Whilst development activity will take time, the Company remains patient but pro-active in pursing the next Golar FSRU. However, the diversity of opportunities noted above is to some extent encouraging as Golar’s approach is based on developing fit for purpose solutions. Each of Golar’s three projects to date was based on three distinctly different FSRU designs. The Company believes this approach of converting an LNGC to an FSRU based on a specific client’s requirements as offering customers the best value proposition in terms of speed of project implementation and overall project cost.

Golar Freeze completed her conversion at Keppel Shipyard in April 2010 and as noted above the vessel has successfully been delivered to DUSUP under a 10 year charter. Hire commences for the vessel on 16 May 2010. Start-up and performance testing is expected to commence in the fourth quarter of 2010 upon completion of the jetty and breakwater. Golar Spirit FSRU and Golar Winter FSRU continue to perform well since their deliveries to Petrobras.

Liquefaction

During the quarter Golar Energy announced the termination of the various agreements relating to the Gladstone LNG Project as a result of a conditional takeover proposal of Arrow Energy (“Arrow”) (gas supplier to the Gladstone LNG Project) by Royal Dutch Shell and PetroChina. The agreements terminated were Golar Energy’s shipping and marketing Heads of Agreement (“HoA”) with Arrow, the HoA with Toyota Tsusho Corporation in respect of the LNG supply and the original HoA with LNG Limited for the offtake of LNG from the Gladstone LNG Project.

Golar Energy remains of the view that the Gladstone LNG Project site at Fisherman’s Landing, the mid-scale nature of the LNG plant and all the work undertaken to date, renders the Gladstone LNG Project with the potential to be developed and commercialised, in a much shorter time frame and at a lower cost per produced tonne of LNG than other, much larger, LNG projects proposed by others in the Port of Gladstone. LNG Limited is in a position to attract interest from other parties in the region with respect to gas supply and the development of the Gladstone LNG Project as an alternative to Arrow.

Under the terms of the June 2006 Collaboration Agreement, between the LNG Limited and Golar Energy, which remains in place, Golar Energy will continue to take an interest in the alternative development options for the Gladstone LNG Project in order to try to achieve a positive outcome for shareholders.

Golar Energy will continue to actively pursue floating liquefaction (“FLNG”) projects and other floating LNG solutions which fit with its financial objectives and best capture its technical capabilities. Golar Energy’s FLNG strategy will be expanded to include the development of low capital cost, rapid deployment floating production facilities utilising the conversion of high quality existing LNG carriers, floating technologies for the liquefaction of pipeline quality gas or associated gas (requiring minimal processing) and seeking other innovative LNG solutions. This strategy complements Golar Energy’s industry leadership position in floating LNG regasification facilities development.

Market

Spot market shipping demand fell away quicker than would normally be the case given the length and severity of the winter, resulting in reduced opportunities for Golar ships trading on the spot market. Current indications are that this lack of short term activity will continue well into the year with only occasional cargoes becoming available in both Atlantic and Pacific basins. The market is therefore typified by a number of vessels competing for the same cargoes over short hire periods at depressed charter rates.

By the end of January we saw the first hints of a slowdown in flows to N.W. Europe with a re-export cargo from Zeebrugge to ease LNG storage constraints making its way to Mexico. Supply, meanwhile, continues to build. In Qatar, Rasgas Train 7 was commissioned, Yemen continued its ramp-up and Tangguh continued to send cargoes to Sempra’s Costa Azul terminal. Qatargas-3 Train 6 is slated to begin operations mid-year and Qatargas-4 Train 7 is scheduled for completion in September 2010.

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Once viewed as a lucrative market for imported LNG, the US Northeast and Mid-Atlantic regions now have emerging sources of domestic gas supply in the form of shale gas, which has exerted pressure on imported LNG volumes.

The large increase in LNG production combined with the extensive construction of import terminals around the world provides the basis for a more logistical approach to the LNG market. This trend is further enhanced by low shipping rates, the seasonality of the market and the global price differentials between the Asian, European and American gas markets.

The changing developments in the trading pattern for LNG provides an interesting opportunity for LNG shipping as well as Golar Energy’s LNG new trading venture. The continuing separation of oil and gas prices further enhances this as it provides the opportunity to reduce the energy costs to end users by substituting oil products with flexible delivery of LNG.

