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<SEC-DOCUMENT>0000919574-04-000970.txt : 20040303
<SEC-HEADER>0000919574-04-000970.hdr.sgml : 20040303
<ACCEPTANCE-DATETIME>20040303170245
ACCESSION NUMBER:		0000919574-04-000970
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040229
FILED AS OF DATE:		20040303

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:		04646670

	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>d468420_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                        February                         , 2004
                ---------------------------------------------------------


                               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 is a copy of the earnings release of Golar LNG Limited (the
"Company") dated February 29, 2004, for the quarter ended December 31, 2003.


<PAGE>


                                 [Company Logo]

                                    Golar LNG
                                  December 2003

FOURTH QUARTER AND TWELVE MONTHS RESULTS

Golar LNG  reports  net  income of $13.9  million  for the  three  months  ended
December  31,  2003 and  operating  income of $17.6  million,  both of which are
increased from last quarter's net income of $7.1 million and operating income of
$12.0 million  ($10.1 million and $16.1  million,  respectively,  for the fourth
quarter of 2002).  The  increases  are  primarily due to the inclusion of a full
quarter's  trading from the Methane  Princess and lower levels of offhire across
the rest of the fleet.  Included in operating  income for the three months ended
December 31, 2003 is a charge for  depreciation and amortization of $8.8 million
as compared to $7.8 million for the third  quarter of 2003 ($7.7 million for the
same period in 2002).  Earnings per share for the quarter were $0.22 as compared
to $0.12 for the third quarter of 2003 ($0.18 for the fourth quarter of 2002).

The result is after a net (after minority  interests)  gain of $2.8 million,  as
compared to a gain of $2.2 million in the previous quarter ($0.8 million for the
fourth  quarter  of 2002)  as a  result  of the  movement  of the fair  value of
interest rate swaps.  Additionally,  a net foreign exchange gain of $1.7 million
has been recorded  which relates to the  translation  of the different  balances
relating to the capital leases,  all of which are denominated in British Pounds.
As explained in our second  quarter  report this  exchange  gain  represents  an
unrealised  gain on  long-term  monetary  assets  and  liabilities  that will be
realised  over  the term of the  leases  depending  on the  future  movement  of
interest rates.

Operating  revenues for the fourth  quarter of 2003 were $37.2  million,  ($33.5
million for the fourth quarter of 2002) which represents an increase of 26% from
the third  quarter  as a result  of, as noted  above,  the  inclusion  of a full
quarter's  trading from the Methane  Princess and lower levels of offhire across
the rest of the  fleet.  Average  daily time  charter  equivalents  (TCEs)  were
$57,500 for the  quarter.  The overall TCE for the quarter was  affected by some
offhire incurred as a result of repair work.

Vessel  operating  expenses  for the fourth  quarter  of 2003 were $8.5  million
compared  with $7.6  million for the  previous  quarter and $7.8 million for the
same period in 2002.  The increase is mainly due to the inclusion of the Methane
Princess for the whole of the fourth quarter of 2003.

Administration  costs were $2.3  million  for the  quarter as  compared  to $2.1
million  last  quarter and $1.9  million for the fourth  quarter of 2002.  These
amounts include expenses in respect of the Baja and Livorno projects.

Net  interest  expense for the fourth  quarter of 2003 was $6.4  million,  which
includes a full quarter's charge for the financing of the Methane Princess,  and
compares to $5.2  million for the third  quarter of 2003 and to $5.4 million for
the same period in 2002.  Included within  interest  expense and interest income
for this quarter is $6.3 million and $6.1 million respectively  relating to both
of the  Company's  lease  finance  transactions.  The $6.3  million  expense  is
interest recorded in respect of the lease obligation and the $6.1 million income
arises from the cash deposit securing the obligation.

Other  financial  items of $6.0 million  income for the quarter,  as compared to
$3.0 million  income last quarter,  ($1.0 million  income for the same period in
2002),  include  a gain of $4.7  million  associated  with the fair  valuing  of
interest  rate swaps,  as compared to a gain of $3.7 million last quarter  ($1.4
million  gain for the same period in 2002).  The gain is reduced by the minority
interest element of 40 per cent resulting in a net book gain of $2.8 million for
the fourth quarter of 2003.

For the twelve months ended  December 31, 2003 the Company  reports  revenues of
$130.6 million,  (2002 $130.6 million), net income of $39.6 million, (2002 $27.1
million),  and earnings per share of $0.68 (2002  $0.48).  A decrease in revenue
this year  resulting from increased off hire as a result of drydocks and repairs
in 2003 as compared to 2002 has been offset by the  addition of revenue from the
Methane Princess in 2003.

