Second Quarter 2020 Results/media/Files/G/Golar...LNGC Golar Maria secured a multi-month charter...

Second Quarter

2020 Results

© Golar LNG Partners LP

FORWARD

LOOKING

STATEMENTS

This presentation contains forward-looking statements as defined in the Securities Exchange Act of 1934, as amended and which reflect

management’s current expectations, estimates and projections about its operations. All statements, other than statements of historical facts,

that address activities and events that should, could or may occur in the future are forward-looking statements. Words such as “may,” “could,”

“should,” “would,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “propose,” “potential,” “continue,” or the negative of these terms

and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance

and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Therefore,

actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. You should not

place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Unless legally required Golar

LNG Partners LP (“Golar Partners,” “we,” “us” and “our”) undertakes no obligation to update publicly any forward-looking statements whether as

a result of new information, future events or otherwise.

Important factors that could cause actual results to differ materially include, but are not limited to:

the ability of Golar LNG Partners LP (“Golar Partners,” “we,” “us” and “our”) and Golar LNG Limited' (“Golar”) to make additional borrowings

and to access debt and equity markets; our ability to repay our debt when due and to settle our interest rate swaps; our ability to enter into long-

term time charters, including our ability to re-charter floating storage and regasification units (“FSRUs”), liquefied natural gas (“LNG”) carriers

and floating liquefied natural gas units (“FLNGs”) following the termination or expiration of their time charters; our ability to maximize the use of

our vessels, including the re-deployment or disposal of vessels no longer under long-term time charter; the length and severity of outbreaks of

pandemics, including the recent worldwide outbreak of the novel coronavirus ("COVID-19") and its impact on demand for LNG and natural gas,

the operations of our charterers, our global operations and our business in general; the liquidity and creditworthiness of our charterers; the

effect of a worldwide economic slowdown; changes in commodity prices; turmoil in the global financial markets; fluctuations in currencies and

interest rates; market trends in the FSRU, LNG carrier and FLNG industries, including fluctuations in charter hire rates, vessel values, factors

affecting supply and demand, and opportunities for the profitable operations of FSRUs, LNG carriers and FLNGs; availability of skilled labor,

vessel crews and management, including possible disruptions caused by the COVID-19 outbreak; our vessel values and any future impairment

charges we may incur; our anticipated growth strategies; our ability to integrate and realize the expected benefits from acquisitions and

potential acquisitions;the future share of earnings relating to the FLNG, Hilli Episeyo ("Hilli"), which is accounted for under the equity method;

our ability to make cash distributions on our units and the amount of any such distributions; changes in our operating expenses, including dry-

docking and insurance costs and bunker prices; estimated future maintenance and replacement capital expenditures; our future financial

condition or results of operations and future revenues and expenses; planned capital expenditures and availability of capital resources to fund

capital expenditures; the exercise of purchase options by our charterers; our ability to maintain long-term relationships with major LNG traders;

our ability to leverage the relationships and reputation of Golar and Golar Power Limited ("Golar Power") in the LNG industry; the ability of Golar

and us to retrofit vessels as FSRUs or FLNGs and the timing of the delivery and acceptance of any such retrofitted vessels by their respective

charterers; our ability to purchase vessels from Golar and Golar Power in the future; timely purchases and deliveries of new build vessels;

future purchase prices of new build and secondhand vessels; our ability to compete successfully for future chartering and newbuilding

opportunities; acceptance of a vessel by its charterer; termination dates and extensions of charters; the expected cost of, and our ability to

comply with, governmental regulations, maritime self-regulatory organization standards, as well as standard regulations imposed by our

charterers applicable to our business; our general and administrative expenses and our fees and expenses payable under the fleet

management agreements and the management and administrative services agreement between us and Golar Management (or the

“Management and Administrative Services Agreement”); challenges by authorities to the tax benefits we previously obtained; the anticipated

taxation of our partnership and distributions to our unitholders; economic substance laws and regulations adopted or considered by various

jurisdictions of formation or incorporation of us and certain of our subsidiaries; our and Golar's ability to retain key employees; customers’

increasing emphasis on environmental and safety concerns; potential liability from any pending or future litigation; potential disruption of

shipping routes due to accidents, political events, piracy or acts by terrorists; future sales of our securities in the public market; our business

strategy and other plans and objectives for future operations; and other factors listed from time to time in the reports and other documents that

we file with the U.S. Securities and Exchange Commission (the “SEC”).

