Golar LNG Ltd.

Presentation to US InvestorsJune 2001

�The Floating Gas Pipeline�

Business Strategy

� Golar LNG shall develop its position as the leading independent owner of ocean based LNG transportation.

� The target is to achieve a major strategic long term position in theGlobal market for trading of LNG.

� In order to optimize the value of its fleet, Golar will have to extend its presence in the LNG logistical chain. This can be done through direct investments or through partnership / alliances with major industry players.

� The purpose is to provide Golar�s customers with a safe and reliable transport service with an unique flexibility, and therby create a basis for good long term return to shareholders.

The Golar LNG History� Gotaas-Larsen (Golar) founded in 1946� Contracted its first LNG carrier in 1970� Took delivery of four LNG carriers (Gimi, Hilli, Khannur, Golar Freeze)

in 1975-1977� Took delivery of one LNG carrier (Golar Spirit) in 1981� Took management of four LNG carriers for Abu Dhabi in 1995� Took delivery of one LNG carrier (Golar Mazo, a joint venture with

CPC, Taiwan) in 2000� Signed two firm and up to four optional newbuilding contracts in 2001� Golar LNG Ltd. completes USD 280 million equity offering and is

established as a new holding company for the organisation and the assets in May 2001

� Golar LNG is expected to be listed at Oslo Stock Exchange � July 1-5 2001.

Fleet list

Ship Ownership Built Capacity (m3) Charterer Golar Mazo 60 % 2000 138,000 CPC (BB) Golar Spirit 100 % 1981 129,013 Pertamina / KOGAS (BB) Khannur 100 % 1977 125,003 British Gas (TC) Gimi 100 % 1976 124,872 British Gas (TC) Hilli 100 % 1975 124,890 British Gas (TC) Golar Freeze 100 % 1977 125,862 British Gas (TC) N/B #1 100 % 3/2003 138,000 N/B #2 100 % 10/2003 138,000 NGSCO #1 0 % (mgmt.) Abu Dhabi NGSCO #2 0 % (mgmt.) Abu Dhabi NGSCO #3 0 % (mgmt.) Abu Dhabi NGSCO #4 0 % (mgmt.) Abu Dhabi

Fleet Employment

2000 2005 2010 2015 2020 2025

Golar Mazo

Golar Spirit

Khannur

Gimi

Hilli

Golar Freeze

N/B #1

N/B #2

Firm Option

Contract Rates

(USD/day) 2001 2002 2003 2004 2005Golar Mazo BB 60 % 84,900 84,900 84,900 84,900 84,900Golar Spirit BB 100 % 58,900 58,900 58,900 58,900 58,900Khannur TC 100 % 33,750 31,383 46,870 47,373 47,891Gimi TC 100 % 33,750 33,750 31,870 47,373 47,891Hilli TC 100 % 33,750 33,750 33,750 32,373 47,891Golar Freeze TC 100 % 33,750 33,750 33,750 32,373 47,891N/B 1 100 % open open openN/B 2 100 % open open open

Opening Balance Sheet1 June 2001

Cash 85Other current assets 13Vessels 738New buildings 65Other assets 4Intangible assets 6

Total assets 912

Debt due within one year 57Other current liabilities 28Long-term liabilities 518Minority interests 33Stockholders equity 276

Total Liabilities and Stockholders� Equity 912

World Proved Reserves Of Natural Gas

9,6 9,4 7,3

2,4 4,5 6,3

4,1 6,2 5,225,5

42,5

56,7

21,0

34,7

49,5

6,0 7,611,2

4,48,0 10,3

1979

1989

1999

R/P 10

R/P 40

R/P 82R/P 265

R/P 98

R/P 18

R/P 66

R/ P ratio = Production/Reserve 1999

North America

FSU

Middle East

Europe

Africa

South & CentralAmerica

Asia PacificTotal reserved:

73 Tcm

113 Tcm

146 TcmR.S. PlatouEconomic Research a.s

Natural Gas Trade Development � Pipeline and LNG Percentage annual growth 1990-2000

Total 5.2% p.a.Pipeline 4.9% p.a.LNG 6.0% p.a.

LNG share of total traded volume1970 6%1975 10%1980 16%1985 22%1990 24%2000 26%

0

50

100

150

200

250

300

350

400

450

70 75 80 85 90 91 92 93 94 95 96 97 98 99 2000

Bcm

Pipeline LNG

78 % 22 % 6 %16 %

W orld Nat gas consumption 2000 Pipeline LNGR.S. PlatouEconomic Research a.s

LNG Exporters and Importers IMPORTERS

Three dominant exporters, market share in 2000Indonesia 26%Algeria 19%Malaysia 15%

Three largest importers, market share 2000Japan 53%South Korea 14%France 8%

EXPORTERS

0

20

40

60

80

100

120

140

160

70 75 80 85 90 91 92 93 94 95 96 97 98 99 00

Bcm

Africa Americas South Asia Middle East Australia

0

20

40

60

80

100

120

140

160

70 75 80 85 90 91 92 93 94 95 96 97 98 99 00

Bcm

Europe Japan S.Korea Taiwan USA

R.S. PlatouEconomic Research a.s

Demand for Ocean Freight of LNG

0

5000

10000

15000

20000

25000

1986

1988

1990199219

9419961998

2000 E

2002E

2004E

2006E

Source: R.S. Platou Economic Research

� Estimates are based entirely on planned projects - no �speculative� projects included

� Growth in global trades:� 1990-2000: +8.7% per year� 1999: +14.8%� 2000: +28.8%� 2001-2006: Est. +11.2% per year

Market Structure

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400

600

800

1 000

1 200

1 400Pe

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-Hyp

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No.

