NFE expects September operations at first Altamira Fast LNG

New Fortress Energy (NFE) said August 8 it anticipates commercial operations to start in September at its first Fast LNG installation off the coast of Mexico near Altamira.

In its Q2 2023 financial release, NFE said it has mechanically completed each of the modules and three jack-up rigs for FLNG 1. The first rig, Pioneer III, was installed earlier this month and holds power generating facilities and accommodations.

The remaining two rigs, consisting of gas treatment facilities and a liquefaction train capable of producing 1.4mn tonnes/year of LNG, will be installed in August. First gas and commercial operations are expected to occur in September, NFE said.

FLNG 2 and FLNG 3, each also rated at 1.4mn tonnes/year, are under construction, with all long-lead items procured and commercial operations expected in Q1 2025. In May, NFE signed a non-binding letter of intent with Comision Federal de Electricidad (CFE), Mexico’s state power utility, to explore installing FLNG 2 and FLNG 3 onshore at an under-utilised import terminal near Altamira.

NFE reported second quarter net income of $120.1mn, down from Q1 2023 net income of $151.6mn, while adjusted EBITDA fell to $246.5mn from $439.7mn.