Factors may cause actual results to be materially different from those contained in any forward-looking statement. Golar Partners does not

intend to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Golar Partners’

expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.

2


Recent Highlights

Operating income for Q2 2020 of $32.8 million, exclusive of ownership interest in FLNG

Hilli Episeyo (“Hilli”).

Quarterly net income of $14.3 million after accounting for $4.5 million of non-cash mark-

to-market losses on interest rate swaps.

Total Adjusted EBITDA1 of $77.7 million, including our proportionate share of the Hilli’s

results of operations.

Distributable cash flow1 of $28.7 million for the quarter and distribution coverage ratio1 of

20.09.

Declared a distribution for the second quarter of $0.0202 per common and general

partner unit.

Bondholders approved 18-month extensions to the May 2020 and May 2021 maturing

high-yield bonds.

Golar Grand charter extended for a further year from May 2020.

LNGC Golar Maria secured a multi-month charter giving Q2 utilization of 81% for this

vessel and 92% for the fleet.

3(1) Total Adjusted EBITDA, Distributable Cash Flow and Distribution coverage ratio are non GAAP measures. Please see the appendix for definitions


Second quarter 2020 financial results

(in thousands of $, except

Distribution coverage ratio)

Q2

2020

Q1

2020

Q2

2019

Total operating revenues 72,114 69,815 77,361

Total operating expenses (39,309) (42,076) (41,153)

Operating income 32,805 27,739 36,208

Losses on derivative instruments (4,472) (46,835) (24,502)

Net income/(loss) attributable to

Golar LNG Partners LP owners14,264 (33,144) (5,516)

Total Adjusted EBITDA1 77,686 72,137 79,483

FSRUs Adjusted EBITDA1 51,654 42,819 53,998

LNG carriers Adjusted EBITDA1 5,747 9,433 5,878

FLNG Adjusted EBITDA1 20,285 19,885 19,607

Distributable Cash Flow1 28,710 25,426 31,984

Distributions declared 1,429 1,429 28,654

Distribution coverage ratio1 20.09 17.79 1.12

HIGHLIGHTSSUMMARY RESULTS

Operating Results:

The Q2 results of operations generated total

operating revenue of $72.1m, up from $69.8m in Q1

and in line with expectations. This was mainly due to

increase in earnings from Golar Igloo as she was

fully utilized during the quarter. This was slightly

offset a decrease in revenue from Golar Maria due to

lower daily hire rate. Total operating expenses

decreased to $39.3m in Q2 from $42.1m in Q1,

mainly due to a general fleet-wide deferral of repairs

and maintenance due to COVID-related movement

restrictions together with reduced maintenance

expenditure in respect of Golar Igloo compared to

Q1.

Total Adjusted EBITDA1:

Includes our proportionate share of the Hilli’s results

of operations. The Q-on-Q increase is attributable to

an overall increase in revenues and a decrease in

vessel operating costs.

Distribution coverage ratio1:

Improved distribution coverage ratio1 from 17.79x in

Q1 to 20.09x in Q2

(1) Total Adjusted EBITDA, Distributable Cash Flow and Distribution coverage ratio are non GAAP measures. Please see the appendix for definitions 4


Segment Information2

Q2 2020 Q1 2020

(in thousands of $) FSRU* LNGC* FLNG** Total FSRU* LNGC* FLNG** Total

Total Operating Revenues

Amount invoiced under sales-type lease

Adjusted Operating Revenues1

Voyage and Commission Expenses

Vessel operating expenses

Administrative expenses

59,033

4,550

63,583

(935)

(8,525)

(2,469)

13,081

---

13,081

(1,424)

(4,466)

(1,444)

26,018

---

26,018

---

(5,611)

(122)

98,132

4,550

102,682

(2,359)

(18,602)

(4,035)

53,441

4,550

57,991

(1,313)

(11,495)

(2,364)

16,374

---

16,374

(871)

(4,717)

(1,353)

26,018

---

26,018

---

(6,003)

(130)

95,833

4,550

100,383

(2,184)

(22,215)

(3,847)

Total Adjusted EBITDA1 51,654 5,747 20,285 77,686 42,819 9,433 19,885 72,137

* Indirect administrative expenses are allocated to the FSRU and LNG carrier segments based on the number of vessels.

** Relates to the effective share of revenues and expenses attributable to our investment in Golar Hilli LLC had we consolidated its 50% of the Hilli common units.

