StockNews.AI
NFE
StockNews.AI
35 days

New Fortress Energy Executes 5-year Charter for Energos Winter

1. NFE secures a 5-year FSRU agreement with Egyptian Natural Gas. 2. The Energos Winter will enhance LNG supply security in Egypt. 3. This marks NFE's second FSRU deployment in Egypt. 4. NFE aims for reliable, affordable energy globally. 5. The agreement strengthens NFE's partnership with EGAS.

3m saved
Insight
Article

FAQ

Why Bullish?

The agreement solidifies NFE's presence in Egypt's growing LNG market, akin to previous successful expansions that positively influenced stock performance.

How important is it?

The deployment of a second FSRU indicates strong growth potential and enhances NFE's market position, likely attracting investor interest and boosting stock price.

Why Long Term?

The long-term contract supports steady cash flow and market position over the next five years, similar to previous contracts that provided sustained revenue.

Related Companies

EGASCQPLNGAPADSRE
- NEW YORK--(BUSINESS WIRE)--New Fortress Energy Inc. (NASDAQ: NFE) (“NFE” or the “Company”) via a subsidiary has executed a 5-year agreement for the deployment of the Energos Winter, a 138,250 m3 floating storage and regasification unit (“FSRU”), with the Egyptian Natural Gas Holding Company (“EGAS”). The Winter will operate at EGAS’ LNG import terminal located at Damietta, Egypt. This is NFE’s second FSRU stationed in Egypt, and the Winter will join the Energos Eskimo in Egypt as early as August of this year. “We are pleased to reinforce our relationship with EGAS by way of our deployment of a second FSRU to Egypt. This deal enhances NFE’s goals of providing reliable and cost-effective energy across the globe,” said Chris Guinta, CFO of New Fortress Energy. “EGAS is pleased to strengthen its long-standing partnership with New Fortress Energy through the execution of a second Regasification Service Agreement. Under this agreement, NFE’s second FSRU, Energos Winter, will provide regasification services at the Damietta terminal, contributing to the security of natural gas supply for the Arab Republic of Egypt over the next five years,” said Yasseen Mohamed, Executive Managing Director of EGAS. About New Fortress Energy Inc. New Fortress Energy Inc. (NASDAQ: NFE) is a global energy infrastructure company founded to address energy poverty and accelerate the world’s transition to reliable, affordable, and clean energy. The Company owns and operates natural gas and liquefied natural gas (LNG) infrastructure and an integrated fleet of ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. Collectively, the Company’s assets and operations reinforce global energy security, enable economic growth, enhance environmental stewardship and transform local industries and communities around the world. More News From New Fortress Energy Inc.

Related News