New Fortress Energy to deploy FSRU to Egypt

New Fortress Energy (NFE) has agreed, through its subsidiary, a five-year contract to deply its Energos Winter floating storage and regasification unit (FSRU) to Egypt.

NFE said the 138,250-m³ FSRU is headed to the Egyptian Natural Gas Holding Co (EGAS) to be stationed in Damietta, Egypt later in 2025. 

"This is NFE’s second FSRU stationed in Egypt, and Winter will join Energos Eskimo in Egypt as early as August of this year," NFE said, with NFE chief financial officer Chris Guinta noting the deal "reinforced" NFE’s relationship with EGAS.

"This deal enhances NFE’s goals of providing reliable and cost-effective energy across the globe,” Mr Guinta said.

NFE’s financials

NFE reported a significant loss for Q1 of US$197M in its quarterly earnings call. The Q1 2025 loss backed on to a US$224M loss reported in Q4 2024 and sent the company’s share price plummeting from nearly US$7 per share to just over US$2 per share. 

In May, to offset some of its reportedly billions in debt, the company said it had sold off its LNG import terminal in Montego Bay, Jamaica, its offshore floating storage and regasification terminal in Old Harbour, and 150-MW combined heat and power plant in Clarendon, along with the associated infrastructure.

The sale at a price of around US$1.1Bn, according to NFE, highlighted a "near-term focus on asset sales and corporate debt reduction". 

"Following the sale of our Jamaica business, our plan is to simplify our balance sheet with a potential asset-based financing with a similar structure to other liquefier financings and using our robust portfolio of LNG terminals and long-term LNG supply and downstream demand contracts," the company said in its earnings report.

Around the same time, Bloomberg reported NFE had been disqualified from an auction for temporary power generation in Puerto Rico for a ’non-conforming’ bid and NFE later announced a delay in filing its quarterly report to US securities exchange Nasdaq.

Despite these events, NFE’s billionaire chairman and chief executive Wes Edens said the company expects its core earnings to increase with maturing developments in Brazil, Nicaragua and expansions in Puerto Rico.