Stockholders  equity has been  increased  during the quarter by $51 million as a
result of an equity  offering in December  2003 and by $106  million  during the
year as a result of this offering together with the equity issue that took place
in July 2003.  Golar's cash position has also been strengthened  during the year
as a result of lease finance transactions that have resulted in a cash inflow of
$51 million.

The number of shares  outstanding as of December 31, 2003 was 65,612,000 and was
56,012,000 as at December 31, 2002.  The increase is as a result of the issuance
of an additional 5.6 million shares during the quarter ended  September 30, 2003
and a further 4.0 million  during the quarter ended  December 2003. The weighted
average  number of shares  outstanding  for the quarter and twelve  months ended
December 31, 2003 was 62,177,217 and 58,532,548 respectively.

FINANCING

As reported  during the quarter ended  December 31, 2003 the Company  raised $51
million via a direct equity offering of 4.0 million shares to be used for future
growth of the business.

The Company has continued to hedge long-term  interest rate exposure by fixing a
further  $30  million  of the loan  relating  to the  financing  of the  Methane
Princess  bringing  the total fixed amount up to $135  million.  The fixings are
designed to  maintain  between 75 and 85 per cent of the debt on a fixed rate of
interest that is expected to yield an average cost of financing of approximately
5.8 per cent per annum on the fixed element over 12 years.

Further good  progress has been made with regard to financing  the Company's two
new  buildings  due for delivery in the first half of 2004.  It is expected that
the first vessel will be financed by  traditional  bank debt,  by an amount that
will cover the final delivery  instalment and that Golar will enter into a lease
financing in respect of the second vessel.

CORPORATE AND OTHER MATTERS

The Board is pleased to announce that on February 23, 2004 the Company  signed a
sixth newbuilding contract with DSME of Korea for one 145,000m3 LNG carrier. The
ship will be a membrane  design and is expected to be delivered from DSME by mid
2006. The Company has a further option for similar a ship from the same yard.

During the fourth quarter of 2003,  Golar invested $12.2 million in the purchase
of Korea Line shares.  Korea Line is listed on the Seoul stock  exchange and has
100 per cent  ownership of two LNG  carriers on  long-term  charters and a small
percentage ownership in four other LNG carriers, also on long-term charters. The
Company  believes  this  investment  is an  opportunity  to  develop a  mutually
beneficial relationship with a leading Korean LNG shipping provider.

The  deliveries  of the next two  newbuildings,  now named Golar Frost and Golar
Winter, are expected to take place over the next few months. The delivery of the
third  newbuilding this year, hull 1460 from Hyundai,  is expected in the fourth
quarter of 2004.

One of the next two  newbuildings  has been fixed on a 10-month charter starting
at the end of May. It is the Company's intention to trade the second newbuilding
in the spot market or use it for short-term opportunities.

The Methane Princess commenced its 20-year charter to BG Group in February 2004.

The  environmental  approval  in respect  of the  floating  terminal  project in
Livorno has been  delayed due to the  replacement  of the  governing  committee,
however positive progress has been made.

In addition to the Baja and Livorno  projects,  Golar has recently  been offered
the chance to  participate  in several  other  terminal  projects.  The Board is
currently  evaluating Golar's  participation in these projects of which the most
interesting ones are based on floating technology.

During the fourth  quarter Golar signed a letter of intent with a Middle Eastern
LNG producer for the purchase of 700,000 tonnes of LNG starting from 2005.

MARKET

During the fourth quarter demand for shipping services suffered as a function of
the limited  amount of excess LNG  available in the market.  Strong Asian demand
and the prices have further reduced potential cargoes going West.

Though  prices in the US were firm  through  the period,  in December  prices in
Europe  suddenly  firmed even more, and cargoes  originally  destined for the US
from the Middle East and Nigeria were diverted at the last minute to Europe,  as
was the case with one of the Methane Princess's cargoes.

No new LNG  production  capacity came on stream during the fourth  quarter.  The
original  fire in Bintulu at the Tiga train 1 facility  has kept  product out of
the market until the end of the second quarter of 2004, further  contributing to
lacklustre  demand for  transportation,  while extra  cargoes  for the  Japanese
nuclear plant  replacement  was found  through swaps with Kogas,  who had excess
product. There were no more than a handful of competing vessels, although delays
in the Egypt/Spain contract caused Union Fenosa to re-let a vessel into the spot
market.  The  Methane  Princess  was the only new vessel  competing  in the spot
trade, and during the quarter Golar found three good paying cargoes.

