New Fortress Energy Inc. (NASDAQ: NFE) (“NFE”) announced that it has achieved First LNG for its initial Fast LNG asset located offshore Altamira, Mexico (“FLNG”). With this significant milestone, FLNG establishes itself as the fastest large-scale LNG project ever developed.
NFE’s proprietary Fast LNG design is the first of its kind, pairing the latest advancements in modular liquefaction technology with jack up rigs or similar offshore infrastructure to enable a faster deployment schedule than traditional liquefaction facilities.
With a production capacity of 1.4 MTPA, or approximately 70 TBtus, FLNG completes the vertical integration of NFE’s LNG portfolio and will play a pivotal role in supplying low-cost, clean LNG to the Company’s downstream terminal customers.
“First LNG represents a transformative moment for our Company and the industry as a whole, and reaffirms our position as a fully integrated leader in the global LNG market,” said Wes Edens, Chairman and CEO of New Fortress Energy.
"We are immensely proud of the dedication and hard work by our team, who have completed more than 9 million work hours, to bring this large-scale project to life at a record pace. In doing so, our downstream customers now benefit from additional access to clean and reliable LNG, enabling sustained growth well into the future,” said Chris Guinta, Chief Financial Officer of New Fortress Energy.
FLNG adds more than $2 billion of infrastructure to the Company’s asset base, greatly improving NFE’s operational capabilities, financial flexibility, and credit profile.
