Golar LNG Acquires Grace Dahlia for $2.45 Billion FLNG Conversion

Golar LNG has acquired the 177,427-cubic-metre LNG carrier Grace Dahlia from NYK Line to convert it into its fourth floating liquefied natural gas (FLNG) production unit. The project has an estimated budget of $2.45 billion and aims to meet global demand for mobile gas processing capacity with a scheduled redelivery in 2029.

"With redelivery scheduled for 2029, FLNG number four represents the world’s earliest available FLNG capacity," Golar LNG stated in a release regarding the acquisition.

Scaling Production Capacity

The new unit is designed to exceed the specifications of Golar’s current projects. The vessel will feature 20% greater LNG storage capacity than the FLNG Esperanza, which is currently under construction at the CIMC Raffles shipyard in China.

"The larger storage capacity will provide prospective FLNG customers with additional offloading flexibility while retaining the benefits to Golar of a repeat design," the company noted.

Strategic Market Positioning

FLNG units function as offshore processing plants, allowing energy companies to liquefy natural gas directly at the site of extraction. This eliminates the need for permanent onshore infrastructure, which is often subject to longer permitting timelines and geopolitical risks. By utilizing a repeat design strategy, Golar aims to minimize engineering hurdles and construction delays that frequently affect large-scale maritime infrastructure projects.

The $2.45 billion budget includes all costs associated with the vessel acquisition, conversion, and delivery to its prospective operating site. The project is intended to serve as a high-capacity, flexible solution for operators looking to bring offshore gas reserves to market quickly.

Financial Context

Golar LNG (GLNG) shares were trading at $48.26 as of October 12, 2026. The expansion into a fourth unit is a capital commitment for the company as it seeks to maintain its position as a provider of mid-scale, rapidly deployable LNG production infrastructure.