1 Adjusted Operating Revenues and Total Adjusted EBITDA are non-GAAP measure. Please see the appendices for discussion.2 Refer also to Appendix D for Segment information.

5


Balance Sheets Summary

(USD thousands)

Jun 30

2020

(Unaudited)

Mar 31

2020

(Unaudited)

Cash and cash equivalents 32,781 35,095

Restricted cash and short-term deposits 59,170 44,050

Other current assets 43,746 37,457

Non-current restricted cash 118,034 133,188

Investment in affiliate 187,735 190,609

Vessels & equipment and vessel under finance lease, net 1,445,722 1,462,197

Investment in leased vessel, net (current and non current portion) 112,940 113,291

Other long term assets 50,781 49,437

Current portions of long-term debt and obligation under finance lease 604,714 107,359

Other current liabilities 131,203 130,705

Long-term debt and obligation under finance lease 682,840 1,203,978

Total equity 597,173 587,351

Adjusted Net Debt1 1,483,319 1,513,004

Adjusted Net Debt to Annualized Adjusted EBITDA1 4.8 5.2

CONDENSED SUMMARY

(1) Adjusted Net Debt and Annualized Adjusted EBITDA are non GAAP measures. Please see the appendix for definitions 6


Debt maturity profile

-

100

200

300

400

500

600

700

800

2020 2021 2022 2023 2024 2025

US

Dm

High yield bonds Debt Balloon Repayment Debt Interim Instalments Golar Eskimo Contractual debt

Successfully extended maturities of both unsecured bonds by 18 months (GOLP02 and GOLP03)

April 2020 distribution cut will allow the partnership to de-lever and ease refinancing

In discussions for refinancing of the $800 million vessel facility maturing in April 2021 (secured in

Spirit, Freeze, Winter, Igloo, Methane Princess, Grand and Maria)

7


$1.9bn of Revenue Backlog1

1 Revenue backlog represents revenue from our executed contracts and includes our proportionate share of Hilli LLC’s revenue backlog. The $1.9 billion (refer to Slide

8) includes project awards/agreements that are subject to contract but does not include any “options” as highlighted in the above graph, nor does it include any future

growth opportunities. Any future contracts relating to these prospects will be incremental to the above number. Revenue backlog is a non GAAP measure. Please see

the Appendices for a further discussion.

International oil major

Major LNG

Exporter

Energy & Logistics

Company

Charter updates in Q2 20:

Golar Grand: charter extended by a year at a similar rate to current rate from May 2020

Golar Maria: 90 days firm period from May 2020.

FSRU Golar Freeze15 year Jamaica charter

FSRU Golar Winter10-year contract extended to 15 years

FSRU Nusantara Regas Satu

11-year contract

FSRU Golar Igloo5-year contract extended by 1+2 years

FSRU Golar Eskimo

10-year contract

FSRU Golar SpiritCold layup

FLNG Hilli Episeyo (50% of common units)8-year contract

LNGC Methane Princess20-year contract

LNGC Golar Mazo (60% owned)Cold layup

LNGC Golar Grand2-year contract extended by 1+1 years

LNGC Golar Maria 2-year contract from late 2020

Layup Base contract duration Options Expected spot trading Yard

2020 2021 2022 2023 2024 2025 2026

Go

lar

LNG

Par

tner

s

2027

2033

8

$-

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

2020 2021 2022 2023+

Mill

ion

s

Maintained solid revenue backlog

Recent successful redeployments demonstrate underlying value of

existing assets:

➢ Secured a multi-month spot charter for Golar Maria in May 2020

➢ Golar Grand continues on a multi-year contract

➢ Golar Maria awarded multi-year contract in November 2019

➢ Awarded 2 year contract for Golar Igloo in October 2019

➢ Awarded 15 year contract for Golar Freeze in January 2018

Successful track-record in redeployment of assets

Diversified contracted revenue backlog1

Historical revenue backlog (1) (USDbn)Revenue backlog(1)

Existing fleet exemplifies long-term earnings visibility

Lower capital cost of existing assets allows GMLP to

transact at rates that support small-mid size projects whilst

still generating attractive returns

Re-allocation of $109 million in distributions towards debt

reduction, as a result of the April 2020 distribution cut, will

further reduce fleet break-even contracting rates

Investment in fleet (e.g. upgrades to Golar Freeze and

Golar Igloo) has aided re-contracting

201

392355

915

FSRU ShippingFLNG

Total revenue

backlog split

2.42.2

2.62.3

2.1

2015 2016 2017 20192018

Revenue backlog (USDbn)

60%32%

8%

USD

1.9bn

1 Revenue backlog is a non GAAP measure. Please see the Appendices for a further discussion.

2020

1.9

© Golar LNG Partners LP 9


Stable operational utilizationContinued strong commercial utilization from operating fleet

Note: Excludes vessel in cold layup

Continued operational excellence across the fleet.

