Golar LNG Limited, the Bermudian-based owner of tankers that haul liquefied natural gas, has reported a first quarter net loss attributable to Golar of $102 million, inclusive of non-cash mark-to-market charges of $188 million.

That compares with a net profit of $345 million in the prior year quarter.

Total operating revenues were $74 million, $1 million higher than in the first quarter of 2022.

During the quarter, Golar exited its Cool Company Ltd investment by selling its remaining 4.5 million shares raising net proceeds of $56 million.

Golar signed a memorandum of understanding with Nigeria National Petroleum for joint development of floating liquefied natural gas opportunities in Nigeria.

Following the signing of the MOU, Golar said, both parties have allocated significant resources to initially develop a named gasfield for a potential FLNG project. Material technical and commercial progress has been made.

The MOU has a five-year duration, with both parties’ ambition to explore potential for multiple FLNG projects to be deployed on proven stranded and associated gasfields in Nigeria.

NNPC is Africa’s largest oil producer and Nigeria’s most important energy stakeholder with a strategy to expand gas exports.

Nigeria’s gas specifications and met-ocean conditions are ideally suited to Golar’s FLNG solutions, the company said.