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<SEC-DOCUMENT>0000919574-03-001713.txt : 20030903
<SEC-HEADER>0000919574-03-001713.hdr.sgml : 20030903
<ACCEPTANCE-DATETIME>20030903170448
ACCESSION NUMBER:		0000919574-03-001713
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030901
FILED AS OF DATE:		20030903

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GOLAR LNG LTD
		CENTRAL INDEX KEY:			0001207179
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER TRANSPORTATION [4400]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-50113
		FILM NUMBER:		03879685

	BUSINESS ADDRESS:	
		STREET 1:		PAR LA VILLE PLACE
		STREET 2:		14 PAR LA VILLE ROAD 4TH FLOOR
		CITY:			HAMILTON HM 08 BERMUDA
		STATE:			D0
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d426189_6-k.txt
<TEXT>
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 6-K

                            Report of Foreign Issuer
                      Pursuant to Rule 13a-16 or 15d-16 of
                       the Securities Exchange Act of 1934


For the month of                    September                            , 2003
- --------------------------------------------------------------------------------


                                Golar LNG Limited
- --------------------------------------------------------------------------------
                 (Translation of registrant's name into English)



       Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton, HM 08, Bermuda
- --------------------------------------------------------------------------------
                    (Address of principal executive offices)


Indicate by check mark whether the registrant  files or will file annual reports
under cover Form 20-F or Form 40-F

                  Form 20-F   X          Form 40-F
                           ------                 ------

Indicate by check mark whether the  registrant  by  furnishing  the  information
contained  in this  Form is  also  thereby  furnishing  the  information  to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

                        Yes                      No   X
                           ------                  ------

If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82-


<PAGE>


Item 1. INFORMATION CONTAINED IN THIS FORM 6-K REPORT

Attached as Exhibit 1 is a copy of the press  release of Golar LNG Limited  (the
"Company"), dated August 30, 2003.



<PAGE>


                                    Exhibit 1

                       [GRAPHIC OMITTED][GRAPHIC OMITTED]
                                    Golar LNG
                                 Interim Report
                                    June 2003


SECOND QUARTER AND SIX MONTHS RESULTS

Golar LNG reports net income of $8.8 million for the three months ended June 30,
2003 and operating income of $15.6 million as compared to $6.1 million and $16.0
million,  respectively,  for the three  months  ended June 30,  2002.  Operating
income includes a charge for  depreciation  and amortization of $7.0 million and
$7.7  million,  respectively,  for the  second  quarters  of 2003 and 2002.  The
reduction  in the current  quarter is due to the  amortization  of the  deferred
credit resulting from the lease finance transaction  announced last quarter. The
amount  amortized  during the three months ended June 30, 2003 was $0.8 million.
Earnings  per share for the quarter were $0.16 as compared to $0.11 for the same
period in 2002.

The result is after a net (after minority  interests) loss of $0.6 million ($2.8
million for the second  quarter of 2002) as a result of the movement of the fair
value of interest rate swaps.  Additionally a foreign exchange gain of $1.0m has
been recorded which relates to the  translation  of the  difference  between the
capital  lease  obligation  recorded on the balance  sheet and the cash  deposit
securing this obligation,  both of which are denominated in British Pounds. This
is therefore the recognition of an unrealised gain on long-term  monetary assets
and  liabilities.  Further foreign exchange  translation  differences will arise
over time as a result of exchange rate movements and their  realisation  will be
dependent  upon the  movement  in interest  rates over the  20-year  term of the
lease.

Operating  revenues  for the second  quarter of 2003 were $30.9  million  ($32.1
million  for the  second  quarter  of  2002)  and  average  daily  time  charter
equivalents (TCEs) were $59,770. The decline in revenue is mainly as a result of
offhire  incurred as a result of the  scheduled  drydocking  of one vessel.  Two
further vessels have drydocked during the third quarter and none are planned for
the fourth quarter.

Vessel  operating  expenses for the second quarter of 2003 were $6.8 million and
administration  costs were $1.5  million as compared  with $7.1 million and $1.5
million, respectively, for the same period in 2002.

Net interest  expense for the second quarter of 2003 was $5.4 million,  compared
to $5.7 million for the same period in 2002.  Included within  interest  expense
and interest  income is $4.0 million and $3.6 million  respectively  relating to
the lease finance transaction.  The $4.0 million expense is interest recorded in
respect of the lease obligation and the $3.6 million income arises from the cash
deposit securing the obligation.

Other  financial  items of $0.6  million for the quarter  include a loss of $1.1
million  associated  with the fair  valuing of interest  rate swaps and the $1.0
million foreign  exchange gain on  retranslation  of the lease deposit and lease
obligation as noted above.