FLNG Hilli with 100% economical utilization since delivery.

FSRU fleet achieved full utilization in Q2 2020 compared to Q1 2020 utilization as Golar Igloo had a full quarter of

operation following its scheduled annual maintenance window under the existing charter.

Shipping economic utilization affected by Golar Maria idle time between charters offset by improved utilization from the

effect of fewer calendar days used in calculating average daily TCE as Golar Mazo's cold lay-up days are excluded,

being scheduled off-hire days.

10


FSRU Nusantara Regas concluding its

250th cargoFSRU Nusantara Regas Satu received its 250th LNG cargo

11

The FSRU Nusantara Regas,

operating for PT Nusantara Regas in

Jakarta, Indonesia received its 250th

cargo on August 12, 2020.

The milestone marks 8 years of

continuous operations with 100%

economic utilization, except for

planned maintenance periods.

The FSRU Nusantara Regas is the key

gas supplier to Jakarta, servicing the

Indonesian capital with gas supply that

fuels the capitals largest power plants.

We would like to thank PT Nusantara

Regas for continued strong

cooperation and our seafarers and

technical operations team for turning

this milestone.

12

Forward curves implies continued attractiveness of LNG LNG demand expected to continue healthy growth

Continued attractiveness of LNG support adoption

200

250

300

350

400

450

500

2018 2019 2020 2021 2022 2023 2024 2025

Mill

on t

ons L

NG

per

year

0

2

4

6

8

10

12

14

Jan

-18

Ap

r-1

8

Jul-

18

Oct-

18

Jan

-19

Ap

r-1

9

Jul-

19

Oct-

19

Jan

-20

Ap

r-2

0

Jul-

20

Oct-

20

Jan

-21

Ap

r-2

1

Jul-

21

Oct-

21

Jan

-22

Ap

r-2

2

Jul-

22

Oct-

22

US

D/M

MB

tu

Brent TTF JKM Henry Hub


Note: 2021 – 2025 figures are estimates

Asia: LNG is currently the cheapest hydrocarbon

14.2

10.8

14.2

11.6

4.6

2.9

12.1

8.9

6.6

8.2 8.6

2.8 3.0

8.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

Diesel HFO VLSFO LPG LNG Coal Crude

US

D/M

MB

TU

1st Jan 2020 05th August 2020

Europe: Gas the cheapest hydrocarbon (incl. tax)

14.6

11.212.9

10.0

4.12.0

10.9

2.0

2.2

2.2

1.5

1.5

2.6

2.2

9.06.9 7.5 7.5

2.6 1.9

8.0

2.2

2.42.4 1.6

1.6 2.9

2.4

Diesel HFO VLSFO LPG Gas Coal Crude0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

US

D/M

MB

TU

Commodity - 01 Jan 2020 CO2 - 01 Jan 2020

Commodity - 12 Aug 2020 CO2 - 12 Aug 2020

Source: Bloomberg, IHS

13

FSRU newbuild activity FSRU awards

Improving FSRU supply/demand balance

0

1

2

3

4

5

6

7

8

9

10

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Units o

rdere

d /

Report

ed f

or

convers

ion

Speculative Contracted

1

3

1

2

3

2 2

5

3

6 6

9

6

1

0

1

2

3

4

5

6

7

8

9

10

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

202

0

# o

f A

ward

s

FSRU chartering activity has outperformed

newbuild orders since 2015

2020 has been a slow year for FSRU awards –

market activity likely to pick up based on

underlying supply/demand dynamics

There has only been one speculative newbuild

order since 2017

Project developer / end-users responsible for

majority of orders in 2018-2020

Independent owners staying on sidelines

© Golar LNG Partners LP 13Source: IHS

14

211

2130

62

11

30

49

67

132

21

49

77

104

202

0

50

100

150

200

250

250 500 750 1 000 1 875

50 000 100 000 150 000 200 000 380 000

Illu

str

ative F

SR

U E

BIT

DA

US

Dm

Tolling fee USD 0.5/day Tolling fee USD 1/day Tolling fee USD 1.5/day

Illustrative FSRU economics (volume vs. tolling fee per MMBTU throughput)1

Parceling FSRU capacity can boost re-contracting returns

Once the partnerships FSRUs roll-off their existing long term contracts, the assets are depreciated to a level where we

can enter into tolling contracts with end-users that does not have sufficient offtake for the full capacity of an FSRU

