidation.* In the event of our liquidation, dissolution or winding up, the holders of common shares are entitled to share in our assets, if any, remaining after the payment of all of our debts and liabilities, subject to any liquidation preference on any outstanding preference shares.

**C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Material contracts** 

The following is a list of each material contract, other than material contracts entered into in the ordinary course of business, to which we or any of our subsidiaries is a party, for the two years immediately preceding the date of this Annual Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Rules of Golar LNG Limited Bermuda Employee Share Option Scheme.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Bermuda Tax Assurance, dated May 23, 2011.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Memorandum of Agreement, dated September 9, 2015, by and between Golar Hilli Corporation and Fortune Lianjiang Shipping S.A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Bareboat charter by and between Golar Hilli Corp. and Fortune Lianjiang Shipping S.A., dated September 9, 2015.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Additional Clauses to the Bareboat Charter Party dated September 9, 2015 between Golar Hilli Corp. and Fortune Lianjiang Shipping S.A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Common Terms Agreements, by and between Golar Hilli Corp. and Fortune Lianjiang Shipping S.A., dated September 9, 2015.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Share Purchase Agreement, dated June 17, 2016, by and between Golar LNG and Stonepeak Infrastructure Fund II Cayman (G) Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Investment and Shareholders Agreement, dated July 5, 2016, by and among Golar LNG Limited, Stonepeak Infrastructure Fund II Cayman (G) Ltd and Golar Power Limited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Second Amended and Restated Agreement of Limited Partnership of Golar LNG Partners LP dated October 19, 2016.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.Indenture, dated February 17, 2017, between Golar LNG Limited and Deutsche Bank Trust Company Americas as a Bond Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.Purchase and Sale Agreement, dated August 15, 2017, by and among Golar LNG Limited, KS Investments Pte. Ltd., Black & Veatch International Company and Golar Partners Operating LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2017 Long-Term Incentive Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.Liquefaction Tolling Agreement, dated November 29, 2017, between Société Nationale des Hydrocarbures, Perenco Cameroon SA, Golar Hilli Corporation and Golar Cameroon SASU.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.First Amendment to Liquefaction Tolling Agreement, dated November 15, 2019, between Société Nationale des Hydrocarbures, Perenco Cameroon SA, Golar Hilli Corporation and Golar Cameroon SASU.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.Second Amendment to Liquefaction Tolling Agreement, dated March 23, 2021, between Société Nationale des Hydrocarbures, Perenco Cameroon SA, Golar Hilli Corporation and Golar Cameroon SASU.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.Third Amendment to Liquefaction Tolling Agreement, dated July 22, 2021, between Société Nationale des Hydrocarbures, Perenco Cameroon SA, Golar Hilli Corporation and Golar Cameroon SASU.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.Amendment Agreement, dated March 23, 2018, relating to the Purchase and Sale Agreement by and between Golar LNG Partners LP, Golar LNG Limited, KS Investments Pte. Ltd. and Black & Veatch International Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.Amended and Restated Limited Liability Company Agreement of Golar Hilli LLC, dated July 12, 2018.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.Amended and Restated Limited Liability Company Agreement of Golar Hilli LLC dated as of April 15, 2021, by and among Golar LNG Limited, Golar Partners Operating LLC, KSI Investments Pte. Ltd. and Black & Veatch International Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.Golar LNG Partners LP Guarantee Agreement, dated as of July 12, 2018.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.Lease and Operate Agreement, dated February 26, 2019, by and between Gimi MS Corporation and BP Mauritania Investments Limited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.Amended and Restated Deed relating to the Lease and Operate Agreement dated February 26, 2019 by and between Gimi MS Corporation, Golar MS Operator S.A.R.L., BP Mauritania Investments Limited, Golar LNG Limited, Keppel Offshore & Marine Limited, BP Exploration Operating Company Limited, Kosmos Energy Limited and BP Senegal Investments Limited, dated September 3, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.$700 million facility agreement dated October 24, 2019, by and between Gimi MS Corporation, ABN Amro Bank N.V., Clifford Capital Pte. Ltd., ING Bank N.V. and Natixis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.First supplemental agreement to $700 million facility dated January 19, 2021, by and among Gimi MS Corporation, Golar LNG Limited, Gimi Holding Company Limited and ING Bank N.V.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.Second supplemental agreement to $700 million facility agreement dated March 02, 2021, by and between Gimi MS Corporation, ABN Amro Bank N.V., Clifford Capital Pte. Ltd., ING Bank N.V. and Natixis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.Third supplemental agreement to $700 million facility agreement dated February 17, 2023, by and between Gimi MS Corporation, ABN Amro Bank N.V., Clifford Capital Pte. Ltd., ING Bank N.V. and Natixis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.Agreement and plan of Merger dated January 13, 2021 between Golar LNG Partners LP, Golar GP LLC, New Fortress Energy Inc, Lobos Acquisition LLC and NFE International Holdings Limited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.Transfer Agreement, dated as of January 13, 2021, by and between Golar LNG Limited, Golar GP LLC and NFE International Holdings Limited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.Support Agreement, dated as of January 13, 2021, by and between Golar LNG Partners LP, Golar LNG Limited, Golar LNG Partners LP and Golar GP LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.Agreement and plan of Merger dated January 13, 2021 between Hygo Energy Transition Ltd, New Fortress Energy Inc, Golar LNG Limited, Stonepeak Infrastructure Fund II Cayman (G) Ltd and Lobos Acquisition LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.Omnibus Agreement dated as of April 15, 2021, by and among Golar LNG Limited, certain direct and indirect subsidiaries of Golar LNG Limited and New Fortress Energy, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.Omnibus Agreement (Hygo) dated as of April 15, 2021 by and among Golar LNG Limited, certain direct and indirect subsidiaries of Golar LNG Limited party thereto and New Fortress Energy Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.Shareholders' Agreement dated as of April 15, 2021 by and among New Fortress Energy Inc., Golar LNG Limited and Stonepeak Infrastructure Fund II Cayman (G) Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.$300 million unsecured Norwegian Bond dated March 11, 2022, by and between Golar LNG Limited, DNB Bank ASA, Danske Bank A/S, Pareto Securities AS and Nordea Bank Abp.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.Share purchase agreement dated January 26, 2022 by and between Cool Company Ltd and Golar LNG Limited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.Amendment agreement to share purchase agreement dated February 25, 2022 by and between Cool Company Ltd and Golar LNG Limited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.Share purchase agreement dated June 30, 2022 by and between Golar Management (Bermuda) Limited and Cool Company Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.Administrative services agreement dated June 30, 2022 by and between Golar Management Ltd and Cool Company Management Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.Share purchase agreement dated May 31, 2022 by and between Golar LNG Limited and Asset Company 11 S.R.L.

For a further discussion of these contracts and the related transactions, please refer to "Item 4. Information on the Company-A. History and Development of the Company," "Item 4. Information on the Company-B. Business Overview," "Item 5. Operating and Financial Review and Prospects A. Operating Results," "Item 5. Operating and Financial Review and Prospects-B. Liquidity and Capital Resources," "Item 6. Directors, Senior Management and Employees E. Share Ownership," "Item 7. Major Shareholders and Related Party Transactions-B. Related Party Transactions" and "Item 10. Additional Information--E. Taxation." Other than as discussed in this Annual Report, we have no material contracts, other than contracts entered into in the ordinary course of business, to which we or any of our subsidiaries are a party.

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**D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange Controls**

The Bermuda Monetary Authority, or the BMA, must give permission for all issuances and transfers of securities of a Bermuda exempted company like us, unless the proposed transaction is exempted by the BMA's written general permissions, pursuant to the provision of the Exchange Control Act 1972 and related regulations. We have received a general permission from the BMA to issue any unissued common shares, and for the free transferability of the common shares as long as our common shares are listed on the Nasdaq. Our common shares may therefore be freely transferred among persons who are residents or non-residents of Bermuda.

Although we are incorporated in Bermuda, we are classified as non-resident of Bermuda for exchange control purposes by the BMA. Other than transferring Bermuda Dollars out of Bermuda, there are no restrictions on our ability to transfer funds into or out of Bermuda to pay dividends to U.S. residents who are holders of our common shares or other non-resident holders of our common shares in currency other than Bermuda Dollars.

**E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxation**

**Material U.S. Federal Income Tax Considerations**

The following is a discussion of the material U.S. federal income tax considerations relevant to the U.S. federal income taxation of certain of our operating income and a U.S. Holder, as defined below, of our common shares. This discussion does not purport to deal with the tax consequences of owning our common shares applicable to all categories of investors, some of which (such as banks, financial institutions, regulated investment companies, real estate investment trusts, tax-exempt or governmental organizations, tax-qualified retirement plans, insurance companies, persons holding our common shares as part of a straddle, appreciated financial position, synthetic security, hedger, conversion transaction or other integrated investment or risk reduction transaction, traders in securities that use the mark-to-market method of accounting for U.S. federal income tax purposes, persons liable for alternative minimum tax, entities or arrangements treated as partnerships or pass-through entities for U.S. federal income tax purposes or holder of interests therein, dealers in securities or currencies, U.S. Holders whose functional currency is not the U.S. dollar, persons deemed to sell our common shares under the constructive sale provisions of the Code, persons that acquired our common shares through the exercise of employee stock options or otherwise as compensation or through a tax-qualified retirement plan, persons required to recognize income for U.S. federal income tax purposes no later than when such income is included on an "applicable financial statement," persons subject to the "base-erosion and anti-avoidance" tax and investors that own, actually or under applicable constructive ownership rules, 10% or more (by vote or value) of our shares of common shares) may be subject to special rules. This discussion addresses U.S. Holders who hold our common shares as a capital asset (generally, property held for investment). You are encouraged to consult with, and rely solely upon, your own tax advisors concerning the overall tax consequences arising in your own particular situation under U.S. federal, state, local or non-U.S. law with respect to the ownership of our common shares. This summary is based on the provisions of the Internal Revenue Code of 1986, as amended (the "Code"), U.S. Treasury regulations promulgated thereunder, administrative rulings, and judicial decisions, all as in effect on the date hereof, and all of which are subject to change or differing interpretation, possibly with retroactive effect. We cannot assure you that a change in law will not significantly alter the tax considerations that we describe in this summary. We have not sought any ruling from the US IRS with respect to the statements made and the positions and conclusions described in the following summary. There can be no assurance that the US IRS or a court will agree with any of such statements, positions, or conclusions.

**Taxation of Operating Income**

***U.S. Taxation of our Company***

Gross income that is attributable to transportation that either begins or ends, but that does not both begin and end, in the United States generally will be considered to be 50% derived from sources within the United States ("U.S. Source International Transportation Income") and may be subject to U.S. federal income tax as described below. Gross income attributable to transportation that both begins and ends in the United States ("Domestic Transportation Income") generally will be considered to be 100% derived from sources within the United States. We are not permitted by law to engage in transportation that gives rise to Domestic Transportation Income. Gross income attributable to transportation exclusively between non-U.S. destinations generally will be considered to be 100% derived from sources outside of the United States and generally will not be subject to U.S. federal income tax. Certain of our activities give rise to U.S. Source International Transportation Income, which could be subject to U.S. federal income taxation, in the manner discussed below, unless the exemption from U.S. taxation under Section 883 of the Code (the "Section 883 Exemption") applies.

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***Section 883 Exemption***

We and each of our subsidiaries generating transportation income, generally will be eligible for the Section 883 Exemption and exempt from U.S. federal income taxation on our U.S. Source International Transportation Income if the following three conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we and each of our subsidiaries that earns U.S. Source International Transportation Income is organized in a jurisdiction outside the United States that grants an equivalent exemption from tax to corporations organized in the United States with respect to the types of U.S. Source International Transportation Income that we earn (or an equivalent exemption) (the "Country of Organization Requirement");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we satisfy either the Qualified Shareholder Stock Ownership Test or the Publicly Traded Test (each as defined below); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we meet certain substantiation, reporting and other requirements.

The U.S. Treasury Department has recognized (i) Bermuda, our country of incorporation, and (ii) the country of incorporation of our subsidiary that earns U.S. Source International Transportation Income as a foreign country that satisfies the requirements set forth in the first bullet above. Accordingly, we believe that we and such subsidiary satisfy the Country of Organization Requirement.

In general, the Section 883 Exemption is not available to a corporation resident in a foreign country if 50 percent or more of the value of the stock of such corporation is owned by individuals who are not residents of such foreign country or another foreign country meeting the requirements of Section 883 of the Code (the "Qualified Shareholder Stock Ownership Test"). Due to the public nature of our shareholdings, we do not believe that we will be able to substantiate that we satisfy the Qualified Shareholder Stock Ownership Test. However, as described below, we believe that we will be able to satisfy the Publicly Traded Test.

A foreign corporation that does not satisfy the Qualified Shareholder Stock Ownership Test may be eligible for the Section 883 Exemption if the stock of such corporation is primarily and regularly traded on an established securities market in such foreign country, in another foreign country meeting the requirements of Section 883, or in the United States (the "Publicly Traded Test"). Under the Treasury Regulations to Section 883, the stock of a foreign corporation will be considered to be "primarily traded" on an "established securities market" in a country if the number of shares of each class of stock that are traded during any taxable year on "established securities markets" in that country exceeds the number of shares in each such class that are traded during that year on "established securities markets" in any other single country. During 2022, we believe that our stock was "primarily traded" on the Nasdaq, which we believe constitutes an "established securities market" in the United States.

Under the Treasury Regulations to Section 883, our common shares will be considered to be "regularly traded" on an "established securities market" if one or more classes of our stock representing more than 50% of our outstanding shares, by total combined voting power of all classes of stock entitled to vote and total value, is listed on such established securities market (such requirement, the "Listing Requirement"). As our common shares are listed on the Nasdaq, we believe that we will satisfy the Listing Requirement.

The Treasury Regulations to Section 883 further require that with respect to each class of stock relied upon in satisfying the Listing Requirement: (i) such class of stock is traded on the market, other than in minimal quantities, on at least 60 days during the taxable year (the "Trading Frequency Test"); and (ii) the aggregate number of shares of such class of stock traded on such market is at least 10% of the average number of shares of such class of stock outstanding during such year (the "Trading Volume Test"). We believe that our common shares satisfied the Trading Frequency Test and the Trading Volume Test in 2022. Even if this were not the case, the Treasury Regulations provide that the Trading Frequency Test and the Trading Volume Test will be deemed satisfied by a class of stock if, as we expect to be the case with our common shares, such class of stock is traded on an "established securities market" in the United States and such class of stock is regularly quoted by dealers making a market in such stock.

Notwithstanding the foregoing, the Treasury Regulations to Section 883 provide, subject to certain exceptions, that our common shares will not be considered to be regularly traded on an established securities market with respect to any taxable year in which 50% or more of our outstanding common shares, by vote and value, are owned, for more than half the days of the taxable year, by persons who each own 5% or more of the vote and value of our outstanding common shares (the "5% Override Rule").

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Based on our public shareholdings for 2022, we do not believe that we were subject to the 5% Override Rule for our 2022 taxable year. Therefore, we believe that we satisfied the Publicly Traded Test for our 2022 taxable year and, as a result, that we and our subsidiaries that currently generate U.S. Source International Transportation Income are eligible for the Section 883 Exemption with respect to our U.S. Source International Transportation Income. This expectation is based upon factual matters that are subject to change and, in some cases, are not within our control. To the extent that we become subject to the 5% Override Rule in future years (as a result of changes in the ownership of our common shares), we may not be eligible for the Section 883 Exemption unless we can substantiate that we qualify for Qualified Shareholder Stock Ownership Test (described above).

If we were not eligible for the Section 883 Exemption, our U.S. source shipping income would be subject to U.S. federal income tax as described in more detail below.

***Taxation in Absence of Exemption Under Section 883 of the Code***

To the extent the Section 883 Exemption is unavailable and our U.S. Source International Transportation Income is not considered to be "effectively connected" with the conduct of a U.S. trade or business, such U.S. Source International Transportation Income will generally be subject to a 4% U.S. federal income tax imposed by Section 887 of the Code on a gross basis, without allowance for deductions. Since under the sourcing rules described above, we expect that no more than 50% of the shipping income earned by us or our subsidiaries that generate shipping income will be derived from U.S. sources, we expect that the maximum effective rate of U.S. federal income tax on such gross shipping income should not exceed 2%.

To the extent the Section 883 Exemption is unavailable and our U.S. Source International Transportation Income is considered to be "effectively connected" with the conduct of a U.S. trade or business (as described below), any such "effectively connected" income, net of applicable deductions, would be subject to the U.S. federal corporate income tax, currently imposed at a rate of 21%. In addition, we may be subject to the 30% U.S. "branch profits" tax on earnings effectively connected with the conduct of such trade or business, as determined after allowance for certain adjustments, and on certain interest paid or deemed paid attributable to the conduct of our U.S. trade or business.

Our U.S. source shipping income would be considered effectively connected with the conduct of a U.S. trade or business only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we had, or were considered to have, a fixed place of business in the United States involved in the earning of our U.S. Source International Transportation Income; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• substantially all of our U.S. Source International Transportation Income was attributable to regularly scheduled transportation, such as the operation of a ship that followed a published schedule with repeated sailings at regular intervals between the same points for voyages that begin or end in the United States.

We believe that our operations will not give rise to these conditions because we do not intend to have, or permit circumstances that would result in having, such a fixed place of business in the United States or any ship sailing to or from the United States on a regularly scheduled basis.

***Gain on Sale of Vessels***

If we and our subsidiaries that generate U.S. Source International Transportation Income qualify for the Section 883 Exemption in respect of our U.S. Source International Transportation Income, the gain on the sale of any vessel earning such U.S. Source International Transportation Income should likewise be exempt from U.S. federal income tax. Even if we and our subsidiary are unable to qualify for the Section 883 Exemption and we, as the seller of such vessel, are considered to be engaged in the conduct of a U.S. trade or business, gain on the sale of such vessel may not be subject to U.S. federal income tax in certain circumstances. To the extent possible, we intend to structure sales of our vessels in a manner that would not be subject to U.S. federal income tax.

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**U.S. Taxation of U.S. Holders**

The term "U.S. Holder" means a beneficial owner of our common shares that is (i) an individual who is a citizen or resident of the United States, (ii) a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) created, organized, or treated as organized in or under the laws of the United States, any state thereof, or the District of Columbia, (iii) an estate the income of which is subject to U.S. federal income tax regardless of its source or (iv) a trust the administration of which is subject to the primary supervision of a U.S. court and which has one or more United States persons (within the meaning of Section 7701(a)(30) of the Code) who have the authority to control all substantial decisions of the trust, or which has made a valid election under applicable Treasury Regulations to be treated as a United States person.

If a partnership (including an entity or an arrangement treated as a partnership for U.S. federal income tax purposes) holds our common shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner, the activities of the partnership, and certain determinations made at the partner level. If you are a partner in a partnership holding our common shares, you are urged to consult with, and rely solely upon, your tax advisor.

***Distributions with Respect to Common Shares***

Any distributions made by us with respect to our common shares to a U.S. Holder will generally constitute dividends to the extent of our current and accumulated earnings and profits, as determined under U.S. federal income tax principles. Dividends paid on our common shares to a U.S. Holder who is an individual, trust, or estate (a "United States Individual Holder") generally will be treated as "qualified dividend income" that is taxable to such United States Individual Holders at preferential tax rates provided that (i) our common shares are readily tradable on an established securities market in the United States (such as the Nasdaq Stock Market); (ii) we are not a PFIC for the taxable year during which the dividend is paid or the immediately preceding taxable year (see the discussion below under the heading "Passive Foreign Investment Company",); and (iii) the United States Individual Holder owns the common shares for more than 60 days in the 121-day period beginning 60 days before the date on which the common shares become ex-dividend. However, there is no assurance that any dividends paid by us will be eligible for these preferential tax rates in the hands of United States Individual Holder. Any dividends paid by us, which are not eligible for these preferential tax rates, will be taxed as ordinary income to a United States Individual Holder. Because we are not a U.S. corporation, U.S. Holders that are corporations will generally not be entitled to claim a dividends-received deduction with respect to any distributions they receive from us. Dividends paid on our common shares generally will be income from sources outside the United States and will generally constitute "passive category income" or, in the case of certain U.S. Holders, "general category income" for U.S. foreign tax credit limitation purposes. Distributions in excess of our earnings and profits will be treated first as a non-taxable return of capital to the extent of the U.S. Holder's tax basis in its common shares, on a dollar-for-dollar basis, and thereafter as a taxable capital gain.

***Sale, Exchange or other Disposition of Our Common Shares***

Subject to the discussion below under the heading "Passive Foreign Investment Company," a U.S. Holder generally will recognize taxable gain or loss upon a sale, exchange or other disposition of our common shares in an amount equal to the difference between the amount realized by the U.S. Holder from such sale, exchange or other disposition and the U.S. Holder's tax basis in the common shares. Such gain or loss will be treated as long-term capital gain or loss if the U.S. Holder's holding period in such common shares is greater than one year at the time of the sale, exchange or other disposition. Otherwise, such gain or loss will be treated as short-term capital gain or loss. A U.S. Holder's ability to deduct capital losses is subject to certain limitations. A U.S. Holder's gain or loss will generally be treated (subject to certain exceptions) as gain or loss from source within the United States for U.S. foreign tax credit limitation purposes.

***Passive Foreign Investment Company***

Adverse U.S. federal income tax rules apply to a U.S. Holder that holds shares in a foreign corporation classified as a

"passive foreign investment company" (or "PFIC") for U.S. federal income tax purposes. In general, we will be treated as a PFIC with respect to a U.S. Holder in any taxable year in which, after applying certain look-through rules, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at least 75% of our gross income for such taxable year is "passive income" (e.g., dividends, interest, capital gains, and rents derived other than in the active conduct of a rental business); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the average percentage by value of our assets during such taxable year that produce or are held for the production of passive income is at least 50%.

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For purposes of determining whether we are a PFIC, we will be treated as earning and owning our proportionate share of the income and assets, respectively, of (i) any of our subsidiary corporations in which we own 25% or more of the value of the subsidiary's stock and (ii) any partnership in which we either own 25% or more of the equity interests (by value) or satisfy an "active partner" test and do not elect out of "look through" treatment for the partnership. To date, we and our subsidiaries have derived most of our income from the LTA for FLNG *Hilli*, as well as time and voyage charters for our legacy shipping and FSRU operations. We believe this income should be treated as services income, and not as "passive income" for PFIC purposes. While there is substantial legal authority supporting our conclusions, including US IRS pronouncements concerning the characterization of income derived from time charters as services income, there is also authority that characterizes such time charter income as rental income rather than services income for other tax purposes.

Based on the foregoing, we believe that we were not a PFIC with respect to our 2022 taxable year or any prior taxable year. However, the US IRS or a court could disagree with our position. Because PFIC status depends upon the composition of a company's income and assets and the market value of its assets from time to time, and because there is no controlling authority for determining whether certain types of our income constitute passive income for PFIC purposes, there can be no assurance that we will not be considered a PFIC for the current year or any future taxable year.

If we were a PFIC for any taxable year, U.S. Holders would face adverse U.S. tax consequences and certain information reporting requirements regardless of whether we remain a PFIC in subsequent years. In addition, although we intend to conduct our affairs in a manner to avoid being classified as a PFIC, we cannot assure you that the nature of our assets, income, and operations will not change, or that we can avoid being treated as a PFIC for any taxable year. Furthermore, the PFIC rules may change, which could result in us being treated as a PFIC in the future as a result of such change in law.

If we were treated as a PFIC for any taxable year, a U.S. Holder who does not make either a "mark-to-market" election or a "qualified electing fund" election (both described below) for that year, whom we refer to as a "Non-Electing Holder," would be subject to special rules with respect to (i) any excess distribution (i.e., the portion of any distributions received by the Non-Electing Holder on our common shares in a taxable year in excess of 125% of the average annual distributions received by the Non-Electing Holder in the three preceding taxable years, or, if shorter, the Non-Electing Holder's holding period for the common shares) and (ii) any gain realized on the sale, exchange, or other disposition of our common shares. Under these special rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the excess distribution or gain would be allocated ratably over the Non-Electing Holder's aggregate holding period for the common shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount allocated to the current taxable year or to any portion of the U.S. Holder's holding period prior to the first taxable year for which we were a PFIC would be taxed as ordinary income; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount allocated to each of the other taxable years would be subject to tax at the highest rate of tax in effect for the applicable class of taxpayer for that year, and an interest charge for the deemed deferral benefit would be imposed with respect to the resulting tax attributable to each such other taxable year.

If we were treated as a PFIC for any taxable year, a U.S. Holder that owns our common shares would be required to file an annual information return with the IRS reflecting such ownership, regardless of whether a mark-to-market election or a qualified electing fund election had been made.

If we become a PFIC and, provided that, as we anticipate, our common shares are treated as "marketable stock," a U.S. Holder may make a "mark-to-market" election with respect to our common shares, provided the U.S. Holder completes and files the applicable US IRS Form 8621 in accordance with the relevant instructions and related Treasury regulations. Under this mark-to-market election, any excess of the fair market value of the common shares at the close of any tax year over the U.S. Holder's adjusted tax basis in the common shares is included in the U.S. Holder's income as ordinary income. In addition, the excess, if any, of the U.S. Holder's adjusted tax basis at the close of any taxable year over the fair market value of the common shares is permitted as an ordinary loss in an amount equal to the lesser of the amount of such excess or the net "mark-to-market" amount that the U.S. Holder included in income in previous years. Gain realized on the sale, exchange, or other disposition of our common shares would be treated as ordinary income, and any loss realized on the sale, exchange, or other disposition of the common shares would be treated as ordinary loss to the extent that such loss does not exceed the net mark-to-market amount previously included in income by the U.S. Holder. If a U.S. Holder makes a "mark-to-market" election after the beginning of its holding period of our common shares, the U.S. Holder does not avoid the PFIC rules described above with respect to the inclusion of ordinary income, and the imposition of interest thereon, attributable to periods before the election.

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In some circumstances, a shareholder in a PFIC may avoid the adverse tax consequences of the PFIC rules by making a qualified electing fund election. A U.S. Holder would make a qualified electing fund election with respect to any year that we are treated as a PFIC by filing one copy of IRS Form 8621 with its U.S. federal income tax return and a second copy in accordance with the instructions to such form. However, a U.S. Holder cannot make a qualified electing fund election with respect to us unless such U.S. Holder complies with certain reporting requirements. We do not intend to provide the information necessary to meet such reporting requirements.

***U.S. Federal Income Tax Consequences to Non-U.S. Holders of Our Common Shares***

For purposes of this discussion, a beneficial owner of our common shares (other than a partnership) that is not a U.S. Holder is referred to herein as a "Non-U.S. Holder". It is assumed for purposes of this section that the Non-U.S. Holder (i) is not engaged in the conduct of a United States trade or business and (ii) (a) if an individual, is not treated as a U.S. resident pursuant to the substantial presence test (generally treating a non-resident individual alien as a resident if such person is present in the United States for more than a weighted sum of 183 days during a three-year period and the nonresident alien is present for at least 31 days in the current year) and is not present in the United States for 183 days or more in the taxable year of disposition of common shares or (b) if not a natural person, has not made any election to subject itself to, or is otherwise subject to, U.S. federal income taxation on a net basis.

Subject to the discussion below regarding backup withholding and information reporting, a Non-U.S. Holder will generally not be subject to U.S. federal income tax as a result of the ownership, sale or other disposition of our common shares.

***Backup Withholding and Information Reporting***

In general, payments to a non-corporate U.S. Holder of distributions or proceeds of a disposition of common shares will be subject to information reporting requirements. Such payments also may be subject to "backup withholding" if the non-corporate U.S. Holder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fails to provide an accurate taxpayer identification number;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is notified by the US IRS that it has failed to report all interest or corporate distributions required to be reported on its U.S. federal income tax returns; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in certain circumstances, fails to comply with applicable certification requirements.

Non-U.S. Holders may be required to establish their exemption from information reporting and backup withholding by certifying their status on the appropriate US IRS Form W-8. If a shareholder sells our common shares to or through a U.S. office or broker, the payment of the proceeds is subject to both U.S. information reporting and "backup withholding" unless the shareholder establishes an exemption. If the shareholder sells our common shares through a non-U.S. office of a non-U.S. broker and the sales proceeds are paid to the shareholder outside the United States, then information reporting and "backup withholding" generally will not apply to that payment. However, U.S. information reporting requirements, but not "backup withholding," will apply to a payment of sales proceeds, including a payment made to a shareholder outside the United States, if the shareholder sells the common shares through a non-U.S. office of a broker that is a U.S. person or has some other contacts with the United States.

Backup withholding is not an additional tax. Rather, a taxpayer generally may obtain a refund of any amounts withheld under "backup withholding" rules that exceed such taxpayer's U.S. federal income tax liability by filing a refund claim with the US IRS, provided that the required information is timely furnished to the US IRS.

Individuals who are U.S. Holders (and to the extent specified in the applicable Treasury Regulations, certain individuals who are non-U.S. Holders and certain U.S. entities) who hold "specified foreign financial assets" (as defined in Section 6038D of the Code and the applicable Treasury Regulations) are required to file US IRS Form 8938 (Statement of Specified Foreign Financial Assets) with information relating to each such asset for each taxable year in which the aggregate value of all such assets exceeds $75,000 at any time during the taxable year or $50,000 on the last day of the taxable year. Specified foreign financial assets would include, among other assets, our common shares, unless the common shares were held through an account maintained with a U.S. financial institution. Substantial penalties apply to any failure to timely file US IRS Form 8938, unless the failure is shown to be due to reasonable cause and not due to willful neglect. Additionally, the statute of limitations on the assessment and collection of U.S. federal income tax with respect to a taxable year for which the filing of US IRS Form 8938 is required may not close until three years after the date on which US IRS Form 8938 is filed. U.S. Holders (including U.S. entities) and non-U.S. Holders are encouraged to consult with, and rely solely upon, their own tax advisors regarding their reporting obligations under Section 6038D of the Code.

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**Bermuda Taxation**

The following is a discussion of certain Bermuda tax considerations. Bermuda currently imposes no tax (including a tax in the nature of an income, estate, duty, inheritance, capital transfer or withholding tax) on profits, income, capital gains or appreciations derived by us, or dividends or other distributions paid by us to shareholders of our common shares. Bermuda has undertaken not to impose any such Bermuda taxes on shareholders of our common shares prior to the year 2035, except in so far as such tax applies to persons ordinarily resident in Bermuda.

The Minister of Finance in Bermuda has granted us a tax exempt status until March 31, 2035, under which no income taxes or other taxes (other than duty on goods imported into Bermuda and payroll tax in respect of any Bermuda-resident employees) are payable by us in Bermuda. If the Minister of Finance in Bermuda does not grant a new exemption or extension of the current tax exemption, and if the Bermudian Parliament passes legislation imposing taxes on exempted companies, we may become subject to taxation in Bermuda after March 31, 2035.

**F.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and Paying Agents**

Not applicable.

**G.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements by Experts**

Not applicable.

**H.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Documents on Display**

We will file reports and other information with the Commission. The Commission maintains a website (http://www.sec.gov) that contains reports, proxy and information statements and other information regarding registrants that file electronically with it.

**I.&nbsp;&nbsp;&nbsp;&nbsp;Subsidiary Information**

Not applicable.

**ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

We are exposed to various market risks, including interest rate, commodity price and foreign currency exchange risks. We enter into a variety of derivative instruments and contracts to maintain the desired level of exposure arising from these risks. Our policy is to hedge our exposure to risks, when possible, within boundaries deemed appropriate by management.

A discussion of our accounting policies for derivative financial instruments is included in note 2 "Accounting Policies" of our consolidated financial statements included herein. Further information on our exposure to various market risks arising on our financial instruments is included in note 27 "Financial Instruments" of our consolidated financial statements included herein.

The following analysis provides quantitative information regarding our exposure to foreign currency exchange rate risk, interest rate risk and commodity price risk. There are certain shortcomings inherent in the sensitivity analysis presented, primarily due to the assumption that exchange rates change in a parallel fashion and that interest rates change instantaneously.

*Interest rate risk.* A significant portion of our long-term debt obligation is subject to adverse movements in interest rates. We enter into economic hedge agreements in order to reduce the risk associated with adverse fluctuations in interest rates. Interest rate swaps are used to convert floating rate debt obligations to a fixed rate in order to achieve an overall desired position of fixed and floating rate debt to manage our exposure to adverse movements in interest rates. Credit exposures are monitored on a counterparty basis, with all new transactions subject to senior management approval.

As of December 31, 2022, the notional amount of interest rate swaps outstanding in respect of our debt obligation was $740.0 million, representing approximately 95.6% of our floating rate loans. The principal of our floating rate loans outstanding as of December 31, 2022 was $774.2 million. Based on our floating rate debt at December 31, 2022, a one-percentage point increase in the floating interest rate would increase our interest expense by $0.2 million per annum. See note 27 "Financial Instruments" of our consolidated financial statements included herein for additional information.

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*Foreign currency risk*. The majority of our transactions, assets and liabilities are denominated in U.S. Dollars, our functional currency. Periodically, we may be exposed to foreign currency exchange fluctuations as a result of expenses paid by certain subsidiaries in currencies other than U.S. Dollars, which includes GBP, NOK, Singaporean Dollars, and Euros, in relation to our administrative office in the UK, operating expenses and capital expenditure projects incurred in a variety of foreign currencies. Based on our GBP and NOK expenses for 2022, a 10% depreciation of the U.S. Dollar against GBP and NOK would have increased our expenses by $1.9 million and $2.4 million, respectively.

The base currency of the majority of our seafaring officers' remuneration was the Euro. Based on the crew costs incurred in 2022, a 10% depreciation of the U.S. Dollar against the Euro would have increased our crew cost for 2022 by $1.6 million.

*Commodity price risks.* As of December 31, 2022, we have certain derivative instruments in relation to the LTA for FLNG *Hilli* and entered in commodity swaps to manage our commodity risks.

The realized gain/(loss) on oil and gas derivative instruments results from monthly billings above the FLNG *Hilli* base tolling fee and the exercised incremental capacity increase under the LTA as amended by LTA Amendment 3 whereas the unrealized gain/(loss) on oil and gas derivative instruments results from movements in forecasted oil and natural gas prices and Euro/U.S. Dollar exchange rates.

Oil component**:** The realized gain/(loss) on oil derivative instrument represents the monthly billings above the FLNG *Hilli* base tolling fee of $60.00 per barrel over the contract term for 1.2 million tons of LNG. The unrealized gain/(loss) on oil derivative instrument is determined using the estimated discounted cash flows of payments due as a result of the oil price moving above the contractual floor of $60.00 per barrel over the remaining term of the LTA. Based on the liquefaction services revenue invoiced in 2022, we bear no downside risk to the movement of oil prices should the oil price move below $60.00. Based on the realized gain on FLNG *Hilli's* oil derivative instrument invoiced in 2022, a 10% change to the Brent linked crude oil price would have decreased our realized gain on FLNG *Hilli's* oil derivative instrument for 2022 by $10.1 million.

Natural gas component: The realized gain/(loss) on gas derivative instrument represents the monthly billings above the contractual floor rate of $0.5652/MMBTU over the contract term for 0.2 million tons of LNG. The unrealized gain/(loss) on gas derivative instrument is determined using the estimated discounted cash flows of payments due as a result of the gas price moving above the contractual floor of $0.5652/MMBTU over the remaining term of the LTA. The tolling fee is linked to TTF and the Euro/U.S. Dollar foreign exchange movements. Based on the liquefaction services revenue invoiced in 2022, we bear no downside risk to the movement of natural gas prices should the TTF price move below $0.5652/MMBTU. Based on the realized gain on FLNG *Hilli's* gas derivative instrument invoiced in 2022, a 10% change to the TTF linked gas price and U.S. Dollar against the Euro exchange rates used, would have decreased our realized gain on FLNG *Hilli's* gas derivative instrument for 2022 by $13.2 million.

As of December 31, 2022, we were party to commodity swaps to manage our exposure to TTF prices arising from the portion of FLNG *Hilli*'s tolling fee that is linked to the TTF index (resulting from LTA Amendment 3). The notional quantity of commodity swaps outstanding was 4,839,000 MMBtu, hedging our exposure across 2023 and a portion of our 2024 exposure. A 10% increase in TTF prices would result in a loss of $11.7 million across the remaining life of our swap portfolio. This loss would be offset by increased earnings under the LTA during the same period. See note 27 "Financial Instruments" of our consolidated financial statements included herein for additional information.

**ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES**

Not applicable.

**ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES**

None.

**ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS**

None.

------

**ITEM 15. CONTROLS AND PROCEDURE**

**(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosure Controls and Procedures**

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

Under the supervision of our Company's Chief Executive Officer and Chief Financial Officer, we carried out an evaluation of the effectiveness of our disclosure controls and procedures, pursuant to Rule 13a-15(b) and 15d-15(b) of the Exchange Act of 1934, as of December 31, 2022. At the time our Annual Report on Form 20-F for the year ended December 31, 2022 was filed on March 31, 2023, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of December 31, 2022.

**(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Management's annual report on internal controls over financial reporting**

In accordance with the requirements of Rule 13a-15 of the Securities Exchange Act of 1934, as amended, the following report is provided by management in respect of our internal control over financial reporting. As defined in the Rule 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended, internal control over financial reporting is a process designed by, or under the supervision of, our Chief Executive Officer and Chief Financial Officer, or persons performing similar functions, and effected by our Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the consolidated financial statements for external purposes in accordance with U.S. GAAP and includes those policies and procedures that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect our transactions and dispositions of assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. GAAP, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Our internal control system was designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of our published consolidated financial statements for external purposes under U.S. GAAP.

In connection with the preparation of our annual consolidated financial statements, management has undertaken an assessment of the effectiveness of our internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control - Integrated Framework (2013), issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Management's assessment included an evaluation of the design of our internal control over financial reporting and testing of the operational effectiveness of those controls. Based on this assessment, management has concluded and hereby reports that as of December 31, 2022, our internal control over financial reporting was effective.

The Company's independent registered public accounting firm has issued an attestation report on the effectiveness of the Company's internal control over financial reporting.

**(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attestation report of the registered public accounting firm**

The effectiveness of our internal control over financial reporting as of December 31, 2022 has been audited by Ernst & Young LLP, an independent registered public accounting firm, as stated in their report which appears on page F-3 of our consolidated financial statements included herein.

**(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in internal control over financial reporting**

There were no changes in our internal control over financial reporting during the period covered by this Annual Report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

------

**ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT**

Our board of directors has determined that Lori Wheeler Naess and Daniel Rabun each qualify as an Audit Committee financial expert and are both independent, in accordance with SEC Rule 10a-3 pursuant to Section 10A of the Securities Exchange Act of 1934.

**ITEM 16B. CODE OF ETHICS**

We have adopted a Corporate Code of Business Ethics and Conduct that applies to all our employees. A copy of our Corporate Code of Business Ethics and Conduct may be found on our website <u>www.golarlng.com</u>. This website is provided as an inactive textual reference only. Information contained on our website does not constitute part of this annual report. We will provide any person, free of charge, a copy of our Code of Ethics upon written request to our registered office. Additionally, our Code of Business Ethics and Conduct is included as Exhibit 11.1 of this annual report. Any waivers that are granted from any provision of our Code of Business Ethics and Conduct may be disclosed on our website within five business days following the date of such waiver.

**ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES**

(a)Audit Fees

The following table sets forth, for the two most recent fiscal years, the aggregate fees billed for professional services rendered by the principal accountant, Ernst & Young LLP for the audit of our annual financial statements and services provided by the principal accountant in connection with statutory and regulatory filings or engagements for the two most recent fiscal years.

---

| | |
|:---|:---|
| *(in thousands of $)* |  |
| Fiscal year ended December 31, 2022 | $1563 |
| Fiscal year ended December 31, 2021 | $1962 |

---

(b)&nbsp;&nbsp;&nbsp;&nbsp;Audit-Related Fees

The following table sets forth, for the two most recent fiscal years, the aggregate fees billed for assurance and related services, not included under "(a) Audit Fees", rendered by the principal accountant for the audit of our annual financial statements and services provided by the principal accountant in connection with statutory and regulatory filings or engagements for the two most recent fiscal years.

---

| | |
|:---|:---|
| *(in thousands of $)* |  |
| Fiscal year ended December 31, 2022 | $121 |
| Fiscal year ended December 31, 2021 | $148 |

---

(c)&nbsp;&nbsp;&nbsp;&nbsp; Tax Fees

The following table sets forth, for the two most recent fiscal years, the aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning.

---

| | |
|:---|:---|
| *(in thousands of $)* |  |
| Fiscal year ended December 31, 2022 | $260 |
| Fiscal year ended December 31, 2021 | $5 |

---

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(d)&nbsp;&nbsp;&nbsp;&nbsp; All Other Fees

The following table sets forth, for the two most recent fiscal years, the aggregate fees billed for professional services rendered by the principal accountant for other services that are not included in the scope of the current year audit or tax services as mentioned above. This majority of the balance comprises of advisory services provided during the year.

---

| | |
|:---|:---|
| *(in thousands of $)* |  |
| Fiscal year ended December 31, 2022 | $— |
| Fiscal year ended December 31, 2021 | $72 |

---

(e)&nbsp;&nbsp;&nbsp;&nbsp; Audit Committee's Pre-Approval Policies and Procedures

Our board of directors has adopted pre-approval policies and procedures in compliance with paragraph (c)(7)(i) of Rule 2-01 of Regulation S-X that require our board of directors to approve the appointment of our independent auditor before such auditor is engaged and to approve each of the audit and non-audit related services to be provided by such auditor. All services provided by the principal auditor in 2022 and 2021 were approved by our board of directors pursuant to the pre-approval policy.

**ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES**

Not applicable.

**ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS**

In February 2021, our board of directors approved a share buyback program of up to $50 million of our common shares. During 2022, we repurchased an aggregate of 1.2 million shares for a cost of $25.5 million and concurrently cancelled our treasury shares. During 2021, we repurchased an aggregate of 2.0 million shares for a cost of $24.5 million and subsequently cancelled our treasury shares in September 2021.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total number of shares purchased** | **Average price paid per share** | **Total value of shares purchased as part of publicly announced plan or program** | **Maximum value of shares (in $) that may be purchased under the plan or program** |
| April 2021 | 1184662 | $11.55 | 13711335 | 36288665 |
| June 2021 | 500103 | $13.54 | 6783883 | 29504782 |
| July 2021 | 299882 | $13.28 | 3988446 | 25516336 |
| March 2022 | 368496 | $17.80 | 6565840 | 18950496 |
| June 2022 | 200000 | $22.47 | 4497020 | 14453476 |
| September 2022 | 400000 | $23.22 | 9294733 | 5158743 |
| November 2022 | 221157 | $23.13 | 5120583 | 38160 |

---

**ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT**

Not applicable.

**ITEM 16G. CORPORATE GOVERNANCE**

Pursuant to an exception under Nasdaq Rule 5615, or Nasdaq listing standards available to foreign private issuers, we are not required to comply with all of the corporate governance practices followed by U.S. companies under the Nasdaq's listing standards, which are available at www.nasdaq.com. As a foreign private issuer, we are permitted to follow our home country practices in lieu of certain Nasdaq corporate governance requirements. We have certified to Nasdaq that our corporate governance practices are in compliance with, and are not prohibited by, the laws of Bermuda.

------

We are exempt from many of the Nasdaq's corporate governance practices other than the requirements regarding the disclosure of a going concern audit opinion, submission of a listing agreement, notification of material non-compliance with Nasdaq's corporate governance practices and the establishment and composition of an audit committee and a formal written audit committee charter. The practices we follow in lieu of Nasdaq's corporate governance requirements are as follows:

<u>Independence of directors</u>. We are exempt from certain Nasdaq requirements regarding independence of directors. Consistent with Bermuda law, our board of directors is not required to be composed of a majority of independent directors. Currently, five of the seven members of the board of directors, Daniel Rabun, Lori Wheeler Naess, Carl Steen, Niels Stolt-Nielsen and Thorleif Egeli are independent according to Nasdaq's standards for independence. Our board of directors does not hold meetings at which only independent directors are present.

<u>Audit Committee</u>. We are exempt from certain Nasdaq requirements regarding our Audit Committee. Consistent with Bermuda law, the directors on our Audit Committee are not required to comply with certain of Nasdaq's independence requirements for Audit Committee members, and our management is responsible for the proper and timely preparation of our annual reports, which are audited by independent auditors. However, the committee currently consists of three independent directors, Lori Wheeler Naess, Daniel Rabun and Thorleif Egeli.

<u>Compensation Committee</u>. We are exempt from certain Nasdaq requirements regarding our Compensation Committee. Consistent with Bermuda law, our Compensation Committee may consist of members who are not independent directors. However, the committee currently consists of three independent directors, Carl Steen, Niels Stolt-Nielsen and Daniel Rabun. The primary responsibility of this committee is to review, approve and make recommendations to the board regarding compensation for directors and management.

<u>Nomination Committee</u>. We are exempt from certain Nasdaq requirements regarding our Nomination Committee. Consistent with Bermuda law, our Nomination Committee may consist of members who are not independent directors. However, the committee is currently comprised of two independent directors, Carl Steen and Daniel Rabun. The primary responsibility of this committee is to select and recommend to the board, director and committee member candidates.

<u>Share Issuance</u>. In lieu of obtaining shareholder approval prior to the issuance of securities in certain circumstances, consistent with Bermuda law and our Bye-Laws, the board of directors approves share issuances.

As a foreign private issuer, we are not required to solicit proxies or provide proxy statements to Nasdaq pursuant to Nasdaq's corporate governance rules or Bermuda law. Consistent with Bermuda law, and as provided in our amended Bye-laws, we will notify our shareholders of shareholder meetings at least seven days before such meeting. This notification will contain, among other things, information regarding business to be transacted at the meeting.

We believe that our established corporate governance practices satisfy the Nasdaq listing standards. Further information and our corporate governance documents are available in the "Governance" section of our website at (*www.golarlng.com*).

**ITEM 16H. MINE SAFETY DISCLOSURE**

Not applicable.

**ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS**

Not applicable.

**ITEM 17. FINANCIAL STATEMENTS**

See Item 18.

**ITEM 18. FINANCIAL STATEMENTS** 

The following financial statements listed below and set forth on pages F-1 through to F-69 are filed as part of this Annual Report.

------

**ITEM 19. EXHIBITS** 

The following exhibits are filed as part of this Annual Report:

---

| | |
|:---|:---|
| **Number** | **Description of Exhibit** |
| 1.1\*\* | <u>[Memorandum of Association of Golar LNG Limited as adopted on May 9, 2001, incorporated by reference to Exhibit 1.1 of Golar LNG Limited's Registration Statement on Form 20-F, filed with the SEC on November 27, 2002, File No. 00050113, or the Original Registration Statement.](http://www.sec.gov/Archives/edgar/data/1207179/000104746902005158/a2094458zex-1_1.txt)</u> |
| 1.2\*\* | <u>[Bye-Laws of Golar LNG Limited amended and adopted September 20, 2013, incorporated by reference to Exhibit 3.1 to Golar LNG Limited's Report of Foreign Issuer on Form 6-K filed on July 1, 2014.](http://www.sec.gov/Archives/edgar/data/1207179/000091957414003878/d1488412_ex3-1.htm)</u> |
| 1.3\*\* | <u>[Bye-Laws of Golar LNG Limited amended and adopted September 24, 2020, incorporated by reference to Exhibit 4.1 to Golar LNG Limited's Report of Foreign Issuer on Form 6-K filed on November 30, 2020.](https://www.sec.gov/Archives/edgar/data/1207179/000120717920000027/amendmenttobye-lawsofgolar.htm)</u> |
| 1.4\*\* | <u>[Certificate of Incorporation as adopted on May 10, 2001, incorporated by reference to Exhibit 1.3 of Golar LNG Limited's Original Registration Statement.](http://www.sec.gov/Archives/edgar/data/1207179/000104746902005158/a2094458zex-1_3.txt)</u> |
| 1.5\*\* | <u>[Certificate of deposit of memorandum of increase of share capital of Golar LNG Limited registered on June 20, 2001 (increasing Golar LNG Limited's authorized capital), incorporated by reference to Exhibit 1.4 of Golar LNG Limited's Original Registration Statement.](http://www.sec.gov/Archives/edgar/data/1207179/000104746902005158/a2094458zex-1_4.txt)</u> |
| 1.6\*\* | <u>[Certificate of deposit of memorandum of increase of share capital of Golar LNG Limited registered November 6, 2014, incorporated by reference to Exhibit 1.6 of Golar LNG Limited Annual Report on Form 20-F for the fiscal year ended December 31, 2014.](http://www.sec.gov/Archives/edgar/data/1207179/000120717915000006/glng-12312014xex16.htm)</u> |
| 2.1\*\* | <u>[Form of share certificate incorporated by reference to Exhibit 2.1 of Golar LNG Limited's Annual Report on Form 20-F for the fiscal year ended December 31, 2010.](http://www.sec.gov/Archives/edgar/data/1207179/000091957411002832/d1189413_ex2-1.htm)</u> |
| 2.2\*\* | <u>[Indenture, dated February 17, 2017, between Golar LNG Limited and Deutsche Bank Trust Company Americas as a Bond Trustee, incorporated by reference to Exhibit 2.2 of Golar LNG Limited Annual Report on Form 20-F for the fiscal year ended December 31, 2016.](http://www.sec.gov/Archives/edgar/data/1207179/000120717917000008/glng-12312016xexhibit22.htm)</u> |
| 2.3\* | <u>[Description of Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934.](glng-12312022xex23.htm)</u> |
| 4.1\*\* | <u>[Rules of the Bermuda Employee Share Option Scheme, incorporated by reference to Exhibit 4.6 of Golar LNG Limited's Original Registration Statement.](http://www.sec.gov/Archives/edgar/data/1207179/000104746902005158/a2094458zex-4_6.txt)</u> |
| 4.2\*\* | <u>[Bermuda Tax Assurance, dated May 23, 2011, incorporated by reference to Exhibit 4.4 of Golar LNG Limited's Annual Report on Form 20-F for the fiscal year ended December 31, 2013.](http://www.sec.gov/Archives/edgar/data/1207179/000120717914000005/glng12312012-ex44.htm)</u> |
| 4.3\*\* | <u>[Memorandum of Agreement, dated September 9, 2015, by and between Golar Hilli Corporation and Fortune Lianjiang Shipping S.A., providing for, among other things, the sale and leaseback of the Hilli, incorporated by reference to Exhibit 4.21 of Golar LNG Limited Annual Report on Form 20-F for the fiscal year ended December 31, 2015.](http://www.sec.gov/Archives/edgar/data/1207179/000120717916000034/glng12312015-ex421.htm)</u> |

---

------

---

| | |
|:---|:---|
| **Number** | **Description of Exhibit** |
| 4.4\*\* | <u>[Bareboat charter by and between Golar Hilli Corp. and Fortune Lianjiang Shipping S.A., dated September 9, 2015, incorporated by reference to Exhibit 4.2 to Golar LNG Limited's Report of Foreign Issuer on Form 6-K filed on August 31, 2018.](http://www.sec.gov/Archives/edgar/data/1207179/000120717918000017/a42golarhillibareboatchart.htm)</u> |
| 4.5\*\* | <u>[Additional Clauses to the Bareboat Charter Party dated September 9, 2015 between Golar Hilli Corp. and Fortune Lianjiang Shipping S.A., incorporated by reference to Exhibit 4.3 to Golar LNG Limited's Report of Foreign Issuer on Form 6-K filed on August 31, 2018.](http://www.sec.gov/Archives/edgar/data/1207179/000120717918000017/a43golarhillibareboatchart.htm)</u> |
| 4.6\*\* | <u>[Common Terms Agreements, by and between Golar Hilli Corp. and Fortune Lianjiang Shipping S.A., dated September 9, 2015, incorporated by reference to Exhibit 4.4 to Golar LNG Limited's Report of Foreign Issuer on Form 6-K filed on August 31, 2018.](http://www.sec.gov/Archives/edgar/data/1207179/000120717918000017/a44golarhillicommontermsag.htm)</u> |
| 4.7\*\* | <u>[Purchase and Sale Agreement, dated August 15, 2017, by and among Golar LNG Limited, KS Investments Pte. Ltd., Black & Veatch International Company and Golar Partners Operating LLC, incorporated by reference to Exhibit 4.1 to Golar LNG Limited's Report of Foreign Issuer on Form 6-K filed on September 29, 2017.](https://www.sec.gov/Archives/edgar/data/1207179/000120717917000017/ex41purchaseandsaleagreeme.htm)</u> |
| 4.8\*\* | <u>[2017 long-term incentive plan, incorporated by reference to Exhibit 4.6 to Golar LNG Limited's Registration statement on form S-8, filed on November 20, 2017.](http://www.sec.gov/Archives/edgar/data/1207179/000110465917069631/a17-27112_1ex4d6.htm)</u> |
| 4.9\*\*/+ | <u>[Liquefaction Tolling Agreement, dated November 29, 2017, between Société Nationale des Hydrocarbures, Perenco Cameroon SA, Golar Hilli Corporation and Golar Cameroon SASU, incorporated by reference to Exhibit 4.29 of Golar LNG Limited Annual Report on Form 20-F for the fiscal year ended December 31, 2017.](http://www.sec.gov/Archives/edgar/data/1207179/000120717918000006/glng-12312017xexhibit429.htm)</u> |
| 4.10\*\*/++ | <u>[First Amendment to Liquefaction Tolling Agreement, dated November 15, 2019, between Société Nationale des Hydrocarbures, Perenco Cameroon SA, Golar Hilli Corporation and Golar Cameroon](https://www.sec.gov/Archives/edgar/data/1207179/000120717922000009/hilli1stlta.htm)[SASU, incorporated by reference to Exhibit 4.10 of Golar LNG Limited Annual Report on Form 20-F for the fiscal year ended December 31, 2021.](https://www.sec.gov/Archives/edgar/data/1207179/000120717922000009/hilli1stlta.htm)</u> |
| 4.11\*\*/++ | <u>[Second Amendment to Liquefaction Tolling Agreement, dated March 23, 2021, between Société Nationale des Hydrocarbures, Perenco Cameroon SA, Golar Hilli Corporation and Golar Cameroon](https://www.sec.gov/Archives/edgar/data/1207179/000120717922000009/hilli2ndlta.htm)[SASU, incorporated by reference to Exhibit 4.11 of Golar LNG Limited Annual Report on Form 20-F for the fiscal year ended December 31, 2021.](https://www.sec.gov/Archives/edgar/data/1207179/000120717922000009/hilli2ndlta.htm)</u> |
| 4.12\*\*/++ | <u>[Third Amendment to Liquefaction Tolling Agreement, dated July 22, 2021, between Société Nationale des Hydrocarbures, Perenco Cameroon SA, Golar Hilli Corporation and Golar Cameroon](https://www.sec.gov/Archives/edgar/data/1207179/000120717922000009/hilli3rdlta.htm)[SASU, incorporated by reference to Exhibit 4.12 of Golar LNG Limited Annual Report on Form 20-F for the fiscal year ended December 31, 2021.](https://www.sec.gov/Archives/edgar/data/1207179/000120717922000009/hilli3rdlta.htm)</u> |
| 4.13\*\* | <u>[Amendment Agreement, dated March 23 2018, relating to the Purchase and Sale Agreement by and between Golar LNG Partners LP, Golar LNG Limited, KS Investments Pte. Ltd. and Black & Veatch International Company, incorporated by reference to Exhibit 4.1 to Golar LNG Limited's Report of Foreign Issuer on Form 6-K filed on July 30, 2018.](http://www.sec.gov/Archives/edgar/data/1207179/000120717918000012/a41executedamendmenttopsa2.htm)</u> |
| 4.14\*\* | <u>[Amended and Restated Limited Liability Company Agreement of Golar Hilli LLC, dated July 12, 2018, incorporated by reference to Exhibit 4.1 to Golar LNG Limited's Report of Foreign Issuer on Form 6-K filed on August 31, 2018.](http://www.sec.gov/Archives/edgar/data/1207179/000120717918000017/a41golarhillillcagreement.htm)</u> |
| 4.15\*\* | <u>[Amended and Restated Limited Liability Company Agreement of Golar Hilli LLC dated as of April 15, 2021, by and among Golar LNG Limited, Golar Partners Operating LLC, KSI Investments Pte. Ltd. and Black & Veatch International Corporation, incorporated by reference to Exhibit 4.14 to Golar LNG Limited Annual Report on Form 20-F for the fiscal year ended December 31, 2020.](https://www.sec.gov/Archives/edgar/data/1207179/000120717921000005/glng-12312020xex414.htm)</u> |
| 4.16\*\* | <u>[Golar LNG Partners LP Guarantee Agreement, dated as of July 12, 2018, incorporated by reference to Exhibit 4.5 to Golar LNG Limited's Report of Foreign Issuer on Form 6-K filed on August 31, 2018.](http://www.sec.gov/Archives/edgar/data/1207179/000120717918000017/a45golarlngpartnerslpguara.htm)</u> |

---

------

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| | |
|:---|:---|
| **Number** | **Description of Exhibit** |
| 4.17\*\*/+ | <u>[Lease and Operate Agreement by and between Gimi MS Corporation and BP Mauritania Investments Limited, dated February 26, 2019, incorporated by reference to Exhibit 4.26 to Golar LNG Limited Annual Report on Form 20-F for the fiscal year ended December 31, 2018.](https://www.sec.gov/Archives/edgar/data/1207179/000120717919000008/glng-12312018xexhibit426.htm)</u> |
| 4.18\*/+ | <u>[Amended and Restated Deed relating to the Lease and Operate Agreement dated February 26, 2019 by and between Gimi MS Corporation, Golar MS Operator S.A.R.L., BP Mauritania Investments Limited, Golar LNG Limited, Keppel Offshore & Marine Limited, BP Exploration Operating Company Limited, Kosmos Energy Limited and BP Senegal Investments Limited, dated September 3, 2021.](gimiamendedandrestatedde.htm)</u> |
| 4.19\*\*/++ | <u>[$700 million facility agreement dated October 24, 2019, by and between Gimi MS Corporation, ABN Amro Bank N.V., Clifford Capital Pte. Ltd., ING Bank N.V. and Natixis, incorporated by reference to Exhibit 1.1 to Golar LNG Limited's Report of Foreign Issues on Form 6-K filed on November 30, 2020.](https://www.sec.gov/Archives/edgar/data/1207179/000120717920000027/a700millionfacilityagreeme.htm)</u> |
| 4.20\*\*/++ | <u>[First supplemental agreement to $700 million facility dated January 19, 2021, by and among Gimi MS Corporation, Golar LNG Limited, Gimi Holding Company Limited and ING Bank N.V., incorporated by reference to Exhibit 4.18 to Golar LNG Limited Annual Report on Form 20-F for the fiscal year ended December 31, 2020.](https://www.sec.gov/Archives/edgar/data/1207179/000120717921000005/glng-12312020xex418.htm)</u> |
| 4.21\*\*/++ | <u>[Second supplemental agreement to $700 million facility agreement dated March 2, 2021, by and between Gimi MS Corporation, ABN Amro Bank N.V., Clifford Capital Pte. Ltd., ING Bank N.V. and](https://www.sec.gov/Archives/edgar/data/1207179/000120717922000009/gimi2ndsupplementalagree.htm)[Natixis, incorporated by reference to Exhibit 4.20 of Golar LNG Limited Annual Report on Form 20-F for the fiscal year ended December 31, 2021.](https://www.sec.gov/Archives/edgar/data/1207179/000120717922000009/gimi2ndsupplementalagree.htm)</u> |
| 4.22\*/++ | <u>[Third supplemental agreement to $700 million facility agreement dated February 17, 2023, by and between Gimi MS Corporation, ABN Amro Bank N.V., Clifford Capital Pte. Ltd., ING Bank N.V. and Natixis.](gimi3rdsupplementalagree.htm)</u> |
| 4.23\*\* | <u>[Agreement and plan of Merger dated January 13, 2021, relating to the sale of Golar LNG Partners LP, by and between Golar GP LLC, New Fortress Energy Inc, Lobos Acquisition LLC and NFE International Holdings Limited, incorporated by reference to Exhibit 4.1 to Golar LNG Limited's Report of Foreign Issues on Form 6-K filed on January 19, 2021.](https://www.sec.gov/Archives/edgar/data/1207179/000110465921005386/tm213331d1_ex4-1.htm)</u> |
| 4.24\*\* | <u>[Transfer Agreement dated January 13, 2021, relating to the sale of Golar LNG Partners LP, by and between Golar LNG Limited, Golar GP LLC and NFE International Holdings Limited, incorporated by reference to Exhibit 4.2 to Golar LNG Limited's Report of Foreign Issues on Form 6-K filed on January 19, 2021.](https://www.sec.gov/Archives/edgar/data/1207179/000110465921005386/tm213331d1_ex4-2.htm)</u> |
| 4.25\*\* | <u>[Support Agreement dated January 13, 2021, relating to the sale of Golar LNG Partners LP, by and between Golar LNG Limited, Golar GP LLC and NFE International Holdings Limited, incorporated by reference to Exhibit 4.3 to Golar LNG Limited's Report of Foreign Issues on Form 6-K filed on January 19, 2021.](https://www.sec.gov/Archives/edgar/data/1207179/000110465921005386/tm213331d1_ex4-3.htm)</u> |
| 4.26\*\* | <u>[Agreement and plan of Merger dated January 13, 2021, relating to the sale of Hygo Energy Transition LTD, between New Fortress Energy Inc, Golar LNG Limited, Stonepeak Infrastructure Fund II Cayman (G) LTD and Lobos Acquisition LLC, incorporated by reference to Exhibit 4.4 to Golar LNG Limited's Report of Foreign Issues on Form 6-K filed on January 19, 2021.](https://www.sec.gov/Archives/edgar/data/1207179/000110465921005386/tm213331d1_ex4-4.htm)</u> |
| 4.27\*\* | <u>[Omnibus Agreement dated as of April 15, 2021, by and among Golar LNG Limited, certain direct and indirect subsidiaries of Golar LNG Limited and New Fortress Energy, Inc, incorporated by reference to Exhibit 4.23 to Golar LNG Limited Annual Report on Form 20-F for the fiscal year ended December 31, 2020.](https://www.sec.gov/Archives/edgar/data/1207179/000120717921000005/glng-12312020xex423.htm)</u> |
| 4.28\*\* | <u>[Omnibus Agreement (Hygo) dated as of April 15, 2021 by and among Golar LNG Limited, certain direct and indirect subsidiaries of Golar LNG Limited party thereto and New Fortress Energy Inc, incorporated by reference to Exhibit 4.24 to Golar LNG Limited Annual Report on Form 20-F for the fiscal year ended December 31, 2020.](https://www.sec.gov/Archives/edgar/data/1207179/000120717921000005/glng-12312020xex424.htm)</u> |
| 4.29\*\* | <u>[Shareholders' Agreement dated as of April 15, 2021 by and among New Fortress Energy Inc., Golar LNG Limited and Stonepeak Infrastructure Fund II Cayman (G) Ltd, incorporated by reference to Exhibit 4.25 to Golar LNG Limited Annual Report on Form 20-F for the fiscal year ended December 31, 2020.](https://www.sec.gov/Archives/edgar/data/1207179/000120717921000005/glng-12312020xex425.htm)</u> |

---

------

---

| | |
|:---|:---|
| **Number** | **Description of Exhibit** |
| 4.30\*\* | <u>[$300 million unsecured Norwegian Bond dated March 1](https://www.sec.gov/Archives/edgar/data/1207179/000120717922000009/a300mnorwegianbond.htm)[1](https://www.sec.gov/Archives/edgar/data/1207179/000120717922000009/a300mnorwegianbond.htm)[, 20](https://www.sec.gov/Archives/edgar/data/1207179/000120717922000009/a300mnorwegianbond.htm)[2](https://www.sec.gov/Archives/edgar/data/1207179/000120717922000009/a300mnorwegianbond.htm)[2, by and between Golar LNG Limited, DNB Bank ASA, Danske Bank A/S, Pareto Securities AS and Nordea Bank Abp](https://www.sec.gov/Archives/edgar/data/1207179/000120717922000009/a300mnorwegianbond.htm)[, incorporated by reference to Exhibit 4.2](https://www.sec.gov/Archives/edgar/data/1207179/000120717922000009/a300mnorwegianbond.htm)[8](https://www.sec.gov/Archives/edgar/data/1207179/000120717922000009/a300mnorwegianbond.htm)[of Golar LNG Limited Annual Report on Form 20-F for the fiscal year ended December 31, 2021.](https://www.sec.gov/Archives/edgar/data/1207179/000120717922000009/a300mnorwegianbond.htm)</u> |
| 4.31\*\*/++ | <u>[Share purchase agreement dated dated January 26, 2022 by and between Cool Company Ltd and Golar LNG](https://www.sec.gov/Archives/edgar/data/1207179/000120717922000009/vesselspa.htm)[Limited, incorporated by reference to Exhibit 4.29 of Golar LNG Limited Annual Report on Form 20-F for the fiscal year ended December 31, 2021.](https://www.sec.gov/Archives/edgar/data/1207179/000120717922000009/vesselspa.htm)</u> |
| 4.32 \*\*/++ | <u>[Amendment agreement to share purchase agreement dated February 25, 2022 by and between Cool Company Ltd and Golar LNG](https://www.sec.gov/Archives/edgar/data/1207179/000120717922000009/a2ndspa.htm)[Limited, incorporated by reference to Exhibit 4.30 of Golar LNG Limited Annual Report on Form 20-F for the fiscal year ended December 31, 2021.](https://www.sec.gov/Archives/edgar/data/1207179/000120717922000009/a2ndspa.htm)</u> |
| 4.33\*/++ | <u>[Share purchase agreement dated dated June 30, 2022 by and between Golar Management (Bermuda) Limited and Cool Company Ltd.](sharepurchaseagreement.htm)</u> |
| 4.34\*/++ | <u>[Administrative services agreement dated dated June 30, 2022 by and between Golar Management Ltd and Cool Company Management Ltd.](administrativeservicesag.htm)</u> |
| 4.35\*/++ | <u>[Share purchase agreement dated May 31, 2022 by and between Golar LNG Limited and Asset Company 11 S.R.L.](tundrasharepurchaseagree.htm)</u> |
| 8.1\* | <u>[Golar LNG Limited subsidiaries.](glng-12312022xex81.htm)</u> |
| 11.1\*\* | <u>[Golar LNG Limited Corporate Code of Business Ethics and Conduct, incorporated by reference to Exhibit 14.1 of Golar LNG Limited's Annual Report on Form 20-F for the year ended December 31, 2003.](http://www.sec.gov/Archives/edgar/data/1207179/000091957404002003/d496585_ex14-1.txt)</u> |
| 12.1\* | <u>[Certification of the Principal Executive Officer under Section 302 of the Sarbanes-Oxley Act of 2002.](glng-12312022xex121.htm)</u> |
| 12.2\* | <u>[Certification of the Principal Financial Officer under Section 302 of the Sarbanes-Oxley Act of 2002.](glng-12312022xex122.htm)</u> |
| 13.1\* | <u>[Certification under Section 906 of the Sarbanes-Oxley act of 2002 of the Principal Executive Officer.](glng-12312022xex131.htm)</u> |
| 13.2\* | <u>[Certification under Section 906 of the Sarbanes-Oxley act of 2002 of the Principal Financial Officer.](glng-12312022xex132.htm)</u> |

---

------

---

| | |
|:---|:---|
| **Number** | **Description of Exhibit** |
| 15.1\* | <u>[Consent of Independent Registered Public Accounting Firm - Ernst & Young LLP.](glng-12312022xex151.htm)</u> |

---

_________________________

\*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Filed herewith.

\*\* Incorporated by reference.

+ Certain portions have been omitted pursuant to a confidential treatment request. Omitted information have been separately filed with the Securities and Exchange Commission.

++ Certain portions have been omitted.

101. INS\* XBRL Instance Document

101. SCH\* XBRL Taxonomy Extension Schema

101. CAL\* XBRL Taxonomy Extension Schema Calculation Linkbase

101. DEF\* XBRL Taxonomy Extension Schema Definition Linkbase

101. LAB\* XBRL Taxonomy Extension Schema Label Linkbase

101. PRE\* XBRL Taxonomy Extension Schema Presentation Linkbase

------

**SIGNATURES**

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.

---

| | | | |
|:---|:---|:---|:---|
| | | Golar LNG Limited | Golar LNG Limited |
| | | (Registrant) | (Registrant) |
| Date | March 31, 2023 | By | /s/ Eduardo Maranhão |
| | | | Eduardo Maranhão |
| | | | Principal Financial Officer |

---

------

**GOLAR LNG LIMITED**

**INDEX TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| | Page |
| REPORTS OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (PCAOB ID 1438) | <u>F-</u><u>[2](#i05b57b396fa94ed1a41fa7e29911f868_178)</u> |
| CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31, 2022, 2021 AND 2020 | <u>F-</u><u>[5](#i05b57b396fa94ed1a41fa7e29911f868_181)</u> |
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) FOR THE YEARS ENDED DECEMBER 31, 2022, 2021 AND 2020 | <u>F-</u><u>[6](#i05b57b396fa94ed1a41fa7e29911f868_184)</u> |
| CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2022 AND 2021 | <u>F-</u><u>[7](#i05b57b396fa94ed1a41fa7e29911f868_187)</u> |
| CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2022, 2021 AND 2020 | <u>F-</u><u>[8](#i05b57b396fa94ed1a41fa7e29911f868_193)</u> |
| CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE YEARS ENDED DECEMBER 31, 2022, 2021 AND 2020 | <u>F-</u><u>[11](#i05b57b396fa94ed1a41fa7e29911f868_196)</u> |
| NOTES TO THE AUDITED CONSOLIDATED FINANCIAL STATEMENTS | <u>F-</u><u>[12](#i05b57b396fa94ed1a41fa7e29911f868_199)</u> |

---

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and the Board of Directors of Golar LNG Limited

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of Golar LNG Limited (the Company) as of December 31, 2022 and 2021, the related consolidated statements of operations, comprehensive income/(loss), changes in equity and cash flows for each of the three years in the period ended December 31, 2022 and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2022 and 2021, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2022, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated March 31, 2023 expressed an unqualified opinion thereon.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Critical Audit Matters**

The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

---

| | |
|:---|:---|
| ***Golar Arctic Vessel impairment*** | ***Golar Arctic Vessel impairment*** |
| *Description of the matter* | The Company's "Vessels and Equipment, net" balance was $1,137.1 million as of December 31, 2022, as disclosed in Note 19 of the consolidated financial statements. Management performs an impairment assessment whenever events or changes in circumstances indicate that the carrying value of a vessel may exceed its fair value. Management determined the existence of an impairment indicator for the Golar Arctic vessel ("Arctic") in May 2022, arising from a change in the expected recovery of the vessel's carrying amount from continued use in operations over its remaining useful life, to recovery from sale. Management therefore tested the Arctic for impairment. As the estimated fair value was less than the Arctic's carrying amount, an impairment charge of<br>$76.2 million was recognized for the year ended December 31, 2022. <br>Auditing the Company's impairment test of the Arctic was complex, due to the degree of subjectivity involved in determining its principal market and thus the highest and best use, whether, in its existing condition and use as a Liquefied Natural Gas ("LNG") carrier or its future sale and use as a Floating Storage Regasification Unit ("FSRU"). |

---

------

---

| | |
|:---|:---|
| ***Golar Arctic Vessel impairment*** | ***Golar Arctic Vessel impairment*** |
| *How we addressed the matter in our audit* | Our audit procedures included obtaining an understanding of the Company's impairment process and evaluating the design and testing the operating effectiveness of the control over the Company's determination of the principal market. <br>As part of our audit procedures, we evaluated management's impairment assessment by comparing the methodology used to assess impairment of Arctic against the accounting guidance in ASC 360 – *Property, Plant and Equipment* ("ASC 360"). <br>Our testing of management's estimate for the fair value included inspection of the executed agreement for the future disposal of the vessel and evaluating management's assessment of the determination of the principal market that provides highest and best use of Arctic against the guidance in ASC 820 – *Fair Value Measurement*. Further, we obtained and inspected the brokers' valuation reports used by management to confirm that the fair value was determined with reference to the highest and best use of the vessel. We evaluated the objectivity and competence of the third-party brokers who performed the valuations of the Arctic, by considering the work that they were engaged to perform, their professional qualifications, the existence of any other relationships with the Company, their experience and the valuation methodology they used. We recalculated the impairment charge based on the average of these broker valuations and compared it against the amount recognized by management. In addition, we assessed the adequacy of the related disclosures in the consolidated financial statements against the requirements of the relevant accounting standards. |
| ***Accounting for discontinued operations – Cool Company Limited*** | ***Accounting for discontinued operations – Cool Company Limited*** |
| *Description of the matter* | As more fully described in Note 14 to the consolidated financial statements, on January 26, 2022, the Company entered into agreements with Cool Company Limited ("CoolCo") pursuant to which CoolCo acquired all of the outstanding shares in thirteen of Golar's wholly-owned subsidiaries ("CoolCo Disposal"). These subsidiaries comprised the registered owners of LNG carriers and management entities responsible for commercial and technical vessel management and fleet pooling arrangements ("Disposal Group"). Consideration for the CoolCo Disposal was in the form of $218.2 million cash and $127.1 million in the form of 12.5 million shares in CoolCo, which represented a 31.1% stake.<br>Management determined that the Disposal Group was classified as held-for-sale and qualified as a discontinued operation on March 1, 2022, thus the results of the Disposal Group were presented as discontinued operations from that date. <br>Auditing the determination that the CoolCo Disposal met the requirements for a discontinued operation was complex, because significant judgement was applied in determining whether and when the strategic shift criterion for reporting discontinuing operations was met, given the disposal of the vessels and management companies occurred at various dates between January and June 2022 and the retention of a 31.1% equity interest in CoolCo immediately after the disposal on June 30, 2022. |
| *How we addressed the matter in our audit* | Our audit procedures included obtaining an understanding of the Company's process for accounting for discontinued operations. We evaluated the design and tested the operating effectiveness of controls over the Company's assessment of the criteria for reporting discontinued operations.<br>As part of our audit procedures, we also inspected the vessels and management companies' sale and purchase agreements to confirm that the sale of the individual entities was contemplated in a single plan, and that each of the thirteen entities met the criteria to be classified as held for sale, or had been disposed of at March 1, 2022. We evaluated management's assessment that the CoolCo Disposal represented a strategic shift against the criteria in ASC 205-20 – *Discontinued Operations*. This evaluation considered the nature of the retained FLNG segment relative to the entities disposed of in the Shipping segment, and the impact of the CoolCo Disposal on the Company's consolidated revenues, the results of operations of the Shipping segment and the retained economic exposure through the equity interest in CoolCo.<br>We assessed the adequacy of the related disclosures in respect of discontinued operations, and continuing involvement in the discontinued operations in Note 14 of the consolidated financial statements against the requirements of the relevant accounting standards.  |

---

---

| |
|:---|
| **/s/ Ernst & Young LLP** |
| We have served as the Company's auditor since 2014. |
| London, United Kingdom |
| March 31, 2023 |

---

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and the Board of Directors of Golar LNG Limited

**Opinion on Internal Control over Financial Reporting**

We have audited Golar LNG Limited's internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Golar LNG Limited (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2022, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the 2022 consolidated financial statements of the Company and our report dated March 31, 2023 expressed an unqualified opinion thereon.

**Basis for Opinion**

The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management's Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

**Definition and Limitations of Internal Control Over Financial Reporting**

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

---

| |
|:---|
| **/s/ Ernst & Young LLP** |
| London, United Kingdom |
| March 31, 2023 |

---

------

**GOLAR LNG LIMITED CONSOLIDATED STATEMENTS OF OPERATIONS** 

**FOR THE YEARS ENDED DECEMBER 31, 2022, 2021 AND 2020** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in thousands of $, except per share amounts)* | **Notes** | **2022** | **2021** | **2020** |
| Liquefaction services revenue | 7 | 213970 | 221020 | 226061 |
| Vessel management fees and other revenues | 7, 28 | 44085 | 27777 | 20695 |
| Time and voyage charter revenues | 13 | 9685 | 11476 | 14632 |
| **Total operating revenues** | 6 | **267740** | **260273** | **261388** |
| Vessel operating expenses | 6 | (72802) | (64366) | (57252) |
| Voyage, charterhire and commission expenses | 6, 28 | (2444) | (669) | (1544) |
| Administrative expenses | 6, 28 | (38100) | (35311) | (34376) |
| Project development expenses | 6 | (8017) | (2521) | (8616) |
| Depreciation and amortization | 19 | (51712) | (55362) | (55940) |
| Impairment of long-lived assets | 19 | (76155) |  |  |
| **Total operating expenses** |  | **(249230)** | **(158229)** | **(157728)** |
| Realized and unrealized gain/(loss) on oil and gas derivative instruments | 6, 8 | 520997 | 204663 | (42561) |
| Other operating losses | 7 | (15417) |  |  |
| **Total other operating income/(losses)** |  | **505580** | **204663** | **(42561)** |
| **Operating income** |  | **524090** | **306707** | **61099** |
| Realized and unrealized mark-to-market gain/(losses) on our investment in listed equity securities |  | 400966 | (295777) |  |
| Other non-operating income/(losses), net |  | 11916 | (66027) | 5682 |
| **Total other non-operating income/(losses)** | 9 | **412882** | **(361804)** | **5682** |
| Interest income | 29 | 12225 | 128 | 1479 |
| Interest expense |  | (19286) | (34486) | (39182) |
| Gains/(losses) on derivative instruments, net | 10 | 71497 | 24348 | (52423) |
| Other financial items, net | 10, 28 | (5380) | 693 | (557) |
| **Net financial income/(expense)** |  | **59056** | **(9317)** | **(90683)** |
| **Income/(loss) before taxes and net income/(losses) from equity method investments** |  | **996028** | **(64414)** | **(23902)** |
| Income taxes | 11 | 438 | (1440) | (579) |
| Net income/(losses) from equity method investments | 17 | 19041 | 1080 | (537) |
| **Net income/(loss) from continuing operations** |  | **1015507** | **(64774)** | **(25018)** |
| Net (loss)/income from discontinued operations | 14 | (76450) | 625389 | (142912) |
| **Net income/(loss)** |  | **939057** | **560615** | **(167930)** |
| Net income attributable to non-controlling interests - continuing operations |  | (143078) | (111186) | (68974) |
| Net income attributable to non-controlling interests - discontinued operations |  | (8206) | (35578) | (36653) |
| **Total net income attributable to non-controlling interests** |  | **(151284)** | **(146764)** | **(105627)** |
| **Net income/(loss) attributable to stockholders of Golar LNG Limited** |  | **787773** | **413851** | **(273557)** |
| Earnings/(loss) per share attributable to Golar LNG Ltd stockholders<br>Per common share amounts: | Earnings/(loss) per share attributable to Golar LNG Ltd stockholders<br>Per common share amounts: |  |  |  |
| Basic earnings/(loss) per share from continuing operations | 12 | $8.09 | $(1.60) | $(0.96) |
| Dilutive earnings/(loss) per share from continuing operations | 12 | $8.04 | $(1.60) | $(0.96) |
| Basic and diluted (loss)/earnings per share from discontinued operations | 12 | $(0.79) | $5.38 | $(1.84) |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

------

**GOLAR LNG LIMITED**

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)** 

**FOR THE YEARS ENDED DECEMBER 31, 2022, 2021 AND 2020** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in thousands of $)* | Notes | **2022** | **2021** | **2020** |
| **Net income/(loss)** |  | **939057** | **560615** | **(167930)** |
| Other comprehensive income/(loss): |  |  |  |  |
| Gain/(loss) associated with pensions, net of tax | 25 | 5820 | 5006 | (3527) |
| Share of equity method investment's comprehensive losses from continuing operations <sup>(1)</sup> | 17 | (797) |  |  |
| Share of equity method investment's comprehensive losses from discontinued operations <sup>(1)</sup> |  |  | (3147) | (17680) |
| Realized accumulated comprehensive income on disposal of investment in affiliate | 14 |  | 43380 |  |
| **Net other comprehensive income/(loss)** |  | **5023** | **45239** | **(21207)** |
| **Comprehensive income/(loss)** |  | **944080** | **605854** | **(189137)** |
| **Comprehensive income/(loss) attributable to:** |  |  |  |  |
| Stockholders of Golar LNG Limited |  | 792796 | 459090 | (294764) |
| Non-controlling interests - continuing operations |  | 143078 | 111186 | 68974 |
| Non-controlling interests - discontinued operations |  | 8206 | 35578 | 36653 |
| **Comprehensive income/(loss)** |  | **944080** | **605854** | **(189137)** |

---

(1) No tax impact for the years ended December 31, 2022, 2021 and 2020.

*The accompanying notes are an integral part of these consolidated financial statements.*

------

**GOLAR LNG LIMITED**

**CONSOLIDATED BALANCE SHEETS** 

**AS OF DECEMBER 31, 2022 AND 2021** 

---

| | | | |
|:---|:---|:---|:---|
| *(in thousands of $)* | **Notes** | **2022** | **2021** |
| **ASSETS** |  |  |  |
| **Current assets** |  |  |  |
| Cash and cash equivalents |  | 878838 | 231849 |
| Restricted cash and short-term deposits | 15 | 21693 | 34025 |
| Trade accounts receivable |  | 41545 | 28912 |
| Inventories |  | 692 | 536 |
| Amounts due from related parties | 28 | 475 | 3484 |
| Assets held for sale | 14 | 721 | 83044 |
| Other current assets | 16 | 314542 | 543747 |
| ***Total current assets*** |  | **1258506** | **925597** |
| **Non-current assets** |  |  |  |
| Restricted cash | 15 | 112350 | 72048 |
| Equity method investments | 17 | 104108 | 52215 |
| Asset under development | 18 | 1152032 | 877838 |
| Vessels and equipment, net | 19 | 1137053 | 1264419 |
| Non-current assets held for sale | 14 |  | 1614732 |
| Non-current amounts due from related parties | 28 | 3472 |  |
| Other non-current assets | 20 | 512039 | 141446 |
| **Total assets** |  | **4279560** | **4948295** |
| **LIABILITIES AND EQUITY** |  |  |  |
| **Current liabilities** |  |  |  |
| Current portion of long-term debt and short-term debt | 21 | (344778) | (703170) |
| Trade accounts payable |  | (8983) | (4929) |
| Accrued expenses | 22 | (32833) | (32872) |
| Liabilities held for sale | 14 | (373) | (429836) |
| Other current liabilities | 23 | (27445) | (136414) |
| ***Total current liabilities*** |  | **(414412)** | **(1307221)** |
| **Non-current liabilities** |  |  |  |
| Long-term debt | 21 | (844546) | (920130) |
| Non-current liabilities held for sale | 14 |  | (450068) |
| Other non-current liabilities | 24 | (120428) | (92959) |
| **Total liabilities** |  | **(1379386)** | **(2770378)** |
| **Commitments and contingencies<br>EQUITY** | 29 |  |  |
| Share capital 107,225,832 common shares of $1.00 each issued and outstanding (2021: 108,222,604)  | 26 | (107226) | (108223) |
| Additional paid-in capital |  | (1936746) | (1972859) |
| Contributed surplus |  | (200000) | (200000) |
| Accumulated other comprehensive loss |  | 5811 | 10834 |
| Retained (earnings)/losses |  | (262063) | 539598 |
| **Total stockholders' equity** |  | **(2500224)** | **(1730650)** |
| Non-controlling interests | 5 | (399950) | (447267) |
| **Total equity** |  | **(2900174)** | **(2177917)** |
| **Total liabilities and equity** |  | **(4279560)** | **(4948295)** |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

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**GOLAR LNG LIMITED**

**CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2022, 2021 AND 2020**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in thousands of $)* | **Notes** | **2022** | **2021** | **2020** |
| **OPERATING ACTIVITIES** |  |  |  |  |
| Net income/(loss) |  | 939057 | 560615 | (167930) |
| Add: Net loss/(income) from discontinued operations |  | 76450 | (625389) | 142912 |
| **Net income/(loss) from continuing operations** |  | **1015507** | **(64774)** | **(25018)** |
| *Adjustments to reconcile net income/(loss) from continuing operations to net cash provided by/(used in) operating activities:* |  |  |  |  |
| Depreciation and amortization | 19 | 51712 | 55362 | 55940 |
| Gain on disposal of long lived asset | 18 |  |  | (5682) |
| Deconsolidation of lessor VIE | 5 |  |  | (4809) |
| Impairment of long-lived assets | 19 | 76155 |  |  |
| Amortization of deferred charges and debt guarantees, net |  | 3555 | 1768 | 4870 |
| Net (income)/loss from equity method investments | 17 | (19041) | (1080) | 537 |
| Compensation cost related to employee stock awards |  | 3410 | 2625 | 4482 |
| Net foreign exchange (gain)/losses |  | (1584) | 383 | 3106 |
| Change in fair value of investment in listed equity securities | 9 | (400966) | 295777 |  |
| Change in fair value of derivative instruments (interest rate swaps) | 10 | (72269) | (27016) | 46208 |
| Change in fair value of derivative instruments (oil and gas derivatives), commodity swaps and amortization of day 1 gains |  | (311585) | (181487) | 35150 |
| *Change in assets and liabilities:* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Trade accounts receivable |  | (10917) | (3083) | (7658) |
| &nbsp;&nbsp;&nbsp;Inventories |  | (157) | 86 | (4) |
| &nbsp;&nbsp;&nbsp;Other current and non-current assets |  | (26535) | (1495) | (19874) |
| &nbsp;&nbsp;&nbsp;Amounts due from related parties |  | 367 | 144 | 9285 |
| &nbsp;&nbsp;&nbsp;Trade accounts payable |  | 3085 | (4648) | 1477 |
| &nbsp;&nbsp;&nbsp;Accrued expenses |  | (4213) | (11957) | (7941) |
| &nbsp;&nbsp;Other current and non-current liabilities <sup>(1)</sup> |  | (27470) | 59776 | (36413) |
| **Net cash provided by continuing operations** |  | **279054** | **120381** | **53656** |
| Net (loss)/income from discontinued operations | 14 | (76450) | 625389 | (142912) |
| Drydocking expenditure |  |  | (1591) | (10622) |
| Deconsolidation of lessor VIEs |  | (59085) |  |  |
| Depreciation and amortization |  | 8732 | 50590 | 51983 |
| Amortization of deferred charges and debt guarantees, net |  | 3932 | 1280 | (981) |
| Net loss from equity method investments |  |  |  | 175988 |
| Loss/(gain) on disposal and impairment of long-lived assets | 14 | 105201 | (564902) |  |
| Compensation cost related to employee stock awards | 14 | 239 | 897 | 938 |
| Net foreign exchange losses |  | 571 | 82 | 115 |
| *Change in assets and liabilities:* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Trade accounts receivable |  | 837 | 1836 | 3481 |
| &nbsp;&nbsp;&nbsp;Inventories |  | 171 | 911 | (300) |
| &nbsp;&nbsp;&nbsp;Other current and non-current assets |  | (5470) | 826 | 4052 |
| &nbsp;&nbsp;&nbsp;Amounts due from related parties |  | (804) | (9563) | 2348 |
| &nbsp;&nbsp;&nbsp;Trade accounts payable |  | (7472) | 5598 | 2355 |
| &nbsp;&nbsp;&nbsp;Accrued expenses |  | (6134) | 18147 | 11710 |
| &nbsp;&nbsp;&nbsp;Other current and non-current liabilities |  | (24941) | 3999 | (6029) |
| **Net cash (used in)/provided by discontinued operations** |  | **(60673)** | **133499** | **92126** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in thousands of $)* | **Notes** | **2022** | **2021** | **2020** |
| **INVESTING ACTIVITIES** |  |  |  |  |
| Additions to asset under development |  | (267421) | (213481) | (298304) |
| Additions to equity method investments | 17 | (2447) | (8625) | (10231) |
| Proceeds from subscription of equity interest in Gimi MS | 5 | 39275 | 25403 | 11081 |
| Proceeds from sale of equity method investment |  | 97844 |  |  |
| Proceeds from sale of listed equity securities |  | 625844 |  |  |
| Dividends received from listed equity securities |  | 5328 | 5029 |  |
| Proceeds from disposal of long-lived assets | 18 |  |  | 190131 |
| Short-term loan advanced to related parties | 28 |  | (1750) |  |
| **Net cash provided by/(used in) investing activities** |  | **498423** | **(193424)** | **(107323)** |
| Dividends received |  |  | 460 | 10584 |
| Additions to vessels and equipment |  |  | (925) | (3880) |
| Additions to equity method investments |  |  |  | (2410) |
| Net proceeds from disposals of long-lived assets | 14 | 569298 | 119535 |  |
| Short-term loan advanced to related parties |  |  |  | (45000) |
| Proceeds from repayment of short-term loan advanced to related parties |  |  |  | 45000 |
| **Net cash provided by discontinued investing activities** | 2 | **569298** | **119070** | **4294** |
| **FINANCING ACTIVITIES** |  |  |  |  |
| Proceeds from short-term and long-term debt |  | 276640 | 411866 | 624901 |
| Repayments of short-term and long-term debt |  | (719917) | (289148) | (745445) |
| Net proceeds from the issuance of equity |  |  |  | 99831 |
| Cash dividends paid |  | (55169) | (33136) | (26072) |
| Financing costs paid |  | (9599) | (13300) | (13300) |
| Purchase of treasury shares | 26 | (25479) | (24484) | (16650) |
| Proceeds from exercise of share options |  | 161 |  |  |
| **Net cash (used in)/provided by financing activities** |  | **(533363)** | **51798** | **(76735)** |
| Proceeds from short-term and long-term debt |  |  | 168402 | 104806 |
| Repayments of short-term and long-term debt |  | (158000) | (268107) | (189088) |
| Financing costs paid |  | (280) | (3700) | (1277) |
| **Net cash used in discontinued financing activities** |  | **(158280)** | **(103405)** | **(85559)** |
| Cash and cash equivalents, restricted cash and short-term deposits within assets held for sale at the beginning of period |  | 80869 | 65316 | 66988 |
| Cash and cash equivalents, restricted cash and short-term deposits within assets held for sale at the end of period |  | 369 | 80869 | 65316 |
| **Net decrease/(increase) in cash and cash equivalents, restricted cash and short-term deposits within assets held for sale** |  | **80500** | **(15553)** | **1672** |
| **Net increase/(decrease) in cash and cash equivalents, restricted cash,** <br>**short-term deposits and cash within assets held for sale** | 14 | **674959** | **112366** | **(117869)** |
| **Cash and cash equivalents, restricted cash and short-term deposits at the beginning of the period** | 14 | **337922** | **225556** | **343425** |
| **Cash and cash equivalents, restricted cash and short-term deposits at the end of the period** |  | **1012881** | **337922** | **225556** |
| **Supplemental disclosure of cash flow information:** |  |  |  |  |
| Cash paid during the year for: |  |  |  |  |
| Interest paid, net of capitalized interest |  | 74566 | 35887 | 54004 |
| Income taxes paid |  | 1465 | 694 | 1181 |

---

(1) Includes accretion of discount on convertible bonds of $1.7 million, $15.9 million an

------

d $15.6 million for the years ended December 31, 2022, 2021 and 2020, respectively.

**Supplemental note to the consolidated statements of cash flows**

The following table identifies the balance sheet line items included in cash, cash equivalents and restricted cash presented in the consolidated statements of cash flows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in thousands of $)* | **Notes** | **2022** | **2021** | **2020** | **2019** |
| Cash and cash equivalents |  | 878838 | 231849 | 85996 | 179699 |
| Restricted cash and short-term deposits | 15 | 21693 | 34025 | 77540 | 87758 |
| Restricted cash (non-current portion) | 15 | 112350 | 72048 | 62020 | 75968 |
|  |  | 1012881 | 337922 | 225556 | 343425 |

---

------

**GOLAR LNG LIMITED**

**CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY** 

**FOR THE YEARS ENDED DECEMBER 31, 2022, 2021 AND 2020** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in thousands of $)* | **Notes** | **Share Capital** | **Treasury Shares** | **Additional Paid-in Capital** | **Contributed Surplus** | **Accumulated Other Comprehensive Loss** <sup>(1)</sup> | **Retained (Losses)/Earnings** | **Non-controlling Interests** | **Total<br>Equity** |
| **Balance at December 31, 2019** |  | **101303** | **(39098)** | **1876067** | **200000** | **(34866)** | **(605145)** | **252565** | **1750826** |
| Net (loss)/income |  |  |  |  |  |  | (273557) | 105627 | **(167930)** |
| Dividends |  |  |  |  |  |  |  | (26340) | **(26340)** |
| Employee stock compensation |  |  |  | 5671 |  |  |  |  | **5671** |
| Forfeiture of employee stock compensation |  |  |  | (250) |  |  |  |  | **(250)** |
| Restricted stock units |  | 73 |  | (73) |  |  |  |  | **—** |
| Proceeds from subscription of equity interest in Gimi MS Corporation | 5 |  |  |  |  |  |  | 11081 | **11081** |
| Repurchase and cancellation of treasury shares |  | (3500) | 39098 |  |  |  | (52248) |  | **(16650)** |
| Net proceeds from issuance of shares |  | 12068 |  | 88187 |  |  |  |  | **100255** |
| Deconsolidation of lessor VIEs |  |  |  |  |  |  |  | (4809) | **(4809)** |
| Other comprehensive loss |  |  |  |  |  | (21207) |  |  | **(21207)** |
| **Balance at December 31, 2020** |  | **109944** | **—** | **1969602** | **200000** | **(56073)** | **(930950)** | **338124** | **1630647** |
| Net income |  |  |  |  |  |  | 413851 | 146764 | **560615** |
| Dividends |  |  |  |  |  |  |  | (37136) | **(37136)** |
| Employee stock compensation |  |  |  | 4330 |  |  |  |  | **4330** |
| Forfeiture of employee stock compensation |  |  |  | (809) |  |  |  |  | **(809)** |
| Restricted stock units |  | 264 |  | (264) |  |  |  |  | **—** |
| Proceeds from subscription of equity interest in Gimi MS Corporation | 5 |  |  |  |  |  |  | 25403 | **25403** |
| Repurchase and cancellation of treasury shares | 26 | (1985) |  |  |  |  | (22499) |  | **(24484)** |
| Realized accumulated comprehensive losses on disposal of investment in affiliate |  |  |  |  |  | 43380 |  |  | **43380** |
| Deconsolidation of lessor VIEs | 5 |  |  |  |  |  |  | (25888) | **(25888)** |
| Other comprehensive income |  |  |  |  |  | 1859 |  |  | **1859** |
| **Balance at December 31, 2021** |  | **108223** | **—** | **1972859** | **200000** | **(10834)** | **(539598)** | **447267** | **2177917** |
| Opening adjustment | 3 |  |  | (39861) |  |  | 38175 |  | **(1686)** |
| Adjusted balance at January 1, 2022 |  | 108223 |  | 1932998 | 200000 | (10834) | (501423) | 447267 | 2176231 |
| Net income |  |  |  |  |  |  | 787773 | 151284 | **939057** |
| Dividends |  |  |  |  |  |  |  | (55169) | **(55169)** |
| Exercise of share options |  | 6 |  | 155 |  |  |  |  | **161** |
| Employee stock compensation |  |  |  | 3937 |  |  |  |  | **3937** |
| Forfeiture of employee stock compensation |  |  |  | (157) |  |  |  |  | **(157)** |
| Restricted stock units |  | 187 |  | (187) |  |  |  |  | **—** |
| Proceeds from subscription of equity interest in Gimi MS Corporation | 5 |  |  |  |  |  |  | 39275 | **39275** |
| Repurchase and cancellation of treasury shares | 26 | (1190) |  |  |  |  | (24287) |  | **(25477)** |
| Deconsolidation of lessor VIEs | 5 |  |  |  |  |  |  | (182707) | **(182707)** |
| Other comprehensive income |  |  |  |  |  | 5023 |  |  | **5023** |
| **Balance at December 31, 2022** |  | **107226** | **—** | **1936746** | **200000** | **(5811)** | **262063** | **399950** | **2900174** |

---

(1) As of December 31, 2022, 2021 and 2020, our accumulated other comprehensive income/(loss) consisted of (i) $5.7 million gain, $5.0 million gain and $3.5 million loss in relation to our pension and post retirement benefit plan, (ii) $0.8 million, $nil and $nil share of equity method investment's comprehensive losses from continuing operations, and (iii) $nil, $3.1 million and $17.7 million share of equity method investment's comprehensive loss from discontinued operations, respectively.

*The accompanying notes are an integral part of these consolidated financial statements.*

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**GOLAR LNG LIMITED**

**NOTES TO THE AUDITED CONSOLIDATED FINANCIAL STATEMENTS** 

**1.** **GENERAL**

Golar LNG Limited (the "Company" or "Golar") was incorporated in Hamilton, Bermuda on May 10, 2001 for the purpose of acquiring the liquefied natural gas ("LNG") shipping interests of Osprey Maritime Limited, which was owned by World Shipholding Limited.

Our operations have evolved from LNG shipping, floating regasification, combined cycle gas fired power plants to our current focus on floating liquefaction operations. We design, construct, own and operate marine infrastructure for the liquefaction of natural gas and the regasification, storage and offloading of LNG. As of December 31, 2022, our fleet was comprised of two LNG carriers (of which one vessel is contracted for conversion to a Floating Storage Regasification Unit ("FSRU") subject to receipt of notice to proceed and subsequent sale, the *Golar Arctic*) and two FLNGs (the *Hilli Episeyo* (the "FLNG *Hilli*"*)* which is operational and the *Gimi,* which is currently under conversion to a FLNG).

We are listed on the Nasdaq under the ticker: "GLNG".

As used herein and unless otherwise required by the context, the terms "Golar", the "Company", "we", "our" and words of similar import refer to Golar or any one or more of its consolidated subsidiaries, or to all such entities.

**2.** **BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES**

**Basis of preparation**

These consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

As further discussed in note 14, during the first and second quarters of 2022, we (i) disposed of substantially all of our fleet of LNG carriers and our ship management operations to the Cool Company Ltd. ("CoolCo" and such disposal, the "CoolCo Disposal") and (ii) sold all of the shares of our subsidiary, Golar NB13 Corporation which owns the FSRU *Golar Tundra*, to Asset Company 11 S.R.L (part of Italy's SNAM group, or "Snam") (the "TundraCo Disposal"). In November 2022, we agreed preliminary terms for the sale of our vessel operations support function in Malaysia to CoolCo (the "Golar Malaysia Disposal"), subject to CoolCo's completion of its customary due diligence. The Golar Malaysia Disposal is expected to be completed in the second quarter of 2023.

The CoolCo Disposal, the TundraCo Disposal and the Golar Malaysia Disposal all met the criteria to be classified as held for sale and were reported as discontinued operations on various dates during the year ended December 31, 2022. The related assets, liabilities, operating results and cash flows of these disposals are presented as discontinued operations for all periods presented herein.

The accounting policies set out below have been applied consistently to all periods in these consolidated financial statements.

**Principles of consolidation**

A variable interest entity ("VIE") is defined by the accounting standard as a legal entity where either (a) equity interest holders as a group lack the characteristics of a controlling financial interest, including decision-making ability and an interest in the entity's residual risks and rewards, (b) equity interest holders have not provided sufficient equity investment to permit the entity to finance its activities without additional subordinated financial support, or (c) the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both and substantially all of the entity's activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. A party that is a variable interest holder is required to consolidate a VIE if the holder has both (a) the power to direct the activities that most significantly impact the entity's economic performance and (b) the obligation to absorb losses that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE.

The accompanying consolidated financial statements include the financial statements of the entities listed in notes 4 and 5.

------

Investments in entities in which we directly or indirectly hold more than 50% of the voting control are consolidated in the financial statements, as well as VIEs in which the Company is deemed to be subject to a majority of the risk of loss from the VIE's activities or entitled to receive a majority of the VIE's residual returns, or both. All inter-company balances and transactions are eliminated. The non-controlling interests of the above-mentioned subsidiaries were included in the consolidated balance sheets and statements of operations as "Non-controlling interests".

Changes in our ownership interest while we retain a controlling financial interest in a subsidiary are accounted for as equity transactions. The carrying amount of the non-controlling interest is adjusted to reflect our changed ownership interest, with any difference between the fair value of consideration and the amount of the adjusted non-controlling interest being recognized in equity. We recognize a gain or loss when a subsidiary issues its stock to third parties at a price per share in excess or below its carrying value resulting in a reduction in our ownership interest in the subsidiary. The gain or loss is recorded in the line "Additional paid-in capital" within the statement of changes in equity. When a consolidated subsidiary issues preferred stock, such preferred stock is classified as equity. Preferred stock issued by a consolidated subsidiary to non-controlling interests is recorded as non-controlling interests for the proceeds received upon issuance.

**Foreign currencies**

Our functional currency is the U.S. dollar as most of our revenues are received in U.S. dollars and a majority of our expenditures are incurred in U.S. dollars. Our reporting currency is U.S. dollars. Transactions in foreign currencies during the year are translated into U.S. dollars at the exchange rates in effect at the date of the transaction. Monetary assets and liabilities are translated using exchange rates at the balance sheet date. Non-monetary assets and liabilities are translated using historical exchange rates. Foreign currency transaction and translation gains or losses are included in the consolidated balance sheets and consolidated statements of operations.

**Use of estimates**

The preparation of financial statements requires management to make estimates and assumptions affecting the reported amounts of assets and liabilities and disclosure of material contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

In assessing the recoverability of our vessels' carrying amounts, we make assumptions regarding estimated future cash flows, estimates in respect of residual values, charter rates, vessel operating expenses and drydocking requirements.

In relation to the oil derivative instrument (note 27), fair value is determined using the estimated discounted cash flows of the additional payments due to us as a result of oil prices moving above a contractual oil price floor over the term of the FLNG *Hilli's* Liquefaction Tolling Agreement ("LTA"). The fair value of the gas derivative is determined using the estimated discounted cash flows of the additional payments due to us as a result of forecasted natural gas prices and forecasted Euro/U.S. Dollar exchange rates. Significant inputs used in the valuation of the oil and gas derivative instruments include an appropriate discount rate and the length of time necessary to blend the long-term and short-term oil and gas prices obtained from quoted prices in active markets. The changes in fair value of our oil and gas derivative instruments are recognized in each period within "Realized and unrealized gains/(loss) on oil and gas derivative instruments" in the consolidated statement of operations (note 8).

**Fair value measurements**

We account for fair value measurements in accordance with ASC 820 *Fair value measurement* to measure assets and liabilities. The guidance provides a definition of fair value, together with a framework for measurement and requires additional disclosure about the use of fair value to measure assets and liabilities.

**Lease versus revenue accounting**

Contracts relating to our LNG carrier, FSRU and FLNG assets can take various forms including leases, tolling services and management service agreements. In addition, we have historically contracted a portion of our vessels in the spot market through the "Cool Pool" arrangement. Although the substance of these contracts is similar (they allow our counterparties to hire a managed vessel for specified consideration), the accounting treatment varies.

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To determine whether a contract contains a lease agreement for a period of time, the Company assesses whether, throughout the period of use, the counterparty has both of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the right to obtain substantially all of the economic benefits from the use of the identified asset; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the right to direct the use of that identified asset.

If a contract relating to an asset fails to give both of the above rights, we account for the agreement as a revenue contract. A contract relating to an asset will generally be accounted for as a revenue contract if the customer does not contract for substantially all of the capacity of the asset (i.e., another third party could contract for a meaningful amount of the asset capacity). In situations where we have historically provided management services unrelated to an asset contract, we account for the contract as a revenue contract.

*Lease accounting*

When a contract contains a lease, which is assessed at inception, we make an assessment of the lease classification criteria of ASC 842 *Leases*. An agreement will be classified as a sales-type lease for a lessor (or a finance lease for a lessee) if any of the following conditions are met at lease commencement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ownership of the asset is transferred at the end of the lease term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the contract contains an option to purchase the asset which is reasonably certain to be exercised;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the lease term is for a major part of the remaining useful life of the contract, although contracts entered into the last 25% of the underlying asset's useful life are not subject to this criterion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the present value of the lease payments and any residual value guarantees present represent substantially all of the fair value of the underlying asset; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the asset is heavily customized such that it could not be used for another use at the end of the term.

If none of these criteria are met for a lessor, the lease will be classified as a direct financing lease (if the present value of the sum of the lease payments and any residual value guarantee present equals or exceeds substantially all of the fair value of the underlying asset and it is probable that the lessor will collect lease payments and any residual value guarantee), or an operating lease. If none of these criteria are met for a lessee, the lease will be classified as an operating lease.

The lease term is assessed at lease commencement. The existence of any purchase options, extension options, termination options and residual value guarantees, if any are disclosed. Agreements which include extension options are included in the lease term if we believe they are reasonably certain to be exercised by the lessee. Agreements which contain purchase options and termination options are included in the lease term if we believe they are reasonably certain to not be exercised by the lessee. An extension option or a termination option is included in the lease term if the exercise of the option is controlled by the lessor. The determination of whether options are reasonably certain considers whether the option creates an economic incentive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lessor accounting

In making the classification assessment, we have historically estimated the residual value of the underlying asset at the end of the lease term with reference to broker valuations.

Generally, lease accounting commences when the asset is made available to the counterparty, however, where a contract contains specific acceptance testing conditions, lease accounting will not commence until the asset has successfully passed the acceptance tests. We assess a lease under the modification guidance when there is a change to the terms and conditions of the contract that results in a change in the scope or the consideration of the lease.

For operating leases, costs directly associated with the execution of the lease or costs incurred after lease inception (the execution of the contract) but prior to the commencement of the lease that directly relates to preparing the asset for the contract (for example bunker costs), are capitalized and amortized to the consolidated statement of income over the lease term. We also defer upfront net revenue payments (for example positioning fees) for operating leases to the consolidated balance sheet and amortize to the consolidated statement of income over the lease term. Fixed revenue from operating leases is accounted for on a straight-line basis over the life of the lease; while variable revenue is accounted for as incurred in the relevant period. Fixed revenue includes fixed payments and variable payments based on a rate or index. For our operating leases for LNG carriers, we have historically elected the practical expedient to combine our service revenue and operating lease income generated from our time charter agreements as both the timing and the pattern of transfer of the components are the same.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Time charter agreements

Revenues include minimum lease payments under time charters, fees for positioning and repositioning vessels, and gross pool revenues. Revenues generated from time charters, which we generally classify as operating leases, are recorded over the term of the charter as service is provided. However, we do not recognize revenue if a charter has not been contractually committed to by a customer and ourselves, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. Initial direct costs (those directly related to the negotiation and consummation of the lease) are deferred and allocated to earnings over the lease term. Rental income and expense are amortized over the lease term on a straight-line basis.

Repositioning fees (included in time and voyage charter revenues) received in respect of time charters are recognized at the end of the charter when the fee becomes fixed and determinable. However, where there is a fixed amount specified in the charter, which is not dependent upon redelivery location, the fee will be recognized evenly over the term of the charter.

Under time charters, voyage expenses are generally paid by our customers. Voyage related expenses, principally fuel, may also be incurred when positioning or repositioning the vessel before or after the period of time charter and during periods when the vessel is not under charter or is off-hire, for example when the vessel is undergoing repairs. These expenses are recognized as incurred.

Vessel operating expenses, which are recognized when incurred, include crewing, repairs and maintenance, insurance, stores, lube oils, communication expenses and third-party management fees. Bunkers consumption represents mainly bunkers consumed during unemployment and off-hire.

*Revenue accounting*

Contracts within the scope of revenue accounting are generally those that do not contain a lease or that form part of our ordinary activities of developing and operating FLNG projects. Contracts with a customer are assessed to identify the performance obligations in the contract, determine the transaction price and allocation of the transaction price to the performance obligations identified. Revenue is recognized when the performance obligations are satisfied – either over time or at a point in time and the appropriate pattern of transfer of control over time. Contract liabilities arise when the customer makes payments in advance of receiving services while contract assets arise when services are provided in advance of customer payments being received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Liquefaction services revenue

For liquefaction services revenue, the provision of liquefaction services capacity is considered a single performance obligation recognized evenly over time. We consider our services (the receipt of customer's gas, treatment and temporary storage on board our FLNG and delivery of LNG to waiting carriers) to be a series of distinct services that are substantially the same and have the same pattern of transfer to our customer. We recognize revenue when obligations under the terms of our contract are satisfied. We have applied the practical expedient to recognize liquefaction services revenue in proportion to the amount we have the right to invoice. Amounts of overproduction or underutilization is variable consideration, estimated and recognized using the output method to the extent it is probable that a significant reversal will not occur.

Contractual payment terms for liquefaction services is monthly in arrears. The period between when invoicing and when payment is due is not significant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Services revenue

Services revenue is generated from services rendered which includes but not limited to performing drydocking, site commissioning, hook-up services, FLNG studies and other services.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Management fees

Management fees are generated from vessel management, which includes commercial and technical vessel-related services, ship operations and maintenance services and administrative services. The management services we provide are considered a single performance obligation recognized evenly over time as our services are rendered. We consider our services as a series of distinct services that are substantially the same and have the same pattern of transfer to the customer. We recognize revenue when obligations under the terms of our contracts with our customers are satisfied. We have applied the practical expedient to recognize management fee revenue in proportion to the amount that we have the right to invoice. Our contracts generally have an initial term of one year or less, after which the arrangement continues until the end of the contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cool Pool

Pool revenues and expenses under the Cool Pool arrangement are accounted for in accordance with the guidance for collaborative arrangements when two (or more) parties are active participants in the activity and are exposed to significant risks and rewards dependent on the commercial success of the activity. Active participation is deemed to occur when participating on the Cool Pool steering committee.

When accounting for a collaborative arrangement, we present our share of net income earned under the Cool Pool across a number of lines in the consolidated statement of operations. Net revenue and expenses incurred specifically to Golar vessels and for which we are deemed to be the principal, are presented gross on the face of the consolidated statement of operations in the line items "Time and voyage charter revenues" and "Voyage, charterhire and commission expenses." Pool net revenues, generated by the other participants in the pooling arrangement, will be presented separately in revenue and expenses from collaborative arrangements. Each participant's share of the net pool revenues is based on the number of days such vessels participated in the pool. Refer to note 28 for an analysis of the impact on the consolidated statement of operations for the pooling arrangement.

Absent the presence of a collaborative arrangement, we present our gross share of income earned and costs incurred under the Cool Pool on the face of the consolidated statement of operations in the line items "Time and voyage charter revenues" and "Voyage, charterhire and commission expenses" respectively. For pool net revenues and expenses generated by the other participants in the pooling arrangement, we analogize these to be either the cost of obtaining a contract or the benefit of operating within the Cool Pool, and presented within the line item "Voyage, charterhire and commission expenses, net."

