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Golar LNG ← INTERIM RESULTS FOR THE PERIOD ENDED JUNE 30 , 2021 Golar reports Q2 Net income of $ 471.4 million , secured increased capacity utilization for Hilli and added further shipping earnings backlog¹ Golar is pleased to announce the company's best ever quarterly net income of $ 471.4 million , inclusive of a gain on disposal of Hygo Energy Transition Limited and Golar LNG Partners LP to New Fortress Energy Inc ( " NFE " ) , where we have recorded our NFE shareholding at $ 35.37 / share . The gain on disposal proves that Golar is building shareholder value in our asset portfolio significantly in excess of book values . Golar will seek to continue to simplify its group structure to crystalize value . On July 20 , 2021 we concluded an agreement to increase capacity utilization for the FLNG Hilli Episeyo ( " Hilli " ) , unlocking embedded value by utilizing more of Hilli's 2.4 million tons of liquefaction capacity . Adding to our Brent oil exposure , the innovative TTF¹ linked tolling fee for the incremental volumes delivers on our announced strategy to increase our upstream gas exposure . Based on TTF¹ forward prices at the time of announcement and assuming Perenco exercise their option for an incremental 0.4 million tons / year from 2023-2026 , the increase in capacity utilization will add around $ 113 million of incremental earnings backlog¹ for Hilli on TTF¹ forward curves , or $ 373 million if the August 6 , 2021 spot TTF¹ price is assumed to prevail over the same timeframe . The incremental capacity utilization will require no capital expenditure from Golar and minimal adjustments to operating costs , hence almost all cash generated from the increased utilization will be free cash flow¹ , of which Golar has an 86.9 % economic interest . The increase in oil prices has also increased Golar's earnings from Hilli through the Brent oil related tariff . Hilli is generating an incremental $ 3.0 million of Adjusted EBITDA for every US dollar the Brent oil price is above $ 60 / barrel , of which Golar has an 89.1 % economic interest . Further progress has been made on Golar's announced initiative to increase its gas price exposure by using our FLNG technology to increase our presence upstream in the LNG value chain . We have expanded our upstream team and are currently exploring several fields already producing associated gas , as well as stranded gas opportunities . On the tolling side of our FLNG business we continue to work with existing and prospective clients on attractive growth projects . These are significant infrastructure investments for our clients that require , amongst other prerequisites , regulatory approvals and supporting infrastructure . These , rather than construction of the FLNG itself , are often the key drivers of a project timeline . The increasing focus on ESG , where gas is seen as a cleaner energy source , together with current and forward commodity prices are however helping speed up upstream developments . Specific commercial and technical discussions have taken place with an existing client for use of a five million ton Golar Mark III new building design . The shipping business also benefits from higher gas prices and regional price differences . Longer - term employment opportunities at attractive rates are now available . Golar recently fixed one of its vessels for five years . Having completed the sale of Hygo Energy Transition Limited ( " Hygo " ) and Golar LNG Partners LP ( " Golar Partners " ) , separating the shipping and FLNG businesses represents the final step in Golar's group simplification process . The announced $ 102 million reduction in debt in return for an upfront payment of $ 60 million in respect of four ships , increasing LNG asset values , stronger rates , few 1. Refer to section " Non - GAAP measures " for definition and reconciliation to the most comparable US GAAP measure .