Due to the relative competitiveness of LNG on price these end-users can pay a higher tolling fee than traditional FSRU

contracts and still have significant economic and environmental benefits in converting to LNG

Once an FSRU is anchored in a new location, spare capacity that is not used by the initial client can be sold to other

local industrial and small-scale LNG adopters

Selling partial FSRU volumes to end-users can enable significantly higher unit returns than standard FSRU contracts

where the full FSRU capacity is typically chartered by one offtaker

Based on a tolling fee of USD 0.5-1.5/MMBTU the older FSRUs in the Partnership fleet can generate EBITDA on

full capacity of USD 62-202m/year. The modern FSRUs in the fleet have 2-3x the throughput capacity of the

older FSRUs.


MW

MMBTU/day

1 Key assumptions: Plant efficiency: 38% HHV (8,870 Btu/kWh), Load factor: 100%, 8,760 hours per year

© Golar LNG Limited

ESG: Progress on our key initiatives

© Golar LNGLimited© Golar LNG Partners LP15

We have launched projects to make key improvements

across each of our focus areas, including:

• Comprehensive process safety training campaign

• Extensive use of management video meetings with

vessels to compensate for reduced travelling activity

• “Methane slip” project underway to identify key drivers and

deliver improved performance

• Fugitive emissions technology implemented in Hilli

• Seawater turbine trial initiated (see case study)

• Supporting wellbeing and mental health during COVID-19

• Supply chain human rights audits instigated

• Golar has developed a proprietary technology to

reduce the amount of energy used to heat LNG

• This technology has been installed on the Golar Igloo

and has proven 7% increase in efficiency, saving up to

5 tons/ day fuel

• Estimated annual savings of up to 5,000 tons CO2

• Golar is currently filing IP rights in the relevant

countries worldwide

Turbine offline: Turbine online:

Case study: Seawater turbine trial

Health, safety and security

Environmental impact

People & community

Energy efficiency & innovation

Governance & Business Ethics

Prioritising what

matters most - our key focus

areas

Current ESG projects

Golar’s innovative engineering capabilities continue to deliver financial and environmental efficiencies

Ongoing ESG strategy and initiatives made available on company website1

1 https://www.golarlngpartners.com/sustainability/esg-framework.


Summary

1 Refer to Appendices for Non-GAAP measure details.

Full quarter contribution from Golar Igloo improved quarter over quarter earnings as

expected. Q3 Total Adjusted EBITDA1 is expected to be broadly similar to Q2.

Secured multi-month charter for Golar Maria during Q2. Revenue backlog1 of $1.9 billion

before extension options.

Record low gas prices favours LNG as a cheaper and cleaner source of energy vs.

alternatives, with new markets opening for potential FSRU contracts seeking access to the

LNG fuel and environmental benefit arbitrage.

Focus on refinancing, starting with the 7-vessel bank facility before year end ($542 million

outstanding as of June 30, 2020), and thereafter contemplate to refinance the two

unsecured bonds prior to May 2021 when the call option increases (total of $400 million

outstanding as of June 30, 2020).

Strategic alternatives to better use the Partnership’s $1.9 billion of revenue backlog1 to

maximize long-term shareholder value are being narrowed down.

16

THANK YOU



Appendix A – Non-GAAP measuresDistributable cash flow: Distributable cash flow represents Total Adjusted EBITDA adjusted for the cash components of interest, amounts invoiced under sales-type lease, derivatives, tax

and earnings from affiliates. We also include an adjustment for maintenance and replacement capital expenditures (including expenditure on dry docking). This represents the Partnership's

capital expenditures required to maintain the long-term operating capacity of the Partnerships' capital assets. Distributable cash flow is a quantitative standard used by investors in publicly-

traded partnerships to assist in evaluating a partnership's ability to make quarterly cash distributions to common unitholders, general partners and incentive distribution rights ("IDRs").