**Leases as lessee** 

We determine if an arrangement contains a lease at inception. Operating leases where we are the lessee result in recognition of a right-of use ("ROU") asset with a corresponding lease liability. The ROU asset is included in balance sheet line-items 'Other current assets' and 'Other non-current assets', depending on its maturity and the lease liability is included in balance sheet line-items 'Other current liabilities' and 'Other non-current liabilities'. The ROU asset represents our right to use an underlying asset for the lease term and the lease liability represents our obligation to make lease payments per the lease agreement. Operating leases are recognized at commencement date based on the present value of lease payments over the lease term, using our incremental borrowing rate as assessed at lease commencement date. We do not separate the lease and non-lease components; they are considered a single lease component. The impact of subsequent amendments to lease agreement terms and conditions is assessed prospectively.

**Insurance claims**

We have two main types of insurance policies, being loss of hire ("LOH") and hull and machinery ("H&M").

LOH policies provides coverage for loss of revenue for our insured vessels and related claims are generally considered gain contingencies, which are recognized when the proceeds from our insurance syndication are realized or deemed realizable, net of any deductions where applicable. LOH is recognized on the face of the consolidated statement of operations in the line item "Other operating income/(losses)".

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H&M policies protects us from damages in relation to our vessels and on-board equipment. Our insurance policies are considered loss recoveries. We recognize costs incurred at the time a loss event occurs. Insurance proceeds received from insured losses are recognized when considered probable of being recovered from the counterparty and for an amount net of any deductions that may apply. H&M costs and insurance recoveries are recognized on the face of the consolidated statement of operations in line item "Vessel operating expenses".

**Cash and cash equivalents**

We consider all demand and time deposits and highly liquid investments with original maturities of three months or less to be equivalent to cash. Amounts are presented net of allowances for expected credit losses, which are assessed based on consideration of whether the balances have short-term maturities and whether the counterparty has an investment grade credit rating, limiting any credit exposure.

**Restricted cash and short-term deposits**

Restricted cash consists of bank deposits which may only be used to settle certain pre-arranged loans, bid bonds in respect of tenders for projects we have entered into, cash collateral required for certain swaps and other contracts which require us to restrict cash.

Short-term deposits represent highly liquid deposits placed with financial institutions, primarily from our consolidated VIEs, which are readily convertible into known amounts of cash with original maturities of less than 12 months. Interest income earned on our short-term deposits are recognized on an accrual basis on the face of the consolidated statement of operations in line item "Interest income".

Amounts are presented net of allowances for expected credit losses, which are assessed based on consideration of whether the balances have short-term maturities and whether the counterparty has an investment grade credit rating, limiting any credit exposure.

**Trade accounts receivables**

Trade receivables are presented net of allowances for expected credit losses. At each balance sheet date, all potentially uncollectible accounts are assessed individually for the purpose of determining the appropriate allowance for expected credit loss. Our trade receivables have short maturities so we have considered that forecasted changes to economic conditions will have an insignificant effect on the estimate of the allowance, except in extraordinary circumstances.

**Allowance for credit losses** 

Financial assets recorded at amortized cost and off-balance sheet credit exposures not accounted for as insurance (including financial guarantees) reflect an allowance for current expected credit losses ("credit losses") over the lifetime of the instrument. The allowance for credit losses reflects a deduction to the net amount expected to be collected on the financial asset. Amounts are written off against the allowance when management believes the un-collectability of a balance is confirmed or certain. Expected recoveries will not exceed the amounts previously written-off or current credit loss allowance by financial asset category. We estimate expected credit losses based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. We have elected to calculate expected credit losses on the combined balance of both the amortized cost and accrued interest from the unpaid principal balance. Specific calculation of our credit allowances is included in the respective accounting policies included herein; all other financial assets are assessed on an individual basis calculated using the method we consider most appropriate for each asset.

**Inventories**

Inventories, which are comprised principally of fuel, are stated at the lower of cost and net realizable value. Cost is determined on a first-in, first-out basis.

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**Equity method investments** 

Equity method investments relate to our investments in entities over which we generally have between 20% and 50% of the voting rights, or over which we have significant influence, but over which we do not exercise control or have the power to control their financial and operational policies. Investments in these entities are accounted for by the equity method of accounting. This also extends to entities in which we hold a majority ownership interest, but we do not control, due to the other parties' participating rights. Under this method, we record our investment at cost and adjust the carrying amount for our share of the income or losses from these equity method investments subsequent to the date of the investment and report the recognized earnings or losses in income. Dividends received from an equity method investment reduce the carrying amount of the investment. When we decrease our investment in equity method investments but continue to retain significant influence, we recognize a gain or loss for the difference between proceeds and carrying amount of the investment sold in the statement of operations line item "Net income/(losses) from equity method investments".

**Vessels and equipment**

Vessels and equipment are stated at cost less accumulated depreciation. The cost of vessels and equipment, less the estimated residual values, is depreciated on a straight-line basis over the assets' remaining useful economic lives. Management estimates the residual values of our vessels based on broker scrap value cost of steel and aluminum times the weight of the ship noted in lightweight ton. Residual values are periodically reviewed and revised to recognize changes in conditions, new regulations or other reasons.

The cost of construction of mooring equipment is capitalized and depreciated over the initial term of the related agreement.

Refurbishment costs incurred during the period are capitalized as part of vessels and equipment and depreciated over the vessels' remaining useful economic lives. Refurbishment costs are costs that appreciably increase the capacity or improve the efficiency or safety of vessels and equipment.

Drydocking expenditures are capitalized when incurred and amortized over the period until the next anticipated drydocking. For vessels that are newly built or acquired, we have adopted the "built-in overhaul" method of accounting. The built-in overhaul method is based on the segregation of vessel costs into those that should be depreciated over the useful life of the vessel and those that require drydocking at periodic intervals to reflect the different useful lives of the components of the assets. The estimated cost of the drydocking component is amortized until the date of the first drydocking following acquisition, upon which the cost is capitalized and the process is repeated. When a vessel is disposed of, any unamortized drydocking expenditure is charged against income in the period of disposal.

The capital costs include the addition of new equipment or modifications to the vessel which enhance or increase the operational efficiency and functionality of the vessel. These expenditures are capitalized and depreciated over the remaining useful life of the vessel. Expenditures of a routine repairs and maintenance nature that do not improve the operating efficiency or extend the useful lives of the vessels are expensed as incurred.

Useful lives applied in depreciation are as follows:

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| | |
|:---|:---|
| Vessels (excluding converted FSRU and FLNG) | 40 years |
| Vessels - converted FSRU | 20 years from conversion date |
| Vessels - FLNG | 30 years from conversion date |
| Deferred drydocking expenditure | 5 years |
| Deferred drydocking expenditure - FLNG | 20 years |
| Mooring equipment - FLNG | 8 years |
| Office equipment and fittings | 3 to 6 years |

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**Asset under development**

An asset is classified as an asset under development when there is a firm commitment from us to proceed with the construction of the asset and the likelihood of conversion is virtually certain to occur. An asset under development is classified as non-current and is stated at cost. All costs incurred during the construction of the asset, including conversion installment payments, interest, supervision and technical costs are capitalized. Nonrefundable reimbursements are offset against the cost incurred for the construction of the asset. Interest costs directly attributable to construction of the asset are added to the cost of the asset. Capitalization ceases and depreciation commences once the asset is completed and available for its intended use.

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**Interest costs capitalized**

Interest is capitalized on all qualifying assets that require a period of time to get ready for their intended use. Qualifying assets consist of new vessels under construction, assets under development and vessels undergoing conversion into FSRUs or FLNGs for our own use. In addition, certain equity method investments may be considered qualifying assets prior to commencement of their planned principal operation. The interest capitalized is calculated using the rate of interest on the loan to fund the expenditure or our weighted average cost of borrowings, where appropriate, from commencement of the asset development until substantially all the activities necessary to prepare the assets for its intended use are complete. If our financing plans associate a specific borrowing with a qualifying asset, we use the rate on that borrowing as the capitalization rate to be applied to that portion of the average accumulated expenditures for the asset provided that does not exceed the amount of that borrowing. We do not capitalize amounts beyond the actual interest expense incurred in the period.

**Asset retirement obligation**

An asset retirement obligation ("ARO") is a liability associated with the eventual retirement of a fixed asset.

The fair value of an ARO is recorded as a liability in the period when the obligation arises. The fair value of the ARO is measured using expected future discounted cash outflows. When the liability is recognized, we also capitalize the related ARO cost by adding it to the carrying amount of the related fixed asset. Each period, the liability is increased for the change in its present value with a corresponding charge to operating expenses. Changes in the amount or timing of the estimated ARO are recorded as an adjustment to the related liability and asset.

**Held for sale assets and disposal group** 

Individual assets or subsidiaries to be disposed of, by sale or otherwise in a single transaction, are classified as held for sale if all of the following criteria are met at the period end:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• management, having the authority to approve the action, commits to a plan to sell the assets or subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the asset or subsidiaries are available for immediate sale in its (their) present condition subject only to terms that are usual and customary for such sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an active program to locate a buyer and other actions required to complete the plan to sell have been initiated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the sale is probable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the transfer is expected to qualify for recognition as a completed sale, within one year.

The term probable refers to a future sale that is likely to occur, the asset or subsidiaries (disposal group) is being actively marketed for sale at a price that is reasonable in relation to its current fair value and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.

A disposal group is classified as discontinued operations if either of the following criteria are met: (1) a component of an entity or group of components that has been disposed of by sale, disposed of other than by sale or is classified as held for sale that represents a strategic shift that has or will have a major effect on our financial results and operations or (2) an acquired business or non-profit activity (the entity to be sold) that is classified as held for sale on the date of the acquisition.

Assets or subsidiaries held for sale are carried at the lower of their carrying amount and fair value less costs to sell. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale shall continue to be accrued. As an exception, investments in associates classified as held for sale continue to be measured in accordance with ASC 323 "Investments - Equity Method and Joint Venture". Upon classification as held for sale, the assets are no longer depreciated.

If, at any time, the criteria for held for sale is no longer met, then the asset or disposal group will be reclassified to held and used. The asset or disposal group will be valued at the lower of the carrying amount before the asset or disposal group was classified as held for sale (as adjusted for any subsequent depreciation and amortization) and its fair value. Any adjustment to the value is shown in consolidated statements of operations for the period in which the criterion for held for sale was not met.

Gain or loss on disposals of held for sale assets is recognized as the difference between the fair value of consideration received and the carrying amount of the assets disposed.

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**Impairment of long-lived assets and asset under development**

We continually monitor events and changes in circumstances that could indicate carrying amounts of long-lived assets and assets under development may not be recoverable. In assessing the recoverability of our vessels' and assets under development's carrying amounts, we make assumptions regarding estimated future cash flows, estimates in respect of residual or scrap value and whether the vessel is in substance under development. Management performs an annual impairment assessment and when such events or changes in circumstances are present, we assess the recoverability of long-lived assets and assets under development by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, we recognize an impairment loss based on the excess of the carrying amount over their respective fair value.

**Other-than-temporary impairment of investments**

Where there are indicators that fair value is below carrying value of our investments, we will evaluate these for other-than-temporary impairment. Consideration will be given to (i) the length of time and the extent to which fair value is below carrying value, (ii) the financial condition and near-term prospects of the investee and (iii) our intent and ability to hold the investment until any anticipated recovery. Where determined to be other-than-temporary impairment, we will recognize an impairment loss in the period in the line item "Net income/(losses) from equity method investments" in the consolidated statements of operations.

**Investments in listed equity securities**

Investments in listed equity securities represents ownership interests of a publicly listed entity. Investments in listed equity securities are recorded at fair value with changes in fair value reported in "Other non-operating income/(losses), net". We classify our investment in listed equity securities in the consolidated statement of operations as non-operating because it is not integrated with our operations therefore is non-operating in nature. We use quoted market prices to determine the fair value of listed equity securities with a readily determinable fair value, unless the presence of certain restrictions warrants the application of a discount to fair value. We do not assess our investments in listed equity securities for impairment given they are carried at fair value.

We classify our investments in listed equity securities as current assets because the investment is available to be sold to meet liquidity needs if necessary, even if it is not the intention to dispose of the investment in the next twelve months.

Dividends received from our investments in listed equity securities are reflected as operating activities in the statement of cash flows unless such distributions relate to a return of capital in which case it is reflected as an investing activity in the statement of cash flows.

**Debt**

Our debt has consisted of short-term and long-term debt securities, convertible debt securities and credit facilities with banks and other lenders. Debt issuances are placed directly by us or through securities dealers or underwriters and are held by financial institutions. Debt is recorded on our consolidated balance sheets at par value adjusted for unamortized discount or premium and net of unamortized debt issuance costs. Debt issuance costs directly related to the issuance of debt are amortized over the life of the debt using the effective interest method and are recorded in interest expense, net of capitalized interest. Gains and losses on the extinguishment of debt are recorded in other financial items, net on our consolidated statements of operations.

Costs associated with long-term financing, including debt arrangement fees, are deferred and amortized over the term of the relevant debt under the effective interest method. Amortization of debt issuance costs is included in interest expense. These costs are presented as a deduction from the corresponding liability, consistent with debt discounts.

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**Derivatives**

We use derivatives to reduce market risks associated with our operations. We use interest rate swaps for the management of interest rate risk exposure. The interest rate swaps effectively convert a portion of our debt from a floating to a fixed rate over the life of the transactions without an exchange of underlying principal. We use commodity swaps to reduce our economic exposure to fluctuations in the underlying commodities for our natural-gas linked tolling fee billings. We seek to reduce our exposure to fluctuations in foreign exchange rates through the use of foreign currency forward contracts. Certain of our contracts contain embedded derivatives. We do not apply hedge accounting.

All derivative instruments are initially recorded at fair value as either assets or liabilities in the accompanying consolidated balance sheets and subsequently remeasured to fair value, regardless of the purpose or intent for holding the derivative. Where the fair value of a derivative instrument is a net liability, the derivative instrument is classified in "Other current liabilities" in the consolidated balance sheets. Where the fair value of a derivative instrument is a net asset, the derivative instrument is classified in "Other current assets" and "Other non-current assets" in the consolidated balance sheets, depending on its maturity.

The changes in the fair value of our interest rate and foreign exchange swap derivative instruments are recognized each period in "Gains/(losses) on derivative instruments, net" in the consolidated statements of operations while the changes in the fair value of our commodity swap derivative instruments are recognized each period in "Realized and unrealized gain/(loss) on oil and gas derivative instruments" in the consolidated statements of operations.

It is our policy to enter into master netting agreements with counterparties to derivative financial instrument contracts, which give us the legal right to discharge all or a portion of the amounts owed to the counterparty by offsetting them against amounts that the counterparty owes to us. We have elected not to offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable master netting arrangements

The fair values of the oil and gas derivative instruments were determined using the estimated discounted cash flows of the additional payments due to us as a result of oil and gas prices moving above the contractual floor price over the remaining term of the LTA. Significant inputs used in the valuation of the oil and gas derivative instruments include the Euro/U.S. Dollar exchange rates based on the forex forward curve for the gas derivative instrument and management's estimate of an appropriate discount rate and the length of time necessary to blend the long-term and short-term oil and gas prices obtained from quoted prices in active markets. The oil and gas derivative instruments are classified in "Other non-current assets" in the consolidated balance sheets, depending on the LTA's maturity. The changes in fair value of our oil and gas derivative instruments are recognized in each period within "Realized and unrealized gain/(loss) on oil and gas derivative instruments" in the consolidated statement of operations.

**Convertible bonds**

We account for debt instruments with convertible features in accordance with the details and substance of the instruments at the time of their issuance. For convertible debt instruments issued at a substantial premium to equivalent instruments without conversion features, or those that may be settled in cash upon conversion, it is presumed that the premium or cash conversion option represents an equity component.

Accordingly, we determine the carrying amounts of the liability and equity components of such convertible debt instruments by first determining the carrying amount of the liability component by measuring the fair value of a similar liability that does not have an equity component. The carrying amount of the equity component representing the embedded conversion option is then determined by deducting the fair value of the liability component from the total proceeds from the issue. The resulting equity component is recorded, with a corresponding offset to debt discount which is subsequently amortized to interest cost using the effective interest method over the period the debt is expected to be outstanding as an additional non-cash interest expense. Transaction costs associated with the instrument are allocated pro-rata between the debt and equity components.

For conventional convertible bonds which do not have a cash conversion option or where no substantial premium is received on issuance, it may not be appropriate to separate the bond into the liability and equity components.

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**Contingent liabilities**

We may, from time to time, be involved in various legal proceeding, claims, lawsuits and complaints that arise in the ordinary course of business. We will recognize a contingent liability in our financial statements if the contingency has occurred at the date of the financial statements and where we believe that the likelihood of loss was probable and the amount can be reasonably estimated. If we determine that the reasonable estimate of the loss is a range and there is no best estimate within the range, we will provide the lower amount within the range.

**Pensions**

Defined benefit pension costs, assets and liabilities requires significant actuarial assumptions to be adjusted annually to reflect current market and economic conditions. Our accounting policy provides that full recognition of the funded status of defined benefit pension plans is to be included within our consolidated balance sheets. The pension benefit obligation is calculated by using a projected unit credit method.

Defined contribution pension costs represent our promise to make defined amounts of contributions to an individual participant's retirement account prior to retirement, and the participant bears all the actuarial risk relating to that account once the contribution is made. Pension benefit cost is recognized in respect of the accounting period in which a contribution to the scheme is payable and is recorded in the consolidated statements of operations. A liability on our balance sheet will be recognized for any contributions due but unpaid as of the balance sheet date.

**Guarantees**

Guarantees issued by us, excluding those that are guaranteeing our own performance, are recognized at fair value at the time that the guarantees are issued, or upon the deconsolidation of a subsidiary, and reported in "Other current liabilities" and "Other non-current liabilities". A liability is recognized for the fair value of the obligation undertaken in issuing the guarantee. If it becomes probable that we will have to perform under a guarantee, we will recognize an additional liability if (and when) the amount of the loss can be reasonably estimated. The recognition of fair value is not required for certain guarantees such as the parent's guarantee of a subsidiary's debt to a third party.

Financial guarantees are assessed for expected credit losses and any allowance is presented as a liability for off-balance sheet credit exposures where the balance exceeds the collateral provided over the remaining instrument life. The allowance is assessed at the individual guarantee level, calculated by multiplying the balance exposed on default by the probability of default and loss given default over the term of the guarantee.

**Treasury shares**

Treasury shares are recognized as a separate component of equity for an amount corresponding to the purchase consideration transferred to repurchase the shares. Upon subsequent disposal of treasury shares, any consideration is recognized directly in equity.

**Stock-based compensation**

Our stock-based compensation includes both stock options and restricted stock units ("RSUs"). We expense the fair value of stock-based compensation issued to employees and non-employees over the period the stock options or RSUs vest (fair value as determined for stock-based compensation uses some fair value measurement techniques, which differs from other fair value measurements). We recognize stock-based compensation cost for awards containing a service condition only on a straight-line basis over the employee's requisite service period or the non-employee's vesting period, unless the award contains performance and/or market conditions, in which case stock-based compensation cost is recognized using the graded vesting method. Certain stock options and RSUs provide for accelerated vesting in the event of death or disability in service or a change in control (as defined in the Golar LNG Limited Long Term Incentive Plan (the "LTIP")). No compensation cost is recognized for stock-based compensation for which the individuals do not render the requisite service. We have elected to recognize forfeitures as they occur. The fair value of stock options is estimated using the Black-Scholes option pricing model. The fair value of RSUs is estimated using the market price of our common shares at grant date or the Monte Carlo simulation model, as appropriate. Upon eventual stock option exercises or RSU conversions, shares delivered will be made available from either our authorized unissued shares, treasury shares or repurchasing our shares in the open market.

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**Earnings per share**

Basic earnings per share ("EPS") is computed based on the income available to common shareholders and the weighted average number of shares outstanding for basic EPS. Treasury shares are not included in the calculation. Diluted EPS includes the effect of the assumed conversion of potentially dilutive instruments. Such potentially dilutive common shares are excluded when the effect would be to increase earnings per share or reduce a loss per share.

**Income taxes**

Income taxes are based on a separate return basis. The guidance on "Income Taxes" prescribes a recognition threshold and measurement attributes for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return.

Penalties and interest related to uncertain tax positions are recognized in "Income taxes" in the consolidated statements of operations.

**Deferred taxes**

Deferred tax assets and liabilities are recognized principally for the expected tax consequences of temporary differences between the tax bases of assets and liabilities and their reported amounts. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Realization of the deferred income tax asset is dependent on generating sufficient taxable income in future years.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on the tax rates and tax laws that have been enacted or substantively enacted at the balance sheet date. Income tax relating to items recognized directly in the statement of comprehensive income is recognized in the statement of changes in equity and not in the consolidated statements of operations.

**Acquisitions** 

When the assets acquired and liabilities assumed constitute a business, then the acquisition is a business combination. If substantially all of the fair value of the gross asset acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the asset is not considered a business. Business combinations are accounted for under the acquisition method. On acquisition, the identifiable assets, liabilities and contingent liabilities are measured at their fair values at the date of acquisition. Any excess of the cost of acquisition over the fair values of the identifiable net assets acquired is recognized as goodwill. In instances where the cost of acquisition is lower than the fair values of the identifiable net assets acquired (i.e. bargain purchase), the difference is credited to the statement of operations in the period of acquisition. The consideration transferred for an acquisition is measured at fair value of the consideration transferred. Acquisition related costs are expensed as incurred. The results of operations of acquired businesses are included from the date of acquisition.

If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, we will recognize a measurement-period adjustment during the period in which we determine the amount of the adjustment, including the effect on earnings of any amounts we would have recorded in previous periods if the accounting had been completed at the acquisition date.

For acquisitions that do not meet the definition of a business, we account for the transaction as an asset acquisition whereby the cost of the acquisition is allocated to the assets acquired and liabilities assumed and no goodwill is recognized.

**Related parties**

Parties are related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also related if they are subject to common control or significant influence. Amounts due from related parties are presented net of allowances for expected credit losses, which are calculated using a loss rate applied against an aging matrix.

Advances or loans to/from related parties are recorded at cost.

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**Segment reporting**

A segment is a distinguishable component of the business that is engaged in business activities from which we earn revenues and incur expenses whose operating results are regularly reviewed by the chief operating decision maker ("CODM"), and which are subject to risks and rewards that are different from those of other segments. Our CODM deems that we provide three distinct services and operate in the following three reportable segments: "FLNG", "Corporate and other" and "Shipping".

**3.** **RECENTLY ISSUED ACCOUNTING STANDARDS**

*Adoption of new accounting standards*

In March 2020, the FASB issued ASU 2020-04 *Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,* as amended by ASU 2021-01 *Reference Rate Reform (Topic 848):* Scope issued in January 2021 and ASU 2022-06 *Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848* issued in December 2022. This guidance provides temporary optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met, which are available for election until December 31, 2024. Modifications to contracts affected by the reference rate reform are under discussion with counterparties and optional expedients are expected to be used where available.

In August 2020, the FASB issued ASU 2020-06 *Debt – Debt with Conversion and Other Options (Topic 470) and Derivatives and Hedging - Contracts in Entity's Own Equity (Topic 815)*. The amendments simplify the issuer's accounting for convertible instruments and its application of the equity classification guidance. The new guidance eliminates some of the existing models for assessing convertible instruments, which results in more instruments being recognized as a single unit of account on the balance sheet and expands disclosure requirements. The new guidance simplifies the assessment of contracts in an entity's own equity and existing Earnings Per Share guidance in ASC 260. We adopted this with effect from January 1, 2022. We adjusted the additional paid in capital as of January 1, 2022 in our consolidated statement of changes in equity as included herein.

In May 2021, the FASB issued ASU 2021-04 *Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging —Contracts in Entity's Own Equity (Subtopic 815-40)*. We adopted this with effect from January 1, 2022. The adoption of ASU 2021-04 had no impact on our consolidated financial statements.

In July 2021, the FASB issued ASU 2021-05 *Leases (Topic 842) – Lessors – Certain Leases with Variable Lease Payments*. We adopted this with effect from January 1, 2022. The adoption of ASU 2021-05 has no impact on our consolidated financial statements.

*Accounting pronouncements that have been issued but not yet adopted*

The following table provides a brief description of other recent accounting standards that have been issued but not yet adopted as of December 31, 2022:

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| | | | |
|:---|:---|:---|:---|
| **Standard** | **Description** | **Date of Adoption** | **Effect on our Consolidated Financial Statements or Other Significant Matters** |
| ASU 2021-08 *Business Combinations (Topic 805) - Accounting for contract assets and contract liabilities from contracts with customers*  | Requires contract assets and contract liabilities (i.e., deferred revenue) acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606. Generally, this new guidance will result in the acquirer recognizing contract assets and contract liabilities at the same amounts recorded by the acquiree (rather than having such amounts recognized by the acquirer at fair value in acquisition accounting, as has been historical practice).  | January 1, 2023 | No impact expected as a result of the adoption of this ASU. |

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| | | | |
|:---|:---|:---|:---|
| **Standard** | **Description** | **Date of Adoption** | **Effect on our Consolidated Financial Statements or Other Significant Matters** |
| ASU 2022-03 *Fair Value Measurement (Topic 820) - Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions* | This amendment is intended to reduce diversity in practice in the measurement of the fair value of equity securities subject to contractual sale restrictions. For entities that have investments in equity securities that are subject to contractual sale restrictions, the contractual restriction on the sale is not considered part of the unit of account of the equity security, is not considered when measuring fair value and additional disclosures are required. This amendment is required to be applied prospectively from date of adoption; early adoption is permitted. | January 1, 2024 | No impact currently expected as a result of the adoption of this ASU. |

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**4.** **SUBSIDIARIES**

The following table lists our significant subsidiaries and their purpose as of December 31, 2022. Unless otherwise indicated, we own a 100% ownership interest in each of the following subsidiaries.

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| | | |
|:---|:---|:---|
| **Name** | **Jurisdiction of Incorporation** | **Purpose** |
| Gimi Holding Company Limited <sup>(1)</sup> | Bermuda | Holding company |
| Golar Hilli LLC <sup>(2)</sup> | Marshall Islands | Holding company |
| Golar LNG Energy Limited | Bermuda | Holding company |
| Golar Hilli Corporation <sup>(2)</sup> | Marshall Islands | Leases the *Hilli Episeyo ("*FLNG *Hilli")\** |
| Golar LNG 2216 Corporation | Marshall Islands | Owns the *Golar Arctic* |
| Golar Gandria N.V. | Curaçao | Owns the *Golar Gandria* |
| Gimi MS Corporation <sup>(3)</sup> | Marshall Islands | Owns the *Gimi* |
| Golar Management (Bermuda) Limited | Bermuda | Management company |
| Golar Management Limited | United Kingdom | Management company |
| Golar Management AS | Norway | Vessel management company |
| Golar Management Malaysia Sdn. Bhd. | Malaysia | Vessel management company |
| Golar Viking Management D.O.O | Croatia | Vessel management company |

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(1) In July 2019, Gimi Holding Company Limited was incorporated and is wholly owned by Golar. In October 2019, Golar transferred its ownership in Gimi MS Corporation ("Gimi MS") to Gimi Holding Company Limited.

(2) In February 2018, Golar Hilli LLC was incorporated with Golar as sole member. In June 2018, the FLNG *Hilli* was sold to a China State Shipbuilding Corporation entity ("CSSC entity") that subsequently leased back the vessel on a bareboat charter for a term of 10 years. In July 2018, shares in Golar Hilli Corporation. (a 89% owned subsidiary of Golar Hilli LLC) were exchanged for Hilli Common Units, Series A Special Units and Series B Special Units (note 5).

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(3) In November 2018, Gimi MS was incorporated with Golar as sole shareholder. In February 2019, the *Gimi* was transferred to Gimi MS from Golar Gimi Corporation. In April 2019, First FLNG Holdings Pte. Ltd. ("First FLNG Holdings"), a wholly-owned subsidiary of Keppel Asia Infrastructure Fund, acquired a 30% share in Gimi MS (note 5).

\* The above table excludes mention of the lessor variable interest entity ("lessor VIE") that we have leased a vessel from under a finance lease. The lessor VIE is a wholly-owned, newly formed special purpose vehicle ("SPV") of a financial institution. While we do not hold any equity investments in this SPV, we have concluded that we are the primary beneficiary of this lessor VIE and accordingly have consolidated this entity into our financial results (note 5).

**5.** **VARIABLE INTEREST ENTITIES**

**5.1** **Lessor VIEs**

As of December 31, 2022, we leased one vessel (December 31, 2021: eight vessels) from a VIE as part of a sale and leaseback agreement.

As further discussed in note 14, during the year ended December 31, 2022, the Vessel SPA (defined below) in the CoolCo Disposal resulted in the disposals of our subsidiaries, including the disponent owners of seven vessels that were subject to these sale and leaseback agreements (*Golar Seal, Golar Crystal, Golar Bear, Golar Glacier, Golar Snow, Golar Ice* and *Golar Kelvin*). Consequently, this resulted in the deconsolidation of the lessor VIEs against non-controlling interest of $182.7 million on our consolidated balance sheet. In December 2021, we repurchased the *Golar Tundra* and terminated the sale and leaseback arrangement with China Merchants Bank Co. Ltd ("CMBL") for $103.3 million which resulted in the deconsolidation of the lessor VIE against non-controlling interest of $25.9 million on our consolidated balance sheet. The results of the disposed disponent owners were classified as discontinued operations.

Our continuing lessor VIE as of December 31, 2022, is with a CSSC. The CSSC entity is a wholly-owned, SPV ("Lessor SPV"). In this transaction, we sold our vessel, the FLNG *Hilli* and then subsequently leased back the vessel on a bareboat charter for a term of ten years. We have an option to repurchase the vessel at a fixed predetermined amount during its charter period and an obligation to repurchase the vessel at the end of the vessel's lease period.

While we do not hold any equity investments in the Lessor SPV, we have determined that we have a variable interest in the Lessor SPV and that the lessor entity, that owns the vessel, is the lessor VIE. Based on our evaluation of the agreements, we have concluded that we are the primary beneficiary of the lessor VIE and, accordingly, the lessor VIE is consolidated into our financial results. We did not record any gains or losses from the sale of this vessel as if continued to be reported as a vessels at its original cost in our consolidated financial statements at the time of transaction. Similarly, the effect of the bareboat charter arrangement is eliminated upon consolidation of the Lessor SPV. The equity attributable to the respective lessor VIE is included in non-controlling interests in our consolidated financial statements. As of December 31, 2022 and 2021, the respective vessels are reported under "Vessels and equipment, net" or "Non-current assets held for sale" in our consolidated balance sheets.

The following table gives a summary of our sole sale and leaseback arrangement, including the repurchase option and obligation as of December 31, 2022:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Vessel** | **Effective from** | **Lessor** | **Sales value (in $ millions)** | **Lease duration** | **Next repurchase option (in $ millions)** | **Date of next repurchase option** | **Net repurchase obligation at end of lease term (in $ millions)** | **End of lease term** |
| FLNG *Hilli* | June 2018 | CSSC entity | 1200.0 | 10 years | 633.2 | June 2023 | 300.0 | June 2028 |

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A summary of our payment obligations (excluding the repurchase option and obligation) under the bareboat charter with our sole lessor VIE as of December 31, 2022, are shown below:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in thousands of $)* | **2023** | **2024** | **2025** | **2026** | **2027** | **2028** |
| FLNG *Hilli* <sup>(1)</sup> | 115954 | 110779 | 105348 | 100044 | 94741 | 22841 |

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(1) The payment obligations above include variable rental payments due under the lease based on assumed LIBOR plus a margin.

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The assets and liabilities of the lessor VIE that most significantly impact our consolidated balance sheets as of December 31, 2022 and 2021, are as follows:

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| | | |
|:---|:---|:---|
| *(in thousands of $)* | **2022** | **2021** |
| **Assets** | **Total** | **Total** |
| Restricted cash and short-term deposits (note 15) | 21691 | 16523 |
| **Liabilities** |  |  |
| *Debt:* |  |  |
| Current portion of long-term debt and short-term debt <sup>(1)</sup>  | (337547) | (380554) |
| Long-term debt <sup>(1)</sup>  | (156563) | (216313) |
|  | (494110) | (596867) |

---

(1) Where applicable, these balances are net of deferred finance charges (note 21).

The most significant impact of the lessor VIE's operations on our consolidated statements of operations and consolidated statements of cash flows, for the years ended December 31, 2022, 2021 and 2020 are as follows:

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| | | | |
|:---|:---|:---|:---|
| *(in thousands of $)* | **2022** | **2021** | **2020** |
| **Continuing operations** | **Continuing operations** | **Continuing operations** | **Continuing operations** |
| **Statement of operations** |  |  |  |
| Interest expense | 8406 | 5178 | 11687 |
| **Statement of cash flows** |  |  |  |
| Net debt repayments | (123554) | (97056) | (446484) |
| Net debt receipts | 20640 | 2848 | 354901 |
| Financing costs paid |  |  | (3731) |
| **Discontinued operations** | **Discontinued operations** | **Discontinued operations** | **Discontinued operations** |
| **Statement of operations** |  |  |  |
| Interest expense | 3814 | 17492 | 23046 |
| **Statement of cash flows** |  |  |  |
| Net debt repayments |  | (234873) | (104179) |
| Net debt receipts |  | 10402 | 104806 |
| Financing costs paid |  | (1568) | (200) |

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**5.2** **Golar Hilli LLC**

In 2018, we and affiliates of Keppel Shipyard Limited ("Keppel") and Black & Veatch Corporation ("B&V") (together, the "Sellers"), completed the sale (the "Hilli Disposal") to Golar LNG Partners LP ("Golar Partners") of common units (the "Hilli Common Units") in our consolidated subsidiary Golar Hilli LLC ("Hilli LLC"), which owns Golar Hilli Corporation ("Hilli Corp"), the disponent owner of the FLNG *Hilli*.

Concurrently with the closing of the Hilli Disposal, we entered into the Amended and Restated Limited Liability Company Agreement of Hilli LLC (the "LLC Agreement") on July 12, 2018. The ownership interests in Hilli LLC are represented by three classes of units: the Hilli Common Units, the Series A Special Units and the Series B Special Units. After the Hilli Disposal and as of December 31, 2022, the ownership structure of Hilli LLC is as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Percentage ownership interest** | **Percentage ownership interest** | **Percentage ownership interest** |
| | **Hilli Common Units** | **Series A Special Units** | **Series B Special Units** |
| Golar LNG Limited | 44.6% | 89.1% | 89.1% |
| Golar Partners | 50.0% | —% | —% |
| Keppel | 5.0% | 10.0% | 10.0% |
| B&V | 0.4% | 0.9% | 0.9% |

---

We are the managing member of Hilli LLC and are responsible for all operational, management and administrative decisions relating to Hilli LLC's business. We have retained sole control over the most significant activities and the greatest exposure to variability in residual returns and expected losses from the FLNG *Hilli* and, as a result, management has concluded that Hilli LLC is a VIE and that we are the primary beneficiary. As such, we continue to consolidate both Hilli LLC and Hilli Corp.

All three classes of ownership interests in Hilli LLC have certain participating and protective rights. We reflect Golar Partners, Keppel and B&V's ownership in Hilli LLC as non-controlling interests in our financial statements.

Hilli LLC shall make distributions to holders of Hilli Common Units when, as and if declared by us; provided, however, that no distributions may be made on the Hilli Common Units on any distribution date unless Series A Distributions (defined below) and Series B Distributions (defined below) for the most recently ended quarter and any accumulated Series A Distributions and Series B Distributions in arrears for any past quarter have been or contemporaneously are being paid or provided for.

*Series A Special Units:* 

The Series A Special Units of Hilli LLC rank senior to the Hilli Common Units and on par with the Series B Special Units. Upon termination of the LTA, Hilli LLC has a right to redeem the Series A Special Units from legally available funds at a redemption price of $1 (per Series A Special Unit) plus any unpaid distributions. There are no conversion features on the Series A Special Units. "Series A Distributions" reflect all incremental cash receipts by Hilli Corp during such quarter when Brent linked crude prices rise above $60 per barrel with contractually defined adjustments.

*Series B Special Units:* 

The Series B Special Units of Hilli LLC rank senior to the Hilli Common Units and on par with the Series A Special Units. There are no conversion or redemption features on the Series B Special Units. Incremental returns generated from future vessel expansion capacity (currently uncontracted and excluding the exercise of additional capacity under the existing LTA) include cash receipts and contractually defined adjustments. Of such vessel expansion capacity distributions ("Series B Distributions"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• holders of Series B Special Units are entitled to 95% of these distributions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• holders of Hilli Common Units are entitled to 5% of these distributions.

*Hilli Common Units:* 

Distributions attributable to holders of Hilli Common Units are not declared until any accumulated Series A Special Units and Series B Special Units distributions have been paid. As discussed above, holders of Hilli Common Units are entitled to receive a pro rata share of 5% of the vessel expansion capacity distributions.

**Summarized financial information of Hilli LLC**

The assets and liabilities of Hilli LLC<sup>(1)</sup> that most significantly impacted our consolidated balance sheet as of December 31, 2022 and 2021, are as follows:

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| | | |
|:---|:---|:---|
| *(in thousands of $)* | **2022** | **2021** |
| **Balance sheet** |  |  |
| Current assets | 105738 | 157643 |
| Non-current assets | 1481722 | 1280217 |
| Current liabilities | (381131) | (444352) |
| Non-current liabilities | (240146) | (270371) |

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(1) As Hilli LLC is the primary beneficiary of the lessor VIE (see above) the Hilli LLC balances include the lessor VIE.

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The most significant impacts of the lessor VIE's operations on our consolidated statements of operations and consolidated statements of cash flows, for the years ended December 31, 2022, 2021 and 2020 are as follows:

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| | | | |
|:---|:---|:---|:---|
| *(in thousands of $)* | **2022** | **2021** | **2020** |
| **Statement of operations** |  |  |  |
| Liquefaction services revenue | 213970 | 221020 | 226061 |
| Realized and unrealized gain/(loss) on oil and gas derivative instruments | 520997 | 204663 | (42561) |
| **Statement of cash flows** |  |  |  |
| Net debt repayments | (123554) | (97056) | (322304) |
| Net debt receipts | 20640 | 2848 | 230721 |
| Cash dividends paid | (55169) | (33136) | (26072) |

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**5.3** **Gimi MS Corporation**

In April 2019, Gimi MS entered into a subscription agreement with First FLNG Holdings, a wholly-owned subsidiary of Keppel Asia Infrastructure Fund, in respect to First FLNG Holdings' participation in a 30% share of the *Gimi* (the "Subscription Agreement"). Gimi MS will construct, own and operate the *Gimi* and First FLNG Holdings subscribed for 30% of the total issued common share capital of Gimi MS for a subscription price equivalent to 30% of the estimated project cost. Under the Subscription Agreement, Gimi MS may call for cash from the shareholders for any future funding requirements and shareholders are required to contribute to such cash calls up to a defined cash call contribution.

Concurrent with the closing of the sale of the common shares, we have determined that (i) Gimi MS is a VIE and (ii) we are the primary beneficiary and retain sole control over the most significant activities and the greatest exposure to variability in residual returns and expected losses from the *Gimi*. Thus, Gimi MS continues to be consolidated into our financial statements.

**Summarized financial information of Gimi MS**

The assets and liabilities of Gimi MS that most significantly impacted our consolidated balance sheet as of December 31, 2022 and 2021, are as follows:

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| | | |
|:---|:---|:---|
| *(in thousands of $)* | **2022** | **2021** |
| **Balance sheet** |  |  |
| Current assets | 12460 | 7107 |
| Non-current assets | 1195725 | 877835 |
| Current liabilities | (10666) | (18127) |
| Non-current liabilities | (516298) | (389244) |

---

The most significant impacts of Gimi MS VIE's operations on our consolidated statement of cash flows, for the years ended December 31, 2022, 2021 and 2020 are as follows:

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| | | | |
|:---|:---|:---|:---|
| *(in thousands of $)* | **2022** | **2021** | **2020** |
| **Statement of cash flows** |  |  |  |
| Additions to asset under development | 267421 | 213481 | 217590 |
| Capitalized financing costs | (2748) | (5605) | (11302) |
| Net debt receipts | 125000 | 110000 | 170000 |
| Proceeds from subscription of equity interest | 39275 | 25403 | 11081 |

---

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**6.** **SEGMENT INFORMATION**

We provide and operate three distinct reportable segments as follows:

• ***FLNG*** – This segment includes our operations of FLNG vessels or projects. We convert LNG carriers into FLNG vessels or build new FLNG vessels and subsequently contract them out to customers. We currently have one operational FLNG, the FLNG *Hilli,* and one undergoing conversion into a FLNG, the *Gimi* (note 18).

• ***Corporate and other*** – This segment includes our vessel management, FSRU services for third parties, administrative services to affiliates and third parties and our corporate overhead costs.

• ***Shipping*** – This segment includes our operations of the transportation of LNG carriers. We have historically operated and subsequently chartered out LNG carriers on fixed terms to charterers.

A reconciliation of net income/(loss) to Adjusted EBITDA for the years ended December 31, 2022, 2021 and 2020 is as follows:

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| | | | |
|:---|:---|:---|:---|
| *(in thousands of $)* | **2022** | **2021** | **2020** |
| Net income/(loss) | 939057 | 560615 | (167930) |
| Income taxes | (438) | 1440 | 579 |
| Income/(loss) before income taxes | 938619 | 562055 | (167351) |
| Depreciation and amortization | 51712 | 55362 | 55940 |
| Impairment of long-term assets (note 19) | 76155 |  |  |
| Unrealized (gain)/loss on oil and gas derivative instruments (note 8) | (288977) | (179891) | 45100 |
| Realized and unrealized mark-to-market (gains)/losses on our investment in listed equity securities (note 9) | (400966) | 295777 |  |
| Other non-operating (income)/losses (note 9) | (11916) | 66027 | (5682) |
| Interest income | (12225) | (128) | (1479) |
| Interest expense | 19286 | 34486 | 39182 |
| (Gains)/losses on derivative instruments (note 10) | (71497) | (24348) | 52423 |
| Other financial items, net (note 10) | 5380 | (693) | 557 |
| Net (income)/loss from equity method investments (note 17) | (19041) | (1080) | 537 |
| Net loss/(income) from discontinued operations (note 14) | 76450 | (625389) | 142912 |
| Adjusted EBITDA | 362980 | 182178 | 162139 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** |
| *(in thousands of $)* | **FLNG** | **Corporate and other** <sup>(2)</sup> | **Shipping** | **Total results from continuing operations** |
| **Statement of Operations:** |  |  |  |  |
| Total operating revenues <sup>(1)</sup> | 214825 | 43230 | 9685 | 267740 |
| Vessel operating expenses | (58583) | (6578) | (7641) | (72802) |
| Voyage, charterhire and commission expenses, net | (600) | (34) | (1810) | (2444) |
| Administrative (income)/expenses | 22 | (38224) | 102 | (38100) |
| Project development expenses | (5335) | (2637) | (45) | (8017) |
| Realized gain on oil and gas derivative instruments (note 8) | 232020 |  |  | 232020 |
| Other operating losses | (15417) |  |  | (15417) |
| Adjusted EBITDA | 366932 | (4243) | 291 | 362980 |
| Net income/(losses) from equity method investments <br>(note 17) |  | (5193) | 24234 | 24234 |

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(1) Total operating revenues under the FLNG segment includes $0.9 million revenue from a FLNG study (note 7).

(2) Includes inter-segment eliminations arising from vessel and administrative management fees revenue between segments.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** |
| **Balance Sheet:**<br>*(in thousands of $)* | **FLNG** | **Corporate and other** <sup>(1)</sup> | **Shipping** | **Segment assets from continuing operations** | **Assets held for sale** | **Total** |
| Total assets | 2815552 | 1410587 | 52700 | **4278839** | 721 | **4279560** |
| Equity method investments (note 17) |  | 48669 | 55439 | **104108** |  | **104108** |
| Capital expenditures (note 18 and 20) | 301292 |  | 2901 | **304193** |  | **304193** |

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(1) Includes inter-segment eliminations arising from vessel and administrative management fees revenue between segments.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
| *(in thousands of $)* | **FLNG** | **Corporate and other** <sup>(1)</sup> | **Shipping** | **Total results from continuing operations** |
| **Statement of Operations:** |  |  |  |  |
| Total operating revenues | 221020 | 27777 | 11476 | 260273 |
| Vessel operating expenses | (51195) | (12119) | (1052) | (64366) |
| Voyage, charterhire and commission expenses/(income) | (600) | 166 | (235) | (669) |
| Administrative expenses <sup>(2)</sup> | (241) | (34913) | (157) | (35311) |
| Project development income/(expenses) | (3171) | 507 | 143 | (2521) |
| Realized gain on oil and gas derivative instruments (note 8) | 24772 |  |  | 24772 |
| Adjusted EBITDA | 190585 | (18582) | 10175 | 182178 |
| Net income from equity method investments <br>(note 17) |  | 1080 |  |  |

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(1) Includes inter-segment eliminations arising from vessel and administrative management fees revenue between segments.

(2) Included within the "Corporate and other" "administrative expenses" is $0.5 million of redundancy costs from an overhead streamlining exercise following the completion of the sale of our investments in Golar Partners and Hygo to NFE, (the "GMLP Merger" and "Hygo Merger", respectively) (note 14).

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
| **Balance Sheet:**<br>*(in thousands of $)* | **FLNG** | **Corporate and other** <sup>(1)</sup> | **Shipping** | **Segment assets from continuing operations** | **Assets held for sale** | **Total** |
| Total assets | 2314342 | 807276 | 128901 | **3250519** | 1697776 | **4948295** |
| Equity method investments (note 17) |  | 52215 |  | **52215** |  | **52215** |
| Capital expenditures (note 18) | 219582 |  |  | **219582** |  | **219582** |

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(1) Includes inter-segment eliminations arising from vessel and administrative management fees revenue between segments.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2020** | **Year Ended December 31, 2020** | **Year Ended December 31, 2020** | **Year Ended December 31, 2020** |
| *(in thousands of $)* | **FLNG** | **Corporate and other** <sup>(1)</sup> | **Shipping** | **Total results from continuing operations** |
| **Statement of Operations:** |  |  |  |  |
| Total operating revenues | 226061 | 20695 | 14632 | 261388 |
| Vessel operating expenses/(income) | (52104) | 504 | (5652) | (57252) |
| Voyage, charterhire and commission expenses |  |  | (1544) | (1544) |
| Administrative expenses | (1672) | (32068) | (636) | (34376) |
| Project development expenses | (2793) | (5711) | (112) | (8616) |
| Realized gain on oil and gas derivative instruments (note 8) | 2539 |  |  | 2539 |
| Adjusted EBITDA | 172031 | (16580) | 6688 | 162139 |
| Net income/(losses) from equity method investments <br>(note 17) |  | (537) |  |  |

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**Revenues from external customers**

For the years ended December 31, 2022, 2021 and 2020, revenues from the following customer accounted for over 10% of our total operating revenues:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in thousands of $)* | **2022** | **2022** | **2021** | **2021** | **2020** | **2020** |
| Perenco and SNH <sup>(1)</sup> | 213970 | 80% | 221020 | 85% | 226061 | 86% |

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(1) LTA with Perenco Cameroon S.A. ("Perenco") and Société Nationale des Hydrocarbures ("SNH"), (together, the "Customer") in relation to the FLNG *Hilli* (note 7).

The revenue from external customers above excludes vessel and other management fees from related parties (note 28).

**Geographic data**

The following geographical data presents our revenues from customers and total assets with respect only to our FLNG, while operating under the LTA, in Cameroon. In time and voyage charters for LNG carriers, the charterer, not us, controls the routes of our vessels. These routes can be worldwide as determined by the charterers. Accordingly, our CODM do not evaluate our performance according to geographical region.

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| *(in thousands of $)* | **2022** | **2021** | **2020** |
| **Cameroon** |  |  |  |
| Liquefaction services revenue | 213970 | 221020 | 226061 |
| Total assets | 1559158 | 1408444 | 1264085 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7.** **REVENUE**

The following table represents a disaggregation of revenue earned from contracts with customers during the years ended December 31, 2022, 2021 and 2020:

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| *(in thousands of $)* | **2022** | **2021** | **2020** |
| Base tolling fee <sup>(1)</sup> | 204501 | 204501 | 204501 |
| Amortization of deferred commissioning period revenue <sup>(2)</sup> | 4120 | 4120 | 4220 |
| Amortization of Day 1 gains <sup>(3)</sup> | 22608 | 9712 | 9950 |
| Overproduction/underutilization <sup>(4)</sup>  | (20089) | 3249 | 7965 |
| Incremental base tolling fee <sup>(5)</sup> | 5000 |  |  |
| Other <sup>(6)</sup> | (2170) | (562) | (575) |
| Liquefaction services revenue <sup>(10)</sup> | 213970 | 221020 | 226061 |
| Management fees revenue <sup>(7)</sup> | 27916 | 27411 | 20695 |
| Service revenue <sup>(8)</sup> | 14423 |  |  |
| Other revenues <sup>(9)</sup> | 1746 | 366 |  |
| Vessel management fees and other revenues <sup>(10)</sup> | 44085 | 27777 | 20695 |

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(1) The LTA bills at a base rate in periods when the oil price is $60 or less per barrel, and at an increased rate when the oil price is greater than $60 per barrel. The oil price above the base rate is recognized as a derivative and included in "Realized and unrealized gain/(loss) on oil and gas derivative instruments" in the consolidated statements of operations (note 8).

(2) Customer billing during the commissioning period, prior to vessel acceptance and commencement of the contract term was deferred (note 23 and 24) and recognized evenly over the contract term of the LTA.

(3) Day 1 gain results from amount established on the initial recognition of the FLNG *Hilli's* oil derivative instrument embedded in the LTA and the FLNG *Hilli's* gas derivative instruments pursuant to LTA Amendment 3 (note 23 and 24). These amounts were deferred on initial recognition and amortized evenly over the contract term.

(4) In March 2021, we signed an agreement with the Customer ("LTA Amendment 2"), to change the contract term from one linked to fixed capacity of 500.0 billion cubic feet to one of a fixed term, terminating on July 18, 2026. This amendment also permits billing adjustments for amounts over or under the annual contracted capacity in a given contract year ("overproduction" or "underutilization", respectively), commencing from the 2019 contract year. Amounts for overproduction were invoiced at the end of a given contract year, while amounts for underutilization (which is capped per contract year) will be a reduction against our final invoice to the Customer at the end of the LTA in July 2026. Pursuant to LTA Amendment 2, we have billed and recognized overproduction revenue in relation to excess production over contracted annual based capacity during contract years 2020 and 2021. Due to a production shortfall of the FLNG *Hilli* for the 2022 contract year, we recognized a non-current contract liability for this underutilization of $35.8 million (note 24). The presentation of this shortfall is bifurcated as reductions to the "Liquefaction services revenue" and "Other operating income" line items in the consolidated statements of operations amounting to $20.1 million and $15.7 million, respectively.

(5) In July 2021, we entered into LTA Amendment 3 which increased the annual capacity utilization of FLNG *Hilli* by 0.2 million tons of LNG, for the 2022 contract year. In July 2022, the Customer exercised its option pursuant to LTA Amendment 3 for 0.2 million tons (out of 0.4 million tons) from January 2023 to the end of the LTA in July 2026. The combined effect results in annual contracted base capacity of 1.4 million tons of LNG from January 1, 2022 to the end of the LTA. The tolling fee is linked to TTF and the Euro/U.S. Dollar foreign exchange movements. The contractual floor rate is recognized in "Liquefaction services revenue" and the tolling fee above the contractual floor rate is recognized as a derivative in "Realized and unrealized gain/(loss) on oil and gas derivative instruments", in the consolidated statements of operations (note 8).

(6) "Other" comprised of accrued demurrage cost of $1.6 million (2021: $nil), which we recognized in the period in which the delay occurred. The unwinding of liquidated damages recognized prior to the commencement of the contract term of $0.6 million (2021: $0.6 million) were deferred (note 24) and released evenly over the contract term.

(7) Comprised of ship management, administrative and vessel operation and maintenance services. We entered into several agreements to provide ship management and administrative services to external customers and related parties (note 14 and 28).

------

(8) In August 2022, we entered into a development agreement with Snam to provide drydocking, site commissioning and hook-up services for the Golar Tundra (the "Development Agreement"), which it acquired from us in May 2022 (note 14.2). The Development Agreement includes contractual fixed payments recognized over the period of time that we provide the services to Snam. We assessed this to be a single performance obligation to the customer that is satisfied over time (from the period of entry into the agreement to delivery of the fully commissioned FSRU to our customer), with progress over time measured using an input method of recognition based on our efforts expended over the contract term, reflecting our past experience with comparable projects for our owned vessels, as determined using hours expended by our project team. As of December 31, 2022, we recognized services revenue and an associated contract liability of $14.4 million and $4.2 million (note 23), respectively. The remaining unsatisfied services revenue performance obligation of $4.9 million is expected to be recognized within a year.

(9) Included in "Other revenues" are revenues from a FLNG study of $0.9 million which was completed in December 2022 (assessed as a single performance obligation recognized at a point in time) and sub-leasing income of $0.4 million (note 13).

(10) Liquefaction services revenue and the revenue from a FLNG study of $0.9 million (within vessel management fees and other revenues) were included under our "FLNG" segment while the remaining vessel management fees and other revenues were recognized under our "Corporate and Other" segment.

**Contract Assets and Liabilities**

The following table represents our contract assets and liabilities balances as of December 31, 2022 and 2021:

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| *(in thousands of $)* | **2022** | **2021** |
| Contract assets | 21297 | 21778 |
| Current contract liabilities <sup>(1)</sup> | (8398) | (4221) |
| Non-current contract liabilities <sup>(2) (3)</sup> | (54018) | (14515) |
| Total contract liabilities | (62416) | (18736) |
| Opening balance on January 1 | (18736) | (22856) |
| Deferral of revenue | (62223) |  |
| Recognition of unearned revenue | 18543 | 4120 |
| Closing balance on December 31 | (62416) | (18736) |

---

(1) In August 2022, we entered into the Development Agreement and had received advance payments of $18.6 million, of which we had recognized services revenue of $14.4 million during the year ended December 31, 2022.

(2) In May 2022, we entered into a sale and purchase agreement (the "Arctic SPA") with SNAM RETE GAS S.p.A (part of Snam), pursuant to which, upon receipt of a notice to proceed, we will convert LNG carrier *Golar Arctic* to a FSRU, deliver, install and connect her to Snam's mooring located offshore Italy, and following completion of commissioning activities and provisional acceptance, her eventual sale to Snam. The Arctic SPA includes contractual fixed payments (recognized over the period of time that we provide the services to Snam). As of December 31, 2022, we recognized a non-current contract liability of $7.8 million (note 24).

(3) Included within "Non-current contract liabilities" is the advance payment received in relation to the Arctic SPA of $7.8 million, underutilization liability of $35.8 million and deferred commissioning revenue in relation to the *Hilli* of $10.4 million (note 24)*.*

We expect to recognize liquefaction services revenue related to the partially unsatisfied performance obligation at the reporting date evenly over the remaining contract term of 3.5 years, including the components of transaction price described above.

**8.** **REALIZED AND UNREALIZED GAIN/(LOSS) ON OIL AND GAS DERIVATIVE INSTRUMENTS**

The realized and unrealized gain/(loss) on the oil and gas derivative instruments is comprised of the following:

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| | | | |
|:---|:---|:---|:---|
| *(in thousands of $)* | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** |
| Realized gain on FLNG *Hilli's* gas derivative instrument | 139929 |  |  |
| Realized gain on FLNG *Hilli's* oil derivative instrument | 110696 | 24772 | 2539 |
| Realized mark-to-market ("MTM") adjustment on commodity swap derivatives  | (18605) |  |  |
| Realized gain on oil and gas derivative instruments, net | 232020 | 24772 | 2539 |
| Unrealized gain on FLNG *Hilli's* gas derivative instrument (note 20) | 121959 | 51286 |  |

---

------

---

| | | | |
|:---|:---|:---|:---|
| *(in thousands of $)* | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** |
| Unrealized MTM adjustment for commodity swap derivatives | 111703 | 1665 |  |
| Unrealized gain/(loss) on FLNG *Hilli's* oil derivative instrument (note 20) | 55315 | 126940 | (45100) |
| Unrealized gain/(loss) on oil and gas derivative instruments, net | 288977 | 179891 | (45100) |
| Realized and unrealized gain/(loss) on oil and gas derivative instruments (note 27) | 520997 | 204663 | (42561) |

---

The realized gain/(loss) on oil and gas derivative instruments results from monthly billings above the FLNG *Hilli* base tolling fee and the incremental capacity increase pursuant to LTA Amendment 3, whereas the unrealized gain/(loss) on oil and gas derivative instruments results from movements in forecasted oil and natural gas prices and Euro/U.S. Dollar exchange rates.

**9.** **OTHER NON-OPERATING INCOME/(LOSSES)**

Other non-operating income/(losses), net is comprised of the following:

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| *(in thousands of $)* | **2022** | **2021** | **2020** |
| Realized and unrealized MTM gains/(losses) on our investment in listed equity securities (note 16) <sup>(1)</sup> | 400966 | (295777) |  |
| UK tax lease liability (note 29) | 7148 | (71739) |  |
| Dividend income from our investment in listed equity securities | 4768 | 5588 |  |
| Gain on disposal of the *LNG Croatia* <sup>(2)</sup> |  |  | 5682 |
| Others |  | 124 |  |
| Other non-operating income/(losses) | 412882 | (361804) | 5682 |

---

(1) "Investment in listed equity securities", included in balance sheet line-item "Other current assets" (note 16), relates to our equity holding in NFE of 5.3 million and 18.6 million shares as of December 31, 2022 and 2021, respectively. During the years ended December 31, 2022 and 2021, we recognized $350.9 million unrealized MTM gains and $295.8 million unrealized MTM losses, respectively. In 2022, we sold 13.3 million of our NFE Shares (note 14.3) at a price range between $40.80 and $58.29 per share for an aggregate consideration of $625.6 million, inclusive of $3.8 million fees, which resulted in realized MTM gains of $50.1 million. There was no comparable sale of our NFE Shares during the year ended December 31, 2021.

(2) In March 2019, we entered into agreements with LNG Hrvatska d.o.o. ("LNG Hrvatska"),relating to the conversion and subsequent sale of the converted carrier, *LNG Croatia* into a FSRU. In addition, we also entered into an agreement to operate and maintain the FSRU, *LNG Croatia* for a minimum of 10 years ("LNG Hrvatska O&M Agreement"). In December 2020, the converted FSRU, *LNG Croatia* was accepted by LNG Hrvatska and we recognized a gain on disposal of $5.7 million which comprised of cash proceeds of $193.3 million, partially offset by the carrying value of the converted vessel of $187.6 million.

**10.** **GAINS/(LOSSES) ON DERIVATIVE INSTRUMENTS AND OTHER FINANCIAL ITEMS, NET**

Gains/(losses) on derivative instruments, net is comprised of the following:

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| *(in thousands of $)* | **2022** | **2021** | **2020** |
| Unrealized MTM adjustment for interest rate swap ("IRS") derivatives | 72269 | 27016 | (38601) |
| Net interest expense on undesignated IRS derivatives | (772) | (2908) | (6215) |
| Foreign exchange gain/(loss) on terminated undesignated foreign exchange swaps |  | 240 | (2556) |
| Unrealized MTM adjustment for equity derivatives |  |  | (5051) |
| Gains/(losses) on derivative instruments, net | 71497 | 24348 | (52423) |

---

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Other financial items, net is comprised of the following:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| *(in thousands of $)* | **2022** | **2021** | **2020** |
| Financing arrangement fees and other related costs <sup>(1)</sup> | (9340) | (1201) | (1409) |
| Amortization of debt guarantees | 2657 | 2569 | 4111 |
| Foreign exchange gain/(loss) on operations | 1598 | (384) | (3107) |
| Other | (295) | (291) | (152) |
| Other financials items, net | (5380) | 693 | (557) |

---

(1) Financing arrangement fees and other related costs for the year ended December 31, 2022 mainly comprised of (i) $4.9 million write-off of deferred financing fees and expenses in relation to an undrawn corporate bilateral facility, the availability of which expired in June 2022; (ii) $2.3 million loss on partial repurchase of the Unsecured Bonds (note 21) in December 2022 (note 21); and (iii) $1.4 million commitment fees paid in relation to the undrawn portion of the Corporate RCF, which was canceled in November 2022 (note 21).

**11.** **INCOME TAXES**

The components of income tax benefit/(expense) are as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| *(in thousands of $)* | **2022** | **2021** | **2020** |
| Current tax expense | (520) | (1445) | (375) |
| Deferred tax benefit/(expense) | 958 | 5 | (204) |
| Total income tax benefit/(expense) | 438 | (1440) | (579) |

---

The income taxes for the years ended December 31, 2022, 2021 and 2020 differed from the amount computed by applying the Bermuda statutory income tax rate of 0% as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| *(in thousands of $)* | **2022** | **2021** | **2020** |
| Effect of movement in deferred tax balances | 958 | 5 | (204) |
| Effect of adjustments in respect of current tax in prior periods | 346 | (232) | 40 |
| Effect of taxable income in various countries | (866) | (1213) | (415) |
| Total tax benefit/(expense) | 438 | (1440) | (579) |

---

**Jurisdictions open to examination**

The earliest tax years that remain subject to examination by the major taxable jurisdictions in which we operate are: 2021 (UK and Croatia), 2018 (Norway) and 2019 (Mauritania/Senegal).

**Deferred taxes**

Deferred income taxes reflect the impact of temporary differences between the amount of assets and liabilities recognized for financial reporting purposes and such amounts recognized for tax purposes and pensions.

As of December 31, 2022, we have a deferred tax liability of $0.4 million (2021: $0.6 million).

------

**12.** **EARNINGS/(LOSS) PER SHARE**

Basic earnings/(loss) per share ("EPS")/("LPS") is calculated with reference to the weighted average number of common shares outstanding during the year.

The components of the numerator for the calculation of basic and diluted EPS/(LPS) are as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| *(in thousands of $)* | **2022** | **2021** | **2020** |
| Net income/(loss) net of non-controlling interests - continuing operations - basic and diluted | 872429 | (175960) | (93991) |
| Net (loss)/income net of non-controlling interests - discontinued operations - basic and diluted | (84656) | 589811 | (179566) |

---

The components of the denominator for the calculation of basic and diluted EPS/(LPS) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| *(in thousands)* | **2022** | **2021** | **2020** |
| Basic: |  |  |  |
| Weighted average number of common shares outstanding | 107860 | 109644 | 97554 |
| Dilutive: |  |  |  |
| Dilutive impact of share options and RSUs <sup>(1)</sup> | 682 |  |  |
| Weighted average number of common shares outstanding | 108542 | 109644 | 97554 |

---

EPS/(LPS) per share are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| | **2022** | **2021** | **2020** |
| Basic EPS/(LPS) from continuing operations | $8.09 | $(1.60) | $(0.96) |
| Diluted EPS/(LPS) from continuing operations <sup>(1)</sup> | $8.04 | $(1.60) | $(0.96) |
| Basic and diluted EPS from discontinued operations | $(0.79) | $5.38 | $(1.84) |

---

(1) The effects of stock awards and convertible bonds have been excluded from the calculation of diluted EPS/LPS from continuing operations for the years ended December 31, 2021 and 2020 because the effects were anti-dilutive.

**13.** **OPERATING LEASES**

**Rental income**

The minimum contractual future revenues to be received on a time charter agreement in respect of the *Golar Arctic* as of December 31, 2022, are as follows:

---

| | |
|:---|:---|
| Year ending December 31 |  |
| *(in thousands of $)* |  |
| 2023 | 15420 |
| Total minimum contractual future revenues | 15420 |

---

The cost and accumulated depreciation, including impairment of the *Golar Arctic,* leased to third parties at December 31, 2022 and 2021 were $196.0 million and $196.0 million; and $152.3 million and $72.8 million, respectively.

------

The components of operating lease income were as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| *(in thousands of $)* | **2022** | **2021** | **2020** |
| Operating lease income | 8857 | 11476 | 13887 |
| Variable lease income <sup>(1)</sup> | 828 |  | 745 |
| Total operating lease income <sup>(2)</sup> | 9685 | 11476 | 14632 |

---

(1) "Variable lease income" is excluded from lease payments that comprise the minimum contractual future revenues from non-cancellable operating leases.

(2) Total operating lease income is presented in the consolidated statement of operations line item "Time and voyage charter revenues".

**Rental expense**

We lease certain office premises, equipment on-board our fleet of vessels and service boats supporting the FLNG *Hilli* under operating leases. Many lease agreements include one or more options to renew. We will include these renewal options when we are reasonably certain that we will exercise the option. The exercise of these lease renewal options is at our discretion.

Variable lease cost relates to certain of our lease agreements which include payments that vary. These are primarily generated from service charges related to our usage of office premises, usage charges for equipment on-board our fleet of vessels, adjustments for inflation, and fuel consumption for the rental of service boats supporting the FLNG *Hilli*.

The components of operating lease cost were as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| *(in thousands of $)* | **2022** | **2021** | **2020** |
| Operating lease cost | 4160 | 5899 | 4338 |
| Variable lease cost <sup>(1)</sup> | 1479 | 1621 | 4000 |
| Total operating lease cost <sup>(2)</sup> | 5639 | 7520 | 8338 |

---

(1) "Variable lease cost" is excluded from lease payments that comprise the operating lease liability.

(2) Total operating lease cost is included in the consolidated statement of operations line-items "Vessel operating expenses" and "Administrative expenses".

As of December 31, 2022 and 2021 the right-of-use assets recognized by Golar as a lessee in various operating leases amounted to $5.7 million and $10.3 million respectively (note 20).

In connection with the CoolCo Disposal, we modified the terms of certain agreements in relation to our office premises and equipment on-board our fleet of vessels which reduced our minimum lease payments to $5.1 million as of December 31, 2022 compared to $7.9 million for the same period in 2021. The weighted average remaining lease term for our operating leases is 4.8 years (2021: 5.0 years). Our weighted-average discount rate applied for most of our operating leases is 5.5% (2021: 5.5%).

The maturity of our lease liabilities is as follows:

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| | |
|:---|:---|
| Year ending December 31 |  |
| *(in thousands of $)* |  |
| 2023 | 1328 |
| 2024 | 851 |
| 2025 | 1151 |
| 2026 | 1088 |
| 2027 and thereafter | 730 |
| Total minimum lease payments | 5148 |

---

During the year ended December 31, 2022, we entered into an agreement to sub-lease one of our offices and recognized $0.4 million and $4 thousand in the consolidated statement of operations line-item "Vessel management fees and other revenues" and "Administrative expenses", respectively. The minimum contractual future revenues to be received in respect of the sublet office space is $0.1 million.

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**14.** **ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS**

The net income/(loss) from discontinued operations for the years ended December 31, 2022, 2021 and 2020 are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** |
|<br>*(in thousands of $)* | **CoolCo** | **TundraCo** | **Golar Partners and Hygo** | **Total** |
| (Loss)/income from discontinued operations | (194500) | 4880 |  | (189620) |
| (Loss)/ gain on disposal | (10060) | 123230 |  | 113170 |
| **Net (loss)/income from discontinued operations** | (204560) | 128110 |  | (76450) |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
|<br>*(in thousands of $)* | **CoolCo** | **TundraCo** | **Golar Partners and Hygo** | **Total** |
| (Loss)/income from discontinued operations | 54534 | 2806 | (6892) | 50448 |
| Gain on disposal |  |  | 574941 | 574941 |
| **Net income from discontinued operations** | **54534** | **2806** | **568049** | **625389** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2020** | **Year Ended December 31, 2020** | **Year Ended December 31, 2020** | **Year Ended December 31, 2020** |
|<br>*(in thousands of $)* | **CoolCo** | **TundraCo** | **Golar Partners and Hygo** | **Total** |
| Income/(loss) from discontinued operations | 36699 | (3622) | (175989) | (142912) |
| **Net income/(loss) from discontinued operations** | 36699 | (3622) | (175989) | (142912) |

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**14.1 The CoolCo Disposal**

On January 26, 2022, we entered into a share purchase agreement and related agreements with CoolCo, as amended on February 25, 2022 (the "Vessel SPA"), pursuant to which CoolCo acquired all of the outstanding shares of nine of our wholly-owned subsidiaries. Eight of these entities, Golar Hull M2021 Corp., Golar Hull M2022 Corp., Golar Hull M2027 Corp., Golar LNG NB12 Corporation, Golar LNG NB10 Corporation, Golar Hull M2047 Corp., Golar Hull M2048 Corp., and Golar LNG NB11 Corporation are each the registered or disponent owner of the following modern LNG carriers: *Golar Seal, Golar Crystal, Golar Bear, Golar Frost, Golar Glacier, Golar Snow, Golar Ice* and *Golar Kelvin.* The Cool Pool Limited is the entity responsible for the marketing of these LNG carriers. The purchase price agreed for each LNG carrier recognized as an asset in the respective subsidiaries was stated as $145.0 million, subject to working capital and debt adjustments arising from the residual balances of each wholly owned subsidiary as of the respective completion date of each subsidiary disposal.

On January 26, 2022, we also entered into the Transitional Services Agreement (the "CoolCo TSA") with CoolCo, pursuant to which we agreed to provide corporate administrative services to CoolCo for a fixed daily fee an agreement in principle with CoolCo that, following the conclusion of an internal restructuring of our management business, CoolCo will acquire the management entities that are responsible for the commercial and technical vessel management of the LNG carriers acquired by CoolCo and the LNG carriers and FSRU that Golar has been managing for third parties (the "ManCo Agreement", or our shipping and FSRU management business).

Each subsidiary disposal was closed with phased completion dates corresponding with the date that the respective subsidiary debt was either refinanced or assumed by CoolCo and customary conditions precedent were met. Although the disposals to CoolCo closed in stages from March 3, 2022 to June 30, 2022, the disposals to CoolCo are considered a disposal group and the associated assets and liabilities of the disposal group were classified as held-for-sale and qualified as a discontinued operation on March 1, 2022, when the strategic shift criterion in ASC 205 was met. Consequently, we retrospectively reclassified the results of the disposal group and separately presented as "Net income/(loss) from discontinued operations". Each of the subsidiaries were de-recognized on the respective dates of each disposal with a corresponding recognition of a (loss)/gain on disposal.

In November 2022, CoolCo and us agreed for CoolCo to acquire our vessel operations business in Malaysia, subject to the satisfaction of customary closing conditions which is expected to complete in the first half of 2023. The associated assets and liabilities of our Malaysia vessel operations were classified as held-for-sale and qualified as a discontinued operation on December 31, 2022. As such we have we have retrospectively reclassified the results as "Net income/(loss) from discontinued operations".

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As of December 31, 2022, we hold 8.3% share in Cool Co and we continued to account for our investment in CoolCo under the equity method of accounting (note 17).

The discontinued operations were previously included in two of our three segments, "Shipping" (containing the business activities of the LNG carriers and The Cool Pool Limited), and "Corporate and Other" (containing our shipping and FSRU management and finance operations business).

Our continuing involvement with the discontinued operations of the disposal group includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our equity method investment in CoolCo (note 17);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the financial guarantees we provide to CoolCo with respect to the debt assumed by CoolCo related to the *Golar Kelvin* and *Golar Ice*, in place until the earlier of the repayment of the vessel debt by CoolCo or until release by the lessors (note 28);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• undrawn $25.0 million revolving credit facility committed per the loan agreement to be made available until January 2024 (note 28);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CoolCo's management of our LNG carrier *Golar Arctic* and FSRU *Golar Tundra* (note 28);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our agreements with CoolCo that sub-contract our contractual vessel management obligations for the *LNG Croatia* pursuant to our Operation and Maintenance Agreement with LNG Hrvastska d.o.o. (the "LNG Hrvatska O&M Agreement") and for New Fortress Energy Inc.'s ("NFE's") fleet of vessels and the eight vessels that was subsequently sold to Energos Infrastructure Management LLC ("Energos") in August 2022 (further disclosed in note in 14.3 Disposal of Golar Partners and Hygo below and note 28); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our provision of IT services, routine accounting services, treasury services, finance operation services, and any additional services reasonably required pursuant to the CoolCo ASA (note 28).

The following table contains the financial statement line-items presented as discontinued operations following the CoolCo Disposal:

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| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| *(in thousands of $)* | **2022** | **2021** | **2020** |
| Time and voyage charter revenues | 37289 | 161957 | 164740 |
| Vessel and other management fees | 1815 |  |  |
| Vessel operating expenses | (8466) | (49446) | (46400) |
| Voyage, charterhire and commission expenses | (1229) | (709) | (11228) |
| Administrative expenses | 1906 | 476 | (772) |
| Project development expenses | (62) | (362) | (275) |
| Depreciation and amortization | (5807) | (43497) | (44437) |
| Impairment of long-lived assets <sup>(1)</sup> | (218349) |  |  |
| Other operating income | 4374 | 5020 | 3262 |
| **Operating (loss)/income** | **(188529)** | **73439** | **64890** |
| Other non-operating losses |  | (124) |  |
| Interest income | 4 | 7 | 67 |
| Interest expense | (4725) | (18087) | (26954) |
| Other financial items, net | (799) | (401) | (902) |
| Pretax (loss)/income from discontinued operations | **(194049)** | **54834** | **37101** |
| Income taxes | (451) | (300) | (402) |
| **(Loss)/income from discontinued operations** | **(194500)** | **54534** | **36699** |
| Loss on CoolCo Disposal <sup>(2)</sup> | (10060) |  |  |
| **Net (loss)/income from discontinued operations** | **(204560)** | **54534** | **36699** |

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(1) Impairment of long-live assets relates to the impairment charge on the held for sale vessels recognized in accordance with ASC 360 *Property, plant and equipment*, following their classification as held-for-sale.

(2) Loss on CoolCo Disposal comprised of carrying values of the assets and liabilities disposed of $355.4 million, partially offset by the proceeds received of $218.2 million cash consideration and 12.5 million shares of CoolCo valued at $127.1 million (based on the respective share price on the phased completion dates).

------

The following table contains the financial statement line-items forming the assets and liabilities classified as held for sale:

---

| | | |
|:---|:---|:---|
| *(in thousands of $)* | **2022** | **2021** |
| **ASSETS** |  |  |
| **Current assets** |  |  |
| Cash and cash equivalents | 369 | 34173 |
| Restricted cash and short-term deposits |  | 43311 |
| Trade accounts receivable | 16 | 767 |
| Other current assets | 29 | 1965 |
| **Total current assets held for sale** | **414** | **80216** |
| **Non-current assets** |  |  |
| Restricted cash |  | 780 |
| Vessels and equipment, net | 51 | 1383760 |
| Other non-current assets | 151 | 697 |
| **Total non-current assets held for sale** | **202** | **1385237** |
| **Total assets held for sale** | **616** | **1465453** |
| **LIABILITIES** |  |  |
| **Current liabilities** |  |  |
| Current portion of long-term debt and short-term debt |  | (338501) |
| Trade accounts payables | (3) | (7272) |
| Accrued expenses | (180) | (59246) |
| Other current liabilities | (76) | (11640) |
| **Total current liabilities held for sale** | **(259)** | **(416659)** |
| **Non-current liabilities** |  |  |
| Long-term debt |  | (292322) |
| Other non-current liabilities | (114) | (11978) |
| **Total non-current liabilities held for sale** | **(114)** | **(304300)** |
| **Total liabilities held for sale** | **(373)** | **(720959)** |

---

**14.2 The TundraCo Disposal**

On May 31, 2022 we entered into a share purchase agreement with Snam pursuant to which it acquired 100% of the share capital of our subsidiary Golar LNG NB 13 Corporation, owner of FSRU *Golar Tundra* for $352.5 million. The assets and liabilities of the *Golar Tundra* met the criteria for presentation as held-for-sale and also qualified as a discontinued operation on May 30, 2022. Consequently, we retrospectively reclassified the results of the *Golar Tundra* and separately presented as "Net income/(loss) from discontinued operations". The discontinued operations were previously included in the "Shipping" segment.

Our continuing involvement with the discontinued operations of the *Golar Tundra* includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Development Agreement (note 7); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• management fees of $0.7 million.

------

The following table contains the financial statement line-items presented as discontinued operations following TundraCo's Disposal:

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| *(in thousands of $)* | **2022** | **2021** | **2020** |
| Time and voyage charter revenues | 27776 | 29534 | 12509 |
| Vessel operating expenses | (5119) | (6511) | (5274) |
| Voyage, charterhire and commission expenses | (10004) | (9396) | 138 |
| Administrative expenses | (16) | (89) | (163) |
| Depreciation and amortization | (2955) | (7092) | (7546) |
| **Operating income/(loss)** | **9682** | **6446** | **(336)** |
| Interest income |  | 4 | 27 |
| Interest expense | (4649) | (2589) | (3219) |
| Other financial items, net | (153) | (1055) | (94) |
| **Pretax income/(loss) from discontinued operations** | **4880** | **2806** | **(3622)** |
| Income taxes |  |  |  |
| **Income/(loss) from discontinued operations** | **4880** | **2806** | **(3622)** |
| Gain on disposal of discontinued operations <sup>(1)</sup> | 123230 |  |  |
| **Net income/(loss) from discontinued operations** | **128110** | **2806** | **(3622)** |

---

(1) Gain on TundraCo Disposal comprised of (i) cash proceeds received of $352.5 million, (ii) a partially offset by the net asset value of Golar LNG NB 13 Corporation of $229.0 million and (iii) related fees incurred in relation to disposal of $0.3 million.

The following table contains the financial statement line-items forming the assets and liabilities classified as held for sale:

---

| | | |
|:---|:---|:---|
| *(in thousands of $)* | **2022** | **2021** |
| **ASSETS** |  |  |
| **Current assets** |  |  |
| Cash and cash equivalents |  | 2605 |
| Trade accounts receivable |  | 70 |
| Other current assets | 105 | 153 |
| **Total current assets held for sale** | **105** | **2828** |
| **Non-current assets** |  |  |
| Vessels and equipment, net |  | 229495 |
| **Total non-current assets held for sale** | **—** | **229495** |
| **Total assets held for sale** | **105** | **232323** |

---

------

---

| | | |
|:---|:---|:---|
| *(in thousands of $)* | **2022** | **2021** |
| **LIABILITIES** |  |  |
| **Current liabilities** |  |  |
| Current portion of long-term debt and short-term debt |  | (9911) |
| Trade accounts payables |  | (204) |
| Accrued expenses |  | (737) |
| Other current liabilities |  | (2325) |
| **Total current liabilities held for sale** | **—** | **(13177)** |
| **Non-current liabilities** |  |  |
| Long-term debt |  | (145768) |
| **Total non-current liabilities held for sale** | **—** | **(145768)** |
| **Total liabilities held for sale** | **—** | **(158945)** |

---

**14.3 Golar Partners and Hygo disposals**

On April 15, 2021, we completed the sale of our investments in Golar Partners and Hygo to NFE. We received consideration of $876.3 million which comprised of (i) $80.8 million cash for our investment in Golar Partners and (ii) $50.0 million cash and 18.6 million Class A NFE common shares ("NFE Shares") valued at $745.4 million for our investment in Hygo (the "GMLP Merger" and "Hygo Merger", respectively).

The net income/(loss) of equity method investments from discontinued operations for the period ended April 15, 2021 and the year ended December 31, 2020 is as follows:

---

| | | |
|:---|:---|:---|
| | **Period January 1, 2021 to April 15, 2021** | **Year ended December 31,** |
| *(in thousands of $)* | **2021** | **2020** |
| Net income/(loss) from equity method investments in Golar Partners | 8116 | (136832) |
| Net loss from equity method investments in Hygo | (15008) | (39157) |
| Loss from discontinued operations | (6892) | (175989) |
| Gain on disposal of equity method investments <sup>(1)</sup> | 574939 |  |
| Net income/(loss) from discontinued operations | 568047 | (175989) |

---

(1) Gain on disposal of discontinued operations comprised of (i) proceeds received of $876.3 million; (ii) release of our tax indemnity guarantee liability to Golar Partners of $2.0 million; (iii) a partial offset by the carrying values of our investment in affiliates disposed of $257.3 million as of April 15, 2021; (iv) realized accumulated comprehensive losses on disposal of investment in affiliates of $43.4 million; and (v) fees incurred in relation to disposals of $2.7 million.

The summarized financial information of Golar Partners and Hygo shown on a 100% basis are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in thousands of $)* | **April 15, 2021** | **April 15, 2021** | **December 31, 2020** | **December 31, 2020** |
|  | **Golar Partners** | **Hygo** | **Golar Partners** | **Hygo** |
| ***Balance Sheet*** |  |  |  |  |
| Current assets | 85738 | 97509 | 146821 | 109596 |
| Non-current assets | 1742835 | 949265 | 1880840 | 917976 |
| Current liabilities | (1152473) | (144146) | (832277) | (97245) |
| Non-current liabilities | (17965) | (461291) | (570063) | (453278) |
| Non-controlling interests | (82339) | (15250) | 82112 | 13557 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in thousands of $)* | **April 15, 2021** | **April 15, 2021** | **December 31, 2020** | **December 31, 2020** |
|  | **Golar Partners** | **Hygo** | **Golar Partners** | **Hygo** |
| ***Statement of Operations*** |  |  |  |  |
| Revenue | 78389 | 13749 | 284734 | 47295 |
| Net income/(loss) <sup>(1)</sup> | 28952 | (110735) | 18077 | (61859) |

---

(1) Net loss for Hygo for the period ended April 15, 2021 includes the management incentive scheme ("MIS") of $83.7 million which is not reflected in our share of net losses of Hygo as the MIS was reimbursed by Stonepeak.

**Golar Partners and Hygo Post-Merger Services Agreements**

Upon completion of the GMLP Merger and the Hygo Merger, we entered into certain transition services agreements, corporate services agreements, ship management agreements and omnibus agreements with Golar Partners, Hygo and NFE. These agreements replaced the previous management and administrative services agreements, ship management agreements and guarantees that Golar provided to Golar Partners and Hygo.

***Hygo***

We and Stonepeak, agreed to severally indemnify NFE Brazil, NFE, Merger Sub and each of their respective affiliates and representatives, from and against any and all losses, damages, liabilities, costs, charges, fees, expenses, taxes, disbursements, actions, penalties, proceedings, claims and demands or other liabilities related to certain taxes imposed by government authorities.

***Golar Partners***

Under the omnibus agreement, Golar agreed to guarantee the certain obligations of the charters of the *Methane Princess, Golar Winter, Golar Eskimo, NR Satu* and maintain (i) our several guarantee in respect of the Hilli bareboat charter in accordance with the terms of the Hilli bareboat charter and (ii) the guarantee dated November 29, 2016 in favor of Standard Chartered Bank ("SCB") issued pursuant to the facility letter between SCB and Hilli Corp. We have also agreed to maintain the indemnification for certain costs incurred in *Hilli* operations until August 14, 2025, when these costs exceed a contractual ceiling, capped at $20.0 million.

We shall comply with all covenants and terms, including provision of covenants compliance reports, if required. We shall also indemnify, defend and hold harmless NFE and each of its affiliates from and against all losses, liabilities, damages, costs and expenses of every kind and nature, reasonable attorneys' fees and expert's fees arising in connection with our failure to comply with the foregoing. The maximum potential exposure in respect of the guarantees issued by the Company is not known as these matters cannot be absolutely determined. The likelihood of triggering the guarantees is remote based on our past performance.

For the year ended December 31, 2022 and 2021 we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• earned ship management fees amounting to $9.5 million and $6.9 million and administrative services fees amounting to $4.5 million and $3.1 million, respectively. NFE terminated the transition services and Bermuda services agreements on December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incurred pool income/expense from other participants in the pooling arrangement totaling $0.5 million of income and $2.5 million of expenses, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• declared distributions on Hilli LLC totaling $29.4 million and $21.2 million, respectively, with respect to the common units owned by Golar Partners and incurred $4.1 million and $0.1 million, respectively for *Hilli's* costs indemnification; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** earned charter and debt guarantee fees from Golar Partners and Hygo amounting to $1.7 million and $1.4 million, respectively. On August 15, 2022, NFE terminated its sale and leaseback arrangements in respect of the *Golar Celsius, Golar Penguin and Golar Nanook*. Consequently, our debt guarantee for Hygo's long-term debt obligations was released.

------

**15.** **RESTRICTED CASH AND SHORT-TERM DEPOSITS**

Our restricted cash and short-term deposits balances are as follows:

---

| | | |
|:---|:---|:---|
| *(in thousands of $)* | **2022** | **2021** |
| Restricted cash in relation to the FLNG *Hilli* <sup>(1)</sup> | 60952 | 60720 |
| Restricted cash and short-term deposits held by lessor VIEs <sup>(2)</sup> | 21691 | 16523 |
| Restricted cash in relation to the *Golar Arctic* guarantees <sup>(3)</sup> | 38822 |  |
| Restricted cash relating to sale of *LNG Croatia* <sup>(4)</sup> | 11504 | 11328 |
| Restricted cash relating to office lease | 1074 | 2 |
| Restricted cash related to Hygo performance guarantee <sup>(5)</sup> |  | 1500 |
| Restricted cash in relation to liability for UK tax leases <sup>(6)</sup> (note 29) |  | 16000 |
| Total restricted cash and short-term deposits | 134043 | 106073 |
| Less: Amounts included in current restricted cash and short-term deposits | (21693) | (34025) |
| Long-term restricted cash | 112350 | 72048 |

---

(1) In November 2015, in connection with the issuance of a $400 million letter of credit ("LC") by a financial institution to the Customer of the FLNG *Hilli*, we recognized an initial cash collateral of $305.0 million to support the FLNG *Hilli* performance guarantee. Under the provisions of the LC, the terms allow for a stepped reduction in the value of the guarantee over time and a corresponding reduction to the cash collateral requirements. In May 2021, the FLNG *Hilli* had achieved 3.6 million tons of LNG production, reducing the LC to $100 million and the cash collateral to $61.0 million as of December 31, 2022.

In November 2016, after we satisfied certain conditions precedent, the LC originally issued with an initial expiration date of December 31, 2018, was re-issued and automatically extends, on an annual basis, until the tenth anniversary of the acceptance date of the FLNG *Hilli*, unless the bank exercises its option to exit from the arrangement by giving a three months'notice prior to the next annual renewal date.

(2) These are amounts held by lessor VIE that we are required to consolidate under U.S. GAAP into our financial statements

as a VIE (note 5).

(3) In connection with the Arctic SPA, we are required to provide a performance guarantee of €26.9 million and three advance repayment guarantees totaling €163.9 million, which corresponds to the three installment payments from Snam. The performance guarantee and the advance repayment guarantees secures our contractual and performance obligations of the conversion of the *Golar Arctic*, respectively. As of December 31, 2022, we recognized cash collateral for the performance guarantee and first of three advance repayment guarantees of $29.8 million (€26.9 million) and $9.0 million (€8.1 million), respectively. The performance guarantee and three advance repayments guarantees will remain as restricted cash until the final acceptance date of October 2027 and the provisional acceptance date of December 2025, respectively.

(4) In connection with the LNG Hrvatska O&M Agreement, we are required to maintain two performance guarantees, one in the amount of €9.3 million and one in the amount of $1.3 million, both of which will remain restricted throughout the 10-year term until December 2030.

(5) In connection with the disposal of Hygo, we provided a $1.5 million performance guarantee to the senior lenders of Centrais Eléctricas de Sergipe S.A. to enable those lenders to waive their requirement for consent in the event of a change of control and extend the technical completion date of the power plant. The performance guarantee was subsequently released in November 2022.

(6) The lessor for the six legacy UK leases had a first priority security interest in relation to the *Golar Gandria* and second priority interests in relation to the *Golar Tundra* and the *Golar Frost* with a cash collateral of $16.0 million. Upon reaching a settlement in April 2022, these interests and cash collateral were released (note 29).

------

**16.** **OTHER CURRENT ASSETS**

Other current assets consists of the following:

---

| | | |
|:---|:---|:---|
| *(in thousands of $)* | **2022** | **2021** |
| Investment in listed equity securities <sup>(1)</sup> | 224788 | 450225 |
| MTM asset on TTF linked commodity swap derivatives (note 27) | 73583 | 1753 |
| Receivable from TTF linked commodity swap derivatives | 4638 |  |
| Interest receivable from money market deposits | 3617 |  |
| Prepaid expenses | 2760 | 2692 |
| Receivable from IRS derivatives | 1923 |  |
| TTF linked commodity swap collateral <sup>(2)</sup> |  | 6940 |
| Gas derivative instrument (note 27) |  | 79578 |
| Other receivables <sup>(3)</sup> | 3233 | 2559 |
| Other current assets | 314542 | 543747 |

---

(1) "Investment in listed equity securities" as of December 31, 2022 and 2021 comprised of our 5.3 million and 18.6 million NFE Shares, and associated dividend receivable of $nil and $0.6 million, respectively. Dividend receivable is presented in the consolidated statement of operations line-item "Other non-operating income/(losses)".

(2) "TTF linked commodity swap collateral" relates to the cash amount required by the swap counterparty, held at measurement date, which is reactive to the daily fluctuations of the market value of the financial instrument.

(3) Included in "Other receivables" as of December 31, 2022 is $1.8 million reimbursable from Snam in relation to the Development Agreement.

**17.** **EQUITY METHOD INVESTMENTS**

At December 31, 2022 and 2021, we have the following participation in investments that are recorded using the equity method:

---

| | | |
|:---|:---|:---|
| | **2022** | **2021** |
| Egyptian Company for Gas Services S.A.E ("ECGS") | 50.0% | 50.0% |
| Avenir LNG Limited ("Avenir") | 23.5% | 23.5% |
| CoolCo | 8.3% | —% |
| Aqualung Carbon Capture AS ("Aqualung") | 4.4% | —% |

---

The carrying amounts of our equity method investments as of December 31, 2022 and 2021 are as follows:

---

| | | |
|:---|:---|:---|
| *(in thousands of $)* | **2022** | **2021** |
| CoolCo | 55439 |  |
| Avenir | 41790 | 47913 |
| ECGS | 4503 | 4302 |
| Aqualung | 2376 |  |
| Equity method investments | 104108 | 52215 |

---

------

The components of our equity method investments are as follows:

---

| | | |
|:---|:---|:---|
| *(in thousands of $)* | **2022** | **2021** |
| Balance as of January 1, | 52215 | 44385 |
| Additions | 129662 | 6750 |
| Net income | 19041 | 1080 |
| Guarantee fee | 1708 |  |
| Employee stock compensation | 127 |  |
| Share of other comprehensive losses | (797) |  |
| Proceeds from disposal | (97848) |  |
| Balance as of December 31, | 104108 | 52215 |

---

**CoolCo**

In January 2022, we entered into the Vessel SPA with CoolCo, as further described in note 14.1.

In November 2022, we sold 8.0 million of our CoolCo shares or 11.2% at NOK 130 per share for net consideration of $97.9 million, inclusive of $1.5 million fees. Concurrent with the sale of our CoolCo shares, CoolCo announced a private placement of 13.7 million new shares at NOK 130 per share which further diluted our interest in CoolCo. Following our sale of CoolCo shares and CoolCo's issuance of new shares, our remaining equity holding in CoolCo reduced to 4.5 million shares, or 8.3% as of December 31, 2022. This is a partial disposal of an entity in which we have retained the ability to exercise significant influence and the total gain on disposal of our interest in CoolCo of $0.4 million is included in the consolidated statement of operations line-item "Net income/(losses) from equity method investments". As of December 31, 2022, CoolCo shares were listed on Euronext at NOK 113.70 $11.60 per share.

**ECGS**

In December 2005, we entered into an agreement with the Egyptian Natural Gas Holding Company and HK Petroleum Services to establish a jointly owned company, ECGS, to develop operations in Egypt, particularly in hydrocarbon and LNG related areas.

In March 2006, we acquired 0.5 million common shares in ECGS at a subscription price of $1 per share. This represents a 50% interest in the voting rights of ECGS and, in December 2011, ECGS called up its remaining share capital amounting to $7.5 million. Of this, we paid $3.75 million to maintain our 50% equity interest. ECGS does not have quoted market price because the company is not publicly traded. As ECGS is jointly owned and operated, we have adopted the equity method of accounting for our 50% investment in ECGS, as we consider we have joint control.

**Avenir**

In October 2018, Golar, Stolt-Nielsen Ltd. ("Stolt-Nielsen") and Höegh LNG Holdings Limited ("Höegh") entered into a joint $182.0 million investment in Avenir. Golar contributed $24.8 million in exchange for an initial shareholding of 25% of Avenir. The other shareholders, Höegh and Stolt-Nielsen held initial shareholdings of 25% and 50%, respectively. In November 2018, Avenir announced a private placement of 110 million new shares at a par value price of $1.00 per share. Stolt-Nielsen, Golar and Höegh subscribed for 49.5 million, 24.75 million and 24.75 million shares, respectively. Institutional and other professional investors had subscribed for the remaining 11 million shares. The ownership of Avenir held by Stolt-Nielsen, Golar and Höegh after the placement was diluted to 45%, 22.5% and 22.5%, respectively. As a result, Avenir has been considered as our equity method investment.

In March 2020, Avenir issued an equity shortfall notice of $45.0 million which was funded through issuance of additional shares at par value of $1.00 per share. As of December 31, 2022, our $18.0 million commitment to Avenir was fully funded, resulting to a total investment of $42.75 million, representing a 23.5% ownership interest.

**Aqualung**

Aqualung is an Oslo-based technology company that has developed and achieved proof of concept for a CO2 capture and separation membrane technology which could be used to reduce carbon emissions for future FLNG projects.

In May 2022, we invested $2.4 million, together with other key strategic partners, DK Innovations (US) Inc., Global Ship Lease Inc., MKS Pamp Group Limited and Standard Lithium Ltd., amounting to a total equity injection of $10 million which resulted in Golar's 4.4% ownership interest in Aqualung. In August 2022, we were granted representation on the board and accordingly, Aqualung has been considered as an equity method investment.

------

Summarized financial information of our equity method investments shown on a 100% basis are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in thousands of $)* | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
|  | **CoolCo** | **ECGS** | **Avenir** | **Aqualung** |
| ***Balance Sheet*** |  |  |  |  |
| Current assets | 145338 | 36504 | 34028 | 5900 |
| Non-current assets | 1912723 | 97 | 270177 | 159 |
| Current liabilities | (278589) | (25501) | (69509) | (359) |
| Non-current liabilities | (1063959) | (931) | (92694) |  |
| ***Statement of Operations*** |  |  |  |  |
| Revenue | 256434 | 58680 | 62875 | 245 |
| Net income/(loss) | 110744 | 713 | (16217) | (2830) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in thousands of $)* | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
|  | **CoolCo** | **ECGS** | **Avenir** | **Aqualung** |
| ***Balance Sheet*** |  |  |  |  |
| Current assets | 79293 | 41690 | 59741 | 73 |
| Non-current assets | 1387215 | 107 | 208949 |  |
| Current liabilities | (417453) | (31028) | (38557) | (70) |
| Non-current liabilities | (306000) | (931) | (66179) |  |
| ***Statement of Operations*** |  |  |  |  |
| Revenue | 171919 | 80972 | 16538 |  |
| Net (loss)/income | 48368 | 55 | 7119 | (472) |

---

**18.** **ASSET UNDER DEVELOPMENT**

---

| | | |
|:---|:---|:---|
| *(in thousands of $)* | **2022** | **2021** |
| Opening asset under development balance | 877838 | 658247 |
| Additions | 221184 | 178377 |
| Interest costs capitalized | 53010 | 41214 |
| Closing asset under development balance | 1152032 | 877838 |

---

***Gimi* conversion**

In February 2019, we entered into an agreement (described further below) relating to a FLNG facility, in connection with the first phase of the Greater Tortue/Ahmeyim Project (the "GTA Project") situated offshore Mauritania and Senegal, including the conversion of *Gimi* from a LNGC to a FLNG and her connection with the upstream project infrastructure. In October 2020, we announced that we had confirmed a revised project schedule with BP which extended the target connection date by 11 months to 2023. In June 2022, we agreed a $50 million incentive payment to Keppel to safeguard sail away from the shipyard within first half of 2023. The aggregate conversion cost including financing cost is approximately $1.7 billion of which $700 million is funded by the Gimi facility (note 21). As of December 31, 2022, the estimated timing of the outstanding payments in connection with the *Gimi* FLNG conversion is as follows:

---

| | |
|:---|:---|
| *(in thousands of $)* |  |
| Period ending December 31, |  |
| 2023 | 385785 |
| 2024 | 139669 |
|  | 525454 |

---

------

***Gimi* LOA**

In February 2019, we entered into a Lease and Operate Agreement (which was subsequently amended and restated in September 2021) with BP Mauritania Investments Limited ("BP"), Gimi MS and our subsidiary Golar MS Operator S.A.R.L. (the "LOA"). The LOA provides for the construction and conversion of *Gimi* to a FLNG, transit, mooring and connection to BP's project infrastructure, commissioning with BP's upstream facilities including its floating production, storage and offloading vessel, completing specified acceptance tests, followed by the commencement of commercial operations ("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.

Pursuant to the LOA, we and BP are required to meet various delivery schedules. Delays are expected to result in contractual prepayments between the parties in advance of COD. Given the complexity and interdependencies of the activities required during the project mobilization and commissioning leading to COD, it is difficult for us to reasonably estimate eventual net payments/receipts. Post COD, the contractual dayrate is comprised of capital and operating elements. We expect any net payments/receipts in advance of COD to be insignificant in the context of the cash flows we expect to generate over the term of the LOA.

BP has two early termination options on specified dates in the event that specified performance metrics are not met, on the occurrence of specified requisition or force majeure events, or upon specified default of our contractual obligations. In addition, BP has a right to purchase FLNG *Gimi* from the fifteenth anniversary of COD for a purchase price at market value or extend the term of the LOA for delays resulting from specified unforeseen events.

**19.** **VESSELS AND EQUIPMENT, NET**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in thousands of $)* | **Vessels and equipment** | **Mooring equipment** | **Deferred Drydocking expenditure** | **Office equipment and fittings** | **Total** |
| **Cost** |  |  |  |  |  |
| As of January 1 | 1374607 | 45771 | 109094 | 7264 | 1536736 |
| Additions |  |  |  | 77 | 77 |
| As of December 31 | 1374607 | 45771 | 109094 | 7341 | 1536813 |
| **Depreciation, amortization and impairment** |  |  |  |  |  |
| As of January 1 | (223999) | (20363) | (22767) | (5188) | (272317) |
| Charge for the year <sup>(1)</sup> | (39449) | (5543) | (5696) | (600) | (51288) |
| Impairment <sup>(2)</sup> | (72607) |  | (3548) |  | (76155) |
| As of December 31 | (336055) | (25906) | (32011) | (5788) | (399760) |
| Net book value as of December 31, 2022 | 1038552 | 19865 | 77083 | 1553 | 1137053 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (in thousands of $) | **Vessels and equipment** | **Mooring equipment** | **Deferred Drydocking expenditure** | **Office equipment and fittings** | **Total** |
| **Cost** |  |  |  |  |  |
| As of January 1 | 1374607 | 45771 | 109094 | 7287 | 1536759 |
| Additions |  |  |  | 73 | 73 |
| Write-offs <sup>(3)</sup> |  |  |  | (96) | (96) |
| As of December 31 | 1374607 | 45771 | 109094 | 7264 | 1536736 |
| **Depreciation, amortization and impairment** |  |  |  |  |  |
| As of January 1 | (182474) | (14820) | (15948) | (4267) | (217509) |
| Charge for the year | (41525) | (5543) | (6819) | (1017) | (54904) |
| Write-offs <sup>(3)</sup> |  |  |  | 96 | 96 |
| As of December 31 | (223999) | (20363) | (22767) | (5188) | (272317) |
| Net book value as of December 31, 2021 | 1150608 | 25408 | 86327 | 2076 | 1264419 |

---

(1) Depreciation and amortization charges for the years ended December 31, 2022 and 2021, excludes $0.5 million and, $0.5 million respectively, of amortization charges in relation to the Cameroon license fee.

(2) Entry into the Arctic SPA changed the expected recovery of *Golar Arctic's* carrying amount from continued use in operations over her remaining useful life, to recovery from sale, and was considered an indicator of impairment. As the revised future estimated cash flows were less than her carrying amount, an impairment charge of $76.2 million was recognized during the year ended December 31, 2022, reflecting an adjustment to her fair value (based on average broker valuation at date of measurement and represents the exit price in the principal LNG carrier sales market).

(3) Write-offs relates to fully depreciated or fully amortized assets.

**20.** **OTHER NON-CURRENT ASSETS**

Other non-current assets is comprised of the following:

---

| | | |
|:---|:---|:---|
| *(in thousands of $)* | **2022** | **2021** |
| Gas derivative instrument (note 27) | 196184 |  |
| Oil derivative instrument (note 27) | 182795 | 127480 |
| MTM asset on IRS derivatives (note 27) | 54970 |  |
| MTM asset on TTF linked commodity swap derivatives (note 27) | 39785 |  |
| Operating lease right-of-use-assets <sup>(1)</sup> | 5653 | 10293 |
| Others <sup>(2)</sup> | 32652 | 3673 |
| Other non-current assets | 512039 | 141446 |

---

(1) Operating lease right-of-use-assets mainly comprise of our office leases.

(2) Included within "Others" for the year ended December 31, 2022 is expenditure on engineering services and long lead items of $16.7 million and $10.4 million, respectively, for our Mark II FLNG, one of our FLNG design models for prospective conversion of an existing LNG carrier to a FLNG and $2.9 million of engineering and other professional fees in preparation for the conversion of the *Golar Arctic* pursuant to the terms of Arctic SPA*.*

**21.** **DEBT**

---

| | | |
|:---|:---|:---|
| *(in thousands of $)* | **2022** | **2021** |
| Total debt, net of deferred finance charges | (1189324) | (1623300) |
| Less: Current portion of long-term debt and short-term debt | 344778 | 703170 |
| Long-term debt | (844546) | (920130) |

---

------

The outstanding debt, gross of deferred finance charges, as of December 31, 2022 is repayable as follows:

---

| | | | |
|:---|:---|:---|:---|
| Year ending December 31 | **Golar debt** | **VIE debt** <sup>(1)</sup> | **Total debt** |
| *(in thousands of $)* |  |  |  |
| 2023 | (7294) | (337666) | (344960) |
| 2024 | (43756) | (60600) | (104356) |
| 2025 | (217363) | (60600) | (277963) |
| 2026 | (58333) | (35500) | (93833) |
| 2027 | (58333) |  | (58333) |
| 2028 and thereafter | (330834) |  | (330834) |
| Total | (715913) | (494366) | (1210279) |
| Deferred finance charges | 20699 | 256 | 20955 |
| Total debt net of deferred finance charges | (695214) | (494110) | (1189324) |

---

(1) These amounts relate to a certain lessor entity (for which legal ownership resides with a financial institution) that we are required to consolidate into our financial statements as a VIE (note 5).

At December 31, 2022 and 2021, our debt was as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in thousands of $)* | **2022** | **2021** | **Maturity date** |
| Gimi facility | (535000) | (410000) | March 2030 |
| Unsecured Bonds | (159029) | (299403) | October 2025 |
| Golar Arctic facility | (21884) | (29178) | October 2024 |
| 2017 Convertible bonds |  | (315646) |  |
| **Subtotal (excluding lessor VIE debt)** | **(715913)** | **(1054227)** |  |
| CSSC VIE debt - FLNG Hilli facility | (494366) | (597280) | Repayable on demand/2026 |
| **Total debt (gross)** | **(1210279)** | **(1651507)** |  |
| Less: Deferred finance charges | 20955 | 28207 |  |
| **Total debt, net of deferred financing costs** | **(1189324)** | **(1623300)** |  |

---

**Gimi facility**

In October 2019, we entered into a $700 million facility agreement with a group of lenders to finance the conversion and operations of the *Gimi*. The facility is available for drawdown during the *Gimi* conversion and amortizes COD, with a final balloon payment of $350.0 million, due in 2030. The facility bears interest at LIBOR plus a margin of 4.0% during the conversion phase, reducing to LIBOR plus a margin of 3.0% post COD. As of December 31, 2022, we had drawn $535.0 million of the available funds. Subsequent drawdowns are dependent upon reaching further conversion milestones relating to project spend. A commitment fee is chargeable on any undrawn portion of this facility.

**Unsecured Bonds**

In October 2021, we closed our $300.0 million senior Unsecured Bonds in the Nordic bond market. The Unsecured Bonds will mature in October 2025 and bear interest at 7.00% per annum. The net proceeds from the Unsecured Bonds was used to partly refinance our $402.5 million 2017 convertible bonds which matured in February 2022 ("Convertible Bonds") and for general corporate purposes. Contemporaneous with the closing of the Unsecured Bonds, we redeemed $85.2 million of the 2017 convertible bonds and recognized loss on partial redemption of $0.8 million.

The terms of the Unsecured Bonds grant us:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an early redemption option to redeem the Unsecured Bonds for 100% of the Nominal Amount if it is required to gross up any withholding tax from any payments in respect of the Unsecured Bonds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• early redemption call option to redeem all of some of the Unsecured Bonds at multiple dates throughout the four year term with pricing that reduces as the maturity date approaches;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to purchase and hold the Unsecured Bonds and that such Unsecured Bonds may be retained, sold or cancelled at our sole discretion; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• grants the bondholders a mandatory repurchase put option to require that that we repurchase some or all of the Unsecured Bonds for 101% of the Nominal Amount per bond – the put option is triggered by a change of control event, a delisting event, a disposal event or a total loss event.

In December 2022, we repurchased $140.7 million of the Unsecured Bonds at par for a total consideration of $142.2 million, comprised of premium of $140.7 million and accrued interest up to December 15, 2022 of $1.5 million. A loss on extinguishment of debt of $2.3 million was recognized and presented in "Other financial items, net" in the consolidated statement operations. The repurchase did not result in an amendment to the terms of the remaining outstanding Unsecured Bonds.

**Golar Arctic facility**

In October 2019, we entered into an agreement with the existing lenders to extend the maturity of our Golar Arctic facility. The extended facility matures five years from execution, is repayable in quarterly installments and has a final balloon payment of $9.1 million in October 2024. The margin had also increased from 2.25% to 2.75%.

**2017 Convertible bonds** 

On February 17, 2017, we closed a $402.5 million aggregate principal amount of 2.75% convertible senior unsecured notes due 2022 ("2017 Convertible Bonds"). In February 2022, we fully redeemed the outstanding notional value of our 2017 Convertible Bonds, inclusive of interest, amounting to $321.7 million.

**Corporate Revolving Credit Facility**

In November 2021, we executed a $200.0 million revolving facility (the "Corporate RCF") which has a term of three years. The Corporate RCF bears interest at LIBOR plus a margin of 2.8% and is secured against our NFE Shares. Under the terms of the Corporate RCF, we are permitted to release a portion of the pledged NFE Shares in accordance with the prescribed loan to value ratio based on the then-current market value of such NFE Shares. In February 2022, we had drawn $131.0 million of the available funds and repaid these funds in May 2022. In November 2022, the Corporate RCF was canceled and the pledge against our remaining NFE shares was released.

**Corporate bilateral facility** 

In February 2022, we executed a $250 million corporate bilateral facility with Sequoia Investment Management secured by Golar's ownership in FLNGs *Hilli* and *Gimi*. The corporate bilateral facility had a tenor of seven years with a bullet payment maturing in February 2029 and bears interest of LIBOR plus a margin range of 4.5% to 5.5%, subject to certain financial ratio thresholds. In June 2022, the availability of the undrawn corporate bilateral facility expired.

**Lessor VIE debt**

The following loan relates to our lessor VIE entity, the CSSC entity that we consolidate as a VIE. Although we have no control over the funding arrangement of this entity, we consider ourselves the primary beneficiary of this VIE and therefore are required to consolidate this loan facility into our financial results (note 5).

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Facility** | **Effective from** | **SPV** | **Loan counterparty** | **Loan facility at inception (in $ millions)** | **Loan facility at December 31, 2022(in $ millions)** | **Loan duration/maturity** | **Interest** |
| *Hilli* <sup>(1)</sup> | June 2018 | Fortune Lianjing Shipping S.A. | CSSC entity | (840.0) | (217.3) | 8 years non-recourse | LIBOR plus margin |
| *Hilli* <sup>(1)</sup> | June 2018 | Fortune Lianjing Shipping S.A. | CSSC entity | (120.0) | (277.1) | Repayable on demand | Nil |

---

(1) In July 2019, the SPV, Fortune Lianjiang Shipping S.A., repaid $150.0 million to the interest-bearing facility and subsequently drew down $150.0 million from an internal loan with the CSSC entity. In March, 2020, the SPV, Fortune Lianjiang Shipping S.A., repaid $215.2 million to the interest-bearing facility and subsequently drew down $223.0 million from the internal loan with the CSSC entity.

The vessel in the table above is secured as collateral against these long-term loans (note 29).

------

**Debt restrictions**

Certain of our debts are collateralized by vessel liens. The existing financing agreements impose certain operating and financing restrictions which may significantly limit or prohibit, among other things, our ability to incur additional indebtedness, create liens, sell capital shares of subsidiaries, make certain investments, enter into mergers and acquisitions, purchase and sell vessels, enter into time or consecutive voyage charters or distribute dividends. In addition, lenders may accelerate the maturity of indebtedness under financing agreements and foreclose upon the collateral securing the indebtedness upon the occurrence of certain events of default, including a failure to comply with any of the covenants contained in our debt agreements. Many of our debt agreements contain certain covenants, which require compliance with certain financial ratios. Such ratios include current assets: liabilities and minimum net worth and minimum free cash restrictions. With regards to cash restrictions, we have covenanted to retain at least $50.0 million of cash and cash equivalents on a consolidated group basis. As of December 31, 2022, we were in compliance with all our covenants under our various loan agreements.

**22.** **ACCRUED EXPENSES**

Accrued expenses is comprised of the following:

---

| | | |
|:---|:---|:---|
| *(in thousands of $)* | **2022** | **2021** |
| Interest | (13514) | (13767) |
| Vessel related <sup>(1)</sup> | (10795) | (7925) |
| Administrative related <sup>(2)</sup> | (8039) | (10122) |
| Current tax payable | (485) | (1058) |
| Accrued expenses | (32833) | (32872) |

---

(1) "Vessel related" accrued expenses is comprised of vessel operating expenses such as crew wages, vessel supplies, routine repairs, maintenance, drydocking, lubricating oils and insurance.

(2) "Administrative related" accrued expenses is comprised of general overhead including personnel costs, legal and professional fees, costs associated with project development, property costs and other general expenses.

