2. Forward Looking Statements
This presentation contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of
1934, as amended) which reflects management’s current expectations, estimates and projections about its
operations. All statements, other than statements of historical facts, that address activities and events that will,
should, could or may occur in the future are forward-looking statements. Words such as “may,” “could,” “should,”
“would,” “expect,” “plan,” “anticipate,” “intend,” “forecast,” “believe,” “estimate,” “predict,” “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 undertakes no obligation to update publicly
any forward-looking statements whether as a result of new information, future events or otherwise.
Among the important factors that could cause actual results to differ materially from those in the forward-looking
statements are: changes in liquified natural gas (LNG) and floating storage and regasification unit (FSRU) market
trends, including charter rates; changes in the supply and demand for LNG; changes in trading patterns that affect
the opportunities for the profitable operation of LNG carriers and FSRUs; Golar LNG Partners ability to acquire new
vessels from Golar LNG or third parties; increases in costs; the potential for the exercise of purchase options or
early termination of charters by the Partnerships charterers and Golar Partners inability to replace assets and/or
long-term contracts; and changes in the ability of Golar LNG Partners to obtain additional financing, in particular, in
connection with the recent turmoil in financial markets. Unpredictable or unknown factors herein also could have
material adverse effects on forward-looking statements. Please read Golar LNG Partners' filings with the Securities
and Exchange Commission for more information regarding these factors and the risks faced by Golar LNG Partners.
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3. Q4 2012: Highlights & Recent Events
Net income attributable to unit holders of $27.3 million and operating
income of $46.0 million.
Improved performance over the same period last year
Impact of periodic drydockings in Q4 and 2013
Distributable cash flow generation $22.3 million.
Completed second follow-on equity offering raising net proceeds of
approximately $180 million in November 2012.
Acquisition of interests in the companies that lease and operate the
LNG carrier Golar Grand in November 2012 for $265 million.
Quarterly distribution increased to $0.50 per unit for the fourth quarter
of 2012, which represents a 5.3% increase from the rate prior to the
Golar Grand acquisition.
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4. Q4 2012: Highlights & Recent Events
NOK 1,300 million bond issue in the Norwegian market (approx. $227
million) and repayment of $222 million vendor loan from Golar LNG
Limited in respect of the Golar Freeze acquisition.
New $175 million bank loan facility secured on the NR Satu – of which
$20 million revolving tranche undrawn
The $155 million vendor loan from Golar LNG Limited in respect of the
Nusantara Regas Satu (“NR Satu”) acquisition repaid following the
completion of the NR Satu refinancing.
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5. Q4 2012: Highlights & Recent Events
Subsequent to quarter end:
Completed third follow-on equity offering raising net proceeds of
approximately $130 million.
Acquisition of interests in the company that owns and operates the LNG
carrier Golar Maria completed for a purchase price of $215 million.
Management recommendation to increase quarterly distributions by
between $0.0125 and $0.0175 per quarter, which would increase
annualized distributions by between $0.05 and $0.07 representing a
2.5% - 3.5% increase.
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6. Income Statement
2012 2012 2011 2012 2011
(USD thousands) Oct-Dec Jul-Sep Oct-Dec Jan-Dec Jan-Dec
(unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
(1) (1) (1) (1)
Operating revenues 77,172 79,662 57,399 286,630 225,452
Vessel operating expenses 13,037 10,891 9,114 45,474 39,212
Voyage expenses 2,252 1,177 (55) 4,471 785
Administrative expenses 1,555 1,677 1,742 7,269 8,234
Depreciation and Amortisation 14,367 13,911 11,134 51,167 45,316
Total operating expenses 31,211 27,656 21,935 108,381 93,547
Operating income 45,961 52,006 35,464 178,249 131,905
Interest income 333 439 547 1,797 1,640
Interest expense (11,012) (10,678) (7,366) (38,090) (19,581)
Other financial items (516) (1,043) (540) (5,389) (18,521)
Income before tax & non-controlling interests 34,766 40,724 28,105 136,567 95,443
Tax (4,478) (3,332) (516) (9,426) (45)
Net income attributable to non-controlling interests (2,988) (2,760) (2,439) (10,723) (9,863)
Net income attributable to Golar LNG Partners LP 27,300 34,632 25,150 116,418 85,535
Owners
(1) Results for the Golar Grand and the NR Satu for the periods prior to their acquisition by the Partnership (on November 8, 2012 and July 19, 2012,
respectively) when they were owned and operated by Golar have been combined with the previously published results of the Partnership and are
included in the results of all periods presented. 6
7. Balance Sheet: Assets
2012 2011
Dec 31 Dec 31
(unaudited) (unaudited)
(USD thousands) (1) (1)
Short term assets
Cash and cash equivalents 66,327 49,218
Restricted cash and short-term investments 30,900 24,512
Other current assets 10,143 7,108
