New Fortress Energy reverses Q2 loss in Q3
Global energy infrastructure company New Fortress Energy (NFE) said November 8 it had net income of $56.2mn in Q3 2022, reversing a $178.4mn loss reported in the previous quarter.
Adjusted EBITDA increased to $290.7mn from $283.5mn in Q2 2022, but adjusted net income declined to $85.6mn from $145.7mn.
New Fortress said construction of its FAST LNG units at the Kiewit Offshore Services yard in Texas is “progressing rapidly”, with the first unit expected to achieve mechanical completion in March 2023 and commence operations by the middle of next year.
At full build-out, the FAST LNG fleet will represent more than half of the world’s forecast incremental LNG capacity in 2023-24, most of which will be deployed in the near term to address Europe’s energy security issues. The first five FAST LNG units will add about 7mn metric tons/year of liquefaction capacity to NFE’s LNG supply portfolio by the end of 2024, bringing it to 9.5mn mt/yr.