Outlook

An over-supply of LNG has developed as the LNG industry has suffered from the global recession and the successful development of shale gas in the US. However, given its environmental benefits over other hydrocarbon fuels and its cost competiveness, particularly against oil, it is highly likely that LNG demand will continue to grow. The strong gas demand coming out of China and other new emerging markets further supports this case. On the supply side the development of unconventional gas supplies such coal bed methane in Queensland Australia provides increased LNG supply growth potential.

Nevertheless, the short-term weakness in the LNG commodity market has negatively impacted shipping. By end of 2010 there is a significant decline in the rate of growth of the fleet. The Company believes that the shipping market will begin to tighten over the next twelve to eighteen months although in the near term the market will likely remain weak.

There are clear similarities between the more flexible structure of the LNG market which is now emerging and the opening of the crude oil market in the 1970’s. There is increased activity by traders and spot cargoes are still at a limited level. The Board therefore believes that this is a good time to be building a position in this market area and as such is extremely pleased with the setting up of Golar Energy’s new LNG trading venture.

The floating regasification market outlook continues to be positive and the Company believes that there will be a few new FSRU contracts awarded during 2010. The Company believes that Golar Energy is in a good position to secure contracts based on its previous experience in this market.

The Company will selectively continue to pursue small scale opportunities within the FLNG market. The Company also believes that further worldwide opportunities exist in solutions which integrate power production and regasification projects.

Operating results for the second quarter of 2010 are highly likely to be significantly negatively impacted by continued very weak results from the Company’s vessels operating in the spot market. There are however good reasons for expecting a much needed strong improvement in shipping rates in the medium to long-term. The Company is also optimistic about the potential for Golar Energy’s new LNG logistic venture, Golar Commodities, and anticipates it to be profitable in its first year of operation. All five of Golar’s long-term contracted vessels are now delivered under their time charters following the delivery of the Golar Freeze on May 16, 2010.

The Board is not pleased with Golar LNG Energy’s share price development subsequent to the IPO last August and will continue to work to maximise the value of its investment. In view of the weak share performance the Board have decided not to propose a stock dividend this quarter in the belief that better

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value can be achieved for shareholders by working to maximise the value of the Company’s controlling position.

With the strength of five well paid long term charters there are good reasons to be positive about the future development of results. Shareholders should however be aware that in the short-term there will likely be very low levels of utilisation and weak rates for the vessels operating in the spot market. The Board is pleased that the Company has returned to paying cash dividends and is hopeful that the Company’s strong financial position and the dividend growth that is anticipated over the next few quarters will strengthen the Company’s investment case.

Forward Looking Statements

This press release contains forward looking statements. These statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including examination of historical operating trends made by the management of Golar LNG. Although Golar LNG believes that these assumptions were reasonable when made, because assumptions are inherently subject to significant uncertainties and contingencies, which are difficult or impossible to predict and are beyond its control, Golar LNG cannot give assurance that it will achieve or accomplish these expectations, beliefs or intentions.

Included among the factors that, in the Company’s view, could cause actual results to differ materially from the forward looking statements contained in this press release are the following: inability of the Company to obtain financing for the new building vessels at all or on favourable terms; changes in demand; a material decline or prolonged weakness in rates for LNG carriers; political events affecting production in areas in which natural gas is produced and demand for natural gas in areas to which our vessels deliver; changes in demand for natural gas generally or in particular regions; changes in the financial stability of our major customers; adoption of new rules and regulations applicable to LNG carriers and FSRU’s; actions taken by regulatory authorities that may prohibit the access of LNG carriers or FSRU’s to various ports; our inability to achieve successful utilisation of our expanded fleet and inability to expand beyond the carriage of LNG; increases in costs including: crew wages, insurance, provisions, repairs and maintenance; changes in general domestic and international political conditions; the current turmoil in the global financial markets and deterioration thereof; changes in applicable maintenance or regulatory standards that could affect our anticipated dry-docking or maintenance and repair costs; our ability to timely complete our FSRU conversions; failure of shipyards to comply with delivery schedules on a timely basis and other factors listed from time to time in registration statements and reports that we have filed with or furnished to the Securities and Exchange Commission, including our Registration Statement on Form 20-F and subsequent announcements and reports. Nothing contained in this press release shall constitute an offer of any securities for sale.

May 26, 2010

The Board of Directors
Golar LNG Limited
Hamilton, Bermuda

Questions should be directed to:
Golar Management Ltd - +44 207 063 7900:
Graham Robjohns
Brian Tienzo

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