In short: Daniel: "we own a lot of" it — four floating-liquefaction ships that "pull up to a country like Argentina and convert the natural gas into liquid natural gas," on "basically a 20-year contract, a toll road," with minimal capex (~$2.5–3.5B) versus a $30–50B onshore build. Two ships go to Argentina to "pull the gas out starting next year" — part of a broader bullish-Argentina thesis (Milei's balanced budget, trapped oil and gas, rates from 100%+ to ~30% and falling).
Natural gas has to be super-cooled into a liquid (LNG) before it can be shipped overseas. Normally that takes a giant plant on land costing tens of billions of dollars. Golar owns ships that do the cooling on board: they park off a country's coast, liquefy the gas and send it to buyers.
Argentina has huge gas fields it couldn't export. Golar's ships are headed there next year on roughly 20-year contracts, so Golar collects a steady fee like a toll road, without the enormous building cost. The partners also like Argentina itself now that President Milei has balanced the budget, and see Golar as a way to own that story.
41:25One you put, you speak one, Vinnie, you speak one. — Well, we own a lot of a company [clears throat] called Golar. — Golar. — Golar. G L A R. — Yep. G L N G is a ticker. And what Golar does is they have they first were in shipping a long time ago and they kind of got out of shipping, but they have these boats.
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