Over the whole quarter,  and indeed the year, US imports were very strong.  10.5
million tonnes were imported;  double the quantities of 2002 and 2001.  This was
still only about 2 per cent of the USA's total  natural  gas supply,  signifying
that there is still the potential for significant growth to come. 73 per cent of
this volume  came from  Trinidad,  12 per cent from  Algeria and 9 per cent from
Nigeria.  In spite of this increase,  utilisation  of the 4 US import  terminals
overall averaged only some 75-80 per cent.

The fourth quarter of 2003 may well come to be seen as the lull before the storm
as it is during 2004 that extra LNG  production  will begin to test the capacity
of the 4 US import terminals and really demonstrate that further import capacity
is  required.  Egypt comes on stream  towards  the end of the year,  recovery in
Algeria,  and two new trains in Malaysia,  the production from which is targeted
at the USA and Europe, will start up around the middle of 2004.  Furthermore,  a
market for RasGas'  most  recent  trains must be found in the absence of 100 per
cent demand in India and none at all in Italy. Supply is destined to continue to
proliferate with nearly 50 million tonnes of LNG production due on stream,  most
of it before the end of 2006.

LNG ship  newbuilding  prices are  strengthening at an even faster rate than had
been anticipated. ExxonMobil's entrance into the LNG market with a commitment to
build more than forty ships before 2010 has  encouraged a lot of activity  among
other LNG players. The strong demand for vessels within such a restricted window
has given the yards an opportunity to increase prices.  This has been compounded
by the fact that there has been an increase in steel price of up to 30 per cent.
The fear is that the much higher prices,  especially for the larger size vessels
may erode the  competitive  advantage of the larger size.  Those with vessels on
order and options,  such as Golar, are in a fortunate  competitive  position for
the early delivery dates.

OUTLOOK

The Methane  Princess has been delivered into its 20-year charter with BG Group.
In the run up to delivery to BG the vessel  suffered  commercial  waiting  time,
including the unpaid positioning voyage, of approximately 45 days.

The Company will add another three newbuilds this year, of which one already has
secured employment. The results from the uncommitted newbuilds might be volatile
due to the current  limited  availability  of excess LNG. The  situation  should
however improve as more production capacity comes online during 2004.

Golar's  seven ships on long-term  charter  create a stable and sound  financial
basis for the Company going  forward.  The five  uncommitted  newbuildings  look
increasingly attractive in a market where ship prices are moving upwards and the
shipyard capacity  situation is becoming  tighter.  Rates in the spot market are
likely to  strengthen  during the next two years as a function of increased  LNG
production.

The Company has a good cash  position and is  financially  well prepared to take
advantage of opportunities that may arise.

The  results for 2004 are likely to show a clear  improvement  from 2003 and the
Board is optimistic about the 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.


February 29, 2004
The Board of Directors
Golar LNG Limited
Hamilton, Bermuda

Questions should be directed to:

Tor Olav Tr0im: Director and Chief Executive Officer +44 7734 976 575
Graham Robjohns: Chief Accounting Officer & Group Financial Controller
+44 207 517 8600
Charlie Peile: Executive Vice President, Head of Commercial +44 207 517 8600


<PAGE>


            GOLAR LNG LIMITED FOURTH QUARTER 2003 REPORT (UNAUDITED)
<TABLE>
<CAPTION>

INCOME STATEMENT                                 2003        2002         2003        2002
(in thousands of $)                            Oct-Dec      Oct-Dec    Jan - Dec     Jan-Dec
                                              unaudited    unaudited   unaudited     audited
                                              ---------    ---------   ---------     -------
<S>                                           <C>          <C>         <C>           <C>
Operating revenues                                37,196       33,468     130,578      130,611
Vessel operating expenses                          8,537        7,822      30,156       28,061
Administrative expenses                            2,290        1,899       7,138        6,127
Depreciation and amortisation                      8,756        7,686      31,147       31,300
Total operating expenses                          19,583       17,407      68,441       65,488
Operating income                                  17,613       16,061      62,137       65,123
Interest income                                    6,390          230      14,800        1,073
Interest expense                                 (12,798)      (5,629)    (37,157)     (23,553)
Other financial items                              6,030        1,038       7,217      (17,887)
Income before taxes and minority interest         17,235       11,700      46,997       24,756
Minority interest                                  3,056        1,641       7,052       (2,469)
Taxes                                                247          (43)        375           88
Net income                                        13,932       10,102      39,570       27,137