**23.** **OTHER CURRENT LIABILITIES**

Other current liabilities is comprised of the following:

---

| | | |
|:---|:---|:---|
| *(in thousands of $)* | **2022** | **2021** |
| Day 1 gain deferred revenue - current portion <sup>(1)</sup> (note 24) | (12783) | (38242) |
| Deferred revenue | (6080) | (5584) |
| Contract liability for other revenue (note 5) | (4177) |  |
| Demurrage cost (note 5) | (1608) |  |
| Current portion of operating lease liability (note 13) | (1328) | (3006) |
| MTM liability on TTF linked commodity swap derivatives (note 27) |  | (88) |
| Liability for UK tax leases (note 29) |  | (71739) |
| MTM liability on interest rate swaps (note 27) |  | (17300) |
| Other payables <sup>(2)</sup> | (1469) | (455) |
| Other current liabilities | (27445) | (136414) |

---

(1) Current portion of Day 1 gain deferred on initial recognition of the oil and gas derivative instruments embedded in the LTA (note 7). As of December 31, 2022 and 2021, the Day 1 gain deferred revenue - current portion relating to FLNG *Hilli's* oil and gas derivative instruments is $10.0 million and $2.8 million; $10.0 million and $28.3 million, respectively.

(2) Included in "Other payables" is $0.9 million for debt guarantee to CoolCo (note 28).

------

**24.** **OTHER NON-CURRENT LIABILITIES**

Other non-current liabilities is comprised of the following:

---

| | | |
|:---|:---|:---|
| *(in thousands of $)* | **2022** | **2021** |
| Underutilization liability (note 7) | (35806) |  |
| Day 1 gain deferred revenue <sup>(1)</sup> | (31720) | (34221) |
| Pension obligations (note 25) | (24269) | (31357) |
| Deferred commissioning period revenue <sup>(2)</sup> | (10396) | (14515) |
| *Golar Arctic's* contract liability <sup>(3)</sup> | (7816) |  |
| Non-current portion of operating lease liabilities (note 13) | (3587) | (7136) |
| Other payables <sup>(4)</sup>  | (6834) | (5730) |
| Other non-current liabilities | (120428) | (92959) |

---

(1) Non-current portion of Day 1 gain deferred on initial recognition of the oil and gas derivative instruments embedded in the LTA (note 7). As of December 31, 2022 and 2021, the non-current portion of the Day 1 gain deferred revenue relating to FLNG *Hilli's* oil and gas derivative instruments is $24.5 million and $7.2 million; $34.2 million and $nil, respectively.

(2) FLNG *Hilli's* Customer billing during the commissioning period, prior to vessel acceptance and commencement of the LTA, which is considered an upfront payment for services. These amounts billed are recognized as part of "Liquefaction services revenue" in the consolidated statements of operations evenly over the LTA contract term, with this commencing on the Customer's acceptance of the FLNG *Hilli*. The current portion of deferred commissioning period billing is included in "Other current liabilities" (note 23).

(3) "*Golar Arctic's* contract liability" represents the first advance received from Snam in relation to the Arctic SPA (note 7 and 15).

(4) Included in "Other payables" are an asset retirement obligation of $5.7 million and $5.3 million for the years ended December 31, 2022 and 2021, respectively. The corresponding asset of $4.7 million is recorded within vessels and equipment, net (note 19).

**25.** **PENSIONS**

*Defined contribution scheme*

We operate a defined contribution scheme. The pension cost for the period represents contributions payable by us to the scheme. The charge to net income for the years ended December 31, 2022, 2021 and 2020 was $1.7 million, $2.2 million and $2.1 million, respectively.

*Defined benefit schemes*

We have two defined benefit pension plans both of which are closed to new entrants but still cover certain of our employees. Benefits are based on the employees' years of service and compensation. Net periodic pension plan costs are determined using the Projected Unit Credit Cost method. Our plans are funded by us in conformity with the funding requirements of the applicable government regulations. Plan assets consist of both fixed income and equity funds managed by professional fund managers.

We use December 31 as the measurement date for our pension plans.

The components of net periodic benefit costs are as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| *(in thousands of $)* | **2022** | **2021** | **2020** |
| Service cost | (75) | (120) | (155) |
| Interest cost | (1087) | (879) | (1271) |
| Expected return on plan assets | 254 | 214 | 318 |
| Recognized actuarial loss | (774) | (1131) | (848) |
| Net periodic benefit cost | (1682) | (1916) | (1956) |

---

------

The components of net periodic benefit costs are recognized in the consolidated statement of operations within "administrative expenses" and "vessel operating expenses" amounting to $0.1 million, (2021: $0.2 million) and $1.6 million (2021: $1.7 million), respectively.

The estimated net loss for the defined benefit pension plans that was amortized from accumulated other comprehensive income into net periodic pension benefit cost during the year ended December 31, 2022 is $0.8 million (2021: $1.1 million).

The change in projected benefit obligation and plan assets and reconciliation of funded status for the year ended December 31, 2022 and 2021 are as follows:

---

| | | |
|:---|:---|:---|
| *(in thousands of $)* | **2022** | **2021** |
| Reconciliation of benefit obligation: |  |  |
| Benefit obligation at January 1 | 47215 | 54122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service cost | 75 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest cost | 1087 | 879 |
| &nbsp;&nbsp;&nbsp;&nbsp;Actuarial gain <sup>(1)</sup> | (10106) | (4081) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency exchange rate changes | (1227) | (120) |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit payments | (2966) | (3705) |
| Benefit obligation at December 31 | 34078 | 47215 |

---

(1) Actuarial gain is sensitive to changes in key actuarial assumptions specifically discount rates, mortality rates and assumed future salary increases.

The accumulated benefit obligation at December 31, 2022 and 2021 was $33.9 million and $46.7 million, respectively.

---

| | | |
|:---|:---|:---|
| *(in thousands of $)* | **2022** | **2021** |
| Reconciliation of fair value of plan assets: |  |  |
| Fair value of plan assets at January 1 | 15858 | 16864 |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual return on plan assets | (4392) | (46) |
| &nbsp;&nbsp;&nbsp;&nbsp;Employer contributions | 2900 | 2900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency exchange rate changes | (1591) | (155) |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit payments | (2966) | (3705) |
| Fair value of plan assets at December 31 | 9809 | 15858 |

---

The amounts recognized in accumulated other comprehensive income, as of December 31, 2022 and 2021, is $4.4 million and $10.9 million, respectively.

The actuarial loss recognized in other comprehensive income/(loss) is net of tax of $0.3 million, $0.7 million, and $0.6 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Employer contributions and benefits paid under the pension plans include $2.9 million paid from employer assets for the years ended December 31, 2022 and 2021.

(1) Our defined benefit pension plan is comprised of two schemes as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
| <br>*(in thousands of $)* | **UK Scheme** | **Marine Scheme** | **Total** | **UK Scheme** | **Marine Scheme** | **Total** |
| Fair value of benefit obligation | (7073) | (27005) | (34078) | (11608) | (35607) | (47215) |
| Fair value of plan assets | 8801 | 1008 | 9809 | 15077 | 781 | 15858 |
| Funded (unfunded) status at end of year | 1728 | (25997) | (24269) | 3469 | (34826) | (31357) |

---

------

The fair value of our plan assets, by category, as of December 31, 2022 and 2021 are as follows:

---

| | | |
|:---|:---|:---|
| *(in thousands of $)* | **2022** | **2021** |
| Equity securities | 8801 | 15077 |
| Cash | 1008 | 781 |
|  | 9809 | 15858 |

---

The asset allocation for our Marine scheme at December 31, 2022 and 2021, by asset category are as follows:

---

| | | |
|:---|:---|:---|
| *Marine scheme* | **2022 (%)** | **2021 (%)** |
| Cash | 100 | 100 |
| Total | 100 | 100 |

---

The asset allocation for our UK scheme at December 31, 2022 and 2021, by asset category are as follows:

---

| | | |
|:---|:---|:---|
| *UK scheme* | **2022 (%)** | **2021 (%)** |
| Equity | 100 | 100 |
| Total | 100 | 100 |

---

Our investment strategy is to balance risk and reward through the selection of professional investment managers and investing in pooled funds.

We are expected to make the following contributions to the schemes during the year ended December 31, 2023, as follows:

---

| | | |
|:---|:---|:---|
| *(in thousands of $)* | **UK scheme** | **Marine scheme** |
| Employer contributions |  | 2900 |

---

We are expected to make the following pension disbursements as follows:

---

| | | |
|:---|:---|:---|
| *(in thousands of $)* | **UK scheme** | **Marine scheme** |
| 2023 | 340 | 2600 |
| 2024 | 370 | 2500 |
| 2025 | 470 | 2400 |
| 2026 | 390 | 2300 |
| 2027 | 400 | 2200 |
| 2028 - 2032 | 2140 | 9500 |

---

The weighted average assumptions used to determine the benefit obligation for our defined benefit pension plans for the years ended December 31 are as follows:

---

| | | |
|:---|:---|:---|
| | **2022** | **2021** |
| Discount rate | 4.94% | 2.43% |
| Rate of compensation increase | 2.61% | 2.70% |

---

The weighted average assumptions used to determine the net periodic benefit cost for our defined benefit pension plans for the years ended December 31 are as follows:

---

| | | |
|:---|:---|:---|
| | **2022** | **2021** |
| Discount rate | 4.93% | 2.44% |
| Expected return on plan assets | 1.81% | 1.31% |
| Rate of compensation increase | 2.49% | 2.75% |

---

The overall expected long-term rate of return on assets assumption used to determine the net periodic benefit cost for our plans for the years ended December 31, 2022 and 2021 is based on the weighted average of various returns on assets using the asset allocation as of the beginning of 2022 and 2021. For equities and other asset classes, we have applied an equity risk premium over ten-year governmental bonds.

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**26.** **SHARE CAPITAL AND SHARE BASED COMPENSATION**

Our common shares are listed on the Nasdaq Stock Exchange.

As of December 31, 2022 and 2021, our authorized and issued share capital is as follows:

Authorized share capital:

---

| | | |
|:---|:---|:---|
| *(in thousands of $, except per share data)* | **2022** | **2021** |
| 150,000,000 (2021: 150,000,000) common shares of $1.00 each | 150000 | 150000 |

---

Issued share capital:

---

| | | |
|:---|:---|:---|
| *(in thousands of $, except per share data)* | **2022** | **2021** |
| 107,225,832 (2021: 108,222,604) outstanding issued common shares of $1.00 each | 107226 | 108223 |

---

---

| | | |
|:---|:---|:---|
| *(number of shares)* | **2022** | **2021** |
| As of January 1 | 108222604 | 109943594 |
| Repurchase and cancellation of treasury shares <sup>(1)</sup> | (1189653) | (1984647) |
| Vesting of RSUs | 186881 | 263657 |
| Share options exercised | 6000 |  |
| As of December 31 | 107225832 | 108222604 |

---

(1) During 2022, we repurchased and cancelled 1.2 million treasury shares for a consideration of $25.5 million inclusive of brokers commission of $0.02 million. In 2021, we repurchased and cancelled 2.0 million treasury shares for a consideration of $24.5 million inclusive of brokers commission of $0.04 million.

*Contributed surplus*

As of December 31, 2022 and 2021, we have a contributed surplus of $200 million. Contributed surplus is capital that can be returned to stockholders without the need to reduce share capital, thereby giving Golar greater flexibility when it comes to declaring dividends.

**Share options**

Our LTIP was adopted by our Board of Directors, effective as of October 24, 2017. The maximum aggregate number of common shares that may be delivered pursuant to any and all awards under the LTIP shall not exceed 3,000,000 common shares, subject to adjustment due to recapitalization or reorganization as provided under the LTIP. The LTIP allows for grants of (i) share options, (ii) share appreciation rights, (iii) restricted share awards (iv) share awards, (v) other share-based awards, (vi) cash awards, (vii) dividend equivalent rights, (viii) substitute awards and (ix) performance-based awards, or any combination of the foregoing as determined by the Board of Directors or nominated committee in its sole discretion. Either authorized unissued shares or treasury shares (if there are any) in the Company may be used to satisfy exercised options.

In 2022, there were no share options granted. In 2021, 750,000 share options were awarded to officers. The options vest in equal installments over two years and have a three-year term.

The fair value of each option award is estimated on the grant date or modification date using the Black-Scholes option pricing model. The weighted average assumptions as of the May 2021 grant date are noted in the table below:

---

| | |
|:---|:---|
| | **2021** |
| Risk free interest rate | 0.2% |
| Expected volatility of common stock | 85.0% |
| Expected dividend yield | 0.0% |
| Expected term of options (in years) | 2.3 years |

---

The assumption for expected future volatility is based primarily on an analysis of historical volatility of our common shares.

------

Where the criteria for using the simplified method are met, we have used this method to estimate the expected term of options based on the vesting period of the award that represents the period options granted are expected to be outstanding. Under the simplified method, the mid-point between the vesting date and the maximum contractual expiration date is used as the expected term. Where the criteria for using the simplified method are not met, we used the contractual term of the options.

The dividend yield has been estimated at 0.0% as the exercise price of the options are reduced by the value of dividends, declared and paid on a per share basis.

As of December 31, 2022, 2021 and 2020, the number of options outstanding in respect of Golar shares was 1.0 million, 1.5 million and 1.8 million, respectively.

A summary of the share options movements during the year ended December 31, 2022 is presented below:

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| | | | |
|:---|:---|:---|:---|
| | **Shares<br>(in '000s)** | **Weighted average exercise price** | **Weighted average remaining contractual term<br>(years)** |
| Options outstanding at December 31, 2021 | 1505 | $17.65 | 1.6 |
| &nbsp;&nbsp;&nbsp;Forfeited during the year | (334) | $21.17 |  |
| &nbsp;&nbsp;&nbsp;Exercised during the year | (6) | $26.90 |  |
| &nbsp;&nbsp;&nbsp;Lapsed during the year | (128) | $26.44 |  |
| **Options outstanding at December 31, 2022** | **1037** | $**15.37** | **1.0** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Options outstanding and exercisable at:** | | | |
| &nbsp;&nbsp;December 31, 2022 | 662 | $17.87 | 0.8 |
| &nbsp;&nbsp;December 31, 2021 | 755 | $24.28 | 0.8 |
| &nbsp;&nbsp;December 31, 2020 | 1717 | $24.46 | 1.2 |

---

Options outstanding and exercisable at December 31, 2022 presented above include 73,900 units that were granted to former Golar employees in February 2018 that were acquired by CoolCo as part of the ManCo SPA (note 14.1).

The exercise price of all options is reduced by the amount of dividends declared and paid up to 2019. The above figures for options granted, exercised and forfeited show the average of the prices at the time of granting, exercising and forfeiting of the options, and for options outstanding at the beginning and end of the year, the average of the reduced option prices is shown.

As of December 31, 2022, the aggregate intrinsic value of share options that were both outstanding and exercisable was $7.7 million. As of December 31, 2021 and 2020, the aggregate intrinsic value of share options that were both outstanding and exercisable was $nil as the exercise price was higher than the market value of the share options at year end.

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|<br>*(in thousands of $)* | **2022** | **2021** | **2020** |
| &nbsp;&nbsp;&nbsp;Total fair value of share options fully vested in the year | 1958 | 1595 | 3175 |
| &nbsp;&nbsp;&nbsp;Compensation cost recognized in the consolidated statement of income | 1971 | 1434 | 2274 |
| &nbsp;&nbsp;&nbsp;Share options cost capitalized\* |  | 16 | 110 |

---

\*Relates to capitalized costs on share options awarded to employees directly involved in certain vessel conversion projects.

As of December 31, 2022, the total unrecognized compensation cost amounting to $0.7 million relating to options outstanding is expected to be recognized over a weighted average period of 0.4 years.

------

**Restricted Stock Units (RSU)**

***Time-based RSUs***

Pursuant to the LTIP, we granted certain individuals 97,215 and nil of RSUs during the years ended December 31, 2022 and 2021, respectively. The RSUs vest equally over a period of 3 years. Refer to 'Performance-based RSUs' July 2022 grant discussed below for further details on the RSUs granted in 2022.

The fair value of the RSU award is estimated using the market price of our common shares at grant date with the corresponding expense recognized over the three-year vesting period.

A summary of time-based RSU activities for the year ended December 31, 2022 is presented below:

---

| | | | |
|:---|:---|:---|:---|
| | **Shares**<br>**(in '000s)** | **Weighted average grant date fair value per share** | **Weighted average remaining contractual term<br>(years)** |
| **Non-vested RSUs at December 31, 2021** | **343** | **9.71** | **1.1** |
| &nbsp;&nbsp;&nbsp;Granted during the year | 97 | 22.52 |  |
| &nbsp;&nbsp;&nbsp;Vested during the year | (187) | 11.28 |  |
| &nbsp;&nbsp;&nbsp;Forfeited during the year | (35) | 9.63 |  |
| **Non-vested RSUs at December 31, 2022** | **218** | **14.09** | **1.2** |

---

Non-vested time-based RSUs at December 31, 2022 presented above include 32,249 awards that were granted to former Golar employees in March 2020 that were acquired by CoolCo as part of the ManCo SPA (note 14.1).

***Performance-based RSUs***

*July 2022 grant*

In July 2022, pursuant to the LTIP, we granted certain individuals RSUs that are subject to certain market and performance conditions within the performance period from January 1 to December 31, 2022. The market and performance conditions are weighted to determine the maximum number of RSUs that will be awarded. The maximum number of RSUs that may be earned under the award is 138,878. However, 70% of the total award or 97,215 RSUs will vest over the requisite service period of three-years from July 2022 to July 2025 regardless of the achievement of market and performance conditions. These are shown as time-based RSUs in the preceding table and fair value is estimated using the market price of our common shares at grant date.

The remaining 30% of the award contingently vests subject to Golar achieving more than 70% of the market and performance conditions. As achievement of certain of the performance conditions are subject to the discretion of the Compensation Committee of our Board of Directors (the "Compensation Committee"), no grant date is established until final approval by the Compensation Committee. As such, fair value is estimated using the market price of our common shares at each period end date until final approval is granted by the Compensation Committee. The market condition was achieved at December 31, 2022, so no fair value adjustment to our share price was necessary. Final approval by the Compensation Committee was granted on January 16, 2023. This award will also vest over the requisite service period of three years from July 2022 to July 2025.

*March 2020 grant*

In March 2020, we granted certain individuals RSUs that were subject to the achievement of a total shareholder return ("TSR") performance condition relative to the TSR of a predetermined group of peer companies over a three-year performance period that ended in December 31, 2022. The maximum number of RSUs that may be earned under the award is 159,430. Payouts of the performance-based RSUs will range from 0% to 100% of the target awards based on our TSR ranking within the peer group. This award will vest in March 2023.

------

The fair value of this award is estimated on the grant date using the Monte Carlo simulation model. The weighted average assumptions as of grant date are noted in the table below:

---

| | |
|:---|:---|
| | **2020** |
| Remaining performance period | 2.8 years |
| Contractual term | 3.0 years |
| Expected dividend yield | 0.0% |
| Risk free interest rate | 0.42% |
| Golar volatility | 84% |
| Share price at grant date | $7.49 |

---

The assumption for expected future volatility is based primarily on an analysis of historical volatility of our common shares with an implied volatility factored in for the last 0.9 years of the performance period.

A summary of performance-based RSU activity for the year ended December 31, 2022 is presented below:

---

| | | | |
|:---|:---|:---|:---|
| | **Shares**<br>**(in '000s)** | **Weighted average grant date fair value per share** | **Weighted average remaining contractual term<br>(years)** |
| **Non-vested performance based RSUs at December 31, 2021** | 28 | 6.25 | **1.2** |
| &nbsp;&nbsp;Granted during the year | 42 | 22.79 |  |
| &nbsp;&nbsp;Forfeited during the year | (1) | 22.79 |  |
| **Non-vested performance based RSUs at December 31, 2022** | **69** | **16.05** | **1.6** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|<br>*(in thousands of $)* | **2022** | **2021** | **2020** |
| &nbsp;&nbsp;&nbsp;Compensation cost recognized in the consolidated statement of income | 1522 | 1774 | 2739 |
| &nbsp;&nbsp;RSU cost capitalized <sup>\*</sup> | 198 | 322 | 295 |

---

\*Relates to capitalized costs on RSUs awarded to employees directly involved in certain vessel conversion projects.

Non-vested performance-based RSUs at December 31, 2022 above include 10,520 units that were granted to former Golar employees in March 2020 that were acquired by CoolCo as part of the ManCo SPA (note 14.1).

As of December 31, 2022, the total unrecognized compensation cost of $2.6 million relating to both time-based and performance based RSUs outstanding is expected to be recognized over a weighted average period of 2.3 years.

**27.** **FINANCIAL INSTRUMENTS**

**Interest rate risk management**

We may enter into financial instruments to reduce the risk associated with fluctuations in interest rates. We have entered into swaps that convert floating rate interest obligations to fixed rates, which from an economic perspective, hedge the interest rate exposure. The counterparties to such contracts are major banking and financial institutions. Credit risk exists to the extent that the counterparties are unable to perform under the contracts; however we do not anticipate non-performance by any of our counterparties. We do not hold or issue instruments for speculative or trading purposes.

We manage our debt portfolio with interest rate swap agreements in U.S. dollars to achieve an overall desired position of fixed and floating interest rates. We ceased hedge accounting for our derivatives in 2015.

------

As of December 31, 2022 and 2021, we were party to the following interest rate swap transactions involving the payment of fixed rates in exchange for LIBOR as summarized below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Instrument** | **Year end** | **Notional value** | **Maturity dates** | **Fixed interest rates** |
| Interest rate swaps: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Receiving floating, pay fixed | 2022 | 740000 | 2024/2029 | 1.69% to 2.37% |
| &nbsp;&nbsp;&nbsp;Receiving floating, pay fixed | 2021 | 505000 | 2024/2029 | 1.69% to 2.37% |

---

**Foreign currency risk**

The majority of our gross earnings are receivable in U.S. dollars. The majority of our transactions, assets and liabilities are denominated in U.S. dollars, our functional currency. However, we incur certain expenditure in other currencies. There is a risk that currency fluctuations will have a negative effect on the value of our cash flows.

**Commodity price risk management**

Although the LTA bills at a base rate of $60.00 per barrel over the contract term for 1 million tons of LNG, we bear no downside risk to the movement of oil prices should the oil price move below $60.00. Pursuant to LTA Amendment 3, 0.2 million tons per year of LNG is linked to the TTF index and the Euro/U.S. Dollar foreign exchange movements.

We have entered into commodity swaps to economically hedge our exposure to a portion of FLNG *Hilli's* tolling fee that is linked to the TTF index, by swapping variable cash receipts that are linked to the TTF index for anticipated future production volumes with fixed payments from our TTF swap counterparties. We have entered into master netting agreements with our counterparties and are subject to nominal credit risk as these transactions are settled on a daily margin basis with investment grade institutions.

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Instrument* | **Year end** | **Notional quantity (MMBtu)** | **Maturity date** | **Fixed price/MMBtu** |
| Commodity swap derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Receiving fixed, pay floating | 2022 | 4839000 | 2023 - 2024 | $49.50 to $51.20 |
| &nbsp;&nbsp;&nbsp;Receiving fixed, pay floating | 2021 | 1209753 | 2023 - 2024 | $23.25 to $28.00 |

---

**Equity price risk** 

Our Board of Directors previously approved a share repurchase program, which was partly financed through the use of total return swap or equity swap facilities with third party banks, indexed to our own shares. We carry the risk of fluctuations in the share price of those acquired shares. The banks were compensated at their cost of funding plus a margin. In February 2020, we purchased the remaining 1.5 million of our shares and 107,000 of Golar Partners' common units underlying the total return swap, at an average price of $46.91 and $21.40, respectively at a fair consideration of $72.7 million, of which $59.3 million represented restricted cash that was released on the repurchase, with $55.5 million to settle the derivative liability fair value and $17.2 million relating to the fair value of the shares and units underlying the total return swap. The effect of our total return swap facilities in our consolidated statement of operation as of December 31, 2020 was a loss of $5.1 million.

**Fair values of financial instruments**

We recognize our fair value estimates using a fair value hierarchy based on the inputs used to measure fair value. The fair value hierarchy has three levels based on reliability of inputs used to determine fair value as follows:

Level 1: Quoted market prices in active markets for identical assets and liabilities.

Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data.

Level 3: Unobservable inputs that are not corroborated by market data.

------

The carrying values and estimated fair values of our financial instruments at December 31, 2022 and 2021 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **2022** | **2022** | **2021** | **2021** |
| *(in thousands of $)* | **Fair value hierarchy** | **Carrying value** | **Fair value** | **Carrying value** | **Fair value** |
| **Non-Derivatives:** |  |  |  |  |  |
| Cash and cash equivalents <sup>(1)</sup> | Level 1 | 878838 | 878838 | 231849 | 231849 |
| Restricted cash and short-term deposits <sup>(2)</sup> | Level 1 | 134043 | 134043 | 106073 | 106073 |
| Trade accounts receivable <sup>(2)</sup> | Level 1 | 41545 | 41545 | 28912 | 28912 |
| Receivable from TTF linked commodity swap derivatives <sup>(2)</sup> | Level 1 | 4638 | 4638 |  |  |
| Receivable from IRS derivatives <sup>(2)</sup> | Level 1 | 1923 | 1923 |  |  |
| Investment in listed equity securities <sup>(3)</sup> | Level 1 | 224788 | 224788 | 449666 | 449666 |
| TTF linked commodity swap collateral <sup>(2)</sup> (note 16) | Level 1 |  |  | 6940 | 6940 |
| Trade accounts payable <sup>(3)</sup> | Level 1 | (8983) | (8983) | (4929) | (4929) |
| Assets held for sale (note 14) | Level 2 | 721 | 721 | 1697776 | 1697776 |
| Liabilities held for sale (note 14) | Level 2 | (373) | (373) | (879904) | (879904) |
| Current portion of long-term debt and short-term debt <sup>(2) (4) (5)</sup> | Level 2 | (344960) | (344960) | (388005) | (388005) |
| Current portion of 2017 Convertible Bonds <sup>(4)</sup> <sup>(6)</sup> | Level 2 |  |  | (315646) | (316561) |
| Long-term debt <sup>(6) (7)</sup> | Level 2 | (706290) | (706290) | (947855) | (947855) |
| Long-term debt - Unsecured Bonds <sup>(4) (6)</sup> | Level 1 | (159029) | (158092) |  |  |
| **Derivatives:** |  |  |  |  |  |
| Oil and gas derivative instruments <sup>(7)</sup> | Level 2 | 378979 | 378979 | 207058 | 207058 |
| Asset on IRS derivatives <sup>(8)</sup>  | Level 2 | 54970 | 54970 |  |  |
| Liability on IRS derivatives <sup>(8)</sup> | Level 2 |  |  | (17300) | (17300) |
| Asset on TTF linked commodity swap derivatives <sup>(8) (9)</sup>  | Level 2 | 113368 | 113368 | 1753 | 1753 |
| Liability on TTF linked commodity swap derivatives <sup>(8) (9)</sup>  | Level 2 |  |  | (88) | (88) |

---

(1) These instruments carrying value is highly liquid and is a reasonable estimate of fair value.

(2) These instruments are considered to be equal to their estimated fair value because of their near term maturity.

(3) "Investment in listed equity securities" refers to our NFE Shares (note 16). The fair value is based on the NFE closing share price as of the balance sheet date.

(4) Our debt obligations are recorded at amortized cost in the consolidated balance sheets. The amounts presented in the table are gross of the deferred charges amounting to $21.0 million and $28.2 million at December 31, 2022 and 2021, respectively.

(5) The estimated fair values for both the floating long-term debt and short-term debt are considered to be equal to the carrying value since they bear variable interest rates, which are adjusted on a quarterly or six-monthly basis.

(6) The estimated fair values of our unsecured 2017 Convertible Bonds and Unsecured Bonds are based on their quoted market prices as of the balance sheet date. In February 2022, following the listing of the Unsecured Bonds, the fair value hierarchy transferred from Level 2 to Level 1.

(7) The fair value of the oil and gas derivative instruments is determined using the estimated discounted cash flows of the additional payments due to us as a result of oil and gas prices moving above the contractual floor price over the remaining term of the LTA. Significant inputs used in the valuation of the oil and gas derivative instruments include the Euro/U.S. Dollar exchange rates based on the forex forward curve for the gas derivative instrument and management's estimate of an appropriate discount rate and the length of time necessary to blend the long-term and short-term oil and gas prices obtained from quoted prices in active markets.

(8) The fair value of certain derivative instruments is the estimated amount that we would receive or pay to terminate the agreements at the reporting date, taking into account current interest rates, foreign exchange rates, closing quoted market prices and our creditworthiness and that of our counterparties. The credit exposure of certain derivative instruments is represented by the fair value of contracts with a positive value at the end of each period, reduced by the effects of master netting arrangements.

(9) Does not include collateral posted with counterparties to our TTF commodity swaps. We have recognized cash collateral receivable of $nil and $6.9 million as of December 31, 2022 and 2021, respectively, in relation to our TTF commodity swaps (note 16).

------

The following methods and assumptions were used to estimate the fair value of our other classes of financial instruments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The carrying values of loan receivables and working capital facilities approximate fair values because of the near-term maturity of these instruments (note 16, 23 and 28). These instruments are classified within Level 1 of the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our pension plan assets are primarily invested in funds holding equity and debt securities, which are valued at quoted market price (note 25). These plan assets are classified within Level 1 of the fair value hierarchy.

The following table summarizes the fair value of our derivative instruments on a gross basis (none of which have been designated as hedges) recorded in our consolidated balance sheets as of December 31, 2022 and 2021:

---

| | | | |
|:---|:---|:---|:---|
| | **Balance sheet classification** | **2022** | **2021** |
| *(in thousands of $)* |  |  |  |
| **Asset derivatives** |  |  |  |
| Gas derivative instrument | Other current assets and other non-current assets (note 16 and note 20) | 196184 | 79578 |
| Oil derivative instrument | Other non-current assets (note 20) | 182795 | 127480 |
| Commodity swaps | Other current assets and other non-current assets (note 16 and note 20) | 113368 | 1753 |
| Interest rate swaps | Other non-current assets (note 20) | 54970 |  |
| Total asset derivatives |  | 547317 | 208811 |
| **Liability derivatives** |  |  |  |
| Interest rate swaps | Other current liabilities (note 23) |  | (17300) |
| Commodity swap | Other current liabilities (note 23) |  | (88) |
| Total liability derivatives |  |  | (17388) |

---

The amounts presented in our consolidated balance sheet in relation to interest rate and commodity swaps have not been offset. For our commodity swaps, if we were to offset and record the asset and liability balances of derivatives on a net basis, the amounts presented in our consolidated balance sheets as of December 31, 2022 and 2021 would be adjusted as in the following table:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** |
| | **Gross amounts presented in the consolidated balance sheet** | **Gross amounts not offset in the consolidated balance sheet subject to netting agreements** | **Net amount** | **Gross amounts presented in the consolidated balance sheet** | **Gross amounts not offset in the consolidated balance sheet subject to netting agreements** | **Net amount** |
| *(in thousands of $)* |  |  |  |  |  |  |
| **Commodity swaps** |  |  |  |  |  |  |
| Total asset derivatives | 113368 |  | 113368 | 1753 | (88) | 1665 |
| Total derivative liabilities |  |  |  | (88) | 88 |  |

---

**Concentrations of risk**

There is a concentration of credit risk with respect to cash and cash equivalents and restricted cash to the extent that substantially all of the amounts are carried with Nordea Bank ABP, DNB Bank ASA, Citibank NA, SCB, ABN Amro Bank NV, Internationale Nederlanden Groep Bank and Danske Bank A/S. However, we believe this risk is remote, as they are established and reputable financial institutions with no prior history of default and with investment grade credit ratings.

Included within cash and cash equivalents of $878.8 million and $231.8 million are $634.2 million and $nil held in short-term money market deposits which had earned interest income of $7.6 million and $nil during the years ended December 31, 2022 and 2021, respectively.

------

There is a concentration of financing risk with respect to our long-term debt to the extent that a substantial amount of our long-term debt is carried with ABN Amro Bank NV, as well as with the CSSC entity in regards to our sale and leaseback arrangement on the FLNG *Hilli* (note 5). We believe these counterparties to be sound financial institutions, with investment grade credit ratings. Therefore, we believe this risk of default is remote.

We also have equity method investments in CoolCo and Avenir, as of December 31, 2022, with carrying values recorded in our balance sheet of $55.4 million and $41.8 million, respectively. Accordingly, the value of our investments and our share of the net results generated from Avenir and CoolCo are subject to specific risks associated with their business. In the event the fair value of the investments falls below the carrying values and they are determined to be other-than-temporary, we would be required to recognize an impairment loss.

A concentration of supplier risk exists in relation to the *Gimi* undergoing FLNG conversion with Keppel and B&V. However, we believe this risk is remote as Keppel is a global leader in the shipbuilding and vessel conversion sectors while B&V is a global engineering, procurement and construction company.

A further concentration of supplier risk exists in relation to the Mark II FLNG project conversion for long lead items with Nuovo Pignone International S.R.L, Kanfa AS, Chart Energy, Chemicals Inc, Siemens Energy AG and Howden Turbo UK Ltd. However, we believe this risk is remote as they are all global reputable procurement companies.

**28.** **RELATED PARTY TRANSACTIONS**

**a) Transactions with CoolCo:**

As further described in note 14, on June 30, 2022, we completed the CoolCo Disposals and had entered into the following transactions:

***Net revenues:*** The transactions with CoolCo during the year ended December 31, 2022 consists of the following:

---

| | |
|:---|:---|
| *(in thousands of $)* | **2022** |
| Management and administrative services revenue <sup>(1)</sup> | 3124 |
| Ship management fees revenue <sup>(2)</sup> | 1249 |
| Ship management fees expense <sup>(3)</sup> | (5811) |
| Debt guarantee fees <sup>(4)</sup> | 837 |
| Commitment fee <sup>(5)</sup> | 115 |
| Total | (486) |

---

(1) *Management and administrative services revenue* – Golar Management Limited ("Golar Management"), a wholly-owned subsidiary of Golar, and Golar Management (Bermuda) Ltd, entered into the CoolCo TSA (subsequently replaced with the CoolCo ASA), both described further in note 14.1, pursuant to which we provided corporate administrative services to CoolCo. The CoolCo ASA expires on June 30, 2023.

(2) *Ship management fee revenue* – We provided commercial and technical management to the LNG carriers prior to disposal to CoolCo under the existing management agreements, however the CoolCo TSA revised the annual management fee payable to us per vessel. On June 30, 2022, upon completion of the CoolCo Disposal, the ship management agreements were terminated.

(3) *Ship management fee expense* – Following completion of the ManCo SPA with CoolCo in June 2022, we entered into ship management agreements with CoolCo, to provide commercial and technical management for certain of our LNG carriers, amounting to (i) $0.6 million ship management fees for the *Golar Arctic* and *Golar Tundra* and (ii) $0.1 million fees incurred for FLNG crewing for the year ended December 31, 2022. We also entered into an agreement to sub-contract our contractual vessel management obligations for the *LNG Croatia* and NFE's fleet of vessels to CoolCo amounting to $5.1 million for the for the year ended December 31, 2022. The ship management fee revenue of $4.8 million received in relation to NFE's fleet of vessels is passed on at cost to CoolCo as our subcontracting ship management expenses presented on "Administrative expenses" in the consolidated statements of operations.

(4) *Debt guarantee fees* – We agreed to remain as the guarantor of the payment sale and lease-back obligations of two of the disposed subsidiaries, which are the disponent owners of the *Golar Ice* and the *Golar Kelvi*n, in exchange for a guarantee fee of 0.5% on the outstanding principal balances, which as of December 31, 2022 is $210.3 million. The compensation amounted to $0.8 million for the year ended December 31, 2022.

(5) *Commitment fee* – We advanced a two years revolving credit facility of $25.0 million to CoolCo, which remains undrawn as of December 31, 2022. The facility bears a fixed interest rate and commitment fee on the undrawn loan of 5% and 0.5% per annum, respectively. The commitment fee amounted to $0.1 million for the year ended December 31, 2022.

------

***Receivables:*** The balances with CoolCo and its subsidiaries as of December 31, 2022 consisted of the following:

---

| | |
|:---|:---|
| *(in thousands of $)* | **2022** |
| Balance due from CoolCo and subsidiaries <sup>(6)</sup> | 394 |

---

(6) *Balances due from CoolCo and its subsidiaries* - Amounts due to/from CoolCo and its subsidiaries are comprised primarily of unpaid management services, amounts arising from the results of CoolCo's vessels participating in the Cool Pool, revolving credit facility, commitment fees and other related arrangements. Payables and receivables are generally settled quarterly in arrears. Balances owing to or due from CoolCo and its subsidiaries are unsecured, interest-free and intended to be settled in the ordinary course of business.

***Other transactions:***

*Net Cool Pool expenses* - The eight TFDE vessels sold in the CoolCo Disposal were previously managed by Golar under the terms of the Cool Pool. The net expenses relating to the CoolCo's vessels participation in the pool amounted to $4.8 million for the year ended December 31, 2022. This is presented in our consolidated statement of operations in the line item "Net (loss)/income from discontinued operations".

*Subleases with CoolCo* - Following the completion of the CoolCo Disposal, we entered into subleases to share office space with CoolCo which amounted to $0.4 million income (note 13).

*Share-based payment to CoolCo employees -* Following the completion of the ManCo SPA, we agreed to honor the RSUs granted to the officers and employees in the shipping and FSRU management business that CoolCo acquired. The net expenses relating to these share-based payments amounted to $0.1 million for the year ended December 31, 2022 is included in our equity method investment in CoolCo.

*Reimbursements to CoolCo* - Payments on behalf of CoolCo amounted to $0.1 million for the year ended December 31, 2022.

**b) Transactions with existing related parties:**

***Net revenues/(expenses):*** The transactions with other related parties for the years ended December 31, 2022, 2021 and 2020 consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
| *(in thousands of $)* | **2022** | **2021** | **2020** |
| Avenir <sup>(1)</sup> | 246 | 468 | 980 |
| Magni Partners <sup>(2)</sup> | (32) | (189) | (606) |
| ECGS <sup>(3)</sup> |  | 1482 |  |
| Total | 214 | 1761 | 374 |

---

***Receivables:*** The balances with other related parties as of December 31, 2022 and 2021 consisted of the following:

---

| | | |
|:---|:---|:---|
| *(in thousands of $)* | **2022** | **2021** |
| Avenir <sup>(1)</sup> | 3472 | 3225 |
| Magni Partners <sup>(2)</sup> | 81 | 81 |
| Total | 3553 | 3306 |

---

(1) Avenir entered into agreements to compensate Golar in relation to the provision of certain debt guarantees relating to Avenir and its subsidiaries. This compensation amounted to $0.1 million, $0.5 million and $1.0 million for the years ended December 31, 2022, 2021 and 2020, respectively.

In October 2021, we advanced a one year revolving shareholder loan of $5.3 million to Avenir, of which $1.8 million was drawn as of December 31, 2022. In October 2022, the revolving shareholder loan was extended to three years. The facility bears a fixed interest rate of 5% per annum. The aggregated interest and commitment fee receivable on the undrawn portion of the loan amounted to $143 thousand and $28 thousand, for the years ended December 31, 2022 and 2021, respectively.

(2) *Magni Partners -* Tor Olav Trøim is the founder of, and partner in, Magni Partners (Bermuda) Limited ("Magni Partners"), a privately held Bermuda company, and is the ultimate beneficial owner of the company. Receivables and payables from Magni Partners comprise primarily of the cost (without mark-up) or part cost of personnel employed by Magni Partners who have provided advisory and management services to Golar. These costs do not include any payment for any services provided by Tor Olav Trøim himself.

(3) We chartered our former LNG carrier, the *Golar Ice* to ECGS during the year ended December 31, 2021. There was no comparable transaction for the year ended December 31, 2022.

------

**c) Transactions with former related parties**

***Net revenues:*** The following tables represents the transactions before these companies ceased to be our related parties for the years ended December 31, 2021 and 2020:

---

| | | |
|:---|:---|:---|
| *(in thousands of $)* | **2021** | **2020** |
| ***Transactions*** |  |  |
| Golar Partners and subsidiaries | 3986 | 13521 |
| Hygo and subsidiaries | 3631 | 10887 |
| Borr Drilling | 348 | 384 |
| 2020 Bulkers | 111 | 45 |
| OneLNG | 64 |  |
| Total | 8140 | 24837 |

---

***Receivables:*** The balances before these companies ceased to be our related parties as of December 31, 2021 consisted the following:

---

| | |
|:---|:---|
| *(in thousands of $)* | **2021** |
| ***Balances*** |  |
| Borr Drilling | 149 |
| 2020 Bulkers | 29 |
| Total | 178 |

---

**c.1) Golar Partners and subsidiaries:**

Following the completion of the GMLP Merger on April 15, 2021, Golar Partners was no longer considered a related party and subsequent transactions with Golar Partners and its subsidiaries are treated as a third party and settled under normal payment terms. For the balances with Golar Partners and its subsidiaries prior to the completion of the GMLP Merger, we retrospectively adjusted the comparative period and classified them as held for sale. Furthermore, the management and administrative services agreement and ship management fee agreement were terminated and replaced with the transition services agreement, Bermuda services agreement and ship management agreements (note 14).

The following table represent the transactions with Golar Partners and its subsidiaries for the period from January 1, 2021 to April 15, 2021 and for the year ended December 31, 2020:

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| | | |
|:---|:---|:---|
| *(in thousands of $)* | **Period January 1, 2021 to April 15, 2021** | **Year Ended December 31, 2020** |
| Management and administrative services revenue | 1717 | 7941 |
| Ship management fees revenue | 2251 | 5263 |
| Interest income on short-term loan | 18 | 317 |
| Total | 3986 | 13521 |

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***Other transactions:***

During the period from January 1, 2021 to April 15, 2021 and year ended December 31, 2020, we received total distributions from Golar Partners of $0.5 million and $10.5 million, respectively, with respect to common units and general partners units owned by us at that time.

During the period from January 1, 2021 to April 15, 2021 and year ended December 31, 2020, Hilli LLC declared distributions totaling $7.2 million and $19.4 million, respectively, with respect to the common units owned by Golar Partners. In connection with the Hilli Disposal, we agreed to indemnify Golar Partners for certain costs incurred in FLNG *Hilli* operations when these costs exceed a contractual ceiling, capped at $20 million. Costs indemnified include vessel operating expenses, taxes, maintenance expenses, employee compensation and benefits, and capital expenditures. Included within the FLNG *Hilli* distributions for the period from January 1, 2021 to April 15, 2021 and year ended December 31, 2020, is $0.1 million and $0.4 million, respectively with respect to FLNG *Hilli's* indemnification cost.

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**c.2) Hygo and subsidiaries:**

Following the completion of the Hygo Merger on April 15, 2021, Hygo ceased to be a related party and subsequent transactions with Hygo and its subsidiaries are treated as third-party transactions and settled under normal payment terms. For the balances with Hygo and its subsidiaries prior to the completion of the Hygo Merger, we retrospectively adjusted the comparative period and classified them as held for sale. Furthermore, the management and administrative services agreement and ship management fee agreement were terminated and replaced with the transition services agreement, Bermuda services agreement and ship management agreements (note 14).

The following table represent the transactions with Hygo and its subsidiaries for the period from January 1, 2021 to April 15, 2021 and for the year ended December 31, 2020:

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| | | |
|:---|:---|:---|
| *(in thousands of $)* | **Period January 1, 2021 to April 15, 2021** | **Year Ended December 31, 2020** |
| &nbsp;&nbsp;&nbsp;Management and administrative services revenue | 2051 | 5281 |
| &nbsp;&nbsp;&nbsp;Ship management fees income | 904 | 1780 |
| &nbsp;&nbsp;&nbsp;Debt guarantee compensation | 676 | 3826 |
| Total | 3631 | 10887 |

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***Other transactions:***

*Net Cool Pool expenses* - Net expenses relating to the other pool participants are presented in our consolidated statement of operation in the line item "Voyage, charterhire and commission expenses" for the period from January 1, 2021 to April 15, 2021 and for the year ended December 31, 2020 amounted to $2.9 million and $2.1 million, respectively.

**c.3) Borr Drilling:** 

Tor Olav Trøim is the founder and director of Borr Drilling Limited ("Borr Drilling"), a Bermuda company listed on the Oslo and Nasdaq stock exchanges. Transactions with Borr Drilling include management and administrative services provided by our Bermuda corporate office. Effective from January 2022, Borr Drilling ceased to be a related party.

**c.4) 2020 Bulkers:** 

Transactions with 2020 Bulkers Ltd. ("2020 Bulkers") include management and administrative services provided by our Bermuda corporate office. Effective from January 2022, 2020 Bulkers ceased to be a related party.

**c.5) OneLNG and subsidiaries:**

Subsequent to the decision to dissolve OneLNG, we wrote off $0.1 million of the trading balance with OneLNG for the year ended December 31, 2021, to "Other operating income/(losses)" in our consolidated statements of operations as we deemed it to be no longer recoverable.

**29.** **COMMITMENTS AND CONTINGENCIES**

**Assets pledged**

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| | | |
|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** |
| *(in thousands of $)* | **2022** | **2021** |
| Book value of vessels secured against long-term loans<sup>(1)</sup> | 1115500 | 1242343 |

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(1) This excludes the *Gimi* which is classified as "Assets under development" (note 18) and secured against the Gimi debt facility (note 21).

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**Corporate RCF**

The Corporate RCF was secured by a pledge against our NFE Shares. We were permitted under the terms of the facility, to release a portion of the pledged NFE Shares in accordance with the prescribed loan to value ratio based on the then-current market value of such NFE Shares. In November 2022, the Corporate RCF was canceled and the pledge against our NFE shares was released.

**Capital Commitments**

*Mark II FLNG*

In 2022, our Board of Directors had approved up to $328.5 million of capital expenditures for a Mark II FLNG. As of December 31, 2022, we entered into agreements for engineering services and long lead items amounting to $199.2 million (note 20).

*Tundra Development Agreement*

As of December 31, 2022, we have committed $12.9 million of yard cost and materials in relation to the drydocking, site commissioning and hook-up services of the *Golar Tundra* (note 7).

*Arctic SPA*

As of December 31, 2022, we have committed $4.8 million of engineering and other professional costs in relation to the FSRU conversion of the *Golar Arctic* (note 7).

*Gandria*

We have agreed contract terms for the conversion of the *Gandria* to a FLNG. The *Gandria* is currently in lay-up awaiting delivery to Keppel for conversion. The conversion agreement is subject to certain payments and lodging of a full notice to proceed. We have also provided a guarantee to cover the sub-contractor's obligations in connection with the conversion of the vessel.

**Other contingencies**

*UK tax lease benefits* 

During 2003 we entered into six UK tax leases. Under the terms of the leasing arrangements, the benefits are derived primarily from the tax depreciation assumed to be available to the lessors as a result of their investment in the vessels. As is typical in these leasing arrangements, as the lessee we are obligated to maintain the lessor's after-tax margin. The UK tax authority ("HMRC") challenged the use of similar lease structures and had engaged in litigation of a test case. In 2021, we reached a settlement with HMRC and in April 2022, we settled our liability to HMRC in full, resulting in a payment of $66.4 million, inclusive of fees, of which $16.0 million was released from restricted cash earmarked for such settlement (note 15).

*Legal proceedings and claims* 

We may, from time to time, be involved in legal proceedings and claims that arise in the ordinary course of business. A contingent liability will be recognized in the financial statements only where we believe that a liability will be probable and for which the amounts are reasonably estimable, based upon the facts known prior to the issuance of the financial statements.

For each of the years ended December 31, 2022, 2021 and 2020 we received LOH insurance income for *Golar Ice* of $4.4 million*,* $nil and $nil, respectively. The above is recognized in "Other operating income/(losses)" in our consolidated statement of operations*.*

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**30.** **SUBSEQUENT EVENTS**

**<u>Financing</u>**

*Dutch Title Transfer Facility ("TTF") linked commodity swap derivatives*

In January 2023, we entered into new commodity swaps to effectively unwind the majority of our previous 2023 and 2024 TTF linked commodity swap arrangements and regain full market exposures of the TTF prices, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 100% of the March 2023 to December 2023 TTF linked commodity swaps unwound at $21.80/MMBtu resulting in a net gain of $28.20/MMBtu, equivalent to $75.8 million that will be received in monthly installments between March and December 2023; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 50% of January 2024 to December 2024 TTF linked commodity swaps unwound at $20.55/MMBtu resulting in a net gain of $30.65/MMBtu, equivalent to $49.5 million that will be received in twelve monthly installments from March 2023 to December 2024.

*Divestment of our NFE investment*

In January and February 2023, we sold 1.2 million of our NFE common shares raising net proceeds of $45.6 million.

In February 2023, we agreed to acquire NFE's Hilli Common Units of Hilli LLC (which represents 50% of the Hilli Common Units outstanding), disponent owner of FLNG *Hilli*, in exchange for our remaining 4.1 million NFE common shares and $100.0 million cash. Ownership and title to the Hilli Common Units transferred to us on the closing date of March 15, 2023, however we acquired the distributions rights from the repurchased Hilli Common Units with retrospective effect from January 1, 2023. Upon the closing of the acquisition, our effective interest in the currently contracted FLNG Hilli earnings is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 94.6% of Hilli Common Units that receive the base tolling fees, and 5% of gas linked tolling fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 89.1% of Series A Special Units that receive the oil linked tolling fees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 89.1% of Series B Special Units that receive 95% of gas linked tolling fees.

*Sale of our CoolCo shares*

In February 2023, we sold 4.5 million of our CoolCo shares at NOK 130/share, raising net proceeds of $55.8 million.

**<u>FLNG business development</u>**

*Mark II FLNG*

In February 2023, we secured an option to acquire a 148,000 cbm moss design LNG carrier for a Mark II FLNG conversion. A non-refundable payment of $5.0 million was paid in February 2023, which, subject to the option being exercised in Q2 2023, will be deducted from the agreed $78.0 million purchase price. Significant progress has been made with the conversion shipyard, procurement of long lead items and financing.

*Hilli LTA Amendment 4*

In 2023, we have agreed in principle LTA Amendment 4 with our Customer, to compensate the contract year 2022 underutilization of $35.8 million through overproduction in contract year 2023.

## Exhibit 2.3

**Exhibit 2.3**

DESCRIPTION OF THE REGISTRANT'S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

The following description sets forth certain material terms and provisions of Golar LNG Limited's securities that are registered under Section 12 of the Securities Exchange Act of 1934, as amended.

**DESCRIPTION OF COMMON SHARES**

The respective number of common shares issued and outstanding as of the last day of the fiscal year for the annual report on Form 20-F to which this description is attached or incorporated by reference as an exhibit, is provided on the cover page of such annual report on Form 20-F.

**Voting Rights**

The holders of our common shares will be entitled to one vote per share on each matter requiring the approval of the holders of the common shares. At any annual or special general meeting of shareholders where there is a quorum, a simple majority vote will generally decide any matter, unless a different vote is required by express provision of our bye-laws as amended on September 24, 2013 and on September 24, 2020 ("Amended Bye-Laws") or Bermuda law.

The Companies Act and our Amended Bye-Laws do not confer any conversion or sinking fund rights attached to our common shares.

**Preemptive Rights**

Bermuda law does not provide a shareholder with a preemptive right to subscribe for additional issues of a company's shares unless, and to the extent that, the right is expressly granted to the shareholder under the bye-laws of a company or under any contract between the shareholder and the company.

Holders of our common shares do not have any preemptive rights pursuant to the Amended Bye-Laws.

**Transfer of Shares** 

Subject to the Companies Act, any shareholder may transfer all or any of his shares by an instrument of transfer in the usual common form or in any other form which the Board of Directors may approve.

The Board of Directors may decline to register the transfer of any share which is not a fully-paid share, and may direct the Registrar to decline (and the Registrar shall decline if so requested) to register the transfer of any interest in any share held through the VPS, if the registration of such transfer would be likely, in the opinion of the Board, to result in fifty percent or more of the aggregate issued share capital of the Company or shares of the Company to which are attached fifty percent or more of the votes attached to all outstanding shares of the Company being held or owned directly or indirectly, (including, without limitation, through the VPS) by a person or persons resident for tax purposes in a jurisdiction which applies a controlled foreign company tax legislation or a similar tax regime which, in the Board's opinion, will have the effect that shareholders are taxed individually for a proportion of the Company's profits (a "**CFT Jurisdiction**"), provided that this provision shall not apply to the registration of shares in the name of the Registrar as nominee of persons whose interests in such shares are reflected in the VPS, but shall apply, *mutatis mutandis*, to interests in shares of the Company held by persons through the VPS.

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**Repurchase of Shares**

Subject to the Companies Act, the Memorandum of Association and the Amended Bye-Laws, our Board may from time to time repurchase any common shares for cancellation or to be held as treasury shares.

Holders of our common shares, however, do not have any right to require the Company to purchase their shares pursuant to the Amended Bye-Laws.

**Redemption of Preference Shares**

The Company may, with the approval of the shareholders, issue preference shares which are redeemable at the option of the Company or the holder, subject to the Companies Act, the Memorandum of Association and the Amended Bye-Laws**.** 

**Call on Shares**

Pursuant to the Amended Bye-Laws, the Board may from time to time make calls upon our shareholders in respect of any moneys unpaid on their shares.

**Reduction of Share Capital**

Subject to the Companies Act, the Memorandum of Association and the Amended Bye-Laws, the shareholders may by resolution authorize the reduction of the Company's issued share capital or any capital redemption reserve fund or any share premium or contributed surplus account in any manner.

**Dividend and Other Distributions**

Under the Companies Act, a company may, subject to its bye-laws and by resolution of the directors, declare and pay a dividend, or make a distribution out of contributed surplus, provided there are reasonable grounds for believing that (a) the company is, and would after the payment be, able to pay its liabilities as they become due and (b) the realizable value of its assets would be greater than its liabilities.

The Amended Bye-Laws provide that the Board from time to time may declare cash dividends or distributions out of contributed surplus to be paid to the shareholders according to their rights and interests, including such interim dividends as appear to the Board of Directors to be justified by the position of the Company.

**Board of Directors**

The Amended Bye-Laws provide that the Board shall consist of not less than two members and shall at all times comprise a majority of directors who are not resident in the United Kingdom. Our shareholders may change the number of directors by the vote of shareholders representing a simple majority of the total number of votes which may be cast at any annual or special general meeting, or by written resolution. Each director is elected at an annual general meeting of shareholders for a term commencing upon election and each director shall serve until re-elected or their successors are appointed on the date of the next scheduled annual general meeting of shareholders. There are no provisions for cumulative voting in the Companies Act or the Amended Bye-Laws and the Amended Bye-Laws do not contain any super-majority voting requirements.

Subject to the Companies Act, the Amended Bye-Laws permit our directors to engage in any transaction or arrangement with us or in which we may otherwise be interested. Additionally, as long as our director declares the nature of his or her interest immediately or thereafter at a meeting of the board of directors, or by writing to the directors as required by the Companies Act, he or she shall not, by reason of his office be held accountable for any benefit derived from any outside office or employment.

Our directors are not required to retire because of their age and are not required to be holders of our common shares.

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**Removal of Directors and Vacancies on the Board**

Under the Companies Act, any director may be removed, with or without cause, by a vote of the majority of shareholders if the bye-laws so provide. A company may remove a director by specifically convening a special general meeting of the shareholders.

The Amended Bye-Laws provide that directors may be removed, with or without cause, by a vote of the shareholders representing a majority of the votes present and entitled to vote at a special general meeting called for that purpose. The notice of any such special general meeting must be served on the director concerned no less than 14 days before the special general meeting and he or she shall be entitled to be heard at that special general meeting.

**Shareholder Meetings**

Under the Companies Act, an annual general meeting of the shareholders shall be held for the election of directors on any date or time as designated by or in the manner provided for in the bye-laws and held at such place within or outside Bermuda as may be designated in the bye-laws. Any other proper business may be transacted at the annual general meeting.

Under the Companies Act, any meeting that is not the annual general meeting is called a special general meeting, and may be called by the Board or by such persons as authorized by the company's memorandum of association or bye-laws. Under the Companies Act, holders of one-tenth of a company's issued common shares may also call special general meetings. At such special general meeting, only business that is related to the purpose set forth in the required notice may be transacted. Additionally, under Bermuda law, a company may, by resolution at a special general meeting, elect to dispense with the holding of an annual general meeting for (a) the year in which it is made and any subsequent year or years; (b) for a specified number of years; or (c) indefinitely.

Under the Companies Act, notice of any general meeting must be given not less than five (5) days before the meeting and shall state the place, date and hour of the meeting and, in the case of a special general meeting, shall also state the purpose of such meeting and that it is being called at the direction of whoever is calling the meeting. Under Bermuda law, accidental failure to give notice will not invalidate proceedings at a general meeting.

*Annual General Meetings.* The Amended Bye-Laws provide that the Board may fix the date, time and place of the annual general meeting within or outside of Bermuda (but never in the United Kingdom or in a CFT Jurisdiction) for the election of directors and to transact any other business properly brought before the meeting.

*Special General Meetings.* The Amended Bye-Laws provide that special general meetings may be called by the Board and when required by the Companies Act (*i.e.* by holders of one-tenth of a company's issued common shares through a written request to the Board).

*Notice Requirements*. The Amended Bye-Laws provide that we must give not less than seven (7) days' notice before any annual or special general meeting.

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**Quorum of Shareholders**

Under the Companies Act, where the bye-laws so provide, a general meeting of the shareholders of a company may be held with only one individual present if the requirement for a quorum is satisfied and, where a company has only one shareholder or only one holder of any class of shares, the shareholder present in person or by proxy constitutes a general meeting.

Under the Amended Bye-Laws, quorum at annual or special general meetings shall be constituted by at least two shareholders present in person or by proxy and entitled to vote (whatever the number of shares held by them).

**Shareholder Action without a Meeting**

Under the Companies Act, unless the company's bye-laws provide otherwise, any action required to or that may be taken at an annual or general meeting can be taken without a meeting if a written consent to such action is signed by the necessary majority of the shareholders entitled to vote with respect thereto.

The Amended Bye-Laws provide that, except in the case of the removal of auditors and directors, anything which may be done by resolution may, without an annual or special general meeting and without any previous notice being required, be done by resolution in writing, signed by a simple majority of all the shareholders or their proxies (or such greater majority required by the Companies Act).

**Shareholder's Rights to Examine Books and Records**

Under the Companies Act, any shareholder, during the usual hours of business, may inspect, for a purpose reasonably related to his or her interest as a shareholder, and make copies of extracts from the share register, and minutes of all general meetings.

**Amendments to Memorandum of Association**

Under Bermuda law, a company may, by resolution passed at an annual or special general meeting of shareholders, alter the provisions of the memorandum of association. An application for annulment of an alteration so adopted by the Company can be made to the Court, but can only be made by (i) holders of not less in the aggregate than 20% in par value of a company's issued share capital, (ii) by holders of not less in the aggregate that 20% of the company's debentures entitled to object to alterations to the memorandum, or (iii) in the case a company that is limited by guarantee, by not less than 20% of the shareholders.

**Variation in Shareholder Rights**

Under Bermuda law, if at any time a company has more than one class of shares, the rights attaching to any class, unless otherwise provided for by the terms of issue of the relevant class, may be varied with (i) the consent in writing of the holders of 75% in nominal value of the issued shares of that class, or (ii) the sanction of a resolution passed at a separate general meeting of holders of the shares of the class at which a quorum consisting of at least two persons holding or representing of one-third of the issued shares of the relevant class is present.

The Amended Bye-Laws may be amended from time to time in the manner provided for in the Companies Act, provided that any such amendment shall only become operative to the extent that it has been confirmed by a resolution passed by a simple majority of votes cast at a general meeting of the Company.

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**Vote on Amalgamations, Mergers, Consolidations and Sales of Assets**

Under the Companies Act, any plan of merger or amalgamation must, unless otherwise provided for in a company's bye-laws, be authorized by the resolution of a company's shareholders and must be approved by a majority vote of three-fourths of those shareholders voting at such special general meeting. Also, it is required that a quorum of two or more persons holding or representing more than one-third (1/3) of the issued and outstanding common shares of the company on the Record Date are in attendance in person or by proxy at such special general meeting.

Under the Amended Bye-Laws the Board of Directors may, with the sanction of a simple majority of votes cast at a general meeting of the Company, amalgamate the Company with another company, whether or not the Company is the surviving company and whether or not such an amalgamation involves a change in the jurisdiction of the Company.

**Appraisal and Dissenters Rights**

Under Bermuda law, in the event of an amalgamation or a merger of a Bermuda company with another company or corporation, a shareholder of the Bermuda company who did not vote in favor of the amalgamation or merger and is not satisfied that fair value has been offered for such shareholder's shares may, within one month of notice of the special general meeting, apply to the Supreme Court of Bermuda to appraise the fair value of those shares.

**Derivative Actions**

Class actions and derivative actions are generally not available to shareholders under Bermuda law. Bermuda courts, however, would ordinarily be expected to permit a shareholder to commence an action in the name of a company to remedy a wrong to the company where the act complained of is alleged to be beyond the corporate power of the company, or illegal, or would result in the violation of the company's memorandum of association or bye-laws. Furthermore, consideration would be given by a Bermuda court to acts that are alleged to constitute a fraud against the minority shareholders or, for instance, where an act requires the approval of a greater percentage of the company's shareholders than that which actually approved it. However, generally a derivative action will not be permitted where there is an alternative action available that would provide an adequate remedy. Any property or damages recovered by derivative action go to the company, not to the plaintiff shareholders. When the affairs of a company are being conducted in a manner which is oppressive or prejudicial to the interests of some part of the shareholders, one or more shareholders may apply to the Supreme Court of Bermuda, which may make such order as it sees fit, including an order regulating the conduct of the company's affairs in the future or ordering the purchase of the shares of any shareholders by other shareholders or by the company or that the company be wound up.

A statutory right of action is conferred on subscribers to shares of a Bermuda company against persons (including directors and officers) responsible for the issue of a prospectus in respect of damage suffered by reason of an untrue statement contained in the prospectus, but this confers no right of action against the company itself. In addition, subject to any limitations that may be contained in a company's bye-laws, a shareholder may bring a derivative action on behalf of the company to enforce a right of the company (as opposed to a right of its shareholders) against its officers (including directors) for breach of their statutory and fiduciary duty to act honestly and in good faith with a view to the best interests of the company.

The Amended Bye-Laws contain provisions whereby each shareholder (i) agrees that the liability of our officers shall be limited, (ii) agrees to waive any claim or right of action such shareholder might have, whether individually or in the right of the Company, against any director, alternate director, officer, person or member of a committee, resident representative or any of their respective heirs, executors or administrators for any action taken by any such person, or the failure of any such person to take any action, in the performance of his or her duties, or supposed duties, to the Company or otherwise, and (iii) agrees to allow us to indemnify and hold harmless our officers and directors in respect of any liability attaching to such officer and director incurred by him or her as an officer or director of the Company. The restrictions on liability, indemnity and waiver do not extend to any liability of an officer or director for fraud or dishonesty.

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**Liquidation** 

Under Bermuda Law, in the event of our liquidation, dissolution or winding up, the holders of common shares of a company are entitled to share in its assets, if any, remaining after the payment of all of its debts and liabilities, subject to any liquidation preference on any outstanding preference shares.

**Limitations on Ownership**

There are no limitations on the right of non-Bermudians or non-residents of Bermuda to hold or vote our common shares.

**Listing**

Our common shares have been quoted on the NASDAQ Global Select Market, or NASDAQ, since our initial public offering in 2002 and traded under the ticker symbol "GLNG".

**Comparison of Bermuda Law to Delaware Law** 

The following table provides a comparison between some statutory provisions of the Delaware General Corporation Law and the Bermuda Companies Act relating to shareholders' rights.

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| | |
|:---|:---|
| **Delaware** | **Bermuda** |
| **Dividends** | **Dividends** |
| Under Delaware law, unless otherwise provided in a corporation's certificate of incorporation, directors may declare and pay dividends upon the shares of its capital stock either (i) out of its surplus or (ii) if the corporation does not have surplus, out of its net profits for the fiscal year in which the dividend is declared and/or the preceding fiscal year.<br>The excess, if any, at any given time, of the net assets of the corporation over the amount so determined to be capital is surplus. Net assets means the amount by which total assets exceed total liabilities.<br>Dividends may be paid in cash, in property, or in shares of the corporation's capital stock. | Under the Companies Act, a company may declare and pay a dividend, or make a distribution out of contributed surplus, provided there are reasonable grounds for believing that (a) the company is, and would after the payment be, able to pay its liabilities as they become due and (b) the realizable value of its assets would be greater than its liabilities. (Companies Act § 54). |
| **Directors** | **Directors** |
| Number of board members shall be fixed by, or in a manner provided by, the bylaws, unless the certificate of incorporation fixes the number of directors, in which case a change in the number shall be made only by amendment of the certificate of incorporation. | The number of directors is fixed by the bye-laws, and any changes to such number must be approved by the Board of Directors and/or the shareholders in accordance with the company's bye-laws. (Companies Act §91). |

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| | |
|:---|:---|
| **Dissenter's Rights of Appraisal** | **Dissenter's Rights of Appraisal** |
| Appraisal rights shall be available for the shares of any class or series of stock of a corporation in a merger or consolidation, subject to limited exceptions, such as a merger or consolidation of corporations listed on a national securities exchange in which listed stock is the offered consideration. | A dissenting shareholder of a Bermuda exempted company is entitled to be paid the fair value of his or her shares in an amalgamation or merger. (Companies Act § 106(6)). |
| **Shareholder Derivative Actions** | **Shareholder Derivative Actions** |
| Class actions and derivative actions generally are available to shareholders under Delaware law for, among other things, breach of fiduciary duty, corporate waste and actions not taken in accordance with applicable law. In any derivative suit instituted by a shareholder or a corporation, it shall be averred in the complaint that the plaintiff was a shareholder of the corporation at the time of the transaction of which he complains or that such shareholder's stock thereafter developed upon such shareholder by operation of law.  | Generally, class actions and derivative actions are not available to shareholders under Bermuda law. (*See generally*, Bermuda Companies Act).<br>Bermuda courts, however, would ordinarily be expected to permit a shareholder to commence an action in the name of a company to remedy a wrong to the company where the act complained of is<br>alleged to be beyond the corporate power of the company or illegal, or would result in the violation of the bye-laws.<br>Bermuda courts would further give consideration to acts that are alleged to constitute a fraud against the minority of shareholders, or, for instance, where an act requires the approval of a greater percentage of the company's shareholders than that which actually approved it. |

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| | |
|:---|:---|
| **Shareholder Meetings and Voting Rights** | **Shareholder Meetings and Voting Rights** |
| Shareholder meetings may be held at such times and places as designated in the certificate of incorporation or the bylaws, or if not so designated, as determined by the Board of Directors.<br>Special meetings of the shareholders may be called by the Board of Directors or by such person or persons as may be authorized by the certificate of incorporation or by the bylaws, or if not so designated, as determined by the Board of Directors.<br>Written notice shall be given not less than 10 nor more than 60 days before the meeting. Whenever shareholders are required to take any action at a meeting, a written notice of the meeting shall be given which shall state the place, if any, date and hour of the meeting, and the means of remote communication, if any.<br>Shareholder meetings may be held within or without the State of Delaware.<br>Any action required to be taken by a meeting of shareholders may be taken without a meeting if a consent for such action is in writing and is signed by shareholders having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted. | Shareholder meetings may be called by the Board of Directors and must be called upon the request of shareholders holding not less than 10% of the paid-up capital of the company carrying the right to vote at a general meeting. (Companies Act §74(1)).<br>Special meetings may be convened by the Board of Directors whenever they see fit, and the meetings shall be called special general meetings. (Companies Act §71(2)).<br>May be held in or outside of Bermuda.<br>Notice: <br>-&nbsp;&nbsp;&nbsp;&nbsp;Notice of all general meetings shall specify the place, the day and hour of the meeting. (Companies Act §71(3)).<br>-&nbsp;&nbsp;&nbsp;&nbsp;Notice of special general meetings shall specify the place, the day, hour and general nature of the business to be considered at the meeting. (Companies Act §71(3)).<br>-&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any provision in the bye-laws of a company, at least five days' notice shall be given of a company meeting. (Companies Act §75(1)).<br>-&nbsp;&nbsp;&nbsp;&nbsp;The unintentional failure to give notice to any person does not invalidate the proceedings. (Companies Act §71(4)).<br>Generally, any action which may be done by resolution of a company in a general meeting may be done by resolution in writing. (Companies Act §77A).<br>Shareholders may act by written resolution to elect directors, but may not act by written resolution to remove directors. (Companies Act §77A(6)(b)).<br>Except as otherwise provided in our bye-laws or the Companies Act, any action or resolution requiring the approval of the shareholders may be passed by a simple majority of votes cast (Companies Act §77(2)).<br>Any person authorized to vote may authorize another person or persons to act for him by proxy. (Companies Act §77(3)). |

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The bye-laws may specify the number to constitute a quorum for a general meeting of the Company. In the case of a company having only one member, one member present in person or by proxy constitutes the necessary quorum. (Companies Act § 71(5)).<br>When a quorum is once present to constitute a meeting, the byelaws may provide for whether or not it is broken by the subsequent withdrawal of any shareholders. (Companies Act §13(2)(f)).<br>The bye-laws may provide for cumulative voting in the election of directors. (Companies Act §77).<br>

## Exhibit 4.18

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CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF PUBLICLY DISCLOSED. [\*\*\*\*\*] INDICATES THAT INFORMATION HAS BEEN REDACTED. 03 September 2021 GIMI MS CORPORATION GOLAR MS OPERATOR S.A.R.L. BP MAURITANIA INVESTMENTS LIMITED GOLAR LNG LIMITED KEPPEL OFFSHORE & MARINE LIMITED BP EXPLORATION OPERATING COMPANY LIMITED KOSMOS ENERGY LIMITED – and – BP SENEGAL INVESTMENTS LIMITED AMENDMENT AND RESTATEMENT DEED relating to the Lease and Operate Agreement dated 26 February 2019

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&nbsp;&nbsp;&nbsp;&nbsp;EUROPE/1011978498.20 **TABLE OF CONTENTS** Page 1. DEFINITIONS AND INTERPRETATION ................................................................... 3 2. AMENDMENT AND RESTATEMENTS ..................................................................... 3 3. LESSEE CREDIT SUPPORT CONFIRMATIONS ..................................................... 4 4. CONFIRMATIONS FROM OWNER CREDIT SUPPORT PROVIDERS ..................... 4 5. GENERAL LEGAL PROVISIONS .............................................................................. 5 SCHEDULE 1 AMENDED AND RESTATED LEASE AND OPERATE AGREEMENT ......... 16

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&nbsp;&nbsp;&nbsp;&nbsp;EUROPE/1011978498.20 1 THIS AMENDMENT AND RESTATEMENT DEED ("Deed") is made on 03 September 2021 BETWEEN: 1. GIMI MS CORPORATION, a company incorporated and organised under the laws of the Republic of the Marshall Islands, having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960 ("Owner"); 2. GOLAR MS OPERATOR S.A.R.L., a société à responsabilité limitée incorporated and organised under the laws of the Islamic Republic of Mauritania, with a share capital of 60,000 Ouguiyas, having its address at Rue 42066, Ilot P, Lot No. 18 (à côté de la Banque BMS) Nouakchott, Mauritanie with registration number 102428/GU/23437/701, and with Tax Identification Number 00625939 ("Operator"); 3. BP MAURITANIA INVESTMENTS LIMITED, a company incorporated and organised under the laws of England and Wales having its registered office at Chertsey Road, Sunbury on Thames, Middlesex, United Kingdom, TW16 7BP and with a registered branch in Mauritania with registration number 94860/GU/15869 ("BPMIL") in its capacity as the Unit Operator and for and on behalf of the Co-venturers ("Lessee"); 4. GOLAR LNG LIMITED, a company organised and existing under the laws of Bermuda with its registered office at 2nd floor, S.E. Pearman Building, 9 Par-la-Ville, Hamilton HM11 Bermuda ("GLNG"); 5. KEPPEL OFFSHORE & MARINE LIMITED, a company organised and existing under the laws of Singapore with its registered office at 50 Gul Road, Singapore 629351 ("KOM"); 6. BP EXPLORATION OPERATING COMPANY LIMITED, a company incorporated in England whose registered office is at Chertsey Road, Sunbury on Thames, Middlesex TW16 7BP ("BPEOC"); 7. KOSMOS ENERGY LIMITED, a company incorporated in the State of Delaware whose registered office is at Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801 ("KEL"); 8. BP SENEGAL INVESTMENTS LIMITED, a company incorporated in England and Wales whose registered office is at Chertsey Road, Sunbury on Thames, Middlesex, United Kingdom, TW16 7BP ("BPSIL"); and The Owner, the Operator, the Lessee, GLNG, KOM, BPEOC, KEL and BPSIL are each a "Party" and collectively the "Parties". WHEREAS: A. On 26 February 2019, the Owner and the Lessee entered into a lease and operate agreement relating to an FLNG facility for the Greater Tortue / Ahmeyim Field offshore Mauritania and Senegal ("LOA"). B. On 7 August 2019, the Owner, the Operator and the Lessee entered into a deed of accession, in accordance with clause 3.1(b) (Owner's General Obligations) of the LOA, pursuant to which the Operator acceded as a party to the LOA ("LOA Accession Deed").

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&nbsp;&nbsp;&nbsp;&nbsp;EUROPE/1011978498.20 2 C. On 27 September 2019, the Owner, the Operator and the Lessee entered into the following letter agreements: (i) GTA FLNG Project – Agreement re Reciprocal Alternative Credit Support Mechanism and Associated Mutual Commitment to Amend the Lease and Operate Agreement; (ii) GTA FLNG Project – LOA Amendment Proposal and Technical Change Proposal; and (iii) GTA FLNG Project – Review of the Net Asset Value Test, (together, the "LOA Letter Agreements"). D. On 27 September 2019, BPEOC issued a deed of guarantee in favour of the Owner (as beneficiary) relating to the FLNG Gimi ("BPEOC Guarantee"). E. On 27 September 2019, KEL and BPEOC issued a deed of guarantee and indemnity in favour of BPSIL, BPMIL and the Owner relating to payment obligations of Kosmos Energy Mauritania and Kosmos Energy Investments Senegal Limited under the Unitization and Unit Operating Agreement for the Tortue / Ahmeyim Unit dated 7 February 2019 in respect of the LOA with the Owner ("KEL Guarantee and Indemnity"). F. On 1 October 2020, the Parties entered into a letter agreement in connection with certain FM Events to record the impact of those FM Events upon the Critical Dates and the Project Schedule ("Critical Dates and Project Schedule Letter Agreement") G. In accordance with section 2(b) of schedule 7 (Feed Gas Usage Allowance) of the LOA, the Owner and the Lessee have: (i) exchanged worked examples, in .xls format, of Retainage scenarios in order to confirm their shared understanding of the intended operation of the principles set out in schedule 7 (Feed Gas Usage Allowance) of the LOA and inform the preparation of the Accounting Protocol; and (ii) met, discussed in good faith and agreed the changes required to be made to schedule 7 (Feed Gas Usage Allowance), and clauses 1.1 (Definitions) and 13.9 (Feed Gas Usage Performance), of the LOA. H. The Owner, the Operator and the Lessee wish to amend and restate the LOA to reflect the amendments required or otherwise contemplated by, or agreed in accordance with, the LOA Accession Deed, the LOA Letter Agreements, the Critical Dates and Project Schedule Letter Agreement and section 2(b) of schedule 7 (Feed Gas Usage Allowance) of the LOA on the terms set out in this Deed. I. BPEOC wishes to amend and restate the BPEOC Guarantee to incorporate consequential changes necessitated by the LOA Letter Agreements. J. BPEOC and KEL wish to amend and restate the KEL Guarantee and Indemnity to incorporate consequential changes necessitated by the LOA Letter Agreements.

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&nbsp;&nbsp;&nbsp;&nbsp;EUROPE/1011978498.20 3 K. GLNG and KOM (as Owner Credit Support Providers) and BPEOC and KEL (as Lessee Credit Support Providers) wish to record their acknowledgement of, and agreement to, the amendment and restatement of the LOA. IT IS AGREED AS FOLLOWS: 1. DEFINITIONS AND INTERPRETATION 1.1 Definitions Unless the context otherwise requires and except as set out in this Deed, words and expressions defined in the LOA (as defined in this Clause 1.1 (Definitions)) will have the same meanings when used in this Deed. "Amended and Restated Lease and Operate Agreement" means the LOA, as amended and restated by this Deed in the form set out in Schedule 1 (Amended and Restated Lease and Operate Agreement). "BPEOC Guarantee" shall have the meaning given in Recital (D). "GLNG Guarantee" means that certain guarantee dated 27 September 2019 relating to the FLNG Gimi provided by GLNG in favour of the Lessee. "KEL Guarantee and Indemnity" shall have the meaning given in Recital (E). "KOM Guarantee" means that certain guarantee dated 27 September 2019 relating to the FLNG Gimi provided by KOM in favour of the Lessee. "Restatement Date" means the date of this Deed. 1.2 Interpretation Except as otherwise expressly provided in this Deed, the rules of interpretation set out in clause 1.2 (Interpretation) of the LOA will apply to this Deed. 2. AMENDMENT AND RESTATEMENTS 2.1 Amendment and Restatement of the LOA The Owner, the Operator and the Lessee agree that, with effect from the Restatement Date, the LOA will be amended and restated as set out in Schedule 1 (Amended and Restated Lease and Operate Agreement). 2.2 Amendment and Restatement of the BPEOC Guarantee BPEOC and the Owner agree that, with effect from the Restatement Date, the BPEOC Guarantee shall be amended and restated as set out in Schedule 2 (Amended and Restated BPEOC Guarantee). 2.3 Amendment and Restatement of the KEL Guarantee and Indemnity

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&nbsp;&nbsp;&nbsp;&nbsp;EUROPE/1011978498.20 4 KEL, BPEOC, BPSIL, BPMIL and the Owner agree that, with effect from the Restatement Date, the KEL Guarantee and Indemnity shall be amended and restated as set out in Schedule 3 (Amended and Restated KEL Guarantee and Indemnity). 3. LESSEE CREDIT SUPPORT CONFIRMATIONS 3.1 BPEOC Guarantee For the purposes of clause 7 (Amendment to the Agreement) of the BPEOC Guarantee and, to the extent that the amendment and restatement of the LOA pursuant to Clause 2.1 (Amendment and Restatement of the LOA) gives rise to any alterations and / or variations to the provisions of the LOA which may affect the obligations of BPEOC under the BPEOC Guarantee, BPEOC: (a) acknowledges and agrees that the alterations and / or variations to the provisions of the LOA are made in accordance with the provisions of the LOA; (b) provides its prior written consent to the alterations and / or variations to the provisions of the LOA; and (c) subject to Clause 2.2 (Amendment and Restatement of the BPEOC Guarantee), acknowledges and agrees that the obligations of BPEOC under the BPEOC Guarantee shall continue unaffected on and from the Restatement Date. 3.2 Amendment to KEL Guarantee and Indemnity For the purposes of clause 8.1 (Amendments) of the KEL Guarantee and Indemnity and, to the extent that the amendment and restatement of the LOA pursuant to Clause 2.1 (Amendment and Restatement of the LOA) gives rise to any alterations and / or variations to the provisions of the LOA which may affect the obligations of KEL and BPEOC under the KEL Guarantee and Indemnity, KEL and BPEOC each: (a) acknowledges and agrees that the alterations and / or variations to the provisions of the LOA are made in accordance with the provisions of the LOA; (b) provides its prior written consent to the alterations and / or variations to the provisions of the LOA; and (c) subject to Clause 2.3 (Amendment and Restatement of the KEL Guarantee and Indemnity), acknowledges and agrees that the obligations of KEL and BPEOC under the KEL Guarantee and Indemnity shall continue unaffected on and from the Restatement Date. 4. CONFIRMATIONS FROM OWNER CREDIT SUPPORT PROVIDERS 4.1 GLNG Confirmation For the purposes of clause 7 (Amendment to the Agreement) of the GLNG Guarantee and, to the extent that the amendment and restatement of the LOA pursuant to Clause 2.1 (Amendment and Restatement of the LOA) gives rise to any alterations and / or variations

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&nbsp;&nbsp;&nbsp;&nbsp;EUROPE/1011978498.20 5 to the provisions of the LOA which may affect the obligations of GLNG under the GLNG Guarantee, GLNG: (a) acknowledges and agrees that the alterations and / or variations to the provisions of the LOA are made in accordance with the provisions of the LOA; (b) provides its prior written consent to the alterations and / or variations to the provisions of the LOA; and (c) acknowledges and agrees that the obligations of GLNG under the GLNG Guarantee shall continue unaffected on and from the Restatement Date. 4.2 KOM Confirmation For the purposes of clause 7 (Amendment to the Agreement) of the KOM Guarantee and, to the extent that the amendment and restatement of the LOA pursuant to Clause 2.1 (Amendment and Restatement of the LOA) gives rise to any alterations and / or variations to the provisions of the LOA which may affect the obligations of KOM under the KOM Guarantee, KOM: (a) acknowledges and agrees that the alterations and / or variations to the provisions of the LOA are made in accordance with the provisions of the LOA; (b) provides its prior written consent to the alterations and / or variations to the provisions of the LOA; and (c) acknowledges and agrees that the obligations of KOM under the KOM Guarantee shall continue unaffected on and from the Restatement Date. 5. GENERAL LEGAL PROVISIONS 5.1 Governing Law This Deed, and any dispute or Claim arising out of or in connection with, or its subject matter, existence, negotiation, validity, termination or enforceability (including any non- contractual disputes or Claims) shall be governed by and construed in accordance with the laws of England and Wales. 5.2 Provisions incorporated by reference Clauses 24 (Dispute Resolution), 30.4 (Severance of Invalid Provisions), 30.5 (Rights of Third Parties), 30.7 (Counterparts) and 30.9 (Amendments) of the LOA shall apply to this Deed as if: (a) expressly set out in full in this Deed; (b) references in those clauses to "this Agreement" were references to this Deed; and (c) references to "Party" or "Parties" were references to the Parties to this Deed. [Signature pages follow]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF this Deed has been executed and delivered as a deed on the date first above written. EXECUTED and delivered as a DEED by GIMI MS CORPORATION acting by: /s/ Georgina E. Souza Name: Georgna E. Souza Title: Director In the presence of: Witness's Signature: /s/ Joyce McGuinness Name: Joyce McGuinness Occupation: Corporate Administrator Address: [\*\*\*\*\*] [Signature page to Amendment and Restated Deed relating to the Lease and Operate Agreement]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXECUTED and delivered as a DEED by GOLAR MS OPERATOR S.A.R.L. acting by: /s/ Teddy Teisrud Name: Teddy Teisrud Title: Project Director In the presence of: Witness's Signature: /s/ Morten Skjong Name: Morten Skjong Occupation: Project Manager Address: [\*\*\*\*\*] [Signature page to Amendment and Restated Deed relating to the Lease and Operate Agreement]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXECUTED and delivered as a DEED by BP MAURITANIA INVESTMENTS LIMITED acting by: /s/ Emil Ismayilov Name: Emil Ismayilov Title: Director In the presence of: Witness's Signature: /s/ Andrew Campbell-Gay Name: Andrew Campbell-Gay Occupation: Business Advisor Address: [\*\*\*\*\*] [Signature page to Amendment and Restated Deed relating to the Lease and Operate Agreement]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXECUTED and delivered as a DEED by GOLAR LNG LIMITED acting by: /s/ Georgina E. Souza Name: Georgina E. Souza Title: Director In the presence of: Witness's Signature: /s/ Joyce McGuinness Name: Joyce McGuinness Occupation: Corporate Administrator Address: [\*\*\*\*\*] [Signature page to Amendment and Restated Deed relating to the Lease and Operate Agreement]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXECUTED and delivered as a DEED by KEPPEL OFFSHORE & MARINE LIMITED acting by: /s/ Ong Leng Yeow Name: Ong Leng Yeow Title: Director acting by: /s/ Kenneth Chong Yun Kien Name: Kenneth Chong Yun Kien Title: Director [Signature page to Amendment and Restated Deed relating to the Lease and Operate Agreement]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXECUTED and delivered as a DEED by BP EXPLORATION OPERATING COMPANY LIMITED acting by: /s/ Karen Maclennan Name: Karen Maclennan Title: Director In the presence of: Witness's Signature: /s/ Jackie Ferguson Name: Jackie Ferguson Occupation: Personal Assistant Address: [\*\*\*\*\*] [Signature page to Amendment and Restated Deed relating to the Lease and Operate Agreement]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXECUTED and delivered as a DEED by KOSMOS ENERGY LIMITED acting by: /s/ Todd Niebruegge Name: Todd Niebruegge Title: Senior Vice President In the presence of: Witness's Signature: /s/ Harry W. Sullivan, Jr. Name: Harry W. Sullivan, Jr. Occupation: Attorney Address: [\*\*\*\*\*] [Signature page to Amendment and Restated Deed relating to the Lease and Operate Agreement]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXECUTED and delivered as a DEED by BP SENEGAL INVESTMENTS LIMITED acting by: /s/ Emil Ismayilov Name: Emil Ismayilov Title: Director In the presence of: Witness's Signature: /s/ Andrew Campbell-Gay Name: Andrew Campbell-Gay Occupation: Business Advisor Address: [\*\*\*\*\*] [Signature page to Amendment and Restated Deed relating to the Lease and Operate Agreement]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE 1 AMENDED AND RESTATED LEASE AND OPERATE AGREEMENT

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 February 2019 Amended and restated pursuant to the Amendment and Restatement Deed dated 03 September 2021 GIMI MS CORPORATION GOLAR MS OPERATOR S.A.R.L. - and - BP MAURITANIA INVESTMENTS LIMITED _____________________________________ LEASE AND OPERATE AGREEMENT relating to an FLNG facility for the Greater Tortue / Ahmeyim Field offshore Mauritania and Senegal _____________________________________

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&nbsp;&nbsp;&nbsp;&nbsp;EUROPE/1011979779.40 i **TABLE OF CONTENTS** Page 1. DEFINITIONS AND INTERPRETATION ................................................................... 2 2. TERM AND EFFECTIVENESS................................................................................ 27 3. OWNER AND OPERATOR OBLIGATIONS ............................................................ 30 4. LESSEE OBLIGATIONS ......................................................................................... 37 5. STANDARD OF RESPONSIBILITIES ..................................................................... 40 6. VARIATIONS ........................................................................................................... 41 7. FLNG PROJECT DEVELOPMENT ......................................................................... 49 8. LEASE PERIOD ...................................................................................................... 73 9. OPERATIONS AND MAINTENANCE ...................................................................... 78 10. DELIVERY AND OFFTAKE ARRANGEMENTS ...................................................... 83 11. GAS SPECIFICATION AND LNG SPECIFICATION ................................................ 89 12. PERFORMANCE STANDARDS .............................................................................. 99 13. DAYRATE ............................................................................................................. 100 14. INVOICING ........................................................................................................... 110 15. FORCE MAJEURE ................................................................................................ 115 16. REPRESENTATIONS AND WARRANTIES .......................................................... 122 17. LIABILITY AND INDEMNITY ............................................................................... 1244 18. CREDIT SUPPORT ............................................................................................... 131 19. MARITIME PROVISIONS ...................................................................................... 136 20. INTELLECTUAL PROPERTY ................................................................................ 138 21. INSURANCE ......................................................................................................... 140 22. TAXES .................................................................................................................. 142 23. SUSPENSION AND TERMINATION ..................................................................... 148 24. DISPUTE RESOLUTION ....................................................................................... 158 25. WAIVER OF IMMUNITY ........................................................................................ 162 26. CONFIDENTIALITY ............................................................................................... 162

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&nbsp;&nbsp;&nbsp;&nbsp;EUROPE/1011979779.40 ii 27. ASSIGNMENT AND CHANGE OF CONTROL ...................................................... 165 28. FINANCING ARRANGEMENTS ............................................................................ 167 29. NOTICES .............................................................................................................. 170 30. GENERAL LEGAL PROVISIONS .......................................................................... 172 31. BUSINESS PRINCIPLES ...................................................................................... 175 32. DIGITAL SECURITY ............................................................................................. 176 33. HUMAN RIGHTS ................................................................................................... 178 34. AGENCY ............................................................................................................... 178

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&nbsp;&nbsp;&nbsp;&nbsp;1 EUROPE/1011979779.40 THIS LEASE AND OPERATE AGREEMENT (this "Agreement") dated 26 February 2019 and amended and restated pursuant to the Amended and Restatement Deed dated 03 September 2021 is entered into: BETWEEN: (1) GIMI MS CORPORATION, a company incorporated and organised under the laws of the Republic of the Marshall Islands, having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960 (the "Owner"); (2) GOLAR MS OPERATOR S.A.R.L., a société à responsabilité limitée incorporated and organised under the laws of the Islamic Republic of Mauritania, with a share capital of 60,000 Ouguiyas, having its address at Rue 42066, Ilot P, Lot No. 18 (à côté de la Banque BMS), Nouakchott, Mauritanie with registration number 102428/GU/23437/701, and with Tax Identification Number 00625939 (the "Operator"); and (3) BP MAURITANIA INVESTMENTS LIMITED, a company incorporated and organised under the laws of England and Wales having its registered office at Chertsey Road, Sunbury On Thames, Middlesex, United Kingdom, TW16 7BP and with a registered branch in Mauritania with registration number 94860/GU/15869 ("BPMIL") in its capacity as the Unit Operator and for and on behalf of the Co-venturers (the "Lessee"). WHEREAS: (A) BPMIL is the Block C8 Operator pursuant to an amended and restated joint operating agreement dated 1 December 2014 between the Block C8 Owners (the "Block C8 JOA") and a contract for the exploration and production of hydrocarbons in Block C8, offshore Mauritania, dated 5 April 2012 between the Block C8 Owners and the Islamic Republic of Mauritania. (B) BP Senegal Investments Limited ("BPSIL") is the Saint Louis Offshore Profond Block Operator pursuant to a joint operating agreement dated 26 September 2012 between the Saint Louis Offshore Profond Block Owners (the "Saint Louis Offshore Profond Block JOA") and a contract for the exploration and production of hydrocarbons in the Saint Louis Offshore Profond Block, offshore Senegal, dated 17 January 2012 between the Saint Louis Offshore Profond Block Owners and the Republic of Senegal. (C) BPMIL is the Unit Operator pursuant to the UUOA. (D) BPMIL, BPSIL and GLNG are parties to a Preliminary Agreement originally entered into on 6 October 2017 relating to certain commitments and options for two FLNG facilities for the Greater Tortue / Ahmeyim Field offshore Mauritania and Senegal (the "Preliminary Agreement"). (E) The Owner is an incorporated joint venture between Golar LNG Limited and First FLNG Holdings PTE. LTD. (F) The Operator, as the entity who will perform the Operating Services, is a wholly owned subsidiary of the Owner that is incorporated and organised under the laws of the Islamic Republic of Mauritania. (G) In accordance with the Preliminary Agreement, the Owner and the Lessee recorded their rights and obligations with respect to the design, engineering, conversion,

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&nbsp;&nbsp;&nbsp;&nbsp;2 EUROPE/1011979779.40 construction, procurement, fabrication, pre-commissioning, classification, transit, mooring, installation, connection, testing and commissioning, operations readiness and demobilisation, and the lease, operation and maintenance, of the FLNG Facility for the GTA Project in this Agreement originally entered into on 26 February 2019, which sets out the terms and conditions upon which the Owner will make available, and the Operator will operate and maintain, the FLNG Facility for use by the Lessee in the GTA Project. (H) On 7 August 2019, the Owner, the Operator and the Lessee entered into a deed of accession in accordance with Clause 3.1(b) (Owner's General Obligations), pursuant to which the Operator acceded as a Party to this Agreement ("Operator Accession Deed"). IT IS AGREED as follows: 1. DEFINITIONS AND INTERPRETATION 1.1 Definitions Capitalised terms used in this Agreement (including the Recitals) and not otherwise defined have the meanings as set forth in this Clause 1.1 (Definitions). "Acceptance Appraisal Protocol" shall have the meaning given in Clause 7.6(b)(iv) (Manuals and Protocols). "Acceptance Appraisals" means the tests for the FLNG Facility, as specified in the Acceptance Appraisal Protocol. "Acceptance Test Protocol" shall have the meaning given in Clause 7.6(b)(iii) (Manuals and Protocols). "Acceptance Tests" means the tests for the FLNG Facility, as specified in the Acceptance Test Protocol. "Accounting Protocol" shall have the meaning given in Clause 7.6(c)(i) (Manuals and Protocols). "Accumulated Retainage Costs" shall have the meaning given in section 5 of Schedule 7 (Feed Gas Usage Allowance). "Actual Capacity Available" shall have the meaning given in Clause 10.6(d)(ii) (Daily Capacity and Report). "Actual Opex" shall have the meaning given in Clause 9.5(h) (Work Programme and Budget). "Additional Capital Work" means any additional capital work in relation to the FLNG Facility following the Commercial Operations Date, including any repair, modification, rectification and/or replacement works required to enable the FLNG Facility to meet the Performance Standards (excluding activities provided for in the Base Work Programme and Budget Cycle). "Additional Term" shall have the meaning given in Clause 8.3 (Additional Term).

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&nbsp;&nbsp;&nbsp;&nbsp;3 EUROPE/1011979779.40 "Adjusted Dayrate" shall have the meaning given in Clause 13.4(a) (Adjusted Dayrate). "Adjusted Nominal Set Rate" means the Nominal Set Rate (or adjusted Nominal Set Rate, if applicable) as adjusted in accordance with Clause 6 (Variations) or Clause 7.14(f)(i) (Acceptance Appraisals) or as determined in accordance with Clause 8 (Lease Period). "Affiliate" means, in relation to a person, another person that: (a) is directly or indirectly Controlled by such person; or (b) directly or indirectly Controls such person; or (c) is directly or indirectly Controlled by a person that also directly or indirectly Controls such person, provided that this definition expressly includes in the case of the Owner and the Operator: (i) Golar Partners LP (a NASDAQ listed master limited partnership) for so long as GLNG directly or indirectly holds one hundred percent (100%) of the general partner interest; (ii) any other master limited partnership operated by GLNG and in which GLNG directly or indirectly holds one hundred percent (100%) of the general partner interest; (iii) Keppel Infrastructure Trust (a Singapore Exchange listed business trust); and (iv) any fund, trust, limited partnership, company or other collective investment schemes which is managed by a subsidiary of Keppel Corporation Limited (excluding Keppel Shipyard). "Aggregate Extension Days" shall have the meaning given in Clause 8.3(b) (Additional Term). "Allowed Laytime" is the period of time set out in the Marine Operations Manual permitted for the loading of the relevant class of LNG Carrier before any liability to pay demurrage may be incurred. "Alternative Lessee Credit Support Mechanism" shall have the meaning given in Clause 18.1(i) (Lessee Credit Support). "Alternative Owner Credit Support Mechanism" shall have the meaning given in Clause 18.2(i) (Owner Credit Support). "Annual Delivery Programme" means an annual delivery programme for a Contract Year prepared in accordance with Clause 10.2 (Annual Delivery Programme). "Anti-Corruption Laws" shall have the meaning given in Clause 31.1(c) (Prohibited Acts). "Anticipated Commercial Operations Date" means the anticipated date of achieving the Commercial Operations Date in accordance with the Project Schedule (as

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&nbsp;&nbsp;&nbsp;&nbsp;4 EUROPE/1011979779.40 amended by the exchange of letters between the Lessee and the Owner on 1 October 2020 titled "Lessee FM Event and Owner FM Event – Critical Dates and Project Schedule"). "Applicable Form of Credit Support" means: (a) in the case of the Lessee Credit Support required by a Lessee Credit Support Provider pursuant to Clause 18.1 (Lessee Credit Support): (i) in the relevant form set out in Schedule 21 (Form of Credit Support); and (ii) where the Alternative Lessee Credit Support Mechanism is utilised by the Lessee pursuant to Clauses 18.1(h) and 18.1(i) (Lessee Credit Support), in addition: (A) a credit support agreement between the proposed Lessee Credit Support Provider and the Owner, substantially in the form set out in Schedule 28 (Form of Credit Support Agreement); and (B) an SBLC; or (b) in the case of the Owner Credit Support required by an Owner Credit Support Provider pursuant to Clause 18.2 (Owner Credit Support): (i) in the relevant form set out in Schedule 21 (Form of Credit Support); and (ii) where the Alternative Owner Credit Support Mechanism is utilised by the Owner pursuant to Clauses 18.2(h) and 18.2(i) (Owner Credit Support), in addition: (A) a credit support agreement between the proposed Owner Credit Support Provider and the Lessee, substantially in the form set out in Schedule 28 (Form of Credit Support Agreement); and (B) an SBLC. "Approval" means any authorisations, consents, approvals, permits, rulings, resolutions, licences, exemptions, filings, registrations and other authorisations, permissions or waivers, or similar documents of whatsoever nature, which are required to be obtained from and/or granted by any Governmental Authority. "Approved Vendor List" shall have the meaning given in Clause 7.1(c) (Construction Parties). "Arbitral Tribunal" shall have the meaning given in Clause 24.5(c) (Arbitration). "Arrival Date" shall have the meaning given in Clause 7.7(a)(iii) (Sailaway and Arrival Dates). "Availability and Capacity Performance Standard" shall have the meaning given in Clause 12.1(a) (Performance Standards).

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&nbsp;&nbsp;&nbsp;&nbsp;5 EUROPE/1011979779.40 "Base Capacity" means the base capacity of the FLNG Facility for each Day, being 2.45 / 365 = 6.712x10-3 (MTPA/Day), as may be adjusted in accordance with Clause 12.5 (Adjustment of Base Capacity). "Base Capacity Adjustment" means the First Base Capacity Adjustment and/or a Subsequent Base Capacity Adjustment. "Base Work Programme and Budget Cycle" shall have the meaning given in Clause 9.5(i) (Work Programme and Budget). "Billing Period" means the period beginning at 00.00 hours on the first (1st) Day of any calendar month and ending at 24.00 hours on the last Day of that calendar month, provided that: (a) the first Billing Period shall begin at 00.00 hours on the Commissioning Start Date and end at 24.00 hours on the last Day of the calendar month in which the Commissioning Start Date occurs; and (b) the final Billing Period shall begin at 00.00 hours on the first (1st) Day of the calendar month in which the Lease Period ends and end at 24.00 hours on the last Day of the Lease Period. "Black & Veatch" means a consortium comprised of: (a) Black & Veatch Corporation, a company registered in the state of Delaware, United States of America whose registered office is at 11401 Lamar Avenue, Overland Park, KS, 66211, United States of America; (b) Black & Veatch Singapore Pte. Ltd, a company incorporated in Singapore whose registered office is at 491B, River Valley Road, #06-01/04 Valley Point, Singapore 248373; (c) Black & Veatch International Company, a company registered in the state of Missouri, United States of America, whose registered office is at 8400 Ward Parkway, Kansas City, MO 64114, United States of America; and (d) Black & Veatch (Beijing) Engineering Design Co., Ltd, a company registered in the People's Republic of China whose registered office is at 15/F, SK Tower, No.6 Jia, Jianwai Avenue, Chaoyang District, Beijing, China 100022. "Block C8 JOA" shall have the meaning given in Recital A. "Block C8 Operator" means the person appointed as operator from time to time pursuant to Block C8 JOA. "Block C8 Owners" means the parties that hold a participating interest in the Block C8 JOA from time to time, which at the date of this Agreement are BPMIL, Kosmos Energy Mauritania and Societe Mauritanienne des Hydrocarbures et de Patrimoine Minier. "Bullet Payment" shall have the meaning given in Clause 7.17(a) (Bullet Payment). "Bullet Reimbursement" shall have the meaning given in Clause 7.17(e) (Bullet Payment).

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&nbsp;&nbsp;&nbsp;&nbsp;6 EUROPE/1011979779.40 "Bullet Reimbursement Date" shall have the meaning given in Clause 7.17(e) (Bullet Payment). "Business Day" means any Day, other than a Saturday or Sunday or any other Day on which banks in London and New York are closed for business. "Capacity Available" shall have the meaning given in Clause 13.8(b) (Availability and Capacity Performance). "Cargo" means a cargo of LNG to be sold to an LNG Buyer pursuant to an LNG SPA. "CE" shall have the meaning given in Clause 13.1(a) (Elements of the Dayrate). "Certificate of Acceptance" means a certificate of acceptance for the FLNG Facility as contemplated by Clause 7.13 (Acceptance Testing), substantially in the form set out in Schedule 9 (Certificate of Acceptance). "Change" means a change in: (a) any requirements of the relevant Classification Society; (b) any applicable Mauritanian or Senegalese Law; (c) any other applicable Laws; (d) the Feed Gas Specification; (e) the LNG Specification; (f) the requirements of: (i) International Standards; (ii) international maritime regulations; or (iii) international LNG regulations, to the extent that the change in such standards or regulations imposes a higher standard than that prescribed under this Agreement or a new standard not otherwise prescribed under this Agreement; (g) the requirements of any LNG Carriers onto which the Lessee will load LNG; (h) the operating security environment applicable to the FLNG Facility and/or any necessary land support facilities; (i) Schedule 1 (Basis of Design) and/or Schedule 2 (Technical Specification) (including if the Parties agree, acting reasonably, that an assumption contained in Schedule 1 (Basis of Design) and/or Schedule 2 (Technical Specification) is incorrect); (j) a Project Compliance Assumption; (k) the requirements of Schedule 5 (Design, Build and Operational Readiness Requirements);

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&nbsp;&nbsp;&nbsp;&nbsp;8 EUROPE/1011979779.40 "Confirmed Delivery Schedule" shall mean the schedule produced pursuant to Clause 10.3(a)(i) (Specific Delivery Schedule) (as such schedule may be amended in accordance with Clause 10.4(a) (Changes to Schedules)). "Connection Date" shall have the meaning given in Clause 7.10(a) (Commissioning Start Date). "Consequential Loss" means: (a) consequential loss; and/or (b) loss of production, loss of product, loss of use, loss of business and business interruption and loss of revenue, profit or anticipated profit whether direct or indirect, resulting from the performance or non-performance of any obligation under this Agreement, any act of negligence, breach of contract or otherwise by a Party (or any member of such Party's Group) and whether or not such Party knew, or ought to have known, that such loss would be likely to be suffered as a result of such breach. "Consolidation Order" means an order by an Arbitral Tribunal that a First-filed Dispute and a Later Dispute be resolved in the same arbitral proceedings. "Continuation Criteria" shall have the meaning given in Clause 8.2(a)(i) (Continuation Date). "Continuation Date" shall have the meaning given in Clause 8.2(b) (Continuation Date). "Contract Year" means each successive period of twelve (12) consecutive months beginning on and including 1 January and ending on and including 31 December of the same calendar year, provided that: (a) the first Contract Year shall be the period from and including the Commercial Operations Date up to and including 31 December of the same calendar year; and (b) the final Contract Year shall be the period from and including 1 January of the year in which the Lease Period ends up to and including the last Day of the Lease Period. "Control" means the beneficial ownership of more than fifty percent (50%) of the issued share capital, or the legal power to direct or cause the direction of the general management, of the company or corporation or other person in question and "Controlled" shall be construed accordingly. "Conversion Contract" shall have the meaning given in Clause 7.1 (Construction Parties). "Core Work" means the design, engineering, conversion, construction, procurement, fabrication, pre-commissioning, classification, transit, mooring, installation and connection to the Feed Gas supply pipeline at the Feed Gas Receipt Point, testing, commissioning, operations readiness and, at the end of the Lease Period, demobilisation of the FLNG Facility and for the purposes of this Agreement shall

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&nbsp;&nbsp;&nbsp;&nbsp;9 EUROPE/1011979779.40 include the PA Work even if the same work was performed by or on behalf of GLNG under the Preliminary Agreement. "Co-venturers" means the Block C8 Owners and the Saint Louis Offshore Profond Block Owners as parties to the UUOA. "Credit Support Provider" means a Lessee Credit Support Provider or an Owner Credit Support Provider, as applicable. "Crew" shall have the meaning given in Clause 3.6(a) (Local Content Obligations). "Critical Dates" means the Connection Date, the Ready for Connection Date, the Target Connection Date, the Scheduled Commissioning Start Date, and the Commissioning Start Date, and "Critical Date" means any of them. "Current Calculation Billing Period" shall have the meaning given in Clause 13.9(d)(i) (Feed Gas Usage Performance). "Customs Duties" means any duties, payments, fees, charges, levies, taxes, or contributions payable to, or imposed by, any Governmental Authority in connection with the import or export, whether permanent or temporary, of any Personnel, Plant or Equipment (including the FLNG Facility) into or out of any jurisdiction, whenever arising, which are necessary for the performance of this Agreement. "Daily LDs" shall have the meaning given in Clause 7.15(a) (Daily LDs). "Day" means a period of twenty-four (24) consecutive hours starting at 00.00 hours in the relevant time zone and "Daily" has a corresponding meaning. "Dayrate" means the Normal Dayrate, the Adjusted Dayrate, the Zero Capital Dayrate or the FM Event Dayrate, as the case may be. "Default Rate" means [\*\*\*\*\*] on the last Business Day before the due date for payment and afterwards on the first Business Day of each succeeding calendar month. If any resulting rate exceeds that permitted by any applicable Law, then the rate of interest to be charged shall be the maximum rate permitted by such applicable Law. "Defend" means taking such steps and incurring such fees, costs and expenses as may be necessary to defend any Claims whether pre-litigation or in connection with any proceedings in any court or other tribunal (including any alternative or non-binding dispute resolution) and shall include the obligation to pay reasonable attorneys' fees, court costs, expert fees and other reasonable costs incurred by the Indemnitor or the Indemnitee as a result of defending against Claims as required by this Agreement or, at the election and cost of the obligor, the obligation to select and engage competent lawyers and experts to defend against Claims as required by this Agreement, and "Defence" shall be construed accordingly. "Demurrage Costs" means [\*\*\*\*\*], or such amount pro-rated for part thereof. "Direct Agreements" means: (a) a step-in agreement entered into by the Initial Lenders in favour of the Lessee substantially in the form set out in Schedule 24 (Form of Step-In Agreement) and a quiet enjoyment undertaking (or equivalent direct agreement) entered

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&nbsp;&nbsp;&nbsp;&nbsp;10 EUROPE/1011979779.40 into by the Initial Lenders in favour of the Lessee substantially in the form set out in Schedule 25 (Form of Quiet Enjoyment Undertaking); or (b) any direct agreement entered into by the Lenders in favour of the Lessee pursuant to Clause 28.1 (Owner Financing). "Discharge Substance" shall have the meaning given in Clause 19.5(a) (Pollution and Emergency Response). "Dispute" shall have the meaning given in Clause 24.2(a) (Occurrence of Dispute). "Effective Date" means the date upon which all of the Lessee's Conditions Precedent and all of the Owner's Conditions Precedent have been satisfied in full or waived in accordance with this Agreement, such date being [\*\*\*\*\*]. "Emergency Response Plan" means the set of protocols developed pursuant to Clauses 7.6(c)(ii) and 7.6(e)(v) (Manuals and Protocols). "Emissions Performance Standard" shall have the meaning given in Clause 12.1(e) (Performance Standards). "Equipment" means all materials, machinery, apparatus, supplies, property (real or personal), and equipment which forms part of the FLNG Facility. "Excess Feed Gas Allowance" means, for any given Day: (a) the Excess Feed Gas Usage % for such Day; multiplied by (b) the amount of Feed Gas delivered at the Feed Gas Receipt Point measured in mmBtu during such Day. "Excess Feed Gas Usage %" means the Feed Gas Usage % plus [\*\*\*\*\*]. "Excess Retainage Extension Day" shall have the meaning given in Clause 8.3(d)(ix) (Additional Term). "Excess Retainage Extension Dayrate" shall have the meaning given in Clause 8.3(d)(x) (Additional Term). "Existing Dispute" means any Dispute and/or Related Agreement Dispute. "Feed Gas" means Natural Gas delivered to the FLNG Facility at the Feed Gas Receipt Point. "Feed Gas Receipt and LNG Delivery Procedure" shall have the meaning given in Clause 7.6(e)(ii) (Manuals and Protocols). "Feed Gas Receipt Point" means the point where the Feed Gas supply pipeline connects to the FLNG Facility as set out in Schedule 2 (Technical Specification). "Feed Gas Specification" means the specification for Feed Gas set out in Part 1 of Schedule 20 (Feed Gas and LNG Specification). "Feed Gas Usage %" shall have the meaning given in Section 3 of Schedule 7 (Feed Gas Usage Allowance).

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&nbsp;&nbsp;&nbsp;&nbsp;11 EUROPE/1011979779.40 "Feed Gas Usage Allowance" means the amount of Retainage by the FLNG Facility that is permitted: (a) between the Commercial Operations Date and the date the Acceptance Appraisals are passed in accordance with Clause 7.14 (Acceptance Appraisals); and (b) on and from the date the Acceptance Appraisals are passed in accordance with Clause 7.14 (Acceptance Appraisals) for the remaining duration of the Lease Period, as set out in Schedule 7 (Feed Gas Usage Allowance). "Feed Gas Usage Performance Standard" shall have the meaning given in Clause 12.1(b) (Performance Standards). "FID" means an affirmative final investment decision made by the Co-venturers, at their sole discretion, to proceed into the execution phase of the GTA Project. "FID Notice Date" means 21 December 2018, pursuant to a written notice from the Lessee to the Owner dated 26 February 2019, confirming the Lessee Group's decision to take FID in respect of the GTA Project, in accordance with Clause 2.5(c) (Satisfaction of Conditions Precedent). "First-filed Dispute" means any Dispute and/or Related Agreement Dispute where a request for arbitration has been filed with the LCIA before a request for arbitration has been filed with the LCIA in relation to a Later Dispute. "First Base Capacity Adjustment" shall have the meaning given in Clause 12.5(a)(i) (Adjustment of Base Capacity). "First Continuation Date" shall have the meaning given in Clause 8.2(b)(i) (Continuation Date). "Flag State" means the Republic of the Marshall Islands. "FLNG Facility" means a floating liquefaction vessel designed on the basis of Schedule 1 (Basis of Design) and to meet the technical specifications set out in Schedule 2 (Technical Specification). "FLNG Facility Information" means any information, drawings, designs, charts, specifications, plans, software and other documentation or materials in any medium relating to the FLNG Facility which are provided or otherwise made available to the Lessee Group by or on behalf of the Owner or the Operator in the course of the Work or the Operating Services or otherwise in connection with this Agreement. "FM Event" shall have the meaning given in Clause 15.1(a) (Definition). "FM Event Dayrate" shall have the meaning given in Clause 13.6(a) (FM Event Dayrate). "FM Event Extension Day" shall have the meaning given in Clause 8.3(d)(v) (Additional Term).

