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Excelerate Energy Extends Time Charter Agreement with Dubai Supply Authority
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Rhea-AI Sentiment
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Rhea-AI Summary
Excelerate Energy has announced a five-year extension of its Time Charter Agreement with Dubai Supply Authority (DUSUP) for the FSRU Explorer, which is currently set to end in the fourth quarter of 2025. This extension underscores Excelerate's commitment to strengthening its regasification business and enhancing energy security in Dubai. The FSRU Explorer, operational since 2015, plays a critical role in the emirate's natural gas supply and offers flexibility to meet seasonal demand.
Positive
Time charter agreement extended by five years, enhancing revenue stability.
Strengthens partnership with DUSUP, supporting Dubai's energy security.
FSRU Explorer significantly contributes to Dubai's natural gas supply infrastructure.
Negative
None.
THE WOODLANDS, Texas--(BUSINESS WIRE)--
Excelerate Energy, Inc. (the "Company" or "Excelerate") (NYSE: EE) announced today the extension of its Time Charter Agreement with Dubai Supply Authority ("DUSUP") for the FSRU Explorer. Prior to this agreement, the FSRU Explorer had a remaining firm charter period of approximately three years. Under the terms of the new agreement, the time charter period will be extended by an additional five years from the end of the existing contract in the fourth quarter of 2025.
(Photo: Business Wire)
"Reaching an agreement on the extension of our time charter agreement with DUSUP highlights our ongoing efforts to develop and grow our existing, diversified regasification business," said Daniel Bustos, Chief Commercial Officer of Excelerate. "Our current markets are essential to maintaining our solid foundation of revenues and providing new opportunities for downstream growth. We look forward to continuing our partnership with DUSUP and remain committed to providing Dubai with the critical energy security it needs."
The FSRU Explorer was chartered initially to DUSUP in 2015 to complement existing supply sources, and support the Emirate of Dubai's seasonal demand requirements. Located at DUSUP's Jebel Ali LNG import terminal, the Explorer has become an important part of Dubai's integrated supply infrastructure, supporting the overall security of natural gas supply and providing flexibility in Dubai's natural gas network.
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, Ho Chi Minh City, Manila, Rio de Janeiro, Singapore, and Washington, DC. For more information, please visit www.excelerateenergy.com.
ABOUT DUSUP
DUSUP is an authority established by Decree No. (2) of 1992 and is responsible for procuring, transmitting, storing and delivering gas to customers in the Emirate of Dubai. Since 2010, DUSUP has been importing and re-gasifying LNG at its Jebel Ali LNG Terminal and has imported LNG to Dubai from across the globe. www.dusup.ae
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 developing and growing its regasification business, 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.
