New Fortress Energy Announces First Quarter 2021 Result

Source: 5/7/2021, Location: North America

New Fortress Energy Inc. (“NFE” ) reported its financial results for the first quarter ending March 31, 2021.

Business Highlights
• Closed previously announced acquisitions of Hygo Energy Transition Ltd. (“Hygo”) and Golar LNG Partners LP (“GMLP”) for $5.1bn enterprise value
• Development projects are advancing on budget and schedule(1)
o Our Mexico and Nicaragua terminals are expected to be operational(2) in Q2 2021
o Our first ISO Flex vessel has arrived in La Paz and two more expected in Nicaragua in Q2 2021
o We are FID(3) and currently developing new terminals at Santa Catarina, Barcarena, and Suape in Brazil
• We continue to make great progress on our Fast LNG asset which we expect will provide us with surety of stable supply at rates well below the current open market prices
o Actively engaging with gas suppliers around the globe to supply long-term, fixed-price feedstock
o Secured two world class jack up rigs from Maersk
o Progressed engineering and design, complete with full operational simulations and deployment scenarios
o Maintaining the development timeline of 16-20 months to full operations
• Launching Zero Parks, a Joint Venture with Fortress Transportation and Infrastructure
o NFE is forming a new joint venture called “Zero Parks” with Fortress Transportation and Infrastructure LLC, a business with deep investment experience in transportation and high-utility infrastructure assets in the United States
o Zero Parks pairs FTAI’s transportation experience and infrastructure with NFE’s focus on hydrogen and clean energy to commercialize the rapidly growing opportunity for renewable and low-carbon fuels
o Starting with near-term opportunities for renewable diesel and blue hydrogen, Zero Parks aims to reach FID(3) on its first two projects in 90-120 days
• Significant volume growth – over 5.1 million GPD Committed(4) with over 21.2 million GPD of Committed(4) and In Discussion Volumes(5)
• Completed the private offering of $1.5 billion of senior secured notes due 2026 (the “2026 Notes”)
o The 2026 Notes bear interest at 6.50% per annum and were issued at an issue price equal to 100% of principal
• Closed a $200 million senior secured Revolving Credit Facility (“Revolving Facility”) to provide additional liquidity
• Our Board of Directors approved a dividend of $0.10 per share, with a record date of June 1, 2021 and a payment date of June 11, 2021
• Quarterly revenue of $145.7 million, remaining stable from Q4 2020
• Net loss was $39.5 million, as compared to the Q4 2020 net loss of $0.5 million, which was primarily a result of higher LNG cost in Q1 2021 vs. Q4 2020 as well as costs associated with Hygo and GMLP acquisitions
• Operating Margin*(4) decreased by $28.1 million in Q1 2021 vs Q4 2020, which is line with our expectations due to higher LNG cost
• Average daily volumes sold in Q1 2021 were approximately 1.4 million GPD

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