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&nbsp;&nbsp;&nbsp;&nbsp;12 EUROPE/1011979779.40 "FM Event Extension Dayrate" shall have the meaning given in Clause 8.3(d)(vi) (Additional Term). "FM Event Start Date" shall have the meaning given in Clause 15.1(a) (Definition). "Gap Agreement" means the step-in agreement entered into of even date herewith by Keppel Shipyard, Black & Veatch, the Owner and the Lessee, in favour of the Lessee. "GLNG" means Golar LNG Limited, a company incorporated in Bermuda and having its registered office at 2nd floor, S.E. Pearman Building, 9 Par-la-Ville Road, Hamilton HM11, Bermuda. "Golar Gimi" means the vessel named Golar Gimi. "Governmental Authority" means any government, nation, republic, state, province, territory or other jurisdiction of any nature, any political sub-division thereof, and any court or tribunal, regulatory commission, judicial, quasi-judicial authority or other person, exercising executive, legislative, judicial, regulatory or administrative functions of any of the foregoing (whether autonomously or not) with jurisdiction over the Work and/or the Operating Services and/or with authority to impose or collect Tax. "Gross Negligence/Wilful Misconduct" means any act or failure to act (whether sole, joint or concurrent) by any person or entity that was intended to cause, or was in reckless disregard of or wanton indifference to, harmful consequences such person or entity knew, or should have known, such act or failure would have on the safety or property of another person or entity. "Group" means the Lessee Group or the Owner Group as the context requires. "GTA Fiscal Regime" shall have the meaning given in Clause 22.3(a) (GTA Fiscal Regime). "GTA Project" means an LNG export project for the first phase of development of the Unit Area including the development of ultra-deep-water Natural Gas wells and subsea gathering/delivery facilities, a floating production, storage and offloading vessel, a domestic Natural Gas pipeline connection for Mauritania, a domestic Natural Gas pipeline connection for Senegal, a Feed Gas supply pipeline, the LNG Hub Facilities and the FLNG Facility. "GTA Project Information" means any information, drawings, designs, charts, specifications, plans, software and other documentation or materials in any medium relating to the GTA Project which are provided or otherwise made available to the Owner Group by or on behalf of the Lessee Group in the course of the Work or the Operating Services or otherwise in connection with this Agreement. "GTAFR Introduction" shall have the meaning given in Clause 22.2(q) (General Taxes). "Hilli" means the vessel named Hilli Episeyo which has been converted into a floating liquefaction vessel for an Affiliate of the Owner and, as at the date of this Agreement, is on charter to a project offshore Cameroon.

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&nbsp;&nbsp;&nbsp;&nbsp;13 EUROPE/1011979779.40 "Hold-point" means each of the following milestones: (a) the FLNG Facility is ready to depart the Singapore shipyard of Keppel Shipyard, as more particularly described in section 2.7 of Schedule 5 (Design, Build and Operational Readiness Requirements); (b) the FLNG Facility is ready to enter the Lessee's Operating Boundary, as more particularly described in section 2.8 of Schedule 5 (Design, Build and Operational Readiness Requirements); and (c) Feed Gas is first ready to be introduced to the FLNG Facility, as more particularly described in section 2.9 of Schedule 5 (Design, Build and Operational Readiness Requirements). "Hold-point Confirmation" shall have the meaning given in Clause 7.4(c) (Hold- points). "Hold-point Expert" means any of: DNV GL, Lloyd's Register and American Bureau of Shipping (ABS). "HSSE" means health, safety, security and environment. "HSSE Manual" shall have the meaning given in Clause 7.6(e)(iv) (Manuals and Protocols). "HSSE Performance Standard" shall have the meaning given in Clause 12.1(f) (Performance Standards). "ICA" means the inter-state cooperation agreement between the governments of the States dated 9 February 2018 relating to the development and exploitation of the Unit Area, liquefaction and marketing of LNG produced from the Unit Area and supply of domestic Natural Gas produced from the Unit Area. "In Country" means the geographical area within each of the States and waters within their respective maritime boundaries. "Incentive Payment" shall have the meaning given in Clause 7.9(e) (Target Connection Date). "Indemnitee" shall have the meaning given in Clause 17.7(c) (Notice and Defence). "Indemnitor" shall have the meaning given in Clause 17.7(c) (Notice and Defence). "Independent Expert" shall have the meaning given in Clause 24.4(a) (Expert Determination). "Initial Lenders" means the entities identified in Clause 28.1(a) (Owner Financing). "Insolvency Event" means, in respect of a person, the occurrence of any of the following: (a) any resolution is passed or order made for the winding-up, dissolution, administration or reorganisation of that person, a moratorium is declared in relation to any indebtedness of that person;

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&nbsp;&nbsp;&nbsp;&nbsp;14 EUROPE/1011979779.40 (b) any composition, compromise, assignment or arrangement is made with any of its creditors other than as permitted by this Agreement; (c) it seeks or becomes subject to the appointment of any liquidator, receiver, administrative receiver, administrator, compulsory manager or other similar officer in respect of that person or any of its assets; (d) it is dissolved (other than pursuant to a consolidation, amalgamation or merger permitted by this Agreement); (e) it becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due; (f) it has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors' rights, or a petition is presented for its winding- up or liquidation which is not discharged within thirty (30) Days; (g) it suspends or threatens to suspend making payments on its debts generally; (h) by reason of actual or anticipated financial difficulties, it commences negotiations with one or more of its creditors with a view to rescheduling any of its indebtedness; (i) any analogous procedure or step referred to in paragraphs (a) to (h) of this definition is taken in respect of such person in any jurisdiction; or (j) it takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts. "Interface Protocol" shall have the meaning given in Clause 7.6(b)(i) (Manuals and Protocols). "International Standards" means the international standards and practices applicable to: (a) the design, engineering, procurement, construction, fabrication, transportation, installation, hook-up, commissioning, testing, operation and/or maintenance of upstream Natural Gas project facilities; (b) the design, engineering, conversion, procurement, construction, fabrication, pre-commissioning, transportation, mooring, installation, hook-up, testing commissioning, operation, maintenance and/or demobilisation of floating LNG liquefaction and offloading facilities; (c) LNG terminals; and/or (d) other floating LNG-related facilities and vessels, established by any internationally recognised non-governmental agency or organisation whose standards and practices it is customary for Reasonable and Prudent Operators of upstream Natural Gas project facilities or LNG facilities (including floating LNG liquefaction and offloading facilities) terminals and vessels (as applicable) to comply with.

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&nbsp;&nbsp;&nbsp;&nbsp;15 EUROPE/1011979779.40 "ISPS Code" shall have the meaning given in Clause 19.4 (ISPS Code). "Joinder" means the joining of a party to this Agreement or a Related Agreement to an Existing Dispute. "Joinder Order" means an order by an Arbitral Tribunal that a party to this Agreement or a Related Agreement be joined to an Existing Dispute. "Keppel Shipyard" means Keppel Shipyard Limited, a company registered in Singapore with its principal place of business being 51 Pioneer Sector 1, Singapore 628437. "Key Contractor" means any entity who is a counterparty to any Conversion Contract from time to time (other than the Owner), which as at the date of this Agreement means Keppel Shipyard, Black & Veatch and Golar Management Limited. "Key Contractor Insolvency Event Notice" shall have the meaning given in Clause 23.7(a) (Key Contractor Insolvency Cure Periods). "Later Dispute" means any Dispute or Related Agreement Dispute where a request for arbitration has been filed with the LCIA after a request for arbitration has been filed with the LCIA in respect of a First-filed Dispute. "Law" means any laws, statutes, legislation, notes, regulations, ordinances, orders, decrees, judgments, injunctions, stipulations, writs, directives, consents, agreements, decisions or notifications, in each case having the force of law issued by a Governmental Authority with jurisdiction over the matter in question. "LCIA" shall have the meaning given in Clause 24.5(a) (Arbitration). "Lease Period" shall have the meaning given in Clause 8.1 (Lease Period). "Lenders" means the Initial Lenders or the Refinanciers (as the context requires). "Lessee Credit Risk Test" shall have the meaning given in Clause 18.1(h)(i) (Lessee Credit Support). "Lessee Credit Support" shall have the meaning given in Clause 18.1(a) (Lessee Credit Support). "Lessee Credit Support Amount" means the amount of Lessee Credit Support required pursuant to Clause 18.1(c) (Lessee Credit Support) at the relevant time (as such amount is further adjusted pursuant to Clause 18.1(e) (Lessee Credit Support)). "Lessee Credit Support Provider" means any of: (a) BP Exploration Operating Company Limited and Kosmos Energy Limited; (b) a provider of Lessee Credit Support agreed between the Parties in accordance with Clause 18.1(h) (Lessee Credit Support); and (c) an alternative provider of Lessee Credit Support agreed between the Parties in accordance with Clause 18.1(h) (Lessee Credit Support) and appointed in accordance with the Alternative Lessee Credit Support Mechanism under Clause 18.1(i) (Lessee Credit Support).

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&nbsp;&nbsp;&nbsp;&nbsp;16 EUROPE/1011979779.40 "Lessee Group" means the Lessee, the Co-venturers, the Affiliates of the foregoing and their respective directors, officers, employees, advisors and agents, but shall not include any member of the Owner Group or the LNG Buyer (in its capacity as such). "Lessee Permits" means all certificates, visas, permits, licences or any other documents necessary for the performance of the Lessee's obligations under this Agreement. "Lessee Request" shall have the meaning given in Clause 6.1(a) (Lessee Request). "Lessee SBLC Issuer" means the provider of an SBLC in connection with the Alternative Lessee Credit Support Mechanism. "Lessee's Conditions Precedent" means the conditions precedent set out in Clause 2.3 (Lessee's Conditions Precedent). "Lessee's Operating Boundary" means a five hundred metre (500m) zone around the LNG Hub Facilities, or such other relevant control zone around the LNG Hub Facilities as may be designated by a Governmental Authority from time to time. "Lessee's Required Standard" shall have the meaning given in Clause 5.2 (Lessee's Required Standard). "LIBOR" means: (a) the London interbank offered rate for one (1) month USD deposits, as published by the Financial Times in London or, if not so published, by The Wall Street Journal, applicable on the first Business Day prior to the due date of payment and thereafter on the first Business Day of each succeeding calendar month; (b) if no such rate is published at the relevant time, the arithmetic mean (rounded upwards to five decimal places) of the rates quoted by the principal London offices of four (4) prime banks in the London interbank market on the Day that is one London banking Day prior to the relevant period for deposits in USD; or (c) if the rates referred to in paragraphs (a) and (b) of this definition are not available in respect of the relevant period for any reason, such comparable rate as the Parties may agree. "Liens" shall have the meaning given in Clause 17.6(a) (Liens). "Liquidated Damages Liability Cap" shall have the meaning given in Clause 7.18(a) (Liquidated Damages and Standby Dayrate Liability Cap). "LNG" means liquefied Natural Gas. "LNG Buyer" means any person who purchases LNG pursuant to an LNG SPA. "LNG Buyer Failure" means a failure of an LNG Buyer to take LNG for any reason other than due to an event or circumstance which would meet substantially similar criteria as for an FM Event, or due to any act or omission of the Owner Group. "LNG Carrier" means an LNG carrier calling at the LNG Hub Facilities. "LNG Delivery Performance Standard" shall have the meaning given in Clause 12.1(d) (Performance Standards).

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&nbsp;&nbsp;&nbsp;&nbsp;17 EUROPE/1011979779.40 "LNG Delivery Point" means the connection point between the loading manifold on the LNG Hub Facilities and the LNG loading arms at the FLNG Facility, as set out in Schedule 2 (Technical Specification). "LNG Hub Facilities" means the shallow water breakwater, marine structures (including the trestles/jetty, berths, mooring and docks), jetty topsides (including gas receiving lines, LNG transfer lines downstream of the LNG Delivery Point and loading arms and utilities distribution infrastructure) and living quarters/utilities facilities, located in accordance with Schedule 1 (Basis of Design), but shall not include the FLNG Facility or any LNG Carrier. "LNG Production" means the quantity of LNG run-down into the FLNG Facility's tanks (net of flash gas and boil-off) produced from Feed Gas delivered pursuant to this Agreement. "LNG Production Plan" shall have the meaning given in Clause 10.5(d) (Monthly Capacity and Production Plan). "LNG SPA" means any agreement or term sheet for the sale and purchase of LNG produced using Feed Gas produced from the Unit Area. "LNG Specification" means the specification for LNG set out in Part 2 of Schedule 20 (Feed Gas and LNG Specification). "LNG Specification Performance Standard" shall have the meaning given in Clause 12.1(c) (Performance Standards). "Localisation Plan" means the plan to be prepared by the Lessee in accordance with the principles in Schedule 26 (Localisation Plan). "Manuals and Protocols" shall have the meaning given in Clause 7.6(a) (Manuals and Protocols). "Marine Operations Manual" shall have the meaning given in Clause 7.6(d) (Manuals and Protocols). "Material Effect" shall have the meaning given in Clause 6.2 (Owner Request). "MBC" shall have the meaning given in Clause 7.1(a)(i) (Construction Parties). "Midstream Limited Notice to Proceed" shall have the meaning given in the Preliminary Agreement. "Minimum Criteria" shall have the meaning given in Clause 8.2(a)(ii) (Continuation Date). "MHHCID" shall have the meaning given in Clause 17.5(b) (Mutual Hold Harmless Arrangements). "mmBtu" means one million British Thermal Units. "Monthly Capacity Nomination" shall have the meaning given in Clause 10.5(a) (Monthly Capacity and Production Plan). "MTPA" means million tonnes per annum.

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&nbsp;&nbsp;&nbsp;&nbsp;18 EUROPE/1011979779.40 "Nameplate Capacity" means [\*\*\*\*\*] (or such other amount as is agreed or determined in accordance with Clause 6 (Variations)). "Natural Gas" means any hydrocarbon or mixture of hydrocarbons and other gases consisting predominantly of methane which is in a gaseous state at atmospheric temperature and pressure. "Nominal Set Rate" means [\*\*\*\*\*]. "Nominated Account" shall have the meaning given in Clause 14.2(b) (Payment). "Normal Dayrate" shall have the meaning given in Clause 13.3 (Normal Dayrate). "Notice of Business Principles Default" shall have the meaning given in Clause 23.5(b) (Termination for Breach of Business Principles). "Notice of Default" shall have the meaning given in Clause 23.3(b) (Termination for Owner or Operator Default). "OE" shall have the meaning given in Clause 13.1(a) (Elements of the Dayrate). "Off-Specification Feed Gas" means Feed Gas that does not meet the Feed Gas Specification. "Off-Specification LNG" means LNG tendered at the LNG Delivery Point for offloading that does not meet the LNG Specification. "Operating Boundary Licences and Consents" shall have the meaning given in Schedule 6 (Responsibility for Compliance). "Operating Management System" means the operating management system of the Owner and the Operator. "Operating Plan" shall have the meaning given in Clause 9.2 (Operating Plan). "Operating Services" shall have the meaning given in Clause 3.4(a) (Operator's General Obligations). "Operations Manual" shall have the meaning given in Clause 7.6(e)(iii) (Manuals and Protocols). "Operator Accession Deed" shall have the meaning given in Recital (H). "Operator Permits" means all certificates, visas, permits, licences or any other documents necessary for the performance of the Operator's obligations under this Agreement. "OSA" means the agreement between the Operator and GLNG or an Affiliate of GLNG, pursuant to which GLNG or its Affiliate provides operating management services to the Operator. "Other Contractor" means any contractor, other than members of the Owner Group, who has entered into a contract with the Lessee to provide goods or services or perform work at the LNG Hub Facilities or any other location required for the performance of this Agreement. An LNG Buyer shall not be considered an "Other Contractor" under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;19 EUROPE/1011979779.40 "Other Contractor Group" means any Other Contractor, its subcontractors of any tier, its and their Affiliates and its and their respective directors, officers and employees (including agency personnel) and agents, but shall not include any member of the Lessee Group or a member of the Owner Group. "Owner Credit Risk Test" shall have the meaning given in Clause 18.2(h)(i) (Owner Credit Support). "Owner Credit Support" shall have the meaning given in Clause 18.2(a) (Owner Credit Support). "Owner Credit Support Amount" means the amount of Owner Credit Support required pursuant to Clause 18.2(c) (Owner Credit Support) at the relevant time (as such amount is further adjusted pursuant to Clause 18.2(e) (Owner Credit Support)). "Owner Credit Support Provider" means any of: (a) GLNG and [\*\*\*\*\*]; (b) a provider of Owner Credit Support agreed between the Parties in accordance with Clause 18.2(h) (Owner Credit Support); and (c) an alternative provider of Owner Credit Support agreed between the Parties in accordance with Clause 18.2(h) (Owner Credit Support) and appointed in accordance with the Alternative Owner Credit Support Mechanism under Clause 18.2(i) (Owner Credit Support). "Owner Group" means the Owner, the Operator, their respective subcontractors of any tier (including Subcontractors and the Key Contractors), the Affiliates of each of the foregoing and their respective directors, officers, employees, advisors, agents, but shall not include any member of the Lessee Group or any Affiliate of the Owner that provides services to the Lessee other than in connection with this Agreement. "Owner Permits" means all certificates, visas, permits, licences or any other documents necessary for the performance of the Owner's obligations under this Agreement. "Owner Request" shall have the meaning given in Clause 6.2 (Owner Request). "Owner SBLC Issuer" means the provider of an SBLC in connection with the Alternative Owner Credit Support Mechanism. "Owner's Conditions Precedent" means the conditions precedent as set out in Clause 2.4 (Owner's Conditions Precedent). "PA Hold-point" means each of the following milestones: (a) completion of the FEED Update Work, as more particularly described in Appendix 1 of Schedule 5 (Design, Build and Operational Readiness Requirements); and (b) the point in time immediately prior to entry by or on behalf of the Owner into the Key Contracts, as more particularly described in Appendix 1 of Schedule 5 (Design, Build and Operational Readiness Requirements).

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&nbsp;&nbsp;&nbsp;&nbsp;20 EUROPE/1011979779.40 "PA Work" means the FEL Study Work, Feed Update Work, Preparatory Work and Early Work (in each case as defined in the Preliminary Agreement), or such other works as awarded under the Preliminary Agreement, performed by or on behalf of GLNG under the Preliminary Agreement. "Party" means each of the Owner, the Lessee and the Operator, as applicable, and "Parties" means collectively the Owner, the Lessee and the Operator. "Performance Standards" shall have the meaning given in Clause 12.1 (Performance Standards). "Permitted Change of Control" means a Change of Control where either: (a) the Change of Control results in ongoing Control of the Owner by a person that: (i) is directly or indirectly Controlled by GLNG; or (ii) directly or indirectly Controls GLNG; or (iii) is directly or indirectly Controlled by a person that also directly or indirectly Controls GLNG; or (b) the Change of Control results from the acquisition (whether through merger, spin-off, sale of shares or other equity interests or otherwise) of the Owner's ultimate holding company. "Personnel" means any personnel engaged by or on behalf of the Owner Group in connection with the performance of the Work or the Operating Services. "Plant" means all materials, machinery, apparatus, supplies, property, and equipment, which is owned, leased, rented, chartered or operated by the Owner Group for the purpose of performing the Work or the Operating Services, but that is not Equipment or the FLNG Facility. "PMSA" shall have the meaning given in Clause 7.1(a)(iv) (Construction Parties). "Political FM Event" means an FM Event attributable to the actions or inactions of any Governmental Authority of either or both of the States. "Pollution Legislation" shall have the meaning given in Clause 19.5(a) (Pollution and Emergency Response). "Position Notice" shall have the meaning given in Clause 24.4(b) (Expert Determination). "Pre-Appraisal Base Capacity" means the base capacity of the FLNG Facility for each Day during the period beginning on the Commercial Operations Date and ending on the date the Acceptance Appraisals are passed in accordance with Clause 7.14 (Acceptance Appraisals) (other than in respect of passing the Acceptance Appraisals in accordance with Clause 7.14 (Acceptance Appraisals)), being such amount as is determined in accordance with Clause 7.14(f)(ii) (Acceptance Appraisals). "Pre-Approved Subcontract" shall have the meaning given in Clause 3.7(c) (Cost Competitiveness). "Preliminary Agreement" shall have the meaning given in Recital D.

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&nbsp;&nbsp;&nbsp;&nbsp;21 EUROPE/1011979779.40 "Primarily Liable" means the Taxes assessed directly on the Lessee or one of its Affiliates by relevant Tax authorities and due for payment directly by the Lessee or its Affiliate arising as a direct result of the Lessee's or one of its Affiliate's operations in relation to this Agreement and not those Taxes reasonably considered to be the primary liability of the Owner Group. "Production Bank" shall have the meaning given in Clause 7.17(b) (Bullet Payment). "Prohibited Act" shall have the meaning given in Clause 31.1 (Prohibited Acts). "Project Compliance Assumptions" shall have the meaning given in Schedule 6 (Responsibility for Compliance). "Project Delay Event" shall have the meaning given in Clause 15.5(b) (Prolonged Project Delay FM). "Project Delay Event Extension Day" shall have the meaning given in Clause 8.3(d)(vii) (Additional Term). "Project Delay Event Extension Dayrate" shall have the meaning given in Clause 8.3(d)(viii) (Additional Term). "Project Delay Payment" shall have the meaning given in Clause 15.5(a) (Prolonged Project Delay FM). "Project Delay Payment Reimbursement" shall have the meaning given in Clause 15.5(c) (Prolonged Project Delay FM). "Project Delay Reimbursement Date" shall have the meaning given in Clause 15.5(c) (Prolonged Project Delay FM). "Project Delay Start Date" shall have the meaning given in Clause 15.5(a) (Prolonged Project Delay FM) and was established at the date of the exchange of letters between the Lessee and the Owner on 1 October 2020 titled "Lessee FM Event and Owner FM Event – Critical Dates and Project Schedule" to be [\*\*\*\*\*]. "Project Schedule" shall have the meaning given in Clause 7.8(a) (Project Schedule). "Ready for Connection Date" shall have the meaning given in Clause 7.9(d) (Target Connection Date). "Reasonable and Prudent Operator" means a person seeking in good faith to perform its contractual obligations, and in so doing, and in the general conduct of its undertaking, exercising that degree of skill, diligence, prudence and foresight which would reasonably and ordinarily be expected from a skilled and experienced operator complying with all applicable Laws and engaged in the same type of undertaking under the same or similar circumstances and conditions. "Related Agreement" means the Preliminary Agreement, and each of the Owner Credit Support and the Lessee Credit Support. "Related Agreement Dispute" means any dispute or claim arising out of or in connection with a Related Agreement or its subject matter, existence, negotiation, validity, termination or enforceability (including any non-contractual dispute or claim).

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&nbsp;&nbsp;&nbsp;&nbsp;22 EUROPE/1011979779.40 "Required Standard" shall have the meaning given in Clause 5.1 (Owner and Operator's Required Standard). "Requisitioned" shall have the meaning given in Clause 17.4(a) (Requisition of FLNG Facility) and "Requisition" shall be construed accordingly. "Restricted Feed Gas" means Feed Gas within the Restricted Feed Gas Range. "Restricted Feed Gas Range" means any of the components listed under "Composition" in Table 1 of Schedule 20 (Feed Gas and LNG Specification) being within the range between the corresponding percentage value listed under "Rich Gas" in Table 1 of Schedule 20 (Feed Gas and LNG Specification) and the corresponding percentage value listed under "Rich Gas Limit" in Table 1 of Schedule 20 (Feed Gas and LNG Specification). "Retainage" means, with respect to a specified period of time, the aggregate internal use or loss of Feed Gas by the FLNG Facility during such period (subject to Clause 13.9(a) (Feed Gas Usage Performance) and excluding any use or loss of Feed Gas which arises beyond the LNG Delivery Point). "Retained Bullet Payment" shall have the meaning given in Clause 7.17(f) (Bullet Payment). "Retained Project Delay Amount" shall have the meaning given in Clause 15.5(d) (Prolonged Project Delay FM). "Review-point" means each of the following milestones: (a) substantial completion of detailed design work in relation to the FLNG Facility, as more particularly described in section 2.5 of Schedule 5 (Design, Build and Operational Readiness Requirements); and (b) the point in time at which twenty percent (20%) of the works to be undertaken by the Key Contractors have been completed, as more particularly described in section 2.6 of Schedule 5 (Design, Build and Operational Readiness Requirements). "Review-point Process" shall have the meaning given in Clause 7.5(a) (Review- points). "Safety Critical" means: (a) in relation to the Core Work, those works, services or systems materially impacting on or directly related to: (i) [\*\*\*\*\*]; (ii) [\*\*\*\*\*]; (iii) [\*\*\*\*\*]; (iv) [\*\*\*\*\*]; (v) [\*\*\*\*\*]; (vi) [\*\*\*\*\*];

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&nbsp;&nbsp;&nbsp;&nbsp;23 EUROPE/1011979779.40 (vii) [\*\*\*\*\*]; (viii) [\*\*\*\*\*]; (ix) [\*\*\*\*\*]; (x) [\*\*\*\*\*]; (xi) [\*\*\*\*\*]; (xii) [\*\*\*\*\*]; (xiii) [\*\*\*\*\*]; (xiv) [\*\*\*\*\*]; (xv) [\*\*\*\*\*]; (xvi) [\*\*\*\*\*]; (xvii) [\*\*\*\*\*]; (xviii) [\*\*\*\*\*]; (xix) [\*\*\*\*\*]; (xx) [\*\*\*\*\*]; (xxi) [\*\*\*\*\*]; (b) [\*\*\*\*\*] (i) [\*\*\*\*\*]; (ii) [\*\*\*\*\*]; and/or (iii) [\*\*\*\*\*]. "Sailaway Date" means the date that the FLNG Facility sails from the Singapore shipyard of Keppel Shipyard. "Saint Louis Offshore Profond Block JOA" shall have the meaning given in Recital B. "Saint Louis Offshore Profond Block Operator" means the person appointed as operator from time to time pursuant to the Saint Louis Offshore Profond Block JOA. "Saint Louis Offshore Profond Block Owners" means the persons who hold a participating interest in the Saint Louis Offshore Profond Block JOA from time to time, which as at the date of this Agreement are BPSIL, Kosmos Energy Investments Senegal Limited and Societe des Petroles du Senegal. "Sales Tax" means any sales tax or value added tax arising or payable as a result of the performance of the Operating Services. "SBC" shall have the meaning given in Clause 7.1(a)(ii) (Construction Parties).

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&nbsp;&nbsp;&nbsp;&nbsp;24 EUROPE/1011979779.40 "SBLC" means a standby letter of credit or bank guarantee procured by a Credit Support Provider in accordance with Clause 18.1(i) (Lessee Credit Support) or 18.2(i) (Owner Credit Support) (as applicable), materially based on the form set out in Schedule 28 (Form of Credit Support Agreement). "Scheduled Commercial Operations Date" means the date that falls immediately following the sequential completion of the following periods: (a) [\*\*\*\*\*] or such other date as amended to reflect any changes to the Target Connection Date excluding any extensions pursuant to Clause 7.9(b) (Target Connection Date) (or as otherwise agreed by the Parties); and (b) [\*\*\*\*\*]; and (c) the Scheduled Commissioning Period, excluding any extension pursuant to Clause 7.12(a)(i) (Commissioning Period). "Scheduled Commissioning Period" shall have the meaning given in Clause 7.12(a) (Commissioning Period). "Scheduled Commissioning Start Date" means the date determined in accordance with Clauses 7.10(b) and 7.10(c) (Commissioning Start Date). "Scheduled Maintenance" shall have the meaning given in Clause 9.3(a) (Scheduled Maintenance). "Second Continuation Date" shall have the meaning given in Clause 8.2(b)(ii) (Continuation Date). "Senior Supervisory Personnel" means, with respect to a person: (a) any individual of such person or one of its Affiliates who is its senior manager, or resident manager, who directs all operations and activities of such person in respect of the GTA Project; (b) any individual of such person or one of its Affiliates who is at a management level equivalent to or superior to the individual referred to in sub-paragraph (a), including specifically any officer or director of such person or one of its Affiliates, who has authority in relation to the operations and activities in respect of the GTA Project; or (c) any individual with management or supervisory responsibilities in relation to the operations and activities in respect of the GTA Project and who directly reports to an individual referred to in sub-paragraphs (a) or (b), but excluding all onsite managers or supervisors who are responsible for or in charge of installations or facilities, construction or production and related operations, or any other field operations. "Specific Delivery Schedule" means the schedule produced pursuant to Clause 10.3(a) (Specific Delivery Schedule) as such schedule may be amended in accordance with Clause 10.4(a) (Changes to Schedules). "Standby Dayrate" shall have the meaning given in Clause 7.16(a) (Standby Dayrate).

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&nbsp;&nbsp;&nbsp;&nbsp;25 EUROPE/1011979779.40 "Standby Dayrate Liability Cap" shall have the meaning given in Clause 7.18(b) (Liquidated Damages and Standby Dayrate Liability Cap). "States" means the Islamic Republic of Mauritania and the Republic of Senegal. "Subcontractor" means any person to which the Owner or Operator (as applicable) has subcontracted any part of the Work or Operating Services. "Subsequent Base Capacity Adjustment" shall have the meaning given in Clause 12.5(a)(ii) (Adjustment of Base Capacity). "Supplementary Extension Days" shall have the meaning given in Clause 8.3(b)(i)(B) (Additional Term). "Surviving Obligations" shall have the meaning given in Clause 30.11 (Surviving Obligations). "Suspension Extension Day" shall have the meaning given in Clause 8.3(d)(i) (Additional Term). "Suspension Extension Dayrate" shall have the meaning given in Clause 8.3(d)(ii) (Additional Term). "Suspension for Convenience" shall have the meaning given in Clause 23.1 (Suspension by Lessee). "Target Connection Date" means the date set out in Clause 7.9(a) as may be extended in accordance with Clause 7.9(b) (Target Connection Date). "Tax" or "Taxes" means all existing or future taxes, corporate income tax or gross revenue taxes, personal income tax, employment taxes and social charges, national insurance, Sales Taxes, property taxes, impost, duties, Customs Duties, levies, withholding taxes, fees, stamp duties, mandatory contributions, charges and other assessments in the nature of taxes. "Technical Dispute" shall have the meaning given in Clause 24.3(b)(i) (Senior Management). "Technical Dispute Submission" shall have the meaning given in Clause 24.4(a) (Expert Determination). "Technical Information" means Confidential Information that is proprietary in nature (such as processes or product formulations) and not of a business, economic or financial nature. "Term" shall have the meaning given in Clause 2.1 (Term). "Third Party" means any person other than any member of the Lessee Group or any member of the Owner Group. "Train Day" means, with respect to each of the four (4) LNG trains of the FLNG Facility, a twenty-four (24) hour period of operation of such LNG train. "Unit Area" means the common reservoir of Natural Gas underlying Block C8, offshore Mauritania, and the Saint Louis Offshore Profond Block, offshore Senegal.

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&nbsp;&nbsp;&nbsp;&nbsp;26 EUROPE/1011979779.40 "Unit Operator" means the person appointed from time to time as operator of the Unit Area in accordance with the UUOA. "Upstream Facilities" means the facilities installed or to be installed for the first phase of development of the Unit Area, including Natural Gas wells and subsea gathering / delivery facilities, a floating production, storage and offloading vessel (FPSO), a domestic Natural Gas pipeline connection for Mauritania, a domestic Natural Gas pipeline connection for Senegal, a Feed Gas supply pipeline and the LNG Hub Facilities (but shall not include the FLNG Facility). The Upstream Facilities shall include any common use infrastructure for use in connection with any subsequent phases of the development of the Unit Area once the same has been constructed and commissioned. "Upstream Failure" means any failure by or on behalf of the Lessee to deliver Feed Gas to the Feed Gas Receipt Point for any reason other than failure caused by an FM Event or any act or omission of any member of the Owner Group. "Upstream Project" means the development, operation and maintenance of the Upstream Facilities, the operation, management and administration of petroleum operations pursuant to the UUOA and the delivery of Feed Gas to the FLNG Facility at the Feed Gas Receipt Point. "US CPI" means the consumer price index "CPI-All Urban Consumers (Current Series), Series ID CUUR0000SA0" published by the US Bureau of Labor Statistics from time to time (and, if during the Term, such index is discontinued or otherwise no longer published, the Parties shall agree on a reasonably comparable index as a replacement). "UUOA" means the unitisation and unit operating agreement dated on or around 7 February 2019 entered into between the Co-venturers for, amongst other things, the joint development and exploitation of the Unit Area. "Variation" means any variation, revision, modification, change or omission to the Work (including schedule, technical specifications, design standards, basis of design and operational standards and procedures) or the FLNG Facility as contemplated by Clause 6 (Variations) or Clause 8.2 (Continuation Date). "Variation Cost" shall have the meaning given in Clause 6.6(a) (Variation Cost). "Variation Order" shall have the meaning given in Clause 6.7(b)(ii)(A)(1) (Variation Order). "Variation Order Proposal" means a variation order proposal in the form set out in Schedule 12 (Variation Order Proposal). "Weighted Average Calculation Period" shall have the meaning given in Clause 13.9(d)(ii) (Feed Gas Usage Performance). "Work" means the Core Work or the Additional Capital Work as the context requires. "Work Programme and Budget" means a work programme and budget (which shall include Scheduled Maintenance) for a Contract Year, together with a high level summary of the proposed work programme and budget for the two (2) Contract Years following such Contract Year, as approved or determined in accordance with Clause 9.5 (Work Programme and Budget).

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&nbsp;&nbsp;&nbsp;&nbsp;27 EUROPE/1011979779.40 "Zero Capital Dayrate" shall have the meaning given in Clause 13.5(a) (Zero Capital Dayrate). "Zero Capital Dayrate Extension Day" shall have the meaning given in Clause 8.3(d)(iii) (Additional Term). "Zero Capital Dayrate Extension Dayrate" shall have the meaning given in Clause 8.3(d)(iv) (Additional Term). 1.2 Interpretation In this Agreement, headings are for convenience only and shall not be taken into consideration in the interpretation or construction of this Agreement. Unless the context requires otherwise: (a) words importing the singular shall also include the plural and vice versa; (b) references to Recitals, paragraphs, Clauses and Schedules are references to the recitals, paragraphs and clauses of, and schedules to, this Agreement; (c) the Schedules and the Manuals and Protocols shall have the same force and effect as if expressly set out in the body of this Agreement, and any reference to this Agreement shall include the Schedules and the Manuals and Protocols. In the event of any conflict between the main body of this Agreement and the Schedules or the Manuals and Protocols, the main body shall take precedence; (d) "includes" and "including" mean (respectively) "includes, but is not limited to" and "including, but not limited to"; (e) a "person" includes any individual, company, corporation, firm, partnership, joint venture, association, body corporate, organisation, trust, institution, Government Authority or other legal entity (in each case whether or not having separate legal personality) and words denoting any gender shall include the other genders; (f) references to any statute or other law include a reference to every order, by- law, instrument, regulation, directive or plan having the force of law made thereunder or deriving validity therefrom and any amendment or re-enactment of the same from time to time in force; and (g) any reference to any agreement (including this Agreement) or other document shall be a reference to the same as it may be amended, varied, supplemented, novated or replaced from time to time. 2. TERM AND EFFECTIVENESS 2.1 Term The "Term" shall commence on the Effective Date and, unless terminated earlier in accordance with its terms, shall end on the later of: (a) the twentieth (20th) Commercial Operations Date Anniversary; and (b) the last date of the Additional Term (if applicable).

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&nbsp;&nbsp;&nbsp;&nbsp;28 EUROPE/1011979779.40 2.2 Effectiveness of Agreement Upon execution of this Agreement, Clauses 1 (Definitions and Interpretation), 2 (Term and Effectiveness), 3.1(b) (Owner's General Obligations), 12.5(d) (Adjustment of Base Capacity), 18.1(c)(i) (Lessee Credit Support), 18.2(c)(i) (Owner Credit Support), 20 (Intellectual Property), 24 (Dispute Resolution), 25 (Waiver of Immunity), 26 (Confidentiality), 27 (Assignment and Change of Control) (other than Clause 27.6(a) (Ownership of the Operator)), 29 (Notices), 30 (General Legal Provisions) (other than Clause 30.11 (Surviving Obligations)), 31 (Business Principles) and 34 (Agency), section 4.2.1 (Project Execution Plan) of Schedule 5 (Design, Build and Operational Readiness Requirements) and Principle 5 (Operating Boundary Licences and Consents Holder Allocation) of Schedule 6 (Responsibility for Compliance) shall come into full force and effect. All other clauses of this Agreement shall come into full force and effect on the Effective Date. 2.3 Lessee's Conditions Precedent The Lessee's Conditions Precedent are: (a) any enabling legislation in relation to the ICA having been passed and any further steps necessary for such legislation to be effective (including ratification by the relevant Governmental Authority) having been carried out; (b) receipt by the Lessee of Approval of the plan of development for the GTA Project and the exploitation licences for the Unit Area; (c) any relevant construction contracts for the Upstream Project having been entered into by the relevant parties thereto; (d) the Owner Credit Support having been provided to the Lessee; (e) the Lessee having provided the Owner with written notice that FID has been taken in respect of the GTA Project; and (f) all Lessee Permits identified in accordance with Schedule 6 (Responsibility for Compliance) as necessary for the commencement of work on the Upstream Project having been granted to the Lessee. 2.4 Owner's Conditions Precedent The Owner's Conditions Precedent are: (a) the Lessee Credit Support having been provided to the Owner; and (b) all Owner Permits and Operator Permits identified in accordance with Schedule 6 (Responsibility for Compliance) as necessary for the commencement of the Work having been granted to the Owner or the Operator (as applicable). 2.5 Satisfaction of Conditions Precedent (a) Promptly following execution of this Agreement: (i) the Owner shall use all reasonable endeavours to satisfy, or procure the satisfaction of:

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&nbsp;&nbsp;&nbsp;&nbsp;29 EUROPE/1011979779.40 (A) the Owner's Conditions Precedent set out in Clause 2.4(b) (Owner's Conditions Precedent); and (B) the Lessee's Conditions Precedent set out in Clause 2.3(d) (Lessee's Conditions Precedent); and (ii) the Lessee shall use all reasonable endeavours to satisfy, or procure the satisfaction of: (A) the Lessee's Conditions Precedent set out in Clause 2.3(f) (Lessee's Conditions Precedent); and (B) the Owner's Conditions Precedent set out in Clause 2.4(a) (Owner's Conditions Precedent), provided the Lessee shall not have any obligation to satisfy or procure the satisfaction of the Lessee's Conditions Precedent set out in Clauses 2.3(a) to 2.3(c) and Clause 2.3(e) (Lessee's Conditions Precedent). (b) The Parties shall keep each other regularly informed as to the progress towards achieving satisfaction of their respective Conditions Precedent. (c) If the Lessee Group decides, in its sole discretion, to take FID in respect of the GTA Project, the Lessee shall promptly provide the Owner with written notice that FID has been taken and the date thereof. 2.6 Waiver of Conditions Precedent (a) The Lessee may, in its sole discretion, waive the requirement for satisfaction of one or more of the Lessee's Conditions Precedent set out in Clause 2.3 (Lessee's Conditions Precedent). (b) The Owner may, in its sole discretion, waive the requirement for satisfaction of one or more of the Owner's Conditions Precedent set out in Clause 2.4 (Owner's Conditions Precedent). (c) If all Conditions Precedent have been satisfied in full or waived in accordance with this Clause 2.6 (Waiver of Conditions Precedent) other than the Owner's Conditions Precedent set out in Clause 2.4(b) (Owner's Conditions Precedent) due to the Owner's failure to incorporate an entity to be the Operator pursuant to Clause 3.1(b) (Owner's General Obligations), the Parties agree that, for the purposes of Clause 2.7 and determining the Effective Date, the requirement to satisfy the Owner's Conditions Precedent set out in Clause 2.4(b) is deemed to have been waived on the date of satisfaction in full or waiver of the immediately preceding Conditions Precedent. 2.7 Termination for Failure to Satisfy Conditions Precedent Notwithstanding Clause 30.11 (Surviving Obligations), if any of the Conditions Precedent have not been satisfied in full or waived in accordance with Clause 2.6 (Waiver of Conditions Precedent) on or before [\*\*\*\*\*] (as such date may be extended by the written agreement of the Parties), the Owner and the Lessee shall each have the right to terminate this Agreement immediately by giving written notice of such termination to the other Party, provided that such right to terminate shall not be exercisable if the Owner has failed to satisfy in full or waive the Owner's Conditions

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&nbsp;&nbsp;&nbsp;&nbsp;30 EUROPE/1011979779.40 Precedent in Clause 2.4(b) (Owner's Conditions Precedent) due to its failure to incorporate an entity to be the Operator pursuant to Clause 3.1(b) (Owner's General Obligations). If this Agreement is terminated in accordance with this Clause 2.7 (Termination for Failure to Satisfy Conditions Precedent), this Agreement (other than Clauses 1 (Definitions and Interpretation), 2.7 (Termination for Failure to Satisfy Conditions Precedent), 20.1 (Exclusion of transfer or license), 24 (Dispute Resolution), 25 (Waiver of Immunity), 26 (Confidentiality), 30 (General Legal Provisions) (other than Clause 30.11 (Surviving Obligations)) and 34 (Agency)) shall end and the Parties shall have no further liability to each other, other than under the surviving clauses referred to in this Clause 2.7 (Termination for Failure to Satisfy Conditions Precedent) and with respect to any rights and obligations that have accrued prior to termination. 3. OWNER AND OPERATOR OBLIGATIONS 3.1 Owner's General Obligations (a) Subject to and in accordance with the terms of this Agreement, the Owner shall: (i) perform, or procure the performance of the Work (as amended pursuant to any Variation); (ii) provide the FLNG Facility to the Lessee; and (iii) procure the performance of the Operating Services by the Operator, in each case in conformity with the Required Standard. (b) As soon as reasonably practicable following the date of this Agreement, the Owner shall incorporate a wholly owned subsidiary to be the Operator, such entity to be incorporated and organised under the laws of the Islamic Republic of Mauritania as Golar MS Operator S.A.R.L. The Owner shall procure that the entity so incorporated executes a deed of accession to this Agreement substantially in the form set out in Schedule 15 (Form of Deed of Accession) promptly on incorporation. (c) For so long as the Owner has not incorporated an entity to be the Operator, or the incorporated entity has not executed a deed of accession to this Agreement, pursuant to Clause 3.1(b) (Owner's General Obligations), the Owner shall perform, or procure the performance of, the obligations (if any) and may enforce the rights (if any), of the Operator under this Agreement. (d) If the Operator fails to perform any of its obligations under this Agreement, including the Operating Services, the Owner shall perform, or procure the performance of, such obligations in place of the Operator. (e) If the Owner performs or procures the performance of the obligations of the Operator pursuant to Clauses 3.1(c) or 3.1(d) (Owner's General Obligations): (i) the Owner shall be liable to the Lessee for the obligations of the Operator under this Agreement; and (ii) the Lessee shall be entitled to enforce its rights in relation to the obligations owed to it by the Operator under this Agreement against the Owner together with its rights under Clause 13.1(c)(ii) (Elements of the Dayrate).

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&nbsp;&nbsp;&nbsp;&nbsp;31 EUROPE/1011979779.40 3.2 Conduct of Work The Owner shall be responsible for the conduct of the Work. Without prejudice to the generality of the foregoing, the Owner shall: (a) provide sufficient competent and suitably qualified Personnel to ensure the proper and timely performance of the Work; (b) ensure the performance of any Work carried out by the relevant Key Contractors (and their respective subcontractors of any tier) and any of its other subcontractors of any tier is in accordance with the requirements of the Conversion Contracts and the relevant subcontracts (as applicable) and in a manner which is consistent with International Standards to the extent that this Agreement does not prescribe the relevant standard; (c) comply with its obligations under the Conversion Contracts and any subcontracts entered into in accordance with Clause 3.5 (Subcontracting); (d) be responsible for the adequacy of the HSSE standards that are to be implemented in connection with the performance of the Work, and the adequacy, safety and stability of all operations and methods necessary for the performance of the Work; (e) comply with all agreed Variations; (f) be responsible for obtaining and maintaining Owner Permits, provided that any Operating Boundary Licences and Consents shall be obtained and maintained subject to and in accordance with Schedule 6 (Responsibility for Compliance); (g) upon request of the Lessee, provide the Lessee with reasonable assistance to obtain the Lessee Permits including in accordance with Schedule 6 (Responsibility for Compliance); (h) be responsible at all times for scheduling, progress reporting, forecasting and independently controlling the progress of the Work in order to: (i) meet the Project Schedule; and (ii) satisfy the requirements of Schedule 5 (Design, Build and Operational Readiness Requirements); and (i) ensure that the FLNG Facility shall be of good and sound design, materials and workmanship and shall at all times be fit for the purpose described in this Agreement, in each case in conformity with the Required Standard. 3.3 PA Work (a) The Owner confirms that the PA Work is accurate, complete and sufficient to enable the Owner to perform the Core Work in accordance with all requirements of this Agreement, including the Project Schedule.

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&nbsp;&nbsp;&nbsp;&nbsp;32 EUROPE/1011979779.40 (b) Upon the Effective Date of this Agreement, the PA Work shall be deemed for all purposes to have been performed by the Owner under this Agreement and shall be subject to the terms and conditions of this Agreement in all respects. (c) The Owner and Operator confirm that they have reviewed the terms of the Preliminary Agreement. (d) The Lessee makes no guarantee or warranty, express or implied, as to the accuracy, adequacy or completeness of the PA Work. (e) The Parties acknowledge that the Lessee and GLNG have: (i) confirmed that the basis of design for the FLNG Facility attached to the Heads of Terms (as defined in the Preliminary Agreement) had been progressed to their satisfaction for the purposes of clause 3.4.1(b) of the Preliminary Agreement, subject to the clarifications set out in paragraph 3.1 of the exchange of notices between the Lessee, BPSIL and GLNG dated 19 April 2018, pursuant to the Preliminary Agreement, and served as the basis for the PA Work; and (ii) achieved the requirements of the PA Hold-points in accordance with Appendix 1 of Schedule 5 (Design, Build and Operational Readiness Requirements). 3.4 Operator's General Obligations (a) Subject to and in accordance with the terms of this Agreement and the then applicable Work Programme and Budget, during the Lease Period the Operator shall provide the following services: (i) for and on behalf of the Owner, making the FLNG Facility capacity exclusively available to the Lessee; (ii) providing management, operation and maintenance services for the FLNG Facility; (iii) accepting Feed Gas that is delivered by the Lessee to the Feed Gas Receipt Point in accordance with the Operations Manual; (iv) in accordance with the LNG Production Plan, processing Feed Gas at the FLNG Facility to produce and store LNG; (v) in accordance with the Confirmed Delivery Schedule and the Operations Manual and provided that the Lessee delivers Feed Gas that meets the Feed Gas Specification, delivering LNG that meets the LNG Specification at the LNG Delivery Point; and (vi) providing sufficient competent and suitably qualified Personnel to ensure the proper and timely performance of the services set out in Clauses 3.4(a)(i) to 3.4(a)(v) (Operator's General Obligations), (the "Operating Services"), in each case in conformity with the Required Standard.

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&nbsp;&nbsp;&nbsp;&nbsp;33 EUROPE/1011979779.40 (b) If the provision of a part (or all) of the Operating Services is deficient and such deficiency is notified to the Operator by the Lessee as a Notice of Dispute in accordance with Clause 24.2(c) (Occurrence of Disputes) and the Operator has failed to: (i) develop a remedial action plan (that is acceptable to the Lessee acting reasonably) [\*\*\*\*\*] (or such other period as may be agreed by the Parties acting reasonably) from the date of the Notice of Dispute; and/or (ii) implement the agreed remedial action plan within [\*\*\*\*\*] (or such other period as may be agreed by the Parties acting reasonably or as may be outlined in the agreed remedial action plan) from the date of the Notice of Dispute, then the Lessee may require the Owner to pay the OE in accordance with Clause 13.1(c)(ii) (Elements of the Dayrate) until such time as such deficiency is remedied, and the Lessee shall have no liability for the amount of OE arising during the period from the failure referred to in Clause 3.4(b)(i) or Clause 3.4(b)(ii) (Operator's General Obligations) (as applicable) until such time as such deficiency is remedied. (c) The Operator shall: (i) obtain and maintain the Operator Permits, provided that any Operating Boundary Licences and Consents shall be obtained and maintained subject to and in accordance with Schedule 6 (Responsibility for Compliance); and (ii) upon request of the Lessee, provide reasonable assistance to the Lessee to obtain the Lessee Permits including in accordance with Schedule 6 (Responsibility for Compliance). 3.5 Subcontracting (a) Subject to this Clause 3.5 (Subcontracting), Clause 3.6(b) (Local Content Obligations) and Clause 7.1 (Construction Parties), the Owner and the Operator may subcontract a part (but not all) of the Work or Operating Services (as applicable) to any person pursuant to the terms of this Agreement. The Owner and the Operator shall be liable to the Lessee for the relevant acts and/or omissions of any of their respective Subcontractors in relation to the Work or Operating Services (as applicable) as fully as if they were the acts and/or omissions of the Owner or the Operator (as applicable). (b) The Owner or the Operator (as applicable) shall not subcontract any part of: (i) the Work (excluding the Conversion Contracts) in excess of a contract value of [\*\*\*\*\*] for any single subcontract or series of subcontracts for a related scope of work or services; (ii) the Operating Services (excluding the OSA) in excess of an annual contract value of [\*\*\*\*\*]; or (iii) [\*\*\*\*\*],

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&nbsp;&nbsp;&nbsp;&nbsp;34 EUROPE/1011979779.40 without the prior written consent of the Lessee (such consent not to be unreasonably withheld, conditioned or delayed). (c) The Owner or the Operator (as applicable) shall conduct appropriate risk based due diligence on a proposed subcontractor including on the ability of the proposed subcontractor to perform that part of the Work or the Operating Services which the Owner or the Operator (as applicable) wishes to subcontract. Where the Lessee's written consent is required in accordance with Clause 3.5(b) (Subcontracting), such risk based due diligence shall be completed prior to seeking the Lessee's consent. On the first (1st) anniversary of the signing date of such Subcontractor's subcontract and annually thereafter for the term of such subcontract, the Owner or the Operator (as applicable) shall conduct a risk based review to ensure the Subcontractor remains suitable (technically, financially and from a compliance perspective) to perform that part of the Work or the Operating Services subcontracted to it. (d) If the prior written consent of the Lessee is required in accordance with Clause 3.5(b) or 3.5(g) (Subcontracting) prior to entering into the relevant subcontract, then the Owner or the Operator (as applicable) shall: (i) notify the Lessee of its intention to enter into any subcontract, providing details of the proposed subcontractor including trading names, nature of materials, plant, equipment and/or services to be procured, for that part of the Work or Operating Services which the Owner or the Operator (as applicable) wishes to subcontract; (ii) upon request by the Lessee, promptly provide the Lessee with copies of the terms and conditions of any subcontract (with any sensitive commercial information redacted); (iii) seek the Lessee's prior written consent (not to be unreasonably withheld, conditioned or delayed) to such subcontract prior to entering into the subcontract or making any commitment to the proposed subcontractor in respect of the proposed subcontract; and (iv) promptly provide the Lessee with such information in relation to the proposed subcontractor as the Lessee may reasonably require and which the Owner or Operator (as applicable) can reasonably obtain, having made reasonable efforts to obtain such information, provided that the Lessee shall request all information it requires in accordance with Clauses 3.5(d)(ii) and 3.5(d)(iv) (Subcontracting) within fifteen (15) Days of its receipt of such notice from the Owner or the Operator pursuant to Clause 3.5(d)(i) (Subcontracting). (e) Subject to Clause 3.5(f) (Subcontracting), upon receipt of notice pursuant to Clause 3.5(d)(i) (Subcontracting), the Lessee may, by notice to the Owner or the Operator (as applicable), only refuse to consent to a proposed subcontractor if the Lessee has reasonable grounds to withhold such consent based on the suitability and/or capability of any proposed subcontractor to carry out the particular part of the Work or Operating Services which the Owner or Operator (as applicable) proposes to subcontract. If the Lessee refuses its consent to the proposed subcontractor, then the Owner or Operator (as applicable) may propose (at its sole cost and expense) alternative

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&nbsp;&nbsp;&nbsp;&nbsp;35 EUROPE/1011979779.40 subcontractor(s) in accordance with this Clause 3.5 (Subcontracting) or perform that part of the Work or Operating Services itself. (f) If the Lessee fails to respond to a request for consent made pursuant to Clause 3.5(d)(i) (Subcontracting) within twenty (20) Days after the date the Owner or the Operator (as applicable) has notified the Lessee of its intention to enter into such subcontract and provided all relevant documentation referred to in Clause 3.5(d) (Subcontracting), then the Owner or the Operator (as applicable) shall have the right to enter into such subcontract with the subcontractor proposed pursuant to Clause 3.5(d)(i) (Subcontracting). (g) A Subcontractor to any subcontract that requires the Lessee's consent under this Clause 3.5 (Subcontracting) shall not be permitted to further subcontract any part of: (i) the Work subcontracted to it, in excess of a contract value of [\*\*\*\*\*] for any single subcontract or series of subcontracts for a related scope of work or services; (ii) the Operating Services subcontracted to it, in excess of an annual contract value of [\*\*\*\*\*]; or (iii) [\*\*\*\*\*], without the prior written consent of the Lessee (such consent not to be unreasonably withheld, conditioned or delayed). The Owner or the Operator (as applicable) must seek the Lessee's consent to such subcontracting in accordance with Clause 3.5(d) (Subcontracting). (h) Notwithstanding this Clause 3.5 (Subcontracting): (i) the Lessee's prior written consent to any subcontract, including the award to the proposed subcontractor, or the Lessee's failure to respond within the timeframe determined in accordance with Clause 3.5 (Subcontracting), shall not in any way relieve the Owner or the Operator of, nor in any way reduce, their respective obligations or liabilities under this Agreement; (ii) entry into any subcontract and/or, subject to Clause 15 (Force Majeure), the failure or refusal of a subcontractor of any tier (including a Key Contractor and their subcontractors of any tier) to perform its obligations under any subcontract shall not relieve the Owner or the Operator from any of its obligations under this Agreement; (iii) replacement of any Subcontractor shall not give rise to a Variation; and (iv) the Owner and Operator shall not have the right to subcontract the management and integration of any subcontracted Work or Operating Services to any person, other than an Affiliate.

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&nbsp;&nbsp;&nbsp;&nbsp;36 EUROPE/1011979779.40 (i) Each subcontract entered into by the Owner or Operator in accordance with this Clause 3.5 (Subcontracting) shall, unless otherwise agreed by the Lessee, include: (i) provisions ensuring that the Subcontractor complies with the Localisation Plan and applicable Laws; (ii) provisions permitting the Lessee, the Co-venturers and the States to monitor the performance of the Work or the Operating Services (as applicable) in accordance with Clause 7.2 (Inspection Rights); (iii) provisions for the novation of such subcontract to the Lessee: (A) subject to the rights and obligations of the Lenders (if any) as set out in the Direct Agreements in relation to such subcontract; and (B) on termination of this Agreement; (iv) anti-bribery and corruption and human rights obligations equivalent to those set out in Clause 31 (Business Principles) and Clause 33 (Human Rights); (v) rights for the Lessee, the Co-venturers and the States to audit the Subcontractor's records as set out in Clause 14.7 (Audit, Records and Financial Reporting); (vi) obligations of confidentiality equivalent to those set out in Clause 26 (Confidentiality); and (vii) where the Subcontractors will have direct or indirect access to the Lessee's Confidential Information and/or IT systems (whether through email or other form of electronic communication or otherwise), digital security obligations equivalent to those set out in Clause 32 (Digital Security), and the Owner and/or the Operator shall: (viii) ensure that the provisions set out in Clauses 3.5(i)(i) to 3.5(i)(vii) (Subcontracting) are enforceable in accordance with their respective terms; and (ix) procure that the rights and obligations identified in Clauses 3.5(i)(i) to 3.5(i)(vii) (Subcontracting) are included in any subcontract entered into by a Subcontractor pursuant to Clause 3.5(g) (Subcontracting) or (except to the extent the Owner, acting reasonably, forms the view that it is not required) Clauses 7.1(b) or 7.1(c) (Construction Parties). (j) The Owner or the Operator (as applicable) shall provide regular updates and keep the Lessee informed in relation to any subcontract in accordance with Schedule 5 (Design, Build and Operational Readiness Requirements).

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&nbsp;&nbsp;&nbsp;&nbsp;37 EUROPE/1011979779.40 3.6 Local Content Obligations (a) The Operator shall hire, retain and train, or procure the hiring, retaining and training of, all Personnel required to perform the Operating Services (the "Crew"), giving priority to the recruitment of qualified Mauritanian and Senegalese personnel, to the extent that the necessary expertise is locally available. (b) The Owner and Operator shall comply with the Localisation Plan. The Lessee shall provide such reasonable assistance to the Operator to comply with the Localisation Plan as is requested by the Operator from time to time. 3.7 Cost Competitiveness (a) The Operator shall, in relation to each cost to be incurred by it pursuant to the applicable Work Programme and Budget, take reasonable steps (including through the procurement of goods, works and services by way of competitive tendering procedures) as will ensure that the proposal in relation to such cost is the most competitive proposal, having regard to the technical capability and performance record of the proposed subcontractor. (b) Subject to Clause 3.7(a) (Cost Competitiveness), and except as included in an approved Work Programme and Budget, any cost which the Operator incurs to an Affiliate of the Operator shall not be reimbursable by the Lessee to the Operator to the extent that the Lessee, acting reasonably, determines that the amount of the expenditure exceeds the amount that would have been incurred if the goods, works or services in relation to which the cost was incurred had been competitively procured on an arm's length basis by a Reasonable and Prudent Operator from an entity which is not an Affiliate of the Operator. (c) The OSA and any other subcontracts associated with the Operator shall be deemed to satisfy the requirements of Clause 3.7(a) (Cost Competitiveness) only with the prior written agreement of the Lessee (such agreement not to be unreasonably withheld, conditioned or delayed) ("Pre-Approved Subcontracts"). Any amendments to the terms of any Pre-Approved Subcontract shall require the prior written consent of the Lessee (not to be unreasonably withheld, conditioned or delayed). (d) Any dispute arising in connection with this Clause 3.7 (Cost Competitiveness) shall be determined in accordance with Clause 24.4 (Expert Determination). 4. LESSEE OBLIGATIONS 4.1 Upstream Project Obligations (a) During the Commissioning Period, the Lessee shall, subject to and in accordance with the terms of this Agreement: (i) complete the commissioning of the LNG Hub Facilities to serve as an LNG terminal to which the FLNG Facility will be moored and LNG Carriers will be separately berthed in accordance with Schedule 1 (Basis of Design); (ii) deliver Feed Gas to the Feed Gas Receipt Point; and

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&nbsp;&nbsp;&nbsp;&nbsp;38 EUROPE/1011979779.40 (iii) use reasonable endeavours to procure the offtake of all on specification LNG made available for delivery by the Owner at the LNG Delivery Point, in each case in conformity with the Lessee's Required Standard. (b) During the Lease Period, the Lessee shall, subject to and in accordance with the terms of this Agreement: (i) operate, or procure the operation of, the LNG Hub Facilities to serve as an LNG terminal to which the FLNG Facility will be moored and LNG Carriers will be separately berthed in accordance with Schedule 1 (Basis of Design); (ii) deliver Feed Gas to the Feed Gas Receipt Point; (iii) procure the offtake of all on specification LNG made available for delivery by the Operator at the LNG Delivery Point in accordance with the Confirmed Delivery Schedule; (iv) procure any inventory management interface services required under the Operations Manual; and (v) conduct any contracted ancillary and logistical services, in each case in conformity with the Lessee's Required Standard. (c) The Lessee shall: (i) be responsible for obtaining and maintaining all Lessee Permits, provided that any Operating Boundary Licences and Consents shall be obtained and maintained subject to and in accordance with Schedule 6 (Responsibility for Compliance); (ii) upon request of the Owner, provide reasonable assistance to the Owner to obtain the Owner Permits including in accordance with Schedule 6 (Responsibility for Compliance); (iii) upon request of the Operator, provide reasonable assistance to the Operator to obtain the Operator Permits including in accordance with Schedule 6 (Responsibility for Compliance); and (iv) provide regular updates, including upon reasonable request of the Owner or Operator, to the Owner or Operator (as applicable) as to the progress of the Lessee interface with any Governmental Authority in both States in relation to relevant licences and consents for the GTA Project (including the Operating Boundary Licences and Consents). 4.2 GTA Project Offtake The Lessee shall procure that the Co-venturers arrange for the timely scheduling of LNG offtake, including during commissioning, in accordance with and subject to this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;39 EUROPE/1011979779.40 4.3 Sub-letting the FLNG Facility The Parties agree that: (a) the Lessee may not sublet the FLNG Facility nor require the FLNG Facility to be located anywhere other than the territorial waters of either State without, in each case, the prior written consent of the Owner and in accordance with the following provisions of this Clause 4.3 (Sub-letting the FLNG Facility); (b) if the Lessee wishes to sublet the FLNG Facility or requires the FLNG Facility to be located anywhere other than the territorial waters of either State: (i) as a result, or in anticipation, of an HSSE incident; (ii) to comply with applicable Laws; or (iii) [\*\*\*\*\*], then, subject to the rights and obligations of the Lenders (if any) as set out in the Direct Agreements, the prior written consent of the Owner for the purposes of Clause 4.3(a) (Sub-letting the FLNG Facility) shall not be unreasonably withheld, conditioned or delayed and the Lessee shall remain liable to pay, and shall pay, the Dayrate to the Owner and the Operator during any period of sub- letting as determined in accordance with the provisions of Clause 13 (Dayrate) and this Agreement shall continue on its terms; and (c) except where one or more of the circumstances set out in Clause 4.3(b) (Sub- letting the FLNG Facility) applies, if the Lessee wishes to sublet the FLNG Facility or requires the FLNG Facility to be located anywhere other than the territorial waters of either State for the sole purpose of being able to exploit an opportunity, then: (i) the Lessee will make a proposal to the Owner for the subletting of the FLNG Facility or the relocation of the FLNG Facility and shall include in that proposal an equitable allocation of the risk and sharing of rewards; and (ii) subject to the rights and obligations of the Lenders (if any) as set out in the Direct Agreements, the consent of the Owner to such proposal shall not to be unreasonably withheld, conditioned, or delayed, and if the Owner gives its consent in accordance with this Clause 4.3(c), the Parties shall meet to discuss what changes are reasonably necessary to be made to this Agreement to accommodate such proposal. 4.4 Emergency Events In case of an emergency (including a significant process safety event such as fire, explosion, Natural Gas release, LNG release, or sabotage; incident involving loss of life, serious injury to any employee, subcontractor, or third party, or serious property damage; strikes and riots; or evacuations of Lessee's personnel or Personnel) or in anticipation of an emergency situation occurring in the near-term, the Lessee shall have the right to take all necessary and proper measures for the protection of life, health, the environment and property in accordance with the provisions of Schedule 8

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&nbsp;&nbsp;&nbsp;&nbsp;40 EUROPE/1011979779.40 (HSSE Requirements) and the Operations Manual, and this Agreement shall continue in accordance with its terms. 4.5 Performance by an Affiliate The obligations of the Lessee may be performed by BPSIL (or any other Affiliate of the Lessee with the prior written consent of the Owner to such other Affiliate, such consent not to be unreasonably withheld, delayed or conditioned) provided that: (a) the Lessee shall remain responsible for such obligations in accordance with the terms of this Agreement; and (b) the Lessee shall be liable to the Owner and the Operator for the relevant acts and/or omissions of such Affiliate in relation to its performance of the Lessee's obligations under this Agreement as fully as if they were the acts and/or omissions of the Lessee. 5. STANDARD OF RESPONSIBILITIES 5.1 Owner and Operator's Required Standard The Owner and the Operator shall each perform (or procure the performance of) their respective obligations under this Agreement (including performance of the Work and the Operating Services (as applicable)) as a Reasonable and Prudent Operator in accordance with: (a) good engineering and operating practices and relevant HSSE practices in the international maritime and oil and gas industries and relevant International Standards to the extent that this Agreement does not prescribe the relevant standard; (b) Schedule 1 (Basis of Design) and Schedule 2 (Technical Specification) or the applicable Work Programme and Budget (as applicable); (c) applicable Laws and the requirements of the relevant Classification Society; (d) the Performance Standards (including by repairing or reconstructing the Work in order to achieve the Performance Standards); (e) the requirements of Schedule 5 (Design, Build and Operational Readiness Requirements) applicable to the Owner or Operator (as applicable); and (f) an Operating Management System (including supporting systems and processes) that meets the requirements of Schedule 5 (Design, Build and Operational Readiness Requirements) and Schedule 8 (HSSE Requirements), (the "Required Standard"). 5.2 Lessee's Required Standard The Lessee shall perform (or procure the performance of) its obligations under this Agreement as a Reasonable and Prudent Operator in accordance with: (a) good engineering and operating practices and relevant HSSE practices in the international maritime and oil and gas industries and relevant International

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&nbsp;&nbsp;&nbsp;&nbsp;41 EUROPE/1011979779.40 Standards to the extent that this Agreement does not prescribe the relevant standard; (b) applicable Laws; and (c) the requirements of Schedule 5 (Design, Build and Operational Readiness Requirements) applicable to the Lessee, (the "Lessee's Required Standard"). 6. VARIATIONS 6.1 Lessee Request (a) At any time after the Effective Date, the Lessee may provide to the Owner a request in writing, in the form set out in Schedule 11 (Lessee Variation Request), requesting the Owner to make a Variation to the Work or to the FLNG Facility ("Lessee Request"). (b) Each Lessee Request shall be sequentially numbered by the Lessee in accordance with the order in which such Lessee Request is issued. (c) The Owner shall acknowledge receipt of the Lessee Request within seven (7) Days after receipt of the Lessee Request. 6.2 Owner Request If at any time after the Effective Date, there is a Change and the Owner determines, acting reasonably, that such Change has, or would have a material effect on: (a) the capital costs of, or the schedule for, performing the Work; (b) the Owner's ability to complete the Work or the Operator's ability to provide the Operating Services; (c) the FLNG Facility's ability to pass the Acceptance Tests or Acceptance Appraisals; (d) the Owner's or the Operator's ability to satisfy the Performance Standards; or (e) the safe operation of the FLNG Facility, (such effect referred to in Clauses 6.2(a) to 6.2(e) (inclusive) being a "Material Effect"), then the Owner shall be entitled to request a Variation in respect of such Change ("Owner Request"). The Owner shall submit to the Lessee a Variation Order Proposal in accordance with Clause 6.5 (Variation Order Proposal) to address such Owner Request as soon as possible after such Change occurs. If the Lessee forms the view, acting reasonably, that there has been a Change that would have a Material Effect, and the Owner has not initiated an Owner Request within a reasonable time period, then the Lessee may refer the matter for resolution in accordance with Clause 24 (Dispute Resolution). 6.3 Response to Lessee Request (a) Subject to Clauses 6.3(b), 6.3(c) and 6.3(d) (Response to Lessee Request), if the Owner receives a Lessee Request then the Owner shall submit to the

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&nbsp;&nbsp;&nbsp;&nbsp;42 EUROPE/1011979779.40 Lessee a Variation Order Proposal in accordance with Clause 6.5 (Variation Order Proposal) within thirty (30) Days (or such other period as the Parties may agree acting reasonably) after receipt of the Lessee Request. (b) If the Owner receives a Lessee Request and the Owner determines, acting reasonably, that preparing a Variation Order Proposal will require the Owner to incur costs of more than [\*\*\*\*\*], then: (i) the Owner shall so notify the Lessee before commencing work on preparing a Variation Order Proposal (and in any event within seven (7) Days of acknowledgement of the Lessee Request pursuant to Clause 6.1(c) (Lessee Request)); (ii) within seven (7) days of the Owner's notification pursuant to Clause 6.3(b)(i) (Response to Lessee Request), the Lessee shall notify the Owner to confirm whether the Lessee requires the Owner to prepare the Variation Order Proposal; and (iii) subject to the Lessee's confirmation being provided pursuant to Clause 6.3(b)(ii) (Response to Lessee Request), the Owner shall commence work to prepare the Variation Order Proposal. (c) The Owner may give notice to the Lessee at any time rejecting a Lessee Request (including a reasonably detailed written statement of the reasons for such rejection) if implementing the Variation requested by the Lessee Request would: (i) jeopardise the technical, structural or operational integrity of the FLNG Facility; or (ii) result in the FLNG Facility ceasing to comply with: (A) the requirements of the relevant Classification Society; (B) any applicable Mauritanian or Senegalese Law; (C) any applicable laws of the Flag State; or (D) any other applicable Laws, in effect from time to time. (d) If the Owner gives notice to the Lessee pursuant to Clause 6.3(c) (Response to Lessee Request), then duly authorised representatives of the Owner and the Lessee will meet and discuss in good faith the Owner's rejection of the Lessee Request and any potential alternatives to the rejected Lessee Request. 6.4 Response to Owner Request (a) Without limiting the Lessee's right to dispute a Variation Order Proposal (including in relation to an Owner Request) in accordance with Clause 6.7(d) (Variation Order), the Lessee shall not withhold its consent to any Owner Request that relates to an event described in sub-paragraphs (a) to (c) (inclusive) or (h) to (m) (inclusive) of the definition of "Change" and shall proceed to issue a Variation Order in accordance with Clause 6.7 (Variation

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&nbsp;&nbsp;&nbsp;&nbsp;43 EUROPE/1011979779.40 Order) with respect to a Variation Order Proposal that relates to an Owner Request. (b) If the Owner Request relates to an event described in sub-paragraphs (d), (e), (f) or (g) of the definition of "Change", then the Lessee may decide (in its sole discretion) whether or not to proceed with the Variation. If the Lessee decides: (i) to proceed with the Variation, then Clause 6.7(a) (Variation Order) shall apply; or (ii) not to proceed with the Variation, then the Owner or the Operator (as applicable) shall not be: (A) in breach of the Performance Standards; (B) required to satisfy any relevant provision or requirement of the Acceptance Tests or Acceptance Appraisals; (C) subject to any Dayrate adjustment under this Agreement; (D) required to perform any obligation under this Agreement that would cause it to breach applicable Law; or (E) otherwise in breach of this Agreement, in each case to the extent that the Owner or the Operator (as applicable) can reasonably demonstrate the actual impact of the Change upon the Owner or the Operator (or the performance of their respective obligations under this Agreement) in relation to the matters subject of Clauses 6.4(b)(ii)(A) through 6.4(b)(ii)(E) (Response to Owner Request) (inclusive). 6.5 Variation Order Proposal The Owner shall prepare a Variation Order Proposal required under this Clause 6 (Variations) in the form, and in accordance with the principles, set out in Schedule 12 (Variation Order Proposal). 6.6 Variation Cost (a) Unless the Owner and the Lessee otherwise agree, the costs and impacts of implementing any Variation Order Proposal (the "Variation Cost") shall be proposed by the Owner in accordance with the principles set out in Schedule 12 (Variation Order Proposal) and Clauses 6.6(e), 6.6(f), 6.6(g) and 6.6(h) (Variation Cost). (b) Unless the Owner and the Lessee agree to incorporate the Variation Cost into the Nominal Set Rate or Adjusted Nominal Set Rate (as applicable) in accordance with Clause 6.6(c) (Variation Cost), the Lessee shall pay the Variation Cost to the Owner in accordance with the schedule for payment set out in the Variation Order Proposal.

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&nbsp;&nbsp;&nbsp;&nbsp;44 EUROPE/1011979779.40 (c) Subject to Clause 6.6(d) (Variation Cost), the Owner and the Lessee may agree to incorporate the Variation Cost in the Nominal Set Rate or Adjusted Nominal Set Rate (as applicable), in which case the Nominal Set Rate or Adjusted Nominal Set Rate (as applicable) shall be increased or decreased by the amount, expressed in USD per Day, calculated in accordance with the following formula to determine the applicable Adjusted Nominal Set Rate: Nominal Set Rate or Adjusted Nominal Set Rate (as applicable) change = [\*\*\*\*\*] (d) Unless the Owner and the Lessee otherwise agree, the Variation Cost may only be incorporated into the Nominal Set Rate or Adjusted Nominal Set Rate (as applicable): (i) in relation to up to [\*\*\*\*\*] in each calendar year; (ii) up to a maximum amount of [\*\*\*\*\*] in each calendar year; and (iii) up to a maximum aggregate amount for all Variations of [\*\*\*\*\*] during the Term. (e) Subject to Clauses 6.6(f), 6.6(g) and 6.6(h) (Variation Cost), any Variation Costs resulting from a Variation shall be for the account of the Lessee. (f) Subject to Clause 6.6(g) (Variation Cost), any Variation Costs resulting from a Variation that is: (i) necessary to give effect to any change required by a change in requirements of International Standards, international maritime regulations or international LNG regulations (even if such change is reflected in Mauritanian and Senegalese Laws), to the extent that the change in such standards or regulations imposes: (A) a higher standard than that prescribed under this Agreement; or (B) a new standard not otherwise prescribed under this Agreement; (ii) necessary to give effect to any requirements of any relevant Classification Society (even if such change is reflected in Mauritanian and Senegalese Laws); (iii) subject to Clause 6.6(f)(i) (Variation Cost), required as a result of a change to applicable Mauritanian or Senegalese Laws that had been announced by any Governmental Authority on or prior to 17 December 2018; (iv) [\*\*\*\*\*]: (A) compliance with Schedule 1 (Basis of Design) and/or Schedule 2 (Technical Specification); or (B) the achievement of the Performance Standards; (v) required as a result of the verification of the design and build pursuant to Schedule 5 (Design, Build and Operational Readiness

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&nbsp;&nbsp;&nbsp;&nbsp;45 EUROPE/1011979779.40 Requirements) following which the Lessee and the Owner, acting reasonably, agree that the Work should be modified in order to ensure: (A) compliance with Schedule 1 (Basis of Design) and/or Schedule 2 (Technical Specification); or (B) the achievement of the Performance Standards; (vi) required to rectify any defects in the Work or defects in the Operating Services or necessary as a result of the Performance Standards not being achieved other than as a result of an FM Event, Upstream Failure, LNG Buyer Failure, or Suspension for Convenience; (vii) required pursuant to Clause 7.13(f) (Acceptance Testing); (viii) required pursuant to Clauses 8.2(e) or 8.2(f) (Continuation Date); (ix) required as a result of a change in the Operating Management System; and/or (x) required as a result of the Parties agreeing (acting reasonably) that an assumption contained in Schedule 1 (Basis of Design) and/or Schedule 2 (Technical Specification), other than an assumption that was provided by, or is in the control of, the Lessee, is incorrect, shall be for the account of the Owner. (g) Any Variation Costs resulting from a Variation that is: (i) required to achieve compliance with any Law of the States and/or the requirements of the World Bank Group Environmental, Health, and Safety Guidelines not known to the Lessee or the Owner on or prior to 17 December 2018 but which, had it been known by the Parties on or prior to that date, would have been reflected in Schedule 1 (Basis of Design) and/or Schedule 2 (Technical Specification); and/or (ii) required as a result of a Project Compliance Assumption being incorrect and/or having to be subsequently revised (including through a failure to secure necessary derogations), [\*\*\*\*\*]: (A) [\*\*\*\*\*]; or (B) [\*\*\*\*\*], in which case the senior management of the Lessee and the Owner shall meet and discuss and shall allocate the Variation Costs of Variations under Clauses 6.6(g)(i) and/or 6.6(g)(ii) (Variation Cost), having regard to, amongst other things: (1) the possibility of agreeing to revise the thresholds set out in Clauses 6.6(g)(ii)(A) and/or 6.6(g)(ii)(B) (Variation Cost);

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&nbsp;&nbsp;&nbsp;&nbsp;46 EUROPE/1011979779.40 (2) the possibility of the Variation Order Proposal being revised or a Party requesting a new Variation in accordance with this Agreement; and/or (3) the terms of the Preliminary Agreement and/or the notices exchanged on 19 April 2018 between the Lessee, BPSIL and GLNG pursuant to the Preliminary Agreement, including the heads of terms for this Agreement attached thereto. (h) If: (i) the actual cost of performing a Variation is in excess of what the Parties agreed the impact of the Variation would be pursuant to this Clause 6 (Variations), such excess cost shall be borne by the Owner; or (ii) the actual cost of performing the Variation is lower than what the Parties agreed the impact would be pursuant to this Clause 6 (Variations), any savings arising from such lower cost shall accrue to the Owner. (i) The provisions of this Clause 6 (Variations) shall in no way prejudice the Owner's and Operator's other obligations under this Agreement including their obligations to meet the Target Connection Date and the LNG Delivery Performance Standard (in each case as amended by any Variation). 6.7 Variation Order (a) If: (i) in response to a Lessee Request, or an Owner Request to which Clause 6.4(b) (Response to Owner Request) applies, the Owner issues a Variation Order Proposal that complies with Clause 6.5 (Variation Order Proposal), then the Lessee shall decide [\*\*\*\*\*] whether or not to proceed with the Variation based on the Variation Order Proposal in accordance with this Clause 6.7 (Variation Order) and shall notify the Owner of the same within fifteen (15) Days (or such other period as the Parties may agree, acting reasonably) after receipt of such Variation Order Proposal; or (ii) there is an Owner Request that complies with Clause 6.5 (Variation Order Proposal) and to which Clause 6.4(b) (Response to Owner Request) does not apply then the Lessee shall notify the Owner of such compliance within fifteen (15) Days (or such other period as the Parties may agree, acting reasonably) after receipt of such Variation Order Proposal and issue a Variation Order in accordance with Clause 6.7(b) (Variation Order) (but subject always to the Lessee's right to dispute a Variation Order Proposal in accordance with the provisions of Clause 6.7(d) (Variation Order)). (b) If the Lessee decides, or is required in accordance with Clause 6.4(a) (Response to Owner Request), to proceed with a Variation, then: (i) the Lessee shall issue to the Owner two (2) copies of a draft variation order:

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&nbsp;&nbsp;&nbsp;&nbsp;47 EUROPE/1011979779.40 (A) in the form set out in Schedule 13 (Variation Order); and (B) confirming the impacts for the Owner, the Operator and the Lessee, as set out in the Variation Order Proposal, including: (1) the proposed changes (if any) to the Nominal Set Rate or Adjusted Nominal Set Rate (as applicable); (2) the proposed changes (if any) to the Base Work Programme and Budget Cycle; and (3) the proposed changes (if any) to the Performance Standards that will apply during the implementation of the Variation and upon the completion of the Variation; and (C) where a Variation is to be executed prior to the Anticipated Commercial Operations Date, acknowledging and agreeing to the proposed impact (if any) of the Variation on the Project Schedule, including any of the Critical Dates, which shall be as set out in the Variation Order Proposal; and (ii) within ten (10) Days (or such other period as the Parties may agree acting reasonably) after receipt of two (2) copies of a draft variation order: (A) the Owner shall promptly: (1) sign (and procure that the Operator signs) and return one (1) copy of such draft variation order to the Lessee (such signed order, a "Variation Order"); and (2) initiate and perform the works set out in the Variation Order in accordance with this Agreement and the schedule set out in the Variation Order; and (B) the Parties shall comply with the terms of the Variation Order, including: (1) the changes (if any) to the Nominal Set Rate or Adjusted Nominal Set Rate (as applicable); (2) the proposed changes (if any) to the Base Work Programme and Budget Cycle; (3) the Performance Standards that will apply during the implementation of the Variation (in accordance with the schedule set out in the Variation Order) and upon the completion of the Variation; and (4) any consequential adjustment required to the Project Schedule (including any of the Critical Dates).

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&nbsp;&nbsp;&nbsp;&nbsp;48 EUROPE/1011979779.40 (c) If the Variation Order Proposal is not with respect to a Variation that the Lessee is required to approve in accordance with Clause 6.4(a) (Response to Owner Request) and the Lessee rejects the Variation Order Proposal, then: (i) the Variation will not be implemented; and (ii) where the costs of the Variation, if implemented, would have been for the account of the Lessee, the Lessee shall promptly reimburse the Owner for its reasonable and documented costs incurred in connection with the preparation of the Variation Order Proposal in accordance with Clause 14 (Invoicing) subject to: (A) at any time prior to the aggregate of such costs incurred but not reimbursed (or not to be reimbursed) in relation to the aggregate of all such rejected Variation Order Proposals prepared in a calendar year being [\*\*\*\*\*], the amount to be reimbursed to the Owner shall be the amount of such reasonable and documented costs incurred by the Owner [\*\*\*\*\*] for each such rejected Variation Order Proposal in that calendar year; and (B) if at any time in a calendar year the aggregate of such costs incurred but not reimbursed (or not to be reimbursed) in relation to the aggregate of all such rejected Variation Order Proposals prepared in that calendar year is [\*\*\*\*\*], the Lessee shall reimburse the full amount of such reasonable and documented costs incurred by the Owner in connection with preparing any subsequent rejected Variation Order Proposal (where the costs of the Variation, if implemented, would have been for the account of the Lessee) and Clause 6.7(c)(ii)(A) (Variation Order) shall no longer apply for that calendar year. (d) If the Lessee disputes any of the terms of a Variation Order Proposal issued under Clauses 6.4(a) or 6.4(b) (Response to Owner Request) (including whether the requirements of Clause 3.5 (Subcontracting) have been met), then: (i) duly authorised representatives of the Owner and the Lessee will meet and discuss alternatives to, and/or changes to be made to, the terms of the Variation Order Proposal in accordance with Clause 24.2 (Occurrence of Disputes); and (ii) notwithstanding that the dispute may not have been resolved pursuant to Clause 24.2 (Occurrence of Disputes), the Owner shall, if so requested in writing by the Lessee, implement or procure the implementation of the Variation and proceed diligently with performance thereof and: (A) in respect of Variation Costs, the Lessee shall pay [\*\*\*\*\*], in each case in accordance with the payment schedule set out in the Variation Order Proposal; (B) in relation to any dispute regarding the deferral of any Critical Date, the mid-point of the difference between the Owner's position as set out in the Variation Order Proposal and the Lessee's position with respect to such disputed impact shall apply; and

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&nbsp;&nbsp;&nbsp;&nbsp;49 EUROPE/1011979779.40 (C) in respect of all other disputed impacts, the mid-point of the difference between the Owner's position as set out in the Variation Order Proposal and the Lessee's position with respect to such disputed impact shall apply, in each case, unless and until the matter is determined otherwise by an Independent Expert in accordance with Clause 24.4 (Expert Determination), at which time the Owner or the Lessee (as the case may be) shall pay to the other any amount determined to be payable by the Independent Expert, together with interest on that amount determined at a rate per annum equal to LIBOR accruing on a daily basis from the date payment was made by the Lessee (in the case of payment due from the Owner to the Lessee) or due by the Lessee (in the case of payment due from the Lessee to the Owner) in either case, pursuant to Clause 6.7(d)(ii)(A) (Variation Order), to the date of actual payment by the Owner or the Lessee (as applicable) of the amount determined payable by the Independent Expert. If the Independent Expert makes a determination in respect of the matters in Clause 6.7(d)(ii)(B) and/or 6.7(d)(ii)(C) (Variation Order), then the Owner and the Lessee shall proceed in accordance with the outcome of the Independent Expert's determination. Following such Independent Expert's determination in accordance with this Clause 6.7(d)(ii) (Variation Order), the Lessee and the Owner shall follow the procedure set out in Clause 6.7(b) (Variation Order). (e) The Parties shall consolidate all agreed Variations into a restated version of this Agreement: (i) as soon as reasonably practicable after the Sailaway Date (and in any event before the Commissioning Start Date); and (ii) thereafter as agreed between the Parties (acting reasonably). 7. FLNG PROJECT DEVELOPMENT 7.1 Construction Parties (a) The Owner shall enter into, or procure the entry into, the following engineering, procurement, construction, installation and commissioning contracts and associated management contracts (each, a "Conversion Contract"): (i) an engineering, procurement and construction contract between the Owner and Keppel Shipyard for the repair, modification and conversion of the Golar Gimi into the FLNG Facility (the "MBC"); (ii) an agreement for topsides design, engineering, procurement and commissioning works between Keppel Shipyard and Black & Veatch (the "SBC"); (iii) a tripartite direct agreement between the Owner, Keppel Shipyard and Black & Veatch which regulates the relationship between the MBC, the SBC and the parties to those contracts; and

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&nbsp;&nbsp;&nbsp;&nbsp;50 EUROPE/1011979779.40 (iv) a project management services agreement between the Owner and Golar Management Limited for the provision of project management services in relation to the Work (the "PMSA"). (b) Subject to the provisions of Clauses 7.1(c), 7.1(d) and 7.1(h) (Construction Parties), each Key Contractor under the MBC, the SBC and the PMSA shall have the right to subcontract a part (but not all or substantially all) of its scope of work under its respective Conversion Contract. (c) The Parties have agreed that the list of approved entities to which the Key Contractors may, subject to Clause 7.1(b) (Construction Parties), subcontract a part of their scope of work under the Conversion Contracts, is included in Schedule 27 (Approved Vendor List) ("Approved Vendor List"). Any changes to the Approved Vendor List shall require consent of the Lessee (not to be unreasonably withheld, conditioned or delayed). If a Key Contractor wishes to engage a subcontractor that is not an entity listed in the Approved Vendor List, then the prior written consent of the Lessee shall be required in accordance with Clause 7.1(d) (Construction Parties). (d) If a Key Contractor wishes to subcontract a part of its scope of work under the Conversion Contracts that is Safety Critical to a person who is not on the Approved Vendor List, the Owner shall notify the Lessee prior to the Key Contractor entering into the subcontract or making any commitment to the proposed subcontractor in respect of the proposed subcontract. The Lessee shall have the right to reject the proposed subcontractor if the Lessee has reasonable concerns regarding the suitability of the proposed subcontractor (technically, financially and from a compliance perspective) to carry out the work that the Key Contractor proposes to subcontract, provided that the Lessee notifies the Owner of its rejection of such subcontractor within ten (10) Days of the notice received from the Owner under this Clause 7.1(d) (Construction Parties). (e) For the avoidance of doubt: (i) entry into a Conversion Contract and/or the failure or refusal of a Key Contractor to perform or deliver any portion of the Work pursuant to any Conversion Contract shall not relieve the Owner from any of its obligations under this Agreement; and (ii) replacement of any Key Contractor for any reason shall not give rise to a Variation. (f) On the first (1st) anniversary of the signing date of each Conversion Contract and annually thereafter for the term of such Conversion Contract, the Owner shall undertake a risk-based review to ensure the Key Contractors remain suitable (technically, financially and from a compliance perspective) to perform the relevant Core Work contracted to them. (g) The Owner shall procure that the Conversion Contracts contain obligations on the Key Contractors to meet the Owner and the Lessee and discuss in good faith the development of any remedial action plan required in the circumstances set out in Clause 23.7(c) (Key Contractor Insolvency Cure Periods). (h) The Owner shall include those rights and obligations identified in Clause 3.5(i) (Subcontracting) in each Conversion Contract and shall procure that such

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&nbsp;&nbsp;&nbsp;&nbsp;51 EUROPE/1011979779.40 rights and obligations are included in any subcontract entered into by a Key Contractor pursuant to Clause 7.1(b) (Construction Parties). (i) The Owner shall provide regular updates to the Lessee and keep the Lessee informed in relation to the Conversion Contracts in accordance with Schedule 5 (Design, Build and Operational Readiness Requirements). 7.2 Inspection Rights (a) Except as provided for in the Acceptance Test Protocol, Acceptance Appraisal Protocol, Clause 4.4 (Emergency Events), this Clause 7.2 (Inspection Rights), Clause 7.3 (Reporting, Verification, Control and Assurance Procedures), Clause 7.7 (Sailaway and Arrival Dates), Clause 19.5(b) (Pollution and Emergency Response), Clause 23.9(a)(i) (Bare Boat Charter), Schedule 6 (Responsibility for Compliance) and Schedule 8 (HSSE Requirements), nothing in this Agreement confers any right of physical or direct access to, or control over, the FLNG Facility in favour of the Lessee, the Co-venturers and the States. (b) Duly authorised representatives of the Lessee, the Co-venturers and the States (at their own cost and risk and subject to Clause 17 (Liability and Indemnity)) shall have the right to inspect the Work and observe any tests undertaken pursuant to a Conversion Contract upon reasonable advance notice, provided that the relevant representatives of the Lessee, the Co-venturers and the States have completed (at the Lessee's cost) all HSSE training reasonably required by the Owner, the Key Contractors or their subcontractors in connection with such inspection. (c) Duly authorised representatives of the Lessee, the Co-venturers, the States and the LNG Buyers shall have the right to inspect the FLNG Facility and the performance of the Operating Services (at their own cost and risk (subject to the terms of Clause 17 (Liability and Indemnity)), provided that: (i) such inspection is carried out during the hours and on days reasonably required by the Operator or Owner (as applicable) having due consideration to the timing of the Lessee's request; (ii) the duly authorised representatives of the Lessee, the Co-venturers, the States and the LNG Buyers have completed (at the Lessee's cost) all HSSE training reasonably required by the Owner or Operator in connection with such inspection; and (iii) the Lessee has provided reasonable notice to the Owner and Operator of its intention to carry out any inspection of the FLNG Facility or Operating Services. (d) If any of the duly authorised representatives of the Lessee, the Co-venturers, the States or the LNG Buyers have completed substantially similar HSSE training to that required by the Owner, the Operator, the Key Contractors or their subcontractors and provide evidence of the same, such representatives shall be deemed to have completed the required training under Clauses 7.2(b) and 7.2(c)(ii) (Inspection Rights).

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&nbsp;&nbsp;&nbsp;&nbsp;52 EUROPE/1011979779.40 7.3 Reporting, Verification, Control and Assurance Procedures (a) Without prejudice to the generality of Clause 7.2 (Inspection Rights), the Owner and the Operator shall use all reasonable endeavours to provide, or procure the provision of, the information to the Lessee and its duly authorised representatives, and permit, or procure that its Subcontractors permit, the Lessee and its duly authorised representatives to exercise its access and inspection rights, all as provided for in Schedule 5 (Design, Build and Operational Readiness Requirements) to the Lessee and its duly authorised representatives to enable the Lessee to: (i) evaluate the progress of the Core Work (and any Additional Capital Work if applicable) against the Project Schedule; and (ii) respond to queries from LNG Buyers and/or potential LNG buyers and their representatives. (b) The Owner and the Operator may, acting reasonably, request information from the Lessee in respect of the Upstream Facilities to the extent such information assists the Owner or the Operator to: (i) engineer, design, develop, construct, commission or operate any connection or interface point between the FLNG Facility and the Upstream Facilities; or (ii) secure financing for the FLNG Facility, and the Lessee may, in its sole discretion, provide such information to the Owner and the Operator and their duly authorised representatives. (c) Any obligation to provide, or procure the provision of, information and/or to permit a Party to exercise its access and/or inspection rights in accordance with Clause 7.2 (Inspection Rights) or this Clause 7.3 (Reporting, Verification, Control and Assurance Procedures) shall be subject to any contractual limitations, including confidentiality restrictions, to which the Party that is being asked to provide such information, or permit such exercise of access or inspection rights (or its Affiliates), is subject. (d) Any information, access and/or inspection rights required to be provided pursuant to this Clause 7.3 (Reporting, Verification, Control and Assurance Procedures) shall be provided in a timely manner. 7.4 Hold-points (a) The Owner shall not progress beyond a Hold-point other than in accordance with Clause 7.4(e)(i) or 7.4(e)(ii) (Hold-points). (b) No later than thirty (30) Days prior to the date the Owner expects to give a notice pursuant to Clause 7.4(c)(ii) (Hold-points) the Owner shall notify the Lessee as to the progress made in relation to the relevant Hold-point; and (i) the Lessee shall (no later than ten (10) Days after receiving such notice pursuant to this Clause 7.4(b) (Hold-points)) notify the Owner of its current best estimate of the evidence it will reasonably require in order

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&nbsp;&nbsp;&nbsp;&nbsp;53 EUROPE/1011979779.40 to determine whether the relevant Hold-point has or will be achieved; and (ii) the Owner and the Lessee shall (no later than five (5) Days after the Owner receives such notice pursuant to Clause 7.4(b)(i) (Hold-points)) nominate a Hold-point Expert to serve as an Independent Expert in the event of a dispute pursuant to Clause 7.4(e) (Hold-points). (c) If the Owner considers that a Hold-point has been achieved or will be achieved within thirty (30) Days, then the Owner shall: (i) complete and deliver to the Lessee the checklist for the applicable Hold- point as set out in Schedule 5 (Design, Build and Operational Readiness Requirements); and (ii) notify the Lessee of the results of its readiness review confirming that the relevant Hold-point has been achieved or will be achieved within thirty (30) Days, (the "Hold-point Confirmation"), and shall provide all evidence reasonably required by the Lessee to show that a Hold-point has or will be achieved. (d) The Lessee shall, acting reasonably, review any Hold-point Confirmation proposed by the Owner pursuant to Clause 7.4(c) (Hold-points): (i) without undue delay; and (ii) by reference to the criteria set out in Schedule 5 (Design, Build and Operational Readiness Requirements) or any other checklist agreed in writing between the Owner and the Lessee. (e) The Lessee shall, within ten (10) Days of receiving a Hold-point Confirmation pursuant to Clause 7.4(c) (Hold-points), either: (i) confirm to the Owner that the relevant Hold-point has been achieved, in which case the Owner shall progress beyond the relevant Hold-point; or (ii) notify the Owner of the reasonable grounds (determined by reference to the criteria set out in Schedule 5 (Design, Build and Operational Readiness Requirements) or any other checklist agreed in writing between the Owner and the Lessee and including failure to provide the evidence notified under Clause 7.4(b)(i) (Hold-points)) on which the Lessee rejects the Hold-point Confirmation (acting reasonably), in which case: (A) the Owner shall not progress beyond the relevant Hold-point; (B) the Owner and the Lessee shall, jointly, promptly (and, in any event, within fifteen (15) Days) appoint and instruct the nominated Hold-point Expert chosen pursuant to Clause 7.4(b)(ii) (Hold-points) to be the Independent Expert to determine whether the Hold-point has been achieved, and all fees and expenses incurred by such Hold-point Expert shall be borne by the Owner and the Lessee in equal shares, and each

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&nbsp;&nbsp;&nbsp;&nbsp;54 EUROPE/1011979779.40 of the Owner and the Lessee shall bear its own costs of participating in the expert determination process (including the costs of its own advisors or consultants); and notwithstanding the time periods in Clause 24.4 (Expert Determination), the Owner and the Lessee shall use all reasonable endeavours to expedite the expert determination process under this Clause 7.4(e)(ii) (Hold-points); (C) if the Hold-point Expert appointed pursuant to Clause 7.4(e)(ii)(B) (Hold-points) determines that the Hold-point Confirmation was: (1) correctly rejected by the Lessee, then: (aa) the Owner shall not progress beyond the relevant Hold-point; (bb) the Owner shall take such steps as it considers necessary to achieve the Hold-point; and (cc) the Owner and the Lessee shall follow the process set out in this Clause 7.4 (Hold-points); (2) subject to Clause 7.4(e)(ii)(C)(3) (Hold-points), wrongly rejected by the Lessee, then the Owner shall progress beyond the relevant Hold-point; (3) wrongly rejected by the Lessee but, within ten (10) Days of the Hold-point Expert's determination, the Lessee gives notice to the Owner that in the Lessee's reasonable opinion the Owner should not progress beyond the relevant Hold-point [\*\*\*\*\*], then: (aa) the provisions in Clause 7.4(e)(ii)(D) (Hold- points) shall apply until the relevant Hold-point is achieved; (bb) the Lessee shall promptly inform the Owner of the reasonable steps required to address the Lessee's reasonable concerns identified in Clause 7.4(e)(ii)(C) (Hold-points), and such notice shall be deemed to be a Lessee Request and the provisions of Clause 6 (Variations) shall subsequently be followed; and (cc) the Owner shall as soon as reasonably practicable following the signing of the Variation Order pursuant to Clause 6.7 (Variation Order), implement such Variation, and following the implementation of such Variation, the Lessee shall confirm to the Owner that the relevant Hold- point has been achieved, in which case the Owner shall progress beyond the relevant Hold- point; and

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&nbsp;&nbsp;&nbsp;&nbsp;55 EUROPE/1011979779.40 (D) in respect of each Hold-point, if the Hold-point Expert determines that the Hold-point Confirmation was wrongly rejected by the Lessee, then such period of delay shall be considered to be a delay caused by, or attributable to, the Lessee Group for the purposes of determining whether: (1) the Owner is liable to pay Daily LDs under Clauses 7.11 (Ready for Connection and Commissioning Start Dates) and/or 7.13 (Acceptance Testing); and (2) the Lessee is liable to pay Standby Dayrate under Clause 7.11 (Ready for Connection and Commissioning Start Dates) and/or any amount due under Clauses 7.12(f)(iii) and 7.12(f)(iv) (Commissioning Period). (f) Confirmation by the Lessee that a Hold-point has been achieved shall not be deemed to constitute acceptance by the Lessee that all or part of the Work has been completed to the satisfaction of the Lessee, and shall not prejudice any other rights of the Lessee in respect of the performance or non-performance of the Owner's obligations under this Agreement. 7.5 Review-points (a) No later than thirty (30) Days prior to the date the Owner expects to start a process of reviewing a Review-point with the Lessee (the "Review-point Process"), the Owner shall notify the Lessee of the results of its readiness review confirming that the relevant Review-point is ready to be reviewed by the Lessee, and: (i) the Lessee shall (no later than ten (10) Days after receiving such notice pursuant to this Clause 7.5(a) (Review-points)) notify the Owner of its current best estimate of the information it will reasonably require in order to conduct its review of the relevant Review-point; (ii) the Owner shall provide all information reasonably required by the Lessee to conduct the review of the relevant Review-point; and (iii) the Owner and the Lessee shall agree, acting reasonably, when, and where, the Review-point Process shall commence. (b) The Owner and the Lessee shall conduct the Review-point Process in accordance with their agreement pursuant to Clause 7.5(a)(iii) (Review-points) and Schedule 5 (Design, Build and Operational Readiness Requirements). (c) The Lessee shall, as soon as reasonably practicable after the commencement of a Review-point Process, either: (i) confirm to the Owner that the relevant Review-point Process is concluded; or (ii) notify the Owner of any reasonable reservations which the Lessee requires to be addressed for the Review-point Process to be concluded (acting reasonably), in which case: (A) if:

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&nbsp;&nbsp;&nbsp;&nbsp;56 EUROPE/1011979779.40 (1) the Owner agrees with the Lessee's reasonable reservations pursuant to Clause 7.5(c)(ii) (Review- points), or it is determined under Clause 7.5(c)(ii)(A)(2) (Review-points) that such reservations are reasonable, then duly authorised representatives of the Owner and the Lessee shall promptly (and, in any event, within fifteen (15) Days), meet and discuss the actions required to adequately address the relevant reservations following which the Owner shall take such actions as are agreed to adequately address the reservations, and provide information as reasonably requested by the Lessee in relation to the taking of such actions; or (2) the Owner disagrees with the Lessee's reasonable reservations pursuant to Clause 7.5(c)(ii) (Review- points), then the Owner may refer the matter for resolution in accordance with Clause 24 (Dispute Resolution); and (B) if the Lessee and the Owner fail to agree the actions required to adequately address the reservations agreed or determined to be reasonable under Clause 7.5(c)(ii)(A)(1) (Review-points), then the Lessee may refer the matter for resolution in accordance with Clause 24 (Dispute Resolution); and (C) following a resolution by the Independent Expert of the matter referred to in Clause 7.5(c)(ii)(B) (Review-points), if the Owner fails to implement the actions the subject of the Independent Expert's determination within a reasonable time frame (having regard to the nature of the actions), the Lessee shall be entitled to terminate this Agreement pursuant to Clause 23.2 (Termination by the Lessee). (d) Confirmation by the Lessee that a Review-point Process has completed or that the actions under Clause 7.5(c)(ii)(A)(1) (Review-points) have been taken shall not be deemed to constitute acceptance by the Lessee that all or part of the Work has been completed to the satisfaction of the Lessee, and shall not prejudice any other rights of the Lessee in respect of the performance or non- performance of the Owner's obligations under this Agreement. 7.6 Manuals and Protocols (a) The Owner, the Operator and the Lessee shall jointly develop the manuals and procedures in accordance with this Clause 7.6 (Manuals and Protocols) (the "Manuals and Protocols"). If the Owner, the Operator or the Lessee reasonably requires any content in the Manuals and Protocols to be determined at an earlier date than as provided in this Clause 7.6 (Manuals and Protocols), then the Parties shall use reasonable endeavours to agree such content ahead of the date so provided. (b) The Owner shall deliver to the Operator and the Lessee, by no later than twelve (12) months prior to the Target Connection Date: (i) a draft interface protocol that sets out the rights and responsibilities of the Owner, the Operator and the Lessee with respect to key GTA

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&nbsp;&nbsp;&nbsp;&nbsp;57 EUROPE/1011979779.40 Project interfaces, including installation of the FLNG Facility (the "Interface Protocol"); (ii) a draft commissioning protocol that sets out: (A) the rights and responsibilities of the Owner and the Lessee with respect to commissioning of the FLNG Facility; (B) flaring limits for Feed Gas volumes to apply during the Commissioning Period; and (C) requirements for delivery and receipt of Feed Gas in such volumes and pressure, and at such times, so as to permit commissioning and acceptance testing, and recognising the increased probability of temporary Off-Specification Feed Gas and temporary Off-Specification LNG during the Commissioning Period, based upon the relevant part of Schedule 3 (Acceptance Tests and Acceptance Appraisals) (when finalised in accordance with this Clause 7.6 (Manuals and Protocols), the "Commissioning Protocol"); (iii) a draft inspection and testing protocol that sets out the procedures regarding the acceptance testing of the FLNG Facility to verify that the FLNG Facility is capable of achieving the Availability and Capacity Performance Standards, which shall include, in reasonable detail, requirements for the attendance of witnesses and technical and operational parameters relevant to such testing, based upon the relevant part of Schedule 3 (Acceptance Tests and Acceptance Appraisals) (when finalised in accordance with this Clause 7.6 (Manuals and Protocols), the "Acceptance Test Protocol"); and (iv) a draft inspection and testing protocol that sets out the procedures regarding the acceptance testing of the FLNG Facility to verify that the FLNG Facility is capable of achieving the Performance Standards, which shall include, in reasonable detail, requirements for the attendance of witnesses and technical and operational parameters relevant to such testing, based upon the relevant part of Schedule 3 (Acceptance Tests and Acceptance Appraisals) (when finalised in accordance with this Clause 7.6 (Manuals and Protocols), the "Acceptance Appraisal Protocol"). (c) The Lessee shall deliver to the Owner and the Operator, by no later than twelve (12) months: (i) after the Effective Date, draft accounting and procurement protocols to be used for invoice preparation and financial reporting as well as the processes to be applied when procuring goods, materials and services from Third Parties after the Commissioning Start Date (the "Accounting Protocol"); (ii) prior to the Target Connection Date: (A) draft protocols that for each initiating event identified by major accident risk and quantitative risk assessment studies

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&nbsp;&nbsp;&nbsp;&nbsp;58 EUROPE/1011979779.40 undertaken in connection with the LNG Hub Facilities, describe the event, potential consequences and escalation, control/mitigation and required responses; and (B) those components of the draft commissioning protocol contemplated by Clause 7.6(b)(ii) (Manuals and Protocols) that relate to the pre-commissioning and commissioning of the Upstream Facilities. (d) The Lessee shall deliver to the Owner and Operator, by no later than twenty- four (24) months prior to the Target Connection Date, the marine operations manual that sets out the interfaces, roles and responsibilities for LNG Carriers arriving at the LNG Hub Facilities for conducting approach, berthing, loading and departure operations in accordance with recognised practices in the LNG industry applying to LNG loading and transportation from LNG terminals (including the standard of incoming LNG Carriers, LNG Carrier nominations, notice of readiness, berthing assignment, loading time, purging and cool down operations, gas on-board the LNG Carrier, LNG Carrier not ready for loading and excess berth time), including the calculation of Allowed Laytime for respective LNG Carriers which shall be determined by taking into consideration: (i) the relevant rates of LNG Production from the FLNG Facility; (ii) the amount of LNG that the FLNG Facility has available for loading at the commencement of any LNG offloading; (iii) the achievable LNG offloading rate of the FLNG Facility; (iv) the LNG cargo containment capacity of the LNG Carrier receiving LNG from the FLNG Facility; (v) the acknowledgement of the Lessee and the Operator that the offloading of LNG from the FLNG Facility to an LNG Carrier may occur in multiple parcels, and the Allowed Laytime for an LNG Carrier shall accommodate for multiple parcels (as appropriate); and (vi) such other matters as the Parties may agree (acting reasonably), (the "Marine Operations Manual"). (e) The Operator shall deliver to the Owner and the Lessee: (i) by no later than twelve (12) months prior to the Target Connection Date, the manual that sets out protocols for the maintenance of the FLNG Facility based upon the principles set out in Schedule 18 (Base Work Programme and Budget Cycle) (the "Maintenance Manual"); (ii) by no later than twenty-four (24) months prior to the Target Connection Date, a set of standard operating protocols that sets out standard operating procedures applicable to the Lessee and the Operator for planning Feed Gas receipt, the management of LNG inventory and LNG delivery and the measurement and testing of Feed Gas and LNG, based upon the principles set out in Schedule 20 (Feed Gas and LNG Specification) (the "Feed Gas Receipt and LNG Delivery Procedure");

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&nbsp;&nbsp;&nbsp;&nbsp;59 EUROPE/1011979779.40 (iii) by no later than twenty-four (24) months prior to the Target Connection Date, standard operating procedures for the operation of the FLNG Facility including how the FLNG Facility integrates with the Upstream Facilities, including in particular: (A) standard operating procedures for the measurement and testing of Feed Gas (including Retainage) and LNG that will be applied during the Commissioning Period and the Lease Period, as applicable; (B) inventory management interface procedures for assessing and communicating adjustments to the LNG Production Plan, Feed Gas flow rates, LNG Production rate, LNG Production volume and LNG inventory build-up to ensure the production and loading of LNG in accordance with the Annual Delivery Programme and to address day-to-day operational and commercial requirements; (C) detailed procedures for nominating Feed Gas for delivery and receipt at the Feed Gas Receipt Point and delivery of LNG at the LNG Delivery Point; (D) the Feed Gas Usage Allowance; (E) procedures applicable to the Operator in performing the Operating Services in respect of the FLNG Facility; (F) arrangements for cooperation and coordination between the Parties, including by way of daily meetings, information sharing, long term planning and logistics operations; (G) a process for regular review to ensure continued relevance; and (H) the Feed Gas Receipt and LNG Delivery Procedure, (the "Operations Manual"); (iv) by no later than twelve (12) months prior to the Target Connection Date, protocols for HSSE procedures and standards to be applied by the Parties in performing their respective obligations under this Agreement based upon the principles set out in Schedule 5 (Design, Build and Operational Readiness Requirements) and Schedule 8 (HSSE Requirements) (the "HSSE Manual"); and (v) by no later than twelve (12) months prior to the Target Connection Date, protocols that for each initiating event identified by major accident risk and quantitative risk assessment studies undertaken in connection with the FLNG Facility, describe the event, potential consequences and escalation, control/mitigation and required responses, which, together with the protocols developed in Clause 7.6(c)(ii) (Manuals and Protocols), make up the "Emergency Response Plan".

