SCHEDULE: Perenco Affiliates Disclose 9.8% Stake in Golar LNG

Naria Inc. and Perenco International Limited have jointly disclosed a 9.8% beneficial ownership stake in Golar LNG Limited, acquired through open market purchases and call option exercises.

Summary

• Naria Inc. and Perenco International Limited, both Bahamian entities, have filed a Schedule 13D disclosing beneficial ownership of 10,284,166 Common Shares of Golar LNG Limited.
• This stake represents 9.8% of Golar LNG's outstanding common shares, calculated based on 104,534,703 shares outstanding as of December 31, 2024.
• Naria Inc. acquired 4,487,166 shares between November 6 and November 11, 2023, via open market purchases at average prices ranging from $21.9382 to $22.9202.
• Additionally, Naria Inc. acquired 5,500,000 shares (3,500,000 on August 8, 2024, and 2,000,000 on August 9, 2024) through the exercise of call options at a total per share price of $25.26.
• The acquisitions were funded by capital contributed from affiliated entities, using cash on hand.
• The Reporting Persons view this as an investment and may engage in discussions with Golar LNG's management and board regarding business, operations, board composition, management, strategy, and future plans.
• Mr. Benoit de la Fouchardiere, former CEO of Perenco, joined Golar LNG's board on May 20, 2025.

Sentiment

Score: 7

Explanation: The filing indicates a significant strategic investment by a major energy-focused group, suggesting confidence in Golar LNG's future. The appointment of a related director further strengthens this positive outlook, implying potential for strategic collaboration or influence. While it is a disclosure and not a performance report, the nature of the investment is positive.

Positives

• Significant investment by energy sector-focused entities, indicating confidence in Golar LNG's prospects.
• The Reporting Persons may engage in discussions to enhance shareholder value, potentially leading to strategic improvements.
• A director from Perenco, Mr. Benoit de la Fouchardiere, has joined Golar LNG's board, potentially bringing valuable industry expertise and strategic alignment.

Risks

• The Reporting Persons reserve the right to change their plans, including acquiring more shares, disposing of shares, or entering into derivative transactions, which could impact share price volatility.
• Future actions are dependent on evaluation of factors like market conditions, other investment opportunities, and liquidity requirements.

Future Outlook

The Reporting Persons intend to continuously evaluate Golar LNG's financial condition and prospects, reserving the right to adjust their investment strategy, including acquiring or disposing of shares, based on market conditions and other investment considerations. They may also engage in discussions with Golar LNG's management and board regarding strategic initiatives and corporate governance.

Management Comments

• Neither Reporting Person nor, to its knowledge, any of the other persons named in Item 2 of this Schedule 13D, currently has any plan or proposal which relates to, or may result in, any of the matters listed in Items 4(a)-(j) of this Schedule 13D.
• Each Reporting Person expects to evaluate on an ongoing basis the Issuer's financial condition and prospects and its interest in, and intentions with respect to, a variety of transactions that could create shareholder value, including business combinations, acquisitions and refinancing opportunities.
• The Reporting Person who holds Common Shares directly acquired those securities as an investment in the regular course of business.
• The Reporting Persons may engage in discussions with management, the Issuer's board of directors, other shareholders of the Issuer and other relevant parties concerning the business, operations, board composition, management, strategy and future plans of the Issuer.

Industry Context

This significant stake by Perenco-affiliated entities, whose principal business involves strategic investments in the energy sector, highlights a potential long-term interest in the LNG shipping and infrastructure market. The investment suggests a belief in the continued growth and strategic importance of natural gas and LNG in the global energy transition, aligning with broader industry trends towards diversified energy portfolios and infrastructure development.

Comparison to Industry Standards

• The acquisition of a near 10% stake by a strategic investor like Perenco, which has a global presence in the energy sector, is a notable event in the LNG shipping industry.
• Compared to other major LNG players such as Cheniere Energy, Flex LNG, or GasLog, such a substantial stake by an external strategic entity can signal potential for future collaborations or strategic shifts.
• The entry of a Perenco executive onto Golar LNG's board could facilitate synergies or strategic initiatives, similar to how major energy companies often take stakes in or partner with shipping firms to secure logistics.

Management Changes

Corporate Governance

Legal Proceedings

• No legal proceedings involving the Reporting Persons or their listed personnel were disclosed within the last five years, excluding traffic violations or similar misdemeanors.

Related Party Transactions

• Naria Inc. and Perenco International Limited are related entities, with Perenco being the parent holding company of Naria.
• Naria Inc. funded its share purchases using capital contributed from affiliated entities.
• Mr. Benoit de la Fouchardiere, a director of Golar LNG, is the Former Chief Executive Officer and Group General Manager of Perenco.
• A Joint Filing Agreement was executed between Naria Inc. and Perenco International Limited.

Stakeholder Impact

• Shareholders: Potential for enhanced shareholder value through strategic engagement and oversight from a significant, industry-aligned investor. Increased institutional ownership may also lend stability.
• Management/Board: Increased scrutiny and potential for strategic discussions or shifts in direction due to the influence of a large shareholder with board representation.

Next Steps

• Ongoing evaluation of Golar LNG's financial condition and prospects by the Reporting Persons.
• Potential engagement in discussions with Golar LNG's management, board, and other shareholders regarding business, operations, board composition, management, strategy, and future plans.
• Possible future acquisitions or dispositions of Golar LNG Common Shares, or entry into derivative transactions, depending on market conditions and investment considerations.

Key Dates

Recommendation

The filing indicates a significant strategic investment by Perenco-affiliated entities in Golar LNG, demonstrating confidence in the company's long-term prospects and potentially signaling future strategic collaborations or value-enhancing initiatives. The appointment of a Perenco executive to Golar LNG's board further reinforces this. While the investment is a positive signal, the filing itself does not provide new financial performance data to warrant an immediate 'buy' or 'strong buy' recommendation. It primarily discloses a change in ownership structure and strategic intent. Investors should 'hold' to observe how this new significant shareholder influences Golar LNG's strategy and performance over time, while acknowledging the positive long-term implications of such a strategic stake.

Keywords

Golar LNG, Naria Inc., Perenco International Limited, Schedule 13D, Beneficial Ownership, LNG, Energy Sector Investment, Shareholder Value, Corporate Governance, Strategic Investment