Golar LNG Limited - Announcement of filing of amendment to the 2015 Annual Report on Form 20-F/A
November 11 2016 - 9:14AM
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
2015 Annual Report 20-F A
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Golar LNG via Globenewswire
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