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&nbsp;&nbsp;&nbsp;&nbsp;60 EUROPE/1011979779.40 (f) The Parties agree that: (i) each Manual and Protocol shall comply and be consistent with the requirements of this Agreement, applicable International Standards to the extent that this Agreement does not prescribe the relevant standard, the Lessee's reasonable requirements with regard to HSSE operations as a result of the FLNG Facility being in the Lessee's Operating Boundary to the extent that this Agreement does not prescribe the relevant requirement (provided that such requirements shall not impose a standard higher than those prescribed by this Agreement or International Standards), and the standards of a Reasonable and Prudent Operator; and (ii) each Party shall cooperate to provide such assistance as may be reasonably requested by any other Party in connection with the preparation of the draft Manuals and Protocols. (g) Following receipt of a draft Manual and Protocol, the receiving Party shall, within forty-five (45) Days following submission by the other Party of the draft Manual and Protocol, provide notice to each other Party: (i) that the relevant draft Manual and Protocol is approved without comment; or (ii) setting out any reasonable comments or amendments to be incorporated into the relevant draft Manual and Protocol. (h) Where the receiving Party is the Operator and/or the Owner, approval or comments on the draft Manual and Protocol shall be given or made by the Owner and shall be deemed to include the approval or comments of the Operator. (i) Any comments or amendments proposed by a Party under Clause 7.6(g)(ii) (Manuals and Protocols) shall be incorporated into the relevant Manual and Protocol to the extent that such comments or amendments: (i) are reasonable; (ii) do not conflict with International Standards or the standards of a Reasonable and Prudent Operator; (iii) if included, would not: (A) cause a material adverse effect on the Owner's or the Operator's ability to achieve Performance Standards; and (B) conflict or have a material adverse effect on the operation of Lessee's Upstream Facilities or its obligations to deliver Feed Gas or offload LNG under this Agreement. (j) Within thirty (30) Days (or such longer period as the Parties agree acting reasonably) of receiving any proposed comments or amendments pursuant to Clause 7.6(g)(ii) (Manuals and Protocols), the preparing Party shall submit a revised draft of the relevant Manual and Protocol to reflect such comments or amendments. If:

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&nbsp;&nbsp;&nbsp;&nbsp;61 EUROPE/1011979779.40 (i) the preparing Party does not accept that the comments made by the receiving Party conform with Clause 7.6(i) (Manuals and Protocols); or (ii) the revised Manual and Protocol is not approved by the other Parties, the Parties shall meet in good faith as soon as is reasonably practicable to agree the relevant draft Manual and Protocol. (k) If: (i) the Parties agree to the relevant provisions of the draft Manual and Protocol in accordance with Clause 7.6(j) (Manuals and Protocols), then the relevant draft Manual and Protocol shall become the relevant Manual and Protocol; or (ii) the Parties are unable to agree to the relevant provisions of the draft Manual and Protocol in accordance with Clause 7.6(j) (Manuals and Protocols), the Parties shall continue to meet in good faith until the Parties are able to agree to the relevant Manual and Protocol. (l) Until such time as the relevant Manual and Protocol is agreed by the Parties: (i) the Parties shall perform their obligations under this Agreement in relation to the matters to be covered by such Manual and Protocol acting as Reasonable and Prudent Operators and in accordance with the principles set out in the Schedule applicable to such Manual and Protocol; and (ii) no Party shall make any Claim that all or any part of this Agreement cannot be performed as a result of the failure to agree to such Manual and Protocol. (m) Once finalised in accordance with this Clause 7.6 (Manuals and Protocols), the Manuals and Protocols shall form part of this Agreement and each Party shall comply with its obligations thereunder. Such Manuals and Protocols can only be amended by written agreement between the Parties such agreement not to be unreasonably withheld, conditioned or delayed. 7.7 Sailaway and Arrival Dates (a) In addition to the notices required to be provided pursuant to Clause 7.4 (Hold- points), the Owner shall provide notice to the Lessee: (i) of the scheduled Sailaway Date by no later than three (3) months prior to its good faith estimate of the scheduled Sailaway Date; (ii) on the Sailaway Date, of the date on which the FLNG Facility is estimated to arrive at the LNG Hub Facilities; and (iii) on the date on which the FLNG Facility arrives at the LNG Hub Facilities (the "Arrival Date"). (b) On and from the Arrival Date until the Ready for Connection Date:

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&nbsp;&nbsp;&nbsp;&nbsp;62 EUROPE/1011979779.40 (i) the Owner and the Lessee shall comply with their respective obligations under the Interface Protocol in order to prepare the FLNG Facility and the LNG Hub Facilities for connection and commissioning; and (ii) upon reasonable notice: (A) the Lessee shall provide reasonable access to the Upstream Facilities to authorised representatives of the Owner, its Key Contractors (and their subcontractors) and its Subcontractors; and (B) the Owner shall provide reasonable access to the FLNG Facility to authorised representatives of the Lessee and any Other Contractors, as may be reasonably requested in order to connect the mooring lines to the FLNG Facility, subject to and in accordance with the Interface Protocol. 7.8 Project Schedule (a) The schedule for design, engineering, construction, installation, connection, commissioning and start-up of the GTA Project is set out in Schedule 4 (Integrated Project Schedule) ("Project Schedule"). (b) Having regard to the views of the Owner and the Operator, the Lessee may, from time to time, amend the Project Schedule. The Lessee shall notify the Owner and the Operator promptly (and, in any event, within ten (10) Days) upon making any amendment to the Project Schedule. (c) The Owner and the Operator shall accommodate changes to the Project Schedule notified to them by the Lessee, provided that any such change to the Project Schedule shall not alter the Target Connection Date or the Scheduled Commissioning Start Date unless agreed by the Owner and the Lessee (acting reasonably). (d) The Lessee shall use its reasonable endeavours to: (i) complete any necessary pre-commissioning of the Upstream Facilities; and (ii) procure that the Upstream Facilities are ready to start the commissioning and testing of the FLNG Facility by the Scheduled Commissioning Start Date. (e) The Parties shall use all reasonable endeavours to agree the impact of any FM Events upon the Critical Dates (if any) as soon as reasonably practicable, after the occurrence of the FM Event. 7.9 Target Connection Date (a) The "Target Connection Date" is [\*\*\*\*\*] (or as otherwise agreed by the Parties).

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&nbsp;&nbsp;&nbsp;&nbsp;63 EUROPE/1011979779.40 (b) The Target Connection Date shall be extended by any period of delay caused by any FM Event impacting upon: (i) the Owner's ability to get the FLNG Facility ready to be moored at the LNG Hub Facilities and securely interconnected to the Lessee's Feed Gas pipeline at the Feed Gas Receipt Point; and/or (ii) the Lessee's ability to get the Upstream Facilities ready to receive the FLNG Facility at the LNG Hub Facilities and to be securely interconnected to the FLNG Facility at the Feed Gas Receipt Point; and/or (iii) pre-commissioning of the Upstream Facilities. (c) The Owner shall ensure that the FLNG Facility is ready to be moored at the LNG Hub Facilities and securely interconnected to the Lessee's Feed Gas pipeline at the Feed Gas Receipt Point by the Target Connection Date. (d) The Owner shall notify the Lessee of the date when the FLNG Facility is ready to be moored at the LNG Hub Facilities and securely interconnected to the Lessee's Feed Gas pipeline at the Feed Gas Receipt Point in accordance with the Interface Protocol (the date when the FLNG Facility is ready to be moored at the LNG Hub Facilities and securely interconnected to the Lessee's Feed Gas pipeline at the Feed Gas Receipt Point shall be the "Ready for Connection Date"). (e) If the Owner issues a valid notice in accordance with Clause 7.9(d) (Target Connection Date) within sixty (60) Days prior to the Target Connection Date then the Lessee shall pay the Owner [\*\*\*\*\*] for each Day from when the notice was issued until the earlier of: (i) the Connection Date; or (ii) the Target Connection Date, (the "Incentive Payment"), with such payment to be made monthly in arrears in accordance with Clause 14 (Invoicing). 7.10 Commissioning Start Date (a) As soon as reasonably practicable on or after the Ready for Connection Date, the Lessee shall, with the cooperation of the Owner, moor or procure the mooring of the FLNG Facility to the LNG Hub Facilities and the Owner shall, with the assistance of the Lessee, securely interconnect the FLNG Facility to the Lessee's Feed Gas pipeline at the Feed Gas Receipt Point in each case in accordance with the Interface Protocol and the Commissioning Protocol (the date the FLNG Facility is securely interconnected to the Lessee's Feed Gas pipeline at the Feed Gas Receipt Point shall be the "Connection Date"). (b) The "Scheduled Commissioning Start Date" shall be the date that is [\*\*\*\*\*] (or such lesser period as may be agreed by the Parties acting reasonably) after the later of: (i) the Target Connection Date; and

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&nbsp;&nbsp;&nbsp;&nbsp;64 EUROPE/1011979779.40 (ii) the Connection Date. (c) The Scheduled Commissioning Start Date shall be extended for any period of delay caused by an FM Event that affects the Lessee's ability to prepare the Upstream Facilities to start the pre-commissioning and testing of the FLNG Facility by the Scheduled Commissioning Start Date to the extent such period has not already been taken into account in extending the Target Connection Date under Clause 7.9(b) (Target Connection Date). (d) The Lessee shall tender a notice to the Owner of the date when it has completed any necessary commissioning of the Upstream Facilities and the Upstream Facilities are ready to deliver Feed Gas to enable the FLNG Facility to start the commissioning and testing of the FLNG Facility in accordance with the Commissioning Protocol (the date on which the necessary commissioning of the Upstream Facilities has been completed and the Upstream Facilities are ready to deliver Feed Gas to enable the FLNG Facility to start such commissioning and testing shall be the "Commissioning Start Date"). (e) The Owner and the Lessee shall commence commissioning and testing the FLNG Facility on the Commissioning Start Date in accordance with Clause 7.12 (Commissioning Period). 7.11 Ready for Connection and Commissioning Start Dates (a) If the Ready for Connection Date does not occur on or before the Target Connection Date, then the Owner shall pay Daily LDs to the Lessee Group (as calculated in accordance with Clause 7.15 (Daily LDs)) for each Day of delay until the Ready for Connection Date occurs, provided that the Owner shall not be liable to pay Daily LDs for any Day of delay to the Ready for Connection Date to the extent such delay is caused by, or attributable to, any member of the Lessee Group or any member of any Other Contractor Group. (b) If: (i) the Owner has achieved the Ready for Connection Date but the Connection Date is not achieved by [\*\*\*\*\*] after the Target Connection Date as a result of any period of delay to the extent caused by or attributable to any member of the Lessee Group; or (ii) the Commissioning Start Date does not occur on or before the Scheduled Commissioning Start Date, then the Standby Dayrate shall be payable by the Lessee to the Owner (as calculated in accordance with Clause 7.16 (Standby Dayrate)) for each Day of delay until the Connection Date or the Commissioning Start Date (as applicable) occurs, provided that the Lessee shall not be liable to pay the Standby Dayrate for any Day of delay to the Connection Date or the Commissioning Start Date (as applicable) caused by an FM Event (provided such FM Event has not already been taken into account in extending the Target Connection Date under Clause 7.9(b) (Target Connection Date) or the Scheduled Commissioning Start Date under Clause 7.10(c) (Commissioning Start Date)) or due to any reason to the extent caused by, or attributable to, any member of the Owner Group.

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&nbsp;&nbsp;&nbsp;&nbsp;65 EUROPE/1011979779.40 (c) If the Commissioning Start Date does not occur on or before the Scheduled Commissioning Start Date as a result of any delay to the extent caused by, or attributable to, any member of the Owner Group, Daily LDs shall be payable by the Owner to the Lessee (as calculated in accordance with Clause 7.15 (Daily LDs)) from the Scheduled Commissioning Start Date until the Commissioning Start Date, unless such delay is caused by an FM Event impacting upon any member of the Owner Group that has not already been taken into account in extending the Target Connection Date under Clause 7.9(b) (Target Connection Date). (d) The Parties shall keep each other regularly informed as to the progress of the development of the Upstream Facilities and the Work in accordance with Schedule 5 (Design, Build and Operational Readiness Requirements). 7.12 Commissioning Period (a) The "Scheduled Commissioning Period" for the FLNG Facility shall be the period: (i) of [\*\*\*\*\*] from the Commissioning Start Date, as such period may be prolonged by any period of delay caused by any FM Event; and (ii) during which Acceptance Tests shall be conducted in accordance with the Acceptance Testing Protocol. (b) The "Commissioning Period" shall commence on the Commissioning Start Date and end on the Commercial Operations Date. (c) During the Commissioning Period, each Party shall comply with its obligations under the Commissioning Protocol in order to achieve acceptance of the FLNG Facility as soon as reasonably practicable. (d) Subject to Clause 7.12(f) (Commissioning Period), for each Billing Period during the Commissioning Period the Lessee shall pay to the Owner for each Day during the Billing Period, an amount equal to the sum of: (i) [\*\*\*\*\*] of the Nominal Set Rate or the Adjusted Nominal Set Rate (as applicable); and (ii) [\*\*\*\*\*] per mmBtu of LNG Production on such Day capable of acceptance by an LNG Buyer, with each such payment to be made monthly in arrears in accordance with Clause 14 (Invoicing). (e) The Lessee will deliver, and the Owner will ensure that the FLNG Facility takes delivery of and consumes, Feed Gas (including any Retainage) during the Commissioning Period in accordance with the Commissioning Protocol. (f) If there is any suspension or interruption to the activities that would otherwise have been undertaken during the Commissioning Period (other than as permitted in accordance with the Commissioning Protocol) that is: (i) to the extent caused by, or attributable to, any member of the Lessee Group or any member of any Other Contractor Group (including as a

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&nbsp;&nbsp;&nbsp;&nbsp;66 EUROPE/1011979779.40 result of any unavailability of sufficient quantities of Feed Gas or any Suspension for Convenience); and (ii) not a result of an FM Event or an act or omission of any member of the Owner Group, then the Lessee shall pay to the Owner for each Day during which there is a suspension or interruption to the activities that would otherwise have been undertaken during the Commissioning Period (other than as permitted in the Commissioning Protocol) an amount equal to: (iii) on and from the first (1st) Day of such suspension or interruption until the earlier of: (A) the Day that is [\*\*\*\*\*] after the first (1st) Day of such suspension or interruption; and (B) the Day that such suspension or interruption ceases, [\*\*\*\*\*] of the Nominal Set Rate or the Adjusted Nominal Set Rate (as applicable); and (iv) if Clause 7.12(f)(iii)(A) (Commissioning Period) applies due to ongoing suspension or interruption and such suspension or interruption continues, then on and from the [\*\*\*\*\*] after the first (1st) Day of such suspension or interruption until the Day that such suspension or interruption ceases: [\*\*\*\*\*] of the Nominal Set Rate or the Adjusted Nominal Set Rate (as applicable), for each Day of delay to the Commercial Operations Date caused by such suspension or interruption. 7.13 Acceptance Testing (a) The Owner shall provide reasonable notice to the Lessee of the Acceptance Tests, and the Lessee shall procure that its duly authorised representatives attend any Acceptance Tests, in each case in accordance with the Acceptance Test Protocol. (b) If the FLNG Facility has passed all of the Acceptance Tests, then the Owner shall promptly give notice (together with any necessary supporting information) to the Lessee. Subject to Clause 7.13(c) (Acceptance Testing) and unless otherwise specified in the Acceptance Test Protocol, within five (5) Days after the Lessee receives notice from the Owner that the FLNG Facility has passed all of the Acceptance Tests, the Lessee shall execute and deliver to the Owner a Certificate of Acceptance. (c) If, despite having received notice from the Owner that the FLNG Facility has passed all of the Acceptance Tests, the Lessee considers, acting reasonably, that the FLNG Facility has not passed the Acceptance Tests: (i) the Lessee shall provide written notice to the Owner promptly (and in any event within five (5) Days after the date of receipt of notice from the Owner that the FLNG Facility has passed all of the Acceptance Tests, or such other period as may be agreed by the Parties, acting

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&nbsp;&nbsp;&nbsp;&nbsp;67 EUROPE/1011979779.40 reasonably) as to the reasons why the Lessee considers that the FLNG Facility has not passed the Acceptance Tests; and (ii) duly authorised representatives of the Owner and the Lessee shall meet promptly (and in any event within a further five (5) Days, or such longer period as may be agreed by the Parties acting reasonably), of such notice being received by the Owner under Clause 7.13(c)(i) (Acceptance Testing) to discuss. (d) Provided that the Owner has given the Lessee notice of the Acceptance Tests in accordance with the Acceptance Test Protocol, failure without good reason of the Lessee's authorised representative to attend any Acceptance Tests in accordance with the Acceptance Test Protocol shall not of itself be grounds for the Lessee to consider that the FLNG Facility has not passed the Acceptance Tests. (e) Subject to Clause 7.13(f) (Acceptance Testing), if the FLNG Facility has not passed the Acceptance Tests prior to the end of the Scheduled Commissioning Period: (i) Daily LDs shall be payable by the Owner to the Lessee (as calculated in accordance with Clause 7.15 (Daily LDs)) until such time as the FLNG Facility has passed all of the Acceptance Tests or a Certificate of Acceptance has been delivered by the Lessee in accordance with Clause 7.13(f) (Acceptance Testing), provided that the Owner shall not be liable to pay Daily LDs for any Day of delay in passing the Acceptance Tests caused by an FM Event or due to any reason to the extent caused by or attributable to the Lessee Group or any member of any Other Contractor Group; and (ii) if and to the extent the delay in passing the Acceptance Tests was due to any reason caused by or attributable to the Owner Group (other than as a result of an FM Event), any Incentive Payment (if any) received by the Owner pursuant to Clause 7.9(e) (Target Connection Date) shall be reimbursed to the Lessee on a day-for-day basis as a once off reimbursement, in which case the Lessee shall invoice the Owner (as a once off payment) and the Owner shall pay to the Lessee a sum equal to the day-for-day Incentive Payment to be reimbursed, in accordance with Clause 14 (Invoicing). (f) If the FLNG Facility has not passed the Acceptance Tests prior to the end of the Scheduled Commissioning Period, the Lessee may, in its sole discretion, give notice to the Owner that it proposes to accept the FLNG Facility prior to the date that the FLNG Facility has passed all of the Acceptance Tests, in which case: (i) the Lessee may execute and deliver the Certificate of Acceptance; or (ii) the Lessee may request the Owner and the Operator to meet and discuss in good faith the amendment of this Agreement to account for any failure of the FLNG Facility to pass the Acceptance Tests, and the Lessee may execute and deliver a Certificate of Acceptance once such amendments have been agreed, provided that the Owner shall have the right (from time to time during the Lease Period) upon giving not less than thirty (30) Days' notice to the Lessee, to demonstrate that the

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&nbsp;&nbsp;&nbsp;&nbsp;68 EUROPE/1011979779.40 FLNG Facility has passed all of the Acceptance Tests that were not passed prior to the Commercial Operations Date, in which case the Parties will agree the extent to which the original terms and conditions of this Agreement should apply on and from the date that the FLNG Facility has passed all of the Acceptance Tests, taking into account the amendments that had been previously agreed because of the failure of the FLNG Facility to pass the Acceptance Tests. 7.14 Acceptance Appraisals (a) Subject to the FLNG Facility attaining an average performance of [\*\*\*\*\*] relative to the Availability and Capacity Performance Standard determined by the application of Clause 13.8(d) (Availability and Capacity Performance) over a minimum period of [\*\*\*\*\*] from the Commercial Operations Date, or the Lessee determining (in its sole discretion) that the Acceptance Appraisals can commence notwithstanding such average performance has not been achieved by the FLNG Facility over such period, the Acceptance Appraisals shall commence and (as may be required, at the Owner's discretion) continue from time to time until such date as the Acceptance Appraisals are passed in accordance with this Clause 7.14 (Acceptance Appraisals). (b) The Owner shall provide reasonable notice to the Lessee of the Acceptance Appraisals, and the Lessee shall procure that its duly authorised representatives attend any Acceptance Appraisals, in each case in accordance with the Acceptance Appraisal Protocol. (c) If the FLNG Facility has passed all of the Acceptance Appraisals, then the Owner shall promptly give notice (together with any necessary supporting information) to the Lessee. Subject to Clause 7.14(d) (Acceptance Appraisals) and unless otherwise specified in the Acceptance Appraisal Protocol, within five (5) Days after the Lessee receives notice from the Owner that the FLNG Facility has passed all of the Acceptance Appraisals, the Lessee shall, subject to Clause 7.14(d) (Acceptance Appraisals), provide a written confirmation to the Owner that the FLNG Facility has passed all of the Acceptance Appraisals. (d) If, despite having received notice from the Owner that the FLNG Facility has passed all of the Acceptance Appraisals, the Lessee considers, acting reasonably, that the FLNG Facility has not passed the Acceptance Appraisals: (i) the Lessee shall provide written notice to the Owner promptly (and in any event within five (5) Days after the date of receipt of notice from the Owner that the FLNG Facility has passed all of the Acceptance Appraisals, or such other period as may be agreed by the Parties, acting reasonably) as to the reasons why the Lessee considers that the FLNG Facility has not passed the Acceptance Appraisals; and (ii) duly authorised representatives of the Owner and the Lessee shall meet promptly (and in any event within a further five (5) Days, or such longer period as may be agreed by the Parties acting reasonably), of such notice being received by the Owner under Clause 7.14(d)(i) (Acceptance Appraisals) to discuss. (e) Provided that the Owner has given the Lessee notice of the Acceptance Appraisals in accordance with the Acceptance Appraisal Protocol, failure without good reason of the Lessee's authorised representative to attend any

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&nbsp;&nbsp;&nbsp;&nbsp;69 EUROPE/1011979779.40 Acceptance Appraisals in accordance with the Acceptance Appraisal Protocol shall not of itself be grounds for the Lessee to consider that the FLNG Facility has not passed the Acceptance Appraisals. (f) During the period beginning on the Commercial Operations Date and ending on the date the Acceptance Appraisals are passed in accordance with this Clause 7.14 (Acceptance Appraisals): (i) the Nominal Set Rate or Adjusted Nominal Set Rate (as applicable) shall be adjusted as follows: [\*\*\*\*\*] (ii) the Pre-Appraisal Base Capacity shall be calculated as follows: [\*\*\*\*\*] 7.15 Daily LDs (a) Subject to Clause 7.18 (Liquidated Damages and Standby Dayrate Liability Cap), the amount of any liquidated damages payable by the Owner to the Lessee in accordance with Clauses 7.11(a) or 7.11(c) (Ready for Connection and Commissioning Start Dates) or 7.13(e)(i) (Acceptance Testing) ("Daily LDs"), shall be: (i) for Daily LDs due in accordance with Clause 7.11(a) (Ready for Connection and Commissioning Start Dates), calculated for each relevant Day starting on the Target Connection Date and ending on the Ready for Connection Date, on the basis that: (A) for the [\*\*\*\*\*] that such Daily LDs are payable, the Daily LDs shall be [\*\*\*\*\*] per Day; (B) for the [\*\*\*\*\*] following the period described in (A) above that such Daily LDs are payable, the Daily LDs shall be [\*\*\*\*\*] per Day; and (C) for each additional Day that such Daily LDs are payable thereafter, the Daily LDs shall be [\*\*\*\*\*] per Day; (ii) for Daily LDs due in accordance with Clause 7.11(c) (Ready for Connection and Commissioning Start Dates), calculated for each relevant Day starting on the Scheduled Commissioning Start Date and ending on the Commissioning Start Date on the basis that: (A) for the [\*\*\*\*\*] that such Daily LDs are payable, the Daily LDs shall [\*\*\*\*\*] per Day; (B) for the [\*\*\*\*\*] following the period described in (A) above that such Daily LDs are payable, the Daily LDs shall be [\*\*\*\*\*] per Day; and (C) for each additional Day that such Daily LDs are payable thereafter, the Daily LDs shall be [\*\*\*\*\*] per Day; and

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&nbsp;&nbsp;&nbsp;&nbsp;70 EUROPE/1011979779.40 (iii) for Daily LDs due in accordance with Clause 7.13(e)(i) (Acceptance Testing), calculated for each relevant Day starting on the date immediately following the last day of the Scheduled Commissioning Period and ending on the date the FLNG Facility has passed all of the Acceptance Tests or a Certificate of Acceptance has been delivered by the Lessee in accordance with Clause 7.13(f) (Acceptance Testing) on the basis that: (A) for the [\*\*\*\*\*] that such Daily LDs are payable, the Daily LDs shall be [\*\*\*\*\*] per Day; (B) for the [\*\*\*\*\*] following the period in (A) above that such Daily LDs are payable, the Daily LDs shall be [\*\*\*\*\*] per Day; and (C) for each additional Day that such Daily LDs are payable thereafter, the Daily LDs shall be [\*\*\*\*\*] per Day. (b) Daily LDs shall be payable monthly in arrears in accordance with Clause 14 (Invoicing). 7.16 Standby Dayrate (a) Subject to Clause 7.18 (Liquidated Damages and Standby Dayrate Liability Cap), the amount of any Standby Dayrate payable by the Lessee to the Owner in accordance with Clauses 7.11(b)(i) or 7.11(b)(ii) (Ready for Connection and Commissioning Start Dates) ("Standby Dayrate"), shall be: (i) for Standby Dayrate due in accordance with Clause 7.11(b)(i) (Ready for Connection and Commissioning Start Dates), calculated for each relevant Day starting on the date that is [\*\*\*\*\*] after the Target Connection Date and ending on the Connection Date on the basis that: (A) for the [\*\*\*\*\*] that such Standby Dayrate is payable, the Standby Dayrate shall be [\*\*\*\*\*] per Day; (B) for the [\*\*\*\*\*] following the period described in (A) above that such Standby Dayrate is payable, the Standby Dayrate shall be [\*\*\*\*\*] per Day; and (C) for each additional Day that such Standby Dayrate is payable thereafter, the Standby Dayrate shall be [\*\*\*\*\*] per Day; and (ii) for Standby Dayrate due in accordance with Clause 7.11(b)(ii) (Ready for Connection and Commissioning Start Dates), calculated for each relevant Day starting on the Scheduled Commissioning Start Date and ending on the Commissioning Start Date on the basis that: (A) for the [\*\*\*\*\*] that such Standby Dayrate is payable, the Standby Dayrate shall be [\*\*\*\*\*] per Day; (B) for the [\*\*\*\*\*] following the period described in (A) above that such Standby Dayrate is payable, the Standby Dayrate shall be [\*\*\*\*\*] per Day; and

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&nbsp;&nbsp;&nbsp;&nbsp;71 EUROPE/1011979779.40 (C) for each additional Day that such Standby Dayrate is payable thereafter, the Standby Dayrate shall be [\*\*\*\*\*] per Day. (b) The Standby Dayrate shall be payable monthly in arrears in accordance with Clause 14 (Invoicing). 7.17 Bullet Payment (a) If the Lessee is paying and/or is due to pay Standby Dayrate pursuant to Clause 7.16(a) (Standby Dayrate) and such liability for Standby Dayrate continues for an aggregate period of [\*\*\*\*\*], then the Owner shall invoice the Lessee (as a once off payment in addition to any ongoing obligation to pay Standby Dayrate) and the Lessee shall pay to the Owner an amount equal to the sum of [\*\*\*\*\*], the Lessee pursuant to Clause 7.16(a) (Standby Dayrate), in accordance with Clause 14 (Invoicing) (the "Bullet Payment"). (b) On and from the Commercial Operations Date until the date that is the third (3rd) Commercial Operations Date Anniversary, a "Production Bank" may accrue with a balance determined in accordance with Clauses 7.17(c) and 7.17(d) (Bullet Payment). (c) On each of the first (1st) Commercial Operations Date Anniversary, the second (2nd) Commercial Operations Date Anniversary and the third (3rd) Commercial Operations Date Anniversary, the balance of the Production Bank shall increase by the difference (if positive) between: (i) the amount of CE paid by the Lessee to the Owner in accordance with this Agreement during the period that is [\*\*\*\*\*] prior to the relevant Commercial Operations Date Anniversary; and (ii) [\*\*\*\*\*]. (d) The balance of the Production Bank shall reduce by an amount equal to the sum of any: (i) Bullet Reimbursement; and (ii) Project Delay Payment Reimbursement, provided that any Bullet Reimbursement shall be made in priority to any Project Delay Payment Reimbursement, such that any Project Delay Payment Reimbursement shall only be made following the payment of the balance of any Bullet Reimbursement at the relevant Bullet Reimbursement Date. (e) If the Owner has received the Bullet Payment pursuant to Clause 7.17(a) (Bullet Payment), then on each of the first (1st) Commercial Operations Date Anniversary, the second (2nd) Commercial Operations Date Anniversary and the third (3rd) Commercial Operations Date Anniversary (each a "Bullet Reimbursement Date"), the Owner shall reimburse the Lessee on such Bullet Reimbursement Date, an amount equal to the lower of: (i) the balance of the Production Bank (taking into account the reimbursement priority principle set out in Clause 7.17(d) (Bullet Payment)); and

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&nbsp;&nbsp;&nbsp;&nbsp;72 EUROPE/1011979779.40 (ii) the amount of the Bullet Payment not yet reimbursed pursuant to this Clause 7.17(e) (Bullet Payment), (the "Bullet Reimbursement") in which case the Lessee shall invoice the Owner (as a once off payment) and the Owner shall pay to the Lessee the Bullet Reimbursement in accordance with Clause 14 (Invoicing). (f) On and from the fourth (4th) Commercial Operations Date Anniversary, if any amount of the Bullet Payment has not been reimbursed to the Lessee pursuant to Clause 7.17(e) (Bullet Payment) (such amount being the "Retained Bullet Payment"), the Owner shall elect, in its sole discretion and by giving reasonable notice to the Lessee, to reimburse the Retained Bullet Payment to the Lessee either: (i) as a once off reimbursement, in which case the Lessee shall invoice the Owner (as a once off payment) and the Owner shall pay to the Lessee a sum equal to the Retained Bullet Payment in accordance with Clause 14 (Invoicing); or (ii) [\*\*\*\*\*], in which case the Lessee shall invoice the Owner, on a [\*\*\*\*\*] on the first (1st) Day of each calendar month, and the Owner shall pay to the Lessee [\*\*\*\*\*] per invoice, in accordance with Clause 14 (Invoicing), until such time as the Retained Bullet Payment amount is reduced to [\*\*\*\*\*], provided that the final monthly invoice issued pursuant to this Clause 7.17(f)(ii) (Bullet Payment) shall be for an amount that is the lower of: (A) [\*\*\*\*\*]; and (B) the Retained Bullet Payment amount outstanding on such date. 7.18 Liquidated Damages and Standby Dayrate Liability Cap (a) The aggregate total of Daily LDs payable by the Owner under this Agreement shall not exceed [\*\*\*\*\*] ("Liquidated Damages Liability Cap"). (b) The aggregate total of Standby Dayrate payable by the Lessee under this Agreement shall not exceed [\*\*\*\*\*] ("Standby Dayrate Liability Cap"). (c) The Parties agree that: (i) all amounts of Daily LDs for which the Owner may become liable or Standby Dayrate for which the Lessee may become liable are genuine pre-estimates of the losses which may be sustained by the Owner or the Lessee (as applicable) in the event of delay contemplated herein and are within proportion to the legitimate interests of the Party receiving Daily LDs or Standby Dayrate (as applicable) having regard to the nature of the obligations that are to be performed by the Party paying the Daily LDs or Standby Dayrate (as applicable) under this Agreement and are not a penalty; (ii) the Daily LDs and Standby Dayrate (as applicable) together with the remedies provided under Clauses 7.9 (Target Connection Date) to 7.18 (Liquidated Damages and Standby Dayrate Liability Cap) (inclusive), the relevant termination rights under Clause 23 (Suspension and

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&nbsp;&nbsp;&nbsp;&nbsp;73 EUROPE/1011979779.40 Termination) and rights under Clause 24 (Dispute Resolution), shall be the sole and exclusive remedies for the Owner or the Lessee (as applicable) in relation to a failure to meet: (A) the obligations set out in Clauses 7.9 (Target Connection Date), 7.10 (Commissioning Start Date), 7.11 (Ready for Connection and Commissioning Start Dates), 7.12 (excluding, in the case of the Owner, Clauses 7.12(d) and 7.12(f)) (Commissioning Period) and 7.13(e) (Acceptance Testing); and (B) any failure to achieve the Project Schedule (as amended from time to time); and (iii) the Operator shall have no liability for, nor have any claim against the Lessee as a result of, any delay as contemplated under Clauses 7.10 (Commissioning Start Date), 7.11 (Ready for Connection and Commissioning Start Dates), 7.12 (Commissioning Period), 7.13 (Acceptance Testing) and/or 7.14 (Acceptance Appraisals). 7.19 Commercial Operations Date The "Commercial Operations Date" for the FLNG Facility shall be the earlier of the date upon which: (a) the FLNG Facility passes the last Acceptance Test, which date shall be set out in the Certificate of Acceptance; or (b) the Lessee executes and delivers a Certificate of Acceptance in accordance with Clause 7.13(f) (Acceptance Testing). 8. LEASE PERIOD 8.1 Lease Period The "Lease Period" for the FLNG Facility shall commence on the Commercial Operations Date and shall end on the last day of the Term. 8.2 Continuation Date (a) For the purposes of this Clause 8.2 (Continuation Date): (i) "Continuation Criteria" means the continuation criteria set out in Part A of Schedule 16 (Continuation Criteria); and (ii) "Minimum Criteria" means the relevant minimum criteria set out in Part B of Schedule 16 (Continuation Criteria). (b) [\*\*\*\*\*] prior to: (i) [\*\*\*\*\*] Commercial Operations Date Anniversary, the Owner and the Lessee shall meet to discuss the performance of the FLNG Facility [\*\*\*\*\*] ("First Continuation Date"); and (ii) [\*\*\*\*\*] Commercial Operations Date Anniversary, the Owner and the Lessee shall meet to discuss the performance of the FLNG Facility [\*\*\*\*\*] ("Second Continuation Date"),

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&nbsp;&nbsp;&nbsp;&nbsp;74 EUROPE/1011979779.40 (each of the First Continuation Date and the Second Continuation Date being a "Continuation Date"). (c) If, during the [\*\*\*\*\*] immediately prior to the meeting of the Owner and the Lessee in accordance with Clauses 8.2(b)(i) or 8.2(b)(ii) (Continuation Date) (as applicable), the FLNG Facility does not meet the relevant Minimum Criteria, the Lessee may terminate this Agreement with effect from the applicable Continuation Date. If this Agreement is terminated in accordance with this Clause 8.2(c) (Continuation Date), this Agreement (other than with respect to the Surviving Obligations) shall end on the applicable Continuation Date and, subject to Clause 23.8(c) (Consequences of Termination), the Parties shall have no further liability to each other, other than with respect to the Surviving Obligations and any rights and obligations that have accrued prior to the date of such termination. (d) If, during the [\*\*\*\*\*] immediately prior to the meeting of the Owner and the Lessee in accordance with Clauses 8.2(b)(i) or 8.2(b)(ii) (Continuation Date) (as applicable), the FLNG Facility meets or exceeds the Continuation Criteria, the Lease Period shall continue on the prevailing terms and conditions. (e) If, during the [\*\*\*\*\*] immediately prior to the meeting of the Owner and the Lessee in accordance with Clauses 8.2(b)(i) or 8.2(b)(ii) (Continuation Date) (as applicable), the FLNG Facility does not meet the Continuation Criteria but meets or exceeds the Minimum Criteria, then: (i) the Owner shall promptly prepare a Variation Order Proposal in accordance with Clause 6 (Variations), which the Owner considers would be reasonably expected to ensure that the FLNG Facility is able to meet the Continuation Criteria following the applicable Continuation Date if the Variation is implemented prior to such Continuation Date; (ii) the Lessee shall consider such Variation Order Proposal prepared by the Owner pursuant to Clause 8.2(e)(i) (Continuation Date) without delay; (iii) if the Lessee agrees with the Variation Order Proposal prepared by the Owner pursuant to Clause 8.2(e)(i) (Continuation Date): (A) the Lessee shall give notice to the Owner requiring the Owner to implement the Variation in accordance with such Variation Order Proposal at the Owner's sole risk and cost before the applicable Continuation Date; and (B) the Lease Period shall continue without any amendment to the terms and conditions of this Agreement; or (iv) if the Lessee does not agree that the Variation Order Proposal prepared by the Owner in accordance with Clause 8.2(e)(i) (Continuation Date) would be reasonably expected to ensure that the FLNG Facility is able to meet the Continuation Criteria following the applicable Continuation Date if the Variation is implemented prior to such Continuation Date: (A) at the Lessee's request, the Owner and the Lessee shall meet and discuss the Variation Order Proposal, including:

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&nbsp;&nbsp;&nbsp;&nbsp;75 EUROPE/1011979779.40 (1) whether the Owner should implement the Variation at the Owner's sole risk and cost before the applicable Continuation Date; and (2) the changes to the Performance Standards and terms of conditions of this Agreement that will apply if the FLNG Facility does not meet the Continuation Criteria after the implementation of such Variation; and/or (B) the Lessee may propose amendments to the Variation Order Proposal prepared by the Owner pursuant to Clause 8.2(e)(i) (Continuation Date) and/or any appropriate changes to the Performance Standards and the terms and conditions of the Agreement, and the Owner shall either: (1) accept the amendments to the Variation Order Proposal proposed by the Lessee and implement the Variation in accordance with the amended Variation Order Proposal at the Owner's sole risk and cost before the applicable Continuation Date, and the Lease Period shall continue without any amendment to the terms and conditions of this Agreement; (2) accept the proposed changes to the Performance Standards and the terms and conditions of this Agreement, and the Lease Period shall continue in accordance with such amended terms and conditions (including the Performance Standards); or (3) refer a dispute between the Owner and the Lessee as to whether the implementation of the Variation in accordance with the Variation Order Proposal prepared by the Lessee would be reasonably expected to ensure that the FLNG Facility is able to meet the Continuation Criteria if such Variation is implemented prior to the applicable Continuation Date to an Independent Expert for determination in accordance with Clause 24.4 (Expert Determination). (f) If the Owner refers the dispute regarding the Variation Order Proposal to an Independent Expert in accordance with Clause 8.2(e)(iv)(B)(3) (Continuation Date) and the Independent Expert determines that the Variation proposed by the Owner pursuant to Clause 8.2(e)(i) (Continuation Date) (with or without any amendments proposed by the Lessee), if implemented before the applicable Continuation Date: (i) would be reasonably expected to ensure that the FLNG Facility is able to meet the Continuation Criteria following the applicable Continuation Date: (A) the Owner shall implement the Variation, together with such of the Lessee's proposed amendments (if any) that the Independent Expert considers are necessary to ensure that the FLNG Facility is able to meet the Continuation Criteria at the

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&nbsp;&nbsp;&nbsp;&nbsp;76 EUROPE/1011979779.40 Owner's risk and cost before the applicable Continuation Date; and (B) the Lease Period shall continue without any amendment to the terms and conditions of this Agreement; or (ii) would not be reasonably expected to ensure that the FLNG Facility is able to meet the Continuation Criteria following the applicable Continuation Date, then the Lessee may terminate this Agreement with effect from the applicable Continuation Date. (g) If this Agreement is terminated in accordance with Clause 8.2(f) (Continuation Date), then this Agreement (other than the Surviving Obligations) shall end on the applicable Continuation Date and, subject to Clause 23.8(c) (Consequences of Termination), the Parties shall have no further liability to each other, other than with respect to the Surviving Obligations and any rights and obligations that have accrued prior to the date of such termination. 8.3 Additional Term (a) If during the Lease Period: (i) the Lessee suspends the performance of the Operating Services for convenience pursuant to Clause 23.1(b) (Suspension by Lessee); (ii) a Zero Capital Dayrate applies in accordance with Clause 13.5 (Zero Capital Dayrate); (iii) there is an FM Event that does not give rise to a Project Delay Event; (iv) there is a Project Delay Event and Clause 15.5(d) (Prolonged Project Delay FM) applies; or (v) a right to convert any Accumulated Retainage Cost to an Excess Retainage Extension Day arises pursuant to Schedule 7 (Feed Gas Usage Allowance), and this Agreement is not terminated on a Continuation Date in accordance with Clause 8.2 (Continuation Date), then: (vi) not less than twenty-four (24) months prior to the end of the Lease Period (or, if the relevant event occurs within the final twenty-four (24) months of the Lease Period, as soon as reasonably practicable after such event), the Lessee requests in writing an extension to the Lease Period (which extension shall be for a period of not less than [\*\*\*\*\*]; (vii) no amount due and payable by the Lessee to the Owner or the Operator is outstanding at the time of the request, save for any invoiced amount disputed in accordance with Clause 14.5 (Disputed Invoices); and (viii) the Owner, acting as a Reasonable and Prudent Operator, determines that the FLNG Facility can provide the relevant services in accordance with the relevant Performance Standards (including, without limitation, HSSE standards) for the period of the requested extension without any need for dry-docking,

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&nbsp;&nbsp;&nbsp;&nbsp;77 EUROPE/1011979779.40 the Lease Period shall be extended by the period of the requested extension in accordance with Clause 8.3(b) (Additional Term) (the "Additional Term") and this Agreement shall continue for the Additional Term and the Adjusted Nominal Set Rate applicable during the Additional Term shall be determined in accordance with Clause 8.3(c) (Additional Term). (b) The period of the Additional Term (which period shall not be more than [\*\*\*\*\*] shall be: (i) the sum of: (A) the aggregate of the Suspension Extension Days, the Zero Capital Dayrate Extension Days, the FM Event Extension Days, the Project Delay Event Extension Days and the Excess Retainage Extension Days (the "Aggregate Extension Days"); and (B) if the Aggregate Extension Days is a period that is less than [\*\*\*\*\*], the number of Days which is the difference between [\*\*\*\*\*] and the Aggregate Extension Days (the "Supplementary Extension Days"); or (ii) if a period shorter than the sum calculated in Clause 8.3(b)(i) (Additional Term) is requested, a portion of the Aggregate Extension Days (which shall be for a period of not less than [\*\*\*\*\*]. (c) The Adjusted Nominal Set Rate applicable on each Day during the Additional Term shall be equal to: (i) with respect to Aggregate Extension Days (such amount to apply prior to Clause 8.3(c)(ii) (Additional Term) (if any) during the Additional Term): (A) the sum of: (1) the number of Suspension Extension Days multiplied by the average Suspension Extension Dayrate; (2) the number of Zero Capital Dayrate Extension Days multiplied by the average Zero Capital Dayrate Extension Dayrate; (3) the number of FM Event Extension Days multiplied by the average FM Event Extension Dayrate; (4) the number of Project Delay Extension Days multiplied by the average Project Delay Extension Dayrate; and (5) the number of Excess Retainage Extension Days multiplied by the average Excess Retainage Extension Dayrate, divided by, (B) the Aggregate Extension Days; and

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&nbsp;&nbsp;&nbsp;&nbsp;78 EUROPE/1011979779.40 (ii) with respect to Supplementary Extension Days, [\*\*\*\*\*] of the Nominal Set Rate or Adjusted Nominal Set Rate applicable immediately prior to the Additional Term (such amount to apply after Clause 8.3(c)(i) (Additional Term) during the Additional Term). (d) For the purposes of this Clause 8.3 (Additional Term): (i) a Day during which the Operating Services were suspended for convenience pursuant to Clause 23.1(b) (Suspension by Lessee) shall be a "Suspension Extension Day"; (ii) the CE of the Dayrate for a Suspension Extension Day shall be equal to the Nominal Set Rate or Adjusted Nominal Set Rate that applied during such Suspension Extension Day less any CE actually paid on account of such Suspension Extension Day ("Suspension Extension Dayrate"); (iii) a Day during which a Zero Capital Dayrate applied in accordance with Clause 13.5 (Zero Capital Dayrate) shall be a "Zero Capital Dayrate Extension Day"; (iv) the CE of the Dayrate for a Zero Capital Dayrate Extension Day shall be equal to the Nominal Set Rate or Adjusted Nominal Set Rate that applied during such Zero Capital Dayrate Extension Day less any CE actually paid on account of such Zero Capital Dayrate Extension Day ("Zero Capital Dayrate Extension Dayrate"); (v) a Day during which there was an FM Event that did not give rise to a Project Delay Event shall be an "FM Event Extension Day"; (vi) the CE of the Dayrate for an FM Event Extension Day shall be equal to the Nominal Set Rate or Adjusted Nominal Set Rate that applied during such FM Event Extension Day less any CE actually paid on account of such FM Event Extension Day ("FM Event Extension Dayrate"); (vii) the number of Days of extension during the Additional Term on account of a Project Delay Event shall be equal to the number of Days calculated in accordance with 15.5(d)(i) (Prolonged Project Delay FM) (each such Day, a "Project Delay Event Extension Day"); (viii) the CE of the Dayrate for a Project Delay Event Extension Day shall be equal to the Nominal Set Rate or Adjusted Nominal Set Rate applicable immediately prior to the Additional Term, less any Project Delay Payment for each Day ("Project Delay Event Extension Dayrate"); (ix) a Day converted pursuant to Schedule 7 (Feed Gas Usage Allowance) shall be an "Excess Retainage Extension Day"; and (x) the CE of the Dayrate for an Excess Retainage Extension Day shall be [\*\*\*\*\*] ("Excess Retainage Extension Dayrate"); 9. OPERATIONS AND MAINTENANCE 9.1 Timings to be Determined

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&nbsp;&nbsp;&nbsp;&nbsp;79 EUROPE/1011979779.40 Where either the Owner, the Operator or the Lessee reasonably requires any of the processes contemplated by this Clause 9 (Operations and Maintenance) to be undertaken at a different date or dates than as provided in this Clause 9 (Operations and Maintenance), the Parties shall use reasonable endeavours to agree such date or dates. 9.2 Operating Plan (a) On or before 1 August of each Contract Year (other than the first Contract Year), the Operator shall provide the Lessee with an operating plan for the next Contract Year setting out: (i) details of all planned operation and maintenance activities to be carried out in the next Contract Year and a summary of planned operation and maintenance activities to be carried out in the two (2) Contract Years following the next Contract Year; (ii) subject to the provisions of Clauses 9.3(b) (Scheduled Maintenance) and 9.5 (Work Programme and Budget), details and proposed timing of the Scheduled Maintenance for the next Contract Year; (iii) details of the performance of the FLNG Facility in the current and previous Contract Year in accordance with the requirements of the Operations Manual; (iv) such other relevant information as may impact annual LNG Production and the Lessee's delivery and sales scheduling for the next Contract Year; and (v) such other information as is required pursuant to section 3.1 of Schedule 14 (Operating Services), the "Operating Plan". (b) On or before twelve (12) months prior to the Anticipated Commercial Operations Date, the Operator shall provide the Lessee with the Operating Plan in respect of the first Contract Year. 9.3 Scheduled Maintenance (a) The Operator shall have the right to curtail or temporarily discontinue, in whole or in part, the receipt, treatment and liquefaction of Feed Gas by, and storage and offloading of LNG from, the FLNG Facility for the purposes of maintaining the FLNG Facility (other than as a result of any defect or deficiency in the FLNG Facility, including a failure of the FLNG Facility to achieve the Performance Standards) for such periods as would be required by a Reasonable and Prudent Operator and otherwise not exceeding [\*\*\*\*\*] ("Scheduled Maintenance"), and Clause 13.8(f) (Availability and Capacity Performance) shall apply. (b) The Parties shall discuss and agree a mutually convenient time for Scheduled Maintenance to occur during the next Contract Year in order to minimise, to the extent practicable, the impact of Scheduled Maintenance on GTA Project operations including LNG offtake and loading. The Scheduled Maintenance for the next Contract Year shall be agreed at the same time and in the same

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&nbsp;&nbsp;&nbsp;&nbsp;80 EUROPE/1011979779.40 manner as the Work Programme and Budget for the next Contract Year in accordance with Clause 9.5 (Work Programme and Budget) and, unless otherwise agreed pursuant to Clause 9.5(g) (Work Programme and Budget), the Operator shall carry out Scheduled Maintenance at the time agreed in the Work Programme and Budget. 9.4 Forced Outage The Operator shall have the right to curtail or temporarily discontinue, in whole or in part, the receipt, treatment and liquefaction of Feed Gas by, and storage and offloading of LNG from, the FLNG Facility for the purposes of addressing actual or potential forced outages of the FLNG Facility for such periods as would be required by a Reasonable and Prudent Operator, and Clause 13.8(f) (Availability and Capacity Performance) shall apply. 9.5 Work Programme and Budget (a) No later than one hundred and eighty (180) Days prior to the end of a Contract Year, the Operator shall deliver to the Lessee a draft Work Programme and Budget for the next Contract Year. The Work Programme and Budget for the first Contract Year shall be based on the Base Work Programme and Budget Cycle in Schedule 18 (Base Work Programme and Budget Cycle) taking into account Lessee provided services. (b) No later than sixty (60) Days after receipt of the draft Work Programme and Budget, the Lessee shall notify the Operator that: (i) the relevant draft Work Programme and Budget is approved without comment; or (ii) the relevant draft Work Programme and Budget is not approved, in which case the Lessee shall include with such notice reasonable comments or amendments to the draft Work Programme and Budget and identify each line item of the Work Programme and Budget that the Lessee does not approve (including the Lessee's reasonable valuation of what such line item should be). (c) Within seven (7) Days after the Operator receives notice from the Lessee that the draft Work Programme and Budget is not approved, the Lessee and the Operator shall meet and discuss the Lessee's comments and/or amendments to the draft Work Programme and Budget. If the Lessee and the Operator are unable to agree the Work Programme and Budget during such meeting, the Operator may submit a further revised draft Work Programme and Budget to the Lessee for approval no later than fifteen (15) Days after the date of such meeting, and Clause 9.5(b) (Work Programme and Budget) shall apply with respect to such revised draft Work Programme and Budget. (d) Upon the Lessee notifying the Operator pursuant to Clause 9.5(b)(i) (Work Programme and Budget) that a draft Work Programme and Budget is approved, or the Lessee and the Operator agreeing to a Work Programme and Budget in accordance with Clause 9.5(c) (Work Programme and Budget), such draft Work Programme and Budget shall become the Work Programme and Budget for the next Contract Year for the purposes of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;81 EUROPE/1011979779.40 (e) The Work Programme and Budget shall reflect a collaborative, reimbursable working model for the Operator. If the Lessee and the Operator are unable to agree upon the Work Programme and Budget for a Contract Year, then the Work Programme and Budget for the relevant Contract Year shall be the draft Work Programme and Budget proposed by the Operator in Clause 9.5(a) (Work Programme and Budget), as adjusted to account for each line item of the Work Programme and Budget notified pursuant to Clause 9.5(b)(ii) (Work Programme and Budget) that the Lessee did not approve whereby such line item shall be adjusted: (i) if the Work Programme and Budget from the preceding Contract Year included the respective line item, for US CPI; or (ii) if the Work Programme and Budget from the preceding Contract Year did not include the respective line item, to the mid-point of the difference between the Operator's position as notified pursuant to Clause 9.5(a) (Work Programme and Budget) and the Lessee's position as notified pursuant to Clause 9.5(b)(ii) (Work Programme and Budget) with respect to the value of the line item, until such time as the Lessee and the Operator agree to the Work Programme and Budget for the relevant Contract Year, or the Parties refer the matter for resolution in accordance with Clause 24 (Dispute Resolution), whereupon the approved Work Programme and Budget will apply (with such adjustments to the OE of the Dayrate as are necessary). (f) The Work Programme and Budget shall set out the amount of the OE that will apply for each Day during the Contract Year for the purposes of Clause 13.1 (Elements of the Dayrate). (g) The Lessee or the Operator may propose amendments to the agreed Work Programme and Budget within any given Contract Year. If the Lessee or the Operator proposes an amendment to the Work Programme and Budget, the Lessee and the Operator shall meet and discuss and shall endeavour to reach agreement on any such amendments. (h) Subject to Clause 9.5(k) (Work Programme and Budget), promptly after the end of each Contract Year, the Operator shall prepare a reconciliation of the actual operating costs properly incurred during such Contract Year (and, in the case of the first Contract Year, the amounts attributable to the reimbursable items contemplated by Clauses 9.5(l)(iv) and 9.5(l)(v) (Work Programme and Budget)) (the "Actual Opex") and the aggregate of the OE paid by the Lessee during such Contract Year including any amounts paid by the Owner pursuant to Clause 3.4(b) (Operator's General Obligations) and/or Clause 13.11 (Emissions and HSSE Performance). Any amounts paid by the Operator to the Lessee as a result of any Claim by the Lessee against the Operator under or in connection with this Agreement (including pursuant to Clause 11 (Gas Specification and LNG Specification)) shall not constitute Actual Opex. Any amounts paid by the Owner pursuant to Clause 3.4(b) (Operator's General Obligations) and Clause 13.11 (Emissions and HSSE Performance) shall not constitute Actual Opex. If the Actual Opex is greater than the aggregate OE paid by the Lessee during the Contract Year, the Lessee shall pay to the Operator such additional amount in accordance with Clause 14 (Invoicing). If the Actual Opex is less than the aggregate OE paid by the Lessee during the Contract Year, such difference shall be set off against the next amount(s) owing

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&nbsp;&nbsp;&nbsp;&nbsp;82 EUROPE/1011979779.40 to the Operator by the Lessee, except in the final Contract Year when the Operator shall pay the Lessee such difference in accordance with Clause 14 (Invoicing). Any amounts due under this Clause 9.5(h) (Work Programme and Budget) are subject to the audit rights of the Lessee, Co-venturers and States set out in Clause 14.7 (Audit, Records and Financial Reporting). (i) The Parties have agreed a generic work programme and preliminary budget for three (3) Contract Years representing the full anticipated maintenance cycle of the FLNG Facility ("Base Work Programme and Budget Cycle"), as set out in Schedule 18 (Base Work Programme and Budget Cycle). The Work Programme and Budget for all Contract Years shall be developed by reference to the Base Work Programme and Budget Cycle, as adjusted to reflect any Variation implemented in accordance with this Agreement. (j) The Work Programme and Budget and Base Work Programme and Budget Cycle shall: (i) not include any work proposed for the maintenance, repair, modification, rectification and/or replacement of any Equipment or any part of the FLNG Facility which arises from deficiencies in the Work and/or Operating Services (to the extent not attributable to the Lessee Group); (ii) be inclusive of any forecasted Mauritanian and Senegalese Taxes (including on account of the GTA Fiscal Regime) to be properly and necessarily incurred by the Operator in performing the Operating Services in accordance with this Agreement; and (iii) be prepared on the principle that any contingencies shall not be used for any maintenance, repair, modification, rectification and/or replacement of any Equipment or any part of the FLNG Facility which arise from deficiencies in the Work and/or Operating Services (to the extent not attributable to the Lessee Group). (k) In any Contract Year, if any work is proposed and conducted for the maintenance, repair, modification, rectification and/or replacement of any Equipment or any part of the FLNG Facility that is not identified in the Base Work Programme and Budget Cycle, as adjusted to reflect any Variation implemented in accordance with this Agreement, such work shall be deemed to be Additional Capital Work, the cost of which shall be borne by the Owner unless otherwise agreed by the Parties, acting reasonably. (l) The pre-operations activities of the Operator shall be as set out in Schedule 18 (Base Work Programme and Budget Cycle) and comprise of the following elements: (i) Crew, the costs of which shall be wholly to the account of the Owner; (ii) field logistics, which shall be provided by the Lessee; (iii) in-land logistics, which shall be provided by the Lessee; (iv) two-year spares and capital spares, the initial costs of which shall be to the account of the Owner subject to reimbursement by the Lessee on the Commercial Operations Date for any two-year spares and capital

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&nbsp;&nbsp;&nbsp;&nbsp;83 EUROPE/1011979779.40 spares not consumed during the Commissioning Period to the extent they can be utilised under the Work Programme and Budget, in which case the Owner shall invoice the Lessee (as a once off payment) and the Lessee shall pay to the Owner such amount in accordance with Clause 14 (Invoicing); and (v) consumables (including refrigerants), the initial costs of which shall be to the account of the Owner subject to reimbursement by the Lessee on the Commercial Operations Date for any consumables (including refrigerants) not consumed during the Commissioning Period to the extent they can be utilised under the Work Programme and Budget, in which case the Owner shall invoice the Lessee (as a once off payment) and the Lessee shall pay to the Owner such amount in accordance with Clause 14 (Invoicing). 10. DELIVERY AND OFFTAKE ARRANGEMENTS 10.1 Timings to be Determined Where either the Owner, the Operator or the Lessee reasonably requires any of the processes contemplated by this Clause 10 (Delivery and Offtake Arrangements) to be undertaken at a different date or dates than as provided in this Clause 10 (Delivery and Offtake Arrangements), the Parties shall use reasonable endeavours to agree such date or dates. 10.2 Annual Delivery Programme (a) On or before 25 September of each Contract Year, other than the first Contract Year, the Lessee shall prepare and provide to the Operator and the Owner a proposed Annual Delivery Programme in respect of the next Contract Year. The Lessee shall prepare and provide the Annual Delivery Programme in respect of the first Contract Year by the time required by Clause 10.2(g) (Annual Delivery Programme) in the form substantially set out in Schedule 19 (Form of First Annual Delivery Programme). (b) On or before 15 November of each Contract Year, other than the first Contract Year: (i) the Lessee and the Operator shall meet to discuss the proposed Annual Delivery Programme; and (ii) the Lessee shall have regard to: (A) any comments made by the Operator during the meeting; and (B) the requirements of Clauses 10.2(d) and 10.2(e) (Annual Delivery Programme), in determining whether any modifications are required to the proposed Annual Delivery Programme. (c) On or before 1 December of each Contract Year, other than the first Contract Year, the Lessee shall issue the final Annual Delivery Programme, including any agreed modifications arising out of the process contemplated by Clause 10.2 (Annual Delivery Programme).

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&nbsp;&nbsp;&nbsp;&nbsp;84 EUROPE/1011979779.40 (d) The Annual Delivery Programme for the next Contract Year shall include: (i) the volume of LNG to be produced and loaded as Cargoes from the FLNG Facility (including individual instalments to be loaded where an LNG Carrier is loaded in more than one berthing); (ii) the proposed scheduling of Cargoes; (iii) the timing of Scheduled Maintenance, which shall be consistent with the Scheduled Maintenance agreed with the Operator in accordance with Clause 9.3(b) (Scheduled Maintenance); (iv) in respect of each Cargo (to the extent known), details of: (A) the arrival window, loading window, scheduled departure date and in respect of loadings taking place in more than one berthing, an estimate of the volumes to be loaded for each portion, the loading windows and the departure dates; (B) the proposed volume of LNG to be delivered to the LNG Delivery Point; (C) the name and cargo capacity (expressed in cubic metres of LNG) of the LNG Carrier expected to be utilised; (D) if applicable, the extent to which the last LNG Carrier in the loading pattern represents a partial delivery for the following Contract Year; and (v) such additional information as the Parties agree. (e) In preparing the Annual Delivery Programme, Confirmed Delivery Schedule, Specific Delivery Schedule and LNG Production Plan, the Lessee shall have regard to: (i) normal weather and metocean conditions at the LNG Hub Facilities; (ii) maximisation of LNG Production, and to the extent compatible with such maximisation of LNG Production, the principle that LNG Production should be reasonably ratable and Cargoes scheduled at reasonably evenly spaced intervals throughout the Contract Year (subject to and taking into account ambient conditions and variance in the production of LNG during the Contract Year) and having regard to the size of the LNG Carriers to be used by the LNG Buyers (and instalment loadings in respect of Cargoes); (iii) the LNG processing capacity and the working LNG storage capacity of the FLNG Facility as set out in Schedule 1 (Basis of Design) and Schedule 2 (Technical Specification); (iv) the Allowed Laytime; (v) the desire of all the Parties to have continuous LNG production by the FLNG Facility;

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&nbsp;&nbsp;&nbsp;&nbsp;85 EUROPE/1011979779.40 (vi) the Operating Plan; (vii) any Scheduled Maintenance; (viii) the upstream gas production plan and any associated downtime for the Upstream Facilities; (ix) reasonable requests from LNG Buyers under the LNG SPA; and (x) any operational cooldown requirements of any LNG Carrier. (f) If the Operator and the Lessee cannot agree on the Annual Delivery Programme for any Contract Year by 1 December of each Contract Year, then the Lessee shall determine the Annual Delivery Programme in accordance with the requirements under Clauses 10.2(d) and 10.2(e) (Annual Delivery Programme). (g) The Parties agree that the Annual Delivery Programme for the first (1st) Contract Year shall be determined as follows: (i) Following the Commissioning Start Date, at a reasonable time prior to (but in any event not later than three (3) months prior to) the Anticipated Commercial Operations Date, the Lessee shall prepare and provide to the Operator and the Owner a proposed Annual Delivery Programme for the first (1st) Contract Year based on the progress of the commissioning work and other project conditions prevailing at such time. (ii) Within fifteen (15) Days of receipt of the proposed Annual Delivery Programme in accordance with Clause 10.2(g)(i) (Annual Delivery Programme), the Parties shall meet to discuss the Annual Delivery Programme proposed in accordance with Clause 10.2(g)(i) (Annual Delivery Programme), and the Lessee shall have regard to: (A) any comments made by the Operator during the meeting; and (B) the requirements of Clauses 10.2(d) and 10.2(e) (Annual Delivery Programme), in determining whether any modifications are required to the proposed Annual Delivery Programme. (iii) Within five (5) Days of the meeting in Clause 10.2(g)(ii) (Annual Delivery Programme), the Lessee shall issue the final Annual Delivery Programme, including any agreed modifications arising out of the process contemplated by Clause 10.2(g)(ii) (Annual Delivery Programme), or, if the Parties cannot agree, the Lessee may determine the Annual Delivery Programme for the first Contract Year in accordance with the requirements under Clauses 10.2(g)(ii)(A) and 10.2(g)(ii)(B) (Annual Delivery Programme). (iv) In any event, the Annual Delivery Programme for the first Contract Year shall be finalised no later than sixty (60) Days prior to the Anticipated Commercial Operations Date.

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&nbsp;&nbsp;&nbsp;&nbsp;86 EUROPE/1011979779.40 10.3 Specific Delivery Schedule (a) No later than three (3) Days prior to the first (1st) Day of each month ("m1") in each Contract Year, the Lessee shall produce and provide to the Operator and the Owner the forward schedule for deliveries of Cargoes: (i) for the Days in the month commencing on the first (1st) Day of the month following m1 ("Confirmed Delivery Schedule"); and (ii) to the extent known, for the period of two (2) months commencing on the first (1st) Day of the month that is the second (2nd) month following m1, (such aggregate three (3) monthly forward schedule being the "Specific Delivery Schedule"). (b) The Specific Delivery Schedule shall take into account the Annual Delivery Programme and shall include updated information in respect of the matters listed in Clause 10.2(d) (Annual Delivery Programme). (c) If the Lessee fails to issue a Specific Delivery Schedule for any month of a Contract Year, the schedule set out for that month in the immediately preceding Specific Delivery Schedule shall apply or, if there is no Specific Delivery Schedule that covers that month, the Annual Delivery Programme for that Contract Year shall apply for that month. 10.4 Changes to Schedules (a) The Lessee shall be entitled to make any change to the Annual Delivery Programme and/or the current Specific Delivery Schedule, by giving notice to the Operator of the proposed change, provided that such change: (i) does not require the operation of the FLNG Facility beyond any of the technical limits set out in this Agreement, except to the extent such technical limits are agreed to be altered by the Owner and the Lessee by way of amendment to the relevant Manuals and Protocols, with such amendments to remain under review from time to time; (ii) does not affect the Owner's or the Operator's ability to achieve the Performance Standards; and (iii) shall take into account the principles set out in Clause 10.2(e) (Annual Delivery Programme) and shall include updated information in respect of the matters listed in Clause 10.2(d) (Annual Delivery Programme). (b) As soon as practicable after the Operator receives notice from the Lessee under Clause 10.4(a) (Changes to Schedules), the Lessee and the Operator shall consult to discuss the proposed change and to agree any amendment to the Annual Delivery Programme and/or Specific Delivery Schedule provided that the Annual Delivery Programme and/or Specific Delivery Schedule complies with Clause 10.4(a)(i) to Clause 10.4(a)(iii) (Changes to Schedules). (c) The Operator may request the Lessee to amend the Annual Delivery Programme and/or the current Specific Delivery Schedule to enable the Operator to schedule additional maintenance, up to the maximum permitted

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&nbsp;&nbsp;&nbsp;&nbsp;87 EUROPE/1011979779.40 amount of Scheduled Maintenance. The Lessee shall consider any such request and shall use its reasonable endeavours to accommodate the Operator's request within its schedule of Cargoes under and in accordance with any LNG SPA. For the avoidance of doubt, if the LNG Buyer does not agree to accommodate such change then the Lessee shall not be required to accommodate the Operator's request. (d) Upon an amendment to the Annual Delivery Programme or Specific Delivery Schedule made in accordance with this Clause 10.4 (Changes to Schedules), an updated Annual Delivery Programme and Specific Delivery Schedule shall be prepared by the Lessee in accordance with such amendments and provided to the Operator. 10.5 Monthly Capacity and Production Plan (a) The Operator shall nominate the scheduled capacity of the FLNG Facility to receive and process Feed Gas for each month in each Contract Year ("Monthly Capacity Nomination") by: (i) not less than sixty (60) Days prior to the first (1st) Day of the relevant month; or (ii) for the first month and second month of the first Contract Year, a reasonable time prior to (but in any event not later than three (3) months prior to) the Anticipated Commercial Operations Date. (b) Within ten (10) Days of receiving the Monthly Capacity Nomination, the Lessee may provide comments to the Operator with respect to the Monthly Capacity Nomination, including if the Lessee considers that adjustments to the Monthly Capacity Nomination are necessary to accommodate the applicable Specific Delivery Schedule and/or Annual Delivery Programme or to reflect the inventory management interface procedures set out in the Operations Manual. (c) The Operator shall consider the Lessee's comments (if any) with respect to the Monthly Capacity Nomination and use reasonable endeavours to take into account such comments and the current Confirmed Delivery Schedule and shall propose a draft plan for the production and offloading of LNG from the FLNG Facility for the relevant month by not less than forty-five (45) Days prior to the first (1st) Day of the relevant month. (d) The Lessee shall consider the Operator's draft plan for the production and offloading of LNG from the FLNG Facility for the relevant month and then finalise and provide to the Operator on a timely basis a binding plan for the production and loading of LNG from the FLNG Facility for the relevant month that complies with the principles set out in Clause 10.2(e) (Annual Delivery Programme) and the Specific Delivery Schedule for the relevant month ("LNG Production Plan"). The Operator shall promptly confirm receipt of the LNG Production Plan and comply with the same in accordance with the Operations Manual and the terms of this Agreement. 10.6 Daily Capacity and Report (a) On each Day during the Contract Year for the following Day, in accordance with the Operations Manual:

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&nbsp;&nbsp;&nbsp;&nbsp;88 EUROPE/1011979779.40 (i) the Lessee shall give notice to the Operator setting out: (A) the energy quantity, volume, temperature and pressure of Feed Gas to be delivered to the Feed Gas Receipt Point; and (B) if applicable, the extent to which it is able to take LNG from the LNG Delivery Point and load it onto LNG Carriers; and (ii) the Operator shall give notice to the Lessee setting out: (A) the volume of Feed Gas the Operator expects to receive at the Feed Gas Receipt Point to meet the LNG Production Plan; and (B) the availability of the FLNG Facility to receive Feed Gas, process Feed Gas and produce and store LNG. (b) All Feed Gas delivered by or on behalf of the Lessee to the Feed Gas Receipt Point shall be delivered in accordance with the requirements of the Operations Manual and the terms of this Agreement. (c) The Operator shall deliver LNG to the LNG Delivery Point in accordance with the requirements of the Operations Manual and the terms of this Agreement. (d) Within eight (8) hours after the end of each Day during the Contract Year, the Operator shall deliver a report to the Lessee and the Owner with respect to such Day setting out: (i) the volume of Feed Gas received at the Feed Gas Receipt Point; (ii) the availability and capacity of the LNG Facility to receive and process Feed Gas and produce and store LNG ("Actual Capacity Available"); (iii) the LNG Production; (iv) the volume of LNG taken at the LNG Delivery Point and offloaded onto LNG Carriers; and (v) such other information as is required pursuant to section 2.2 of Schedule 14 (Operating Services). 10.7 Monthly Performance Reports and Quarterly Meeting (a) Within fifteen (15) Days after the end of each month in each Contract Year, the Operator shall produce and provide to the Lessee a monthly report which consolidates the daily reports produced in the preceding month pursuant to Clause 10.6(d) (Daily Capacity and Report) to track performance in that relevant month against the agreed Operating Plan. (b) Within thirty (30) Days after the end of each quarter in each Contract Year, duly authorised representatives of the Operator and the Lessee will meet (either in person or via teleconference), discuss and conduct a performance review of the preceding quarter in accordance with section 2.2 of Schedule 14 (Operating Services) with a view of agreeing on any remedial measures necessary ("Quarterly Meeting"). The Operator and the Lessee shall use reasonable endeavours to agree a time and date for the Quarterly Meeting that is suitable

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&nbsp;&nbsp;&nbsp;&nbsp;89 EUROPE/1011979779.40 to both Parties. If at any time in the reasonable opinion of the Operator or the Lessee a situation arises which requires the Operator and the Lessee to meet and discuss before the next Quarterly Meeting, the Operator and the Lessee may agree, acting reasonably, that a Quarterly Meeting takes place before the next Quarterly Meeting. 10.8 LNG Shipping Arrangements The Parties shall comply, and the Lessee shall use reasonable endeavours to procure that all LNG Carriers and transporters utilising the LNG Hub Facilities comply, with the Marine Operations Manual in all material respects. 10.9 Development of Operational Cooldown Service The Parties shall, acting reasonably, develop and agree the commercial arrangements to accommodate operational cooldown services for LNG Carriers, as and when required, recognising: (a) if the operational cooldown services are to be provided by the FLNG Facility without any Variation, the capability of the FLNG Facility and the extent of the contractual or economic impact upon the Owner and the Operator for the appropriate period; and (b) if the operational cooldown services are to be provided by additional Plant or Equipment on the FLNG Facility, the need for an appropriate Variation. 11. GAS SPECIFICATION AND LNG SPECIFICATION 11.1 General (a) The Owner and Operator shall ensure that the facilities and procedures for metering and testing of Feed Gas and LNG in the FLNG Facility shall comply with: (i) Schedule 1 (Basis of Design) and Schedule 2 (Technical Specification); (ii) applicable International Standards to the extent that this Agreement does not prescribe the relevant standard; and (iii) the requirements of applicable Laws. (b) The rights and obligations of the Operator under this Clause 11 (Gas Specification and LNG Specification) shall, during the Commissioning Period, be the rights and obligations of the Owner. 11.2 Feed Gas (a) The Lessee shall deliver to the Operator Feed Gas at the Feed Gas Receipt Point that complies with the Feed Gas Specification and the provisions of Clause 11.3 (Off-Specification Feed Gas), Clause 11.4 (Off-Specification Feed Gas Consequences) and the Commissioning Protocol shall apply to any failure or anticipated failure of Feed Gas delivered at the Feed Gas Receipt Point to comply with the Feed Gas Specification.

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&nbsp;&nbsp;&nbsp;&nbsp;90 EUROPE/1011979779.40 (b) The Parties shall, from time to time, agree (acting reasonably) to adjust the Feed Gas Specification by taking into account the extent that the FLNG Facility has demonstrated the capability of processing Off-Specification Feed Gas to produce LNG that meets the LNG Specification. 11.3 Off-Specification Feed Gas (a) If the Lessee becomes aware that Feed Gas to be delivered at the Feed Gas Receipt Point is or is anticipated to be Off-Specification Feed Gas, then the Lessee shall give notice to the Operator as soon as is reasonably practicable in accordance with the Feed Gas Receipt and LNG Delivery Procedure detailing: (i) the failure or anticipated failure of the Feed Gas to meet the Feed Gas Specification including details of how the Feed Gas does not or will not comply with the Feed Gas Specification; (ii) the reasons for such failure (if then known); and (iii) the Lessee's good faith estimate of the likely duration of the ongoing failure or anticipated failure of the Feed Gas to meet the Feed Gas Specification and where appropriate the likely impact and consequences under the LNG SPA if the Operator accepts such Off- Specification Feed Gas, and, on receipt of such notice, the Operator shall provide the Lessee with as much notice as is reasonably possible of its good faith estimate of the impact and consequences of accepting such Off-Specification Feed Gas. (b) If the Operator becomes aware that Feed Gas received by it at the Feed Gas Receipt Point is Off-Specification Feed Gas, then the Operator shall give notice to the Lessee as soon as is reasonably practicable of such occurrence and of its good faith estimate of the impact and consequences of accepting such Off- Specification Feed Gas. (c) The Operator shall use its reasonable endeavours to accept delivery of Off- Specification Feed Gas but shall be entitled to refuse to accept delivery of any quantity of Off-Specification Feed Gas where its receipt would, in the reasonable opinion of the Operator, cause damage to, or have an enduring negative impact on the performance or availability of, the FLNG Facility or cause a health, safety or environmental risk. The taking of delivery by the Operator of any quantity of Off-Specification Feed Gas shall neither vary the Feed Gas Specification nor prejudice the Operator's rights under this Clause 11.3 (Off-Specification Feed Gas) to refuse to take delivery of any subsequent quantity of Off-Specification Feed Gas and the remedies available under Clause 11.4 (Off-Specification Feed Gas Consequences). 11.4 Off-Specification Feed Gas Consequences (a) If the Operator agrees to accept delivery of Off-Specification Feed Gas in accordance with Clause 11.3(c) (Off-Specification Feed Gas), then: (i) the Operator shall promptly notify the Lessee of its reasonable estimate of the costs (if any and without prejudice to Clause 11.4(a)(ii) (Off- Specification Feed Gas Consequences)) related to its acceptance of

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&nbsp;&nbsp;&nbsp;&nbsp;91 EUROPE/1011979779.40 Off-Specification Feed Gas and the impact that receipt of the Off- Specification Feed Gas could have on the FLNG Facility and the production of LNG; and (ii) the Lessee shall be liable for all reasonable and actual incremental costs, losses, damages, liabilities and expenses suffered or incurred by the Owner and/or the Operator in connection with receiving and treating such Off-Specification Feed Gas, up to an amount equal to [\*\*\*\*\*] received at the Feed Gas Receipt Point, in which case the Owner and/or the Operator (as applicable) shall invoice the Lessee (as a once off payment) and the Lessee shall pay to the Owner and/or the Operator (as applicable) such amount in accordance with Clause 14 (Invoicing). (b) If the Operator takes delivery of Off-Specification Feed Gas which the Lessee failed to give advanced notice in accordance with Clause 11.3(a) (Off- Specification Feed Gas) to the Operator of (or the amount of Off-Specification Feed Gas delivered to the Operator exceeds the amount in relation to which notice was provided), then: (i) the Operator shall promptly notify the Lessee of its reasonable estimate of the costs (if any and without prejudice to Clause 11.4(b)(ii) (Off- Specification Feed Gas Consequences) related to it taking delivery of such Off-Specification Feed Gas and the impact that receipt of such Off- Specification Feed Gas could have for the FLNG Facility and the production of LNG; and (ii) the Lessee shall be liable for all reasonable and actual incremental costs, losses, damages, liabilities and expenses suffered or incurred by the Owner and/or the Operator in connection with receiving and treating such delivery of Off-Specification Feed Gas, in which case the Owner and/or the Operator (as applicable) shall invoice the Lessee (as a once off payment) and the Lessee shall pay to the Owner and/or the Operator (as applicable) such amount in accordance with Clause 14 (Invoicing). (c) The remedies provided in Clauses 11.4(a)(ii) and 11.4(b)(ii) (Off-Specification Feed Gas Consequences), shall be the sole and exclusive remedies of the Owner Group in relation to the delivery of Off-Specification Feed Gas to the Feed Gas Receipt Point. 11.5 Prolonged Off-Specification Feed Gas If: (a) the Operator refuses to take delivery of any quantity of Off-Specification Feed Gas in accordance with Clause 11.3(c) (Off-Specification Feed Gas Consequences); and (b) the Lessee gives notice to the Operator and the Owner that the specification of the Feed Gas is expected to remain in non-conformity with the Feed Gas Specification for a material period of time, then: (c) the Operator and the Lessee shall promptly meet to discuss any remedial measures that may be implemented in order to address the ongoing delivery of

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&nbsp;&nbsp;&nbsp;&nbsp;92 EUROPE/1011979779.40 the Off-Specification Feed Gas at the Feed Gas Receipt Point and the costs for such measures; and (d) if the Parties are unable to agree on remedial measures under Clause 11.5(c) (Prolonged Off-Specification Feed Gas), the Owner or the Lessee may request a Variation pursuant to Clause 6 (Variations) to address such change in the Feed Gas Specification, provided that: (i) without prejudice to the Lessee's right to decide to not proceed with the Variation under Clause 6.4, the Variation Cost shall be paid by the Lessee (unless otherwise agreed by the Parties, acting reasonably); and (ii) the Lessee shall continue to pay the Dayrate in accordance with Clause 13 (Dayrate) during the implementation of the Variation. 11.6 LNG Specification (a) The Operator shall deliver LNG to the Lessee at the LNG Delivery Point that complies with the LNG Specification and the provisions of Clause 11.7 (Notification of Off-Specification LNG), Clause 11.9 (Consequences of Off- Specification LNG for reasons other than Off-Specification Feed Gas) and Clause 11.10 (Prolonged Off-Specification LNG) shall apply in the event of any failure of LNG delivered at the LNG Delivery Point to comply with the LNG Specification. (b) The Operator's obligation to deliver LNG within specification under Clause 11.6(a) (LNG Specification) shall be relieved to the extent the Operator is unable to redeliver LNG within specification at the LNG Delivery Point as a result of the Lessee delivering Off-Specification Feed Gas at the Feed Gas Receipt Point. 11.7 Notification of Off-Specification LNG (a) If the Operator becomes aware that LNG to be delivered at the LNG Delivery Point is or is anticipated to be Off-Specification LNG for reasons other than the receipt of Off-Specification Feed Gas, the Operator shall promptly give notice to the Lessee setting out: (i) the failure or anticipated failure of the Off-Specification LNG to comply with the LNG Specification, including details of how the LNG does not or will not comply with the LNG Specification; (ii) the reasons for such failure (if then known); (iii) the Operator's good faith estimate of the likely duration and quantity of the ongoing delivery of Off-Specification LNG that will be delivered at the LNG Delivery Point; and (iv) such other information as reasonably requested by the Lessee. (b) If the Lessee becomes aware that LNG received at the LNG Delivery Point is Off-Specification LNG for reasons other than the receipt of Off-Specification Feed Gas, the Lessee shall promptly give notice to the Operator of such Off-

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&nbsp;&nbsp;&nbsp;&nbsp;93 EUROPE/1011979779.40 Specification LNG, including details of how the LNG does not comply with the LNG Specification. (c) Upon receipt of notice from the Operator in accordance with Clause 11.7(a) (Notification of Off-Specification LNG) or upon becoming aware that LNG received at the LNG Delivery Point is Off-Specification LNG for reasons other than the receipt of Off-Specification Feed Gas: (i) the Lessee shall request that the Lessee Group accepts, or request that the LNG Buyer accepts, the Off-Specification LNG, provided that the Lessee Group shall be entitled to refuse to accept the Off-Specification LNG if: (A) the LNG Buyer has refused to accept the LNG; or (B) the Lessee, acting reasonably, considers that the incremental costs, losses, damages, liabilities and expenses that will be suffered or incurred by the Lessee Group in accepting and disposing of the Off-Specification LNG will exceed an [\*\*\*\*\*]; (ii) if the Lessee Group or the LNG Buyer accepts the Off-Specification LNG, the Lessee shall promptly give notice to the Operator setting out: (A) whether the LNG has been accepted by the LNG Buyer or by a member of the Lessee Group; (B) its good faith estimate of the incremental costs, losses, damages, liabilities and expenses that will be suffered or incurred: (1) if the Off-Specification LNG has been accepted by the LNG Buyer, by the Lessee Group in connection with the delivery of Off-Specification LNG to the LNG Buyer in accordance with the LNG SPA; and (2) if the Off-Specification LNG has been accepted by a member of the Lessee Group, in accepting and disposing of the Off-Specification LNG, if any and without prejudice to Clause 11.9 (Consequences of Off-Specification LNG for reasons other than Off-Specification Feed Gas). 11.8 Off-Specification LNG from Off-Specification Feed Gas If Off-Specification LNG is produced as a result of the receipt of Off-Specification Feed Gas, the Lessee must arrange for the Off-Specification LNG to be taken or disposed of at the earliest opportunity so as to minimise the disruption to the next Cargo or the amount of storage available for LNG. 11.9 Consequences of Off-Specification LNG for reasons other than Off-Specification Feed Gas (a) This Clause 11.9 (Consequences of Off-Specification LNG for reasons other than Off-Specification Feed Gas) shall only apply if Off-Specification LNG is

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&nbsp;&nbsp;&nbsp;&nbsp;94 EUROPE/1011979779.40 delivered and the cause of such Off-Specification LNG was not receipt of Off- Specification Feed Gas. (b) If, prior to delivery of the Off-Specification LNG, the Lessee provides notice to the Operator that the LNG Buyer will accept the Off-Specification LNG in accordance with Clause 11.7(c) (Notification of Off-Specification LNG): (i) the Owner shall be liable for: (A) all reasonable and actual incremental costs, losses, damages, liabilities and expenses suffered or incurred by the Lessee Group under the LNG SPA as a result of the LNG being Off- Specification LNG, provided that such amounts shall not exceed an amount equal to [\*\*\*\*\*]; and (B) if a member of the Lessee Group has sold the Off-Specification LNG as a Reasonable and Prudent Operator at a discounted price compared to the contract price that applies under the applicable LNG SPA for LNG that meets the LNG Specification, an amount equal to the difference between: (1) the value of the Cargo under the applicable LNG SPA had such LNG met the LNG Specification; and (2) the FOB price actually received by that member of the Lessee Group in relation to the relevant Cargo (which may be zero (0) or negative), in which case the Lessee shall invoice the Owner (as a once off payment) and the Owner shall pay to the Lessee such amount in accordance with Clause 14 (Invoicing); and (ii) Clause 13.10 (LNG Delivery Performance) shall apply as if the Off- Specification LNG were LNG that meets the LNG Specification to the extent that the Operator fails to deliver a Cargo of Off-Specification LNG to an LNG Carrier within the permitted period set out in the relevant Confirmed Delivery Schedule. (c) If, prior to delivery of the Off-Specification LNG, the Lessee provides notice to the Operator that a member of the Lessee Group will accept and dispose of the Off-Specification LNG in accordance with Clause 11.7(c) (Notification of Off- Specification LNG): (i) the Parties shall discuss the compensation nominated by the Lessee that is to be paid by the Owner to the Lessee for all reasonable and actual costs, losses, damages, liabilities and expenses suffered or incurred by the Lessee Group as a direct result of the acceptance and disposal of the Off-Specification LNG (including under the LNG SPA), provided that if the amount nominated by the Lessee pursuant to this Clause 11.9(c)(i) (Consequences of Off-Specification LNG for reasons other than Off-Specification Feed Gas) is: (A) less than or equal to [\*\*\*\*\*] for disposal by such Lessee Group member, then the Owner shall agree to such compensation nominated by the Lessee pursuant to Clause 11.9(c)(i)

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&nbsp;&nbsp;&nbsp;&nbsp;95 EUROPE/1011979779.40 (Consequences of Off-Specification LNG for reasons other than Off-Specification Feed Gas), in which case the Lessee shall invoice the Owner (as a once off payment) and the Owner shall pay to the Lessee such amount in accordance with Clause 14 (Invoicing); or (B) greater than [\*\*\*\*\*] for disposal by such Lessee Group member, then the Operator shall (at its discretion) either notify the Lessee that the Owner will: (1) dispose of, or procure the disposal of, the Off- Specification LNG in accordance with Clause 11.9(d) (Consequences of Off-Specification LNG for reasons other than Off-Specification Feed Gas); or (2) pay compensation to the Lessee in connection with the disposal of such Off-Specification LNG for the amount nominated by the Lessee pursuant to Clause 11.9(c)(i) (Consequences of Off-Specification LNG for reasons other than Off-Specification Feed Gas) as a lump sum payment, in which case the Lessee shall invoice the Owner (as a once off payment) and the Owner shall pay to the Lessee such amount in accordance with Clause 14 (Invoicing); and (ii) if the Owner agrees to pay the compensation nominated by the Lessee pursuant to Clauses 11.9(c)(i)(A) or 11.9(c)(i)(B)(2) (Consequences of Off-Specification LNG for reasons other than Off-Specification Feed Gas), then Clause 13.10 (LNG Delivery Performance) shall apply as if the Off-Specification LNG were LNG that meets the LNG Specification to the extent that the Owner fails to deliver a Cargo of Off-Specification LNG to an LNG Carrier within the permitted period set out in the relevant Confirmed Delivery Schedule. (d) If, prior to the delivery of the Off-Specification LNG, the Lessee provides notice to the Operator that the LNG Buyer will not take the Off-Specification LNG under its LNG SPA and that the Lessee Group will not dispose of the Off- Specification LNG (including where the Owner has not agreed to the compensation nominated by the Lessee under Clause 11.9(c)(i) (Consequences of Off-Specification LNG for reasons other than Off- Specification Feed Gas)): (i) the Owner must dispose of, or procure the disposal of, the Off- Specification LNG as soon as reasonably practicable and, in doing so, shall seek to minimise any disruption to the next Cargo or the amount of LNG storage available and if the Owner is to dispose of such Off-Specification LNG, the Owner shall give notice to the Lessee of how it will dispose of such Off-Specification LNG, and the Lessee shall use reasonable endeavours to procure that the Co-venturers take such steps as may be reasonably necessary to enable the Owner to comply with its obligations under this Clause 11.9(d)(i) (Consequences of Off- Specification LNG for reasons other than Off-Specification Feed Gas);

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&nbsp;&nbsp;&nbsp;&nbsp;96 EUROPE/1011979779.40 (ii) the quantity of such Off-Specification LNG shall be deemed to have not been produced and offloaded from the FLNG Facility for the purposes of Clause 13.8 (Availability and Capacity Performance); and (iii) Clause 13.10 (LNG Delivery Performance) shall apply. (e) If Off-Specification LNG is delivered to an LNG Buyer without notice (or the amount of Off-Specification LNG delivered to an LNG Buyer exceeds the amount in relation to which notice was provided): (i) if the LNG Buyer confirms it will accept the Off-Specification LNG that has been delivered: (A) the Owner shall be liable for: (1) all reasonable and actual incremental costs, losses, damages, liabilities and expenses suffered or incurred by the Lessee Group under the LNG SPA as a result of the LNG being Off-Specification LNG; and (2) if a member of the Lessee Group has sold the Off- Specification LNG acting as a Reasonable and Prudent Operator at a discounted price compared to the contract price that applies under the applicable LNG SPA for LNG that meets the LNG Specification, an amount equal to the difference between: (aa) the value of the Cargo under the applicable LNG SPA had such LNG met the LNG Specification; and (bb) the FOB price actually received by such member of the Lessee Group in relation to the relevant Cargo (which may be zero or negative), in which case the Lessee shall invoice the Owner (as a once off payment) and the Owner shall pay to the Lessee such amount in accordance with Clause 14 (Invoicing); and (B) Clause 13.10 (LNG Delivery Performance) shall apply as if the Off-Specification LNG were LNG that meets the LNG Specification to the extent that the Owner fails to deliver a Cargo of Off-Specification LNG to the LNG Carrier within the permitted period set out in the Confirmed Delivery Schedule; or (ii) if the Lessee provides notice to the Operator that the LNG Buyer has rejected the Off-Specification LNG delivered to it under its LNG SPA, but that a member of the Lessee Group is prepared to dispose of the Off-Specification LNG: (A) the Parties shall discuss the compensation nominated by the Lessee that is to be paid by the Owner to the Lessee for all reasonable and actual costs, losses, damages, liabilities and expenses suffered or incurred by the Lessee Group as a direct result of the acceptance and disposal of the Off-Specification

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&nbsp;&nbsp;&nbsp;&nbsp;97 EUROPE/1011979779.40 LNG (including under the LNG SPA), and if the amount nominated by the Lessee pursuant to this Clause 11.9(e)(ii)(A)(Consequences of Off-Specification LNG for reasons other than Off-Specification Feed Gas) is: (1) less than or equal to [\*\*\*\*\*], then the Owner shall agree to such compensation nominated by the Lessee pursuant to Clause 11.9(e)(ii)(A) (Consequences of Off- Specification LNG for reasons other than Off- Specification Feed Gas), in which case the Lessee shall invoice the Owner (as a once off payment) and the Owner shall pay to the Lessee such amount in accordance with Clause 14 (Invoicing); or (2) greater than [\*\*\*\*\*], then the Operator shall (at its discretion) either notify the Lessee that the Owner will: (aa) dispose of, or procure the disposal of, the Off- Specification LNG in accordance with Clause 11.9(e)(iii) (Consequences of Off-Specification LNG for reasons other than Off-Specification Feed Gas); or (bb) pay compensation to the Lessee in connection with the disposal of such Off-Specification LNG for the amount nominated by the Lessee pursuant to Clause 11.9(e)(ii)(A) (Consequences of Off-Specification LNG for reasons other than Off-Specification Feed Gas) as a lump sum payment, in which case the Lessee shall invoice the Owner (as a once off payment) and the Owner shall pay to the Lessee such amount in accordance with Clause 14 (Invoicing); and (B) if the Owner agrees to pay the compensation nominated by the Lessee pursuant to Clauses 11.9(e)(ii)(A)(1) or 11.9(e)(ii)(A)(2)(bb) (Consequences of Off-Specification LNG for reasons other than Off-Specification Feed Gas), then Clause 13.10 (LNG Delivery Performance) shall apply as if the Off-Specification LNG were LNG that meets the LNG Specification to the extent that the Operator fails to deliver a Cargo of Off-Specification LNG to an LNG Carrier within the permitted period set out in the relevant Confirmed Delivery Schedule; or (iii) if the Lessee provides notice to the Operator that the LNG Buyer has rejected the Off-Specification LNG delivered to it under its LNG SPA and the Lessee is not prepared to dispose of the Off-Specification LNG (including where the Owner has not agreed to the compensation nominated by the Lessee under Clause 11.9(e)(ii)(A) (Consequences of Off-Specification LNG for reasons other than Off-Specification Feed Gas)): (A) the Owner must dispose of, or procure the disposal of, the Off- Specification LNG as soon as reasonably practicable and, in

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&nbsp;&nbsp;&nbsp;&nbsp;98 EUROPE/1011979779.40 doing so, shall seek to minimise any disruption to the next Cargo or the amount of LNG storage available, and the Lessee shall use reasonable endeavours to procure that the Co-venturers take such steps as may be reasonably necessary to enable the Owner to comply with its obligations under this Clause 11.9(e)(iii)(A) (Consequences of Off-Specification LNG for reasons other than Off-Specification Feed Gas); (B) the quantity of such Off-Specification LNG shall be deemed to have not been produced and offloaded from the FLNG Facility for the purposes of Clause 13.8 (Availability and Capacity Performance); (C) Clause 13.10 (LNG Delivery Performance) shall apply as if the quantity of Off-Specification LNG were not produced and offloaded from the FLNG Facility; and (D) the Owner shall be liable for all reasonable and actual costs, losses, damages, liabilities and expenses suffered or incurred by the Lessee Group under the LNG SPA as a result of the LNG being Off-Specification LNG, in which case the Lessee shall invoice the Owner (as a once off payment) and the Owner shall pay to the Lessee such amount in accordance with Clause 14 (Invoicing). (f) The Parties agree that: (i) the rights of recovery under this Clause 11.9 (Consequences of Off- Specification LNG for reasons other than Off-Specification Feed Gas); and (ii) any reduction in the Normal Dayrate or Adjusted Dayrate (as applicable) in accordance with Clause 13.10 (LNG Delivery Performance), shall be, subject to Clause 23.2 (Termination by the Lessee), the sole and exclusive remedies of the Lessee in relation to the delivery of Off-Specification LNG. 11.10 Prolonged Off-Specification LNG If the Operator gives notice to the Lessee that the specification of LNG is expected to remain in non-conformity with the LNG Specification for a material period of time, and Off-Specification Feed Gas is not the basis of the expectation of Off-Specification LNG, then: (a) the Operator and the Lessee shall meet as soon as is reasonably practicable to discuss any remedial measures at the Owner's cost, risk and expense that could be implemented in order to address the delivery of Off-Specification LNG and the costs for such measures; and (b) either Party shall be entitled to request a Variation pursuant to Clause 6 (Variations) to address the non-conformity with the LNG Specification at the Owner's cost.

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&nbsp;&nbsp;&nbsp;&nbsp;99 EUROPE/1011979779.40 12. PERFORMANCE STANDARDS 12.1 Performance Standards The Owner and the Operator shall perform their respective obligations under this Agreement so as to achieve the following Performance Standards: (a) the FLNG Facility shall be available and have the capacity to accept Feed Gas, produce LNG and deliver LNG in accordance with Schedule 1 (Basis of Design) in order to achieve the Base Capacity or Pre-Appraisal Base Capacity (as applicable) ("Availability and Capacity Performance Standard"); (b) the amount of Retainage shall be equal to or less than the Feed Gas Usage Allowance ("Feed Gas Usage Performance Standard"); (c) subject to receiving Feed Gas that meets the Feed Gas Specification, the LNG produced by the FLNG Facility shall comply with the LNG Specification ("LNG Specification Performance Standard"); (d) the delivery of LNG by the Operator at the LNG Delivery Point shall enable the Lessee to load LNG onto LNG Carriers in accordance with Schedule 1 (Basis of Design) to enable the Lessee to comply with the Confirmed Delivery Schedule ("LNG Delivery Performance Standard"); (e) the emissions from the FLNG Facility shall comply with Schedule 1 (Basis of Design) as reasonably adjusted to recognise the continued optimisation of the FLNG Facility from the Commercial Operations Date until the date the Acceptance Appraisals are passed in accordance with Clause 7.14 (Acceptance Appraisals) ("Emissions Performance Standard"); and (f) the HSSE performance of the FLNG Facility, and of the Operator in performing the Operating Services, shall comply with Schedule 8 (HSSE Requirements) ("HSSE Performance Standard"), (together, the "Performance Standards"). 12.2 Failure to achieve Performance Standards If either the Owner or the Operator fails to achieve one of more of the Performance Standards, then the remedies as set out in Clause 13 (Dayrate) and, in respect of the Feed Gas Usage Performance Standard, Schedule 7 (Feed Gas Usage Allowance), shall apply. Any failure by the Owner or the Operator to achieve one of more of the Performance Standards in the past shall not in any way relieve the Owner or the Operator from its obligation to achieve the Performance Standards in the future and the Owner or the Operator (as applicable) shall be obliged to remedy any defects in the FLNG Facility, the Work (including any defects arising from or in connection with the PA Work) and/or the Operating Services at its sole risk and cost in order to achieve the Performance Standards in the future. 12.3 Relationship between Owner and Operator Any failure by the Owner or the Operator to achieve any of the Performance Standards shall be deemed to be a failure of both the Owner and the Operator to achieve the Performance Standards under this Agreement, regardless of which of the Owner or the Operator caused the actual failure.

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&nbsp;&nbsp;&nbsp;&nbsp;100 EUROPE/1011979779.40 12.4 Relief from obligation to achieve Performance Standards Each of the Owner and the Operator shall be relieved of its respective obligation to achieve each Performance Standard to the extent that it is unable to achieve the Performance Standards as a result of: (a) any act or omission of any member of the Lessee Group (other than in the exercise of a right or obligation under this Agreement), any member of any Other Contractor Group or any LNG Buyer that prevents the Owner or the Operator from achieving such Performance Standard; or (b) the delivery by the Lessee of Off-Specification Feed Gas. 12.5 Adjustment of Base Capacity (a) The Base Capacity shall be adjusted in accordance with this Clause 12.5 (Adjustment of Base Capacity) to compensate for the differences between the actual annual average ambient conditions as measured at the location of the LNG Hub Facilities and the reference ambient conditions set out in Table 2 (Nameplate Capacity conditions) of Schedule 3 (Acceptance Tests and Acceptance Appraisals) using the Black & Veatch process model using (to the extent practicable) the same computer simulation software, methodology and principles used for the original FLNG Facility design, on: (i) the Commercial Operations Date (the "First Base Capacity Adjustment"); and (ii) every three (3) years thereafter (a "Subsequent Base Capacity Adjustment"), to reflect the annual average ambient conditions at the LNG Hub Facilities for the full three (3) calendar years immediately preceding the relevant Base Capacity Adjustment date. (b) The Operator and the Lessee shall agree the applicable Base Capacity Adjustment no later than sixty (60) Days prior to the date of the relevant Base Capacity Adjustment. (c) If the Operator and the Lessee fail to agree the applicable Base Capacity Adjustment pursuant to Clause 12.5(b) (Adjustment of Base Capacity), then the matter shall be resolved in accordance with Clause 24.4 (Expert Determination). (d) For the purpose of calculating the Base Capacity Adjustment, the Lessee shall collect, and continue to collect, adequate and relevant ambient condition data at the LNG Hub Facilities appropriately from the date of this Agreement. (e) Any dispute as to whether the results of the Black & Veatch process model properly reflects the technical compensation required for the differences in the ambient conditions shall be a Technical Dispute capable of resolution under Clause 24.3(b) (Senior Management). 13. DAYRATE 13.1 Elements of the Dayrate

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&nbsp;&nbsp;&nbsp;&nbsp;101 EUROPE/1011979779.40 (a) The Dayrate will comprise: (i) a capital element (the "CE"); and (ii) an operating element (the "OE"). (b) The CE shall be equal to the Nominal Set Rate or Adjusted Nominal Set Rate (as applicable) as adjusted in accordance with this Clause 13 (Dayrate) [\*\*\*\*\*]. (c) The OE shall: (i) compensate the actual reasonable and documented operating costs and expenses incurred by the Operator in performing the Operating Services in accordance with the then applicable Work Programme and Budget, and be expressed as the fraction of such costs and expenses in the then applicable Work Programme and Budget evenly allocated to each Day of the Contract Year; provided that any amounts paid or to be paid by the Operator to the Lessee as a result of any Claim by the Lessee against the Operator under or in connection with this Agreement (including pursuant to Clause 11 (Gas Specification and LNG Specification)) shall not be included in the OE; (ii) be payable to the Operator by the Lessee for each Day during the Lease Period unless the Owner is required to pay the OE pursuant to: (A) Clause 3.4(b) (Operator's General Obligations); or (B) Clause 13.11 (Emissions and HSSE Performance); and (iii) be subject to a reduction in accordance with Clause 13.1(d) (Elements of the Dayrate). (d) During an FM Event, the Operator shall use reasonable endeavours to reduce its operating costs and, if the Operator is able to reduce its operating costs, it shall notify the Lessee of the amount by which its operating costs have been reduced and the reduced OE that is to be payable by the Lessee during the continuation of the FM Event. (e) Except as is agreed or determined in accordance with Clause 6 (Variations), the Nominal Set Rate and Adjusted Nominal Set Rate shall not otherwise be subject to escalation during the Lease Period. 13.2 Obligation to pay Dayrate For each Day during the Lease Period, the Lessee shall pay: (a) the CE to the Owner, as calculated in accordance with this Clause 13 (Dayrate); and (b) the OE to the Operator, as set out in the applicable Work Programme and Budget or as notified by the Operator to the Lessee in accordance with Clause 13.1(d) (Elements of the Dayrate), unless the Lessee is not liable to pay such amount in accordance with Clauses 3.4(b) (Operator's General Obligations) or 13.11 (Emissions and HSSE Performance).

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&nbsp;&nbsp;&nbsp;&nbsp;102 EUROPE/1011979779.40 13.3 Normal Dayrate The "Normal Dayrate" shall apply for each Day during the Lease Period unless adjusted in accordance with this Clause 13 (Dayrate) and shall be an amount equal to the sum of: (a) one hundred percent (100%) of the CE; and (b) one hundred percent (100%) of the OE. 13.4 Adjusted Dayrate (a) The "Adjusted Dayrate" shall be an amount equal to the sum of: (i) the CE, as adjusted on an aggregated basis in accordance with Clauses 13.8 (Availability and Capacity Performance), 13.9 (Feed Gas Usage Performance) and 13.10 (LNG Delivery Performance); and (ii) one hundred percent (100%) of the OE, unless the Lessee is not liable to pay such amount in accordance with Clauses 3.4(b) (Operator's General Obligations) or 13.11 (Emissions and HSSE Performance). (b) The Adjusted Dayrate shall apply if: (i) the CE is required to be adjusted in accordance with Clauses 13.8 (Availability and Capacity Performance), 13.9 (Feed Gas Usage Performance) or 13.10 (LNG Delivery Performance); and/or (ii) the OE is required to be adjusted in accordance with Clauses 3.4(b) (Operator's General Obligations) or 13.11 (Emissions and HSSE Performance). (c) Notwithstanding any other provision of this Agreement, the adjustments pursuant to Clauses 13.8 (Availability and Capacity Performance) and 13.10 (LNG Delivery Performance) shall never reduce the CE component of the Adjusted Dayrate for a Billing Period to less than USD zero ($0). 13.5 Zero Capital Dayrate (a) The "Zero Capital Dayrate" shall be an amount equal to the sum of: (i) the CE reduced to USD zero ($0) per Day; and (ii) one hundred percent (100%) of the OE, unless the Lessee is not liable to pay such amount in accordance with Clauses 3.4(b) (Operator's General Obligations) or Clause 13.11 (Emissions and HSSE Performance). (b) The Zero Capital Dayrate shall apply: (i) if circumstances exist such that Lessee would be entitled to terminate this Agreement pursuant to Clauses 23.2(a), 23.2(b), 23.2(c), 23.2(d) (Termination by the Lessee) or Clauses 23.3(e)(i), 23.3(e)(ii) or 23.3(e)(iii) (Termination for Owner or Operator Default), for each Day on and from the date such termination right could have been exercised until the date the breach is remedied in full; or

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&nbsp;&nbsp;&nbsp;&nbsp;103 EUROPE/1011979779.40 (ii) if the Capacity Available is less than or equal to [\*\*\*\*\*] of the Base Capacity or Pre-Appraisal Base Capacity (as applicable) on average for [\*\*\*\*\*] for reasons other than the occurrence of an FM Event or as a result of Scheduled Maintenance, on and from the Day such threshold is first reached until the Capacity Available is equal to or greater than seventy-five percent (75%) of the Base Capacity or Pre-Appraisal Base Capacity (as applicable) for a subsequent rolling period of thirty (30) Days. 13.6 FM Event Dayrate (a) The "FM Event Dayrate" shall be an amount equal to the sum of: (i) [\*\*\*\*\*] of the Nominal Set Rate or Adjusted Nominal Set Rate (as applicable); and (ii) one hundred percent (100%) of the OE, subject to reduction in accordance with Clause 13.1(d) (Elements of the Dayrate). If immediately prior to the commencement of the FM Event the Lessee was not liable to pay such amount in accordance with Clause 3.4(b) (Operator's General Obligations) or Clause 13.11 (Emissions and HSSE Performance), the provisions of Clauses 3.4(b) (Operator's General Obligations) or 13.11 (Emissions and HSSE Performance) (as applicable) shall continue to apply until such time as the deficiency is remedied in accordance with Clauses 3.4(b) (Operator's General Obligations) or 13.11 (Emissions and HSSE Performance) (as applicable). (b) The FM Event Dayrate shall apply if Clause 15.2 (Force Majeure) applies. 13.7 Mobilisation and Demobilisation No additional payments will be made by the Lessee for mobilisation or demobilisation of the FLNG Facility other than: (a) as included in the dayrate payable under Clause 7.12(d) (Commissioning Period); and (b) where the FLNG Facility is sublet or relocated under Clause 4.3(b) (Sub-letting the FLNG Facility), provided such costs are included in the agreed Work Programme and Budget. 13.8 Availability and Capacity Performance (a) The extent to which the Availability and Capacity Performance Standard has been achieved on any given Day shall be determined by reference to: (i) the Capacity Available for the Day (expressed in MTPA/Day); (ii) the amount of the LNG Production for the Day (expressed in MTPA/Day); and (iii) the Base Capacity or Pre-Appraisal Base Capacity (as applicable), in accordance with this Clause 13.8 (Availability and Capacity Performance).

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&nbsp;&nbsp;&nbsp;&nbsp;104 EUROPE/1011979779.40 (b) The "Capacity Available" shall be an amount equal to the LNG Production (expressed in MTPA/Day), if: (i) the LNG Production for a Day is equal to or greater than the Base Capacity or Pre-Appraisal Base Capacity (as applicable); or (ii) the LNG Production for a Day is less than the Base Capacity or Pre- Appraisal Base Capacity (as applicable) as a result of the Owner's or the Operator's failure to take delivery of Feed Gas at the Feed Gas Receipt Point and/or failure to produce and store LNG, and there shall be an adjustment to the CE in accordance with Clauses 13.8(d)(i) and 13.8(d)(ii) (Availability and Capacity Performance). (c) If the LNG Production for a Day is less than the Base Capacity or Pre-Appraisal Base Capacity (as applicable) as a result of: (i) the Lessee's failure to deliver sufficient Feed Gas that meets the Feed Gas Specification to the Feed Gas Receipt Point; (ii) an LNG Buyer Failure; or (iii) a Suspension for Convenience during the Lease Period in accordance with Clause 23.1(b) (Suspension by Lessee), there shall be an adjustment to the CE in accordance with Clause 13.8(d)(iii) (Availability and Capacity Performance) and the "Capacity Available" shall be deemed to reflect Clause 13.8(d)(iii) (Availability and Capacity Performance). (d) The CE shall be adjusted as follows: (i) When Clause 13.8(b) (Availability and Capacity Performance) applies, if the Capacity Available for a Day is equal to or greater than the Base Capacity or Pre-Appraisal Base Capacity (as applicable), and the LNG Production for the Day is equal to or greater than the Base Capacity or Pre-Appraisal Base Capacity (as applicable), the CE to reflect the achievement of the Availability and Capacity Performance Standard for such Day shall be an amount determined as follows: [\*\*\*\*\*] Where: NSR is the Nominal Set Rate or Adjusted Nominal Set Rate (as applicable); CE is the applicable rate of CE; LP is the amount of the LNG Production for the Day (expressed in MTPA/Day); and BC is the Base Capacity or Pre-Appraisal Base Capacity (as applicable) of the FLNG Facility for the Day (expressed in MTPA/Day).

