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Excelerate Energy Completes Purchase of FSRU Sequoia
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Excelerate Energy has completed the acquisition of the Sequoia floating storage regasification unit (FSRU) for $265 million from Anemoesa Marine Inc. This strategic purchase was funded through a $250 million term loan from a senior secured credit facility and company cash. The FSRU, delivered in June 2020, has a capacity of 173,400 cubic meters and currently operates at the Bahia Regasification Terminal in Brazil. CEO Steven Kobos emphasized that acquiring the Sequoia at below market value secures its long-term role in Excelerate's fleet, enhancing the company's ability to provide cleaner, reliable energy solutions.
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Acquisition of FSRU Sequoia for $265 million, below market value, enhancing asset portfolio.
Funding through a $250 million term loan strengthens financial capacity.
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None.
THE WOODLANDS, Texas--(BUSINESS WIRE)--
Excelerate Energy, Inc. (the “Company” or “Excelerate”) (NYSE: EE) announced today that it has completed the purchase of the floating storage regasification unit (FSRU) Sequoia for a purchase price of $265 million from Anemoesa Marine Inc., a company incorporated under the laws of the Republic of the Marshall Islands. In March 2023, the Company closed on an amended and restated $600 million senior secured credit facility, consisting of a $350 million revolving credit facility and a $250 million term loan. Proceeds from the term loan and cash on hand were used to purchase the FSRU Sequoia.
“We are proud to add the FSRU Sequoia to the Excelerate portfolio of fully owned assets,” said Steven Kobos, President and CEO of Excelerate. “Acquiring the Sequoia, at a price well below current market value, ensures the vessel will remain an integral part of the Excelerate fleet for the long term. We look forward to continuing to utilize the FSRU Sequoia to provide flexible access to cleaner and more reliable energy to our valued markets.”
The FSRU Sequoia was delivered as a new build to Excelerate Energy’s fleet in June 2020 under a five-year bareboat charter. The FSRU Sequoia has a storage capacity of 173,400 cubic meters and can operate as both an FSRU and a traditional LNG carrier. The FSRU Sequoia is currently providing regasification services at the Bahia Regasification Terminal in Bahia, Brazil.
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.
