1. Golar LNG has transitioned into a pure-play FLNG operator, leveraging a 'Liquefaction-as-a-Service' model with a strong contract backlog; 2. Recent long-term contracts, fleet expansion, and technological adaptability position the company for significant EBITDA growth, though execution and client concentration risks persist; 3. The company is actively de-risking operations and is viewed as a deep-value investment due to its FCF yield and potential as an M&A target.