2023-08-08 11:57:10 ET
New Fortress Energy ( NASDAQ: NFE ) said Tuesday it plans to start operations in September at the first of three planned floating LNG plants in Altamira, Mexico.
The company said it expects to complete and install two remaining floating LNG rigs this month, introduce gas in September and sell its first cargo in October.
"Each of the rigs have achieved mechanical completion, and we're in the process of commissioning various systems while the remaining rigs are still in the queue at shipyard," CFO Christopher Guinta said on the company's post-earnings conference call.
New Fortress ( NFE ) also said it is finalizing a deal to sell its La Paz power plant in Mexico to state-owned power utility CFE for ~$180M.
In Brazil, two large LNG terminals, Barcarena and Santa Catarina, are expected to start operations in December 2023 or January 2024, the company said, bringing online a combined 6M metric tons/year of LNG regasification capacity.
New Fortress ( NFE ) -5.8% in Tuesday's trading after reporting lower than expected Q2 adjusted earnings on revenues of $561M.
More on New Fortress Energy:
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New Fortress to launch operations at Mexican FLNG plant in September