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&nbsp;&nbsp;&nbsp;&nbsp;105 EUROPE/1011979779.40 (ii) When Clause 13.8(b) (Availability and Capacity Performance) applies, subject to Clause 13.5 (Zero Capital Dayrate), if the Capacity Available for the Day is less than the Base Capacity or Pre-Appraisal Base Capacity (as applicable) as a result of the Owner's or the Operator's failure to take delivery of Feed Gas at the Feed Gas Receipt Point and/or failure to produce and store LNG, then the CE to reflect the achievement of the Availability and Capacity Performance Standard for such Day shall be an amount determined as follows: [\*\*\*\*\*] Where: NSR is the Nominal Set Rate or Adjusted Nominal Set Rate (as applicable); CE is the applicable rate of CE; LP is the amount of the LNG Production for the Day (expressed in MTPA/Day); and BC is the Base Capacity or Pre-Appraisal Base Capacity (as applicable) of the FLNG Facility for the Day (expressed in MTPA/Day). (iii) When Clause 13.8(c) (Availability and Capacity Performance) applies, the CE to reflect the achievement of the Availability and Capacity Performance Standard for such Day shall be: (A) for each Day until such time as there have been three hundred sixty five (365) Days in which the Capacity Available was determined in accordance with Clauses 13.8(b)(i) or 13.8(b)(ii) (Availability and Capacity Performance), one hundred and five percent (105%) of the Nominal Set Rate or Adjusted Nominal Set Rate (as applicable); and (B) for each other Day during the Lease Period, an amount determined as follows: [\*\*\*\*\*] Where: NSR is the Nominal Set Rate or Adjusted Nominal Set Rate (as applicable); CE is the applicable rate of CE; CA is the Capacity Available for the Day (expressed in MTPA/Day) calculated as the arithmetic average of the Capacity Available for each Day on which the Capacity Available was able to be determined in accordance with Clauses 13.8(b)(i) or 13.8(b)(ii) (Availability and Capacity Performance) during the three hundred sixty

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&nbsp;&nbsp;&nbsp;&nbsp;106 EUROPE/1011979779.40 five (365) Days immediately prior to the relevant Day; and BC is the Base Capacity or Pre-Appraisal Base Capacity (as applicable) of the FLNG Facility for the Day (expressed in MTPA/Day). (e) There shall be a reconciliation of any overpayment or underpayment of the CE paid pursuant to Clause 13.8(d)(iii)(A) (Availability and Capacity Performance) relative to the amount of CE that would have been payable had Clause 13.8(d)(iii)(B) (Availability and Capacity Performance) applied with respect to LNG Production for the Day in question in accordance with Clause 13.8(c) (Availability and Capacity Performance) once there have been three hundred sixty five (365) Days in which the Capacity Available was determined in accordance with Clauses 13.8(b)(i) or 13.8(b)(ii) (Availability and Capacity Performance), following which the Owner or Lessee (as applicable) shall invoice the other (as a once off payment) and the Owner or Lessee (as applicable) shall pay to the other such reconciliation amount in accordance with Clause 14 (Invoicing). (f) For the purposes of this Clause 13.8 (Availability and Capacity Performance), any periods of maintenance of the FLNG Facility shall be included in determining the Capacity Available. (g) The Parties recognise that: (i) it may be appropriate to incorporate a suitable reconciliation process to be applied over a yet to be agreed LNG Production period to be applied to and reconcile day-to-day payments of CE with longer term actual project performance; (ii) such reconciliation process will seek to preserve the fundamental principles upon which CE is payable over the extended period taking into account the actual day-to-day performance and impacts of the day- to-day performance regime; and (iii) the principles to be adhered to over the longer production period (which may be for up to one (1) Contact Year) shall include: (A) CE payment above one hundred percent (100%) of the Availability and Capacity Performance Standard is made to the extent that LNG Production was over one hundred percent (100%) of the Base Capacity or Pre-Appraisal Base Capacity (as applicable); (B) where LNG Production is less than the Base Capacity as a result of any action or inaction of any member of the Lessee Group, the CE is determined by the FLNG Facility's Capacity Available (which shall not exceed one hundred percent (100%) of Base Capacity or Pre-Appraisal Base Capacity (as applicable)); (C) where LNG Production is less than Base Capacity or Pre- Appraisal Base Capacity (as applicable) as a result of any action or inaction of any member of the Owner Group, the CE is determined by the level of LNG Production (which shall not

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&nbsp;&nbsp;&nbsp;&nbsp;107 EUROPE/1011979779.40 exceed one hundred percent (100%) of Base Capacity or Pre- Appraisal Base Capacity (as applicable)); (D) payments under Clause 13.10 (LNG Delivery Performance) shall not be recoverable under the reconciliation process; and (E) reprofiling of production within a Cargo production period shall not constitute use of capacity above Base Capacity or Pre- Appraisal Base Capacity (as applicable). 13.9 Feed Gas Usage Performance (a) The amount of Retainage shall exclude any additional amount of Feed Gas necessarily consumed or lost by the Operator to the extent caused by or attributable to: (i) an FM Event; (ii) any Feed Gas being Off-Specification Feed Gas; or (iii) any member of the Lessee Group. The Operator shall use its reasonable endeavours to minimise the internal use and loss of Feed Gas in the FLNG Facility, including any amount lost due to the flaring of Feed Gas. (b) The extent to which: (i) Retainage exceeds the Feed Gas Usage Allowance from time to time; and (ii) the Feed Gas Usage Performance Standard has been achieved, shall be determined in accordance with Schedule 7 (Feed Gas Usage Allowance). (c) If the amount of Retainage: (i) exceeds the Feed Gas Usage Allowance but does not exceed the Excess Feed Gas Allowance, then Sections 5 and 6 of Schedule 7 (Feed Gas Usage Allowance) shall apply; and (ii) exceeds the Excess Feed Gas Allowance, then the CE shall be reduced in accordance with Clause 13.9(e) (Feed Gas Usage Performance) and Section 7 of Schedule 7 (Feed Gas Usage Allowance) shall apply. (d) For the purposes of Clause 13.9(e) (Feed Gas Usage Performance): (i) "Current Calculation Billing Period" shall mean a Billing Period that commences on or after the Commercial Operations Date; and (ii) "Weighted Average Calculation Period" shall mean: (A) the Current Calculation Billing Period; and

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&nbsp;&nbsp;&nbsp;&nbsp;108 EUROPE/1011979779.40 (B) the eleven (11) Billing Periods immediately preceding the Current Calculation Billing Period, but commencing on or after the Commercial Operations Date. (e) If the volume weighted average Retainage (in mmBtu) for the Weighted Average Calculation Period exceeds the volume weighted average Excess Feed Gas Allowance (in mmBtu) for the Weighted Average Calculation Period, then the CE for each Day during the next Billing Period shall be reduced by an amount in USD determined as follows: [\*\*\*\*\*] Where: A means [\*\*\*\*\*]; B means the amount (in mmBtu) by which the volume weighted average Retainage for the Weighted Average Calculation Period exceeds the volume weighted average Excess Feed Gas Allowance for the Weighted Average Calculation Period; and C the number of Days in the Billing Period immediately following the Current Calculation Billing Period. 13.10 LNG Delivery Performance (a) If the Lessee is not able to complete loading a Cargo onto an LNG Carrier within the permitted period set out in the relevant Confirmed Delivery Schedule and the Lessee's failure has not been caused by: (i) the Lessee failing to perform its obligations under this Agreement to the Lessee's Required Standard; (ii) the Lessee's failure to provide sufficient Feed Gas or Feed Gas that meets the Feed Gas Specification; or (iii) an FM Event, then, subject to Clauses 13.10(b) and 13.10(c) (LNG Delivery Performance), there shall be a reduction in the CE that is payable by the Lessee to the Owner in accordance with this Agreement in an amount equal to the aggregate of: (iv) the Demurrage Costs, calculated by reference to the Allowed Laytime in the relevant Confirmed Delivery Schedule; and (v) [\*\*\*\*\*] of the difference between: (A) the volume of LNG scheduled to be delivered to the LNG Carrier, as set out in the relevant Confirmed Delivery Schedule in respect of that Cargo; and (B) the volume of LNG actually delivered to the LNG Carrier in respect of that Cargo, (such amount being the "LNG Shortfall Reduction") and the CE shall be reduced for each Day thereafter until an amount equal to the LNG Shortfall

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&nbsp;&nbsp;&nbsp;&nbsp;109 EUROPE/1011979779.40 Reduction has been applied to reduce the CE that would have otherwise been payable by the Lessee to the Owner in accordance with this Agreement. (b) Any reduction in the CE for an LNG Shortfall Reduction pursuant to Clause 13.10(a) (LNG Delivery Performance) shall only apply: (i) if the Lessee procures that the Lessee Group uses reasonable endeavours to mitigate any LNG Shortfall Reduction (including by incurring more demurrage in order to minimise the difference between the amounts in Clauses 13.10(a)(v)(A) and 13.10(a)(v)(B) (LNG Delivery Performance)) (for the avoidance of doubt, any refusal by the LNG Buyer to accommodate the Lessee Group's requests shall not of itself be grounds for the Owner to consider that the Lessee Group has not used reasonable endeavours); and (ii) if the Lessee Group has suffered or incurred actual costs, losses, damages, liabilities and expenses under the LNG SPA as a result of the Lessee not being able to complete loading a Cargo onto an LNG Carrier within the permitted period set out in the relevant Confirmed Delivery Schedule. (c) The maximum amount of any reduction in the amount of Dayrate otherwise payable by the Lessee on account of Clause 13.10(a) (LNG Delivery Performance) shall, subject to Clause 13.4 (Adjusted Dayrate), not in any circumstances exceed: (i) in respect of each Cargo, [\*\*\*\*\*] in aggregate; (ii) during any given Contract Year, [\*\*\*\*\*] in aggregate; and (iii) during the Lease Period, [\*\*\*\*\*] in aggregate. 13.11 Emissions and HSSE Performance (a) If the provision of a part (or all) of the Operating Services is deficient relative to the Emissions Performance Standard or the HSSE Performance Standard (as applicable), and such deficiency is notified by the Lessee to the Operator, then: (i) the Operator shall remedy the deficiency to the Emissions Performance Standard or the HSSE Performance Standard (as applicable) as soon as practicable and in any event within thirty (30) Days of receiving notice (or such other period as reasonably agreed by the Parties); and (ii) if the Operator has not remedied the deficiency to the Emissions Performance Standard or the HSSE Performance Standard (as applicable) within thirty (30) Days of receiving notice (or such other period as reasonably agreed by the Parties), then the Owner shall pay the OE until such time as the deficiency is remedied (and the Lessee shall not be liable to pay the OE during any such period that the Owner is required to pay the OE). (b) The Owner shall be responsible for, and shall indemnify, Defend and hold the Lessee Group harmless from and against, any and all Taxes, fines, penalties and/or interest, assessed or levied by an appropriate Government Authority as

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&nbsp;&nbsp;&nbsp;&nbsp;110 EUROPE/1011979779.40 a result of, and to the extent that, the FLNG Facility's failure to achieve required emissions standards under applicable Law: (i) gave rise to the incident that is the subject of the Tax, fine, penalty and/or interest; and (ii) was not caused by an act or omission of the Lessee Group, including the provision of Off-Specification Feed Gas by the Lessee. 14. INVOICING 14.1 Dayrate Invoices (a) Within five (5) Business Days after the end of each Billing Period, the Owner and the Operator shall each submit to the Lessee an invoice setting out: (i) the amount to be paid by the Lessee to each of the Owner and the Operator in respect of the Billing Period for which the invoice is submitted; and (ii) the basis for the calculation of the amount to be paid by the Lessee to the Owner and the Operator in respect of the Billing Period for which the invoice is submitted, including: (A) for each Billing Period prior to the Commercial Operations Date, the amount determined in accordance with Clauses 7.9(e) (Target Connection Date), 7.12(d) and 7.12(f) (Commissioning Period), 7.17(a) (Bullet Payment) and 15.5(a) (Prolonged Project Delay FM); and (B) for each Billing Period after the Commercial Operations Date, the applicable Dayrates that were charged for each Day in such relevant Billing Period, including details of any adjustment to the applicable Dayrates that were charged pursuant to Clauses 3.4(b) (Operator's General Obligations), 7.14(f)(i) (Acceptance Appraisals), 13.8 (Availability and Capacity Performance), 13.9 (Feed Gas Usage Performance), 13.10 (LNG Delivery Performance) and/or 13.11 (Emissions and HSSE Performance), together with sufficient supporting documentation to enable the Lessee to verify the amounts due. (b) Invoices prepared under Clause 14.1(a) (Dayrate Invoices) and Clause 14.4 (Other Amounts) shall be prepared in accordance with the Accounting Protocol. 14.2 Payment (a) Subject to this Clause 14.2(c) (Payment), Clause 14.3 (Incomplete Invoices), Clause 14.5 (Disputed Invoices), Clause 14.7(b) (Audit, Records and Financial Reporting), Clause 17.6(c) (Liens) and Clauses 22.2(b), 22.2(f) and 22.2(k) (General Taxes), each Party shall pay the full amount due to any other Party, without reduction or offset for exchange charges or bank transfer charges, as set out in each invoice issued by that other Party under Clause 14.1 (Dayrate

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&nbsp;&nbsp;&nbsp;&nbsp;111 EUROPE/1011979779.40 Invoices) or Clause 14.4 (Other Amounts) within thirty (30) Days after the date of receipt of such invoice. (b) Payment shall be by wire transfer of immediately available funds in USD to an account of that Party with a bank designated by the relevant Party in writing (the "Nominated Account"). (c) The Lessee shall have the right to offset monies owed to it by the Owner or the Operator under this Agreement that remain outstanding, following the expiry of any relevant payment periods in accordance with this Agreement, against payments due to the Owner or the Operator by the Lessee under this Agreement. The Owner or the Operator (as appropriate) shall remain liable to pay the Lessee in accordance with this Agreement any remaining sums outstanding (including any interest in accordance with Clause 14.6 (Payment Default) after such right of offset has been applied. Prior to exercising such right of offset, the Lessee shall provide the Owner or the Operator (as appropriate) reasonable supporting documentation in respect of such offset. If the liabilities to be offset are expressed in different currencies, the Lessee may convert either liability at a market rate of exchange for the purpose of offset. 14.3 Incomplete Invoices Invoices shall only be considered valid for payment if prepared and submitted with sufficient supporting documentation in accordance with this Clause 14 (Invoicing). If an invoice issued pursuant to Clause 14.1 (Dayrate Invoices) or Clause 14.4 (Other Amounts) contains obvious errors in computations or is incomplete (including with respect to sufficient supporting documentation), the receiving Party shall endeavour to return such invoice to the issuing Party within fifteen (15) Days of receipt and the issuing Party shall issue an amended invoice. Payment of an amended invoice shall be made within thirty (30) Days after the date of receipt of such amended invoice. Where the receiving Party has not returned an invoice in accordance with this Clause 14.3 (Incomplete Invoices) the invoice shall be payable in accordance with Clause 14.2(a) (Payment). 14.4 Other Amounts (a) Within ten (10) Business Days after: (i) the end of a month in which Daily LDs or Standby Dayrate (as applicable) are payable, the Lessee and/or the Owner (as applicable) shall submit to the other an invoice setting out the amount of the Daily LDs or Standby Dayrate (as applicable) to be paid in respect of the month which has just completed and for which the invoice is submitted; (ii) the Bullet Payment becomes due pursuant to Clause 7.17(a) (Bullet Payment), the Owner shall submit to the Lessee an invoice setting out the amount of the Bullet Payment to be paid by the Lessee to the Owner; (iii) a lump sum amount is payable pursuant to Clauses 11.9(b)(i), 11.9(c)(i), 11.9(e)(i)(A), 11.9(e)(ii)(A) or 11.9(e)(iii)(D) (Consequences of Off- Specification LNG for reasons other than Off-Specification Feed Gas), the Lessee shall submit to the Owner an invoice setting out the amount of the lump sum payment to be paid by the Owner to the Lessee pursuant to Clauses 11.9(b)(i), 11.9(c)(i), 11.9(e)(i)(A), 11.9(e)(ii)(A) or

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&nbsp;&nbsp;&nbsp;&nbsp;112 EUROPE/1011979779.40 11.9(e)(iii)(D) (Consequences of Off-Specification LNG for reasons other than Off-Specification Feed Gas); (iv) a lump sum reconciliation amount is payable pursuant to Clause 13.8(e) (Availability and Capacity Performance), the Lessee and/or the Owner (as applicable) shall submit to the other an invoice setting out the reconciliation amount to be paid; (v) an amount is payable by the Lessee to the Owner and/or the Operator (as applicable) pursuant to Clause 11.4 (Off-Specification Feed Gas Consequences), the Owner and/or the Operator (as applicable) shall submit to the Lessee an invoice setting out the amount to be paid; or (vi) an amount is payable by the Lessee to the Owner pursuant to Clauses 9.5(l)(iv) and/or 9.5(l)(v) (Work Programme and Budget), the Owner shall submit to the Lessee an invoice setting out the amount to be paid. (b) Where a Bullet Reimbursement is payable pursuant to Clause 7.17 (Bullet Payment) and/or a Project Delay Payment Reimbursement is payable pursuant to Clause 15.5(c) (Prolonged Project Delay FM): (i) the Owner shall provide the Lessee with such information as is reasonably necessary to enable the Lessee to produce an invoice in accordance with Clause 14.4(b)(ii) (Other Amounts) by no later than five (5) Business Days after the end of a month in which a Bullet Reimbursement and/or Project Delay Payment Reimbursement is payable; and (ii) the Lessee shall submit an invoice to the Owner (within ten (10) Business Days after receipt of the information under Clause 14.4(b)(i) (Other Amounts)) setting out the amount of the Bullet Reimbursement and/or Project Delay Payment Reimbursement to be repaid to the Lessee. (c) If any other amounts are due from one Party to another Party, other than those amounts set out in an invoice issued pursuant to Clause 14.1 (Dayrate Invoices) or 14.4(a) (Other Amounts), then the Party to whom amounts are owed shall promptly, and in any event within ten (10) Business Days after the amount becomes due, issue an invoice setting out the amount to be paid by the other Party, together with sufficient supporting documentation. 14.5 Disputed Invoices (a) In the event of a good faith disagreement concerning any invoice, each Party (as applicable) shall: (i) make payment of the undisputed amount thereof (in accordance with Clauses 14.2 (Payment) and 14.3 (Incomplete Invoices)); (ii) withhold payment of the disputed amount until such disagreement is resolved between the Parties or determined pursuant to Clause 24.5 (Arbitration), whereupon any amount that has been agreed or determined to be payable shall be paid by the paying Party within five (5) Business Days together with interest on that amount determined at a rate per annum equal to [\*\*\*\*\*] accruing on a daily basis from the date

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&nbsp;&nbsp;&nbsp;&nbsp;113 EUROPE/1011979779.40 the relevant disputed amount fell due until the date of actual payment; and (iii) as soon as reasonably practicable and in any event on or before the due date for payment under Clause 14.2 (Payment), notify the issuing Party of the reasons for such disagreement. (b) Neither the presentation nor payment nor non-payment of an individual invoice shall constitute a settlement of a dispute, an accord, satisfaction, a remedy of account stated, or otherwise waive or affect the rights of the Parties. In particular, a Party may correct or modify any sum previously paid to another Party under this Agreement in any or all of the following circumstances: (i) any such sum was incorrect; or (ii) any such sum was not properly payable to the other Party. 14.6 Payment Default Subject to Clauses 14.3 (Incomplete Invoices) and 14.5 (Disputed Invoices), if a Party fails to pay to any other Party any amount due under this Agreement when due, then in addition to the amount due but not paid, interest on the unpaid portion shall be payable by the non-paying Party to the relevant Party at the Default Rate accruing on a daily basis from the date such amount was due in accordance with Clauses 14.2 (Payment) and 14.4 (Other Amounts) to the date of actual payment in full of the overdue amount. 14.7 Audit, Records and Financial Reporting (a) At any time during the Term and for a period of [\*\*\*\*\*] thereafter the Lessee, the Co-venturers and the States and its and their duly authorised representatives will have access to and the right to audit any of the Owner's and the Operator's (and their respective Subcontractors') books, vouchers, receipts, correspondence, memoranda, and other records relating to the correctness of any rate, adjustment or any invoice presented by the Owner or the Operator to the Lessee for payment, including all fiscal export meter readings and any documentation relating to the accuracy of such meters, and any tank measurement, meter readings and related data in relation to the FLNG Facility. The Owner and the Operator will preserve all such records for a period of not less than [\*\*\*\*\*] and will, upon written request, make them available to the Lessee, the Co-venturers and the States. Each of the Owner and the Operator shall use reasonable endeavours to include in any contract with a Subcontractor an obligation to preserve all records relating to the performance of the Work and/or the Operating Services for a period of not less than [\*\*\*\*\*] and that such records shall, upon written request be made available to the Lessee, the Co-venturers and the States. Any audits by the Lessee, the Co- venturers and the States will be made during the Owner's or Operator's normal working hours (as applicable) and following not less than thirty (30) Days' notice. (b) The Lessee, the Co-venturers and the States will notify the Owner and/or the Operator of any matters arising in an audit which they believe may necessitate the making of an adjustment. Within a period of thirty (30) Days from such notification the Parties shall consult with each other with a view to agreeing whether or not any adjustment is required and, if so, the nature of the

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&nbsp;&nbsp;&nbsp;&nbsp;114 EUROPE/1011979779.40 adjustment to be made. In the event that the Parties fail within a further period of thirty (30) Days to reach agreement as to whether or not any adjustment is required and, if so, the nature of the adjustment to be made, then the matter shall be resolved in accordance with Clause 24.4 (Expert Determination). Following the determination of the Expert, the Parties shall within a period of thirty (30) Days implement the Expert's findings by way of set off or other balancing payment. (c) At any time during the period of this Agreement, but not more than once each Contract Year, the Lessee, the Co-venturers and the States may at their cost, procure an audit of the Operator's compliance with the Operating Management System in accordance with section 1 of Schedule 14 (Operating Services), provided the audits will be made following not less than thirty (30) Days' notice. Any breach or deficiency found in the course of such audit shall be promptly notified to the Operator and rectified by the Operator at its sole cost. If any Party disputes a finding of breach or deficiency, or rejects an audit recommendation, then the Parties shall consult with each other within a period of thirty (30) Days from notification with a view to agreeing whether there has been a breach or deficiency or whether or not an audit recommendation should be accepted. In the event that the Parties fail within a further period of thirty (30) Days to reach agreement as to whether there has been a breach or deficiency or whether or not an audit recommendation should be accepted, then the matter shall be resolved in accordance with Clause 24.4 (Expert Determination). Following the determination of the Expert, the Parties shall within a period of thirty (30) Days implement the Expert's findings. (d) The Owner and the Operator shall throughout the Term and for a period of [\*\*\*\*\*] thereafter make available to the Lessee, the Co-venturers and the States on request, but not more often than once each Contract Year, the audited accounts in respect of the financial activities of the Owner and the Operator arising throughout the Term. Throughout the Term and for a period of [\*\*\*\*\*] thereafter the Owner and the Operator shall permit the inspection by the Lessee, the Co-venturers and the States of its annual return, register of members, directors, officers and charges at its registered office or a registered office of one of its Affiliates. Such inspection shall be made during normal working hours and following not less than thirty (30) Days' notice. (e) Any right to audit pursuant to this Clause 14.7(a) (Audit, Records and Financial Reporting) shall be exercised by the Lessee, the Co-venturers and the States no more than once each in a Contract Year and shall be conducted in such a manner so as to not unreasonably disrupt the Owner or Operator. 14.8 Nominated Account On or before the date which is six (6) months after the Effective Date, each Party shall notify each other Party of its Nominated Account, including the jurisdiction where such bank account is held, account names, account numbers, sort code, IBAN and SWIFT identification (as relevant), and any payments due from a Party to another Party pursuant to this Agreement shall only be made to the relevant Nominated Account as notified pursuant to this Clause 14.8 (Nominated Account) and in accordance with Clause 14 (Invoicing).

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&nbsp;&nbsp;&nbsp;&nbsp;115 EUROPE/1011979779.40 15. FORCE MAJEURE 15.1 Definition (a) "FM Event" means an event or circumstance (or series of connected events or circumstances) which is beyond the control of the Party affected and prevents or impedes the due performance of that Party's obligations under this Agreement: (i) but only if and to the extent that such circumstance, despite the exercise of reasonable diligence or adoption of reasonable precautions, acting as a Reasonable and Prudent Operator, cannot be prevented or overcome by such Party; and (ii) includes, provided the foregoing conditions are satisfied, any: (A) act of war (declared or not declared), invasion, act of foreign enemies, hostilities, civil war, insurrection of military or usurped power (whether war be declared or not), confiscation or expropriation on orders of any Government Authority (provided that in the case of any requisition, expropriation, confiscation, nationalisation and seizure of the FLNG Facility by each or any of the States, Clause 17.4 (Requisition of FLNG Facility) shall apply); (B) lapse of authorisation issued by Governmental Authority; (C) change of Law of either or both of the States that is enacted after the date of this Agreement, other than any change of Law that should have been in the reasonable contemplation of the Parties at the time of entering into this Agreement; (D) act of God, flood, earthquake, lightning or other natural physical disaster, hurricanes that in the Saffir-Simpson scale reach category 1 at the time of affecting the Upstream Facilities and/or the FLNG Facility, fire, explosion or navigational or maritime perils; (E) ionising radiations or contamination by radioactivity from any nuclear fuel or from any nuclear waste from the combustion of nuclear fuel, radioactive toxic explosive or other hazardous properties of any explosive nuclear assembly or nuclear component thereof; (F) act of terrorism, riot, rebellion, revolution, sabotage or civil unrest (but not including any strike or slow down or obstructive or disruptive conduct or other labour disturbances restricted to any entity or entities within that Party's Group); or (G) sanctions or State imposed suspension of activities, and the FM Event start date shall be the first (1st) Day of such event or circumstance (the "FM Event Start Date").

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&nbsp;&nbsp;&nbsp;&nbsp;116 EUROPE/1011979779.40 (b) For the avoidance of doubt, FM Events shall not include any of the following occurrences: (i) breakdown or other failure of a Party's Group's equipment unless that failure was itself due to an FM Event; (ii) breakdown or other failure of any transportation used by any entity or entities within a Party's Group unless that failure was itself due to an FM Event; (iii) other commitments of a Party limiting its ability to perform its obligations under this Agreement; (iv) any failure by a subcontractor of any tier of a Party (including a Key Contractor and their subcontractors of any tier) to perform its obligations, unless that failure was itself due to an event of force majeure (and, for the avoidance of doubt an event of force majeure under a subcontract, any Conversion Contract and/or any construction contract for the Upstream Facilities shall not be deemed to be an FM Event under this Agreement if it does not meet substantially similar criteria for an FM Event); (v) any failure by an LNG Buyer (including any of its end customers of any tier) to perform its obligations, unless that failure was itself due to an event of force majeure (and, for the avoidance of doubt an event of force majeure under an LNG SPA or end customer agreement shall not be deemed to be an FM Event under this Agreement if it does not meet substantially similar criteria for an FM Event); (vi) rough sea and/or adverse weather conditions that are normal occurrences in the region and could reasonably have been expected (and, in respect of an assertion of the existence of an FM Event by the Owner or the Operator, rough sea and/or adverse weather conditions that were specified by the Lessee in Schedule 1 (Basis of Design)); (vii) lack of finances, lack of funds or access to funds, or inability to borrow funds of a Party; (viii) lack of valid certificates, visas, permits, licences or any other documents of a Party resulting from a failure by the affected Party to comply with the requirements of this Agreement; (ix) shortage of labour or equipment, unless caused by events or circumstances that are themselves an FM Event; and (x) failure of the Unit Area to produce Natural Gas for any reason other than an FM Event. 15.2 Force Majeure (a) If, because of an FM Event (including an event of force majeure affecting any subcontractor of the affected Party or an LNG Buyer that meets substantially similar criteria for an FM Event):

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&nbsp;&nbsp;&nbsp;&nbsp;117 EUROPE/1011979779.40 (i) the Owner is unable to undertake the Work or otherwise meet its obligations under this Agreement (other than any obligation to make payments); (ii) the Operator (or, if Clause 3.1(d) (Owner's General Obligations) applies, the Owner): (A) is unable to perform the Operating Services; (B) fails to achieve the Performance Standards; or (C) is otherwise unable to meet its obligations under this Agreement (other than any obligation to make payments); or (iii) the Lessee is unable to meet its obligations under this Agreement (other than any obligation to make payments), then, on and from the FM Event Start Date: (A) the Lessee shall excuse the Owner and/or Operator (as applicable) from its obligations to undertake the Work, perform the Operating Services and/or achieve the Performance Standards under this Agreement (other than any obligation to make payments), to the extent that the FM Event affects the performance of such obligations and the affected Party shall not be in breach of this Agreement in respect of such failure; (B) the Owner and Operator shall excuse the Lessee from its obligations under this Agreement (other than any obligation to make payments) to the extent that the FM Event impacts upon the performance of the Lessee's obligations under this Agreement and the Lessee shall not be in breach of this Agreement in respect of such failure; (C) if the FM Event affects one or more of the LNG Buyers, the Lessee shall use reasonable endeavours to procure that the Co- venturers make alternative arrangements for the affected LNG Cargo or Cargoes; (D) the Dayrate payable by the Lessee to the Owner and the Operator shall be the FM Event Dayrate; and (E) the Lessee may request an extension to the Lease Period in accordance with Clause 8.3 (Additional Term) for each Day during which the Owner, the Operator or the Lessee is unable to meet its obligations under this Agreement (other than any obligation to make payments) due to an FM Event. (b) If an FM Event or series of FM Events (whether connected or not) continues to affect the Owner, the Operator and/or the Lessee under Clauses 15.2(a)(i), 15.2(a)(ii) and/or 15.2(a)(iii) (Force Majeure) (as applicable) for at least: (i) [\*\*\*\*\*]; or (ii) [\*\*\*\*\*],

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&nbsp;&nbsp;&nbsp;&nbsp;118 EUROPE/1011979779.40 then the Lessee shall have the right to terminate this Agreement by not less than: (iii) [\*\*\*\*\*] in writing to the other Parties; or (iv) if Clause 15.2(f) (Force Majeure) applies, [\*\*\*\*\*] in writing to the other Parties. (c) A notice under Clause 15.2(b)(iii) (Force Majeure) may be given not more than [\*\*\*\*\*] prior to the anticipated occurrence of such milestone in Clauses 15.2(b)(i) or 15.2(b)(ii) (Force Majeure) and such termination shall become effective, subject to 15.2(g) (Force Majeure), on: (i) the date the relevant milestone in Clause 15.2(b) (Force Majeure) that was the subject of the notice of termination given by the Lessee occurs; or (ii) if Clause 15.2(c)(i) (Force Majeure) occurs prior the date that is [\*\*\*\*\*] by the Lessee was given, the date that is [\*\*\*\*\*]. (d) If the milestone in Clause 15.2(b)(i) (Force Majeure) that was the subject of the notice of termination given by the Lessee under Clause 15.2(c) (Force Majeure) does not occur [\*\*\*\*\*] of the Lessee giving such notice of termination, then the Lessee may by giving notice in writing to the other Parties revoke such notice of termination upon which it shall be revoked and invalid for the purposes of Clause 15.2(b)(iii) (Force Majeure) (without any liability due by the Lessee to the Owner and/or the Operator). (e) If the milestone in Clause 15.2(b)(ii) (Force Majeure) that was the subject of the notice of termination given by the Lessee under Clause 15.2(c) (Force Majeure) does not occur, then such notice of termination shall be deemed revoked and invalid for the purposes of termination under Clause 15.2(b) (Force Majeure) (without any liability due by the Lessee to the Owner and/or the Operator). (f) If the Lessee has not exercised its right to terminate this Agreement under Clause 15.2(b) (Force Majeure) within [\*\*\*\*\*] of a milestone in Clause 15.2(b) (Force Majeure) occurring, any future exercise of the Lessee's right to terminate this Agreement under Clause 15.2(b) (Force Majeure) shall require at least [\*\*\*\*\*] notice in writing to the other Parties in accordance with Clause 15.2(b)(iv) (Force Majeure). (g) Subject to Clause 15.2(h) (Force Majeure), on or before the date of the termination of this Agreement in accordance with Clauses 15.2(b) or 15.2(c) (Force Majeure), the Lessee shall pay to the Owner a termination payment of an amount equal to: (i) the higher of: (A) the Lessee Credit Support Amount applicable on the FM Event Start Date of the first FM Event giving rise to the right to terminate this Agreement to occur; and (B) the Lessee Credit Support Amount applicable on the date on which termination of this Agreement under:

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&nbsp;&nbsp;&nbsp;&nbsp;119 EUROPE/1011979779.40 (1) Clause 15.2(b)(i) (Force Majeure) (in the case of an FM Event or series of FM Events continuing for at least [\*\*\*\*\*]; or (2) Clause 15.2(b)(ii) (Force Majeure) (in the case of an FM Event or series of FM Events continuing for at least [\*\*\*\*\*], occurs; less (ii) (A) any FM Event Dayrate already paid or payable by the Lessee (or paid by any Lessee Credit Support Provider or any Lessee SBLC Issuer) to the Owner (excluding, for the avoidance of doubt, any amounts paid or payable to the Operator on account of Clause 13.6(a)(ii) (FM Event Dayrate)); and (B) any Project Delay Payment that has not been reimbursed to the Lessee pursuant to Clause 15.5 (Prolonged Project Delay FM), provided that: (iii) such termination payment amount shall never be less than USD zero ($0); and (iv) such termination payment is agreed by the Parties to be a genuine pre- estimate of the losses which may be sustained by the Owner and the Operator (as applicable) and is within proportion to the legitimate interests of the Owner and the Operator having regard to the nature of the obligations of each Party under this Agreement and is not a penalty. (h) If this Agreement is terminated in accordance with Clauses 15.2(b) or 15.2(c) (Force Majeure), then the termination payment payable by the Lessee to the Owner in accordance with Clause 15.2(g) (Force Majeure) shall, as applicable, be either increased by: (i) the amount by which the Operator's Actual Opex incurred during the Contract Year prior to the date of termination is greater than the aggregate of the OE paid by the Lessee during such period in accordance with Clause 9.5(h) (Work Programme and Budget); or (ii) reduced by the amount by which the Operator's Actual Opex incurred during the Contract Year prior to the date of termination is less than the aggregate of the OE paid by the Lessee during such period in accordance with Clause 9.5(h) (Work Programme and Budget). (i) If this Agreement is terminated in accordance with Clauses 15.2(b) or 15.2(c) (Force Majeure), the Parties shall have no further liability to each other, other than with respect to the Surviving Obligations and any rights and obligations that have accrued prior to termination.

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&nbsp;&nbsp;&nbsp;&nbsp;120 EUROPE/1011979779.40 15.3 Notification of FM (a) Not later than five (5) Days after becoming aware of the occurrence of an FM Event, the affected Party shall provide the other Parties with a written notice setting out: (i) a description of the FM Event; (ii) the obligations of that Party under this Agreement which are impacted by the FM Event; (iii) an estimate of the expected duration of the FM Event; and (iv) the steps that the affected Party is taking or intends to take to prevent, mitigate, rectify, and/or overcome the effects of the FM Event. (b) During the continuation of the FM Event, the affected Party shall provide regular written reports no less frequently than every ten (10) Days (except where otherwise agreed) updating the information required by Clause 15.3(a) (Notification of FM) and providing any other information that the other Parties may reasonably request. (c) The affected Party's timely provision of the notice required by Clause 15.3(a) (Notification of FM) is a condition precedent to any relief afforded or to be afforded to the affected Party in respect of an FM Event. For the purposes of determining whether a Party has provided a notice delivered in accordance with, and at the time required by, Clause 15.3(a) (Notification of FM), the other Parties shall not challenge the sufficiency of such notice to the extent that the information included in that notice (in accordance with Clause 15.3(a) (Notification of FM)) is incomplete at the time such notice is issued by the affected Party. If the affected Party provides notice within five (5) Days after becoming aware of the occurrence of an FM Event, it shall be entitled to the reliefs pursuant to this Clause 15 (Force Majeure) in respect of the FM Event from the FM Event Start Date. If the affected Party does not provide notice within such five (5) Day period then it shall be entitled to the reliefs pursuant to this Clause 15 (Force Majeure) in respect of the FM Event from the time it actually gives such notice. 15.4 Consequences of FM If an FM Event occurs that is covered under the terms of the war risks insurance of the FLNG Facility, the Owner shall have liberty to comply with any directions or recommendations properly given by a Governmental Authority having jurisdiction to do so and with which the Owner must comply under the terms of the war risks insurance on the FLNG Facility. 15.5 Prolonged Project Delay FM (a) If a Project Delay Event or series of Project Delay Events (whether connected or not) extends the Anticipated Commercial Operations Date by a [\*\*\*\*\*] from the Scheduled Commercial Operations Date (such [\*\*\*\*\*] being the "Project Delay Start Date"), then the Lessee shall pay the Owner an amount equal to [\*\*\*\*\*] of the Nominal Set Rate or Adjusted Nominal Set Rate (as applicable) for each Day from the Project Delay Start Date until the Commissioning Start Date (the "Project Delay Payment").

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&nbsp;&nbsp;&nbsp;&nbsp;121 EUROPE/1011979779.40 (b) For the purposes of Clause 15.5(a) (Prolonged Project Delay FM), "Project Delay Event" means: (i) an FM Event (including an event of force majeure affecting any subcontractor of the affected Party or any LNG Buyer that meets substantially the similar criteria for an FM Event) affecting the Lessee's ability to meet its obligations under this Agreement (other than any obligation to make payments); (ii) on and from [\*\*\*\*\*] until the later of the date the FLNG Facility is ready to enter the Lessee's Operating Boundary and the date the Owner provides a Hold-point Confirmation in respect of the Hold-point at paragraph (b) of the definition of "Hold-point", a Political FM Event affecting the Owner's ability to undertake the Work or otherwise meet its obligations under this Agreement (other than any obligation to make payments); or (iii) on and from the later of the date the FLNG Facility is ready to enter the Lessee's Operating Boundary and the date the Owner provides a Hold- point Confirmation in respect of the Hold-point at paragraph (b) of the definition of "Hold-point", an FM Event (including an event of force majeure affecting any subcontractor of the affected Party or any LNG Buyer that meets substantially the similar criteria for an FM Event) affecting the Owner's ability to undertake the Work or otherwise meet its obligations under this Agreement (other than any obligation to make payments). (c) If the Owner has received the Project Delay Payment pursuant to Clause 15.5(a) (Prolonged Project Delay FM), then on each of the first (1st) Commercial Operations Date Anniversary, the second (2nd) Commercial Operations Date Anniversary and the third (3rd) Commercial Operations Date Anniversary (each a "Project Delay Reimbursement Date"), the Owner shall reimburse the Lessee on each Project Delay Reimbursement Date, an amount equal to the lower of: (i) the balance of the Production Bank (taking into account the reimbursement priority principle set out in Clause 7.17(d) (Bullet Payment)); and (ii) the aggregate amount of the Project Delay Payment not yet reimbursed pursuant to this Clause 15.5(c) (Prolonged Project Delay FM), up to and including [\*\*\*\*\*] (the "Project Delay Payment Reimbursement") in which case the Lessee shall invoice the Owner (as a once off payment) and the Owner shall pay to the Lessee the Project Delay Payment Reimbursement in accordance with Clause 14 (Invoicing). (d) On and from the fourth (4th) Commercial Operations Date Anniversary, if any Project Delay Payment has not been reimbursed to the Lessee pursuant to Clause 15.5(c) (Prolonged Project Delay FM) (such amount being the "Retained Project Delay Amount"), then: (i) for the purposes of Clause 8.3(a)(iv) (Additional Term), there shall be deemed to be a Project Delay Event for a number of Days equal to:

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&nbsp;&nbsp;&nbsp;&nbsp;122 EUROPE/1011979779.40 (A) the sum of: (1) the Retained Project Delay Amount; divided by (2) the Nominal Set Rate or Adjusted Nominal Set Rate (as applicable); (B) [\*\*\*\*\*]; and (ii) the Owner shall not have any obligation to pay the Retained Project Delay Amount. 15.6 Obligations Following FM (a) To the extent any Party is entitled to relief from its obligations under this Agreement as a result of an FM Event, the affected Party shall, as soon as reasonably practicable, take the measures which a Reasonable and Prudent Operator would take to bring the FM Event to an end and to overcome and/or minimise the effects which prevent, impede or delay such affected Party's ability to resume performance under this Agreement. An affected Party shall not be entitled to relief, and an FM Event shall cease to be treated as an FM Event, to the extent that the affected Party claiming the FM Event relief fails to comply with this Clause 15.6(a) (Obligations Following FM), unless such failure is itself caused by the FM Event. (b) As soon as an affected Party ceases to be so affected by an FM Event and is no longer prevented from performing its obligations under this Agreement, such affected Party shall: (i) notify the other Parties accordingly, in writing; and (ii) recommence performance of such obligations as soon as reasonably practicable. 16. REPRESENTATIONS AND WARRANTIES 16.1 Owner's Representations and Warranties The Owner represents and warrants at the date of this Agreement and on the Effective Date, that: (a) it is duly incorporated and validly existing under the laws of the Republic of the Marshall Islands; (b) it has the requisite power, capacity and authority to enter into this Agreement, the Conversion Contracts and all ancillary or related agreements and to perform its obligations in respect of such agreements; (c) it is not aware, having made reasonable enquiries, of any Law that would prevent it from entering into this Agreement and performing its obligations hereunder; (d) it is an Affiliate of GLNG, which is suitably qualified and experienced to perform the Owner's obligations under this Agreement;

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&nbsp;&nbsp;&nbsp;&nbsp;123 EUROPE/1011979779.40 (e) it has conducted appropriate risk based due diligence on the Key Contractors and that each Key Contractor is suitable (technically, financially and from a compliance perspective) to perform that part of the Work or the Operating Services subcontracted to them; (f) it is the legal and beneficial owner of the Golar Gimi, with clear and valid title free of all mortgages, liens and any other encumbrances except for permitted encumbrances in connection with the debt or equity financing of the FLNG Facility pursuant to Clause 28.2 (Security); and (g) it has satisfied itself before entering into this Agreement as to the scope of Work (including the PA Work), including the Personnel, material, Equipment, Plant and facilities required to perform the Work, and the sufficiency of the Nominal Set Rate. 16.2 Operator's Representations and Warranties The Operator represents and warrants on the later of the Effective Date and the date that it accedes to this Agreement, that: (a) it is duly incorporated and validly existing under the laws of the Islamic Republic of Mauritania; (b) it has the requisite power, capacity and authority to enter into this Agreement and all ancillary or related agreements and to perform its obligations under such agreements; (c) it has not undertaken any business (other than administrative business in the ordinary course) prior to the date that it accedes to this Agreement; (d) it is not aware, having made reasonable enquiries, of any Law that would prevent it from entering into this Agreement and performing its obligations thereunder; (e) it is an Affiliate of GLNG, which is suitably qualified and experienced to perform the Operator's obligations under this Agreement; and (f) it has satisfied itself before entering into this Agreement as to the scope of Operating Services, including the Personnel, material, Equipment, Plant and facilities required to perform the Operating Services. 16.3 Lessee's Representations and Warranties The Lessee represents and warrants at the date of this Agreement and on the Effective Date, that: (a) it is duly incorporated and validly existing under the laws of England and Wales; (b) it has the requisite power, capacity and authority to enter into this Agreement and to perform its obligations under this Agreement (provided that such warranty with respect to performance of obligations shall only be given on the Effective Date); and

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&nbsp;&nbsp;&nbsp;&nbsp;124 EUROPE/1011979779.40 (c) it is not aware, having made reasonable enquiries, of any Law that would prevent it from entering into this Agreement and performing its obligations thereunder. 17. LIABILITY AND INDEMNITY 17.1 Liability of the Owner The Owner is liable for and shall indemnify, Defend and hold harmless the Lessee Group from any Claims arising out of or in connection with the performance or non- performance of this Agreement in respect of: (a) any loss of, loss of use of or damage to property of the Owner Group or any injury, ill health, disease or death, to any members of the Owner Group, howsoever caused even if caused by any act, omission, fault, negligence or breach of duty (statutory or otherwise) of any member of the Lessee Group; (b) injury to, ill health, disease or death of, or, subject to Clauses 11.9(b) and 11.9(e) (Consequences of Off-Specification LNG for reasons other than Off- Specification Feed Gas), loss of, loss of use of or damage to the property of, any Third Party to the extent that such injury, ill health, disease, death, loss or damage is caused by the negligence or breach of duty (statutory or otherwise) of any member of the Owner Group; and (c) any pollution or contamination having escaped, been released or discharged from the FLNG Facility or any other property in the control of the Owner Group (including without limitation any support vessels) irrespective of cause even if caused by any act, omission, fault, negligence or breach of duty (statutory or otherwise) of any member of the Lessee Group, unless and to the extent such Claim was caused by or resulted from the Gross Negligence/Wilful Misconduct of the Senior Supervisory Personnel of a member of the Lessee Group. 17.2 Liability of the Lessee The Lessee is liable for and shall indemnify, Defend and hold harmless the Owner Group from any Claims arising out of or in connection with the performance or non- performance of this Agreement in respect of: (a) any loss of, loss of use of or damage to property of the Lessee Group or any injury, ill health, disease or death, to any members of the Lessee Group, howsoever caused even if caused by any act, omission, fault, negligence or breach of duty (statutory or otherwise) of any member of the Owner Group; (b) injury to, ill health, disease or death of, or, subject to the Lessee's rights of recovery under Clause 11.9(f)(i) (Consequences of Off-Specification LNG for reasons other than Off-Specification Feed Gas), loss of, loss of use of or damage to the property of, any Third Party to the extent that such injury, ill health, disease, death, loss or damage is caused by the negligence or breach of duty (statutory or otherwise) of any member of the Lessee Group; and (c) any pollution or contamination having escaped, been released or discharged from the Upstream Facilities (other than the FLNG Facility or any other property in the control of the Owner Group) irrespective of cause even if caused by any

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&nbsp;&nbsp;&nbsp;&nbsp;125 EUROPE/1011979779.40 act, omission, fault, negligence or breach of duty (statutory or otherwise) of any member of the Owner Group, unless and to the extent such Claim was caused by or resulted from the Gross Negligence/Wilful Misconduct of the Senior Supervisory Personnel of a member of the Owner Group. 17.3 Exclusion of Consequential Loss (a) Except where amounts are expressly payable under this Agreement: (i) no Party shall be liable to another for Consequential Loss suffered in connection with or arising out of this Agreement; and (ii) each Party (the "Indemnifying Party") shall indemnify and hold each other Party (the "Indemnified Party") and its respective Group harmless from and against any and all Consequential Loss that the Indemnifying Party or any of its Group may suffer in connection with the performance or non-performance of this Agreement, whether such liability arises under contract or in tort, howsoever caused and whether resulting from or contributed to by any act, omission, negligence or fault or breach of duty (statutory or otherwise) on the part of the Indemnified Party or any member of its Group and regardless of the Indemnified Party's Wilful Misconduct/Gross Negligence. (b) For the purposes of this Clause 17.3 (Exclusion of Consequential Loss), the Owner and the Operator shall be deemed to be one "Party". 17.4 Requisition of FLNG Facility (a) If the FLNG Facility is requisitioned, expropriated, confiscated, nationalised or seized by either or both of the States ("Requisitioned") at any time on or after the Ready for Connection Date but before this Agreement expires or is terminated, the Lessee shall: (i) if the FLNG Facility is Requisitioned prior to the Commercial Operations Date, continue to pay to the Owner the amount determined in accordance with Clause 7.12(d) (Commissioning Period); or (ii) if the FLNG Facility is Requisitioned after the Commercial Operations Date, pay to the Owner and to the Operator the Dayrate in accordance with Clause 13.2 (Obligation to pay Dayrate). (b) During any period of Requisition, the Owner and the Lessee shall each have the right to terminate this Agreement immediately upon giving notice of termination to the other Parties. Upon such termination, the Lessee shall pay to the Owner an amount equal to the higher of: (i) if: (A) [\*\*\*\*\*]; or (B) [\*\*\*\*\*], [\*\*\*\*\*]; and

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&nbsp;&nbsp;&nbsp;&nbsp;126 EUROPE/1011979779.40 (ii) the lower of: (A) [\*\*\*\*\*] (as determined by an internationally recognised accountancy firm instructed by the Owner and the Lessee); and (B) either: (1) on and from the date that the FLNG Facility enters the territorial waters of either State [\*\*\*\*\*] Commercial Operations Date Anniversary: [\*\*\*\*\*]; or (2) commencing on the date which is the [\*\*\*\*\*] Commercial Operations Date Anniversary, at the end of each complete [\*\*\*\*\*] period thereafter until the [\*\*\*\*\*] Commercial Operations Date Anniversary: [\*\*\*\*\*] [\*\*\*\*\*]; or (3) commencing on the date which is the [\*\*\*\*\*] Commercial Operations Date Anniversary, at the end of each complete [\*\*\*\*\*] period thereafter until the [\*\*\*\*\*] Commercial Operations Date Anniversary: [\*\*\*\*\*] (c) Upon full and final payment by the Lessee to the Owner in accordance with Clause 17.4(b) (Requisition of FLNG Facility): (i) all right, title and interest in any claim or right of recovery in relation to the Requisition held by the Owner shall immediately irrevocably pass to the Lessee; and (ii) the Owner shall be liable for and shall Defend, indemnify and hold the Lessee Group harmless from and against any and all Claims by the Lenders and the Owner Group's other creditors arising out of or in connection with the Requisition of the FLNG Facility. (d) For the avoidance of doubt, in the event of termination of this Agreement pursuant to Clause 17.4(b) (Requisition of FLNG Facility), upon payment of the sums due under Clause 17.4(b) (Requisition of FLNG Facility), the Parties shall have no further liability to each other, other than with respect to the Surviving Obligations and any rights and obligations that have accrued prior to termination. (e) The rights of the Parties under this Clause 17.4 (Requisition of FLNG Facility) shall prevail over any inconsistencies with Clause 7.2(a) (Inspection Rights). 17.5 Mutual Hold Harmless Arrangements (a) Except where Clause 17.5(b) (Mutual Hold Harmless Arrangements) applies, during the performance of the Work and the Operating Services:

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&nbsp;&nbsp;&nbsp;&nbsp;127 EUROPE/1011979779.40 (i) the Owner shall be liable for and shall indemnify, Defend and hold each Other Contractor Group harmless from and against all Claims arising out of or in connection with the performance or non-performance of this Agreement in respect of: (A) all injuries to, deaths, or illnesses of persons in the Owner Group, howsoever caused even if caused by any act, omission, fault, negligence or breach of duty (statutory or otherwise) of any member of the Other Contractor Group; (B) all damages to or losses of the Owner Group's property, howsoever caused even if caused by any act, omission, fault, negligence or breach of duty (statutory or otherwise) of any member of the Other Contractor Group; and (C) the Owner Group's own Consequential Loss, howsoever caused even if caused by any act, omission, fault, negligence or breach of duty (statutory or otherwise) of any member of the Other Contractor Group; (ii) the indemnities, Defence and hold harmless provisions given by the Owner in Clause 17.5(a)(i) (Mutual Hold Harmless Arrangements) in favour of any member of the Other Contractor Group shall be provided by the Owner to the extent that each such Other Contractor has provided indemnities, Defence and hold harmless provisions for the benefit of the Owner Group that give rise to the substantially equivalent rights and protection to the Owner Group; and (iii) the indemnities, Defence and hold harmless provisions provided by the Owner in Clauses 17.5(a)(i) (Mutual Hold Harmless Arrangements) in favour of any member of the Other Contractor Group shall become effective from such time and for such duration as each such Other Contractor becomes bound by such indemnities, Defence and hold harmless provisions in favour of the Owner Group as contemplated under Clause 17.5(a)(ii) (Mutual Hold Harmless Arrangements). (b) If an Other Contractor will be responsible for carrying out construction activity at or near to the LNG Hub Facilities (and in any event within the Lessee's Operating Boundary), the Lessee shall use reasonable endeavours to procure, and, if the Other Contractor accepts, the Owner and the Operator shall be required to take all action required in order to enter into, a mutual hold harmless and cross indemnity deed on the following terms and conditions ("MHHCID"). (i) The MHHCID shall include the following mutual hold harmless and cross indemnity arrangements: (A) the Owner shall be liable for and shall indemnify, Defend and hold the Other Contractor Group harmless from and against all Claims arising out of or in connection with the performance or non-performance of this Agreement (including Claims arising out of the scope of work to be performed by the Other Contractor at or near to the LNG Hub Facilities) in respect of: (1) all injuries to, deaths, or illnesses of persons in the Owner Group, howsoever caused even if caused by any

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&nbsp;&nbsp;&nbsp;&nbsp;128 EUROPE/1011979779.40 act, omission, fault, negligence or breach of duty (statutory or otherwise) of any member of the Other Contractor Group; (2) all damages to or losses of the Owner Group's property, howsoever caused even if caused by any act, omission, fault, negligence or breach of duty (statutory or otherwise) of any member of the Other Contractor Group; and (3) the Owner Group's own Consequential Loss, howsoever caused even if caused by any act, omission, fault, negligence or breach of duty (statutory or otherwise) of any member of the Other Contractor Group; and (B) the Other Contractor shall be liable for and shall indemnify, Defend and hold the Owner Group harmless from and against all Claims arising out of or in connection with the scope of work to be performed by the Other Contractor at or near to the LNG Hub Facilities (including the performance or non-performance of this Agreement) in respect of: (1) all injuries to, deaths, or illnesses of persons in the Other Contractor Group, howsoever caused even if caused by any act, omission, fault, negligence or breach of duty (statutory or otherwise) of any member of the Owner Group; (2) all damages to or losses of the Other Contractor Group's property, howsoever caused even if caused by any act, omission, fault, negligence or breach of duty (statutory or otherwise) of any member of the Owner Group; and (3) the Other Contractor Group's own Consequential Loss, howsoever caused even if caused by any act, omission, fault, negligence or breach of duty (statutory or otherwise) of any member of the Owner Group. (ii) Pursuant to the MHHCID: (A) the Owner shall ensure that each relevant underwriter for the insurances that the Owner is required to take out and maintain in accordance with this Agreement waives any right of recourse against any member of the Other Contractor Group, including in particular subrogation rights against such member of the Other Contractor Group, in connection with this Agreement (including in connection with the scope of work to be performed by the Other Contractor at or near to the LNG Hub Facilities), irrespective of the negligence or breach of duty of any member of such Other Contractor Group; (B) the Operator shall ensure that each relevant underwriter for the insurances that the Operator is required to take out and maintain in accordance with this Agreement waives any right of recourse against any Other Contractor Group, including in particular

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&nbsp;&nbsp;&nbsp;&nbsp;129 EUROPE/1011979779.40 subrogation rights against such Other Contractor Group, in connection with this Agreement (including in connection with the scope of work to be performed by the Other Contractor at or near to the LNG Hub Facilities), irrespective of the negligence or breach of duty of any member of such Other Contractor Group; and (C) the Other Contractor shall procure that each relevant underwriter for the insurances that the Other Contractor is required to take out and maintain in connection with the scope of work to be performed by the Other Contractor at or near to the LNG Hub Facilities waives any right of recourse against any member of the Owner Group, including in particular subrogation rights against such member of the Owner Group, in connection with the scope of work to be performed by the Other Contractor at or near to the LNG Hub Facilities (including in connection with this Agreement), irrespective of the negligence or breach of duty of any member of such Owner Group. Such waivers shall take effect from the date that the Owner and the Operator and the Other Contractor Group have complied with their respective obligations under the MHHCID to procure such waivers (Mutual Hold Harmless Arrangements). (iii) The indemnities and Defence, save and hold harmless provisions provided by the Owner and the Other Contractor, as described in Clauses 17.5(b)(i) (Mutual Hold Harmless Arrangements) shall become effective from such time and for such duration as set out in the applicable MHHCID. (c) The Lessee shall use reasonable endeavours to procure that each of the LNG Buyers' LNG transporters shall enter into conditions of use acceptable to the International Group of Protection and Indemnity clubs prior to each of the LNG Buyers' LNG transporters entering into proximity of the LNG Hub Facilities. For the purposes of risk allocation, such conditions of use shall include the FLNG Facility within the same category of interests as the LNG Hub Facilities, and not within the same category of interests as the LNG Buyers' LNG transporters. (d) The Lessee shall, by no later than six (6) months prior to the Sailaway Date (or such other date as the Parties may agree, acting reasonably), provide the Owner with a copy of the then current draft of the: (i) MHHCID; and (ii) conditions of use pursuant to Clause 17.5(c) (Mutual Hold Harmless Arrangements). 17.6 Liens (a) Subject to Clause 28.2 (Security), the Owner and the Operator shall not permit any lien, attachment, charge, claim, encumbrances or the like (collectively, "Liens") to be imposed by any person, firm, or Government Authority upon the FLNG Facility or the Lessee Group's property by reason of any Claim or demand by or against the Owner, the Operator or any subcontractor thereof of any tier (including any Key Contractor and its subcontractors of any tier) without

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&nbsp;&nbsp;&nbsp;&nbsp;130 EUROPE/1011979779.40 the Lessee's prior written approval and the Owner shall indemnify, Defend and hold the Lessee Group harmless from and against the same. (b) The Owner or the Operator (as applicable) shall, upon receiving notice from the Lessee or otherwise becoming aware of any asserted Lien of the type contemplated under Clause 17.6(a) (Liens) that may affect the FLNG Facility, the Lessee Group's property or any part thereof, immediately secure the release or discharge of such Lien at its own expense and shall promptly upon demand reimburse the Lessee Group for all reasonable and properly incurred cost or expense as a result of the imposition of the same. (c) If the Owner or the Operator (as applicable) fails to procure the release or discharge of any Lien within thirty (30) Days of receiving notice from the Lessee or otherwise becoming aware of such Lien, then the Lessee may procure the release or discharge of the same at its own expense and the Owner shall promptly upon demand reimburse the Lessee for all reasonable and properly incurred costs or expenses as a result of doing so. If the Lessee's reasonable and properly incurred costs and expenses remain unpaid by the Owner for a period of thirty (30) Days, the Lessee shall have the right to withhold an equal amount from any payments due to the Owner or the Operator under this Agreement. 17.7 Notice and Defence (a) The Owner, Operator or Lessee (as applicable) shall promptly give to the Owner and the Operator (in the case of the Lessee) or the Lessee (in the case of the Owner or the Operator) notice in writing of any Claims that have been made known to it or any proceedings commenced, in both cases for which indemnification under this Agreement is claimed. Such notice shall state with as much detail as is reasonably practicable the facts and circumstances giving rise to the Claims against the other Party. (b) Notwithstanding Clause 17.7(a) (Notice and Defence), if a Party is obligated to indemnify, Defend and hold harmless another Party (or any other person pursuant to the Agreement), lack of prompt notice shall not be a defence except to the extent prejudice has resulted from such lack of prompt notice. (c) The Party against whom the indemnity, Defence and hold harmless is being sought under this Agreement (the "Indemnitor") shall confer with the Party seeking to enforce the indemnity, Defence and hold harmless provisions (the "Indemnitee") concerning the Defence of any such Claims proceedings but, subject to the provisions of this Clause 17 (Liability and Indemnity) and any other applicable provisions of this Agreement, if the Indemnitor has assumed the full Defence of the Claims without qualification, the Indemnitor or its insurer shall retain control of the conduct of such Defence, including but not limited to the selection and management of counsel. (d) No Party shall effect settlement of or compromise any such Claims proceedings without having obtained the prior written consent of the other Parties. If the Indemnitee does not consent to a settlement that the Indemnitor is willing to accept, then the Indemnitor's liability shall be limited to the amount for which the lawsuit could have been settled. (e) If the Indemnitor has assumed the full Defence of the Claims without qualification, then the Indemnitee may, upon written notice to the Indemnitor

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&nbsp;&nbsp;&nbsp;&nbsp;131 EUROPE/1011979779.40 and at the Indemnitee's sole cost and expense, select its own counsel to participate in and be present for the Defence of any such Claims proceeding, provided such counsel shall not take any action in the course of such Claims proceeding to prejudice the Indemnitor's Defence of such Claims proceeding. (f) Where the Indemnitor's proffered Defence is limited to the proportionate act, omission, fault, negligence or breach of duty of the Indemnitor, the Indemnitee may elect to Defend itself and obtain reimbursement of its Defence costs in proportion to the proportionate act, omission, fault, negligence or breach of duty of the Indemnitor and its Group, or reimbursement of all Defence costs if a full Defence is determined to have been owed. 18. CREDIT SUPPORT 18.1 Lessee Credit Support (a) "Lessee Credit Support" means credit support: (i) in the Applicable Form of Credit Support; (ii) for the Lessee Credit Support Amount, as determined in accordance with this Clause 18.1 (Lessee Credit Support) and as reduced by the aggregate amount of contributions made, from time to time, by the Lessee Credit Support Provider(s) and the Lessee SBLC Issuer(s) provided that, if the Lessee Credit Support has been replenished pursuant to Clauses 18.1(d) or 18.1(f) (Lessee Credit Support), then the amount of contributions to be deducted shall be the aggregate amount of contributions made by the Lessee Credit Support Provider(s) and the Lessee SBLC Issuer(s) from the time of such replenishment until the time of the determination; and (iii) provided in accordance with Clauses 18.1(g), 18.1(h) and/or 18.1(i) (Lessee Credit Support) (as applicable). (b) The Lessee shall provide the Lessee Credit Support to the Owner, and shall maintain the Lessee Credit Support in accordance with this Clause 18 (Credit Support). (c) The Lessee Credit Support Amount shall be a sum equal to: (i) on and from the date that is [\*\*\*\*\*] after the date of this Agreement until the date that falls [\*\*\*\*\*]; (ii) on and from the end of the period in Clause 18.1(c)(i) (Lessee Credit Support) until the date that falls [\*\*\*\*\*]; (iii) on and from the end of the period in Clause 18.1(c)(ii) (Lessee Credit Support) until the date that falls [\*\*\*\*\*]; (iv) on and from the end of the period in Clause 18.1(c)(iii) (Lessee Credit Support) until the date that falls [\*\*\*\*\*]; and (v) on and from the end of the period in Clause 18.1(c)(iv) (Lessee Credit Support) until such time as it reduces in accordance with Clause 18.1(e) (Lessee Credit Support): [\*\*\*\*\*].

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&nbsp;&nbsp;&nbsp;&nbsp;132 EUROPE/1011979779.40 (d) If on the Commercial Operations Date the Lessee Credit Support is less than [\*\*\*\*\*], then on the Commercial Operations Date the Lessee shall procure that the Lessee Credit Support is replenished to an amount equal to [\*\*\*\*\*]. (e) Commencing on the date which is [\*\*\*\*\*] after the Commercial Operations Date, and at the end of each complete [\*\*\*\*\*] after the Commercial Operations Date, if the current amount of the Lessee Credit Support is greater than the Required Lessee Credit Support Amount, the Lessee Credit Support Amount shall be reduced to an amount equal to the Required Lessee Credit Support Amount, where "Required Lessee Credit Support Amount" means the higher of: (i) the amount calculated as follows: [\*\*\*\*\*] [\*\*\*\*\*]; and (ii) [\*\*\*\*\*]. (f) If the Lessee Credit Support is reduced to USD zero ($0), the Lessee may, in its sole discretion, replenish such Lessee Credit Support to an amount equal to the Lessee Credit Support Amount applicable at that time. (g) Subject to Clause 18.1(h) (Lessee Credit Support), the Lessee shall procure that the following persons shall (severally, but not joint and severally) provide the following proportionate shares of the amount of Lessee Credit Support determined in accordance with Clause 18.1(a)(ii) (Lessee Credit Support): (i) BP Exploration Operating Company Limited shall provide an amount equal to [\*\*\*\*\*] of the amount of Lessee Credit Support determined in accordance with Clause 18.1(a)(ii) (Lessee Credit Support); and (ii) Kosmos Energy Ltd. shall provide an amount equal to [\*\*\*\*\*] of the amount of Lessee Credit Support determined in accordance with Clause 18.1(a)(ii) (Lessee Credit Support), and any valid claim to be made by the Owner against such Lessee Credit Support shall be contributed to by BP Exploration Operating Company Limited and Kosmos Energy Ltd. in the proportions set out in Clause 18.1(g)(i) and 18.1(g)(ii) (Lessee Credit Support). (h) The Lessee may request the Owner's consent for the Lessee Credit Support that is required to be provided and maintained by BP Exploration Operating Company Limited, Kosmos Energy Ltd. or any other Lessee Credit Support Provider in accordance with this Agreement to be provided by another person or persons, in such proportions (severally, but not joint and severally) as the Lessee acting reasonably proposes, subject to: (i) the Lessee demonstrating, to the reasonable satisfaction of the Owner, that such change will not increase the credit risk to which the Owner is exposed (the "Lessee Credit Risk Test"); and (ii) the Owner giving its prior written consent (such consent not to be unreasonably withheld, conditioned or delayed).

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&nbsp;&nbsp;&nbsp;&nbsp;133 EUROPE/1011979779.40 (i) The Parties agree that: (i) the Lessee's procurement of Lessee Credit Support from a proposed replacement Lessee Credit Support Provider, as requested by the Lessee in accordance with Clause 18.1(h) (Lessee Credit Support); and (ii) the entry by the proposed replacement Lessee Credit Support Provider into an agreement with the Owner in the form of a credit support agreement as set out in Schedule 28 (Form of Credit Support Agreement), would, when considered together, satisfy the Lessee Credit Risk Test for the purposes of Clause 18.1(h)(i) (Lessee Credit Support) ("Alternative Lessee Credit Support Mechanism"). (j) [\*\*\*\*\*] (i) [\*\*\*\*\*]; or (ii) [\*\*\*\*\*]: (A) [\*\*\*\*\*] (B) [\*\*\*\*\*] (k) Subject to Clause 18.1(d) (Lessee Credit Support) and Clause 23.4(e) (Termination by the Owner), and without limiting the Lessee's rights pursuant to Clause 18.1(f) (Lessee Credit Support), the Lessee shall have no obligation to procure the replenishment (in whole or in part) of the Lessee Credit Support where the Lessee Credit Support has been reduced to USD zero ($0) in accordance with this Agreement. 18.2 Owner Credit Support (a) "Owner Credit Support" means credit support: (i) in the Applicable Form of Credit Support); (ii) for the Owner Credit Support Amount, as determined in accordance with this Clause 18.2 (Owner Credit Support) and as reduced by the aggregate amount of contributions made, from time to time, by the Owner Credit Support Provider(s) and the Owner SBLC Issuer(s) provided that, if the Owner Credit Support has been replenished pursuant to Clauses 18.2(d) or 18.2(f) (Owner Credit Support), then the amount of contributions to be deducted shall be the aggregate amount of contributions made by the Owner Credit Support Provider(s) and the Owner SBLC Issuer(s) from the time of such replenishment until the time of the determination; and (iii) provided in accordance with Clauses 18.2(g), 18.2(h) and/or 18.2(i) (Owner Credit Support) (as applicable). (b) The Owner shall provide the Owner Credit Support to the Lessee, and shall maintain the Owner Credit Support in accordance with this Clause 18 (Credit Support).

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&nbsp;&nbsp;&nbsp;&nbsp;134 EUROPE/1011979779.40 (c) The Owner Credit Support Amount shall be a sum equal to: (i) on and from the date that is [\*\*\*\*\*] after the date of this Agreement until the date that falls [\*\*\*\*\*]; (ii) on and from the end of the period in Clause 18.2(c)(i) (Owner Credit Support) until the date that falls[\*\*\*\*\*]; (iii) on and from the end of the period in Clause 18.2(c)(ii) (Owner Credit Support) until the date that falls [\*\*\*\*\*]; (iv) on and from the end of the period in Clause 18.2(c)(iii) (Owner Credit Support) until the date that falls [\*\*\*\*\*]; and (v) on and from the end of the period in Clause 18.2(c)(iv) (Owner Credit Support) until such time as it reduces in accordance with Clause 18.2(e) (Owner Credit Support): [\*\*\*\*\*]. (d) If on the Commercial Operations Date the Owner Credit Support is less than [\*\*\*\*\*], then on the Commercial Operations Date the Owner shall procure that the Owner Credit Support is replenished to an amount equal to [\*\*\*\*\*]. (e) Commencing on the date which is [\*\*\*\*\*] after the Commercial Operations Date, and at the end of each complete [\*\*\*\*\*] thereafter until the date which is [\*\*\*\*\*] after the Commercial Operations Date, if the current amount of the Owner Credit Support is greater than the Required Owner Credit Support Amount, the Owner Credit Support Amount shall be reduced to an amount equal to the Required Owner Credit Support Amount, where the "Required Owner Credit Support Amount" means the higher of: (i) the amount calculated as follows: [\*\*\*\*\*]; and (ii) [\*\*\*\*\*]. (f) If the Owner Credit Support is reduced to USD zero ($0), the Owner may, in its sole discretion, replenish such Owner Credit Support to an amount equal to the Owner Credit Support Amount applicable at that time. (g) Subject to Clause 18.2(h) (Owner Credit Support), the Owner shall procure that the following persons shall (severally, but not joint and severally) provide the following proportionate shares of the amount of Owner Credit Support determined in accordance with Clause 18.2(a)(ii) (Owner Credit Support): (i) GLNG shall provide an amount equal to seventy percent (70%) of the amount of Owner Credit Support determined in accordance with Clause 18.2(a)(ii) (Owner Credit Support); and (ii) [\*\*\*\*\*] shall provide an amount equal to thirty percent (30%) of the amount of Owner Credit Support determined in accordance with Clause 18.2(a)(ii) (Owner Credit Support),

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&nbsp;&nbsp;&nbsp;&nbsp;135 EUROPE/1011979779.40 and any valid claim to be made by the Lessee against such Owner Credit Support shall be contributed to by GLNG and [\*\*\*\*\*] in the proportions set out in Clause 18.2(g)(i) and 18.2(g)(ii) (Owner Credit Support). (h) The Owner may request the Lessee's consent for the Owner Credit Support that is required to be provided and maintained by GLNG, Keppel Corporation Limited or any other Owner Credit Support Provider in accordance with this Agreement to be provided by another person or persons, in such proportions (severally, but not joint and severally) as the Owner acting reasonably proposes, subject to: (i) the Owner demonstrating, to the reasonable satisfaction of the Lessee, that such change will not increase the credit risk to which the Lessee is exposed (the "Owner Credit Risk Test"); and (ii) the Lessee giving its prior written consent (such consent not to be unreasonably withheld, conditioned or delayed). (i) The Parties agree that: (i) the Owner's procurement of Owner Credit Support from a proposed replacement Owner Credit Support Provider, as requested by the Owner in accordance with Clause 18.2(h) (Owner Credit Support); and (ii) the entry by the proposed replacement Owner Credit Support Provider into an agreement with the Lessee in the form of a credit support agreement as set out in Schedule 28 (Form of Credit Support Agreement), would, when considered together, satisfy the Owner Credit Risk Test for the purposes of Clause 18.2(h)(i) (Owner Credit Support) ("Alternative Owner Credit Support Mechanism"). (j) [\*\*\*\*\*]: (i) [\*\*\*\*\*]; or (ii) [\*\*\*\*\*], [\*\*\*\*\*]: (A) [\*\*\*\*\*]; or (B) [\*\*\*\*\*]: (1) [\*\*\*\*\*]; and (2) [\*\*\*\*\*] (k) Subject to Clause 18.2(d) (Owner Credit Support) and Clause 23.2(l) (Termination by the Lessee), and without limiting the Owner's rights pursuant to Clause 18.2(f) (Owner Credit Support), the Owner shall have no obligation to procure the replenishment (in whole or in part) of the Owner Credit Support where the Owner Credit Support has been reduced to USD zero ($0) in accordance with this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;136 EUROPE/1011979779.40 18.3 Other Security Arrangements The Parties agree that other than the Lessee Credit Support and the Owner Credit Support no further security, guarantees or credit covenants (including, in the case of Lessee, any security over the LNG or the LNG proceeds) shall be offered by any Party to the others, unless as may subsequently be agreed by the Parties. 19. MARITIME PROVISIONS 19.1 Health, Safety, Security and Environment Each Party shall comply, and shall use all reasonable endeavours to procure that its subcontractors comply, with the HSSE Manual developed in accordance with Clause 7.6 (Manuals and Protocols) and applicable Laws related to HSSE. In relation to the FLNG Facility, the Owner and the Operator shall comply with all relevant regulations and guidelines issued by the International Maritime Organisation and the Oil Companies International Marine Forum and with the recommendations and guidelines issued from time to time by the Society of International Gas Tanker and Terminal Operators. 19.2 Salvage The Owner and the Operator shall each, save to the extent that may be prescribed by Law, waive all salvage rights should it be called upon to recover any of the Lessee Group's or any Other Contractor's property where such rights could be exercised and the Owner shall indemnify, Defend and hold the Lessee Group harmless from and against any Claims asserted by any of the Owner Group's Personnel in respect of any such salvage even if caused by the negligence or breach of duty (statutory or otherwise) of any member of Lessee Group or any other person. 19.3 Recovery of Sunken Items The Owner and Operator shall, as required by any authority, raise, remove, mark or light any sunken object, lost whilst in the custody of the Owner Group including the FLNG Facility. Where any such sunken object interferes or shall interfere with Lessee's operations which are then existing or planned, the Owner or the Operator shall raise and/or remove such sunken object to allow the Lessee's operations to be properly and safely performed. The Owner shall indemnify, Defend and hold the Lessee Group harmless from and against all Claims in connection with the raising, removal, marking or lighting of any such sunken object even if caused by the negligence or breach of duty (statutory or otherwise) of any member of Lessee Group or any other person. The fact that the sunken objects are insured or have been declared a total loss shall not absolve the Owner or the Operator from their obligations to raise and/or remove same. 19.4 ISPS Code (a) This Clause 19.4 (ISPS Code) makes reference to the International Code for the Security of Ships and of Port Facilities and the relevant amendments to Chapter XI of the Safety of Life at Sea Convention (the "ISPS Code"), in relation to the FLNG Facility only. (b) The Owner shall procure that both the FLNG Facility and "the Company" (as defined by the ISPS Code) shall comply with the requirements of the ISPS Code relating to the FLNG Facility and "the Company". Upon request, the

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&nbsp;&nbsp;&nbsp;&nbsp;137 EUROPE/1011979779.40 Owner shall provide documentary evidence of compliance with this Clause 19.4(b) (ISPS Code). (c) The Parties agree that: (i) except as otherwise provided in this Agreement, loss, damage, expense or delay, caused by failure on the part of the Owner Group to comply with the requirements of the ISPS Code or this Clause 19.4 (ISPS Code) shall be for the Owner's account; and (ii) the Owner shall be proportionately relieved of its obligation to achieve the Performance Standards to the extent of any reasonably foreseeable impact of any loss of time caused by the Lessee Group's failure to comply with the ISPS Code. (d) Costs or expenses related to security regulations or measures required by the port facility or any relevant authority in accordance with the ISPS Code including, but not limited to, security guards, launch services, tug escorts, port security fees or taxes and inspections, for the FLNG Facility shall be for the Owner's account. All measures required by the Owner to comply with the security plan required by the ISPS Code shall be for the Owner's account. (e) If any Party makes any payment, which is for the other Party's account according to this Clause 19.4 (ISPS Code), the other Party shall indemnify the paying Party from and against such amount paid. 19.5 Pollution and Emergency Response (a) Each of the Owner and the Operator undertakes to exercise all due diligence to ensure that no oil, LNG or other harmful, hazardous or noxious substances of any description ("Discharge Substance") shall be discharged, or escape accidentally or otherwise into the environment from the FLNG Facility and that the FLNG Facility and its Crew comply with all international, national or state oil and air pollution Laws, conventions or regulations ("Pollution Legislation") applying in, or to, international waters and the territorial waters of all of those countries where the FLNG Facility may be present at any time. Each of the Owner and the Operator also undertakes to produce evidence satisfactory to the Lessee demonstrating the Owner's and the Operator's (as applicable) compliance with such financial responsibility requirements as may exist under any Pollution Legislation. (b) If an escape or discharge of a Discharge Substance into the environment occurs from the FLNG Facility and causes or threatens to cause pollution damage, or when there is the threat of an escape or discharge of a Discharge Substance into the environment, then upon notice to the Owner or the Operator (as applicable), the Lessee shall have the right (but shall not be obliged) to place on board the FLNG Facility and/or have in attendance at the incident one or more of the Lessee's representatives to observe the measures being taken by the Owner or the Operator (as applicable) and/or national or local authorities or their respective servants, agents or contractors to prevent or minimise pollution damage and to provide advice, equipment or manpower or undertake such other measures as are permitted under applicable Law and as the Lessee believes are reasonably necessary to prevent or minimise such pollution damage or to remove the threat of an escape or discharge of a Discharge Substance.

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&nbsp;&nbsp;&nbsp;&nbsp;138 EUROPE/1011979779.40 (c) The FLNG Facility shall have on board all necessary certificates and other documents with respect to pollution prevention and control, including but not limited to any response plan, certificate of insurance, and other certificates and documents to meet the requirements of competent international, national, state and local authorities, including under any applicable international conventions, if and when in force, and any compulsory contribution funds thereunder. (d) The FLNG Facility shall also have on board any necessary certificates of financial responsibility in respect to pollution. (e) The obligations set out in this Clause 19.5 (Pollution and Emergency Response) are in addition to any duties of the Lessee, the Owner or the Operator whether under this Agreement, applicable Law or under any international conventions in respect of, or statutory obligations which state or local authorities may impose on, the FLNG Facility or the Owner or the Operator in the event of, any accident or incident, including instructions and procedures cited in contingency and oil spill plans. 20. INTELLECTUAL PROPERTY 20.1 Exclusion of transfer or license This Agreement does not affect the ownership of any intellectual property rights which are owned or controlled by either the Lessee Group or the Owner Group, whether such rights are owned or controlled prior to the date of this Agreement or are subsequently acquired including but not limited to any intellectual property rights arising during the course of the Work or the Operating Service. No licence to use any intellectual property rights owned or controlled by the Lessee Group or the Owner Group is granted or implied by this Agreement except as expressly stated. 20.2 Limited exceptions (a) The Owner grants, or shall procure the grant, to the Lessee Group and/or its subcontractors a non-transferrable fully paid up, non-exclusive, irrevocable, worldwide, royalty free licence under any intellectual property rights owned or controlled by the Owner Group during the Term to use the FLNG Facility Information solely to the extent reasonably necessary for receiving the Work, the Operating Services and otherwise complying with their respective obligations under this Agreement. (b) The Lessee grants to the Owner Group a non-transferrable fully paid up, non- exclusive, irrevocable, worldwide, royalty free licence under any intellectual property rights owned or controlled by the Lessee Group during the Term to use the GTA Facility Information solely to the extent reasonably necessary for performing the Work, the Operating Services and otherwise complying with their respective obligations under this Agreement. (c) The Owner grants to the Lessee Group and/or its subcontractors, or shall procure the direct grant to the Lessee Group and/or its subcontractors of, a fully paid-up, non-exclusive, irrevocable, worldwide, royalty free licence under any applicable intellectual property rights, whether owned or controlled by the Owner Group or any other person, solely to the extent reasonably necessary to construct, commission, operate and maintain the FLNG Facility in accordance with this Agreement and provided always that:

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&nbsp;&nbsp;&nbsp;&nbsp;139 EUROPE/1011979779.40 (i) the licence to construct and commission the FLNG Facility shall apply only where any subcontract is novated to the Lessee pursuant to Clause 3.5 (Subcontracting) or any Conversion Contract is novated to the Lessee pursuant to Clause 7.1 (Construction Parties); and (ii) the licence to operate and maintain the FLNG Facility shall apply only in the circumstances described in Clause 20.2(c)(i) (Limited exceptions) or after the first occurring of the following events: (A) in the event of termination of this Agreement following Requisition of the FLNG Facility, upon payment of the sums due under Clause 17.4(b) (Requisition of FLNG Facility); or (B) the exercise of any bare boat charter rights pursuant to Clause 23.9 (Bare Boat Charter); or (C) any exercise of the purchase option contemplated by Clause 28.3 (Purchase of the FLNG Facility). (d) The licence granted to the Lessee Group pursuant to Clause 20.2(c) (Limited exceptions) includes the right to grant sub-licenses to any person contracted to perform work for the Lessee Group in relation to the construction, commissioning, operation and/or maintenance of the FLNG Facility. (e) In the event of the novation of any subcontract to the Lessee pursuant to Clause 3.5 (Subcontracting) and/or the novation any Conversion Contract to the Lessee pursuant to Clause 7.1 (Construction Parties) the Owner and/or Operator shall promptly on request and without additional cost make available to the Lessee Group such FLNG Facility Information as is reasonably required to complete the construction and commissioning of the FLNG Facility in accordance with the relevant subcontract or Conversion Contract. (f) In the event of any of the circumstances described in Clauses 20.2(c)(i) and 20.2(c)(ii) (Limited exceptions) arising, the Owner and/or Operator shall promptly on request and without additional cost make available to the Lessee Group such FLNG Facility Information as is reasonably required to enable the Lessee Group to operate and maintain the FLNG Facility. 20.3 Indemnity (a) The Owner and the Operator warrant that they shall not breach any intellectual property rights of any other person in their performance of the Work or the Operating Services or otherwise in connection with this Agreement. (b) The Owner shall Defend, indemnify and hold harmless the Lessee Group from and against any Claims arising out of or in connection with any infringement or alleged infringement of any intellectual property rights of any other person arising from or in connection with: (i) the performance of the Work and/or the Operating Services; or (ii) the possession, use or operation of the FLNG Facility following: (A) novation of any subcontract to the Lessee pursuant to Clause 3.5 (Subcontracting) and/or the novation any Conversion

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&nbsp;&nbsp;&nbsp;&nbsp;140 EUROPE/1011979779.40 Contract to the Lessee pursuant to Clause 7.1 (Construction Parties); or (B) Requisition of the FLNG Facility, upon termination of this Agreement following payment of the sums due under Clause 17.4(b) (Requisition of FLNG Facility); or (C) the exercise of any bare boat charter rights pursuant to Clause 23.9 (Bare Boat Charter); or (D) any exercise of the purchase option contemplated by Clause 28.3 (Purchase of the FLNG Facility), except, in the circumstances contemplated by Clauses 20.3(b)(ii)(A) to 20.3(b)(ii)(D) (Indemnity) (inclusive), where and to the extent that such infringement is attributable to any unauthorised modification to the FLNG Facility or to the design of the FLNG Facility or any use of the FLNG Facility for purposes other than those envisaged by this Agreement. 21. INSURANCE 21.1 Owner Insurance (a) The Owner shall be responsible for obtaining and maintaining with reputable underwriters: (i) Employers Liability, Workmen's Compensation and Occupational Disease Insurance, including an Alternative Employer endorsement (where applicable) to the minimum value required by any applicable Laws. Where a limit of Employers Liability can be purchased or stated it should be in an amount not less than USD ten million ($10,000,000) per occurrence or the legal minimum, whichever is the greater; (ii) Comprehensive General Liability Insurance for any incident or series of incidents covering the operations of the Owner in the performance of the Work, in an amount not less than USD ten million ($10,000,000) per occurrence; (iii) Builders All Risks Insurance to include all subcontractors of any tier for all risks of loss or damage in respect of the FLNG Facility (and the Golar Gimi pre-conversion) and all Equipment and appurtenances whether at the shipyard of Keppel Shipyard or Keppel Shipyard's subcontractors' or suppliers' premises (unless such risk at subcontractors' or suppliers' premises is covered to an equivalent extent by the subcontractors' or suppliers' own insurance) or in transit or elsewhere and during launching, trial trips and gas trials, tie-in work and all other testing and commissioning activities as appropriate (such Builders All Risk Insurance required only for the period prior to the Commercial Operations Date); (iv) Hull and Machinery Insurance in an amount not less than the declared value of the FLNG Facility, including war risk coverage and, to the extent not covered by the Protection and Indemnity Insurance

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&nbsp;&nbsp;&nbsp;&nbsp;141 EUROPE/1011979779.40 described in Clause 21.1(a)(v) (Owner Insurance), collision liability in respect of the FLNG Facility; (v) Protection and Indemnity Insurance in respect of the FLNG Facility with a Protection and Indemnity Club which is a member of the International Group of Protection and Indemnity Clubs, including wreck and debris removal, crew liability, third party injury and property damage liability and pollution liability (including oil pollution), including collision liability and towage liability coverage in an amount not less than USD one hundred and fifty million ($150,000,000), and pollution coverage in an amount not less than the standard cover available from the International Group of Protection and Indemnity Clubs (currently USD one billion ($1,000,000,000); (vi) additional insurance required by any applicable Law; and (vii) such other additional insurance as the Parties agree is reasonably necessary and available on reasonable commercial terms. 21.2 Operator Insurance (a) The Operator shall be responsible for obtaining and maintaining with reputable underwriters: (i) Employers Liability, Workmen's Compensation and Occupational Disease Insurance, including an Alternative Employer endorsement (where applicable) to the minimum value required by any applicable Laws. Where a limit of Employers Liability can be purchased or stated it should be in an amount not less than USD ten million ($10,000,000) per occurrence or the legal minimum, whichever is the greater; (ii) Comprehensive General Liability Insurance for any incident or series of incidents covering the operations of the Operator in the performance of the Operating Services, in an amount not less than USD ten million ($10,000,000) per occurrence; (iii) additional insurance required by any applicable Law; and (iv) such other additional insurance as the Parties agree is reasonably necessary and available on reasonable commercial terms. (b) The Parties agree that the insurances listed in Clause 21.2 (Operator Insurance) shall, for the purposes of Clause 9.5 (Work Programme and Budget), only be reimbursed under the Work Programme and Budget to the extent such insurances are: (i) required by applicable Law; and/or (ii) for the benefit of the Lessee Group. 21.3 Insurance Policies (a) The Owner and the Operator shall name each other and the Lessee Group as additional insureds and shall ensure each relevant underwriter waives any right of recourse against the Operator, the Owner and the Lessee Group including

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&nbsp;&nbsp;&nbsp;&nbsp;142 EUROPE/1011979779.40 in particular subrogation rights against the Operator, the Owner and the Lessee Group, in each case in respect of each insurance policy, irrespective of the negligence or breach of duty of any member of the Lessee Group. (b) In respect of any claim arising under the insurance policies provided by the Owner's or the Operator's insurers, the Owner and the Operator shall ensure that each relevant underwriter waive any right of recourse against any Other Contractor Group, including in particular subrogation rights against such Other Contractor Group, irrespective of the negligence or breach of duty of any member of such Other Contractor Group, on the express understanding that they shall only apply where the Other Contractor Group's underwriters have provided reciprocal waivers of rights of recourse including subrogation rights against the Owner Group and only from such time as such Other Contractor Group's underwriters become bound by such reciprocal waivers of rights of recourse including subrogation rights and only for the duration they remain bound by such reciprocal waivers. (c) The Owner and the Operator shall provide to the Lessee evidence of all insurance that the Owner and/or the Operator is required to take out and maintain in accordance with this Clause 21 (Insurance) at least once each Contract Year. The receipt of such information shall not impose any obligation on the Lessee. 21.4 Subcontractor Insurances Each of the Owner and the Operator, as it deems necessary acting as a Reasonable and Prudent Operator, shall cause each Subcontractor of any tier employed by it (including any Key Contractor) to purchase and maintain policies of insurance which are commercially reasonable in association with the goods and/or services provided by such subcontractor. 22. TAXES 22.1 Mauritanian and Senegalese Taxes Notwithstanding the provisions of Clause 22.2 (General Taxes), the Parties agree: (a) that all Mauritanian and Senegalese Taxes (and, for the avoidance of doubt, references in this Clause 22 (Taxes) to Senegalese and/or Mauritanian Taxes shall include any Taxes imposed in connection with the GTA Fiscal Regime) properly and necessarily incurred by the Owner in performing the Work in accordance with this Agreement, shall be to the account of the Lessee and the Lessee shall indemnify the Owner for any such Taxes (as well as any Taxes connected with the Work assessed or imposed on the Owner in respect of which the Lessee or one of its Affiliates is Primarily Liable or to the extent that any such assessment or imposition made in respect of such Taxes arises as a result of the Lessee's breach of this Agreement) in a timely manner as such Taxes fall due but excluding any such Taxes (and any fines, penalties and interest thereon) incurred by the Owner arising out of the Owner's breach of this Agreement; (b) that all Mauritanian and Senegalese Taxes properly and necessarily incurred by the Operator in performing the Operating Services in accordance with this Agreement shall be to the account of the Lessee and shall be reflected within costs pursuant to Clause 9.5 (Work Programme and Budget) and paid by the

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&nbsp;&nbsp;&nbsp;&nbsp;143 EUROPE/1011979779.40 Lessee in accordance with Clause 13.2(b) (Obligation to pay Dayrate) and Clause 9.5(h) (Work Programme and Budget), but excluding any such Taxes (and any fines, penalties and interest thereon) incurred by the Operator arising out of the Operator's breach of this Agreement; and (c) [\*\*\*\*\*]. 22.2 General Taxes (a) Subject to Clause 22.1 (Mauritanian and Senegalese Taxes), the Owner shall be solely responsible for and shall bear and pay all Taxes connected with the Work, and the Operator shall be solely responsible for and shall bear and pay all Taxes connected with the Operating Services, in each case assessed or imposed on the Owner or the Operator (as applicable) (including Taxes connected with Personnel but excluding Taxes in respect of which the Lessee or one of its Affiliates is Primarily Liable or to the extent that any such assessment or imposition made in respect of such Taxes arises as a result of the Lessee's breach of this Agreement), and shall fulfil all administrative and registration and de-registration requirements, maintain proper accounting records, and properly file all necessary documents. The Owner and the Operator shall comply with all applicable Laws, regulations and directives concerning all legal, company or branch office tax registration and de- registration requirements. Each of the Owner and the Operator shall use reasonable endeavours to procure that each of its respective subcontractors of any tier shall bear and pay all Taxes connected with the Work or the Operating Services assessed or imposed upon such subcontractor (including Taxes connected with Personnel) and that such subcontractor shall fulfil all administrative and registration and de-registration requirements, maintain proper accounting records, and properly file all necessary documents. (b) Subject to Clause 22.1 (Mauritanian and Senegalese Taxes), the Owner hereby indemnifies, Defends and holds harmless the Lessee Group from and against all Claims whatsoever connected with any assessment or imposition made in respect of all or any Taxes upon the Owner and/or the Operator and/or any subcontractor of any tier connected with the Work or the Operating Services (as applicable), together with any costs of compliance, except Taxes in respect of which the Lessee or one of its Affiliates is Primarily Liable or to the extent that any such assessment or imposition made in respect of such Taxes arises as a result of the Lessee's breach of this Agreement. The Lessee may offset any amounts due from the Owner under this indemnity from any payments the Lessee is due to make to the Owner and/or the Operator under this Agreement. Where Taxes connected with the Operating Services are assessed or imposed on the Operator in respect of which the Lessee or one of its Affiliates is Primarily Liable or to the extent that any such assessment or imposition made in respect of such Taxes arises as a result of the Lessee's breach of this Agreement, the Operator shall invoice the Lessee and the Lessee shall pay to the Operator an amount equal to such Taxes paid or to be paid by the Operator together with any costs of compliance, in accordance with Clause 14 (Invoicing). (c) Each of the Owner, the Operator and the Lessee shall, upon request, supply (and, in the case of the Owner and the Operator, shall use reasonable endeavours to procure that its respective subcontractors of any tier supply) to the Owner, the Operator and/or the Lessee (as applicable), such information (including documentary information) connected with the Work or the Operating

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&nbsp;&nbsp;&nbsp;&nbsp;144 EUROPE/1011979779.40 Services (as applicable) as may be required by the Owner, the Operator or the Lessee (as applicable) for any of the following purposes to enable the Owner, the Operator or the Lessee (as applicable) to: (i) comply with the lawful demand or requirement for such information by any Government Authority; (ii) conduct, Defend, negotiate, or settle any Claim relating to Taxes in respect of which it may be liable in connection with this Agreement, whether or not such Claim shall have become the subject of arbitration or judicial proceedings; or (iii) make any application (including, but without limitation, any Claim for any allowances or relief) or representation connected with, or to contest any assessment on, or its liability to any Taxes. (d) Each of the Owner and the Operator shall, upon request of the Lessee, make available to the Lessee any of their respective tax returns as may be required by the Lessee for the purposes of calculating the adjustment to the CE of the Dayrate pursuant to Clause 22.3 (GTA Fiscal Regime). (e) The obligations set out in Clause 22.2(c) (General Taxes) shall continue for a period of six (6) years (or such longer period as any applicable Law may require) from the end of the Term. Each of the Owner and the Operator shall retain and shall use reasonable endeavours to ensure that its respective subcontractors of any tier retain, all information and documents connected with its activities under or pursuant to this Agreement as shall enable the Owner and the Operator to comply with its above obligations. (f) Where, under the provisions of any Laws for the time being in force, the Lessee is required to deduct any amount, whether as Tax or howsoever called, the Lessee shall without further notification to the Owner or the Operator deduct the specified amount from any amount payable to the Owner or the Operator (as appropriate). The Lessee shall pay over or deal with any amount so deducted in accordance with the provisions of the relevant Laws or regulations providing for the deductions. Where the Lessee makes any such deduction or withholding, the Lessee shall, within a reasonable time upon receipt of the official receipt(s), or other satisfactory verification in respect of such deduction or withholding from the relevant authority, submit same to the Owner and/or the Operator (as appropriate). Upon expiry of the relevant year of withholding, the Owner or the Operator (as appropriate) shall advise the Lessee of any official receipt(s) which remain outstanding for the aforesaid period whereupon the Lessee shall either provide satisfactory verification documentation evidencing payment of such deduction or shall provide the official receipt(s) if received by the Lessee. (g) Notwithstanding the provisions of Clause 22.1 (Mauritanian and Senegalese Taxes) and subject to the provisions of Schedule 6 (Responsibility for Compliance), the Owner and the Operator shall be responsible for obtaining all the necessary customs clearances, or other Approvals required for moving Personnel, Plant and Equipment, including the FLNG Facility, into and out of any jurisdiction. The Lessee will, if so requested by the Owner or the Operator, assist the Owner or the Operator (as applicable) to the extent reasonably necessary with regard to the obtaining of import assistance, or other Approvals

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&nbsp;&nbsp;&nbsp;&nbsp;145 EUROPE/1011979779.40 required for moving Personnel, Plant and Equipment, including the FLNG Facility, into and out any jurisdiction. (h) In the event the Owner or the Operator claims to be exempted from any statutory deductions, it shall inform the Lessee and provide any necessary documentation to support its case, including a valid certificate of exemption from the relevant Government Authority, if applicable. The Lessee shall proceed to deduct taxes as required by Law and pursuant to Clause 22.2(f) (General Taxes), until the provision of such exemption certificate by the Owner or the Operator (as appropriate). (i) The Owner and the Operator shall import or export Plant and Equipment, including the FLNG Facility, in compliance with any and all applicable Laws, including any mandatory security guidelines or policies applicable in each jurisdiction where such import and/or export activity occurs. Subject to Clause 22.1 (Mauritanian and Senegalese Taxes), the Owner and the Operator (as applicable) shall be solely responsible for and shall bear and pay all Customs Duties (and any fines, penalties and interest thereon) and for all import and/or export declarations connected with the Work and the Operating Services (as applicable). The Owner and the Operator shall be solely responsible for all import and/or export declarations connected with the Work and the Operating Services. The Owner and the Operator will make use of duty preference and duty relief programmes if the imported products are eligible, and shall use reasonable endeavours to comply with all requirements of said programmes, including the timely submission of accurate supporting documentation and re- export of the relevant items if appropriate. In situations where the Lessee holds a license, permit or exemption pursuant to a duty preference or relief programme that is allowable when the Lessee is consignee, the Owner and the Operator shall use reasonable care to inquire about, identify and use any such license, program or permit. (j) Where this Agreement requires the Lessee or any member of the Lessee Group to import or export Plant and Equipment, the Owner and/or the Operator shall, upon request, assist the Lessee to comply with any and all applicable Laws, including any mandatory security guidelines or policies applicable in each jurisdiction where such import and/or export activity occurs, obtaining of import assistance, or other governmental authorizations required for moving Plant or Equipment into and out of any jurisdiction. The Owner and the Operator shall provide any and all such information (including copies of documentary information) that is reasonable for them to provide and is in their control as is necessary or deemed necessary by the Lessee to ensure compliance with the aforementioned Laws, guidelines, and policies. If as a result of the Owner or the Operator's act or omission the Lessee or any member of the Lessee Group incurs Customs Duties, including fines, penalties and interest, or other costs which otherwise would not have been due, the Owner shall indemnify and keep indemnified the Lessee Group in respect of such Customs Duties and fines, penalties and interest. Subject to Clause 22.1 (Mauritanian and Senegalese Taxes), all costs arising in connection with the import and/or export of the Operator's Equipment and/or consumable materials for use in connection with the Work and/or the Operating Services shall be for the account of the Operator. (k) The Operator shall submit to the Lessee a Sales Tax invoice for any payments due under this Agreement which shall properly account for and include and itemise all such Sales Taxes and the Lessee shall pay such Sales Taxes in

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&nbsp;&nbsp;&nbsp;&nbsp;146 EUROPE/1011979779.40 compliance with the applicable Laws. The Operator shall pay over to the relevant Governmental Authorities any amounts of Sales Tax properly invoiced in accordance with the relevant Law and regulations in force at the time of making the supply. The Lessee shall be entitled to withhold any payments due under this Agreement until such time as the Lessee receives a valid Sales Tax invoice. (l) If the Operator and the Lessee do not agree as to the Sales Tax due in respect of any payment under this Agreement, Clause 14.5 (Disputed Invoices) shall apply and the Operator shall seek a written ruling from the relevant Government Authority, disclosing all relevant information necessary to enable the Government Authority to rule as to the Sales Tax liability in respect of such payment. The Lessee shall have the right to review and approve (such approval not to be unreasonably withheld, conditioned or delayed) all documentation to be submitted to the Government Authority for such purpose prior to submission. A copy of the resultant ruling shall promptly be disclosed by the Operator to the Lessee. (m) If as a result of enquiries by a Government Authority the Parties become aware of a Sales Tax adjustment then the Operator shall within thirty (30) Days issue a Sales Tax invoice. The Operator will promptly pay to the Lessee any amount overpaid, and the Lessee will pay to the Operator any amount underpaid. (n) If any Party is entitled to payment of any costs or expenses by way of reimbursement or indemnity, the payment must exclude any part of that cost or expense which is attributable to Sales Tax for which that Party or the representative member of any Sales Tax group of which that Party is a member is entitled to recover a credit or repayment in respect thereof. (o) The Owner and the Operator shall use reasonable endeavours, in relation to the performance of this Agreement, to apply all tax benefits, reductions and reliefs by all legally available means conferred by applicable legislation and applicable double tax conventions, and each of the Owner and the Operator shall use reasonable endeavours to procure that its respective subcontractors of any tier shall also seek to apply such legally available reductions, benefits and reliefs. (p) The Owner or the Operator (as applicable) shall, as soon as reasonably practicable after it becomes aware, inform the Lessee of any change in the Owner or the Operator's tax residence, domicile, permanent establishment, tax nexus, tax registration or similar status change. The Lessee shall be entitled to vary the administration of this Agreement as required by Law as a consequence thereof. Notwithstanding the provisions of Clause 22.1 (Mauritanian and Senegalese Taxes) and Clause 27.6(b) (Ownership of the Operator), the Lessee shall be under no obligation to compensate the Owner and/or the Operator for additional Taxes arising as a consequence of any change in the Owner or the Operator's tax residence, domicile, permanent establishment, tax nexus, tax registration or similar status change, other than additional Mauritanian or Senegalese Taxes (including any Taxes imposed in connection with the GTA Fiscal Regime) but only to the extent such change directly resulted from: (i) a change in Mauritanian or Senegalese Law or in the GTA Fiscal Regime; or

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&nbsp;&nbsp;&nbsp;&nbsp;147 EUROPE/1011979779.40 (ii) an act or omission of the Lessee or one of its Affiliates that has a direct adverse effect on the Senegalese, Mauritanian or GTA Fiscal Regime Tax position of the Owner and/or Operator (as applicable). (q) The Parties acknowledge and agree that the introduction, initial imposition and coming into force of the GTA Fiscal Regime and the Owner and/or Operator's initial submission to it and the acts preparatory to the Owner and/or the Operator becoming subject to the GTA Fiscal Regime (including any related registration requirements) (the "GTAFR Introduction") will not: (i) constitute a change in the Owner or the Operator's tax residence, domicile, permanent establishment, tax nexus, tax registration or similar change for the purposes of Clause 22.2(p) (General Taxes); (ii) permit the Lessee to vary the administration of this Agreement under Clause 22.2(p) (General Taxes); and (iii) constitute a change to the GTA Fiscal Regime for the purposes of Clause 22.3 (GTA Fiscal Regime). For the avoidance of doubt, the GTAFR Introduction shall not permit the Lessee to limit its obligations under Clause 22.1 (Mauritanian and Senegalese Taxes) through reliance on the final sentence of Clause 22.2(p) (General Taxes). 22.3 GTA Fiscal Regime If: (a) the governments of the States agree a change to the fiscal regime for the joint development and exploitation of the Unit Area ("GTA Fiscal Regime") such change having the force of law; and (b) as a direct result of such change to the GTA Fiscal Regime, the Owner and/or the Operator suffers (or will suffer) an additional Tax burden or enjoys (or will enjoy) an additional Tax benefit not reflected in the Nominal Set Rate or Adjusted Nominal Set Rate (as applicable), the Owner and the Lessee shall meet to discuss a fair and equitable adjustment to the Dayrate in order to reflect the impact of the GTA Fiscal Regime only, so that the Owner does not lose nor benefit as a result thereof, provided that such adjustment will be subject to agreement by the Owner and the Lessee (both acting reasonably) and provided further than the CE of the Dayrate shall not be reduced below the Nominal Set Rate or Adjusted Nominal Set Rate (as applicable) solely by or as a result of the operation of this Clause 22.3 (GTA Fiscal Regime). 22.4 Failure to Prevent Criminal Facilitation of Tax Evasion (a) Each of the Owner and the Operator shall not engage in any activity, practice or conduct, or omit to do any such act, which would constitute a UK or foreign tax facilitation offence under the Criminal Finances Act 2017. (b) Each of the Owner and the Operator shall ensure that any person associated with them that is performing the Work or Operating Services in connection with this Agreement does so only on the basis of a written contract which imposes on and secures from such person terms equivalent to those imposed on the

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&nbsp;&nbsp;&nbsp;&nbsp;148 EUROPE/1011979779.40 Owner and the Operator in Clause 22.4(a) (Failure to Prevent Facilitation of Tax Evasion). (c) Each of the Owner and the Operator shall implement and maintain policies and procedures which are reasonable to prevent the facilitation of tax evasion offences as described in the Criminal Finances Act 2017, and ensure compliance with this Clause 22.4 (Failure to Prevent Facilitation of Tax Evasion). 23. SUSPENSION AND TERMINATION 23.1 Suspension by Lessee The Lessee may suspend all or part of the performance of the Work and/or the Operating Services for convenience by notice to the Owner and the Operator given at any time during the Commissioning Period or during the Lease Period ("Suspension for Convenience") and: (a) if notice of Suspension for Convenience is given during the Commissioning Period, the Lessee shall pay to the Owner compensation in accordance with Clause 7.12(f) (Commissioning Period); or (b) if notice of Suspension for Convenience is given during the Lease Period, the Normal Dayrate shall apply as adjusted in accordance with Clause 13.8(c)(iii) (Availability and Capacity Performance), in each case, for the duration of the Suspension for Convenience. 23.2 Termination by the Lessee Subject to Clause 23.6(a) (Cure Periods) and Clause 23.9 (Bare Boat Charter), the Lessee may terminate this Agreement with immediate effect upon giving notice (setting out full particulars of the relevant breach and/or reason for termination) to the Owner and Operator if: (a) the Owner or the Operator fails to effect or maintain any of the insurances required under Clause 21 (Insurance) and such failure persists for a period of [\*\*\*\*\*]; (b) the Owner is in breach of its obligations under Clause 18.2(b) (Owner Credit Support) and such failure persists for a period of [\*\*\*\*\*]; (c) the Owner fails to adhere to applicable Classification Society requirements which has resulted in, or could reasonably be expected to lead to, a loss of registration of the FLNG Facility and such failure persists for a period of [\*\*\*\*\*]; (d) the Owner or the Operator fails to make any payment in excess of: (i) prior to the Commercial Operations Date, [\*\*\*\*\*]; and (ii) on and from the Commercial Operations Date, [\*\*\*\*\*], due and payable under any undisputed invoice within [\*\*\*\*\*] of receiving written notice from the Lessee requiring it to do so (provided that, in the event more than one undisputed invoice remains unpaid after [\*\*\*\*\*] of the Owner or the

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&nbsp;&nbsp;&nbsp;&nbsp;149 EUROPE/1011979779.40 Operator (as applicable) receiving written notice from the Lessee requiring payment and the aggregate amount under such unpaid invoices exceeds the relevant amounts set out in Clauses 23.2(d)(i) or 23.2(d)(ii) (Termination by the Lessee) (as applicable), the Lessee shall have the right to terminate this Agreement in accordance with this Clause 23.2(d) (Termination by the Lessee)); (e) the total amount of Daily LDs that: (i) have been paid to the Lessee; and/or (ii) are due and payable to the Lessee, is equal to or greater than the Liquidated Damages Liability Cap at any given point in time, provided that such right of termination shall only be exercisable for a [\*\*\*\*\*] period following the date that the Liquidated Damages Liability Cap is first reached; (f) an Insolvency Event occurs (or, in the reasonable opinion of the Lessee, is reasonably likely to occur) in relation to: (i) the Owner; (ii) the Operator; (iii) one or more of the Owner Credit Support Providers or the Owner SBLC Issuers; or (iv) subject to Clause 23.7 (Key Contractor Insolvency Cure Periods) and prior to the Commercial Operations Date, a Key Contractor (in its capacity as such); (g) a right to terminate contemplated in this Agreement for a prolonged FM Event by Clause 15 (Force Majeure) arises; (h) a Conversion Contract terminates without the Lessee's prior written consent; (i) there is an actual total loss of the FLNG Facility, or any other event which, in the opinion of the Owner's insurer(s) under hull and machinery policies, renders the FLNG Facility to be a constructive, compromised or arranged total loss for the purposes of such policies; (j) the FLNG Facility is on Zero Capital Dayrate for a period of [\*\*\*\*\*]; (k) the Owner or the Operator breaches any of its obligations under Clause 31 (Business Principles); (l) where the Owner Credit Support has been reduced to [\*\*\*\*\*] and the Owner has not replenished, in its sole discretion, the Owner Credit Support in accordance with Clause 18.2(f) (Owner Credit Support) within [\*\*\*\*\*] after the date that the Owner Credit Support has been reduced to [\*\*\*\*\*]; (m) the Lessee completes the purchase of the FLNG Facility in accordance with Clause 28.3 (Purchase of the FLNG Facility);

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&nbsp;&nbsp;&nbsp;&nbsp;150 EUROPE/1011979779.40 (n) the Owner or Operator assigns, novates or transfers all or part of its rights or obligations under this Agreement, or is subject to a Change of Control, and does not obtain the prior written consent of the Lessee to such assignment, novation or transfer, or Change of Control, in accordance with Clause 27 (Assignment and Change of Control); or (o) the Owner fails to implement the actions the subject of the Independent Expert's determination within a reasonable time frame (having regarding to the nature of the actions) pursuant to Clause 7.5(c)(ii)(C) (Review-points). 23.3 Termination for Owner or Operator Default (a) Subject to Clause 23.2 (Termination by the Lessee), if the Owner or the Operator is in breach of any of its material obligations under this Agreement, or any of its representations under Clauses 16.1 (Owner's Representations and Warranties) or 16.2 (Operator's Representations and Warranties) (as applicable) is incorrect or misleading in any material way, then the Lessee may, subject to providing a notice in accordance with Clause 23.3(b) (Termination for Owner or Operator Default) and the other requirements set out in this Clause 23.3 (Termination for Owner or Operator Default) terminate this Agreement. (b) Upon becoming aware of any such breach by either the Owner or the Operator of one or more of its material obligations under this Agreement or that any representation is incorrect or misleading in any material respect, the Lessee may give notice to the Owner and Operator setting out full particulars of the relevant breach or misrepresentation ("Notice of Default"). (c) Within [\*\*\*\*\*] of the Lessee providing a Notice of Default, the senior management of the Parties shall arrange a convenient date (which, in any event, shall be within [\*\*\*\*\*] of receipt of the Lessee's Notice of Default or such other period as may be agreed by the Parties acting reasonably) to meet and discuss the nature and scope of the breach or misrepresentation set out in the Notice of Default with a view to agreeing any immediate action required to remedy or mitigate such breach and/or any matters to be taken into account by the Parties in formulating a remedial action plan under Clause 23.3(d) (Termination for Owner or Operator Default). (d) Within [\*\*\*\*\*] (or such other period as may be agreed by the Parties acting reasonably) of the senior management of the Parties meeting in accordance with Clause 23.3(c) (Termination for Owner or Operator Default), representatives of the Parties, together with any Credit Support Providers (as required), shall meet and discuss the development of a remedial action plan in response to the breach or misrepresentation set out in the Notice of Default. (e) If: (i) senior management of the Owner and/or the Operator fail to meet with senior management of the Lessee in accordance with Clause 23.3(c) (Termination for Owner or Operator Default) (other than to the extent such failure was caused by or attributable to the Lessee); (ii) the Owner or the Operator (as relevant) fails to commence taking steps to remedy the breach or misrepresentation set out in the Notice of

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&nbsp;&nbsp;&nbsp;&nbsp;151 EUROPE/1011979779.40 Default within [\*\*\*\*\*] of the Parties agreeing a remedial action plan under Clause 23.3(d) (Termination for Owner or Operator Default); or (iii) the breach or misrepresentation set out in the Notice of Default has not been remedied within [\*\*\*\*\*] (or such other period as may be reasonable given the nature of the breach or misrepresentation, such period not to exceed [\*\*\*\*\*] of the Lessee providing the Notice of Default, then the Lessee may terminate this Agreement with immediate effect upon giving notice to the Owner and the Operator. 23.4 Termination by the Owner Subject to Clauses 23.6(b) and 23.6(c) (Cure Periods), the Owner may terminate this Agreement with immediate effect upon giving notice (setting out full particulars of the relevant breach and/or reason for termination) to the Lessee where: (a) the Lessee is in breach of its obligations under Clause 18.1(b) (Lessee Credit Support) and such failure persists for a period of [\*\*\*\*\*]; (b) the Lessee fails to make any payment in excess of: (i) prior to the Commercial Operations Date, [\*\*\*\*\*]; and (ii) on and from the Commercial Operations Date, [\*\*\*\*\*], due and payable under any undisputed invoice within [\*\*\*\*\*] of receiving written notice from the Owner requiring it to do so (provided that, in the event more than one undisputed invoice remains unpaid after [\*\*\*\*\*] of the Lessee receiving written notice from the Owner requiring payment and the aggregate amount under such unpaid invoices exceeds the relevant amounts set out in Clauses 23.4(b)(i) or 23.4(b)(ii) (Termination by the Owner) (as applicable), the Owner shall have the right to terminate in accordance with this Clause 23.4 (Termination by the Owner)); (c) the total amount of Standby Dayrate (together with any Bullet Payment) that: (i) has been paid to the Owner; and/or (ii) is due and payable to the Owner, is equal to or greater than the Standby Dayrate Liability Cap at any given point in time, provided that such right of termination shall only be exercisable for a [\*\*\*\*\*] following the date that the Standby Dayrate Liability Cap is first reached; (d) an Insolvency Event occurs (or, in the reasonable opinion of the Owner, is reasonably likely to occur) in relation to: (i) the Lessee; or (ii) one or more of the Lessee Credit Support Providers or the Lessee SBLC Issuers; (e) where the Lessee Credit Support has been reduced to [\*\*\*\*\*] and the Lessee has not replenished, [\*\*\*\*\*], the Lessee Credit Support in accordance with

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&nbsp;&nbsp;&nbsp;&nbsp;152 EUROPE/1011979779.40 Clause 18.1(f) (Lessee Credit Support) within [\*\*\*\*\*] after the date that the Lessee Credit Support has been reduced to [\*\*\*\*\*]. 23.5 [\*\*\*\*\*] (a) [\*\*\*\*\*]: (i) [\*\*\*\*\*]; or (ii) [\*\*\*\*\*]. (b) [\*\*\*\*\*]. (c) [\*\*\*\*\*]. (d) [\*\*\*\*\*]. (e) [\*\*\*\*\*]: (i) [\*\*\*\*\*]; or (ii) [\*\*\*\*\*], [\*\*\*\*\*]. 23.6 Cure Periods (a) Notwithstanding Clause 23.2(f) (Termination by the Lessee), the Lessee may not exercise its right to terminate this Agreement due to an Insolvency Event occurring (or, in the reasonable opinion of the Lessee, being reasonably likely to occur) in relation to one or more of the Owner Credit Support Providers or in relation to one or more of the Owner SBLC Issuers without giving the Owner at least [\*\*\*\*\*] notice of its intention to do so. If an Insolvency Event occurs (or, in the reasonable opinion of the Lessee, is reasonably likely to occur), in relation to one or more of the Owner Credit Support Providers or in relation to one or more of the Owner SBLC Issuers, the Lessee shall have no right to terminate this Agreement with respect to such Insolvency Event if the Owner: (i) gives notice to the Lessee that it will procure the required credit support from another person of sufficient standing in accordance with the provisions of Clause 18 (Credit Support) within [\*\*\*\*\*] of receipt of notice from the Lessee; and (ii) procures the required credit support from such other person in accordance with the provisions of Clause 18 (Credit Support) within a further [\*\*\*\*\*]. (b) Subject to Clause 23.6(c) (Cure Periods) but notwithstanding Clause 23.4 (Termination by the Owner), the Owner may not exercise its right to terminate this Agreement due to a reason in Clause 23.4 (Termination by the Owner) (other than Clause 23.4(d) (Termination by the Owner) to which Clause 23.6(c) (Cure Periods) applies) without giving the Lessee at least [\*\*\*\*\*] notice of its intention to do so and the Owner shall have no right to terminate this Agreement with respect such default if one or more Co-venturers gives notice prior to termination of this Agreement:

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&nbsp;&nbsp;&nbsp;&nbsp;153 EUROPE/1011979779.40 (i) requesting the Owner not to terminate this Agreement; (ii) acknowledging that it or they will assume all the Lessee's obligations under this Agreement; and (iii) undertaking to pay to the Owner and the Operator any and all undisputed amounts due under this Agreement now and in the future. (c) Notwithstanding Clause 23.4(d) (Termination by the Owner), the Owner may not exercise its right to terminate this Agreement due to an Insolvency Event occurring (or, in the reasonable opinion of the Owner, being reasonably likely to occur) in relation to the Lessee, one or more of the Lessee Credit Support Providers or one or more of the Lessee SBLC Issuers, without giving the Lessee at least [\*\*\*\*\*] notice of its intention to do so. If an Insolvency Event occurs (or, in the reasonable opinion of the Owner, is reasonably likely to occur), in relation to: (i) the Lessee, then the Owner shall have no right to terminate this Agreement with respect such Insolvency Event if one or more Co- venturers gives notice prior to termination of this Agreement: (A) requesting the Owner not to terminate this Agreement; (B) acknowledging that it or they will assume all the Lessee's obligations under this Agreement; and (C) undertaking to pay to the Owner and the Operator any and all amounts due under this Agreement now and in the future, and such Co-venturer provides a deed of novation duly executed by the relevant Co-venturer(s) and by or on behalf of the Lessee, which shall be substantially in the form of deed of novation in Schedule 23 (Form of Deed of Novation) within [\*\*\*\*\*] of receipt of notice under Clause 23.6(c)(i) (Cure Periods) (or such longer period as the Parties agree, acting reasonably); or (ii) one or more of the Lessee Credit Support Providers or one or more of the Lessee SBLC Issuers then the Owner shall have no right to terminate this Agreement with respect such Insolvency Event if the Lessee: (A) gives notice that it will procure the required credit support from another person in accordance with Clause 18 (Credit Support) within [\*\*\*\*\*] of receipt of notice from the Owner; and (B) procures the required credit support from such other person in accordance with Clause 18 (Credit Support) within a further [\*\*\*\*\*]. 23.7 Key Contractor Insolvency Cure Periods (a) Notwithstanding Clause 23.2(f)(iv) (Termination by the Lessee), the Lessee may not exercise its right to terminate this Agreement due to an Insolvency Event occurring (or, in the reasonable opinion of the Lessee, being reasonably likely to occur) in relation to one or more of the Key Contractors other than GLNG without giving the Owner at least [\*\*\*\*\*] notice of its intention to do so