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LNG Builders and Building Capacity

Membrane

Sphericaltank

(Moss)SPB

Vessel built by cargo system (per 31/12/00):

Moss Rosenberg 67GT 39TZ 14Others 6

Hudong SY and Dalian New SY have alsolicense to build Techigaz containmentsystem.

Presentlynot buildingLNG tonnage

License to build bothMoss and Membrane

R.S. PlatouEconomic Research a.s

LNG Fleet � Deliveries and Scrapping 31st May 2001

1

9

17

11

2

<70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04-400

-200

0

200

400

600

800

1000

1200

1400

1600

1800

2000

2200

2400

'000

cbm

O'book Scrap 100,000 cbm + 51-100,000 cbm 18-50,000 cbm

R.S. PlatouEconomic Research a.s

0

2 000

4 000

6 000

8 000

10 000

12 000

14 000

16 000

18 000

20 000

<70 74 78 82 86 90 94 98 02

'000

cbm

LNG Fleet Trend 1970-2004

LNG fleet has grown by average 12.7 % (458,000 cbm) per year 1970-2000.

In the 1990�s the fleet has grownby average 6.8% (685,000 cbm) per year.

Orderbook 21st May 2001 equals 39 % of existing fleet.

Fleet will increase average 8.2 % p.a. based on the current orderbook, assuming no scrapping in the period end 2000 � end 2004.

LNG fleet trend2001 to 2004 based on

current orderbook.

R.S. PlatouEconomic Research a.s

Summary of Market Balance

No. of ships Demand Number of ships required for firm projects through 2006 36 Number of ships required, incl. planned projects 68 Number of ships required, incl. �speculative� projects 96 Additional ships required for spot trading ? Supply Number of ships on order 40 Available berths through 2006 30

As per 1 May 2001

LNG Spot and Future Prices

0123456789

1011

Jan-

86

Jan-

87

Jan-

88

Jan-

89

Jan-

90

Jan-

91

Jan-

92

Jan-

93

Jan-

94

Jan-

95

Jan-

96

Jan-

97

Jan-

98

Jan-

99

Jan-

00

Jan-

01

Jan-

02

Jan-

03

Jan-

04

$/M

MB

tu

Henry Hub Nat. Gas Future price

Source: NY Merc. Exch ange

Voyage Calculation - ExamplesProducer price FOB (USD/mmBtu) 2.35 2.35 2.35 Henry Hub price (USD/mmBtu) 4.38 4.38 4.38 Premium (USD/mmBtu) 0.75 - 1.25 Terminalering ( USD/per mmBtu) 0.35 0.35 0.35 Ship size (cbm) 130,000 130,000 130,000 Cargo size ( mmBtu ) 3,081,000 3,081,000 3,081,000 Speed ( Knops) 20 20 20Boil off 0.15 % 0.15 % 0.15 %Average bunkercost per voyage day after boil off (USD/d) 8,500 8,500 8,500 Port days per voyage ( Days) 3 3 3Waiting t ime ( Days ) 0.5 0.5 0.5Sea Margin 5 % 5 % 5 %Port A Algeria Algeria AustraliaPort B Boston Lake Charles San DiegoDistance ( N.miles) 3,270 4,925 7,290 Roundvoyage (Days)Voyage days 14.3 21.5 31.9 Waiting days 3.0 3.0 3.0 Port days 0.5 0.5 0.5 Total days roud voyage 17.8 25.0 35.4 Calculation (USD)Gas sale 15,805,530 13,494,780 17,346,030 Terminalering Cost 1,078,350 1,078,350 1,078,350 Port Cost 160,000 160,000 160,000 Boil off Cost 422,156 507,003 920,912 Bunker cost 151,353 212,898 300,847 Gas purchase Cost 7,240,350 7,240,350 7,240,350 Gas margin 6,753,321 4,296,178 7,645,572

Day rates margin (USD/Day) 379,267 171,526 216,015

Long Term Return on LNG Charters

� Example based on recent long-term contracts

� Ship price: USD 180 million delivered� Rate: USD 68,000 per day� Period: 20 years� Benefit of tax lease: 8% of ship cost (USD 14 mill.)

� IRR: 24% at 85% debt financing� IRR: 27% at 90% debt financing� Payback at 100% debt financing: 11.5 years

Financial Projections

Profit and loss estima te 2001 2002 2003 2004 2005 Total operatin g reven ue, TC ba sis 57.5 100.2 120.3 154.1 158.9 Operatin g expenses 12.0 19.7 22.8 27.1 27.7 G&A expenses 2.1 3.5 3.6 3.7 3.7 Depreciation & amortisation 15.7 27.0 28.4 33.9 33.9 EBIT 27.7 50.0 65.5 89.4 93.6 Net finance -19.3 -30.8 -36.7 -46.1 -41.8 Pre-tax profit 8.4 19.2 28.8 43.3 51.8 Ta x 0.0 0.0 0.0 0.0 0.0 Net profit 8.4 19.2 28.8 43.3 51.8 EPS 0.15 0.34 0.51 0.77 0.92

Why Golar LNG?

� Strong industry fundamentals� Golar�s existing charter coverage underpins equity value� Large newbuilding programme creates huge upside� Strong profitability in long-term charter market� Attractive trading opportunities � a virgin market� Attractive multiples� Largest independent owner of LNG tonnage� 30 years of experience in the LNG business� Dynamic management with proven track record � benefit from close

cooperation with Frontline

Conclusion

� Deutsche Bank report May 2001 :

� �In short, the business is big, solid, and growing fast�.