Long term assets
Restricted cash 190,523 185,270
Vessels and vessels under capital leases, net 1,192,779 1,163,924
Other long term assets 20,302 7,781
TOTAL ASSETS 1,510,974 1,437,813
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8. Balance Sheet: Liabilities
2012 2011
Dec 31 Dec 31
(unaudited) (unaudited)
(USD thousands) (1) (1)
Short term liabilities
Current portion of long term debt 64,822 49,906
Current portion of obligations under capital leases 5,837 5,909
Other current liabilities 99,058 83,454
Long term liabilities and equity
Long term debt (inc loans due to related parties) 674,650 572,978
Obligations under capital leases 406,534 399,934
Other long term liabilities 18,529 27,599
Owners’ and Dropdown Predecessor equity - 208,069
Total Partners’ capital 178,675 32,069
Accumulated other comprehensive (loss) / income (8,989) (5,039)
Non-controlling interest 71,858 62,934
TOTAL LIABILITIES AND EQUITY 1,510,974 1,437,813
Total debt and capital lease obligations net of restricted cash 930,420 818,945
Percentage of total debt/lease obligations (net of restricted cash) swapped to a
fixed rate 82%
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9. Distributable Cash Flow
Three months Three months
(USD thousands) ended ended
Dec 31, 2012 Sep 30, 2012
Net Income before non controlling interest 30,288 37,392
Add:
Depreciation and Amortisation (excluding Dropdown Predecessor prior to
acquisition) 13,913 12,047
Unrealised (gain)/loss from interest rate derivatives (1,554) 685
Unrealised foreign exchange & related currency derivative gain (463) (1,545)
Less:
Net income attributable to Dropdown Predecessor (3,541) (9,273)
Estimated maintenance & replacement capital expenditures (12,624) (10,518)
Non-controlling interests' share of DCF before maintenance & replacement capital
expenditure (3,654) (3,628)
Distributable cash flows for the quarter 22,363 25,160
Total Distributions declared for the period 27,250 22,709
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10. Assets and Contracts
$2.7 billion contracted revenue – Average 7.4 years remaining contract term Counterparty
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Golar Spirit
10-year contract
Golar Winter
10-year contract
FSRUs
extended to 15 years
Golar Freeze
10-year contract
Nusantara Regas
Satu
11-year contract
Methane
Princess
20-year contract
LNG Carriers
Golar Mazo
18-year contract
Recent Dropdown
Golar Grand Recent dropdown
5-year contract
Golar Maria Recent Dropdown
5-year contract
Recent dropdown
Base Contract Duration Options Option/put to Golar
Dusup = Dubai Supply Authority. Pertamina = National oil company of Indonesia. Nusantara Regas = Joint venture between Pertamina and
PGN (National Gas distribution company of Indonesia) 10
11. Golar Grand
Purchase price November 2012 $265 million
Financed by: Share of $181m net equity proceeds $175 million
Debt (finance lease acquired with vessel) $90 million
Net cash from operations before interest costs $36-$38 million
Initial contract term (including put option to Golar) to October 2017 5 years
Vessel delivered under charter March 2012
Annualized distribution increase $0.10
Increased distributions per unit on an annualized basis $2.00
Distribution increase per unit since April 2011 IPO 29.9%
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12. Golar Maria
Purchase price February 2013 $215 million
Financed by: Share of $130m net equity proceeds $126 million
Debt (acquired with vessel) $89 million
Net cash from operations before interest costs $22-$24 million
Initial contract term to December 2017 5 years
Vessel delivered under charter November 2012
Management recommended annualized distribution increase $0.05 - $0.07
Increases distributions per unit on an annualized basis to: $2.05 - $2.07
Distribution increase per unit since IPO based on $2.06 per annum 33.8%
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14. Growth opportunities - market
LNG Carriers
LNG production capacity growth1 – 2013 to 2018 - 44% increase
86 LNGC Newbuildings delivering – 2013 to 2017 - 24.5% increase
Potentially some shipping supply surplus 2014-2015 before moving into deficit
57% of newbuilds are committed to term contracts
LNGC fleet - 351
Vessels in current fleet greater than 30 years old – 40 (19 more than 35 years old)
FSRUs
Current FSRU fleet – 14 existing, 8 Newbuildings + 1 conversion delivering – 2013 to 2015
5 of the new FSRU’s are committed to projects – Golar has 2 of the 4 uncommitted
vessels, both of which delivery prior to 2015
Golar selected as preferred bidder for Jordanian project
Up to 3 further awards are expected in the first half of 2013 for which there is limited
competition and start up requirements prior to or early 2015
Significant other development activity particularly in the Middle East, India and South
America
1Source – Wood Mackenzie 14
15. Summary
Increased distribution to $0.50 per unit for Q4 2012 following
acquisition of the Golar Grand
Khannur
Golar Maria contract increases revenue backlog – now $2.7 billion
Golar
Freeze
Management recommendation to further increase distribution to
Golar
Winter
between $0.5125 and $0.5175
Golar
Spirit
Strong growth outlook for LNG demand and supply and related
infrastructure including LNG carriers and FSRU’s
Golar LNG fleet, including 13 newbuildings, provides substantial
dropdown growth potential
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