It's "declining fundamentals" as you put it are the result of its conversion of vessels to floating platform degasification facilities. This is a necessary change in the company's method of doing business as the result of the large drilling companies chosing to build their own vessels. However, each time a vessel is put into service as a floating platform, it's value doubles.
Shell and others are in the process of building their own vessels, but won't complete that for about two years, so Golar is safe until then and Shell still has contracts with them that go out thru 2010. After that it's income will be platform based with deliverables in the spot market during the winter months.
In short, the value of the company is increasing through aquisition of additional vessels and reduction of it's number of active vessels.
Despite the downgrades by Jeffries and another last week, most firms still have an "Outperform" or "Buy" rating on GLNG. A couple of others are "Hold". There are no "Sell" or "Underperform" ratings out there. None. Now at $18.70 or so, it is not a bad time to add a little more.
I believe I've stated everything correctly but others may want to add. Hope this helps.