Distributable cash flow is a non-GAAP liquidity measure and should not be considered as an alternative to, or superior to, net income or any other indicator of Golar Partners' performance

calculated in accordance with U.S. GAAP. A reconciliation from Total Adjusted EBITDA to net income before non-controlling interests, the most directly comparable U.S. GAAP measure is

included in Appendix G.

Distribution coverage ratio: Distribution coverage ratio represents the ratio of distributable cash flow to total cash distributions paid. We believe that this measure allows investors and other

users of the financial statements to assess our liquidity based on our distributable cash flow. This presentation is consistent with management’s view of the business. Distribution coverage

ratio is a non-GAAP financial measure and should not be considered as an alternative to, or superior to, net income or any other indicator of the Partnership’s performance calculated in

accordance with US GAAP. A reconciliation of the calculation is provided in Appendix G.

Non GAAP Measures impacted by management’s monitoring of the FLNG segment (i.e. our equity investment in Hilli LLC) on a proportionate basis: In Q4 2018 the Partnership

changed the way in which it measures the business and the operating segments of the Company. The two key changes were the introduction of “EBITDA” as the operating segment profit

measure and reporting our FLNG segment (our equity investment in Hilli LLC) on a proportionate basis. Although management monitors the operating segments based on EBITDA, a number

of our total metrics have also been impacted by our proportionate view of the FLNG segment. Specifically “Total Adjusted EBITDA”, “Annualized Adjusted EBITDA”, “Adjusted Net Debt” and

“Revenue Backlog”. These metrics are discussed below.

Total Adjusted EBITDA: Adjusted EBITDA is the EBITDA of our operating segments adjusted for amounts invoiced under finance leases. This is used as a supplemental financial measure

by management and investors to assess the Partnership’s total financial and operating performance. Management believes that it assists management and investors by increasing

comparability of its total performance from period to period and against the performance of other companies. Adjusted EBITDA is a non GAAP financial measure and should not be

considered as an alternative to net income or any other performance measure presented in accordance with US GAAP. Annualized Adjusted EBITDA is “Total Adjusted EBITDA” multiplied by

4. Management believe that this is a useful performance measure as it includes a full year of FLNG EBITDA. Total Adjusted EBITDA is a non GAAP measure and should not be considered

as an alternative to net income or any other performance measure presented in accordance with GAAP. Please see the next slide for a reconciliation.

Adjusted Net Debt: Adjusted Net Debt includes short and long term third party borrowings (inclusive of our proportionate share of Hilli LLC’s debt) and our obligations under our finance

leases offset by cash, cash equivalents and restricted cash. Adjusted Net Debt is a non-GAAP financial measure used by investors to measure our performance and should not be

considered as an alternative to any other indicator of Golar Partners' performance calculated in accordance with U.S. GAAP. The Partnership believes that Adjusted Net Debt assists its

management and investors by increasing the comparability of its combined indebtedness and cash position against other companies in its industry. This increased comparability is achieved

by providing a comparative measure of debt levels irrespective of the levels of cash that a company maintains. We provide a ratio of Adjusted Net Debt to Annualized Adjusted EBITDA to

enable our investors to understand better our liquidity position and our ability to service our debt obligations. This presentation is consistent with management’s view of the business. Adjusted

net debt is a non-GAAP liquidity measure and should not be considered as an alternative to any other indicator of the Partnership’s performance calculated in accordance with US GAAP.

Revenue backlog: Revenue backlog is defined as the contracted daily charter rate for each vessel multiplied by the number of scheduled hire days for the remaining contract term. Revenue

backlog includes the Partnership’s pro-rata share of Hilli LLC’s contractual billings. This is consistent with management’s view of the business and our presentation in our segment note.

Revenue backlog is not intended to represent EBITDA or future cashflows that will be generated from these contracts. This measure should be seen as a supplement and not a substitute for

our US GAAP measures of performance.

