Samsung Electronics Posts Eightfold Profit Surge Driven by AI Chip Demand 
Bill Ackman Eyes New Fund to Bet Against Market Complacency 
Foreign Investors Pour $18.65 Billion into Japanese Stocks Amid Market Stabilization 
Apple's Foldable iPhone Faces Engineering Setbacks, Mass Production Timeline at Risk 
China's AI Stocks Surge as Zhipu and MiniMax Hit Record Highs 
Britain Courts Anthropic Amid US Defense Department Dispute 
Deere & Company Agrees to $99 Million Settlement Over Right-to-Repair Dispute 
Bendigo and Adelaide Bank Posts Strong Q3 Earnings, Announces AI-Driven Job Cuts 
SpaceX IPO: Retail Investors to Play Historic Role in Record-Breaking Public Offering 
Pony.ai, Uber, and Verne Launch Europe's First Commercial Robotaxi Service in Zagreb 
Chalco Stock Surges as Q1 2025 Profit Forecast Jumps Up to 58% 
Kia Cuts EV Sales Target for 2030 Amid Slowing Demand and U.S. Policy Shifts 
Goldman Sachs, ANZ Cut Oil Forecasts Amid U.S.-Iran Ceasefire Hopes 
UAE's Largest Natural Gas Facility Suspended After Attack-Triggered Fire 
Anthropic Fights Pentagon Blacklisting in Dual Federal Court Battles 
UPS and Teamsters Reach Agreement to Limit Driver Severance Program 
Hamilton, Bermuda, Nov. 11, 2016 -- Hamilton, Bermuda, November 10, 2016-Golar LNG Limited ("Golar" or the "Company") announces that it has filed a Form 20-F/A for the year ended December 31, 2015 with the U.S. Securities and Exchange Commission (the "SEC") reporting its restated historical results for the periods set forth therein.
The restatement relates to a technical accounting amendment relating to Golar's accounting for its investment in Golar LNG Partners L.P. ("Golar Partners") and follows a review of the Company's accounting for its investment in Golar Partners in light of recent clarifications contained in comment letters from the Staff of the Securities and Exchange Commission ("SEC").
The Company had previously accounted for its various interests in Golar Partners differently. It accounted for its Common Units as available-for-sale securities; its Subordinated Units under the equity method as investments in affiliates and its General Partner Units and Incentive Distribution Rights under the cost method.
As a result of the Company's review it has now restated its consolidated financial statements and has accounted for its Common Units, General Partner Units and Incentive Distribution Rights in the same way it has accounted for its Subordinated Units as noted above, under the equity method of accounting. The Company has also made certain other related adjustments as described more fully in its recently filed Form 20-F/A which may be accessed as noted below.
The change in accounting for the Company's investment in Golar Partners does not affect the market value of Golar's investment, its cash flows, its covenant compliance or its liquidity.
The book entries that were required to give effect to this restatement have resulted in a change to the net income for the years ended December 31, 2013, 2014 and 2015 as follows (in thousands of $):
| 2015 | 2014 | 2013 | ||||
| Net (Loss) Income as previously reported | (178,501 | ) | (41,466 | ) | 135,713 | |
| Net Income amendment gain/(loss) | 26,513 | (4,896 | ) | (26,158 | ) | |
| Net (Loss) Income after restatement | (151,988 | ) | (46,362 | ) | 109,555 | |
The Form 20-F/A may be accessed on the Company's website, www.golarlng.com, or in the link below. It is also available on the SEC's website, www.sec.gov.
November 11, 2016
The Board of Directors
Golar LNG Limited
Hamilton, Bermuda
Attachments:
http://www.globenewswire.com/NewsRoom/AttachmentNg/1499417d-36b3-4558-836f-9836311d6a9a