For the six months  ended June 30,  2003 the Company  reports  revenues of $63.9
million,  (2002  $64.5  million),  net  income  of $18.5  million,  (2002  $15.1
million), and earnings per share of $0.33 (2002 $0.27).

Total assets and total liabilities on the balance sheet as at June 30, 2003 have
increased as a result of the  accounting for the lease finance  transaction.  On
the liability side a lease  obligation of $424 million and a deferred  credit of
$48 million have been recorded and on the asset side there is a restricted  cash
deposit  securing the lease  obligation of $441 million (of which $12 million is
shown as short-term) in addition to the net cash receipt of approximately  $32.5
million.

The weighted  average number of shares  outstanding as of June 30, 2003 and 2002
and for both quarters then ended was 56,012,000.

FINANCING

As reported last quarter and as noted above,  in April 2003, the Company entered
into a lease finance  arrangement in respect of five of its vessels with a major
UK bank.  The Board is pleased to  announce  that on August 27, 2003 the Company
entered into a similar  transaction in respect of its first  newbuilding,  which
will result in a cash inflow for the Company of approximately $18 million.

As announced on July 29, 2003 the Company has raised $55.2  million,  net of all
expenses,  via a direct equity  offering of 5.6 million  shares,  which is to be
used for new projects.

During the quarter $16 million of debt due to a related party was repaid.

As of June 30,  2003,  a total of $308.5  million had been  invested in the four
newbuildings  and the  Company  had debt  outstanding  directly  related  to the
newbuildings of $154.8 million.

The  Company is  considering  various  traditional  bank debt and lease  finance
options for financing its remaining newbuildings.

CORPORATE AND OTHER MATTERS

The  Board  is  pleased  to  announce  that  delivery  of  the  Company's  first
newbuilding,  the "Methane  Princess"  took place on August 29, 2003. The vessel
will,  until the commencement of the 20-year charter party to BG, be employed on
short-term  charters.  The vessel has already  been fixed for its maiden  voyage
from Ras Laffan to Lake  Charles.  Golar has the right to deliver the ship under
its long-term charter to BG Group from January 1, 2004.

Golar has signed a letter of intent with a Korean  shipyard  for delivery of one
145,000m3 LNG newbuilding  together with an option for a second.  The first ship
is scheduled  to be delivered  during the second half of 2005 while the optional
ship is for delivery in 2006.  Golar is also  actively  pursuing  several  other
alternative  ways to expand the size of the  Company.  A final  decision  on the
newbuilding project should be expected shortly.

Further  progress  has been made  during the quarter on the  development  of the
floating  terminal project in Livorno,  Italy. A final decision from the Italian
authorities is expected within the next few months.  The operator of the planned
terminal,  Crossgas  Energy,  has had discussions with several major oil and gas
companies  interested in buying  capacity at the terminal from the planned start
up in 2005.

The Marathon led terminal project in Baja, Mexico received a CRE (Mexican Energy
Commission)  gas  storage  permit in the second  quarter.  The  project  will in
addition need land use and environmental  permits. The project has also signed a
long-term gas purchase  agreement with  Pertamina.  Several other  operators are
competing to build the first  receiving  terminal on the Pacific  coast. A final
decision on the development of the terminal should be expected during 2003.

The  Board  has,  in  line  with  what  has  previously  been   communicated  to
shareholders,  defined  strategy to develop Golar's position in the LNG chain in
order to optimise the value of its shipping assets and capability.  The Board is
currently  evaluating  participation  in several  LNG  production  and  terminal
projects. The preferred type of projects are those where Golar can work together
with our main customers and or other producers and utility companies in order to
jointly develop new LNG  facilities.  As a part of this strategy Golar will seek
to attract personnel resources with a broad background from the LNG industry.

The  Board is  pleased  by the fact that Mr.  Charles  Peile  has  accepted  the
position as head of commercial  affairs in Golar.  Mr. Peile has substantial LNG
experience  from his time at Gotaas  Larsen as well as from his latest  position
with LNG Shipping Solutions.

Golar LNG Ltd. Has appointed Kate Blankenship as a Director of the Company. Mrs.
Blankenship  will  fill a  vacancy  on the  Board of  Directors  created  by the
resignation  of Mr. Shaun Morris and Mr.  Timothy  Counsell.  Mr. Morris and Mr.
Counsell  are both  partners  with the law firm  Appleby  Spurling & Kempe,  the
Company's former Bermuda counsel. The Board will propose further appointments of
Directors at the Company's  annual general  meeting of  shareholders  to be held
later in the year.

