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Golar LNG Partners' (GMLP) CEO Graham Robjohns on Q4 2015 Results - Earnings Call Transcript


Good day and welcome to the Golar LNG Partners Quarter Four 2015 Earnings Conference Call. Today’s conference is being recorded. At this time, I would like to turn the conference over to Mr. Graham Robjohns. Please go ahead, sir.

Graham Robjohns

Thank you and good day to everybody. I am joined here today by Brian Tienzo, our CFO, and Stuart Buchanan, our Head of Investor Relations.

Moving through the presentation on Slide 2, we have our usual forward-looking statements sheet, which I suggest you all read. Then on Slide 3, we will start the presentation with the Q4 2016 highlights. Net income attributable to unitholders was $57.2 million in the quarter, with an operating income of $63.1 million. We generated distributable cash flow of $52.9 million for the coverage ratio of 1.39. The Golar Igloo was, for the second year in a row, had its regas season extended to include December, which is 1 month additional from its as contracted 9-month period, which runs from the March 1 to the December 1. And we therefore had a fleet utilization of 100% during the quarter.

We also successfully refinanced the $100 million vendor loan from Golar LNG Limited, which was in relation to the acquisition of the Golar Eskimo by refinancing the Golar Eskimo. Subsequent to the quarter end, we have agreed to acquire our next FSRU, the Golar Tundra, for a gross profit of $330 million, with a closing expected during March 2016. We also have received commitments in...