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    New Fortress Energy reports record quarterly earnings

Summary

The company is set to deploy its second Fast LNG unit in 2023.

by: Dale Lunan

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Complimentary, Natural Gas & LNG News, Americas, Liquefied Natural Gas (LNG), Corporate, Financials, News By Country, United States

New Fortress Energy reports record quarterly earnings

Small LNG developer New Fortress Energy reported record quarterly net income on February 28, with Q4 2021 net income of $151mn and full-year net income of $92mn.

The 2021 profit follows two straight years of net losses, $264mn in 2020 and $204mn in 2019. Quarterly comparisons were not provided, other than for Q3 2021, when New Fortress registered a $17.8mn net loss.

Going forward, the company is adopting adjusted EBITDA as its new financial performance metric. In Q4 2021, adjusted EBITDA was $334mn, up from $170mn in Q3 2021. Full year adjusted EBITDA was $604mn.

Subsequent to year-end, New Fortress advanced the deployment of its first Fast LNG unit offshore Congo-Brazzaville and sanctioned its second Fast LNG unit, which is expected to be placed into service in Q3 2023 to produce 1.4mn mt/yr. A location for the second unit hasn’t been revealed, although New Fortress last year signed a preliminary agreement with the government of Mauritania to develop a hub for natural gas, LNG and blue ammonia, which could utilise the technology.