MARKET

The  worldwide  LNG market  continues  to show  strength  driven by strong Asian
demand and  increased  US import  facilities.  Global LNG trade  increased by 8%
during the first half of the year as against the same period last year according
to a study  done by  Poten's  LNGGAS  service.  In excess of 70 % of the LNG was
consumed by Asian buyers.  Present gas prices in the US of around  USD5.00/mmbtu
makes LNG a very financially attractive energy source. This has spurred a lot of
activity for  development of new US LNG import  projects.  Several  existing LNG
producing  facilities are currently  going through  de-bottle  necking  projects
which are likely to increase the capacity of existing  trains,  while the US Gas
Price is encouraging  progress towards the addition of new trains at a number of
projects in Europe, Africa and the Middle East.

The market for LNG shipping  remains  tight.  A handful ships are offered in the
market for short-term work as a function of construction slippage of projects or
the temporary  optimisation  of trading  programs.  For long-term  business only
Golar and Exmar,  we believe,  have  significant  open capacity  available as an
alternative to contracting further newbuildings.

Newbuilding  prices have remained  flat in the quarter.  Strong  development  in
other shipping sectors including containers,  tankers and dry cargo have created
a good order inflow for the yards which should lead to increased  prices as well
as a tighter delivery situation.

OUTLOOK

The delivery of Methane Princess will increase the Company's  operating revenues
for the rest of the year. The delivery of Golar's three uncommitted newbuildings
is now expected to take place in January  2004,  February 2004 and October 2004.
The employment of these three uncommitted newbuildings will to a large extent be
influenced by what happens to the Baja and Livorno projects. Shareholders should
be prepared  for a situation  where part of the new  capacity  will trade in the
spot market at least for a limited period.  This could ultimately result in more
volatile earnings and also increased commercial waiting time. However, Golar has
seven ships fixed on long-term charters with total projected secured revenues of
about USD1.5 billion.  In view of this position the Board feels comfortable with
the current  employment  situation.  The combination of strong  expansion of LNG
production,  both already under  construction  and planned,  and the increase in
receiving capacity  especially in the USA during the next 3 - 5 years,  combined
with sustained strong gas prices,  limited uncommitted  shipping capacity and an
increasingly tight yard situation, could create significant upside potential for
short to medium-term shipping deals.

The results for 2003 before any  effects of  revaluation  of currency  swaps and
exchange differences are likely to show a year on year improvement from the 2002
results.

The  Board  is of the  opinion  that  the  Company  is  well  positioned  and is
optimistic about the Company's future.

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 newbuilding 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;  actions taken by regulatory authorities
that may prohibit the access of LNG carriers 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;   changes  in  applicable  maintenance  or
regulatory   standards  that  could  affect  our   anticipated   dry-docking  or
maintenance  and repair  costs;  failure of  shipyards  to comply with  delivery
schedules  on a timely  bases  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.



August 30, 2003
The Board of Directors
Golar LNG Limited
Hamilton, Bermuda

Questions should be directed to:

Contact: Tor Olav Tr0im:  Director  and Chief  Executive  Officer
         +47 90 68 8267

         Graham Robjohns: Chief Accounting Officer & Group Financial Controller
         +44 207 517 8600


<PAGE>


           GOLAR LNG LIMITED SECOND QUARTER 2003 REPORT (UNAUDITED)


INCOME STATEMENT               2003      2002       2003        2002     2002
(in thousands of $)          Apr-Jun    Apr-Jun  Jan - Jun    Jan-Jun   Jan-Dec
                           unaudited  unaudited  unaudited  unaudited  audited


Operating revenues            30,918     32,132     63,939     64,520   130,611
Vessel operating expenses      6,776      7,052     14,030     13,594    28,061
Administrative expenses        1,528      1,460      2,734      2,708     6,127
Depreciation and
amortisation                   6,972      7,659     14,618     15,682    31,300
Total operating expenses      15,276     16,171     31,382     31,984    65,488
Operating income              15,642     15,961     32,557     32,536    65,123
Interest income                3,790        281      3,897        578     1,073
Interest expense              (9,211)    (5,996)   (14,617)   (12,045)  (23,553)
Other financial items           (592)    (4,981)    (1,789)    (5,908)  (17,887)
Income before taxes and
minority interest              9,629      5,265     20,048     15,161    24,756
Minority interest                756       (855)     1,427        (50)   (2,469)
Taxes                             50         47         82         92        88
Net income                     8,823      6,073     18,539     15,119    27,137

Earnings per share ($)         $0.16      $0.11      $0.33      $0.27     $0.48




BALANCE SHEET                                  2003        2002        2002
(in thousands of $)                           Jun 30      Jun 30      Dec 31
                                            unaudited   unaudited    audited