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&nbsp;&nbsp;&nbsp;&nbsp;154 EUROPE/1011979779.40 and setting out the basis upon which it has formed the good faith view that an Insolvency Event has occurred (or, in the reasonable opinion of the Lessee, being reasonably likely to occur) in relation to one or more of the Key Contractors ("Key Contractor Insolvency Event Notice"). (b) Within [\*\*\*\*\*] of the Lessee providing a Key Contractor Insolvency Event Notice, the senior management of the Parties shall arrange a convenient date (which, in any event, shall be within [\*\*\*\*\*] of receipt of the Lessee's Key Contractor Insolvency Event Notice or such other period as may be agreed by the Parties acting reasonably) to meet and discuss the basis for the Lessee's good faith view that an Insolvency Event has occurred (or, in the reasonable opinion of the Lessee, being reasonably likely to occur) in relation to one or more of the Key Contractors with a view to agreeing any immediate action required to remedy or mitigate the circumstances and/or any matters to be taken into account by the Parties in formulating a remedial action plan under Clause 23.7(c) (Key Contractor Insolvency Cure Periods). (c) Within [\*\*\*\*\*] (or such other period as may be agreed by the Parties acting reasonably) of senior management of the Parties meeting in accordance with Clause 23.7(b) (Key Contractor Insolvency Cure Periods), representatives of the Parties, together with representatives of any Key Contractors or potential alternative key contractors (as required), shall meet and discuss the development of a remedial action plan in response to the matters set out in the Key Contractor Insolvency Event Notice taking into account any matters that senior management agreed to address. (d) If: (i) senior management of the Owner fail to meet with senior management of the Lessee in accordance with Clause 23.7(b) (Key Contractor Insolvency Cure Periods) (other than to the extent such failure was caused by or attributable to the Lessee); (ii) the Owner fails to commence taking steps to implement the remedial action plan agreed under Clause 23.7(c) (Key Contractor Insolvency Cure Periods) within [\*\*\*\*\*] (or such other period as the Parties agree acting reasonably) of the Parties agreeing it; or (iii) if the Owner and the Lessee fail to agree on a remedial action plan within [\*\*\*\*\*] of the initial meeting convened pursuant to Clause 23.7(c) (Key Contractor Insolvency Cure Periods), then the Lessee may terminate this Agreement with immediate effect upon giving notice to the Owner and the Operator. 23.8 Consequences of Termination (a) If the Lessee validly terminates this Agreement pursuant to Clause 23.2 (Termination by the Lessee) (other than Clauses 23.2(g) and 23.2(m) (Termination by the Lessee)) or Clause 23.3 (Termination for Owner or Operator Default), then subject to the Surviving Obligations: (i) the Owner shall (or shall procure that the provider of Owner Credit Support shall) immediately pay to the Lessee the Owner Credit Support Amount at the point in time of termination, less:

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&nbsp;&nbsp;&nbsp;&nbsp;155 EUROPE/1011979779.40 (A) if the Agreement is validly terminated prior to the Commercial Operations Date: (1) any Daily LDs already paid by the Owner; and (2) amounts already paid by the Owner Credit Support Provider(s) and the Owner SBLC Issuer(s) (provided that if the Owner Credit Support has been previously replenished pursuant to Clauses 18.2(d) or 18.2(f) (Owner Credit Support), such reduction shall only be for the amounts already paid by the Owner Credit Support Provider(s) and the Owner SBLC Issuer(s) from the date of the immediately prior replenishment), at the point in time of termination; or (B) if the Agreement is validly terminated on or after the Commercial Operations Date: (1) any Daily LDs paid by the Owner; and (2) amounts paid by the Owner Credit Support Provider(s) and the Owner SBLC Issuer(s) (provided that if the Owner Credit Support has been previously replenished pursuant to Clauses 18.2(d) or 18.2(f) (Owner Credit Support), such reduction shall only be for the amounts already paid by the Owner Credit Support Provider(s) and the Owner SBLC Issuer(s) from the date of the immediately prior replenishment), on and from the Commercial Operations Date until the point in time of termination, and that payment will constitute the full and final satisfaction of any and all outstanding liabilities of the Owner, the Operator and their respective Affiliates to the Lessee under or in connection with this Agreement as at the date of termination save that the Lessee Group shall remain entitled to rely on any indemnities granted by the Owner in favour of the Lessee Group under this Agreement; and (ii) none of the Lessee, the Owner or the Operator shall have any further claims, rights or remedies under this Agreement, at Law or otherwise upon such valid termination, subject to the exercise by the Lessee of: (A) any step-in rights in favour of the Lessee in any Direct Agreement; and/or (B) any bare boat charter rights pursuant to Clause 23.9 (Bare Boat Charter). (b) If the Owner validly terminates this Agreement pursuant to Clause 23.4 (Termination by the Owner) or Clause 23.5 (Termination for Breach of Business Principles), then subject to the Surviving Obligations:

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&nbsp;&nbsp;&nbsp;&nbsp;156 EUROPE/1011979779.40 (i) the Lessee shall (or shall procure that the provider of Lessee Credit Support shall) immediately pay to the Owner the Lessee Credit Support Amount at the point in time of termination, less: (A) if the Agreement is validly terminated prior to the Commercial Operations Date: (1) any Standby Dayrate and Bullet Payment already paid by the Lessee; and (2) amounts already paid by the Lessee Credit Support Provider(s) and the Lessee SBLC Issuer(s) (provided that if the Lessee Credit Support has been previously replenished pursuant to Clauses 18.1(d) or 18.1(f) (Lessee Credit Support), such reduction shall only be for the amounts already paid by the Lessee Credit Support Provider(s) and the Lessee SBLC Issuer(s) from the date of the immediately prior replenishment), at the point in time of termination; or (B) if the Agreement is validly terminated on or after the Commercial Operations Date: (1) any Bullet Payment not yet reimbursed; (2) any Standby Dayrate paid by the Lessee; and (3) amounts paid by the Lessee Credit Support Provider(s) and the Lessee SBLC Issuer(s) (provided that if the Lessee Credit Support has been previously replenished pursuant to Clauses 18.1(d) or 18.1(f) (Lessee Credit Support), such reduction shall only be for the amounts already paid by the Lessee Credit Support Provider(s) and the Lessee SBLC Issuer(s) from the date of the immediately prior replenishment), on and from the Commercial Operations Date until the point in time of termination, and that payment will constitute the full and final satisfaction of any and all outstanding liabilities of the Lessee, its Co-venturers and its and their respective Affiliates to the Owner and the Operator under or in connection with this Agreement save that the Owner Group shall remain entitled to rely on any indemnities granted by the Lessee in favour of the Owner Group under this Agreement; and (ii) none of the Lessee, the Owner or the Operator shall have any further claims, rights or remedies under this Agreement, at law or otherwise upon such valid termination. (c) At the end of the Lease Period or if this Agreement is validly terminated pursuant to: (i) Clause 8.2(c) or Clause 8.2(f) (Continuation Date);

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&nbsp;&nbsp;&nbsp;&nbsp;157 EUROPE/1011979779.40 (ii) Clause 15 (Force Majeure); or (iii) at any point following the arrival of the FLNG Facility at the Lessee's Operating Boundary, this Clause 23 (Suspension and Termination) except where the Lessee exercises its right to enter into a bareboat charter under Clause 23.9 (Bare Boat Charter), the Operator's obligations to perform the Operating Services under Clause 3.4 (Operator's General Obligations) and the Lessee's obligations under Clause 4.1(b) (Upstream Project Obligations) shall cease on and from the end of the Lease Period or the relevant termination date (as applicable); provided that the Owner's obligations to demobilise the FLNG Facility under Clause 3.1(a) (Owner's General Obligations), and the corresponding obligations of the Owner and the Lessee under Clause 17 (Liability and Indemnity), Clause 19 (Maritime Provisions) and Clause 21 (Insurance), shall continue until the FLNG Facility has been safely disconnected and demobilised from the LNG Hub Facilities and is outside of the Lessee's Operating Boundary. (d) The Owner and the Lessee shall use reasonable endeavours to agree the necessary steps to be taken by the Owner and the Lessee to safely disconnect and demobilise the FLNG Facility from the LNG Hub Facilities in accordance with Schedule 8 (HSSE Requirements) prior to the Owner disconnecting and demobilising the FLNG Facility. 23.9 Bare Boat Charter (a) Subject to the Commercial Operations Date having occurred, if the Lessee is entitled to terminate this Agreement in accordance with Clause 23.2 (Termination by the Lessee) (other than Clauses 23.2(h), 23.2(i), 23.2(k) or 23.2(m) (Termination by the Lessee)) or Clause 23.3 (Termination for Owner or Operator Default), then the Lessee may (in its sole discretion) give notice to the Owner that it wishes to enter into a bare boat charter, in which case: (i) the Owner shall allow (at the Lessee's cost) the attendance on board the FLNG Facility of a reasonable number of the Lessee's representatives for a period of up to thirty (30) Days after the notice given pursuant to Clause 23.9(a) (Bare Boat Charter), and shall further allow (at the Lessee's cost) the attendance on board of the Lessee's crew for up to twenty (20) Days prior to execution of the bare boat charter, and the Owner shall co-operate with the Lessee's representatives and crew to allow them to familiarise themselves with the FLNG Facility's systems, and reasonably assist with and/or submit documentation (at the Lessee's cost) relating to the change in operator, technical managers and/or crew to the FLNG Facility's Flag State, Classification Society and any other relevant authorities or entities as may be reasonably notified by the Lessee; (ii) promptly following the thirtieth (30th) Day after the notice given pursuant to Clause 23.9(a) (Bare Boat Charter), the Owner and the Lessee shall execute a bare boat charter in accordance with the principles in Schedule 22 (Bare Boat Charter); (iii) upon execution of the bare boat charter, this Agreement shall terminate; and

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&nbsp;&nbsp;&nbsp;&nbsp;158 EUROPE/1011979779.40 (iv) subject to Clause 23.8(a)(i) (Consequences of Termination) and the Surviving Obligations, no Party shall have any entitlement, and will not assert the existence of any entitlement, to additional claims, rights, remedies or payments upon such termination. (b) The rights of the Parties under this Clause 23.9 (Bare Boat Charter) shall prevail over any inconsistencies with Clause 7.2(a) (Inspection Rights). 24. DISPUTE RESOLUTION 24.1 Governing Law This Agreement and any dispute or Claim arising out of or in connection with it or its subject matter, existence, negotiation, validity, termination or enforceability (including any non-contractual disputes or Claims) shall be governed by and construed in accordance with the laws of England and Wales. 24.2 Occurrence of Disputes (a) The Parties agree to attempt to resolve any dispute, controversy, difference or claim arising out of or in respect of this Agreement ("Dispute") promptly and in a good faith manner. Without prejudice to any Party's rights to apply to any competent judicial authority for interim or conservatory measures, a Dispute shall be settled in accordance with the procedures set out in this Clause 24 (Dispute Resolution). (b) For the avoidance of doubt, neither the existence of any Dispute, nor the commencement of any proceedings thereto, shall relieve a Party of its obligations to continue to observe and perform the provisions of this Agreement. (c) In the event a Dispute exists, the Party raising any Dispute shall first serve upon the other Parties a written notice setting out the material particulars of the Dispute ("Notice of Dispute"). 24.3 Senior Management The Parties agree that: (a) within [\*\*\*\*\*] from the date of a Notice of Dispute, the senior management of all Parties shall meet with a view to resolving the Dispute notified by the Notice of Dispute; and (b) if the Dispute is not resolved between the Parties within [\*\*\*\*\*] from the date of the Notice of Dispute, any Party shall be entitled to refer such Dispute to: (i) expert determination in accordance Clause 24.4 (Expert Determination) for any Dispute arising in connection with Clauses 3.4(b) (Operator's General Obligations), 3.7 (Cost Competitiveness), 6.7 (Variation Order), 7.4 (Hold-points), 7.5 (Review-points), 8.2(e)(iv)(B)(3) (Continuation Date), 12.5 (Adjustment of Base Capacity) 14.7(b) (Audit, Records and Financial Reporting), 14.7(c) (Audit, Records and Financial Reporting), 17.4(b)(i) (Requisition of FLNG Facility) or 28.3(a)(ii) (Purchase of the FLNG Facility) (a "Technical Dispute"); or

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&nbsp;&nbsp;&nbsp;&nbsp;159 EUROPE/1011979779.40 (ii) arbitration in accordance with Clause 24.5 (Arbitration) for any other Dispute. 24.4 Expert Determination (a) Any Technical Dispute that is not resolved pursuant to Clause 24.3 (Senior Management) shall be referred to an expert for determination ("Independent Expert") pursuant to this Clause 24.4 (Expert Determination). The Party that requires a Technical Dispute to be submitted to an Independent Expert shall send a written notice to the other Party or Parties to the Technical Dispute, specifying that such Technical Dispute be submitted to an Independent Expert who shall be designated to consider and decide the issues raised by such Technical Dispute (a "Technical Dispute Submission"). (b) The Parties to the Technical Dispute shall discuss and seek to agree on a designated Independent Expert within [\*\*\*\*\*] of the date of the relevant Technical Dispute Submission. If the Parties fail to designate the Independent Expert within the time period stipulated above, upon the request of any of the Parties to the Technical Dispute, the International Chamber of Commerce ("ICC") International Centre for ADR shall appoint such Independent Expert in accordance with the ICC Rules for the Appointment of Experts and Neutrals, subject to the provisions set forth in this Clause 24.4 (Expert Determination). Within [\*\*\*\*\*] of the appointment of the Independent Expert, the Parties shall submit to the Independent Expert a notice (a "Position Notice") setting forth such Party's position in respect of the issues in dispute. Such Position Notice shall include supporting documentation, if appropriate. (c) The Independent Expert shall complete all proceedings and issue his decision with reasons with regard to the Technical Dispute as promptly as reasonably possible, but in any event within [\*\*\*\*\*] of the date on which both Position Notices are submitted, unless the Independent Expert reasonably determines that additional time is required in order to give adequate consideration to the issues raised. If the Independent Expert reasonably determines that additional time is required in order to give adequate consideration to the issues raised, the Independent Expert shall state in writing his reasons for believing that additional time is needed and shall specify the additional period required, which period shall not exceed [\*\*\*\*\*] unless the Parties agree otherwise. If the Parties agree to such additional time, the Independent Expert shall render his decision within such extended time period. In resolving a Technical Dispute, the Independent Expert shall consider all facts and circumstances he deems reasonable given the nature of the Technical Dispute. (d) If the Independent Expert fails to notify the Parties of his decision with respect to any Technical Dispute referred to him pursuant to Clause 24.4(a) (Expert Determination) within the time limit pursuant to Clause 24.4(c) (Expert Determination), a Party to the Technical Dispute may give notice that the Technical Dispute is to be decided by arbitration pursuant to Clause 24.5 (Arbitration), whereupon the Independent Expert shall give no further consideration to the Technical Dispute and shall not issue a decision. (e) The decision of the Independent Expert may only be challenged on the grounds of (i) procedural unfairness, (ii) the Independent Expert materially departed from his instructions or (iii) manifest error or fraud. A Party wishing to challenge the Independent Expert's decision must issue a written notice of dissatisfaction with the decision to the other Party or Parties to the Technical Dispute, with a

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&nbsp;&nbsp;&nbsp;&nbsp;160 EUROPE/1011979779.40 copy to the Independent Expert, within [\*\*\*\*\*] of such Party's receipt of the Independent Expert's decision, in which event such Technical Dispute shall be referred to arbitration pursuant to Clause 24.5 (Arbitration), provided such Party commences arbitration within [\*\*\*\*\*] from the date of the receipt by the other Party or Parties to the Technical Dispute of the notice of dissatisfaction. In such a case, the Independent Expert's decision will remain binding on the Parties until it is superseded by any decision or award of the arbitral tribunal under Clause 24.5 (Arbitration). If the arbitration is not commenced within such [\*\*\*\*\*], the Independent Expert's decision shall, in the absence of manifest error or fraud, be final and binding upon the Parties, notwithstanding the timely notice of dissatisfaction given by the dissatisfied Party. (f) All individuals appointed by the Parties or the ICC International Centre for ADR as an Independent Expert shall be independent of the Parties and shall be experienced in comparable projects and have the expertise in the area to which such Technical Dispute relates. (g) The Independent Expert shall have the power to award costs as well as interest on any sums awarded as it deems appropriate. All fees and expenses incurred by the Independent Expert shall be borne by the Parties to the Technical Dispute in equal shares, unless the Independent Expert decides otherwise. Each Party shall bear its own costs of participating in the expert determination process (including the costs of its advisors or consultants). (h) The Independent Expert will determine its own procedures for the resolution of the Technical Dispute. The Independent Expert shall act as an expert and not as an arbitrator. (i) All proceedings (including all documents submitted in connection with such proceedings) before the Independent Expert shall be conducted in the English language and shall be kept confidential among the Parties and the Independent Expert. (j) Where there is any dispute about whether a Dispute constitutes a Technical Dispute, such dispute shall be resolved in accordance with Clause 24.5 (Arbitration). 24.5 Arbitration (a) Any Dispute (other than a Technical Dispute) which is not resolved in accordance with Clause 24.3 (Senior Management) and any Technical Dispute that has been challenged in accordance with Clause 24.4(e) (Expert Determination) shall be referred to final and binding determination by arbitration under the arbitration rules (the "Rules") of the London Court of International Arbitration (the "LCIA"), which Rules are deemed to be incorporated by reference into this Clause 24.5 (Arbitration). (b) The seat and venue for the arbitration shall be London, England. (c) The tribunal (the "Arbitral Tribunal") shall consist of three (3) arbitrators. One arbitrator shall be nominated by the claimant (or claimant parties jointly) in the request for arbitration and the second arbitrator shall be nominated by the respondent (or respondent parties jointly) in the response to the request for arbitration, for appointment by the LCIA court. If there are multiple claimants and/or multiple respondents, each Party agrees that, in the absence of a joint

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&nbsp;&nbsp;&nbsp;&nbsp;161 EUROPE/1011979779.40 nomination of an arbitrator by one side, any existing nomination or confirmation of the arbitrator chosen by the Party or Parties on the other side of the proposed arbitration shall be unaffected, and the remaining arbitrator(s) shall be appointed in accordance with the LCIA Rules. If this Clause 24.5(c) (Arbitration) operates to exclude a Party's right to choose its own arbitrator, each Party irrevocably and unconditionally waives any right to do so. The third arbitrator, who shall be the presiding arbitrator, shall be jointly selected by the other two (2) arbitrators within fourteen (14) Days of the selection of the second arbitrator. If the third arbitrator is not selected within this time period, the LCIA court shall appoint such arbitrator, unless the Parties to the Dispute agree otherwise. No arbitrator appointed pursuant to this Clause 24.5 (Arbitration) shall be an employee or agent or former employee or agent of any of the Parties. The Parties agree that Article 6 of the LCIA Rules shall not apply in relation to the presiding arbitrator of the Arbitral Tribunal. (d) The language to be used in the arbitral proceedings shall be English. (e) This arbitration agreement shall be governed by the laws of England and Wales. (f) Before the constitution of the Arbitral Tribunal in an Existing Dispute, any party to such Existing Dispute may effect Joinder by serving notice on any party to this Agreement or a Related Agreement whom it seeks to join, provided that such notice is also sent to all other parties to the Existing Dispute and the LCIA court within thirty (30) Days of service of the request for arbitration. The joined party will become a claimant or respondent party (as appropriate) to the Dispute and participate in the arbitrator appointment process in Clause 24.5(c) (Arbitration). After the constitution of the Arbitral Tribunal in an Existing Dispute, any party to that Existing Dispute may apply to the Arbitral Tribunal for a Joinder Order provided that such application is also sent to all parties to the Existing Dispute and the party it seeks to join. On hearing such application, the Arbitral Tribunal may, if it considers it appropriate, make a Joinder Order. Notice of such Joinder Order must be given to all parties to the Existing Dispute, the joined party and the LCIA registrar. (g) Any party to an Existing Dispute, including any joined party, may make a cross- claim under this Agreement or any Related Agreement against any other party, provided that: (i) such cross-claim is based upon a Dispute substantially related to the Dispute in the relevant request for arbitration; and (ii) such cross-claim is made by written notice to the LCIA court and to all other parties within either twenty-eight (28) Days from the receipt by such party of the relevant request for arbitration or such longer time as may be determined by the LCIA court or the arbitrators. (h) Each Party: (i) consents to Joinder in accordance with Clause 24.5(f) (Arbitration) or in accordance with any Related Agreement, (ii) agrees that the Arbitral Tribunal in an Existing Dispute shall have jurisdiction to determine any cross-claim made in accordance with Clause 24.5(g) (Arbitration); and, (iii) agrees to be bound by any award made by the Arbitral Tribunal in an Existing Dispute to which it is joined, including in relation to any cross-claim made under Clause 24.5(g) (Arbitration) or any Related Agreement, even if it chooses not to participate in the proceedings.

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&nbsp;&nbsp;&nbsp;&nbsp;162 EUROPE/1011979779.40 (i) Any party to both a First-filed Dispute and Later Dispute(s) may apply to the Arbitral Tribunal appointed in the First-filed Dispute for a Consolidation Order in relation to any Later Dispute(s). That party must also send such application to all parties to the First-filed Dispute and the Later Dispute. The Arbitral Tribunal appointed in relation to the First-filed Dispute may, if it considers it in the interests of justice and efficiency, make a Consolidation Order on hearing such application. If the Arbitral Tribunal in the First-filed Dispute makes a Consolidation Order it will immediately, to the exclusion of other Arbitral Tribunals, have jurisdiction to resolve finally the Later Dispute(s). The Parties agree that if a Consolidation Order is made the requirements of Article 6 of the LCIA Rules shall not apply in relation to the presiding arbitrator of the Arbitral Tribunal in the First-filed Dispute. The Parties agree that they will be bound by the Consolidation Order and any subsequent orders and awards issued in such circumstances even if they choose not to participate in the proceedings. Notice of the Consolidation Order must be given to any arbitrators already appointed in relation to the Later Dispute(s) and the LCIA registrar. Any appointment of an arbitrator in relation to the Later Dispute(s) before the date of the Consolidation Order will terminate immediately and the arbitrator will be deemed to be discharged. This termination is without prejudice to the validity of any act done or order made by that arbitrator or by any court in support of that arbitration before that arbitrator's appointment is terminated; his or her entitlement to be paid proper fees and disbursements; and the date when any claim or defence was raised for the purpose of applying any limitation bar or any similar rule or provision. If this Clause 24.5(i) (Arbitration) operates to exclude a Party's right to choose its own arbitrator, each Party irrevocably and unconditionally waives any right to do so. (j) Without prejudice to Clauses 24.5(f) and 24.5(i) (Arbitration), Claims arising out of or in connection with this Agreement and one or more Related Agreements may be made in a single arbitration and commenced in the same request for arbitration. (k) Any award shall be final, binding and enforceable against the Parties in any court of competent jurisdiction and, to the extent permitted by law, the Parties waive all rights to appeal such award on any question of law to the courts of England and Wales under Sections 45 or 69 of the Arbitration Act 1996. 25. WAIVER OF IMMUNITY (a) The execution, delivery and performance of this Agreement constitute private and commercial acts. (b) To the extent that a Party may in any jurisdiction claim for itself or its assets immunity from suit, execution, attachment (whether in aid of execution, before award or judgment, or otherwise) or other legal process and to the extent that in any such jurisdiction there may be attributed to itself or its assets such immunity (whether or not claimed), such Party irrevocably agrees not to claim and irrevocably waives such immunity to the fullest extent permitted by the laws of such jurisdiction. 26. CONFIDENTIALITY 26.1 Naming Conventions

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&nbsp;&nbsp;&nbsp;&nbsp;163 EUROPE/1011979779.40 For the purposes of this Clause 26 (Confidentiality), whichever of the Owner, Operator or the Lessee that is disclosing Confidential Information shall be referred to as the "Disclosing Party" and whichever of the Owner, Operator or the Lessee that is receiving Confidential Information shall be referred to as the "Receiving Party". 26.2 General Obligation The Receiving Party agrees to keep Confidential Information strictly confidential and shall not: (a) use Confidential Information except in connection with the performance of activities to be conducted pursuant to or for the purposes of this Agreement (the "Permitted Purpose"); nor (b) sell, trade, publish or otherwise disclose to anyone in any manner whatsoever such Confidential Information, including by means of photocopy or reproduction unless expressly permitted by this Clause 26 (Confidentiality). 26.3 Exclusions from General Obligation This Clause 26 (Confidentiality) shall not apply to Confidential Information which: (a) is already in possession of the public or becomes available to the public other than through its disclosure in breach of the confidentiality undertakings provided in this Agreement or under the Preliminary Agreement; (b) was available to the Receiving Party on a non-confidential basis before disclosure by the Disclosing Party; (c) was, is or becomes available to the Receiving Party on a non-confidential basis from a Third Party that is not bound by a confidentiality agreement with the Disclosing Party and has the right to disclose such information at the time it is acquired by the Receiving Party (without binder or secrecy); (d) is developed independently by or for the Receiving Party without reliance on the Confidential Information disclosed by the Disclosing Party; or (e) is required to be disclosed in order to comply with the requirements of any law, rule or regulation of any Governmental Authority or regulatory body, court or other authority of competent jurisdiction having jurisdiction over this Agreement or any of the Parties, or of any relevant stock exchange (provided that the Receiving Party shall, to the extent legally permissible, give advance notice to the Disclosing Party prior to such disclosure and shall seek to limit any such disclosure to the greatest extent practicable). 26.4 Permitted Disclosure Notwithstanding any other provision of this Clause 26 (Confidentiality), the Receiving Party may disclose Confidential Information to the following persons (the "Recipients") without the Disclosing Party's prior written consent, if and to the extent the Recipients reasonably need to know such Confidential Information for the Permitted Purpose and provided that such Recipients are both informed of the confidential nature of the Confidential Information and undertake to comply with the obligations set out in this Clause 26 (Confidentiality) as if they were party to this Agreement:

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&nbsp;&nbsp;&nbsp;&nbsp;164 EUROPE/1011979779.40 (a) its employees, officers, directors, agents and representatives; (b) its Affiliates and the employees, officers, directors, agents and representatives of such Affiliates; (c) where the Lessee is the Receiving Party, its Co-venturers, their respective Affiliates and the States, together with their respective employees, officers, directors, agents and representatives, and their respective professional consultants and advisers; (d) its or its Affiliates' professional consultants and advisers including insurers, underwriters and brokers; (e) its and, where the Lessee is the Receiving Party, its Co-venturers' financial advisers, investment bankers, underwriters, brokers, lenders or other financial institutions advising on, providing or considering the provision of finance or guarantees or insurance in connection which such finance (including as contemplated under Clause 28.1(h) (Owner Financing)); (f) any LNG Buyer; (g) its subcontractors of any tier (including the Key Contractors) in connection with the Upstream Project and GTA Project; and (h) to bona fide intending assignees of a Co-venturer's interest in the Unit Area. 26.5 Responsibilities (a) The Receiving Party shall be responsible for ensuring that all of its Recipients to whom the Confidential Information is disclosed under this Agreement shall keep such information confidential in accordance with the terms of this Clause 26 (Confidentiality) and shall not disclose, divulge or use such Confidential Information in violation of this Clause 26 (Confidentiality). The Receiving Party shall be liable to the Disclosing Party for any breach of this Clause 26 (Confidentiality) by the Recipients of the Receiving Party. (b) If at any time the Disclosing Party, wishes to disclose Technical Information to the Receiving Party or any of its Recipients, the Disclosing Party shall prior to the disclosure notify the Receiving Party in writing on a non-confidential basis of: (i) the nature of the information; (ii) the fact that it is Technical Information; and (iii) the additional use or other restrictions attaching to it, and the Receiving Party and/or its Recipients shall then have the right to decide whether or not to accept receipt of such Technical Information. If such Technical Information is received, the Receiving Party shall, and shall procure that its Recipients, ensure that Technical Information is safeguarded in accordance with this Clause 26 (Confidentiality).

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&nbsp;&nbsp;&nbsp;&nbsp;165 EUROPE/1011979779.40 26.6 Public Announcements A Party, and any of its officers, employees or agents (including any employees of an Affiliate of such Party), shall not make any public announcement of any kind regarding the existence or terms of this Agreement without the prior written consent of the other Parties (such consent not to be unreasonably withheld, conditioned or delayed). Where the Lessee is the Party wishing to make a public announcement, the consent of either the Owner or the Operator shall be deemed to be the consent of both of them. 27. ASSIGNMENT AND CHANGE OF CONTROL 27.1 Requirement for Consent Except as otherwise provided by this Clause 27 (Assignment and Change of Control) and Clauses 23.6 (Cure Periods) and 28.1 (Owner Financing), no Party may assign, novate or transfer all or any part of its rights or obligations under this Agreement without the other Parties' prior written consent (such consent not to be unreasonably withheld, conditioned or delayed). Where the Lessee is the assigning, novating or transferring Party under this Agreement, the consent of either the Owner or the Operator shall be deemed to be the consent of both of them. 27.2 Assignment by Owner Subject to Clause 28.2 (Security), the Owner may assign all or any part of its rights under this Agreement to an Affiliate without having to obtain the Lessee's prior written consent. 27.3 Assignment by Lessee (a) Subject to the rights and obligations of the Lenders (if any) as set out in the Direct Agreements, the Lessee may: (i) assign all or any part of its rights; and (ii) subject to Clause 27.4 (Novation), novate or transfer all (but not part) of its obligations, under this Agreement to an Affiliate, to a Co-venturer or to a new Unit Operator without having to obtain the Owner's and the Operator's prior written consent and the Owner and the Operator shall promptly execute and deliver to the Lessee a deed of novation which shall be substantially in the form set out in Schedule 23 (Form of Deed of Novation) to give effect to such assignment, transfer or novation. 27.4 Novation Any novation or transfer by a Party of any of its obligations under this Agreement pursuant to Clause 27.1 (Requirement for Consent), Clause 27.3 (Assignment by Lessee) or Clause 28.3(a)(ii) (Purchase of the FLNG Facility) shall not be effective, and the transferring Party shall not be released from any of its obligations under this Agreement, unless and until the transferring Party: (a) procures that the incoming party or parties (as the case may be) executes and delivers to the other Parties a deed of novation which shall be substantially in the form set out in Schedule 23 (Form of Deed of Novation); and

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&nbsp;&nbsp;&nbsp;&nbsp;166 EUROPE/1011979779.40 (b) procures that, in the case of a proposed novation by: (i) the Lessee, if the incoming party or parties (as the case may be) is not an Affiliate of the Lessee, Lessee Credit Support is provided to the Owner and the Operator in a form that satisfies the requirements set out in Clause 18 (Credit Support); or (ii) the Owner, if the incoming party or parties (as the case may be) is not an Affiliate of the Owner, Owner Credit Support is provided to the Lessee in a form that satisfies the requirements set out in Clause 18 (Credit Support); and (c) is not, at the time of the proposed novation or transfer, in material breach of any of its obligations under this Agreement, and provided the requirements of this Clause 27 (Assignment and Change of Control) have been met, the continuing Parties shall not withhold, condition or delay their signature of the deed of novation. 27.5 Change of Control of Owner Any Change of Control of the Owner (other than a Permitted Change of Control) shall require the prior written consent of the Lessee (such consent not to be unreasonably withheld, conditioned or delayed). 27.6 Ownership of the Operator (a) The Owner covenants in favour of the Lessee that, on and from the date of execution of the deed of accession by the entity who will be the Operator pursuant to Clause 3.1(b) (Owner's General Obligations) and throughout the Term, the Operator: (i) is and will remain a wholly owned subsidiary of either the Owner or an Affiliate of the Owner; and (ii) has not and will not undertake any business other than complying with its obligations under this Agreement, except as otherwise agreed in advance with the Lessee in the Lessee's sole discretion. (b) The Lessee shall, promptly upon request (together with any necessary supporting information), reimburse the Owner and the Operator for any and all incremental costs reasonably and properly incurred in connection with any restructuring or re-domiciliation of the Operator (other than in relation to Taxes) to the extent: (i) required by any change of Law of either or both of the States that is enacted after the date of this Agreement, other than any change of Law that should have been in the reasonable contemplation of the Parties at the time of entering into this Agreement; or (ii) otherwise required by the Lessee (acting reasonably).

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&nbsp;&nbsp;&nbsp;&nbsp;167 EUROPE/1011979779.40 28. FINANCING ARRANGEMENTS 28.1 Owner Financing (a) The Owner is, or will be, the borrower under external debt financing arrangements with Initial Lenders. The Initial Lenders are Clifford Capital Pte Ltd, ING Bank N.V., Natixis and ABN Amro Bank N.V. (b) The Parties acknowledge that the Owner intends to refinance the FLNG Facility and/or the Work, from time to time, after the date of this Agreement by entering into arrangements with banks, insurance companies, financial institutions, export credit agencies and/or other lending institutions providing loan or other credit facilities (including any guarantees, insurance hedging services, bonds or lease financing) for the financing of the FLNG Facility and/or the Work ("Refinanciers"). (c) Prior to the Commercial Operations Date: (i) any refinancing of the FLNG Facility and/or the Work shall require the Lessee's prior written consent (such consent not to be unreasonably withheld, conditioned or delayed); and (ii) no Party shall have any obligation to consider or agree to, any amendment to this Agreement requested by or on behalf of, or in response to requests by or on behalf of, the Initial Lenders or Refinanciers. (d) The Lessee's consent under Clause 28.1(c)(i) (Owner Financing) shall be deemed to be reasonably withheld, conditioned or delayed if the proposed refinancing would require: (i) [\*\*\*\*\*]: (A) [\*\*\*\*\*]; (B) [\*\*\*\*\*]; or (C) [\*\*\*\*\*], [\*\*\*\*\*]; or (ii) the participation of any Refinancier that is: (A) an agency of the government of, a person directly or indirectly controlled by, or a person listed in, a country that is subject to a sanctions program identified on the list published and maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, or by the United Nations Security Council, the European Union or any European Union member state, or the United Kingdom, from time to time as such program may be applicable to such agency, or person; or (B) a person that engages in (or that owns a significant interest in any organisation that engages in) the commercial and economic

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&nbsp;&nbsp;&nbsp;&nbsp;168 EUROPE/1011979779.40 business that the Lessee is involved in or has significant knowledge of. (e) Except in response to a request or proposal of the Owner and/or the Lenders that seeks an amendment to the terms of this Agreement or any direct agreement contrary to the principles set out in Clauses 28.1(c)(ii) and/or 28.1(d)(i) (Owner Financing), the Lessee's consent under Clause 28.1(c)(i) (Owner Financing) shall be deemed to be unreasonably conditioned if the Lessee requires, as a condition for its consent to the refinancing, any terms and conditions that are more favourable to the Lessee than the terms and conditions the Lessee enjoys under this Agreement or any Direct Agreement in place at the time of the proposed refinancing. (f) On or after the Commercial Operations Date, any refinancing of the FLNG Facility and/or the Work shall require the Lessee's prior written consent (such consent not to be unreasonably withheld, conditioned or delayed, having regard to the overall impact of the proposed refinancing as a whole upon the Lessee), provided that such consent shall be deemed to be reasonably withheld, conditioned or delayed if the proposed refinancing would meet any of the criteria set out in Clauses 28.1(d)(ii)(A) or 28.1(d)(ii)(B) (Owner Financing). (g) Following the Lessee's consent to any refinancing, the Lessee shall take, or cause to be taken, all actions reasonably necessary or appropriate to consummate the proposed refinancing, including the entering into Direct Agreements with the Refinanciers. (h) The Lessee shall use reasonable endeavours to comply with any reasonable requests of the Initial Lenders or any Refinanciers to conduct routine due diligence and "know your customer" checks on the Lessee or any member of the Lessee Group as soon as reasonably practicable following such request. 28.2 Security (a) The Owner and the Operator shall have the right to create and permit to subsist in favour of the Initial Lenders and, subject to Clause 28.1 (Owner Financing), any Refinanciers, without the consent of the other Parties, first ranking security over: (i) the FLNG Facility and the Work; (ii) the Owner's rights under this Agreement; (iii) any subcontract entered into by the Owner or Operator in accordance with Clause 3.5 (Subcontracting); (iv) each Conversion Contract and any subcontract entered into by a Key Contractor pursuant to Clause 7.1(b) (Construction Parties); (v) shares in the Owner; (vi) any earnings from the FLNG Facility (excluding any amounts payable to the Operator); (vii) compensation for requisition or otherwise of the FLNG Facility under Clause 17.4 (Requisition of FLNG Facility); and

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&nbsp;&nbsp;&nbsp;&nbsp;169 EUROPE/1011979779.40 (viii) proceeds of any insurance under Clause 21 (Insurance), provided that the Initial Lenders and the Refinanciers (as applicable) enter into the Direct Agreements. (b) Except as provided in Clause 28.2(a) (Security), neither the Owner nor the Operator shall create or permit to subsist any mortgage, charge, encumbrance or security interest over the whole or part of: (i) the FLNG Facility and the Work; (ii) the Owner's rights under this Agreement; (iii) any subcontract entered into by the Owner or Operator in accordance with Clause 3.5 (Subcontracting); (iv) any Conversion Contract or any subcontract entered into by a Key Contractor pursuant to Clause 7.1(b) (Construction Parties); (v) shares in the Owner; (vi) any earnings from the FLNG Facility; (vii) compensation for requisition or otherwise of the FLNG Facility under Clause 17.4 (Requisition of FLNG Facility); and (viii) proceeds of any insurance under Clause 21 (Insurance), without the prior written consent in writing of the Lessee, such consent not to be unreasonably withheld, conditioned or delayed. (c) For the avoidance of doubt, the Operator shall not create or permit to subsist any mortgage, charge, encumbrance or security interest over the whole or part of the FLNG Facility or the earnings therefrom. 28.3 Purchase of the FLNG Facility (a) The Lessee Group shall have a right to purchase the FLNG Facility subject to the following principles: (i) no purchase shall take place until at least the end of the fifteenth (15th) Commercial Operations Date Anniversary; (ii) the price payable shall be the fair market value of the remaining useful economic life of the FLNG Facility, as determined by a valuation firm of international repute in accordance with the expert determination procedures set out in Clause 24.4 (Expert Determination); and (iii) only the Lessee or one of its Co-venturers or one of its or their Affiliates may be named by the Lessee as the purchaser of the FLNG Facility. (b) In the event either the Lessee, one of its Co-venturers or one of its of their Affiliates elects to purchase of the FLNG Facility under this Clause 28.3 (Purchase of the FLNG Facility), then on the effective date of the transfer of title of the FLNG Facility from the Owner to the purchaser under this Clause

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&nbsp;&nbsp;&nbsp;&nbsp;170 EUROPE/1011979779.40 28.3 (Purchase of the FLNG Facility), this Agreement shall terminate and the Parties shall have no further liability to each other except with respect to: (i) the Surviving Obligations; and (ii) any rights, obligations and liabilities that have accrued prior to termination and which have not been discharged in full under the sale and purchase agreement. (c) The rights of the Parties under this Clause 28.3 (Purchase of the FLNG Facility) shall prevail over any inconsistencies with Clause 7.2(a) (Inspection Rights). 28.4 Title to Natural Gas (a) Subject to Clause 28.5(b) (Retainage, LNG Inventory and Heel) and Clauses 11.9(d)(i) and 11.9(e)(iii)(A) (Consequences of Off-Specification LNG for reasons other than Off-Specification Feed Gas), title to Feed Gas and LNG produced from the FLNG Facility shall at no time become the property of any member of the Owner Group. (b) In all cases and without prejudice to the generality of the indemnities contained in Clause 17 (Liability and Indemnity), the Lessee shall indemnify, Defend and hold the Owner and the Operator harmless against all adverse claims to title in Feed Gas and LNG processed on board the FLNG Facility, other than any claim from any member of the Owner Group. 28.5 Retainage, LNG Inventory and Heel (a) The Operator shall be entitled to receive at no cost from the Lessee specified quantities of Feed Gas required for Retainage up to the Feed Gas Usage Allowance, and a minimum inventory during the Lease Period. The provisions of Schedule 7 (Feed Gas Usage Allowance) shall apply if Retainage exceeds the Feed Gas Usage Allowance, and the provisions of Clause 13.9 (Feed Gas Usage Performance) shall apply if Retainage exceeds the Excess Feed Gas Allowance. (b) If the FLNG Facility enters the Lessee's Operating Boundary with the agreed LNG inventory and heel, then the Owner shall sell, and the Lessee shall purchase, the amount of LNG inventory and heel at the then current market price. If the FLNG Facility contains LNG inventory and heel at the end of the Term, then the Lessee shall sell, and the Owner shall purchase, all such LNG inventory and heel at the then current market price. 29. NOTICES 29.1 Key Features Whenever notices are required to be given by one Party to another Party under this Agreement, such notices shall be: (a) in writing; (b) in the English language; and

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&nbsp;&nbsp;&nbsp;&nbsp;171 EUROPE/1011979779.40 (c) (i) sent by hand, registered mail, or reputable international courier for the attention of the person and to the relevant address set out in this Clause 29.1(c) (Key Features) or to such other addresses as the Parties may respectively from time to time designate by notice to the other Party; or (ii) with respect to any notice other than that to be sent pursuant to Clauses 2 (Term and Effectiveness), 3.5 (Subcontracting), 7.7 (Sailaway and Arrival Dates), 7.8(b) (Project Schedule), 8 (Lease Period), 13.1(d) (Elements of the Dayrate), 14.5 (Disputed Invoices), 14.8 (Nominated Account), 15.2(b), 15.2(c), 15.2(d) and 15.2(f) (Force Majeure), 15.6(b)(i) (Obligations Following FM), 17.4 (Requisition of FLNG Facility), 17.6 (Liens), 17.7 (Notice and Defence), 23 (Suspension and Termination), 24 (Dispute Resolution), 28.3 (Purchase of the FLNG Facility) and 31.5(a) (Suspected Breach) (or others as may be agreed by the Parties), sent by e-mail to the e-mail address of the other Party which is set out in this Clause 29.1(c) (Key Features) or to such other e-mail address as the other Party shall by notice require and as provided under Clause 32.4 (Investigations and Notifications). Notice to Owner: Gimi MS Corporation Attention: Pernille Noraas Address: c/o Golar Management Ltd 6th Floor, The Zig Zag 70 Victoria Street London SW1E 6SQ United Kingdom Email: Pernille.noraas@golar.com Copy to: notices@golar.com Notice to Operator: Golar MS Operator S.A.R.L. Attention: Teddy Teisrud Address: c/o Golar Management Norway Fridtjof Nansens Plass 4, N-0160, Oslo, Norway Email: Teddy.Teisrud@golar.com Copy to: notices@golar.com Notice to Lessee: BP Mauritania Investments Limited Attention: Rahman Rahmanov, Vice President Projects Mauritania & Senegal and Angola Address: Email: Chertsey Road, Sunbury on Thames, Middlesex, TW16 7LN rahmar@bp.com Copy to: Russell Garner, Managing Counsel, Mauritania and Senegal Email: Russell.Garner@uk.bp.com Copy to: Haji Hajiyev

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&nbsp;&nbsp;&nbsp;&nbsp;172 EUROPE/1011979779.40 Email: Haji.hajiyev@bp.com 29.2 Requirements for Receipt (a) Any notice required under this Agreement to be given in writing shall be deemed to be duly received only: (i) in the case of a letter delivered by registered mail, at the date and time of its actual delivery to the party to whom it was addressed if within normal business hours (09:00 – 17:00) on a Business Day in the country of receipt otherwise at the commencement of normal business on the next such Business Day; (ii) in the case of a letter delivered by hand or by courier, at the date and time of its actual delivery to the party to whom it was addressed if within normal business hours (09:00 – 17:00) on a Business Day in the country of receipt otherwise at the commencement of normal business on the next such Business Day; or (iii) in the case of an e-mail, at the time of transmission recorded on the message if such time is within normal business hours (09:00 – 17:00) in the country of receipt, otherwise at the commencement of normal business hours on the next Day in the country of receipt, and in proving that any notice was properly addressed, it is sufficient to show that the notice was delivered to an address provided for such purposes in accordance with this Clause 29 (Notices). (b) For the avoidance of doubt, any failure to transmit a copy of the notice to a Party listed as entitled to receive a copy shall in no way invalidate any notice otherwise properly given in accordance with this Clause 29 (Notices). 30. GENERAL LEGAL PROVISIONS 30.1 Approvals Subject to Clauses 2.5(a)(ii) (Satisfaction of Conditions Precedent), 3.2 (Conduct of Work), 3.4(c) (Operator's General Obligations) and 4.1(c) (Upstream Project Obligations), each Party shall use all reasonable efforts to maintain in force all of its respective Approvals necessary, and to obtain any Approvals that become necessary, for its performance under this Agreement. The Parties shall co-operate with each other wherever necessary for this purpose, and to establish which Party is better placed to obtain the necessary Approvals. 30.2 Rules of Construction Each provision of this Agreement shall be construed as though all Parties participated equally in the drafting of the same. Consequently, the Parties agree that any rule of construction that a document is to be construed against the drafting Party shall not be applicable to this Agreement. 30.3 Disclaimer of Agency Except as expressly provided in this Agreement, the rights, duties, obligations and liabilities of the Parties under this Agreement shall be individual, not joint or collective.

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&nbsp;&nbsp;&nbsp;&nbsp;173 EUROPE/1011979779.40 It is not the intention of the Parties to create, nor shall this Agreement be deemed or construed to create, a partnership, joint venture or other association or a trust. Nothing in this Agreement shall be deemed or construed to authorise any Party to act as an agent, servant or employee for the other Party for any purpose whatsoever except as explicitly set forth in this Agreement. In their relations with each other under this Agreement, the Parties shall not be considered fiduciaries. 30.4 Severance of Invalid Provisions If and for so long as any provision of this Agreement shall be deemed to be invalid for any reason whatsoever, such invalidity shall not affect the validity or operation of any other provisions of this Agreement, as applicable, except only so far as shall be necessary to give effect to the construction of such invalidity, and any such invalid provision shall be deemed severed from this Agreement, without affecting the validity of the balance of this Agreement. 30.5 Rights of Third Parties Save for: (a) the rights conferred by the indemnities on persons who are not parties to this Agreement; (b) the step-in rights in favour of the Co-venturers as set out in Clauses 23.6(b) and 23.6(c) (Cure Periods), and (c) the right in favour of the Co-venturers and their Affiliates, and the Affiliates of the Lessee, to serve as purchaser of the FLNG Facility under Clause 28.3(a)(iii) (Purchase of the FLNG Facility), this Agreement does not create any rights under the Contracts (Rights of Third Parties) Act 1999 that are enforceable by any person who is not a party to it. The Parties may amend this Agreement without the consent of any person who is not a party to it. 30.6 Waiver None of the terms and conditions of this Agreement shall be considered to be waived by the Lessee, the Operator or the Owner unless a waiver is given in writing by one Party to the others. No failure or delay on the part of a Party to enforce any of the terms and conditions of this Agreement shall constitute a waiver of such terms. Subject to Clause 23.2(e) (Termination by the Lessee) and Clause 23.4(c) (Termination by the Owner), no failure or delay on the part of a Party to exercise a right to terminate this Agreement pursuant to Clause 23 (Suspension and Termination) shall constitute a waiver or release of such right, which shall be continuing. 30.7 Counterparts (a) This Agreement may be executed in any number of counterparts, each of which will be deemed an original and all of which together will constitute one and the same instrument. (b) A Party may enter into this Agreement by executing any such counterpart (including by way of providing a pdf version of such counterpart in the first instance, provided that a hard copy containing the original signature page(s) of the original executed counterpart is provided to the other Party in due course).

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&nbsp;&nbsp;&nbsp;&nbsp;174 EUROPE/1011979779.40 30.8 Entire Agreement Each Party agrees with the other Parties that: (a) except for the Gap Agreement, the Direct Agreements and the exchange of letters between the Lessee and the Owner on 1 October 2020, titled "Lessee FM Event and Owner FM Event – Critical Dates and Project Schedule", this Agreement constitutes the entire and only agreement between the Parties relating to its subject matter of this Agreement; and (b) it has not been induced to enter into this Agreement in reliance upon, nor has it been given, any warranty, representations, statement, assurance, covenant, agreement, undertaking, indemnity or commitment of any nature whatsoever other than as are expressly set out in this Agreement and, to the extent that any of them have been, it unconditionally and irrevocably waives any claims, rights or remedies which any of them might otherwise have had in relation thereto, provided that this Clause 30.8 (Entire Agreement) shall not exclude any liability which any of the Parties would otherwise have to any other Party or any right which any of them may have to rescind this Agreement in respect of any statements made fraudulently by any of them prior to execution of this Agreement or any rights which any of them may have in respect of fraudulent concealment by any of them. 30.9 Amendments Unless expressly provided otherwise in this Agreement, no amendment of this Agreement shall be effective unless it is in writing and signed by, or on behalf of, the Parties (or their authorised representative). 30.10 Independent Contractor Subject to Clauses 3.1(a)(iii), 3.1(d) and 3.1(e) (Owner's General Obligations), each of the Owner and the Operator is an independent contractor and as such shall control the performance of the Work or the Operating Services (as applicable) and shall be responsible for the results. The presence of and the observation, inspection and/or approval of the Work and/or the Operating Services by the Lessee shall not relieve the Owner or the Operator from its respective obligations and responsibilities under this Agreement. Neither the Owner nor the Operator, nor their respective Subcontractors, shall be authorised to commit the Lessee to any binding legal obligation. 30.11 Surviving Obligations Subject to Clause 2.7 (Termination for Failure to Satisfy Conditions Precedent), the following clauses shall survive the early termination or expiry of this Agreement: Clause 1 (Definitions and Interpretation), 2.7 (Termination for Failure to Satisfy Conditions Precedent), 7.18(a) and 7.18(b) (Liquidated Damages and Standby Dayrate Liability Cap), 8.2(c) and 8.2(g) (Continuation Date), 14.6 (Payment Default), 14.7 (Audit, Records and Financial Reporting), 16 (Representations and Warranties), 17 (Liability and Indemnity) (other than Clause 17.4(a) (Requisition of FLNG Facility)), 19.2 (Salvage), 19.3 (Recovery of Sunken Items), 19.4(e) (ISPS Code), 20 (Intellectual Property), 22 (Taxes), 23.8 (Consequences of Termination), 23.9 (Bare Boat Charter), 24 (Dispute Resolution), 25 (Waiver of Immunity), 26 (Confidentiality), 28.3(b) (Purchase of the FLNG Facility), 28.4 (Title to Natural Gas), 28.5 (Retainage, LNG Inventory and Heel), 29 (Notices), 30 (General Legal Provisions), 31.3(a) (Mutual

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&nbsp;&nbsp;&nbsp;&nbsp;175 EUROPE/1011979779.40 Assistance), 31.5 (Suspected Breach), 31.6 (Duration of Obligations) and 34 (Agency) ("Surviving Obligations"). 31. BUSINESS PRINCIPLES 31.1 Prohibited Acts For the purposes of this Clause 31 (Business Principles), "Prohibited Act" means any of the following: (a) to directly or indirectly offer, promise or give to any person anything of value, monetary or nonmonetary, without limitation, to: (i) induce or influence that person to perform improperly a relevant function or activity; or (ii) reward that person for improper performance of a relevant function or activity; or (b) to directly or indirectly request, agree to receive or accept anything of value, monetary or nonmonetary, without limitation, from any person as an inducement or a reward for improper performance of a relevant function or activity; or (c) to violate any anti-bribery, corruption or anti-money laundering Law or equivalent applicable to a Party including the United Kingdom's Bribery Act of 2010, the United States of America's Foreign Corrupt Practices Act of 1977, any applicable country legislation implementing the OECD Convention on Combating Bribery of Foreign Public Officials and all applicable successor legislation ("Anti-Corruption Laws"). 31.2 Representations and Warranties Each Party represents and warrants and undertakes (each as a continuing obligation) under and in connection with this Agreement: (a) it shall not and shall procure that any of its employees (including any employees of an Affiliate of such Party), consultants, agents or sub-contractors (including Key Contractors) shall not commit a Prohibited Act; (b) it is not aware of anything of value being given or promised to any person, excluding any arrangement of which full details have been disclosed in writing to the other Parties before formation of this Agreement; and (c) to the extent it has not already done so, it shall institute and maintain policies and procedures, including the maintenance of complete and accurate books and records and an effective system of internal accounting controls, which are designed to prevent it or any of its employees (including any employees of an Affiliate of such Party), consultants, agents or subcontractors (including Key Contractors) from committing a Prohibited Act, and shall enforce those policies, procedures and controls where appropriate. 31.3 Mutual Assistance Each Party shall, if requested by another Party or Parties:

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&nbsp;&nbsp;&nbsp;&nbsp;176 EUROPE/1011979779.40 (a) provide the other Party or Parties with any reasonable assistance to enable the other Party or Parties to perform any activity required by any relevant Governmental Authority in any relevant jurisdiction for the purpose of compliance with Anti-Corruption Laws; and (b) within twenty (20) Business Days of the Effective Date, and annually thereafter during the Term, certify to the other Parties in writing compliance with this Clause 31 (Business Principles) by the Party and any consultants, agents or subcontractors engaged by the Party in connection with this Agreement. The Party shall provide such supporting evidence of compliance as the other Party or Parties may reasonably request. 31.4 Policy Each Party shall have and maintain an anti-bribery policy which shall be disclosed to the other Parties on request. 31.5 Suspected Breach If any Party suspects, discovers or knows of any breach of Clause 31.2 (Representations and Warranties), it shall: (a) immediately notify the other Parties; and (b) respond promptly to the other Parties' enquiries, co-operate with any investigation and allow the other Parties to audit books, records and any other relevant documentation in connection with this Agreement. 31.6 Duration of Obligations The rights and obligations set out in Clauses 31.3(a) (Mutual Assistance) and 31.5 (Suspected Breach) shall continue for [\*\*\*\*\*] after termination or expiration of this Agreement. 32. DIGITAL SECURITY 32.1 General Digital Security Obligation Each of the Owner and the Operator shall, in accordance with applicable Laws and industry best practice, implement, maintain, and ensure that its relevant Subcontractors and Affiliates that will have direct or indirect access to the Lessee's Confidential Information and/or IT systems (whether through email or other form of electronic communication or otherwise), implement and maintain: (a) technical and organisational measures; and (b) adequate security programmes and procedures to: (i) prevent any accidental, unauthorised or unlawful access to, processing, loss, destruction, damage, disclosure, or other misuse of the Lessee's Confidential Information; and (ii) protect the Owner's and the Operator's IT systems used to provide the Work and Operating Services.

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&nbsp;&nbsp;&nbsp;&nbsp;177 EUROPE/1011979779.40 32.2 Measures The Owner and the Operator shall ensure that the measures outlined in Clause 32.1 (General Digital Security Obligation) include: (a) boundary firewalls and internet gateways to protect the Owner's and the Operator's networks and IT systems from the internet and other external networks; (b) secure configuration of the Owner's and the Operator's networks, IT systems, applications and devices, including encryption of portable devices and removable media; (c) physical and logical access controls that restrict access to only authorised users to the extent required to perform the Work or the Operating Services (as applicable); (d) malware protection software that is designed to prevent the introduction of malware into the Owner's and the Operator's IT systems, networks and devices; (e) patch management practices to identify, assess and apply applicable security patches to the Owner's and the Operator's IT systems, applications and devices; (f) training and awareness for the Owner's and the Operator's Personnel in information security and the handling of personal data in accordance with the terms of this Agreement; and (g) clearly defined security responsibilities, and processes for risk management, access control, authorization and administration, security design and configuration management, audit, and assurance. 32.3 Digital Security Audit The Lessee shall have the right to audit the measures outlined in Clause 32.1 (General Digital Security Obligation) of the Owner and the Operator and their respective relevant Subcontractors annually to confirm such measures comply with the requirements of this Clause 32 (Digital Security) and to assess the adequacy of the measures in place. The Owner and the Operator shall, at their sole cost, use all reasonable efforts to assist the Lessee in performing such audit. The Lessee may exercise its rights hereunder using its own employees or a third party auditor. 32.4 Investigations and Notifications The Owner and the Operator shall investigate and promptly notify the Lessee in writing, using the notice provisions in Clause 29 (Notices) and copied to soc@bp.com, of any suspected or actual act, omission, or potential issue which may result in access to, processing, destruction, loss, damage or disclosure of the Lessee's Confidential Information or data and/or any cyber-attacks on the Owner's or the Operator's IT systems. In the event that such a situation arises, the Owner and the Operator shall, at their own cost, cooperate fully with the Lessee to provide such assistance as required by the Lessee to resolve any potential or actual adverse effects, including with notifications that may be required under applicable law.

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&nbsp;&nbsp;&nbsp;&nbsp;178 EUROPE/1011979779.40 32.5 Compliance with Information Security Requirements For Suppliers The Owner and the Operator shall, and shall procure that their respective Personnel shall at all times, in performing their obligations under this Agreement comply with, have the rights and accept the obligations set out in Schedule 10 (Information Security Requirements for Suppliers). 33. HUMAN RIGHTS Each of the Owner and Operator confirms that it has carefully reviewed the Lessee's Business and Human Rights policy which is available at the www.bp.com website. In connection with the performance by each of the Owner and Operator of its respective obligations under this Agreement and consistent with the policy, each of the Owner and Operator shall conduct its business in a manner that respects the rights and dignity of all people and internationally recognised human rights, including without limitation: (a) not employing, engaging or otherwise using forced labour, trafficked labour or exploitative child labour; nor engaging in or condoning abusive or inhumane treatment of workers; (b) providing workers with written terms and conditions under which they will work in a language understandable to the worker; (c) not requiring workers to pay charges or fees under any pretext in consideration for employment or applying deductions from the workers' remuneration as collateral for continued service; (d) not withholding travel or other identity documents or otherwise unreasonably inhibiting the free movement of any workers (directly or indirectly); (e) providing access to effective grievance mechanisms, providing equal opportunities, avoiding retaliation or discrimination and respecting freedom of association of workers, in each case within the relevant national legal framework; and (f) mitigating or avoiding adverse human rights impacts to communities arising from the Owner or the Operator's activities to the extent practicable. 34. AGENCY (a) The Lessee enters into this Agreement for itself and as agent for and on behalf of the Co-venturers. (b) Without prejudice to Clause 30.5 (Rights of Third Parties), in respect of this Agreement: (i) subject to Clauses 23.6(b) and 23.6(c) (Cure Periods), each of the Owner and the Operator agrees to look only to the Lessee for the due performance of this Agreement and nothing contained in this Agreement will impose any liability upon, or entitle the Owner or the Operator to commence any proceedings against, any of the Co- venturers other than the Lessee; (ii) the Lessee is entitled to enforce this Agreement on behalf of all the Co- venturers as well as for itself. For that purpose the Lessee may

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&nbsp;&nbsp;&nbsp;&nbsp;179 EUROPE/1011979779.40 commence proceedings in its own name to enforce all obligations and liabilities of the Owner or the Operator and to make any claim, solely in relation to this Agreement, which any of the Co-venturers may have against the Owner or the Operator; and (iii) all Claims recoverable by the Lessee pursuant to this Agreement or otherwise shall include the Claims of the Co-venturers and its and their respective Affiliates, except that such Claims shall be subject to the same limitations or exclusions.

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## Exhibit 4.22

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1431124311\2\ASIA CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF PUBLICLY DISCLOSED. [\*\*\*\*\*] INDICATES THAT INFORMATION HAS BEEN REDACTED. DATED 17 February 2023 Among: GIMI MS CORPORATION AS BORROWER AND ING BANK N.V. AS FACILITY AGENT AND SECURITY TRUSTEE __________________________________________ THIRD SUPPLEMENTAL AGREEMENT TO SENIOR SECURED TERM LOAN FACILITY AGREEMENT for a $700,000,000 Term Loan Facility in respect of the conversion of one (1) LNG carrier into a floating liquefaction natural gas facility __________________________________________

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&nbsp;&nbsp;&nbsp;&nbsp;i 1431124311\2\ASIA CONTENTS 1. Definitions ................................................................................................................ 1 2. Agreement to Release KOM .................................................................................... 4 3. Amendments to Original Facility Agreement ............................................................ 4 4. Representations and Warranties .............................................................................. 6 5. Conditions................................................................................................................ 6 6. Confirmations .......................................................................................................... 7 7. Fees, Costs and Expenses ...................................................................................... 7 8. Miscellaneous and Notices ...................................................................................... 8 9. Applicable Law ........................................................................................................ 8 Schedule 1 Conditions Precedent to Effective Time ............................................................ 10 Schedule 2 Form of Effective Time Notice ..........................................................................122

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 1431124311\2\ASIA THIS THIRD SUPPLEMENTAL AGREEMENT (THIS "AGREEMENT") IS DATED 2023 AND MADE BETWEEN: (1) GIMI MS CORPORATION (the "Borrower"); (2) ING BANK N.V. as facility agent of the other Finance Parties (the "Facility Agent"); and (3) ING BANK N.V. as security trustee for the Finance Parties (the "Security Trustee"). WHEREAS: (A) This Agreement is supplemental to a senior secured term loan facility agreement dated 24 October 2019 (as amended and supplemented by first and second supplemental agreements dated19 January 2021 and 2 March 2021 respectively the "Original Facility Agreement") made between, among others, the Borrower, the Facility Agent, the Security Trustee, ABN AMRO Bank N.V., Clifford Capital Pte. Ltd., ING Bank N.V. and Natixis as mandated lead arrangers and the financial institutions listed therein as original lenders, whereby the Lenders agreed to advance to the Borrower, upon the terms and conditions therein contained, a term loan of up to $700,000,000.00 for the purpose of enabling the Borrower to finance the construction of the Total Project Costs on the terms and conditions therein contained; (B) Pursuant to an amendment request letter from KOM and First FLNG dated 24 August 2022 (the "Request Letter"), the Borrower and KOM have requested that certain changes be made to the Original Facility Agreement in respect of the KOM Financial Covenants. The Lenders have agreed to the requested changes to the Original Facility Agreement pursuant to the Request Letter on the basis set out in this Agreement. NOW IT IS HEREBY AGREED AS FOLLOWS: 1. DEFINITIONS 1.1 Defined expressions Words and expressions defined in the Original Facility Agreement shall, unless the context otherwise requires or unless otherwise defined herein, have the same meanings when used in this Agreement. 1.2 Definitions In this Agreement, unless the context otherwise requires: "Consent Letter" means each of the consent letters dated on or about the date hereof in relation to this Agreement, executed by (i) Keppel Land (as the Keppel Payment Guarantor and the Keppel Performance Guarantor) and the Original Keppel Shareholder and (ii) GLNG (as the Golar Payment Guarantor and the Golar Performance Guarantor) and the Original Golar Shareholder each in favour of the Facility Agent and the Security Trustee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 1431124311\2\ASIA "Effective Time" means the time on which the Facility Agent (acting on the instructions of all of the Lenders) notifies the Borrower in writing substantially in the form set out in Schedule 2 (Form of Effective Time Notice) that the Facility Agent has received the documents and evidence specified in Clause 5.1 (Documents and evidence), Clause 5.2 (General conditions precedent) and Schedule 1 (Conditions Precedent to Effective Time) in a form and substance satisfactory to it. "Facility Agreement" means the Original Facility Agreement as amended by this Agreement. "Keppel Land's Relevant Payment Percentage" means the percentage of shares of the Borrower that the Original Keppel Shareholder holds directly in the Borrower from time to time and as at the date of this Agreement, such percentage is thirty per cent. (30%). "New Keppel Payment Guarantee" means the full, on-demand irrevocable and unconditional payment guarantee dated on or around the date of this Agreement and executed by Keppel Land in favour of the Security Trustee (acting for and on behalf of the Finance Parties) to guarantee the performance of the Borrower under the Finance Documents, in respect of Keppel Land's Relevant Payment Percentage, in form and substance satisfactory to the Lenders. "New Keppel Performance Guarantee" means the performance guarantee and indemnity dated on or around the date of this Agreement and executed by Keppel Land in favour of the Security Trustee (acting for and on behalf of the Finance Parties) to guarantee the performance of the Borrower and the Operator under the LOA and in relation to any Material Defect, in respect of Keppel Land's Relevant Payment Percentage, in form and substance satisfactory to the Lenders. "Original Keppel Payment Guarantee" means the full, on-demand irrevocable and unconditional payment guarantee dated 24 October 2019 and executed by KOM in favour of the Security Trustee (acting for and on behalf of the Finance Parties) to guarantee the performance of the Borrower under the Finance Documents, in respect of the KOM's Relevant Payment Percentage.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 1431124311\2\ASIA "Original Keppel Performance Guarantee" means the performance guarantee and indemnity dated 24 October 2019 and executed by the KOM in favour of the Security Trustee (acting for and on behalf of the Finance Parties) to guarantee the performance of the Borrower and the Operator under the LOA and in relation to any Material Defect, in respect of KOM's Relevant Payment Percentage. "Original FM Shortfall L\C Procurement Undertaking" means a several undertaking provided by, inter alios, KOM in favour of the Facility Agent, dated 4 November 2019, pursuant to which, inter alios, KOM, undertakes to notify the Facility Agent of the occurrence of an FM Event (if any) and to procure the issuance of a Letter of Credit by an Approved Issuer in an amount equal to its Relevant Payment Percentage of the FM Shortfall, if required in accordance with the terms of such undertaking. "Parties" means the parties to this Agreement and "Party" means any of them. "Supplemental Shortfall L\C Procurement Undertaking" means a several undertaking provided by Keppel Land supplemental to the Original Shortfall L\C Procurement Undertaking in favour of the Facility Agent, in a form acceptable to the Lenders, pursuant to which Keppel Land undertakes to procure the issuance of a Letter of Credit by an Approved Issuer in an amount equal to its Relevant Payment Percentage of the FM Shortfall, if required in accordance with the terms of such undertaking. 1.3 References References in the Original Facility Agreement to "this Agreement" shall, with effect from the Effective Time and unless the context otherwise requires, be references to the Original Facility Agreement as amended by this Agreement and words such as "herein", "hereof", "hereunder", "hereafter", "hereby" and "hereto", where they appear in the Original Facility Agreement, shall be construed accordingly 1.4 Construction The rules of interpretation contained in clause 1.2 (Construction) of the Original Facility Agreement shall have effect as if set out in this Agreement. 1.5 Electronic signing The Parties acknowledge and agree that they may execute this Agreement and any variation or amendment to the same, by electronic instrument. The Parties agree that the electronic signatures appearing on the document shall have the same effect as handwritten signatures and the use of an electronic signature on this Agreement shall have the same validity and legal effect as the use of a signature affixed by hand and is made with the intention of authenticating this Agreement, and evidencing the

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 1431124311\2\ASIA Parties' intention to be bound by the terms and conditions contained herein. For the purposes of using an electronic signature, the Parties authorise each other to the lawful processing of personal data of the signers for contract performance and their legitimate interests including contract management. 1.6 Contracts (Rights of Third Parties) Act 1999 Other than the Finance Parties, a person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or enjoy the benefit of any term of this Agreement unless expressly provided to the contrary in this Agreement. Notwithstanding any term of this Agreement, the consent of any person who is not a party to this Agreement is not required to rescind or vary this Agreement at any time. 1.7 Designation In accordance with the Original Facility Agreement, each of the Borrower and the Facility Agent designates each of this Agreement and the Consent Letter as a Finance Document. 2. AGREEMENT TO RELEASE KOM 2.1 The Facility Agent (acting on the instructions of the Lenders) confirms that the Lenders approved with effect from the Effective Time the release of KOM from its obligations as the Keppel Payment Guarantor, Keppel Performance Guarantor and as an Owner Credit Support Provider under the relevant Finance Documents and to amend the Original Facility Agreement in order to accommodate such replacement of KOM with Keppel Land as the Keppel Payment Guarantor, Keppel Performance Guarantor and as an "Undertaking Entity" (as defined therein) under the Original FM Shortfall L\C Procurement Undertaking and any related changes in the ownership of the Original Keppel Shareholder. 2.2 On and with effect from the Effective Time, the Security Trustee (acting on behalf of the Finance Parties) releases and discharges in full KOM from all and any of its obligations under the Finance Documents, including its obligations as the "Guarantor" (as defined therein) under the Original Keppel Payment Guarantee and the Original Keppel Performance Guarantee respectively and the Effective Time shall constitute the "Guarantee End Date" in respect of the Original Keppel Payment Guarantee and the Original Keppel Performance Guarantee. 2.3 On and with effect from the Effective Time, the Facility Agent (acting on behalf of the Finance Parties) releases and discharges in full KOM from all and any of its obligations under the Finance Documents, including its obligations as an "Undertaking Entity" (as defined therein) under the Original FM Shortfall L\C Procurement Undertaking. 3. AMENDMENTS TO ORIGINAL FACILITY AGREEMENT 3.1 Amendments to the Original Facility Agreement The Original Facility Agreement shall, with effect on and from the Effective Time, be (and it is hereby) amended as follows:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 1431124311\2\ASIA 3.1.1 in clause 1.1 (Definitions) of the Original Facility Agreement new definitions of "Consolidated Net Total Borrowings (Keppel Land)" and "Consolidated Tangible Net Worth (Keppel Land)" shall be inserted ahead of the definition "Constitutional Documents" as follows: ""Consolidated Net Total Borrowings (Keppel Land)" means the aggregate of: (a) Long term borrowings and lease liabilities; (b) Short term borrowings and lease liabilities; less (c) Cash and cash equivalents. "Consolidated Tangible Net Worth (Keppel Land)" means the aggregate of: (a) Share capital and reserves; and (b) Non-controlling interests." 3.1.2 in clause 1.1 (Definitions) of the Original Facility Agreement a new definition of "Effective Time of the Third Supplemental Agreement" shall be inserted ahead of the definition "Emissions Performance Standard" as follows: ""Effective Time of the Third Supplemental Agreement" means the "Effective Time" as defined in the third supplemental agreement to this Agreement dated 2023." 3.1.3 in clause 1.1 (Definitions) of the Original Facility Agreement the following definitions shall be deleted in their entirety: "Equity (KOM)", "Net Asset", "Net Debt (KOM)" and "Perpetual Securities"; 3.1.4 in clause 1.1 (Definitions) of the Original Facility Agreement the definition of "FM Shortfall L\C Procurement Undertaking" shall be amended in line 2 by adding ahead of the words "provided by" the words "as the same may be amended and supplemented from time to time". 3.1.5 in clause 1.1 (Definitions) of the Original Facility Agreement a new definition of "Keppel Land" shall be inserted before the definition of "Keppel MLP Drop Down" as follows: ""Keppel Land" means Keppel Land Limited."; 3.1.6 in clause 1.1 (Definitions) of the Original Facility Agreement the definitions of "Keppel Payment Guarantee" and "Keppel Performance Guarantee" shall be amended respectively in line 2 " by deleting the words "on or around the date of this Agreement" and replacing them with the words "on the date of the Effective Time of the Third Supplemental Agreement".

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 1431124311\2\ASIA 3.1.7 in clause 1.1 (Definitions) of the Original Facility Agreement the definition of "KOM" shall be deleted in its entirety and throughout the Original Facility Agreement each and every reference to "KOM" shall be replaced with a reference to "Keppel Land" excepting in the definition of "Original Financial Statements" where reference to "KOM" shall be replaced by "Keppel Offshore & Marine Limited" and the following language shall be added at the end of the definition "and in respect of Keppel Land the consolidated audited financial statements for its Financial Year ended being 31 December 2021"; 3.1.8 the clause 20.6 (KOM Financial Covenants) of the Original Facility Agreement shall be deleted in its entirety and replaced with the following new clause 20.6 (Keppel Land Financial Covenants): "20.6 (Keppel Land Financial Covenants) (a) The Borrower shall procure that Keppel Land undertakes that this Clause 20.6 will be complied with from the Effective Time of the Third Supplemental Agreement until the applicable Guarantee Release Date. (b) Keppel Land shall ensure that the ratio of Consolidated Net Total Borrowings to Consolidated Tangible Net Worth shall not exceed [\*\*\*\*\*]." 3.2 Continued force and effect Save as amended by this Agreement, the provisions of the Original Facility Agreement and the other Finance Documents shall continue in full force and effect. 4. REPRESENTATIONS AND WARRANTIES Repeating Representations (a) The Repeating Representations (as defined in the Facility Agreement) shall be deemed to be made and repeated by the Borrower on (i) the date of this Agreement, and (ii) the Effective Time, as if made with reference to the facts and circumstances existing on such day, and references to "this Agreement" in the relevant Repeating Representations should be construed as references to this Agreement and to the Original Facility Agreement and on the Effective Time, to the Facility Agreement. 5. CONDITIONS 5.1 Documents and evidence The occurrence of the Effective Time shall be subject to the receipt by the Facility Agent or its duly authorised representative of the documents and evidence specified in Schedule 1 (Conditions Precedent to Effective Time) in each case, in form and substance reasonably satisfactory to the Facility Agent (acting on the instructions of the Lenders).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 1431124311\2\ASIA 7.3 Stamp and other duties The Borrower agrees to pay to the Facility Agent and the Security Trustee on demand all stamp, documentary, registration or other like duties or Taxes (including any duties or Taxes payable by the Facility Agent or the Security Trustee) imposed on or in connection with this Agreement and shall indemnify the Facility Agent and the Security Trustee against any liability arising by reason of any delay or omission by the Borrower to pay such duties or Taxes. 8. MISCELLANEOUS AND NOTICES 8.1 Notices The provisions of clause 44 (Notices) of the Original Facility Agreement shall extend and apply to the giving or making of notices hereunder as if the same were expressly stated herein, mutatis mutandis. 8.2 Counterparts This Agreement may be executed in any number of counterparts and by the different Parties on separate counterparts, each of which when so executed and delivered shall be an original but all counterparts shall together constitute one and the same instrument. 8.3 Further assurance The provisions of clause 21.11 (Further assurance) of the Original Facility Agreement shall extend and apply to this Agreement as if the same were expressly stated herein, mutatis mutandis. 8.4 Amendments It is acknowledged that the provisions of Clause 2 (Agreement to release KOM) and Clause 3 (Amendments to Original Facility Agreement) are for the benefit of Keppel Offshore & Marine Ltd and with Keppel Offshore & Marine Ltd as a third-party beneficiary under this Agreement, it is agreed that to preserve such benefit for Keppel Offshore & Marine Ltd, the provisions of: (a) Clause 2 (Agreement to release KOM) may not be amended or overridden by any other agreement without the prior written consent of Keppel Offshore & Marine Ltd; and (b) Clause 3 (Amendments to Original Facility Agreement) may not be amended or overridden by any other agreement to the detriment of KOM without the prior written consent of Keppel Offshore & Marine Ltd. 9. APPLICABLE LAW 9.1 Law This Agreement and any non-contractual obligations connected with it are governed by and shall be construed in accordance with English law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 1431124311\2\ASIA 9.2 Arbitration The provisions of clause 53 (Arbitration) of the Original Facility Agreement (as amended by the First Supplemental Agreement and the Second Supplemental Agreement) shall apply to this Agreement as if the same were expressly stated herein, mutatis mutandis. This Agreement has been executed on the date stated at the beginning of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 1431124311\2\ASIA SCHEDULE 1 CONDITIONS PRECEDENT TO EFFECTIVE TIME 1. CORPORATE AUTHORISATION In relation to the Borrower, GLNG, Keppel Land, Gimi Holding, and First FLNG: 1.1 Constitutional documents copies certified by an officer of that Obligor, as true, complete and up to date copies, of all documents which contain or establish or relate to the constitution of that party or an officers certificate confirming that there have been no changes or amendments to the Constitutional Documents certified copies of which were previously delivered to the Facility Agent pursuant to the Original Facility Agreement; 1.2 Resolutions a copy, certified by an officer of that Obligor to be a true copy, and as being in full force and effect and not amended or rescinded, of written resolutions of its board of directors or equivalent (as may have been executed in the past): 1.2.1 approving the terms of, and the transactions contemplated by, this Agreement; and 1.2.2 authorising a person or persons to sign and deliver on behalf of that Obligor or, as the case may be, authorising the sealing by that Obligor of this Agreement and any notices or other documents to be given pursuant hereto, together with originals or certified copies of any powers of attorney issued by any Obligor pursuant to such resolutions; and 1.3 Certificate of incumbency a certificate signed by an officer of each relevant Obligor certified to be true, complete and up to date of (i) the directors and officers of that Obligor specifying the names and positions of such persons, (ii) its issued share capital and shareholders, (iii) specimen signatures of those persons authorised to sign this Agreement on its behalf, (iv) for Keppel Land only, a corporate structure chart, (v) the Original Financial Statements in respect of Keppel Land and (vi) a declaration of solvency. 2. CONSENTS A certificate signed by an officer of the Borrower and each other relevant Obligor confirming that all governmental and other licences, approvals, consents, registrations and filings necessary for any matter or thing contemplated by this Agreement on behalf of that Obligor and for the legality, validity, enforceability, admissibility in evidence and effectiveness thereof have been obtained or effected on an unconditional basis and remain in full force and effect (or, in the case of the effecting of any registrations and filings, that arrangements satisfactory to the Facility Agent have been made for the effecting of the same within any applicable time limit).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 1431124311\2\ASIA 3. DOCUMENTS The following documents duly executed by the parties thereto: (a) a copy of the Consent Letter. (b) an original of the New Keppel Payment Guarantee; (c) an original of the New Keppel Performance Guarantee; and (d) an original of the Supplemental FM Shortfall L\C Procurement Undertaking. 4. FEES Evidence that all documented legal fees of the Lender's legal advisers have been paid. 5. LEGAL OPINIONS Such legal opinions or confirmations as the Facility Agent shall in its reasonable discretion deem appropriate (or, where applicable, a written approval in principle (which can be given by email) by counsel to the Facility Agent of the arrangements contemplated by this Agreement and a confirmation that a formal legal opinion will follow promptly after the Effective Time). 6. OTHER DOCUMENTS AND EVIDENCE A copy of any other document, opinion or assurance which the Facility Agent (acting reasonably) considers to be necessary or desirable (if it has notified the Borrower accordingly prior to the date of this Agreement) in connection with the entry into and performance of the transactions contemplated by this Agreement or for the validity and enforceability of this Agreement.1 1 KYC?

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 1431124311\2\ASIA SCHEDULE 2 FORM OF EFFECTIVE TIME NOTICE To: Gimi MS Corporation We, ING Bank N.V. in our capacity as Facility Agent, refer to the third supplemental agreement dated [●] 2023 (the "Third Supplemental Agreement") relating to a senior secured term loan facility agreement dated 24 October 2019 (as subsequently amended and supplemented by first and second amendment agreements, together the "Original Facility Agreement") made between (among others) Gimi MS Corporation as the Borrower, the financial institutions listed in it as the Lenders, and ourselves as the Facility Agent in respect of a term loan of up to $700,000,000.00. Terms defined in the Third Supplemental Agreement have the same meaning in this notice. We hereby confirm that all conditions precedent referred to in Schedule 1 (Conditions Precedent to Effective Time) of the Third Supplemental Agreement have been satisfied. For the purpose of the Third Supplemental Agreement, the Effective Time is the date of this notice and the amendment of the Original Facility Agreement in accordance with the terms of the Third Supplemental Agreement is now effective. Dated: 2023 Signed: ___________________________ For and on behalf of ING Bank N.V. (as Facility Agent)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 1431124311\2\ASIA SIGNATURES THE BORROWER EXECUTED for and on behalf of GIMI MS CORPORATION by: /s/ Mi Hong Yoon Name: Mi Hong Yoon Title: Director THE FACILITY AGENT EXECUTED for and on behalf of ING BANK N.V. by: /s/ K.A. van Coblijn /s/ M.S. Preuss Name: Kenneth van Coblijn Name: Martin Steffen Preuss Title: Title: THE SECURITY TRUSTEE EXECUTED for and on behalf of ING BANK N.V. by: /s/ K.A. van Coblijn /s/ M.S. Preuss Name: Kenneth van Coblijn Name: Martin Steffen Preuss Title: Title:

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## Exhibit 4.33

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CERTAIN INFORMATION IN THIS EXHIBIT IDENTIFIED BY [\*\*\*\*\*] IS CONFIDENTIAL AND HAS BEEN EXCLUDED BECAUSE IT (I) IS NOT MATERIAL AND (II) THE REGISTRANT CUSTOMARILY AND ACTUALLY TREATS THAT INFORMATION AS PRIVATE OR CONFIDENTIAL. SHARE PURCHASE AGREEMENT Between GOLAR MANAGEMENT (BERMUDA) LIMITED (as Seller) and COOL COMPANY LTD. (as Purchaser) and GOLAR LNG LIMITED (as guarantor)

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&nbsp;&nbsp;&nbsp;&nbsp;i I N D E X 1 INTRODUCTORY TERMS ........................................................................................................................... 2 2 THE TRANSACTION .................................................................................................................................... 6 3 THE PURCHASE PRICE ............................................................................................................................... 7 4 THE COOLMAN GROUP'S ACTIVITIES AFTER THE RESTRUCTURING CLOSING DATE .............. 7 5 CONDITIONS PRECEDENT ........................................................................................................................ 7 6 COMPLETION ............................................................................................................................................... 8 7 WARRANTIES ............................................................................................................................................... 8 8 UNDERTAKING BY GOLAR ..................................................................................................................... 18 9 BREACH OF WARRANTIES...................................................................................................................... 18 10 INDEMNITIES ............................................................................................................................................. 19 11 POST COMPLETION OBLIGATIONS ....................................................................................................... 20 12 GUARANTEE BY GOLAR ......................................................................................................................... 20 13 TERMINATION ........................................................................................................................................... 20 14 PUT OPTION ................................................................................................................................................ 20 15 TRANSACTION COSTS ............................................................................................................................. 21 16 CONFIDENTIALITY ................................................................................................................................... 21 17 MISCELLANEOUS ...................................................................................................................................... 21 18 CHOICE OF LAW AND ARBITRATION .................................................................................................. 22 Schedule 1 - List of the CoolMan Companies Schedule 2 - List of the Management Agreements and the LNG Fleet

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&nbsp;&nbsp;&nbsp;&nbsp;1 This share purchase agreement has been entered into on this 30th day of June, 2022 by and between: (1) GOLAR MANAGEMENT (BERMUDA) LIMITED, having its registered office at 2nd floor, S.E. Pearman Building, 9 Par-la-Ville Road, Hamilton HM11, Bermuda (the "Seller"); (2) COOL COMPANY LTD., having its registered office at 2nd floor, S.E. Pearman Building, 9 Par-la-Ville Road, Hamilton HM11, Bermuda (the "Purchaser"); and (3) GOLAR LNG LIMITED, having its registered office at 2nd floor, S.E. Pearman Building, 9 Par-la-Ville Road, Hamilton HM11, Bermuda ("Golar"). WHEREAS:- A. The Seller is a wholly owned subsidiary of Golar and the parent in a sub-group of management companies which organises the management functions in the Golar Group. B. The Purchaser is a public limited company incorporated and resident in Bermuda in which Golar holds approx. 31% of the issued shares. C. The Purchaser established its current business in Q1/2022 by, inter alia, acquiring 8 single purpose companies, each of which, at the date hereof, is the owner of an LNG tanker, and The Cool Pool Limited from Golar pursuant to the terms of a share purchase agreement dated 26 January 2022 (as subsequently amended by an amendment agreement dated 25 February 2022) (the "ShipCo SPA"). D. The LNG tankers acquired by the Purchaser pursuant to the ShipCo SPA were, on the date the ShipCo SPA was concluded, commercially and technically managed by Golar Management Ltd., a wholly owned subsidiary of the Seller. E. Golar Management Ltd. was furthermore, on the date of the ShipCo SPA, the commercial and technical manager of 17 other LNG tankers and FSRUs, 14 of which are owned or bareboat chartered by entities in the corporate group headed by New Fortress Energy Inc. and 3 of which are owned or operated by entities in the Golar Group. F. Golar and the Purchaser entered into an agreement dated 26 January 2022 whereby it was agreed, subject to the terms and conditions of such agreement, that the Purchaser should purchase such part of the Golar Group's management organisation as was responsible for the commercial and technical operation of LNG tankers and FSRUs after the same had been carved out of the Golar Group's overall management organisation as a stand alone sub-group with the Seller as parent. G. The Seller, its subsidiary Golar Management Ltd., the Purchaser, the companies acquired as per the ShipCo SPA and The Cool Pool Limited entered into a transitional services agreement on 26 January 2022 (the "TSA"). H. Cool Company Management Ltd. was incorporated by the Seller on 7 January 2022 and is, as of the date hereof, a wholly owned subsidiary of the Seller. I. The carve-out referred to in Recital (F) was completed with economical and accounting effect between the various parties in the Golar Group involved therein on 31 March 2022. J. The Golar Group's organisation responsible for the commercial and technical operation of LNG tankers and FSRUs together with the assets, liabilities and contractual rights and obligations related thereto is thus, as of today, organised in a sub-group of companies in which Cool Company Management Ltd. is the parent. K. The purpose of this agreement is to set out the complete terms upon which the Seller shall sell and the Purchaser shall purchase the sole share in issue in Cool Company Management Ltd.

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&nbsp;&nbsp;&nbsp;&nbsp;2 NOW THEREFORE, it is hereby agreed as follows:- 1 INTRODUCTORY TERMS 1.1 Each of the terms set forth in the following shall, when used in the following, have the meaning set opposite it below. "Administrative Services Agreement" means an agreement dated 30 June, 2022 between GolarManUK (as service provider) and CoolManUK (as service recipient) setting forth the administrative services the former shall provide to the latter, subject to the terms and conditions set forth therein. "Affiliate" means, with respect to any person, a Subsidiary or a Holding Company of that person or any other Subsidiary of that Holding Company, and "Affiliated" shall have a correlating meaning. "Agreement" means this agreement together with the Schedules as the same may be amended and/or supplemented in writing between the Parties from time to time. "Banking Day" means a day on which banks are open for business in Oslo, London and, in respect of any day on which a payment in USD is to be made, New York. "Bermuda Services Agreement" means the agreement dated 30 June 2022 between among others the Seller and the Purchaser relating to the corporate secretarial services to be provided by the Seller to the Purchaser. "Claim" shall have the meaning attributed to the term in Clause 9.1. "Completion" means the completion of the Transaction in accordance with Clause 6. "Completion Date" means the date of this Agreement. "Conditions Precedent" means the conditions precedent that have to be met to effect Completion, such conditions being set out in Clause 5.1. "Control" means with respect to a person (a) direct or indirect ownership of more than 50% of the equity securities or votes of such person, (b) the right to appoint, or cause the appointment of, more than 50% of the members of the board of directors (or similar governing body) of such person or (c) the right to manage, or direct the management of, on a discretionary basis the business or assets of such person, and, for the purposes of this Agreement, a general partner is deemed to Control a limited partnership and a fund advised or managed directly or indirectly by a person shall also be deemed to be Controlled by such person (and the terms "Controlling" and "Controlled" shall have correlating meanings). "Cool Initiated Commitments" means the commitments undertaken by the CoolMan Companies at the request of the Purchaser as further described in Clause 4.2. "CoolMan Companies" means any and all member(s) of the CoolMan Group, the details of each of which are set out in Schedule 1. "CoolMan Group" means CoolManUK and its wholly owned subsidiaries CoolManNor, CoolManCro and CoolManMal. "CoolMan Group Balance Sheet" means the consolidated balance sheet of the CoolMan Group as of the Restructuring Closing Date, prepared in accordance with GAAP, consistently applied. "CoolManCro" means Cool Company Management d.o.o., a Croatian private limited company having Croatian organisation number 0759 5991 406 which, previously, traded under the name "Golar Management d.o.o." and which, at the date hereof, is a wholly owned subsidiary of CoolManUK.

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&nbsp;&nbsp;&nbsp;&nbsp;3 "CoolManMal" means Coolco Management Bhd. Sdn., a Malaysian private limited company having Malaysian organisation number 202 201 008 184 (1453881-0) which, at the date hereof, is a wholly owned subsidiary of CoolManUK. "CoolManNor" means Cool Company Management AS, a Norwegian private limited company having Norwegian organisation number 995 435 705, which, previously, traded under the name "Golar Management Norway AS" and which, at the date hereof, is a wholly owned subsidiary of CoolManUK. "CoolManUK" means Cool Company Management Ltd., a private limited company incorporated in England and Wales with registration number 13835293 which, at the date hereof, is a wholly owned subsidiary of the Seller. "Croatia Transfer Agreement" means a transfer agreement between CoolManCro and GolarVikingMan dated 30 June 2022 documenting an exchange of a number of their respective employees between them with economical effect between these parties from the Restructuring Closing Date. "Data Room" means an electronic data room containing the Management Agreements and such other documents relating to the CoolMan Group's business as have been disclosed to the Purchaser up to the close of business GMT on 27 June 2022. "Disclosed" means fairly disclosed in the Data Room. "Encumbrance" any mortgage, charge, pledge, lien, option, right to acquire, right of pre-emption, assignment, trust arrangement, hypothecation, security interest, title retention and any other security interest or arrangement of any kind, or any agreement to create any of the foregoing. "GAAP" means the generally accepted accounting principles of the United States of America. "Golar" has the meaning assigned to the term at the beginning of this Agreement. "Golar Group" means Golar and its Subsidiaries. "GolarCos" means the subsidiaries of Golar parties to the Golar Management Agreements. "GolarManMal" means Golar Management Bhd. Sdn., a Malaysian private limited company, a wholly owned subsidiary of GolarManUK. "GolarManNor" means Golar Management AS, a Norwegian private limited company, a wholly owned subsidiary of GolarManUK. "GolarManUK" means Golar Management Ltd., a private limited company incorporated in England and Wales, a wholly owned subsidiary of the Seller. "Golar Management Agreements" means the agreements identified as such in Schedule 2. "GolarVikingMan" means Golar Viking Management d.o.o., a private limited company incorporated in Croatia and a wholly owned subsidiary of GolarManUK. "Governmental Body" means any local, municipal, regional, national or supranational entity exercising executive, legislative, judicial, regulatory or administrative functions of or relating to government, and any tribunal or arbitrators of a competent jurisdiction. "Holding Company" means, in relation to a company or corporation, any other company, corporation or partnership of which it is a Subsidiary.

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&nbsp;&nbsp;&nbsp;&nbsp;4 "Intellectual Property Rights" means (i) copyright, patents, database rights and rights in trademarks, designs, know-how and confidential information (whether registered or unregistered), (ii) applications for registration, and rights to apply for registration, of any of the foregoing rights and (iii) all other intellectual property rights and equivalent or similar forms of protection existing anywhere in the world. "Leakage" means, during the Locked Box Period, any of the following in relation to a CoolMan Company: a. any dividend or other distribution (whether in cash or in specie) declared, paid or made whatsoever by such CoolMan Company to the Seller's Group; b. any payment made or liability incurred by such CoolMan Company for any fees, costs or expenses assumed in connection with this Agreement (including professional advisers' fees, consultancy fees, transaction bonuses, finder's fees, brokerage or other commission); c. any payment of any other nature by such CoolMan Company to or for the benefit of the Seller's Group (including royalty payments, management fees, monitoring fees, interest payments, loan payments, service or directors' fees, bonuses or other compensation of any kind); d. any transfer or surrender of assets, rights or other benefits by such CoolMan Company to or for the benefit of the Seller's Group; e. the assumption or incurrence by such CoolMan Company of any liability or obligation for the benefit of the Seller's Group; f. the provision of any guarantee or indemnity or the incurrence of any Encumbrance by such CoolMan Company in favour or for the benefit of the Seller's Group; g. any waiver, discount, deferral, release or discharge by such CoolMan Company of (i) any amount, obligation or liability owed to it by the Seller's Group; or (ii) any claim held by such CoolMan Company (howsoever arising) against the Seller's Group; and h. any agreement, arrangement or other commitment by such CoolMan Company or the Seller's Group to do or give effect to any of the matters referred to in paragraphs (a) to (g) (inclusive) above; provided that the term " Seller's Group" shall also include any employee and related party to such person. "LNG Fleet" means the LNG tankers and FSRUs listed in Schedule 2. "Locked Box Period" means the period from (and including) 1 April 2022 to (and including) the Completion Date. "Malaysia Transfer Agreement" means an agreement dated 30 June 2022 between GolarManMal and CoolManMal documenting the transfer of a number of employees from GolarManMal to CoolManMal with economical effect between them from the Restructuring Closing Date. "Management Agreements" means the Golar Management Agreements, the NFE Management Agreements and the ShipCo Management Agreements. "NFE" means New Fortress Energy Inc. "NFE Management Agreements" means the agreements identified as such in Schedule 2.

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&nbsp;&nbsp;&nbsp;&nbsp;5 "Norwegian BTA" means a business transfer agreement dated 30 June 2022 between CoolManNor and GolarManNor documenting the transfer of such part of CoolManNor's business which is not related to the technical and commercial operation of the LNG Fleet to GolarManNor with economical and accounting effect between the parties thereto from the Restructuring Closing Date. "Parties" means the Seller, the Purchaser and Golar. "Permitted Leakage" means, in relation to each member of the CoolMan Company, any of the following payments during the Locked Box Period: a. any and all payments made by a CoolMan Company to persons or entities outside of the Seller's Group in the ordinary course of trading; b. any and all payments made by a CoolMan Company under the Golar Management Agreements made in the ordinary course of trading; c. any and all payments made by a CoolMan Company to members of the Seller's Group pursuant to the TSA; d. any and all payments against liabilities to members of the Golar Group which have been specifically accrued or provided for in the CoolMan Group Balance Sheet; and e. the assignment by CoolManNor of a patent for a system for controlling a flow of water from a process facility onboard a vessel (identified as Norwegian patent number 344865 and European patent application number 19801014.2) to GolarManNor on the terms of an assignment dated 29 June 2022. "Protocol" means a protocol of agreement between Golar, the Purchaser, GolarManUK, CoolManUK, GolarManNor, CoolManNor, GolarManMal and CoolManMal setting forth certain principles and further commitments from the Golar Group relevant to the establishment of Cool's management organisation. "Purchase Price" has the meaning attributed to the term in Clause 3.1. "Purchaser" has the meaning assigned to the term at the beginning of the Agreement. "Restructuring" means the restructuring of the Golar Group so that on the Restructuring Closing Date: (a) all personnel, assets, liabilities and contracts which are directly associated with the technical and commercial operation of the LNG Fleet are vested in the CoolMan Group; and (b) all other personnel, assets, liabilities and contracts are vested in the Seller's Group, it being understood that IT, treasury and accounting services shall remain vested in the Seller's Group. "Restructuring Closing Date" means 31 March 2022. "RSU/Option Agreement" means an agreement between Golar and the entities in the CoolMan Group other than CoolManMal dated 30 June 2022 documenting Golar's obligation to reimburse any tax expense incurred by these CoolMan Companies as a consequence of the exercise by former employees in the Golar Group who are in these CoolMan Group's employment of their rights under the Golar Group's long term incentive program after the Restructuring Closing Date. "Schedules" shall mean the schedules to this Agreement from time to time and any one of them. "Seller" has the meaning assigned to the term at the beginning of the Agreement. "Seller's Group" means the Seller and its Affiliates (excluding the CoolMan Companies), and references to a "member of the Seller's Group" shall be construed accordingly.

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&nbsp;&nbsp;&nbsp;&nbsp;6 "Share" means the single share issued and allotted in CoolManUK. "ShipCo Management Agreements" means the agreements identified as such in Schedule 2. "ShipCo SPA" has the meaning assigned to the term in Recital (C) above. "Subsidiary" means an entity in which a person has direct or indirect Control. "Tax" means any taxes, levies, imposts, duties, charges and withholdings, however denominated, including without limitation any tax on gross or net income, profits or gains, taxes on sales, use, transfer, customs and other import or export duties, value added and personal property and social security and other payroll taxes and any interest, penalties or additional tax that may become payable by any CoolMan Company or for which any CoolMan Company will be held liable. "Tax Return" means any return, report, notice or other document or information submitted or required to be submitted to any Governmental Body in connection with the determination, assessment, collection or payment of any Tax or in connection with the enforcement of any law relating to Tax. "Transaction" means the sale and purchase of the Share. "Transaction Documents" means this Agreement, the Transfer Agreements, the Administrative Services Agreement, the RSU/Option Agreement, the Bermuda Services Agreement, the Protocol and any other agreements executed or to be executed by on the date of this Agreement. "Transfer Agreements" means the UK BTA, the Norwegian BTA, the Croatia Transfer Agreement and the Malaysia Transfer Agreement. "TSA" has the meaning assigned to the term in Recital (G). "UK BTA" means a business transfer agreement dated 30 June 2022 between GolarManUK and CoolManUK documenting the transfer of such part of GolarManUK's business as is related to the commercial and technical operation of the LNG Fleet to CoolManUK with economical and accounting effect between the parties thereto from the Restructuring Closing Date. "USD" means the lawful currency for the time being of the United States of America. "Warranties" means the warranties set forth in Clause 7 below. 1.2 In this Agreement: (i) references to a Party include the permitted successors or assigns (immediate or otherwise) of that Party; (ii) any reference to a document or agreement is to that document or agreement as amended, varied or novated from time to time (other than in breach of this Agreement or that document); and (iii) any reference to a person or an entity includes companies, corporations or other body corporates wheresoever incorporated. 2 THE TRANSACTION 2.1 The Seller hereby agrees to sell and the Purchaser hereby agrees to purchase the Share, free and clear of any and all Encumbrances and on the terms otherwise set forth herein.

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&nbsp;&nbsp;&nbsp;&nbsp;7 3 THE PURCHASE PRICE 3.1 The consideration to be paid by the Purchaser to the Seller in exchange for the Share shall be the sum of USD 6,560,558 (the "Purchase Price"). 4 THE COOLMAN GROUP'S ACTIVITIES AFTER THE RESTRUCTURING CLOSING DATE 4.1 The Seller represents and warrants to the Buyer that the CoolMan Companies, in the period from the Restructuring Closing Date until the date hereof, have conducted their business in the ordinary course, consistent with past practice and used their best efforts to preserve intact their business and their business organisations, and otherwise as contemplated by this Agreement. 4.2 The Parties acknowledge that CoolManUK, at the request of the Purchaser, has concluded new ship management agreements with the following owners of the following LNG tankers:  Pernli Marine Ltd. - "Kool Baltic"  Persect Marine Ltd - "Kool Boreas"  Felox Marine Ltd; and - "Kool Firn"  Respent Marine Ltd. - "Kool Orca" covering technical and commercial management of these vessels. CoolManUK and CoolManNor have, at the same time, executed a "manager's undertaking" to the lenders to each of the above companies. The Seller has provided copies of these agreements and the manager's undertakings to the Purchaser. 4.3 The CoolMan Companies may, in the period from the date hereof until the Completion Date, undertake further commitments upon written instructions by the Purchaser to the Seller. 5 CONDITIONS PRECEDENT 5.1 Completion is subject to each of the following conditions being satisfied or, alternatively, waived by the Purchaser: (i) the Purchaser shall have completed its review of the documentation made available to the Purchaser in the Data Room and shall have received a memory stick from the Seller containing such documentation for future reference; (ii) the Purchaser shall have received satisfactory evidence of the corporate existence and status of each of the CoolMan Companies; (iii) the Purchaser shall have received copies of the executed Transaction Documents by all parties thereto, and shall be satisfied that the Restructuring has been completed and documented by the Seller in accordance with the Transfer Agreements; and (iv) the Warranties shall remain true and correct in all material respects.

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&nbsp;&nbsp;&nbsp;&nbsp;8 6 COMPLETION 6.1 Completion is subject to the satisfaction or waiver of the Conditions Precedent and shall take place at 10:00 (Oslo time) on the Completion Date (or at such other place, at such other time and/or on such other date as the Parties may agree). 6.2 At Completion, the following steps shall be taken in sequence: (i) the Parties shall confirm that all of the Conditions Precedent have been met or waived; (ii) the Seller shall deliver a certified copy of the resolution adopted by the board of directors of the Seller authorising the execution and delivery by the officers specified in the resolution of this Agreement, any documents necessary to transfer the Share in accordance with this Agreement and any other documents referred to in this Agreement; (iii) the Seller shall document that title to the Share has been legally transferred to the Purchaser without Encumbrances; (iv) the Purchaser shall transfer the Purchase Price to a bank account nominated by the Seller for the purpose of receiving the same; and (v) all directors in the CoolMan Companies which are employed by Golar shall resign and all powers of attorneys and other authorities given by the CoolMan Companies to employees in the Golar Group shall be terminated. 6.3 As soon as possible after Completion, the Seller shall deliver all material hard copy corporate records, correspondence, documents, files, memoranda and other papers relating to the CoolMan Companies to the Purchaser and/or the relevant CoolMan Company. 7 WARRANTIES 7.1 The Purchaser enters into this Agreement on the basis of, and in reliance on, the Warranties set out in this Clause. 7.2 The Seller warrants and represents to the Purchaser that, each Warranty is true and not misleading as of the date hereof except (i) as provided by this Agreement, (ii) Disclosed or (iii) to the extent it relates to any Cool Initiated Commitment. 7.3 Each of the Warranties is separate and, unless specifically provided, is not limited by reference to any other Warranty or anything in this Agreement. 7.4 Warranties given so far as the Seller is aware are deemed to be given to the best of the knowledge, information and belief of the Seller after it has made all reasonable and careful enquiries. 7.4.1 Constitutional documents and corporate documents (i) the copy of the memorandum and articles of association (or the equivalent constitutional documents) of each CoolMan Company has been Disclosed and is accurate and complete and has annexed or incorporated copies of all resolutions or agreements required in relation to CoolManUK by the Companies Act 2006 and, for the other CoolMan Companies, applicable laws to be so annexed or incorporated. (ii) The register of members and other statutory books and registers of each CoolMan Company have been properly kept and no notice or allegation that any of them is incorrect or should be rectified has been received.