Adjusted operating revenues: Adjusted operating revenues represents total operating revenues adjusted for amounts invoiced under sales-type leases. We believe that this enables

comparability of our sales-type lease charter with the rest of our business as the income from the sales-type lease is recognized as interest income and therefore does not appear in total

operating revenues. Adjusted operating revenues is a non-GAAP financial measure and should not be considered as an alternative to, or superior to, total operating revenue or any other

indicator of the Partnership’s performance calculated in accordance with US GAAP

(in thousands)Three months ended

June 30, 2020

Three months ended

March 31, 2020

Three months ended

June 30, 2019

Net income / (loss) 14,283 (33,221) (5,238)

Depreciation and amortization 20,046 19,963 21,368

Other non-operating income (164) (164) (4,195)

Interest income (4,615) (4,490) (2,409)

Interest expense 17,115 17,495 20,695

Losses on derivative instruments 4,472 46,835 24,502

Other financial items, net (237) (790) (746)

Income taxes 4,886 3,862 4,926

Equity in net earnings of affiliate (2,935) (1,788) (1,327)

FLNG’s Adjusted EBITDA 20,285 19,885 19,607

Amount invoiced under sales-type lease 4,550 4,550 2,300

Total Adjusted EBITDA 77,686 72,137 79,483

Annualized Adjusted EBITDA 310,744 288,548 317,932

Appendix B – Total Adjusted EBITDA



Appendix C – Adjusted Net Debt

(in thousands)At June 30

2020

At March 31

2020

At June 30

2019

Current portion of long-term debt and short-term debt 602,633 105,394 225,056

Current portion of obligation under finance lease 2,081 1,965 1,729

Long term debt 570,985 1,091,361 1,032,171

Obligation under finance lease - non current 111,855 112,617 116,648

Total Debt 1,287,554 1,311,337 1,375,604

Less:

Cash and cash equivalents 32,781 35,095 62,059

Restricted cash and short-term deposits – current 59,170 44,050 42,756

Restricted cash – non current 118,034 133,188 135,460

Total Cash, Cash Equivalents and Restricted Cash 209,985 212,333 240,275

Net Debt 1,077,569 1,099,004 1,135,329

Share of Hilli’s contractual debt 405,750 414,000 438,750

Adjusted Net Debt 1,483,319 1,513,004 1,574,079

Adjusted Net Debt to Annualized Adjusted EBITDA 4.8 5.2 5.0

Appendix D – Segment Information

Q1 2020 (in thousands) FSRU1 LNG Carrier1 FLNG2 Total Segment

ReportingElimination3 Consolidated

Reporting

Total operating revenues 53,441 16,374 26,018 95,833 (26,018) 69,815

Voyage and commission expenses (1,313) (871) --- (2,184) --- (2,184)

Vessel operating expenses (11,495) (4,717) (6,003) (22,215) 6,003 (16,212)

Administrative expenses1 (2,364) (1,353) (130) (3,847) 130 (3,717)

Amount invoiced under sales-type

lease4,550 --- --- 4,550 (4,550) ---

Adjusted EBITDA 42,819 9,433 19,885 72,137 (24,435) 47,702



Reporting


Voyage and commission expenses (1,109) (512) (50) (1,671) 50 (1,621)




lease2,300 --- --- 2,300 (2,300) ---

Adjusted EBITDA 53,998 5,878 19,607 79,483 (21,907) 57,576

© Golar LNG Partners LP1 Indirect administrative expenses are allocated to the FSRU and LNG carrier segments based on the number of vessels.

2 Relates to the effective share of revenues and expenses attributable to our investment in Hilli LLC had we consolidated its 50% of the Hilli common units.

3 Eliminations reverses the earnings attributable to our investment in Hilli LLC and the amount invoiced under sales-type lease to reflect the amount reported in the consolidated statements

of income. The earnings attributable to our investment in Hilli LLC is included in the equity in net income/(losses) of affil iate on the consolidated statements of income.



Reporting


Voyage and commission expenses (935) (1,424) --- (2,359) --- (2,359)




lease4,550 --- --- 4,550 (4,550) ---

Adjusted EBITDA 51,654 5,747 20,285 77,686 (24,835) 52,851


Appendix E - Consolidated Statements of Income

(USD thousands)

2020

Apr-Jun

(unaudited)

2020

Jan-Mar

(unaudited)

2019

Apr-Jun

(unaudited)

Total operating revenues

Vessel operating expenses

Voyage and commission expenses

Administrative expenses

Depreciation and amortization

Total operating expenses

Operating income

Other non-operating income

Interest income

Interest expense

Losses on derivative instruments and other financial items, net

Income / (Loss) before tax, earnings of affiliate and non-controlling interests

Income taxes

Equity in net earnings of affiliate

Net income / (loss)

Net (income) / loss attributable to non-controlling interests

Net income / (loss) attributable to Golar LNG Partners LP Owners

72,114

(12,991)

(2,359)

(3,913)

(20,046)