Earnings per share ($)                             $0.22        $0.18       $0.68        $0.48


</TABLE>


<TABLE>
<CAPTION>

BALANCE SHEET                                                             2003        2002
(in thousands of $)                                                      Dec 31      Dec 31
                                                                       unaudited     audited
                                                                       ---------     -------
<S>                                                                    <C>           <C>
ASSETS
Short term
Cash and cash equivalents                                                 117,883       52,741
Investments in marketable securities                                       13,810            -
Restricted cash and short-term investments                                 32,095       12,760
Other current assets                                                       20,598        5,240
Amounts due from related parties                                              180          281
Long term
Restricted cash                                                           623,179            -
Newbuildings                                                              207,797      291,671
Vessel and equipment, net                                                 764,483      617,583
Other long term assets                                                      5,577        7,659
Total assets                                                            1,785,602      987,935

LIABILITIES AND STOCKHOLDERS' EQUITY
Short term
Current portion of long-term debt                                          61,331       48,437
Current indebtedness due to related parties                                     -       32,703
Other current liabilities                                                  60,190       44,764
Amounts due to related parties                                                600          642
Long term
Long term debt                                                            593,904      629,173
Long term capital lease obligations                                       616,210            -
Other long term liabilities                                                94,226       22,731
Minority interest                                                          18,706       13,349
Stockholders' equity                                                      340,435      196,136
Total liabilities and stockholders' equity                              1,785,602      987,935
</TABLE>

<PAGE>

            GOLAR LNG LIMITED FOURTH QUARTER 2003 REPORT (UNAUDITED)

<TABLE>
<CAPTION>

STATEMENT OF CASH FLOWS                                2003       2002      2003       2002
(in thousands of $)                                   Oct-Dec   Oct-Dec   Jan - Dec   Jan-Dec
                                                     unaudited  unaudited unaudited   audited
                                                     ---------  --------- ---------   -------
<S>                                                  <C>        <C>       <C>         <C>
OPERATING ACTIVITIES
Net income                                              13,932    10,102     39,570     27,137
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortisation                            8,756     7,686     31,147     31,300
Amortisation of deferred charges                           254       291      1,574        972
Income (loss) attributable to minority interests         3,056     1,641      7,052     (2,469)
Drydocking expenditure                                  (1,735)        -    (12,737)    (1,600)
Change in market value of interest rate derivatives     (4,680)   (1,435)    (6,401)    16,459
Unrealised foreign exchange gain                        (1,664)        -     (2,993)         -
Change in operating assets and liabilities              (3,716)     (808)       205       (583)
Net cash provided by operating activities               14,203    17,477     57,417     71,216

INVESTING ACTIVITIES
Additions to newbuildings                              (19,778)  (45,797)   (77,783)  (158,815)
Additions to vessels and equipment                         289    (1,762)    (6,308)    (5,912)
Long-term restricted cash                                2,315         -   (543,643)         -
Short-term restricted cash and investments              (9,570)    6,662    (30,781)     1,403
Net cash used in investing activities                  (26,744)  (40,897)  (658,515)  (163,324)

FINANCING ACTIVITIES
Proceeds from long-term debt                                 -    60,061    506,128    194,335
Proceeds from long-term debt due to related parties          -         -          -     16,259
Proceeds from long-term capital lease obligation             -         -    616,298          -
Repayments of long-term debt                           (18,882)  (13,142)  (528,505)   (41,054)
Repayments of long-term debt due to related parties          -   (16,259)   (32,703)   (68,834)
Additions to long-term lease obligations                 1,506         -      2,659          -
Financing costs paid                                        (9)     (887)    (2,140)    (3,424)
Dividends paid to minority shareholders                      -         -     (1,695)   (10,002)
Proceeds from issuance of equity                        51,006         -    106,198          -
Net cash provided by financing activities               33,621    29,773    666,240     87,280

Net   increase   (decrease)   in  cash   and   cash     21,080     6,353     65,142    (4,828)
equivalents
Cash and cash equivalents at beginning of period        96,803    46,388     52,741     57,569
Cash and cash equivalents at end of period             117,883    52,741    117,883     52,741

</TABLE>



</TEXT>
</DOCUMENT>
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