GMLP eyes buys

Golar LNG Partners (Golar Partners) is well positioned to pursue more acquisitions in the coming months following a profitable first quarter, management told investors Wednesday.

In the Nasdaq-listed partnership’s earnings report it told investors its financial position is so strong that this can be accomplished without raising additional equity.

Golar Partners identified the 160,000-cbm FSRU Golar Eskimo as a likely target and noted it may purchase other vessels tied to affiliate Golar LNG Ltd as well.

“This growth potential underpins the board`s confidence in the partnership`s ability to continue to increase its earnings and distributions over time,” the owner added.

The commentary came as Golar Partners reported net income of $32.7m for the three months to 31 March, against a gain of $47.6m in the comparable period a year prior.

The company said it generated distributable cash flow of $36.1m in the first-quarter of 2014 and declared a distribution of $0.5225 per unit.

Going forward the operator said, as a result of the recent acquisition of the 170,000-cbm Golar Igloo (built 2014), management intends to seek a distribution increase of $0.09 to $0.11 per unit per annum, which would represent a hike of approximately 4.5%.

Golar LNG Partners
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