Excelerate Energy and Petrobras Sign 10-Year Charter for FSRU Sequoia

Rhea-AI Summary

Excelerate Energy signs 10-year contract with Petrobras to charter FSRU Sequoia in Brazil

Positive

• Excelerate Energy strengthens its presence in the Brazilian energy market
• The contract ensures Excelerate's continued support for Brazil's energy security
• The deal expands Excelerate's regasification business and increases earnings and cash flows

Negative

• None.

-- Bolsters Brazil’s energy security as the country advances its decarbonization efforts --

-- Maintains Excelerate’s continued presence in the Brazilian energy market --

THE WOODLANDS, Texas--(BUSINESS WIRE)-- Excelerate Energy, Inc. (NYSE: EE) (“Excelerate” or the “Company”) announced today that the Company and Petróleo Brasileiro S.A. (“Petrobras”) signed a ten-year contract to charter the floating storage and regasification unit (“FSRU”) Sequoia. Under the Time Charter Party and Operation and Services Agreement (collectively, the “Agreement”), which will commence on January 1, 2024, Excelerate will continue to deploy the Sequoia to provide regasification services in Brazil, primarily at the Bahia Regasification Terminal (TR-BA) in Salvador, Bahia.

“Brazil is an excellent market. This Agreement is an important step in furthering Excelerate’s long-term sustainable growth plan in South America,” said Steven Kobos, President and Chief Executive Officer of Excelerate. “Deploying the Sequoia for 10 more years will position Excelerate well to support Brazil’s efforts to strengthen its energy security. We have been a reliable partner to Petrobras for more than a decade, and we are committed to maintaining that partnership and supporting the energy transition for all Brazilians.”

Since 2012, Excelerate has provided regasification services in Brazil at Petrobras’s LNG import terminals. In addition to the Sequoia, Excelerate’s FSRU Experience is currently providing regasification services in Brazil. Maintaining a continued presence in the Brazilian market is a fundamental part of Excelerate’s strategic position as a reliable backstop to the country's energy system for which intermittent renewable energy contributes approximately 85 percent.

This Agreement highlights Excelerate Energy’s commitment to using its flexible FSRU fleet to enhance energy security and reliability for its customers around the world. The deal also expands the Company’s core regasification business, which allows for increased visibility to predictable near-term and long-term earnings and cash flows.

ABOUT EXCELERATE ENERGY

Excelerate Energy, Inc. is a U.S.-based LNG company located in The Woodlands, Texas. Excelerate is changing the way the world accesses cleaner forms of energy by providing integrated services along the LNG value chain with the objective of delivering rapid-to-market and reliable LNG solutions to customers. The Company offers a full range of flexible regasification services from FSRUs to infrastructure development to LNG supply. Excelerate has offices in Abu Dhabi, Antwerp, Boston, Buenos Aires, Chattogram, Dhaka, Doha, Dubai, Helsinki, Manila, Rio de Janeiro, Singapore, and Washington, DC. For more information, please visit www.excelerateenergy.com.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this press release, including, without limitation, statements regarding Excelerate’s business strategy and plans, including the intended use of the FSRU Sequoia, and objectives of management for future operations, are forward-looking statements. All forward-looking statements are based on assumptions or judgments about future events and economic conditions that may or may not be correct or necessarily take place and that are by their nature subject to significant risks, uncertainties and contingencies, including the risk factors that Excelerate identifies in its Securities and Exchange Commission filings, many of which are outside the control of Excelerate. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements. The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. Excelerate undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231017587988/en/

Investors

Craig Hicks

Excelerate Energy

Craig.Hicks@excelerateenergy.com



Media

Stephen Pettibone / Frances Jeter

FGS Global

Excelerate@fgsglobal.com

or

media@excelerateenergy.com

Source: Excelerate Energy, Inc.

FAQ

What is the agreement between Excelerate Energy and Petrobras?

The agreement is a ten-year contract to charter the FSRU Sequoia in Brazil.

When will the agreement commence?

The agreement will commence on January 1, 2024.

What is the significance of this agreement for Excelerate Energy?

This agreement strengthens Excelerate Energy's presence in the Brazilian energy market and supports its long-term growth plan in South America.

How does this agreement contribute to Brazil's energy security?

By deploying the Sequoia for 10 more years, Excelerate Energy will support Brazil's efforts to strengthen its energy security.

What are the benefits of this agreement for Excelerate Energy?

This agreement expands Excelerate Energy's regasification business, increases earnings and cash flows, and provides increased visibility to predictable near-term and long-term earnings and cash flows.