ASSETS
Short term
Cash and cash equivalents                      50,078      51,613      52,741
Restricted cash and short-term
investments                                    24,846      13,235      12,760
Other current assets                            8,142       5,579       5,240
Amounts due from related parties                   84         231         281
Long term
Restricted cash                               428,829           -           -
Newbuildings                                  308,471     234,216     291,671
Vessel and equipment, net                     612,261     630,313     617,583
Other long term assets                          7,236       6,157       7,659
Total assets                                1,439,947     941,344     987,935

LIABILITIES AND STOCKHOLDERS' EQUITY
Short term
Current portion of long-term debt              56,210      42,341      48,437
Current indebtedness due to related
parties                                        16,703      16,259      32,703
Other current liabilities                      59,418      31,102      44,764
Amounts due to related parties                    881         870         642
Long term
Long term debt                                586,783     626,181     629,173
Long term capital lease obligations           423,886           -           -
Other long term liabilities                    68,310      16,888      22,731
Minority interest                              13,081      18,188      13,349
Stockholders' equity                          214,675     189,515     196,136
Total liabilities and stockholders'
equity                                      1,439,947     941,344     987,935


           GOLAR LNG LIMITED SECOND QUARTER 2003 REPORT (UNAUDITED)

<TABLE>
<CAPTION>


STATEMENT OF CASH FLOWS                       2003       2002         2003       2002         2002
(in thousands of $)                        Apr-June    Apr-June     Jan-Jan    June-June     Jan-Dec
                                          unaudited   unaudited    unaudited   unaudited     audited
<S>                                       <C>         <C>          <C>         <C>          <C>
OPERATING ACTIVITIES
Net income                                    8,823       6,073      18,539      15,119       27,137
Adjustments to reconcile net income
to net cash
provided by operating activities:
Depreciation and amortisation                 6,972       7,659      14,618      15,682       31,300
Amortisation of deferred charges                213         138         401         550          972
Income (loss) attributable to
minority interests                              756        (856)      1,427         (50)      (2,469)
Drydocking expenditure                       (4,916)     (1,453)     (5,014)     (1,757)      (1,600)
Change in market value of interest
rate derivatives                              1,058       4,708       1,989       5,210       16,459
Unrealised foreign exchange gain             (1,010)          -      (1,010)          -            -
Change in operating assets and
liabilities                                     328        (250)      3,668      (2,627         (583)
Net cash provided by operating
activities                                   12,224      16,019      34,618      32,127       71,216

INVESTING ACTIVITIES
Additions to newbuildings                    (5,173)    (51,223)    (16,800)   (101,360)    (158,815)
Additions to vessels and equipment           (3,102)     (1,210)     (5,050)     (2,866)      (5,912)
Long-term restricted cash                  (403,232)          -    (403,232)          -            -
Short-term restricted cash and
investments                                  (4,993)      7,161     (11,374)        928        1,403
Net cash used in investing activities      (416,500)    (45,272)   (436,456)   (103,298)    (163,324)

FINANCING ACTIVITIES
Proceeds from long-term debt                326,501      32,546     328,764     131,902      194,335
Proceeds from long-term debt due to
related parties                                   -      16,259           -      16,259       16,259
Proceeds from long-term capital             452,580           -     452,580           -            -
lease obligation
Repayments of long-term debt               (355,882)    (12,912)   (363,382)    (20,412)     (41,054)
Repayments of long-term debt due to         (16,000)          -     (16,000)    (52,575)     (68,834)
related parties
Financing costs paid                           (504)     (1,126)     (1,092)     (2,376)      (3,424)
Dividends paid to minority                   (1,695)     (7,583)     (1,695)     (7,583)     (10,002)
shareholders
Net cash  provided by financing
activities                                  405,000      27,184     399,175      65,215       87,280

Net increase  (decrease)  in cash and
cash equivalents                                724      (2,069)     (2,663)     (5,956)      (4,828)
Cash   and   cash    equivalents   at
beginning of period                          49,354      53,682      52,741      57,569       57,569
Cash and cash equivalents at end of
period                                       50,078      51,613      50,078      51,613       52,741

</TABLE>



<PAGE>



                                   SIGNATURES


Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned, thereunto duly authorised.


                                                Golar LNG Limited
                                                -----------------
                                                  (Registrant)




Date  September 3, 2003                 By   /s/ Graham Robjohns
      -----------------                      -------------------
                                                 Graham Robjohns
                                           Chief Accounting Officer &
                                           Group Financial Controller




03849.0004 #426189



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