(39,309)

32,805

164

4,615

(17,115)

(4,235)

16,234

(4,886)

2,935

14,283

(19)

14,264

69,815

(16,212)

(2,184)

(3,717)

(19,963)

(42,076)

27,739

164

4,490

(17,495)

(46,045)

(31,147)

(3,862)

1,788

(33,221)

77

(33,144)

77,361

(14,913)

(1,621)

(3,251)

(21,368)

(41,153)

36,208

4,195

2,409

(20,695)

(23,756)

(1,639)

(4,926)

1,327

(5,238)

(278)

(5,516)


Appendix F - Consolidated Balance Sheet: Assets

(USD thousands)

2020

Jun 30

Unaudited

2020

Mar 31

Unaudited

2019

Dec 31

audited

Current assets

Cash and cash equivalents

Restricted cash and short-term deposits

Amount due from related parties

Current portion of net investment in leased vessel

Other current assets

Non-current assets

Restricted cash

Investment in affiliate

Vessels and vessel under finance lease, net

Net investment in leased vessel

Other non-current assets

TOTAL ASSETS

32,781

59,170

--

2,327

43,746

118,034

187,735

1,445,722

110,613

50,781

2,050,909

35,095

44,050

--

2,178

37,457

133,188

190,609

1,462,197

111,113

49,437

2,065,324

47,661

46,333

5,098

2,308

31,899

135,928

193,270

1,478,098

111,829

53,188

2,105,612


Appendix F - Consolidated Balance Sheet: Liabilities

& Equity

(USD thousands)

2020

June 30

Unaudited

2020

Mar 31

Unaudited

2019

Dec 31

audited

Current liabilities

Current portion of long-term debt

Current portion of obligation under finance lease

Amount due to related parties

Other current liabilities

Non-current liabilities and equity

Long term debt

Obligation under finance lease

Other non-current liabilities

Total Partners’ capital

Non-controlling interest

TOTAL LIABILITIES AND EQUITY

ADJUSTED NET DEBT1

ADJUSTED NET DEBT1 TO ANNUALIZED ADJUSTED EBITDA1 MULTIPLE

DEBT LESS LONG-TERM RESTRICTED CASH SWAPPED TO A FIXED RATE

602,633

2,081

3,710

131,203

570,985

111,855

31,269

514,000

83,173

2,050,909

1,483,319

4.8x

84%

105,394

1,965

4,664

130,705

1,091,361

112,617

31,267

504,197

83,154

2,065,324

1,513,004

5.2x

93%

225,254

1,990

-

81,910

991,679

120,789

31,296

569,463

83,231

2,105,612

1,532,040

4.7x

95%

1 Adjusted net debt and annualized adjusted EBITDA are non-GAAP measures. Please see Appendix C


Appendix G - Distributable Cash Flow

(in thousands of $, except Distribution coverage ratio) Three months ended

June 30, 2020

Three months ended

Mar 31, 2020

Total Adjusted EBITDA 77,686 72,137

Adjusted Interest Income 416 549

Interest expense (excluding amortization of deferred charges) (15,811) (16,367)

Other cash financial items (3,547) (1,489)

Current income tax charge (4,178) (3,177)

Estimated maintenance & replacement capital expenditures (including dry-docking reserve) (13,978) (13,490)

Non-controlling interest’s share of DCF before maintenance and replacement capital expenditure (777) (710)

Unrealized partnership’s share of equity accounted affiliate’s DCF net of estimated capital expenditures (8,049) (9,008)

Distributions relating to preferred units (3,052) (3,019)

Distributable cash flow 28,710 25,426

Depreciation and amortization (20,046) (19,963)

Unrealized net losses from interest rate derivatives (1,153) (45,533)

Lease payment in excess of sales-type lease income (351) (609)

Unrealized foreign exchange gain 11 509

Amortization of deferred charges (848) (660)

Movement in deferred tax liability (544) (521)

Distributions relating to preferred units 3,052 3,019

Estimated maintenance and replacement capital expenditures (including dry-docking reserve) 13,978 13,490

Realized partnership’s share of equity accounted affiliate’s DCF net of estimated capital expenditures (9,303) (9,089)

Non-controlling interest’s share of DCF before maintenance and replacement capital expenditure 777 710

Net income / (loss) before non-controlling interests 14,283 (33,221)

Distributions declared 1,429 1,429

Distribution coverage ratio 20.09 17.79

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