US firm’s FSRU embarking on decade-long job in summer

U.S. energy infrastructure player New Fortress Energy (NFE) has confirmed a new multi-year assignment for a floating storage and regasification unit (FSRU), which has been booked by Egypt’s state-owned Egyptian Natural Gas Holding Company (EGAS).

Shortly after EGAS revealed a deal to lease an undisclosed FSRU to receive, store, regasify, and deliver liquefied natural gas (LNG) to Egypt’s gas grid, augmenting the nation’s natural gas infrastructure security of gas supplies, New Fortress Energy confirmed a ten-year charter agreement with the Middle Eastern firm.

According to the U.S. player, the 2014-built FSRU Energos Eskimo, which Energos Infrastructure, a joint venture between NFE and Apollo Global Management, operates, has been selected for this long-term job.

The 160,000 cubic meters (cbm) FSRU will be deployed at EGAS’ LNG import terminal at Ain Sokhna. This unit, which is expected to begin operations in Egypt during the summer of 2025, has been working in Jordan at the Sheikh Sabah Al-Ahmad Port in Aqaba since 2015.

NFE has tucked new milestones under its belt this year, including a floating liquefied natural gas (FLNG) facility, Fast LNG, encompassing three repurposed jack-up rigs, which has been in operation off the coast of Altamira, Mexico, since mid-July 2024.

The company faces a federal securities class action following the disclosure of an adjusted EBITDA below its previous expectations, which is said to have led to a drop in stock prices.