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&nbsp;&nbsp;&nbsp;&nbsp;9 (iii) All returns, particulars, resolutions and other documents which a CoolMan Company is required by law to file with or deliver to the registrar of companies or his equivalent have been correctly made up and duly filed or delivered. 7.4.2 Capacity (i) Each of the Seller and Golar has the power to execute and deliver the Transaction Documents to which they are a party and to perform its obligations thereunder; (ii) each of the Seller and Golar has taken all corporate actions necessary to authorise the execution and delivery of the Transaction Documents to which they or members of their Group are a party and the performance of its obligations thereunder; (iii) this Agreement constitutes and the Transaction Documents to which they are a party will constitute legal, valid and binding obligations on each of the Seller and Golar and is enforceable against the Seller and Golar in accordance with their terms; and (iv) all authorisations from and notices or filings with Governmental Bodies which are necessary to enable the Seller and Golar or members of the Seller's Group to execute, deliver and perform its obligations under the Transaction Documents to which they are a party have been obtained or made (as the case may be) and are in full force and effect and all conditions of each such authorisation have been complied with. 7.4.3 Corporate Status - CoolMan Group (i) Each CoolMan Company is duly incorporated, validly existing and in good standing under the laws of its jurisdiction; (ii) the Share constitutes the whole of the allotted and issued share capital of CoolManUK and is fully paid; (iii) there are no unissued shares, debentures or other unissued securities in CoolManUK or any other CoolMan Company; (iv) the Seller is the sole legal and beneficial owner of the Share, and CoolMan UK is the sole legal and beneficial owner of the entire issued share capital in each of the other CoolMan Companies; (v) the Seller is entitled to transfer the legal and beneficial title to the Share, free from Encumbrances to the Purchaser; (vi) there are no rights of pre-emption or other restrictions on transfer in respect of the Share, whether conferred by the constitutional documents of CoolManUK or otherwise; (vii) the shares of the CoolMan Companies are free from all Encumbrances and no person has any right to require, at any time, the transfer, creation, issue or allotment of any further shares or other securities (or any rights or interest in them, including conversion rights and rights or pre-emption) in CoolManUK or any other CoolMan Company and the Seller confirms that it has not agreed to confer any such rights on any person and that no person has claimed any such rights; (viii) since the Restructuring Closing Date, none of the CoolMan Companies have made any distribution to its shareholders or any other person (including for the avoidance of doubt a purchase of own shares); (ix) none of the CoolMan Companies have made any distribution or payment to its shareholders or any other person in contravention of any law;

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&nbsp;&nbsp;&nbsp;&nbsp;10 (x) none of the CoolMan Companies have any outstanding conditional shareholders' contributions or any equity or other capital contributions of any nature that may involve any payment obligations of any CoolMan Company to any person other than a CoolMan Company; (xi) none of the following applies to any of the CoolMan Companies: a. it is unable or has admitted its inability to pay its debts as they fall due; b. it has suspended making payments on any of its debts or started (or anticipates starting) negotiations with one of more of its creditors; c. the value of its assets is less than the amount of its liabilities, taking into account contingent and prospective liabilities; d. a moratorium has been declared in respect of any of its indebtedness; or e. a corporate action, legal proceedings or other procedure or step has been taken in relation to (a), (b) or (d) above; (xii) none of the CoolMan Companies holds or beneficially owns or has agreed to acquire, any shares, loan capital or any other securities; nor has it, at any time, had a. any subsidiary or subsidiary undertaking; b. held a membership in any limited liability partnership, partnership or other unincorporated association, joint venture or consortium; c. controlled or taken part in the management of any company or business organisation (other than the Golar Group) or agreed to do so; or d. established any branch or permanent establishment outside its country of incorporation; save for CoolManUK's ownership to all of the shares in issue in CoolManNor, CoolManCro and CoolManMal; (xiii) none of the CoolMan Companies have, at any time, purchased, redeemed, reduced, forfeited or repaid any of its own shares; given any financial assistance in contravention of any applicable laws or regulation or allotted or issued any securities that are convertible into its own shares; (xiv) Completion (and, indirectly, the transfer of ownership to the shares in CoolMan Cro, CoolMan Mal and CoolMan Nor) will not require the consent of any Governmental Body or any other third party; and (xv) the Transfer Agreements are in compliance with all applicable laws and completion thereunder has been or will be completed in accordance with all applicable laws. 7.4.4 Business and Contracts Since the Restructuring Closing Date: (i) each of the CoolMan Companies has conducted its business in the ordinary course and in accordance with past practise, contractual obligations (including but not limited to the obligations pursuant to the Management Agreements), laws, regulations and decisions of Governmental Bodies applicable to it;

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&nbsp;&nbsp;&nbsp;&nbsp;11 (ii) all material agreements entered into by the CoolMan Companies that are in effect have been Disclosed; (iii) none of the CoolMan Companies have entered into any agreement outside the ordinary course of trading, any unusual contract or commitment or undertaken any acquisitions or disposals; (iv) none of the CoolMan Companies have entered into any loan agreement or undertaken any similar financial indebtedness; (v) none of the CoolMan Companies have entered into any transaction of any kind (including any loans, transfers, sales, gifts, supplies or intra-group trading) resulting in any payments made or to be made by it to the Golar Group or entered into any other agreements with the Golar Group; (vi) none of the CoolMan Companies have made any loans to, or investments in other entities; (vii) none of the CoolMan Companies have made any amendments to any agreement to which it is party as of the date of this Agreement, including, but not limited to, the Management Agreements; (viii) none of the CoolMan Companies have passed any resolution amending its articles of association or bye-laws or other corporate documents; (ix) none of the CoolMan Companies have made or proposed any issue of new shares, options, warrants or other similar rights to acquire shares or any other changes in their nominal share capital; (x) none of the CoolMan Companies have made or proposed to merge, de-merged, amalgamated or entered into any corporate restructuring, liquidation, dissolution or other business combination; (xi) none of the CoolMan Companies have taken any action, or refrained from taking any action, which would result in a breach of any of the Warranties; (xii) none of the CoolMan Companies have made any capital expenditure exceeding an amount of USD 50,000 in the individual case or any commitment thereto, other than in connection with the Transfer Agreements to which it is a party; (xiii) none of the CoolMan Companies have terminated, amended or waived any provision or right under any material agreement; (xiv) none of the CoolMan Companies are in default under any material agreement; (xv) none of the CoolMan Companies have received any notice of termination under any agreement; (xvi) none of the CoolMan Companies have entered into any material agreement outside the ordinary course of trading; (xvii) none of the CoolMan Companies have waived, released, assigned, settled or compromised any material claim or legal action; (xviii) none of the CoolMan Companies have established any Encumbrance over any of its assets; and (xix) none of the CoolMan Companies have entered into any agreement or commitment to do any of the above; (xx) there has been no Leakage (other than Permitted Leakage) in any of the CoolMan Companies or the CoolMan Group as a whole;

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&nbsp;&nbsp;&nbsp;&nbsp;12 (xxi) the Management Agreements have been concluded in written form and no default has occurred under any of these; and (xxii) NFE has not terminated any NFE Management Agreement or withdrawn any vessel under any NFE Management Agreement as a result of the proposed acquisition of the Share by the Purchaser. 7.4.5 Financial Statements and Assets (i) The CoolMan Group Balance Sheet has been prepared in accordance with GAAP, consistently applied, and give a true and fair view of the financial position, assets and liabilities, liquidity and the results of the operations of the CoolMan Group for the relevant periods and as of the date of the CoolMan Group Balance Sheet; (ii) the CoolMan Group Balance Sheet contains either provision adequate to cover, or full particulars in notes of, all Tax (including deferred taxation) and other liabilities (whether quantified, contingent, disputed or otherwise) of the CoolMan Companies as at the Restructuring Closing Date; (iii) there were no material liabilities in the CoolMan Group at the Restructuring Closing Date not reflected in the CoolMan Group Balance Sheet; (iv) there are no material debts, liabilities or obligations of any type, description, kind and nature related to the CoolMan Group (fixed, contingent, direct or indirect, un-liquidated or otherwise), which, if known on the Restructuring Closing Date should, pursuant to GAAP, have been reflected or reserved against in the CoolMan Group Balance Sheet; (v) at the Restructuring Closing Date, the CoolMan Group did not have any obligations, commitments or liabilities, liquidated or non-liquidated, contingent or otherwise, whether for Taxes or otherwise, arising out of events which occurred prior to the Restructuring Closing Date and which are not clearly identified and described in the CoolMan Group Balance Sheet; (vi) all of the accounts receivable of the CoolMan Group have, with the exception of those arising pursuant to the Transfer Agreements, arisen in the ordinary course of business and all outstanding claims will be collected at full book value within 30 days from the respective invoice date or, if later, when due; (vii) the CoolMan Group has not pledged any assets and does not have any commitments or liabilities, whether contingent or not, whatsoever in excess of the commitments and liabilities included in the CoolMan Group Balance Sheet; (viii) the CoolMan Group has full ownership, free and clear from any Encumbrance, of all assets, tangible and intangible, that is reflected in the CoolMan Group Balance Sheet or which is used in its business, including any assets, tangible and intangible, acquired since the Restructuring Closing Date; (ix) the CoolMan Group has necessary legal rights to all assets (including Intellectual Property Rights) necessary for the continuation of the business of managing and operating the LNG Fleet, and no assets used or held for use in the conduct or operation of the business of the CoolMan Group are owned by the Seller or any member of the Golar Group; (x) at the Completion Date, the CoolMan Group (i) will not be using assets in its business which it neither owns nor has the right to use pursuant to written agreements with third parties and (ii) the assets of the CoolMan Group will comprise all the assets necessary for carrying on its business fully and effectively to the extent to which it is conducted at date of this Agreement; (xi) there is no agreement, option or other right or privilege outstanding in favour of any third party for the purchase of any of the assets used in the CoolMan Group;

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&nbsp;&nbsp;&nbsp;&nbsp;13 (xii) there has been no transaction pursuant to or as a result of which (i) any of the shares of the CoolMan Companies or (ii) any asset owned, purportedly owned or otherwise held by any CoolMan Company is liable to be transferred or re-transferred to another person; and (xiii) all use of the assets by the CoolMan Group is in conformity with all laws, requirements and regulations applicable to ownership or use thereof. 7.4.6 Tax (i) Each of the CoolMan Companies has filed all Tax Returns which is or was required to be filed by it, and all Tax Returns filed by each CoolMan Company are materially true, correct and complete; (ii) each of the CoolMan Companies has paid all Taxes required to be paid under applicable laws when due; (iii) all Taxes that each of the CoolMan Companies is or was required by applicable laws to withhold or collect have been duly withheld or collected and, to the extent required, have been paid to the relevant Governmental Body; (iv) the Tax Returns of the CoolMan Group have been assessed and approved by the relevant Governmental Body through the Tax years up to and including the years for which such assessment and approval is required and no CoolMan Company is subject to any dispute with any such authority; (v) all Taxes: a. that have become due have been fully paid or fully provided for in the CoolMan Group Balance Sheet and no CoolMan Company will be liable for any additional Tax pertaining to the period before the Restructuring Closing Date; and b. for the period after the Restructuring Closing Date have been fully paid when due; (vi) there are no Tax audits, disputes or litigation currently pending with respect to any CoolMan Company, and there is no basis for assessment of any deficiency in any Taxes against any CoolMan Company which have not been provided for in the CoolMan Group Balance Sheet or which have not been paid; (vii) no CoolMan Company has been involved in any transactions which could be considered as Tax evasion; (viii) all transactions and agreements entered into between any CoolMan Company and the Seller and any other member of the Golar Group have been made on terms and conditions which do not in any way deviate from what would have been agreed between independent parties (i.e. on an arm's length basis); and (ix) no CoolMan Company is or has been subject to any taxation outside its fiscal residence. 7.4.7 Compliance (i) The CoolMan Companies have: a. complied with all applicable laws, regulations, judgements, decrees and orders, including (without limitation), trade sanctions, anti-money-laundering laws and financial record keeping and reporting requirements, rules, regulations and guidelines, issued or imposed by Governmental Bodies or courts with jurisdiction over the CoolMan Companies;

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&nbsp;&nbsp;&nbsp;&nbsp;14 b. all licences, consents, permits and authorisations needed to operate the LNG Fleet, and has held, and complied with the terms of, all public and private permits, licences and approvals from all Governmental Bodies and other third parties necessary to carry out its business in its ordinary course, and have taken all actions required to prevent such permits, licences and approvals from lapsing; and c. not violated any applicable anti-bribery or anti-corruption law or regulation enacted in any jurisdiction; (ii) the CoolMan Companies hold all licenses, permits and authorisations required to carry on its business as presently conducted and none of them will expire or be revoked or suspended as a result of any transactions contemplated by the Transaction Documents; (iii) neither the Seller nor any CoolMan Company has received any formal or informal notice or other communication indicating that permits held by any CoolMan Company may be revoked, modified, expire prematurely or not be renewed; (iv) so far as the Seller is aware, there is no current governmental investigation or disciplinary proceeding relating to any alleged breach of any law or permit by any CoolMan Company and none is pending or threatened. 7.4.8 Environmental matters So far as the Seller is aware: (i) the CoolMan Companies comply and have, at all relevant times, complied with applicable environmental laws and environmental licenses granted to them; (ii) no claim in relation to environmental matters has been made or threatened to be made against any of the CoolMan Companies; (iii) each of the CoolMan Companies has all environmental permits and approvals that are required for its current operations and such permits and approvals are in full force and effect and none of them will expire or be revoked or suspended as a result of any transactions contemplated by the Transaction Documents; and (iv) no CoolMan Company has, other than as permitted under permits held or applicable laws or regulations, disposed of, discharged, released, placed, dumped or emitted any hazardous substances, such as pollutants, contaminants, hazardous or toxic materials, wastes or chemicals into the environment. 7.4.9 Litigation (i) None of the CoolMan Companies are engaged in any litigation (whether criminal, civil, administrative or tax), arbitration or alternative dispute resolution process; (ii) so far as the Seller is aware, no litigation, arbitration or dispute resolution process is currently threatened against any of the CoolMan Companies; (iii) no CoolMan Company has received any claims or complaints and, so far as the Seller is aware, no grounds exist for such claims; (iv) as far as the Seller is aware, no investigation or enquiry is being or has, during the last 3 years, been conducted by any Governmental Body in respect of the affairs of the CoolMan Group, and no such investigation is pending, threatened or expected; and

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&nbsp;&nbsp;&nbsp;&nbsp;15 (v) the CoolMan Companies are not affected by any existing or pending judgments or rulings and have not given any undertakings arising from legal proceedings to a court, governmental agency, regulator or third party. 7.4.10 Employees (i) The names of each person who is a director of each CoolMan Company are set out in Schedule 1; (ii) all individuals employed by the CoolMan Companies and the particulars of the contract of employment of each individual have been Disclosed; (iii) all individuals who are providing services to the CoolMan Companies under an agreement which is not a contract of employment with a Coolman Company (including, in particular, where the individual acts as a consultant or is on secondment) and the particulars of the terms on which the individual provides services, have been Disclosed; (iv) as of the date hereof, no employee in the CoolMan Companies has served notice of termination of his or her current employment; (v) all information on pensions plans and all other benefit plans for employees and all relevant information for the assessment of the CoolMan Group's pension liabilities has been Disclosed; (vi) the CoolMan Group has complied, in all material respects, with all collective, workforce affecting its relations with, or the conditions of service of, its employees; (vii) no CoolMan Company has incurred any liability in connection with any termination of employment of its employees (including redundancy payments), or for failure to comply with any order for the reinstatement or re-engagement of any employee; (viii) no CoolMan Company has made or agreed to make a payment, or provided or agreed to provide a benefit to a present or former director, other officer or employee, or to the dependants of any of those people, in connection with the actual or proposed termination or suspension of employment or variation of an employment contract; (ix) each CoolMan Company has maintained in all material respects current, adequate and suitable records regarding the service of each of its employees; (x) in so far as they apply to its employees, each CoolMan Company has complied in all material respects with any legal obligations (collective agreements included); (xi) no claim in relation to any of the CoolMan Company employees or former employees has been made or, so far as the Seller is aware, threatened against any CoolMan Company or against any person whom any CoolMan Company is or may be liable to compensate or indemnify; (xii) no CoolMan Company is involved in any industrial or trade dispute or negotiation regarding a claim with any trade union or other group or organisation representing employees and, so far as the Seller is aware, there is nothing likely to give rise to such a dispute or claim; (xiii) particulars of all collective bargaining or procedural or other agreements or arrangements with any trade union, group or organisation representing employees that relate to any employees of the CoolMan Companies (including the crew on board the LNG Fleet) have been Disclosed; (xiv) no enquiry or investigation affecting any CoolMan Company has been made or, so far as the Seller is aware, threatened by any governmental, statutory or regulatory authority including any health and safety enforcement body in respect of any act, event, omission or other matter arising out of or in

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&nbsp;&nbsp;&nbsp;&nbsp;16 connection with the employment (including terms of employment, working conditions, benefits and practices) or termination of employment of any person; (xv) no employee of any CoolMan Company is, or has been, involved in any criminal proceedings relating to the business of any CoolMan Company and, so far as the Seller is aware, there are no circumstances which are likely to give rise to any such proceedings; and (xvi) to the extent that any CoolMan Company has been a party to a relevant transfer for the purposes of the Transfer of Undertakings (Protection of Employment) Regulations or their equivalent in any jurisdiction in connection with the Restructuring, it has complied with all obligations under those regulations. 7.4.11 Relationship with the Seller (i) Neither the Seller nor any other member of the Seller's Group has any claims against any of the CoolMan Companies (other than those arising from the Transaction Documents and the TSA) and none of the CoolMan Companies is indebted in any way towards the Seller or any member of the Seller's Group (other than those arising from the Transaction Documents and the TSA); (ii) no payments of any kind, including but not limited to management charges, have been made by any CoolMan Company to the Seller or any member of the Seller's Group, save for payments under agreements or arrangements made on an arm's length basis. 7.4.12 Insurance (i) Each of the CoolMan Companies has adequate insurance coverage against business interruptions, loss of revenues, liability, injury and other risks normally insured against by persons operating in its field of business; (ii) so far as the Seller is aware there are no material outstanding claims under, or in respect of the validity of, any of those policies and so far as the Seller is aware, there are no circumstances likely to give rise to any claim under those policies; and (iii) all the insurance policies are in full force and effect, are not void or voidable, nothing has been done or not done which could make any of them void or voidable and Completion will not terminate or entitle any insurer to terminate any such policy. 7.4.13 Information (i) All information contained in the Data Room is complete, accurate and not misleading; (ii) the particulars relating to the CoolMan Companies in Schedule 1 to this agreement are accurate and not misleading; (iii) the information provided to the Purchaser concerning the CoolMan Group and its business (including such business as has or will be taken over under the Transfer Agreements) is true and accurate in all respects and not misleading in any way, and no document (irrespective of form) provided to the Purchaser by or on behalf of the Seller or the CoolMan Group, contains any untrue statement of a relevant fact or omits to state a relevant fact necessary not to make the statements contained in the document misleading; and (iv) there are no facts or circumstances concerning the CoolMan Group which have not been Disclosed to the Purchaser and which, if Disclosed, might reasonably have been expected to influence the decision of the Purchaser to purchase the Share on the terms set out in this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;17 7.4.14 Finance and Guarantees (i) Particulars of all money borrowed by any CoolMan Company have been Disclosed; (ii) no guarantee, mortgage, charge, pledge, lien assignment or other security agreement or arrangement has been given by or entered into by any CoolMan Company or any third party in respect of borrowings or other obligations of any CoolMan Company; (iii) no CoolMan Company has any outstanding loan capital or has lent any money that has not been repaid and there are no debts owing to any CoolMan Company; (iv) no financial indebtedness of any CoolMan Company is due and payable and no security over any of the assets of any CoolMan Company is now enforceable, whether by virtue of the stated maturity date of the indebtedness having been reached or otherwise; (v) no CoolMan Company is responsible for the indebtedness, or for the default in the performance of any obligation, of any other person; and (vi) a change of control of the CoolMan Companies will not result in: a. the termination of or material affect on any financial agreement or arrangement to which the CoolMan Companies is a party or subject; or b. any financial indebtedness of any CoolMan Company becoming due, or capable of being declared due and payable, prior to its stated maturity. 7.4.15 Pensions (i) All retirement pension, early retirement pension, disability pension and survivor pension plans and all other material benefit plans for the employees in the CoolMan Group or their dependants or beneficiaries have been Disclosed; (ii) the Seller has provided all relevant information to the Purchaser for the assessment of the CoolMan Group's pension liabilities. 7.4.16 Intellectual property (i) No claim has been made against any CoolMan Company (or of any licensee under any licence granted by a CoolMan Company) that they infringe or are likely to infringe any Intellectual Property Right of any third party and no claim has been made against any CoolMan Company or any such licensee in respect of such infringement; (ii) full and accurate particulars of all registered Intellectual Property Rights (including applications to register the same) and all commercially significant unregistered Intellectual Property Rights owned or used by the CoolMan Companies have been Disclosed. Each such Intellectual Property Right is legally and beneficially owned, free from any Encumbrance, solely by the CoolMan Companies; (iii) full and accurate particulars of or, in the case of a document, a copy of all licence and other agreements relating to any Intellectual Property Right to which any CoolMan Company is a party (whether as licensor or licensee) or which relate to any Intellectual Property Right owned by any CoolMan Company have been Disclosed. No CoolMan Company is in breach of any such agreement and, so far as the Seller aware, no third party is in breach of any such agreement; (iv) each CoolMan Company owns or has licensed to it all Intellectual Property Rights it requires to carry on its business of operating the LNG Fleet and none of such Intellectual Property Rights nor

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&nbsp;&nbsp;&nbsp;&nbsp;18 any CoolMan Company ability to use any of such Intellectual Property Rights will be affected by the acquisition of the CoolMan Group by the Purchaser; and (v) so far as the Seller is aware there has been no unauthorised use by any person of any Intellectual Property Right or confidential information of any CoolMan Company. 7.4.17 Data and records (i) For the purposes of this paragraph, "Data Protection Legislation" means all statutes, enacting instruments, common law, regulations, directives, codes of practice, guidance notes, decisions, recommendations and the like (whether in the United Kingdom, the European Union or elsewhere) concerning the protection and/or processing of personal data; (ii) each CoolMan Company has complied with all relevant requirements of Data Protection Legislation, including: a. the data protection principles established in that legislation; b. requests from data subjects for access to data held by it; and c. the requirements relating to the notification by data controllers to the relevant data protection regulator of their processing of personal data. (iii) no CoolMan Company has received any notice or allegation from either the UK Information Commissioner or from any other data protection regulator in any other jurisdiction, a data controller or a data subject alleging non-compliance with any Data Protection Legislation (including data protection principles), requiring CoolMan Company to change or delete any data or prohibiting any transfer of data to a place outside the United Kingdom or Norway; and (iv) no individual has, so far as the Seller is aware, claimed or has the right to claim compensation from any CoolMan Company under any Data Protection Legislation, including for unauthorised or erroneous processing or loss or unauthorised disclosure of data. 7.4.18 Powers of attorney (i) No CoolMan Company has granted any power of attorney or similar authority which remains in force other than as Disclosed; and (ii) no person, as agent or otherwise, is entitled or authorised to bind or commit any CoolMan Company to any obligation not in the ordinary course of a CoolMan Company's business. 8 UNDERTAKING BY GOLAR 8.1 Golar procures that the GolarCos shall not, during the period from the date hereof until the Completion Date, do anything that will cause an adverse change to the CoolMan Companies and/or breach any term of this Agreement, including (without limitation) breaching any Warranty or cause any Warranty to be untrue, inaccurate or misleading in any material respect. 9 BREACH OF WARRANTIES 9.1 The Seller's liability 9.1.1 Subject to Clause 14, the Seller hereby agrees to indemnify and hold the Purchaser harmless against any and all losses incurred by the Purchaser as a consequence of a breach of any of the Warranties based on the following principles:

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&nbsp;&nbsp;&nbsp;&nbsp;19 (i) a claim for compensation for breach of a Warranty (a "Claim") must be submitted by the Purchaser in writing together with reasonable supporting documentation, no later than the seventh anniversary of the Completion Date for any claim relating to Tax or the fourth anniversary of the Completion Date for any other Claim; (ii) the Seller shall not be liable to the Purchaser for any alleged loss incurred by the Purchaser due to a breach of Warranty unless the Claim, as a result of such breach, exceeds USD 10,000; and (iii) the Seller shall not be liable to the Purchaser for Claims (other than in relation to Tax) exceeding, in aggregate, USD 10,000,000. [\*\*\*\*\*]. The above indemnity obligation shall not apply to any breach of a Warranty caused by a Cool Initiated Commitment. 9.1.2 The limitations in the Seller's liability set forth in Clause 9.1 shall not apply to a breach of the Warranties caused by fraud, gross negligence or wilful misconduct by the Seller. 9.1.3 Without prejudice to the right of the Purchaser to claim on any other basis or take advantage of any other remedies available to it, if any Warranty is breached or proves to be untrue or misleading, the Seller undertakes to indemnify the Purchaser on demand: (i) the amount necessary to put the CoolMan Companies into the position they would have been in if the Warranty had not been breached and had been true and not misleading; and (ii) all costs and expenses (including, without limitation, damages, legal and other professional fees and costs, penalties, expenses and consequential losses whether directly or indirectly arising) incurred by the Purchaser or the CoolMan Companies as a result of the breach or of the Warranty not being true or being misleading (including a reasonable amount in respect of management time); and a payment made in accordance with the provisions of this Clause shall include any amount necessary to ensure that, after Tax of the payment, the Purchaser is left with the same amount it would have had if the payment was not subject to Tax. 9.1.4 If at any time before or at Completion the Seller becomes aware that a Warranty has been breached, is untrue or is misleading, or has a reasonable expectation that any of those things might occur, it must immediately: (i) notify the Purchaser in sufficient detail to enable the Purchaser to make an accurate assessment of the situation; and (ii) if requested by the Purchaser, use its best endeavours to prevent or remedy the notified occurrence. 9.1.5 The Purchaser shall, on receipt of a claim from a third party which may give raise to a Claim, notify the Seller and provide the Seller, at the Seller's cost and risk, with the opportunity to defend such claim on behalf of the relevant CoolMan Company. 10 INDEMNITIES 10.1 Leakage The Seller shall notify the Purchaser in writing promptly, but no later than five (5) Banking Days after becoming aware of any payments constituting a Leakage. In the event of a Leakage, the Seller shall repay to the Company on a USD for USD basis an amount equal to the Leakage plus any Taxes fee or expenses triggered or incurred by any CoolMan Companies in connection with the Leakage.

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&nbsp;&nbsp;&nbsp;&nbsp;20 11 POST COMPLETION OBLIGATIONS 11.1 On or after Completion the Seller shall, at its own cost and expense, execute and do (or procure to be executed and done by any other necessary party) all such deeds, documents, acts and things as the Purchaser may from time to time require in order to vest the Share in the Purchaser or as otherwise may be necessary to give full effect to the Transaction Documents. 11.2 In relation to each CoolMan Company, the Seller shall procure the convening of all meetings, the giving of all waivers and consents and the passing of all resolutions as are necessary under statute, its constitutional documents or any agreement or obligation affecting it to give effect to the Transaction Documents. 11.3 For so long after Completion as the Seller or any nominee of remains the registered holder of the Share, it shall hold (or direct the relevant nominee to hold) that Share and any distributions, property and rights deriving from it in trust for the Purchaser and shall deal with that Share and any distributions, property and rights deriving from it as the Purchaser directs; in particular, the Seller shall exercise all voting rights as the Purchaser directs or shall execute an instrument of proxy or other document which enables the Purchaser or its representative to attend and vote at any meeting of the CoolMan Companies. 12 GUARANTEE BY GOLAR 12.1 Golar hereby unconditionally: (i) guarantees to the Purchaser the punctual performance by the Seller of the Seller's obligations under this Agreement; and (ii) undertakes that whenever the Seller does not pay any amount when due under or in connection with this Agreement, it shall immediately on demand pay that amount as if it was the principal debtor. 12.2 The Guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable by the Seller under this Agreement, regardless of any intermediate payment or discharge in whole or in part and will remain in full force and effect until all such obligations have been discharged in full. 12.3 The maximum liability of Golar shall be limited to the maximum liability of the Seller, including any interest, costs and expenses. 13 TERMINATION 13.1 No Party shall be entitled to terminate this Agreement after Completion. 14 PUT OPTION 14.1 Notwithstanding Clause 13.1, if any Claim arises under this Agreement, the Purchaser shall have an option to require the Seller to purchase the Share from the Seller (the "Put Option") under this Clause. The consideration payable on exercise of the Put Option shall be satisfied in cash and shall be an aggregate amount of USD 5,000,000 plus the amount of any cash or receivables in the CoolMan Group at the date of completion of such purchase. 14.2 The Put Option may only be exercised: (i) before 31 March 2026, and if the Put Option is not exercised on or before such date, it shall lapse; and (ii) if there is no material adverse change to the business of the CoolMan Group since the Completion Date except if arising as a result of any action on the part of the Seller's Group.

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&nbsp;&nbsp;&nbsp;&nbsp;21 14.3 The Put Option shall be exercised only by the Purchaser giving the Seller a notice (the "Exercise Notice") which includes: (i) the date on which the Put Option is exercised; (ii) a statement to the effect that the Purchaser is exercising the Put Option; (iii) a date, which is no less than five after the date of the Exercise Notice, on which Completion is to take place; and (iv) a signature by or on behalf of the Purchaser. 14.4 Upon completion of the transactions contemplated by the Put Option, the Purchaser shall have no further claims against the Seller under this Agreement. 15 TRANSACTION COSTS 15.1 Subject to Clause 15.2, all costs and expenses reasonably and properly incurred in connection with the negotiation and execution of the Transaction Documents shall be borne by the Purchaser. 15.2 Any costs and expenses relating to the Restructuring or any Tax, employment, transfer pricing and other professional advice obtained by the Golar Group in connection with the Transaction or the Restructuring shall be borne by the Golar. 16 CONFIDENTIALITY 16.1 Each Party agrees to treat all documents and other information which it may obtain in connection with this Agreement confidential and shall not make any broadcast, press release, advertisement, public disclosure or other public announcement or statement with respect to this Agreement, unless required by law or the rules of any stock exchange other than: (i) If agreed, press releases by the Purchaser and Golar announcing the completion of the Transaction; and (ii) such information as is required by law or relevant stock exchange regulations to be included in the Purchaser's and Golar's public reports; in both cases in form and substance acceptable to and consistent with such disclosure as the other Party makes. 16.2 The Parties acknowledge that the employees in the CoolMan Group on the one side and in the Golar Group on the other side will, during the period in which the Administrative Services Agreement is effective, have access to information relevant to the group in which they are not employed. In view of the fact that both the Purchaser and Golar are listed companies, the Parties undertakes to implement adequate information management routines to avoid the possibility for insider trading and other breaches of confidentiality. 17 MISCELLANEOUS 17.1 Neither Party shall be liable to the other Party for any indirect or consequential loss. 17.2 The invalidity, illegality or unenforceability of any provision of this Agreement shall not affect the continuation in force of or the remainder of this Agreement. The Parties agree to substitute, for any invalid, illegal or unenforceable provision, a valid or enforceable provision which achieves to the greatest extent possible the same effect as would have been achieved by the invalid, illegal or unenforceable provision.

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&nbsp;&nbsp;&nbsp;&nbsp;22 17.3 Neither Party shall assign or transfer any of its rights and/or obligations under this Agreement except with the prior written consent of the other Party and then to such terms and conditions as the other Party may require. 17.4 This Agreement is made for the benefit of the Parties and their respective successors and permitted assigns and is not intended to benefit or be enforceable by anyone else. 17.5 No variation, amendment or addition to this Agreement shall be valid unless agreed in writing by both Parties. 17.6 A failure or delay by a Party to exercise any right or remedy provided under this Agreement or by law shall not constitute a waiver of that or any other right or remedy, nor shall it prevent or restrict any further exercise of that or any other right or remedy. 17.7 This Agreement is made for the benefit of the Parties and their respective permitted successors and assigns and is not intended to benefit or be enforceable by any other party. 17.8 No variation amendment or addition to this Agreement shall be valid unless agreed in writing by both Parties. 17.9 A failure or delay by a Party to exercises any right or remedy provided under this Agreement or by law shall not constitute a waiver of that or any other right or remedy, nor shall it prevent or restrict any further exercise of that or any other right or remedy. 18 CHOICE OF LAW AND ARBITRATION 18.1 This Agreement shall be governed by and construed in accordance with Norwegian law. 18.2 Any dispute arising out of or in connection with this Agreement shall be finally settled by arbitration under the rules of arbitration adopted by the Nordic Offshore and Maritime Arbitration Association in force at the time such arbitration proceedings are commenced by either of the Parties. The association's "Best Practice Guidelines" shall be taken into account.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The place of arbitration shall be Oslo, Norway. The language of the arbitration shall be English. For and on behalf of For and on behalf of Cool Company Ltd. Golar Management (Bermuda) Limited /s/ Neil J. Glass /s/ Mi Hong Yoon Mi Hong Yoon, Director For and on behalf of Golar LNG Limited /s/ Georgina E. Sousa Georgina E. Sousa, Director

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE 1 COOLMAN COMPANIES CoolManUK Company name: Cool Company Management Ltd Registered number: 13835293 Registered / principal office: 6th floor the Zig Zag, 70 Victoria Street, London SW1E 6SQ Date and place of incorporation: 7 January 2022, England and Wales Directors: Malcolm Bulbeck and Eduardo Maranhao Secretary: N/A VAT number: VAT GB 405317723 Accounting reference date: 31 December Auditors: None appointed yet but expected to be EY UK Authorised capital: N/A Issued capital: 1 share of £1 CoolManNor Company name: Cool Company Management AS Registered number: 995 435 705 Registered / principal office: Fridtjof Nansens plass 4, 0160 OSLO Date and place of incorporation: 9 April 2010, Norway Directors: Trine Vossli and Erling David-Andersen Secretary: N/A VAT number: VAT NO 828 177 052 MVA Accounting reference date: 31 December Auditors: FGH Revisjon AS Authorised capital: NOK 500.000,00 Issued capital: 5000 shares at nominal value of 100 NOK CoolManCro Company name: Cool Company Management d.o.o. Registered number: OIB:07595991406 /MBS:060238051 Registered / principal office: Zrinsko Frankopanska 64, Split, Croatia Date and place of incorporation: 7 July 2016, Croatia Directors: Øistein Dahl, Lasse Roed and Erling David-Andersen Secretary: N/A VAT number: 07595991406 Accounting reference date: 31 December Auditors: N/A Authorised capital: HRK 20.000,00 Issued capital: 1 business share of nominal value of 20.000,00 kn, marked with number 1

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoolManMal Company name: CoolCo Management Sdn. Bhd. Registered number: 202201008184 (1453881-D) Registered / principal office: Suite 1005, 10th Floor, Wisma Hamzah-Kwong Hing No. 1 Leboh Ampang 50100 Kuala Lumpur W.P. Kuala Lumpur Malaysia Date and place of incorporation: 7 March 2022, Malaysia Directors: Erling David-Andersen and Jamal Ishak Bin Aziz Ahmad Secretary: 1. Jasni Bin Abdul Jalil 2. Nurul Hannan Binti Hassan Shearn Delamore & Co. VAT number: C 2974416102 Accounting reference date: 31 December Auditors: PricewaterhouseCoopers LLT Authorised capital: N/A Issued capital: 2 Ordinary shares issued and credited as paid up. Price per share is MYR 1.00

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE 2 LIST OF MANAGEMENT AGREEMENTS and VESSEL [\*\*\*\*\*]

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## Exhibit 4.34

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CERTAIN INFORMATION IN THIS EXHIBIT IDENTIFIED BY [\*\*\*\*\*] IS CONFIDENTIAL AND HAS BEEN EXCLUDED BECAUSE IT (I) IS NOT MATERIAL AND (II) THE REGISTRANT CUSTOMARILY AND ACTUALLY TREATS THAT INFORMATION AS PRIVATE OR CONFIDENTIAL. ADMINISTRATIVE SERVICES AGREEMENT between Golar Management Ltd. (as service provider) and Cool Company Management Ltd. (as service recipient)

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&nbsp;&nbsp;&nbsp;&nbsp;1 This agreement is entered into on this 30th day of June 2022 by and between: (1) GOLAR MANAGEMENT LTD., a limited liability company organised under the laws of England and Wales, having its business address at 6th Floor, The Zig Zag, 70 Victoria Street, London SW1E 6SQ, United Kingdom and being identified by company number 4396172 ("GolarManUK"); and (2) COOL COMPANY MANAGEMENT LTD., a limited liability company organised under the laws of England and Wales, having its business address at 6th Floor, The Zig Zag, 70 Victoria Street, London SW1E 6SQ, United Kingdom and being identified by company number 13835293 ("CoolManUK"); WHEREAS (A) GolarManUK is a wholly owned subsidiary of Golar Management (Bermuda) Limited, a limited liability company incorporated in Bermuda with registration number 43504 ("GolarManBer"), which, in turn, is a wholly owned subsidiary of Golar LNG Limited, an exempted company limited by shares which is registered in Bermuda with registration number 30506 ("Golar"). (B) Golar entered into a share purchase agreement with its then wholly owned subsidiary, Cool Company Ltd, an exempted company limited by shares which is registered in Bermuda with registration number 54129 ("Cool"), on 26 January 2022 pursuant to which Golar agreed to sell to Cool all of the shares in 8 single purpose corporations (each of which was the owner or disponent owner of one modern LNG tanker) and all of the shares in The Cool Pool Limited (the "ShipCo SPA"). (C) Cool financed the acquisition of the ShipCos, The Cool Pool Limited and its working capital requirements by issuing new shares to investors and Golar (as part settlement of the purchase price for the shares purchased pursuant to the ShipCo SPA) in a private placement of new shares in February 2022 whereafter Golar's ownership in Cool is approx. 31% as the date hereof. (D) The ShipCo SPA was completed on 5 April 2022. (E) Cool, the ShipCos, The Cool Pool Limited, GolarManBer and GolarManUK entered into a transitional services agreement on 26 January 2022 (the "TSA") pursuant to which GolarManUK and GolarManBer agreed to provide Cool and its subsidiaries with such general administrative services as they would require until the ManCo Closing Date (as defined below). (F) Services have been provided by GolarManUK and GolarManBer under the TSA from the end of January 2022. (G) The vessels owned or bareboat chartered by the ShipCos and a number of other vessels owned or bareboat chartered by subsidiaries of New Fortress Energy Inc and Golar have been managed technically and commercially by GolarManUK on the terms set forth in individual ship management agreements between GolarManUK and each such owner/charterer. (H) Golar and Cool agreed, on 26 January 2022, that Golar should carve out such part of its management organisation as was responsible for the technical and commercial operation of LNG tankers and FSRUs to a new corporate structure with CoolManUK as the parent and, thereafter, sell all of the shares in CoolManUK to Cool. (I) Golar has implemented the carve-out described in Recital (H) with accounting and economical effect between those of its subsidiaries that are involved.

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&nbsp;&nbsp;&nbsp;&nbsp;2 (J) The detailed terms for the carve-out described in Recital (H) have been documented in a number of business transfer agreements between the parties involved, all of which are dated 30 June 2022 (the "BTAs"), the terms of which includes an obligation on CoolManUK to perform GolarManUK's obligations under all of the management agreements which GolarManUK, as of 31 March 2022, was party to with owners and disponent owners of LNG tankers and FSRUs until new management agreements are concluded directly between CoolManUK and such owners/bareboat charterers in exchange for the revenues due to GolarManUK thereunder in such period. (K) CoolManUK has, on 12 May 2022, at the request of Cool, concluded 4 additional management agreements for the technical and commercial operation of LNG tankers with subsidiaries of Quantum Pacific Shipping Ltd. (L) CoolManUK has, on the terms of a management agreement with Cool taken responsibility for the overall administration and management of Cool and its subsidiaries (the "Cool Group"). (M) GolarManBer and Cool will conclude a share purchase agreement on 30 June 2022 pursuant to which Cool will acquire all of the shares in CoolManUK (the "ManCo SPA"). (N) The ManCo SPA will close on 30 June, 2022 (the "ManCo SPA Closing Date"). (O) The Parties have, together with the other parties to the TSA, agreed to terminate the TSA on the ManCo Closing Date and substitute it with a new agreement between the Parties only setting out the scope and terms for the administrative services GolarManUK has agreed to provide to CoolManUK after the ManCo Closing Date. NOW THEREFORE, it is hereby agreed as follows: 1. DEFINITIONS AND INTERPRETATION 1.1 Definitions The following capitalized terms shall, when used herein, have the following meanings: Additional Services means any service, other than the Services, which is reasonably required by CoolManUK from GolarManUK and approved by GolarManUK, the scope and terms of which have been agreed between the Parties in writing. Affiliate means, with respect to any person, another person (i) controlled directly or indirectly by such first person, (ii) controlling directly or indirectly such first person or (iii) directly or indirectly under common control with such first person and "person" shall, in this context, include both individuals and corporate entities. Agreement means this agreement as amended from time to time together with the Schedules. Approved Cool Employees means Employees in the CoolMan Group that have submitted the declaration referred to in Clauses 2.1.2 and 2.1.3 to GolarManUK in satisfactory form. BTAs has the meaning given to the term in Recital (J). Confidential Information means trade secrets, know-how and any financial and other information of a confidential nature relating to a Party and its Affiliates. Cool has the meaning given to the term in Recital (B). Cool Group has the meaning given to the term in Recital (L).

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&nbsp;&nbsp;&nbsp;&nbsp;3 Customers means any Affiliate of CoolManCo and any third parties being provided with technical and commercial ship management services by CoolManUK pursuant to (i) a ship management agreement concluded directly between CoolManUK and such Customer or (ii) a Management Agreement (in which case such services are provided in the name of GolarManUK). Data Application means the data application identified in Exhibit 1 to Schedule 1(a) hereto. Employee means an employee, consultant and/or agent employed or engaged, whether on a full or part time basis, by a Party or an Affiliate of a Party. GolarManBer has the meaning given to the term as Recital (A). GolarMan Group means GolarManUK and its wholly owned subsidiaries Golar Management AS, Golar Viking Management d.o.o. and Golar Management Sdn. Bhd. Golar has the meaning given to the term in Recital (A). Management Agreements means the management agreements listed in Schedule 2 hereto. Manco SPA has the meaning given to the term in Recital (M). ManCo SPA Closing Date has the meaning given to the term in Recital (N). Parties means GolarManUK and CoolManUK. Protocol means a protocol of agreement of even date herewith between Golar, Cool, Golar Management AS, Golar Malaysia Sdn. Bhd., CoolManUK, Cool Company Management Sdn. Bhd. setting forth the principles which shall apply to the establishment of the Cool Group's IT-system and IT and accounting departments. Sanctions means the economic, financial and trade embargo rules, freezing provisions, prohibitions and sanctions laws, regulations and/or restrictive measures administered, enacted or enforced by (a) the U.S. Department of Treasury, the U.S. Department of State, the President of the United States of America or any other U.S. Government entity (including, but not limited to, those sanctions against Iran as are administered by the U.S. Treasury Department's Office of Foreign Assets Control, the sanctions enacted under the U.S Iran Freedom and Counter Proliferation Act of 2012 codified at 22 USC §880, the U.S Comprehensive Iran Sanctions, Accountability and Divestment Act 2010 and all other sanctions administered by U.S authorities (including all rulings issued thereunder)), (b) any regulatory department, competent authority or entity of the European Union and/or any Member State of the European Union, (c) the United Kingdom, (d) the United Nations, (e) Bermuda and (f) Norway. Schedule means a schedule to this Agreement. Services means the services set forth in Schedule 1(a), 1(b), 1(c) and 1(d). Service Fee has the meaning given to it in Clause 4.1. ShipCos means Golar Hull M2021 Corp., Golar Hull M2022 Corp., Golar Hull M2027 Corp., Golar Hull M2047 Corp., Golar Hull M2048 Corp., Golar LNG NB10 Corporation, Golar LNG NB11 Corporation and Golar LNG NB12 Corporation. ShipCo SPA has the meaning given to the term in Recital (B).

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&nbsp;&nbsp;&nbsp;&nbsp;4 Term means the period commencing on the ManCo SPA Closing Date and ending on 30 June 2023 or such later date as the Parties shall agree in writing. TSA has the meaning given to the term in Recital (E). 1.2 Interpretation In this Agreement, unless the content requires otherwise: 1.2.1 The Recitals form part of this Agreement and the Parties acknowledge that the Recitals are true and correct. 1.2.2 Any schedule or annex to this Agreement shall have effect as if set out in this Agreement and references to this Agreement shall include its schedules and annexes. 1.2.3 Reference to this Agreement or any other document includes the same as varied, supplemented, novated or replaced from time to time. 1.2.4 References to a "person" includes any individual, company, corporation, unincorporated association or body (including a partnership, trust, joint venture or consortium), government, state, agency, organisation or other entity whether or not having separate legal personality. 1.2.5 "CoolManUK" and "GolarManUK" include their respective permitted successors and assigns. 1.2.6 Clause headings are inserted for convenience and shall be ignored in construing this Agreement. 1.2.7 Unless the context otherwise requires, words denoting the singular number include the plural number and vice versa. 1.2.8 References to a clause and schedule are to Clauses and Schedules of this Agreement except where otherwise expressly stated. 1.2.9 References to any enactment include any re-enactments, amendments and extensions thereof. 1.2.10 For the purpose of this Agreement the expression "written" or "in writing" shall mean "by letter or e-mail". 2. PROVISION OF SERVICES 2.1 The Services 2.1.1 With effect from the date hereof and until the end of the Term, CoolManUK hereby appoints GolarManUK to provide the Services together with any Additional Service and GolarManUK hereby agrees to provide the same on the terms and conditions set forth herein. 2.1.2 GolarManUK agrees that the Services shall, on the terms set forth herein, include access for Approved Cool Employees to the GolarMan Group's IT-system (which, for the avoidance of doubt, shall include the Data Applications) for the duration of the Term provided always that the number of Approved Cool Employees who shall be granted such access shall be limited to those that need to have it in order for the Cool Group to operate. 2.1.3 Employees in the Cool Group previously employed in the GolarMan Group and having been transferred to the CoolMan Group pursuant to the BTAs shall, in order to be granted access to the GolarMan Group's IT-system, confirm, by executing a declaration in the form set forth in Schedule 3 hereto that he/she will:

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&nbsp;&nbsp;&nbsp;&nbsp;5 a) continue to observe and comply with all of the GolarMan Group's policies and procedures for use of the GolarMan Group's IT systems; b) treat any and all information related to Golar and its subsidiaries which they become aware of as a consequence of such access confidential; and c) accept not to trade any securities issued by Golar without prior written approval by the CFO of Golar for as long as they have such access. Any new Employees in the CoolMan Group who shall be granted access to the GolarMan Group's IT-systems shall complete the GolarMan Group's onboarding process (in order to familiarise themselves with the GolarMan Group's policies and procedures for the use of the GolarMan Group's IT systems) and execute a declaration in the form set out in Schedule 3 confirming the same. 2.1.4 The Approved Cool Employees shall, for as long as they have access to the GolarMan Group's IT systems, co-operate with the head of the GolarMan Group's IT department in all matters relevant to the GolarMan Group's IT-systems and abide by Golar's policies and procedures for use of its IT- systems. 2.1.5 All Employees in the GolarMan Group who, when assisting CoolManUK in establishing the Cool Group's IT-system, get access to the same shall complete the Cool Group's onboarding process (in order to familiarise themselves with the Cool Group's policies and procedures for the use of the Cool Group's IT-system) and accept to abide by such policies and procedures. They shall, furthermore, execute a declaration in the form set out in Schedule 4 confirming the same. 2.1.6 Employees in the CoolMan Group who, as a consequence of their use of the GolarMan Group's IT system get access to information on Golar and its subsidiaries, shall keep such information confidential. 2.1.7 GolarManUK provides no guarantee for uptime or functionality of its IT systems to CoolManUK hereunder. GolarManUK shall, in the event of any downtime in the access the Approved Cool Employees shall have to the GolarMan Group's IT-system, use reasonable commercial efforts to restore the same forthwith. 2.1.8 GolarManUK may provide the Services itself or through one or more of the other members of the GolarMan Group. GolarManUK shall remain fully responsible for the Services provided by other members of the GolarMan Group. 2.1.9 The overall scope of the Services shall be limited as follows: a) the Services CoolManUK requires to perform its obligations under the Management Agreement, shall be limited to the finance operations services set forth in Schedule 1(d) provided that the level of these per Customer shall not materially exceed the level of the same provided by GolarManUK to a ShipCo in 2021; and b) the Services CoolManUK requires to perform its obligations under the Management Agreement referred to in Recital (L) shall not exceed such level as will be detrimental to the GolarMan Group's ability to provide the management services the Golar Group requires;

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&nbsp;&nbsp;&nbsp;&nbsp;6 always provided that the Services shall, for the avoidance of doubt, include such assistance as CoolManUK shall reasonably require in relation to: c) Cool's planned initial public offering in the U.S. with a target date of Q4/2022; and d) the establishment of the Cool Group's IT-system and its IT and accounting departments as described in the Protocol. 2.1.10 CoolManUK shall, with no less than 30 days' prior written notice to the end of a calendar month, be entitled to request a reduction in the scope of the Services within a designated area. Such a request shall specify the extent of the reduction by identifying specific components of the current Services which shall cease and the corresponding reduction in the Service Fee. 2.1.11 The Services shall be provided by GolarManUK: i. with due skill and care; ii. in a professional and workmanlike manner; iii. in accordance with sound management practice and good corporate governance; iv. in compliance with all applicable laws; and v. at the same standard as provided to the members of the Golar Group; always protecting and promoting the interest of the Cool Group. 2.1.12 GolarManUK agrees that, during the Term, an adequate number of Employees in the GolarMan Group (all of which shall be fully equipped, licenses (if required) and qualified) to perform the Services as per the terms hereof. 2.1.13 The Parties shall discuss and agree, in good faith, the terms and conditions (which shall include the fee due to GolarManUK as consideration therefore) for the provision of any Additional Service. Upon the commencement of the provision of such Additional Service, such Additional Service shall be deemed a Service for the purpose of this Agreement, and accordingly, be subject to the terms and conditions contained herein. 2.1.14 For the avoidance of doubt, all Employees of the GolarMan Group performing the Services shall be deemed, as between the Parties, employees of GolarManUK. Such Employees shall not be permitted to present themselves as employees of CoolManUK or any Customer by virtue of the performance of the Services. The employees shall not, in the performance of the Services, be deemed to be agents of or for CoolManUK or the Customers. No such Employee shall commit or bind CoolManUK or a Customer to any material agreement, contract, or other document or instrument without the consent of CoolManUK. 3. TERM 3.1 This Agreement shall remain in force until the earlier of a) 30 June 2023; and b) such date as it is terminated in accordance with Clause 6.

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&nbsp;&nbsp;&nbsp;&nbsp;7 3.2 CoolManUK may request an extension to the Term, provided that if the Term is extended the Service Fee may be increased by such amount that does not exceed the percentage year on year increase in the wage inflation in Norway as determined by the Parties. 4. SERVICE FEE AND PAYMENT 4.1 In consideration of the provision of the Services CoolManUK shall pay a monthly fee (the "Service Fee") to CoolManUK comprising of the following: a) an IT services fee being the sum of the following components: i. compensation for access to the following applications in the GolarMan Group's IT systems; - [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] - [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] - [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] - [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] - [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*]; ii. compensation for access to all other applications in the GolarMan Group's IT system for: - [\*\*\*\*\*] - [\*\*\*\*\*] on a monthly basis with number of onshore and offshore users confirmed; and iii. an hourly fee of: - [\*\*\*\*\*] for work within normal business hours; and - [\*\*\*\*\*] for work outside normal business hours; for any additional IT services provided on request from the Customer, for example new implementations and/or upgrades that are not covered in the services set out in Clause 4.1 a) i and Clause 4.1 a)ii (as further detailed and documented in the IT Service Catalogue). b) an accounting and treasury services fee [\*\*\*\*\*]; c) a finance operations services fee [\*\*\*\*\*]; d) any fee agreed between the Parties for any Additional Services. 4.2 The Service Fee shall be invoiced monthly in arrears on or before the last day of each calendar month subsequent to the month to which it relates. CoolManUK shall pay the Service Fee within

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&nbsp;&nbsp;&nbsp;&nbsp;8 15 days from receipt of the invoice. Interest shall accrue daily on any unpaid Service Fee or other amounts due but unpaid at a rate of [\*\*\*\*\*] 4.3 GolarManUK shall provide reasonably detailed documentation supporting each invoice. 4.4 If the Parties agree to a reduction in the scope of the Services, cfr. Clause 2.1.10 above, a corresponding reduction in the Service Fee shall be agreed in writing between the Parties. 4.5 CoolManUK may withhold payment of all or a part of the Service Fee if and to the extent CoolManUK, in good faith, disputes such amounts. The Parties agree to negotiate in good faith to resolve any such dispute as soon as reasonably practicable. 4.6 The Service Fee is exclusive of any applicable sales, value added and/or other tax, levy and charge which, if applicable, shall be paid by CoolManUK on receipt of a valid tax invoice from GolarManUK. 5. DOCUMENTATION 5.1 On giving reasonable notice, CoolManUK may request, and GolarManUK shall, in a timely manner, make all documentation, information and records relating to the performance of the Services which CoolManUK shall reasonably require in order to demonstrate compliance with mandatory rules or regulations or other obligations applying to CoolManUK or a Customer or to defend or prosecute a claim CoolManUK or a Customer may have against a third party available to CoolManUK. 5.2 On giving reasonable notice, GolarManUK may request and CoolManUK shall, in a timely manner, make all documentation, information and records reasonably required by GolarManUK to perform the Services available to GolarManUK. 6. TERMINATION 6.1 CoolManUK shall have the right to terminate this Agreement for convenience at any time during the Term by giving GolarManUK not less than 2 (two) months prior written notice of such termination. 6.2 GolarManUK shall be entitled to terminate this Agreement by written notice to CoolManUK if CoolManUK does not pay any undisputed sums payable by it to GolarManUK under this Agreement and such sum has not been received into the GolarManUK's bank account within 30 (thirty) days of from receipt of a notice to cure such default. 6.3 Upon termination of this Agreement, GolarManUK shall: i. as promptly as possible submit to CoolManUK a final accounting as between CoolManUK and GolarManUK under this Agreement; and ii. cooperate with CoolManUK and any successor provider of the Services and comply with all their reasonable requests to complete the orderly transition of the Services to CoolManUK or successor manager. 6.4 Termination of this Agreement shall be without prejudice to all rights accrued before termination. 7. CONSEQUENCES OF TERMINATION 7.1 Upon termination of this Agreement each Party shall (and shall procure that its Affiliates shall): a) use all reasonable endeavours to return to the other Party all records and documents containing Confidential Information regarding the other Party;

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&nbsp;&nbsp;&nbsp;&nbsp;9 b) use reasonable endeavours to expunge all data from any computer in its possession containing Confidential Information about the other Party; and c) at the other Party's direction, destroy any Confidential Information in its possession, and certify that the destruction has taken place. The Party returning, expunging or destroying any Confidential Information may retain: (i) a copy of such Confidential Information for the purpose of complying with any applicable law; (ii) copies of any computer records and files containing such Confidential Information as may have been created pursuant to automatic archiving and back-up procedures; and (iii) Confidential Information to the extent it is contained in board notes, minutes or other corporate records. 7.2 Any Confidential Information which is retained under Clause 7.1 shall continue to be subject to the confidentiality restrictions set out in this Agreement. 7.3 Clauses 7, 8, 9 and 10 shall survive the termination of this Agreement, and shall continue in full force and effect. 7.4 Termination of this Agreement does not affect the rights and obligations accrued by each Party as at the date of termination. 8. LIABILITY 8.1 Each Party shall indemnify and hold the other Party harmless against all reasonable foreseeable loss suffered or incurred by such Party arising out of or in connection with a breach by the other Party of its obligations under this Agreement. In no event shall a Party be liable for indirect, special, exemplary, punitive, or consequential loss or damages or any loss of revenue, loss of profit, loss of use, business interruption, in each case whether or not foreseeable. 8.2 Each Party's liability, whether based on this Agreement or in general, shall not exceed the Service Fee paid by CoolManUK over the 3 (three) months preceding the event pursuant to which such liability arose or, if less than 6 months have passed, the Service Fee in the last month before such event multiplied by 3, except that this Clause shall not apply in the case of gross negligence or fraud. 8.3 CoolManUK's sole remedy for a breach by GolarManUK of its obligations hereunder shall be to terminate the Agreement and/or claim compensation for any loss within the limit set in Clause 8.2. 9. CONFIDENTIALITY 9.1 Each Party shall refrain from and shall cause its Affiliates, employees, officers and directors, to refrain from, divulging or disclosing, directly or indirectly, any Confidential Information to any other person or entity, other than to its Affiliates, employees, officers, directors, auditors and/or professional advisers to the extent that the recipient reasonably require access to such Confidential Information for the purpose of such Party's performance of its obligations under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;10 9.2 The undertaking set forth in Clause 9.1 shall not apply to any Confidential Information which is required to be disclosed by applicable laws, court order, any order of any regulatory or supervisory authority or by the rules of any listing authority or stock exchange, provided that, to the extent reasonably possible prior thereto, the Party, to the extent permitted by law, provides a prompt notice thereof. 9.3 The provisions under this Clause 9 shall remain in full force and effect for a period of two (2) years as from the termination of this Agreement. 10. DATA PROTECTION 10.1 To the extent the provision of the Services will involve processing of personal data, GolarManUK shall comply with the EU General Data Protection Regulation 2016/679 and any applicable national data protection laws, regulations or secondary legislation implementing or applying alongside the same. 11. INTELLECTUAL PROPERTY RIGHTS 11.1 Nothing in this Agreement shall operate to transfer or grant to GolarManUK any right in any patents, trademarks, service marks, trade names, trade dress, and to Internet domain names, copyrights (including in software), registrations and applications for registration of any of the foregoing and trade secrets (including in know-how) of CoolManUK or the Cool Group. 12. NOTICES 12.1 Any notice or other communication required to be given or served pursuant to or in connection with this Agreement shall be in writing and in English and shall be sufficiently given or served if delivered or sent: If to GolarManUK: Golar Management Ltd. 6th Floor, The Zig Zag 70 Victoria Street London, SW1E 6SQ United Kingdom FAO: CEO E-mail: notices@golar.com If to CoolManUK: Cool Company Management Ltd. FAO: CEO/Legal E-mail: Richard.tyrell@coolcoltd.com legal@coolcoltd.com provided that either Party may change its notice details by giving 7 days prior notice to the other Party of the change in accordance with this Clause 12.1. 12.2 Any notice given under this Agreement shall, in the absence of earlier receipt, be deemed to have been duly given if delivered personally, on delivery; and if sent by e-mail, when despatched (provided no delivery failure message is received). 13. COMPLIANCE WITH LAWS AND REGULATIONS 13.1 Each Party shall comply with and shall furthermore procure that its officers, directors, managers or subsidiaries shall comply with any and all Sanctions applicable to the Services or to the business of the other Party and its Affiliates during the Term.

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&nbsp;&nbsp;&nbsp;&nbsp;11 13.2 Each Party warrants and undertakes to the other Party that it has not and that none of its directors, officers and employees has engaged or will engage in any transaction, commercial or otherwise, with any specified persons, entities or bodies subject to Sanctions to the extent that any such transaction will give rise to a breach of such Sanctions by that Party. 13.3 No Party, nor any employee acting on behalf of a Party, shall violate or require the other Party or an employee of the other Party to violate any anti-corruption, anti-terrorist or anti-money laundering laws of Bermuda, Norway, the United Kingdom, the European Union, the United Nations or the United States of America, nor any legislation applicable to the import or export of services similar to the Services or the business of the Parties and their respective Affiliates. 13.4 The operations of each of the Parties shall, at all times, be conducted in material compliance with the financial record keeping requirements of all anti-money laundering laws applicable to its business. Each Party confirms of the other Party that it has procedures in place to prevent violations of applicable anti-corruption, antiterrorist, or anti-money laundering legislation and Sanctions. 14. MISCELLANEOUS 14.1 Costs CoolManUK shall pay the fees, expenses and disbursements incurred by the Parties in connection with the negotiation and execution of this Agreement. 14.2 Assignment No Party may transfer or assign any of its rights or obligations under this Agreement without the prior written consent of the other Party. 14.3 Obligations The obligations of each Party hereunder are joint and several. Failure by a Party to perform its obligations under this Agreement does not affect the obligations of the other Party hereunder. 14.4 Severability If a provision in this Agreement, under applicable laws, is invalid or deemed unenforceable in any respect, such provision shall be construed, by modifying or limiting it, so as to be valid and enforceable to the maximum extent compatible with such laws. The provisions herein are several and in the event any provision is held invalid or unenforceable in any respect, no other provision herein shall be considered invalid or deemed unenforceable. 14.5 Conflicts If there is any conflict between the provisions of this Agreement and the provisions of a Schedule, the provisions of the Schedule shall prevail. 14.6 Governing Law This Agreement shall be governed and construed in accordance with Norwegian law. 14.7 Arbitration Any dispute arising out of or in connection with this Agreement (including any disputes regarding the existence, breach, termination or validity of any provision herein), shall be finally settled by

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&nbsp;&nbsp;&nbsp;&nbsp;12 arbitration under the rules of procedure adopted by the Nordic Offshore and Maritime Arbitration Association (Nordic Arbitration) in force at the time such arbitration proceedings are commenced. Nordic Arbitration's Best Practice Guidelines shall be taken into account.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The place of arbitration shall be Oslo, Norway and the language of the arbitration shall be English. For and on behalf of For and on behalf of Golar Management Ltd. Cool Company Management Ltd. /s/ M Bulbeck /s/ M Bulbeck

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 1(a) The IT Services GolarManUK shall provide the following IT services within the scope of the Services or Additional Services: (i) access to the Data Applications for the Approved Cool Employees; (ii) access to GolarManUK's help desk function for the Approved Cool Employees; and (iii) a reasonable amount of consultancy services in relation to the establishment by the Cool Group of its proprietary IT systems as described in the Protocol or otherwise requested by CoolManUK. The Data Applications are described in further detail in the "IT Service Catalogue Index" attached hereto as Exhibit 1.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 1(b) The Accounting Services GolarManUK shall, within such instructions as, from time to time, are communicated by CoolManUK, provide the following accounting services within the scope of the Services or Additional Services: a) maintaining all financial records and books of account of all transactions of the Cool Group; b) administering the periodic closing of accounts in the Cool Group; c) preparing drafts of periodic reports for the Cool Group for CoolManUK's review; d) assisting Cool's auditors in the continuous audit of the Cool Group's accounts; e) establishing and maintaining an adequate and accessible archive, either or both in electronic or physical form, over all accounting, commercial and technical documents relevant to the Cool Group; f) assisting with the preparation of tax return forms and similar filings required to be made by Cool; and entering into necessary documentation in connection with any of the foregoing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 1(c) The Treasury Services GolarManUK shall, within the scope of the Services or Additional Services, develop and operate treasury and debt related services for the Cool Group, and provide: a) general treasury services (which shall include, but not be limited to, administration of loan book, maintenance of relationships with banks and other financial institutions); b) financial budgeting and planning (which shall include, but not be limited to, cash flow forecasting and other financial modelling); c) payment services (which shall include monitoring day-to-day liquidity (receipts and payments) and processing relevant payments); d) any other miscellaneous treasury or financial related service which is reasonably requested by the Cool Group from time to time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 1(d) The Finance Operations Services GolarManUK shall, within the scope of the Services or Additional Services, perform the following finance operations services to each entity in the Cool Group and to each Customer which is not a member of the Cool Group as a subcontractor to CoolManUK: a) supplier invoice processing b) customer invoice processing c) crew salary processing d) payment and funds transfer processing e) funding requirements monitoring/management f) bank accounts reconciliation g) balance accounts reconciliation h) accounting journal posting i) operational expense (OPEX) reporting j) financial statement preparation k) support document safekeeping l) audit queries management m) suppliers queries management n) customer queries management o) accounting master data maintenance p) system testing services q) general administration services; and entering into necessary documentation in connection with any of the foregoing. These Services may be provided directly to each Customer if CoolManUK so directs.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 2 Management Agreements No. Owner Manager Vessel Date [\*\*\*\*\*] 1. [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] 2. [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] 3. [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] 4. [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] 5. [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] 6. [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] 7. [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] 8. [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] 9. [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] 10. [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] 11. [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] 12. [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] 13. [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] 14. [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] 15. [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] 16. [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] 17. [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] 19. [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] 20. [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] 21. [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] 22. [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] 23. [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] 24. [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] 25. [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] 26. [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] 27. [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] 28. [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] 29. [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] 30. [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] 31. [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] 32. [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*] [\*\*\*\*\*]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 3 To Golar Management Ltd. [Place - Date] The undersigned, [name of employee], is, as of the date hereof, an employee of [name of Cool employer]. I was, until 31 March 2022, an employee of [name of former Golar employer]. I confirm that I, as an employee of [name of former Golar employer], was onboarded in relation to the policies and procedures in place in the group of companies in which Golar LNG Limited is the parent (the "Golar Group") for use of the overall IT system in use in the Golar Group (the "Golar IT-system") and that I, as a consequence thereof, am familiar with these. I further confirm that I, in my capacity as [title - responsibilities in Cool] has been granted continued access to the Golar IT-system in order to perform my duties as an employee of [name of Cool employer] and that I, when using the Golar IT-system will continue to observe and abide by the Golar Group's policies and procedures for use of the same. Further again, I confirm that I shall keep any and all information about the Golar Group and its activities which I become aware of as a consequence of any access to the Golar IT-system confidential and not share such information with any other person. Lastly, I confirm that I, for as long as I have access to the Golar IT-system, shall refrain from any trading whatsoever in securities issued by Golar LNG Limited (including derivatives thereof) unless I have received prior written permission to do so by the CFO in Golar Management Ltd. [name of employee]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 4 To Cool Company Management Ltd. [Place - Date] The undersigned, [name of employee] is, as of the date hereof, an employee of [name of Golar employer]. I confirm that I have been onboarded in relation to the policies and procedures in place in the group of companies in which Cool Company Ltd. is the parent (the "Cool Group") for use of the overall IT system in use in the Cool Group (the "Cool Group IT-system") and that, as a consequence thereof, am familiar with these. I further confirm that I, in my capacity as [title - responsibilities in Golar] have been granted continued access to the Cool Group IT-system in order to perform my duties as an employee of [name of Golar employer] and that I, when using the Cool Group IT -system, will continue to observe and abide by the Cool Group's policies and procedures for use of the same. Further again, I confirm that I shall keep any and all information about the Cool Group and its activities which I become aware of as a consequence of any access to the Cool Group IT-system confidential and not share such information with any other person. Lastly, I confirm that I, for as long as I have access to the Cool Group IT-system, shall refrain from any trading whatsoever in securities issued by Cool Group (including derivatives thereof) unless I have received prior written permission to do so by the CFO in Cool Group. [name of employee]

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## Exhibit 4.35

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L_16289323_V1 16.05.22 340576-103 CERTAIN INFORMATION IN THIS EXHIBIT IDENTIFIED BY [\*\*\*\*\*] IS CONFIDENTIAL AND HAS BEEN EXCLUDED BECAUSE IT (I) IS NOT MATERIAL AND (II) THE REGISTRANT CUSTOMARILY AND ACTUALLY TREATS THAT INFORMATION AS PRIVATE OR CONFIDENTIAL. Dated 31 May 2022 GOLAR LNG LIMITED and ASSET COMPANY 11 S.R.L. SHARE PURCHASE AGREEMENT relating to the entire issued shares of Golar LNG NB13 Corporation Wikborg Rein LLP 30 Cannon Street London EC4M 6XH

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L_16289323_V1 16.05.22 340576-103 **TABLE OF CONTENTS** 1 INTERPRETATION .................................................................................................................. 3 2 SALE AND PURCHASE......................................................................................................... 11 3 PURCHASE PRICE ............................................................................................................... 11 4 ESCROW ACCOUNT; DEPOSIT .......................................................................................... 12 5 CLOSING ............................................................................................................................... 12 6 WARRANTIES ....................................................................................................................... 13 7 LIMITATIONS ON SELLER'S LIABILITY ............................................................................... 14 8 INDEMNITIES ........................................................................................................................ 16 9 ANTI- CORRUPTION ............................................................................................................. 17 10 CONFIDENTIALITY AND ANNOUNCEMENTS .................................................................... 18 11 FURTHER ASSURANCE ....................................................................................................... 19 12 ASSIGNMENT ........................................................................................................................ 19 13 ENTIRE AGREEMENT .......................................................................................................... 20 14 VARIATION AND WAIVER .................................................................................................... 20 15 COSTS ................................................................................................................................... 20 16 NOTICES ............................................................................................................................... 21 17 PAYMENTS AND CONSIDERATION NET OF TAX ............................................................. 22 18 INTEREST .............................................................................................................................. 23 19 SEVERANCE ......................................................................................................................... 23 20 AGREEMENT SURVIVES CLOSING .................................................................................... 23 21 THIRD PARTY RIGHTS ......................................................................................................... 23 22 COUNTERPARTS .................................................................................................................. 23 23 GOVERNING LAW AND ARBITRATION............................................................................... 24 - PARTICULARS OF THE COMPANY .......................................................................... 25 - CLOSING PAYMENT AND PURCHASE PRICE ADJUSTMENT ............................... 26 - WIRE PAYMENT INSTRUCTIONS ............................................................................. 27 - CLOSING ACCOUNTS ............................................................................................... 28 - WARRANTIES ............................................................................................................. 29 – DISCLOSURE SCHEDULE ........................................................................................ 30 – MINIMUM TECHNICAL AND ADMINISTRATIVE REQUIREMENTS OF THE VESSEL ................................................................................................................... 31 – CLOSING AGENDA .................................................................................................... 32

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 \| P A G E – TAX COVENANT ........................................................................................................ 33 – DEVELOPMENT AGREEMENT TERM SHEET....................................................... 34 – COMMISSIONING PROCESS ................................................................................. 35

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 \| P A G E THIS AGREEMENT IS MADE ON THE 31 DAY OF MAY 2022 BETWEEN (1) Golar LNG Limited, an exempted company limited by shares with its registered office at 2nd Floor, S.E. Pearman Building, 9 Par-La-Ville Road, Hamilton, HM11, Bermuda (the "Seller"); and (2) ASSET COMPANY 11 S.R.L., of Piazza Santa Barbara no. 7, 20097 – San Donato Milanese (MI), Italy (the "Buyer"). RECITALS (A) The Company is incorporated and registered in the Republic of the Marshall Islands as a corporation. (B) The Company is authorised to issue [\*\*\*\*\*] shares of no par value, common stock, all of which have been issued to and are held legally and beneficially by the Seller and are represented by share certificate number [\*\*\*\*\*] (the "Sale Shares"). (C) Further particulars of the Company at the date of this Agreement are set out in Schedule 1. (D) The Seller has agreed to sell and the Buyer has agreed to buy the Sale Shares subject to the terms and conditions of this Agreement. IT IS HEREBY AGREED 1 INTERPRETATION The definitions and rules of interpretation in this clause apply in this Agreement. 1.1 Definitions "Accounts" means the unaudited US GAAP financial statements of the Company as at and to the Accounts Date (copies of which are included in the Data Room under reference [2.1]). "Accounts Date" means December 31, 2021. "Adjustment Date" means the tenth Business Day following the date on which the Purchase Price Statement and the Closing Accounts are agreed or determined in accordance with Schedule 4. "Anticorruption Laws" means any applicable law or other legally binding measure of any jurisdiction applicable to any of the parties or the Company that contains antibribery or anticorruption provisions or that otherwise relates to bribery or corruption (including, but not limited to Italian Legislation, UK Bribery Act and FCPA), and (ii) any other applicable law or other legally binding measure of any jurisdiction that implements the UN Convention Against

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 \| P A G E Corruption and/or the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions or that otherwise relates to bribery or corruption, and in respect of all of the foregoing, as amended, and the rules and regulations issued thereunder. "Balance" means the Closing Payment less the Deposit. "Bareboat Charter" means the bareboat charter in agreed form entered into on the Closing Date between Golar Trading Corporation as charterer and the Company (as owner) pursuant to which the Company shall bareboat charter the Vessel to Golar Trading Corporation on the terms and conditions set out therein. "Business Day" means a day when banks in Italy, London, New York and Norway are open for business. "Charterer" means [\*\*\*\*\*]. "Claim" means a claim for or in connection with any breach of any of the Warranties but, for the avoidance of doubt not including Indemnity Claims. "Classification Society" means [\*\*\*\*\*]. "Closing" means the closing of the sale and purchase of the Sale Shares in accordance with this Agreement. "Closing Date" means the date of the Closing. "Closing Accounts" has the meaning set out in paragraph 1 of Schedule 4. "Closing Agenda" means the closing agenda set out in Schedule 8. "Closing Payment" means three hundred and fifty million United States Dollars (USD350,000,000.00). "Commissioning Process" means the process outlined in Schedule 11. [\*\*\*\*\*]. "Company" means Golar LNG NB13 Corporation, incorporated and registered in the Republic of the Marshall Islands, further details of which are set out in Schedule 1 and with its registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, MH96960, Marshall Islands and its principal place of business is at 2nd Floor, S.E. Pearman Building, 9 Par-La-Ville Road, Hamilton, HM11, Bermuda. "Connected" has the meaning given in the Corporation Tax Act 2010. "Consents" has the meaning given in paragraph 6.2 of Part A of Schedule 5. "Contracts" has the meaning set out in paragraph 8.1 of Part A of Schedule 5. "Cool Pool" means the vessel pooling arrangement of the same name managed by a company in which the Seller has a minority shareholding.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 \| P A G E "Data Room" means the data room maintained by Intralinks Inc. accessible using the following link: [\*\*\*\*\*]. "Deposit" means the sum of [\*\*\*\*\*]. "Development Contract Term Sheet" means the term sheet set out at Schedule 10, [\*\*\*\*\*]. "Director" means each person who is a director of the Company, as set out in Schedule 1. "Disclosed" means fairly disclosed (with sufficient details and accuracy to identify the nature and scope of the matter disclosed) in or under the Disclosure Schedule. "Disclosed Documents" means the documents made available via the Data Room which are listed in the Disclosure Schedule (and are contained, together with the other documents made available in the Data Room, on the duplicate USB thumb drives which shall be delivered by the Seller to the Buyer on Closing or as soon as practicable thereafter). "Disclosure Schedule" means Schedule 6 to this Agreement. "EHS Laws" means all laws, statutes, regulations, subordinate legislation, bye-laws, common law and other national, international, federal, state and local laws, judgments, decisions and injunctions of any court or tribunal, which from time to time apply to the Company (or any part of its business) to the extent that they relate to or apply to the Environment, energy efficiency, climate change or the health and safety of any person. "EHS Matters" means all matters relating to: a) pollution or contamination of the Environment; b) the presence, disposal, release, spillage, deposit, escape, discharge, leak, migration or emission of Hazardous Substances or Waste; c) the exposure of any person to Hazardous Substances or Waste; d) the health and safety of any person, including any accidents, injuries, illnesses and diseases; e) the creation or existence of any noise, vibration, odour, radiation, common law or statutory nuisance or other adverse impact on the Environment; or f) the condition, protection, maintenance, remediation, reinstatement, restoration or replacement of the Environment or any part of it. "EHS Permits" means any permits, licences, consents, certificates, registrations, notifications or other authorisations required under any EHS Laws for the operation of the Vessel. "Encumbrance" means any interest or equity of any person (including any right to acquire, option or right of pre-emption) or any mortgage, charge, pledge, lien, assignment, hypothecation, encumbrance, security interest, title retention or any other security agreement or arrangement. "Environment" means the natural and man-made environment including all or any of the following media: air (including air within buildings and other natural or man-made structures above or below the ground), water, land, and any ecological systems and living organisms (including man) supported by those media.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 \| P A G E "Escrow Account" means the USD account held by the Escrow Agent pursuant to the Escrow Agreement. "Escrow Agent" means Studio Legale Associato a Watson Farley & Williams, Tranchino e Santarelli. "Escrow Agreement" means the letter dated 31 March 2022 issued by the Escrow Agent in favour of (and accepted by) the Snam and the Seller, instructing and authorising the Escrow Agent to hold the Deposit in the Escrow Account on the terms and conditions set out therein, as amended and supplemented by a side letter executed among (i) Snam, (ii) the Seller and (iii) the Buyer dated 31 May 2022. "Existing Facility" means the senior secured term loan facility, documented by the agreement dated 8 December 2021 made between, amongst others, (i) the Company as borrower, (ii) the Seller as parent, (iii) the financial institutions listed in Part II of Schedule 1 thereto as original lenders, (iv) Nordea Bank Abp, filial i Norge as security agent and facility agent, in the amount of up to USD182,000,000 (advanced in the principal amount of USD 158,000,000). "Existing Facility Release Documents" means deeds, agreements, releases or other documents as are customary under a facility such as the Existing Facility in connection with the release of collateral over assets or rights of the Company (or over the Sale Shares) and the release of the Company from all of its obligations whatsoever under the Existing Facility (and any related security agreements) so that the Transaction can proceed in the manner contemplated by this Agreement. "Expert" has the meaning given in paragraph 1 of Schedule 4. "Facility Agent" means Nordea Bank Abp, filial i Norge as facility agent under the Existing Facility. "FSRU" means floating storage and regasification unit. "Group" means, in relation to a company (wherever incorporated), that company, any company of which it is a Subsidiary from time to time (its holding company) and any other Subsidiaries from time to time of that company or its holding company. Each company in a Group is a "member of the Group". "Harm" means harm to the Environment, and in the case of an individual, this includes offence caused to any of their senses or harm to their property. "Hazardous Substances" means any material, substance or organism which, alone or in combination with others, is capable of causing Harm. "Indebtedness" means any indebtedness or borrowings and related liabilities, including Intercompany Balances, liens, guarantees, counterindemnities, amounts raised by issued or redeemable shares, accrued interests, breakage costs and other related charges. "Indemnity Claim" means a claim under Clause 8. "Intercompany balances" means any debit or credit balance between the Seller or any company of the Seller's Group and the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 \| P A G E [\*\*\*\*\*] "Joint Instruction" means the instruction directing the Escrow Agent to pay, in accordance with the Escrow Agreement, the Deposit, signed by the Buyer and the Seller, addressed to the Escrow Agent and which shall follow the model set out in annex A to the Escrow Agreement. "Losses and Expenses" means any liabilities (including any Tax), losses, damages, claims, demands, awards and reasonable and documented expenses together with any VAT or any other applicable Tax payable in relation thereto. "Management Agreement" means the management agreement executed on 24 September 2013 between the Company and the Manager. "Manager" means Golar Management Limited. "MT103 Message" means the MT103 swift message agreed before Closing among (i) the Facility Agent, (ii) [\*\*\*\*\*], (iii) the Seller and (iv) the Buyer and which provides, inter alia, for the transfer of the Balance to the Facility Agent and mentions that the conditions for the release will be those provided under the MT199 Message. "MT199 Message" means the MT199 swift message agreed before Closing among (i) the Facility Agent, (ii) [\*\*\*\*\*], (iii) the Seller and (iv) the Buyer and which provides, inter alia, that the release of the Balance shall be triggered by a release letter executed by the Buyer. "Novation" means the novation agreement of the Time Charter in agreed form among (i) the Company, (ii) Golar Trading Corporation and (iii) the Charterer pursuant to which, inter alia, Golar Trading Corporation will step into the Time Charter as disponent owner pursuant to the Bareboat Charter with effect from Closing. "Officer" means each person who is an officer of the Company, as set out in Schedule 1. "Proceedings" means: (a) any litigation or administrative, mediation, arbitration or other proceedings, or any claims, actions or hearings before any court, tribunal or any governmental, regulatory or similar body, or any department, board or agency (except for debt collection in the normal course of business); or (b) any dispute with, or any investigation, inquiry or enforcement proceedings by, any governmental, regulatory or similar body or agency in any jurisdiction. "Purchase Price" means the aggregate purchase price to be paid by the Buyer to the Seller for the Sale Shares, as set out in clause 3. "Purchase Price Adjustment" has the meaning set out in Schedule 2. "Purchase Price Statement" has the meaning set out in paragraph 1 of Schedule 4.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 \| P A G E "Representatives" means, in relation to any person, its directors, officers, employees, legal, accounting, financial and other advisers, consultants, agents or brokers (as applicable). "Sale Shares" has the meaning given to such term in Recital (B). "Sanctioned Person" means: (a) any person that is established, located or resident in or organised under the laws of a country that has been sanctioned under Sanctions Law; (b) any national government or political sub-division of any country that has been sanctioned under Sanctions Law; (c) any person identified on any list maintained by a sanctions authority of parties with whom or with which transactions are prohibited or restricted; (d) any person that is otherwise the subject or target of any Sanctions Law; or (e) any person majority-owned or controlled (independently or in the aggregate) by any of the foregoing. "Sanctions Law" means any sanctions (including US "secondary sanctions"), embargoes, freezing provisions, prohibitions or other restrictions relating to trading, doing business, investment, exporting, financing or making assets available (or other activities similar to or connected with any of the foregoing) imposed by law or regulation of Singapore, the United Kingdom, the Council of the European Union, any member states of the European Union, the United Nations or its Security Council or the United States of America. "Snam" means Snam S.p.A. of Piazza Santa Barbara, 7 20097 San Donato Milanese, Milan, Italy. "Subsidiary" means, in relation to a company wherever incorporated (a "holding company"), any company in which the holding company (or persons acting on its behalf) directly or indirectly holds or controls either: (a) a majority of the voting rights exercisable at shareholder meetings of that company; or (b) the right to appoint or remove a majority of its board of directors, and any company which is a Subsidiary of another company is also a Subsidiary of that company's holding company. Unless the context otherwise requires, the application of the definition of Subsidiary to any company at any time shall apply to the company as it is at that time. "Tax" means all forms of taxation and statutory, governmental, state, federal, provincial, local, government or municipal charges, duties (including any custom duties), imposts, contributions, fees, payments, levies, withholdings or other liabilities in the nature of taxation wherever chargeable and whether of the Marshall Islands, Italy, Bermuda or any other jurisdiction and any penalty, fine, surcharge, interest, charges or costs relating to it. "Tax Authority" means any government, state or municipality or any local, state, federal or other fiscal, revenue, customs or excise authority, body or official competent to impose, administer, levy, assess or collect Tax or information in respect of Tax matters in the Marshall Islands, Italy, Bermuda or any other jurisdiction. "Tax Warranties" means the warranties set out in Schedule 5.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 \| P A G E "Third Party" means any person other than the Buyer or a member of the Buyer's Group (or any of their respective officers, employees, agents or advisers). "Time Charter" means the time charterparty agreement dated 5 May 2021 and executed between the Company and the Charterer. "Transaction" means the transaction contemplated by this Agreement or any part of that transaction. "Transaction Documents" means this Agreement, the Escrow Agreement, the Commitment Letter and any other document in connection with the Transaction which is agreed by the parties to be a Transaction Document. "Usual Business Hours" has the meaning given in clause 16.5. "Vessel" means the floating storage and regasification unit named "Golar Tundra" with IMO 9655808 and registered in the Marshall Islands with Official Number 4982. "Vessel Warranties" means the Warranties provided for under paragraph 13 of Schedule 5. "Voluntary Prepayment Notice" means the voluntary prepayment notice in agreed form sent by the Seller and the Company to the Facility Agent one (1) day before Closing in accordance with the Existing Facility and whereby, inter alia, the Seller has instructed the Facility Agent to apply the applicable amount of the Balance (once released) to the prepayment of all amounts outstanding under the Existing Facility including (i) principal, (ii) interest, (iii) break costs, (iv) fees and (v) any other amount/cost/expense whatsoever arising therefrom. "Warranties" means the warranties given pursuant to clause 6.1 and set out in Schedule 5. "Waste" means any waste, including any by-product of an industrial process and anything that is discarded, disposed of, spoiled, abandoned, unwanted or surplus, irrespective of whether it is capable of being recovered or recycled or has any value. 1.2 Clause, Schedule and paragraph headings shall not affect the interpretation of this Agreement. 1.3 References to clauses and Schedules are to the clauses of and Schedules to this Agreement and references to paragraphs are to paragraphs of the relevant Schedule. 1.4 The Schedules form part of this Agreement and shall have effect as if set out in full in the body of this Agreement. Any reference to this Agreement includes the Schedules. 1.5 A reference to this Agreement or to any other agreement or document referred to in this Agreement is a reference to this Agreement or such other agreement or document as varied or novated (in each case, other than in breach of the provisions of this Agreement) from time to time. 1.6 Unless the context otherwise requires, words in the singular shall include the plural and the plural shall include the singular.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 \| P A G E 1.7 Unless the context otherwise requires, a reference to one gender shall include a reference to the other genders. 1.8 A "person" includes a natural person, a corporate or unincorporated body (whether or not having separate legal personality) and that person's successors and permitted assigns. 1.9 This Agreement shall be binding on and enure to the benefit of, the parties to this Agreement and their respective successors and permitted transferee and references to a "party" shall include that party's successors and permitted transferees. 1.10 A reference to a "company" shall include any company (including any Cayman Islands exempted company), limited liability company, corporation or other body corporate, wherever and however incorporated or established. 1.11 A reference to "writing" or "written" includes email. 1.12 Any words following the terms "including", "include", "in particular", "for example" or any similar expression shall be construed as illustrative and shall not limit the sense of the words, description, definition, phrase or term preceding those terms. 1.13 References to a document in "agreed form" are to that document in the form agreed by the parties and initialled by them or on their behalf for identification. 1.14 Unless otherwise provided, a reference to a law is a reference to it as amended, extended or re-enacted from time to time, provided that, as between the parties, no such amendment, extension or re-enactment made after the date of this Agreement shall apply for the purposes of this Agreement to the extent that it would impose any new or extended obligation, liability or restriction on, or otherwise adversely affect the rights of, a party. 1.15 A reference to a law shall include all subordinate legislation made from time to time under that law. 1.16 Any obligation on a party not to do something includes an obligation not to allow that thing to be done. 1.17 The expression "with full title guarantee" in relation to the sale of the Sale Shares shall import the covenants implied by sections 2 and 3 of the Law of Property (Miscellaneous Provisions) Act 1994, but so that the operation of such covenants shall be extended so as to apply regardless of and shall not be affected by: (a) the fact (if such is the case) that the Seller does not know or could not reasonably be expected to know about any charges, encumbrances or rights affecting such property; or (b) anything which at the time of the disposition is within the actual knowledge of the Buyer or which is a necessary consequence of facts that are then within the actual knowledge of the Buyer.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 \| P A G E 2 SALE AND PURCHASE 2.1 On the terms of this Agreement, the Seller shall sell and the Buyer shall buy, with effect from Closing, the Sale Shares with full title guarantee free from all Encumbrances and together with all rights that attach (or may in the future attach) to the Sale Shares including the right to receive all dividends and distributions declared, made or paid after (but not on or before) Closing. 2.2 The Seller covenants with the Buyer that: (a) it has the right to sell the Sale Shares on the terms set out in this Agreement; (b) it shall on Closing transfer the full legal and beneficial title to the Sale Shares to the Buyer free from all Encumbrances; (c) there is no right to require the Company to issue any shares or create an Encumbrance affecting any unissued shares or debentures or other unissued securities of the Company; and (d) except pursuant to the Existing Facility, no commitment has been given to create an Encumbrance affecting the Sale Shares (or any unissued shares or debentures or other unissued securities of the Company), or for the Company to issue any shares and no person has claimed any rights in connection with any of those things. 3 PURCHASE PRICE 3.1 The Purchase Price is the sum of the Closing Payment and the Purchase Price Adjustment. 3.2 Subject to the Seller complying with clause 5.2, at Closing the Buyer shall pay to the Seller in accordance with clause 3.5, on account of the Purchase Price, a sum equal to the Closing Payment (which shall be partly paid pursuant to the Joint Instruction on Closing in accordance with clause 5 below, the Closing Agenda and clause 5.1(a) of the Escrow Agreement). 3.3 On the Adjustment Date: (a) if the Purchase Price Adjustment as set out in the Purchase Price Statement is negative, the Seller shall as soon as reasonably practicable and in any event within ten (10) calendar days of the Adjustment Date, pay to the Buyer an amount equal to the Purchase Price Adjustment; or (b) if the Purchase Price Adjustment as set out in the Purchase Price Statement is positive, the Buyer shall as soon as reasonably practicable and in any event within ten (10) calendar days of the Adjustment Date, pay to the Seller an amount equal to the Purchase Price Adjustment. 3.4 The Purchase Price shall be deemed to be reduced by the amount of any payment made to the Buyer for each and any Claim, or Indemnity Claim and any other claim for breach of the terms and conditions of this Agreement by the Seller.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 \| P A G E 3.5 All payments to be made by a party under this Agreement shall be made in United States Dollars by electronic transfer of immediately available funds, without any set-off, deduction or withholding whatsoever (except only as expressly permitted in this Agreement) in accordance with the wire transfer instructions set forth in Schedule 3. 3.6 The parties shall procure that the Closing Accounts and the Purchase Price Statement are prepared and agreed or determined (as the case may be) in accordance with Schedule 4. 4 ESCROW ACCOUNT; DEPOSIT 4.1 At Closing, the parties shall instruct the Escrow Agent to pay to the Seller from the Escrow Account a sum equal to the Deposit in accordance with Clause 5 and the Closing Agenda. 4.2 The Buyer and the Seller shall promptly provide the Joint Instruction and take all other actions in relation to the Escrow Account as are necessary to give effect to the provisions of this clause, Clause 5 and the Closing Agenda. 5 CLOSING 5.1 Closing shall take place immediately after execution of this Agreement electronically or at such other place, time or manner as agreed in writing by the Seller and the Buyer. 5.2 [\*\*\*\*\*] 5.3 At Closing, the Buyer shall (subject to the Seller complying with clause 5.2): [\*\*\*\*\*]. 5.4 [\*\*\*\*\*] 6 WARRANTIES 6.1 The Seller warrants to the Buyer that, except as Disclosed, each Warranty is true, accurate and not misleading in any respect on the date of this Agreement. 6.2 Without prejudice to the Buyer's right to claim under this Agreement or take advantage of any other remedies available to it under this Agreement (but subject always to clause 7), if any Warranty is breached or proves to be untrue, inaccurate or misleading in any respect, the Seller undertakes to pay to the Buyer: (a) the amount necessary to put the Company into the position it would have been in if the Warranty had not been breached and had not been untrue, inaccurate or misleading in such respect; and (b) all reasonable costs, expenses and damages (including reasonable legal and other fees) reasonably and properly incurred and documented by the Buyer or the Company as a result of the breach or of the Warranty being untrue, inaccurate or misleading in such respect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 \| P A G E 6.3 Warranties qualified by the expression "so far as the Seller is aware" (or any similar expression) are deemed to be given to the actual knowledge, information and belief of the Seller after it has made all due and careful enquiries which may include, without limitation, enquiries of the Seller's Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, Erik Stavseth and Pernille Noraas. 6.4 The Seller agrees that the supply of any information by or on behalf of the Company to the Seller or its advisers in connection with the Warranties, the Disclosure Schedule or otherwise shall not constitute a warranty, representation or guarantee as to the accuracy of such information in favour of the Seller. The Seller unconditionally and irrevocably waives all and any rights and claims that it may have against the Company or any director, officer or employee of the Company in connection with the preparation of the Disclosure Schedule, or agreeing the terms of this Agreement, and further undertakes to the Buyer not to make any such claims. 6.5 A disclosure made against a specific Warranty shall be deemed to be made against any other Warranty to which the disclosure reasonably relates (and in each case to the extent that the definition of "Disclosed" is satisfied). 7 LIMITATIONS ON SELLER'S LIABILITY 7.1 Save as provided in clause 7.10, this clause 7 shall limit the liability of the Seller in relation to any and all Claims. 7.2 The aggregate liability of the Seller for all Claims shall never exceed [\*\*\*\*\*], howsoever caused. 7.3 The Seller shall not be liable for a Claim unless: (a) the Seller's liability in respect of such Claim (together with any connected Claims) exceeds [\*\*\*\*\*]; and (b) the amount of the Seller's liability in respect of such Claim, either individually or when aggregated with the Seller's liability for all other Claims (other than those excluded under clause 7.3(a)) exceeds [\*\*\*\*\*], in which case the Seller shall be liable for the whole amount of the Claim and not just the amount above the threshold specified in this clause 7.3(b). 7.4 The Seller shall not be liable for a Claim if and to the extent that the Claim: (a) arises from facts, events or circumstances that have been Disclosed; (b) relates to a matter specifically and fully provided for in the Closing Accounts; or (c) in respect of which the Buyer had actual knowledge prior to Closing. For the purposes of this paragraph (c), the Buyer shall be deemed to have knowledge of any matter or thing which, as at the date of Closing, is actually known to Elio Ruggeri, Marco Bartolini and Lorenzo Marcelli Flori.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 \| P A G E 7.5 The Seller shall not be liable for a Claim unless notice in writing summarising the nature of the Claim (in so far as it is known to the Buyer) and, as far as is reasonably practicable, the amount claimed, has been given by or on behalf of the Buyer to the Seller: (a) in the case of a Claim for breach of the Tax Warranties, within the period of [\*\*\*\*\*] commencing on the Closing Date; and (a) in the case of a Claim for breach of the General Warranties, within the period of [\*\*\*\*\*] commencing on the Closing Date; (b) in the case of a Claim for breach of any of the Vessel Warranties, within the later of (i) [\*\*\*\*\*] commencing on the Closing Date and (ii) [\*\*\*\*\*] after the earliest to occur of the following: a. [\*\*\*\*\*]; or b. [\*\*\*\*\*]; or c. [\*\*\*\*\*]. 7.6 Where notice of a Claim is given under clause 7.5, but legal proceedings have not been issued and served within the period of [\*\*\*\*\*] beginning with the day on which the notice is received by the Seller or no settlement in writing between the Buyer and the Seller as to both liability and quantum has been made within such period, the Claim shall be deemed to be withdrawn, except where the Claim is based on a Third Party's claim in which case this Clause shall not apply. 7.7 The Buyer shall take all reasonable steps to mitigate any loss or damage which the Buyer or any other member of the Buyer's Group may incur in consequence of a matter giving rise to a Claim (except for a Claim for breach of the Tax Warranties) and the liability of the Seller for a Claim (except for a Claim for breach of the Tax Warranties) shall be reduced by the amount by which it has been increased as a result of the Buyer's failure to mitigate any such loss or damage. 7.8 The Buyer is not entitled to recover damages or otherwise obtain restitution more than once in respect of the same loss. 7.9 If the Seller pays to the Buyer the full amount for which it is liable in respect of a Claim and the Buyer or a member of the Buyer's Group subsequently recovers from another person an amount in respect of the same loss as compensated by the Seller, the following shall apply: (a) if the amount paid by the Seller in respect of the Claim is more than the Sum Recovered, the Buyer shall, on demand, pay to the Seller the Sum Recovered; and (b) if the amount paid by the Seller in respect of the Claim is less than or equal to the Sum Recovered, the Buyer shall immediately pay to the Seller an amount equal to the amount paid by the Seller in respect of the Claim. For the purposes of this clause, "Sum Recovered" means an amount equal to the total of the amount recovered from the other person plus any interest in respect of the amount recovered from the person less all reasonable costs, charges or expenses incurred by the

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 \| P A G E Buyer's Group in recovering the amount from the person and less any Tax suffered by the Buyer's Group in respect of the amount recovered. The Buyer shall promptly provide to the Seller all information which the Seller may reasonably request in connection the application of this clause. 7.10 Nothing in this clause 7 applies to exclude or limit the liability of the Seller if and to the extent that a Claim arises or is delayed as a result of any dishonest or fraudulent act, omission, concealment or misrepresentation by or on behalf of the Seller. 7.11 For the purposes of this clause 7, a Claim is connected with another Claim if the Claims arise from the same facts, events or circumstances, have the same cause, nature or origin or arise from the same or similar systemic issue. 7.12 The liability of the Seller in respect of any Claim shall be reduced by the amount recovered by the Buyer or the Company from any third person (including under any insurance policy). 7.13 In no event shall the Seller be liable to the Buyer (or to any other person claiming hereunder) for any Claim in respect of: (a) any of the following losses, whether direct or indirect: (i) loss of revenue, profit or anticipated revenue or profit; (ii) loss of reputation; (b) any indirect or consequential losses whatsoever. 8 INDEMNITIES 8.1 Subject to the limitation in clause 8.3, the provisions of Schedule 9 apply in this Agreement in relation to Tax. 8.2 Subject to the limitation in clause 8.3, the Seller covenants to pay to the Buyer (or, at the Buyer's written direction, the Company) on demand and on an after-Tax basis an amount equal to any and all Losses and Expenses suffered or incurred by the Company or the Buyer in connection with: (1) the unaudited management accounts of the Company prepared prior to Closing, where such unaudited management accounts: (i) do not show a true and fair view of the state of the Company as of the relevant date of the unaudited management accounts, and/or (ii) have not been properly prepared in accordance with US GAAP; or (2) any Proceedings; or (3) any breach of EHS Laws, in each of the above cases under (1) to (3), arising in the period prior to Closing, provided that such Losses and Expenses are claimed, demanded, suffered or incurred no later than two (2) years after the Closing Date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 \| P A G E 8.3 Notwithstanding any other provisions of this Agreement, the Seller's aggregate liability under this clause 8 shall never exceed [\*\*\*\*\*], howsoever caused. 8.4 In addition to the indemnifications provided for under clause 8.1, the Seller covenants to pay to the Buyer (or, at the Buyer's written direction, the Company) on demand and on an after-Tax basis an amount equal to any and all Losses and Expenses claimed, demanded or incurred by the Company or the Buyer in connection with any Tax arising from the set- off and/or waiver at or prior to Closing of amounts owed by the Company to the Seller and any other member of the Seller's Group. 8.5 In connection with matters or circumstances in respect of which the Buyer wishes to make a claim under clause 8 (each, an "Indemnity Claim"), the Buyer shall, and shall procure that the Company shall (except for a claim for breach of Schedule 9): (a) as soon as reasonably practicable, give written notice of the matters or circumstances in respect of which the Buyer wishes to make an Indemnity Claim to the Seller, providing reasonable details; (b) not make any admission of liability, agreement or compromise in relation to the matters or circumstances in respect of which the Buyer wishes to make an Indemnity Claim without the prior written consent of the Seller (such consent not to be unreasonably conditioned, withheld or delayed), provided that the Buyer may settle the matters or circumstances in respect of which the Buyer wishes to make an Indemnity Claim (after giving prior written notice of the terms of settlement (to the extent legally possible) to the Seller but without obtaining the Seller's consent) if the Buyer believes that failure to so settle would be prejudicial to it in any material respect; and (c) subject to the Seller providing security to the Buyer to the Buyer's reasonable satisfaction against any claim, liability, costs, expenses, damages or losses which may be incurred, take such action as the Seller may reasonably request to avoid, dispute, compromise or defend the matters or circumstances in respect of which the Buyer wishes to make a Claim. 8.6 To the extent not covered by the foregoing, the Seller covenants to pay to the Buyer (or, at the Buyer's written direction, the Company) on demand and on an after-Tax basis an amount equal to any and all Losses and Expenses suffered or incurred by the Buyer and/or the Company directly as a result of the matters or circumstances giving rise to an Indemnity Claim, including, for the avoidance of doubt, all reasonable and documented costs (including reasonable legal costs) and charges and expenses incurred or payable by the Buyer or the Company either before or after the commencement of any related action including: (a) the disputing and/or settlement of any Third Party claim and any steps taken to avoid, and advice sought in connection with, any actual, threatened or anticipated Third Party claim; (b) any legal proceedings that give rise to the Indemnity Claim; and (c) the enforcement of any related settlement or judgement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 \| P A G E 9 ANTI- CORRUPTION 9.1 The Seller confirms and covenants that it, and each of its affiliates, partners, owners, principals, the Company and their respective directors, officers, agents, employees, or other persons associated with or acting on behalf of the Seller, has always complied with applicable Anticorruption Laws and that, in carrying out its businesses, has always adopted, implemented and imposed appropriate measures and procedures (e.g. code of ethics/conduct, anticorruption policies, etc.) aiming at preventing any violation of the relevant law by its affiliates, partners, owners, principals, directors, officers, agents, employees, or other persons associated with or acting on behalf of the Seller (a copy of such measures and procedures can be found on the Seller's website accessible using the following link: https://www.golarlng.com/investors/corporate-governance.aspx). 9.2 The Seller declares to know, and agrees to comply with, Anticorruption Laws and with Snam's Code of Ethics and "Anticorruption Guidelines" (which can all be consulted on and printed from SNAM's website www.snam.it). 9.3 The Seller warrants to the Buyer that, as of the date of this Agreement and as of the Closing: 9.3.1 neither it, nor (to the Seller's knowledge) any of member of its Group and/or its ultimate beneficial owner (and each of their affiliates, partners, owners, principals, directors, officers, agents, employees) has engaged or will engage in any activity or conduct which violates any Anticorruption Laws, Anti-Money Laundering and/or Financing of Terrorism Laws and/or Sanctions Laws, and has established and maintains policies and procedures designed to prevent violation of such laws; and 9.3.2 neither it nor (to the Seller's knowledge) any member of its Group and/or its ultimate beneficial owner (and each of their affiliates, partners, owners, principals, directors, officers, agents, employees) is, or is owned or controlled by, a Sanctioned Person, nor has engaged, or is engaging in, dealings, transactions, or any contractual relationship involving any Sanctioned Person or a country subject to sanctions, in each case where such dealings, transactions or contractual relationship would violate any sanctions laws. 9.4 The Seller shall promptly notify the Buyer if it becomes aware of or has specific suspicion of any corruption and/or conduct occurred in violation of Anticorruption Laws or the Buyer's internal regulations, with regard to the negotiation, conclusion or the performance/execution of this Agreement. The Seller shall report any of this information by means of an email to segnalazioni@snam.it. 10 CONFIDENTIALITY AND ANNOUNCEMENTS 10.1 The Seller and the Buyer shall, and shall procure that the officers, employees and agents of each respective member of their Groups shall, keep confidential and shall not disclose or make available to any third party and shall use only for the purpose of exercising or performing their rights and obligations under or as otherwise contemplated by this Agreement, (a) the Transaction Documents, (b) the terms of the Transaction Documents and/or the negotiations relating to the Transaction Documents, and (c) any information acquired by that party which relates to the business or activities or affairs of the other party or their Group

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 \| P A G E 10.2 Clause 10.1 shall not apply: (a) if and to the extent agreed in writing by the Seller and the Buyer, but such agreement shall not be unreasonably withheld or delayed; (b) to information that is already or subsequently enters into the public domain other than following a breach by the disclosing party of Clause 10.1; or (c) to information acquired by a party from an unconnected source free from any obligation of confidence to any other person. 10.3 Clause 10.1 shall not apply to: (a) the extent necessary to vest the full benefit of this Agreement in the Buyer including informing trade connections of the Company after Closing of the change of ownership of the Company and securing any official approvals or authorisations necessary or desirable in connection with the change of ownership of the Company and the ownership and use of the Vessel by the Buyer and the Buyer's Group; (b) the extent necessary to obtain any consents to the transactions contemplated by the Transaction Documents; (c) information required to be disclosed to a court, governmental, official, regulatory or stock exchange authority or to inspectors or others authorised by such an authority or by or under any legislation to carry out any enquiries or investigation or as otherwise required by the law of any relevant jurisdiction; (d) information disclosed to the employees, officers, agents, professional advisers or financiers of any party to the extent necessary or reasonable for such persons to obtain the same for the purpose of discharging their responsibilities; (e) information disclosed in connection with any proceedings arising out of or in connection with this Agreement or any other Transaction Document to the extent the disclosing party may reasonably consider necessary to protect its interests; or (f) information disclosed to a Tax Authority in connection with the management of the Tax affairs of the disclosing party or any person Connected with that party, provided always that the disclosing party shall use all reasonable endeavours to procure that any information so disclosed is used only for the purposes for which it was disclosed and is kept confidential by the person to whom it is disclosed. 10.4 The parties agree to release a press announcement immediately after the date of this Agreement in the agreed form. 11 FURTHER ASSURANCE 11.1 At its own expense, each party shall (and shall use reasonable endeavours to procure that any relevant third party shall) promptly execute and deliver such documents and perform

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 \| P A G E such acts as the other may reasonably require from time to time for the purpose of giving full effect to this Agreement. 12 ASSIGNMENT 12.1 Subject to the further provisions of this clause 12, no party shall assign, transfer, mortgage, charge, declare a trust of, or deal in any other manner with any or all of its rights and obligations under this Agreement or any other Transaction Document. 12.2 Each party confirms it is acting on its own behalf in relation to the Transaction and not for the benefit of any other person. 13 ENTIRE AGREEMENT 13.1 This Agreement (together with the other Transaction Documents) constitutes the entire agreement between the parties and supersedes and extinguishes all previous discussions, correspondence, negotiations, drafts, agreements, promises, assurances, warranties, representations and understandings between them, whether written or oral, relating to its subject matter. 13.2 Each party acknowledges that in entering into this Agreement, and any other Transaction Document, it does not rely on, and shall have no rights or remedies in respect of, any statement, representation, assurance or warranty (whether made innocently or negligently) that is not set out in this Agreement or any other Transaction Document. 13.3 So far as permitted by law and except in the case of any dishonest or fraudulent act, omission, concealment or misrepresentation by or on behalf of the Seller, unless specifically provided otherwise: (a) no party shall have any claim for innocent or negligent misrepresentation or negligent misstatement based upon any representation, warranty or undertaking given in connection with this Agreement; and (b) each party irrevocably and unconditionally waives any right it may have to rescind or terminate this Agreement after Closing. 13.4 Nothing in this clause 13 operates to limit or exclude any liability or remedy for fraud. 14 VARIATION AND WAIVER 14.1 No variation of this Agreement shall be effective unless it is in writing and signed by the parties or their authorised representatives. 14.2 A waiver of any right or remedy under this Agreement or by law is only effective if given in writing and signed by the person waiving such right or remedy. Any such waiver shall apply only to the circumstances for which it is given and shall not be deemed a waiver of any subsequent breach or default.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 \| P A G E 14.3 Save as provided in clause 7, a failure or delay by any person to exercise any right or remedy provided under this Agreement or by law shall not constitute a waiver of that or any other right or remedy, nor shall it prevent or restrict any further exercise of that or any other right or remedy. No single or partial exercise of any right or remedy provided under this Agreement or by law shall prevent or restrict the further exercise of that or any other right or remedy. 15 COSTS 15.1 Each party shall pay its own costs and expenses (including any Taxes) incurred in connection with the negotiation, preparation and execution of this Agreement and the other Transaction Documents. 16 NOTICES 16.1 For the purposes of this clause 16, "notice" includes any other communication. 16.2 A notice given to a party under or in connection with this Agreement: (a) shall be in writing and in English; (b) shall be signed by or on behalf of the party giving it; (c) shall be sent to the relevant party for the attention of the contact and to the address or email address specified in clause 16.3, or such other contact, address or email address as that party may notify in accordance with clause 16.4; (d) shall be: (i) delivered by hand; or (ii) sent by email; and (e) unless proved otherwise is deemed received as set out in clause 16.5. 16.3 The addresses and email addresses and contacts for service of notices are: (a) Seller: 2nd Floor, S.E. Pearman Building 9 Par-La-Ville Road, Hamilton HM11, Bermuda Attn: Erik Stavseth Email: Erik.Stavseth@golar.com With copy to: Legal Department Email: gmllegal@golar.com With copy to: Wikborg Rein LLP

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 \| P A G E Attn: Jonathan Goldfarb / Nikhil Datta Email: jgo@wrco.co.uk / nid@wrco.co.uk (b) Buyer: Piazza Santa Barbara no. 7 20097 – San Donato Milanese (MI), Italy Attn: Elio Ruggeri Email: elio.ruggeri@snam.it With copy to: Lorenzo Marcelli Flori Email: lorenzo.marcelliflori@snam.it With copy to: Marco Bartolini Email: marco.bartolini@snam.it With copy to: Watson Farley & Williams Attn: Michele Autuori Email: mautuori@wfw.com 16.4 A party may change its details for service of notices as specified in clause 16.3 by giving notice in writing to the other party. Any change notified pursuant to this clause shall take effect at 9.00 am on the later of: (a) the date (if any) specified in the notice as the effective date for the change; and (b) the date [\*\*\*\*\*] Business Days after deemed receipt of the notice of change. 16.5 A notice is deemed to have been received (provided that all other requirements in this clause 16 have been satisfied): (a) if delivered by hand, on signature of a delivery receipt; (b) if sent by email, at the time of transmission, PROVIDED that if deemed receipt under the previous paragraphs of this clause 16.5 would occur outside the Usual Business Hours, the notice shall be deemed to have been received when Usual Business Hours next recommence. For the purposes of this clause, "Usual Business Hours" means 9.00 am to 5.30 pm local time on any day which is not a Saturday, Sunday or public holiday in the place of receipt of the notice (which, in the case of service of a notice by email shall be deemed to be the same place as is specified for service of notices on the relevant party by hand). For the purposes of this clause, all references to time are to local time in the place of deemed receipt.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 \| P A G E 17 PAYMENTS AND CONSIDERATION NET OF TAX 17.1 Subject to clause 17.2, any payment made to or due to, or consideration provided to or due to, a party under, or pursuant to the terms of, this Agreement shall be free and clear of all Tax whatsoever save only for any payments, deductions or withholdings required by law. 17.2 If, in relation to any payments made by a party (including by the Seller in respect of a Claim or Indemnity Claim) under this Agreement: (a) any deductions or withholdings are required by law to be made from any such payments; or (b) any payments (other than the Purchase Price) made to or due to the other party under this Agreement are liable to Tax in the hands of the recipient, the party making such payments shall separately be liable to pay to the other party such further sums equal to any deduction, withholding, or Tax paid by the recipient of any such payment such that the amount received by the other party net of such deduction, withholding, or Tax on receipt shall be the amount that would have been received but for such deduction, withholding, or Tax paid by recipient of such payments. 18 INTEREST 18.1 If either party fails to make any payment due to the other party under this Agreement by the due date then the defaulting party shall pay interest on the overdue sum from the due date until payment of the overdue sum, whether before or after judgment. Interest under this clause will accrue each day at rate of [\*\*\*\*\*] per annum or pro rata. 19 SEVERANCE 19.1 If any provision or part-provision of this Agreement is or becomes invalid, illegal or unenforceable, it shall be deemed modified to the minimum extent necessary to make it valid, legal and enforceable. If such modification is not possible, the relevant provision or part-provision shall be deemed deleted. Any modification to or deletion of a provision or part-provision under this clause shall not affect the validity and enforceability of the rest of this Agreement. 20 AGREEMENT SURVIVES CLOSING 20.1 This Agreement (other than obligations that have already been fully performed) remains in full force after Closing. 21 THIRD PARTY RIGHTS 21.1 Save as otherwise expressly provided in this Agreement, no one other than a party to this Agreement shall have any right to enforce any of its terms.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 \| P A G E 21.2 The rights of the parties to terminate or vary this Agreement or to agree any waiver or settlement under this Agreement are not subject to the consent of any other person. 22 COUNTERPARTS 22.1 This Agreement may be executed in any number of counterparts, each of which when executed and delivered shall constitute a duplicate original, but all the counterparts shall together constitute the one agreement. 22.2 Transmission of an executed counterpart of this Agreement (but for the avoidance of doubt not just a signature page) by email in PDF or other agreed format shall take effect as delivery of an executed counterpart of this Agreement. If this method of delivery is adopted, each party shall, without prejudice to the validity of the agreement thus made, provide the other with the original of such counterpart as soon as reasonably possible thereafter. 22.3 No counterpart shall be effective until each party has executed and delivered at least one counterpart. 23 GOVERNING LAW AND ARBITRATION 23.1 This Agreement and any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with it or its existence, validity or termination shall be governed by and construed in accordance with the law of England & Wales. 23.2 Any dispute (including non-contractual disputes) arising out of or in connection with this Agreement or its existence, validity or termination shall be referred to and finally resolved by arbitration under the LCIA Arbitration Rules, which rules are deemed to be incorporated by reference into this clause. The number of arbitrators shall be three. Each party shall have the right to nominate one arbitrator. The seat, or legal place, of arbitration shall be London, United Kingdom. The language to be used in the arbitral proceedings shall be English. 23.3 Notwithstanding anything to the contrary under the LCIA Rules, the parties expressly agree that they shall have the right to appeal on a point of law pursuant to section 69 of the Arbitration Act 1996. 23.4 Notwithstanding the foregoing, each party expressly reserves the right to seek provisional or protective relief from any court of competent jurisdiction to preserve its respective rights pending, during or after any arbitration proceedings, and in seeking such relief shall not waive the right to arbitrate disputes. IN WITNESS WHEREOF this document has been executed and delivered on the date first stated above.

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![](tundrasharepurchaseagree025.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 \| P A G E - PARTICULARS OF THE COMPANY [\*\*\*\*\*]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 \| P A G E - CLOSING PAYMENT AND PURCHASE PRICE ADJUSTMENT [\*\*\*\*\*]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 \| P A G E - WIRE PAYMENT INSTRUCTIONS [\*\*\*\*\*]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 \| P A G E - CLOSING ACCOUNTS [\*\*\*\*\*]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 \| P A G E – WARRANTIES [\*\*\*\*\*]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 \| P A G E - DISCLOSURE SCHEDULE [\*\*\*\*\*]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 \| P A G E - MINIMUM TECHNICAL AND ADMINISTRATIVE REQUIREMENTS OF THE VESSEL [\*\*\*\*\*]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 \| P A G E - CLOSING AGENDA [\*\*\*\*\*]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 \| P A G E - TAX COVENANT [\*\*\*\*\*]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 \| P A G E – DEVELOPMENT AGREEMENT TERM SHEET [\*\*\*\*\*]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 \| P A G E – COMMISSIONING PROCESS [\*\*\*\*\*]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 \| P A G E EXECUTION PAGE Signed by for and on behalf of Golar LNG Limited /s/ Pernille Norass Pernille Noraas Attorney-in-fact Signed by for and on behalf of ASSET COMPANY 11 S.R.L. /s/ Marco Bartalini Marco Bartalini

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## Exhibit 8.1

**Exhibit 8.1** 

The following table lists the Company's significant subsidiaries as at March 17, 2023. Unless otherwise indicated, the Company owns a 100% controlling interest in each of the following subsidiaries.

---

| | |
|:---|:---|
| **Name** | **Jurisdiction of Incorporation** |
| Gimi Holding Company Limited <sup>(1)</sup> | Bermuda |
| Golar Hilli LLC <sup>(2)</sup> | Marshall Islands |
| Golar LNG Energy Limited | Bermuda |
| Golar Hilli Corporation <sup>(2)</sup> | Marshall Islands |
| Golar LNG 2216 Corporation | Marshall Islands |
| Golar Gandria N.V. | Curaçao |
| Gimi MS Corporation <sup>(3)</sup> | Marshall Islands |
| Golar Management (Bermuda) Limited | Bermuda |
| Golar Management Limited | United Kingdom |
| Golar Management AS | Norway |
| Golar Management Malaysia SDN. BHD. | Malaysia |
| Golar Viking Management D.O.O | Croatia |

---

(1) In July 2019, Gimi Holding Company Limited was incorporated and is wholly owned by Golar LNG. In October 2019, Golar LNG transferred its ownership in Gimi MS Corporation to Gimi Holding Company Limited.

(2) In February 2018, Golar Hilli LLC was incorporated with Golar as sole member. In July 2018, shares in Golar Hilli Corporation (a 89% owned subsidiary of Golar Hilli LLC) were exchanged for Hilli Common Units, Series A Special Units and Series B Special Units.

(3) In November 2018, Gimi MS Corporation ("Gimi MS Corp") was incorporated with Golar LNG as sole shareholder. In February 2019, the Gimi was transferred to Gimi MS Corp from Golar Gimi Corporation. In April 2019, First FLNG Holdings Pte. Ltd. ("First FLNG Holding"), an indirect wholly-owned subsidiary of Keppel Capital, acquired a 30% share in Gimi MS Corp.

\* The above table excludes mention of the lessor variable interest entity ("lessor VIE") that we have leased a vessel from under a finance lease. The lessor VIE is wholly-owned, newly formed special purpose vehicle ("SPV") of a financial institution. While we do not hold any equity investment in this SPV, we have concluded that we are the primary beneficiary of the lessor VIE and accordingly have consolidated this entity into our financial results.

## Exhibit 12.1

**Exhibit 12.1**

**<u>CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER</u>**

I, Karl Fredrik Staubo, certify that:

1. I have reviewed this annual report on Form 20-F of Golar LNG Limited;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

4. The company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

5. The company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):

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(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.

Date: March 31, 2023

---

| |
|:---|
| <br>**/s/ Karl Fredrik Staubo** |
| Karl Fredrik Staubo |
| Principal Executive Officer |

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## Exhibit 12.2

**Exhibit 12.2**

**<u>CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER</u>**

I, Eduardo Maranhão, certify that:

1. I have reviewed this annual report on Form 20-F of Golar LNG Limited;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

4. The company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

5. The company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):

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(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.

Date: March 31, 2023

---

| |
|:---|
| <br>**/s/ Eduardo Maranhão** |
| Eduardo Maranhão |
| Principal Financial Officer |

---

## Exhibit 13.1

**Exhibit 13.1**

**PRINCIPAL EXECUTIVE OFFICER CERTIFICATION**

**PURSUANT TO 18 U.S.C. SECTION 1350**

In connection with this Annual Report of Golar LNG Limited (the "Company") on Form 20-F for the year ended December 31, 2022 as filed with the Securities and Exchange Commission (the "SEC") on or about the date hereof (the "Report"), I, Karl Fredrik Staubo, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp; (1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp; (2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

A signed original of this written statement has been provided to the Company and will be retained by the Company and furnished to the SEC or its staff upon request.

Date: March 31, 2023

**/s/ Karl Fredrik Staubo**

<u>_____________________________________________</u>

Karl Fredrik Staubo

Principal Executive Officer

## Exhibit 13.2

**Exhibit 13.2**

**PRINCIPAL FINANCIAL OFFICER CERTIFICATION**

**PURSUANT TO 18 U.S.C. SECTION 1350**

In connection with this Annual Report of Golar LNG Limited (the "Company") on Form 20-F for the year ended December 31, 2022 as filed with the Securities and Exchange Commission (the "SEC") on or about the date hereof (the "Report"), I, Eduardo Maranhão, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp; (1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp; (2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

A signed original of this written statement has been provided to the Company and will be retained by the Company and furnished to the SEC or its staff upon request.

Date: March 31, 2023

**/s/ Eduardo Maranhão**

<u>_____________________________________________</u>

Eduardo Maranhão

Principal Financial Officer

## Exhibit 15.1

**Exhibit 15.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the following Registration Statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Registration Statement (Form F-3 No. 333-219095) of Golar LNG Limited and in the related Prospectus; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Registration Statement (Form S-8 No. 333-221666) pertaining to Long-Term Incentive Plan of Golar LNG Limited.

of our reports dated March 31, 2023 with respect to the consolidated financial statements of Golar LNG Limited and the effectiveness of internal control over financial reporting of Golar LNG Limited, included in this Annual Report (Form 20-F) of Golar LNG Limited for the year ended December 31, 2022.

**/s/ Ernst & Young LLP**

London, United Kingdom

March 31, 2023

<br>