New Fortress Energy Inc.

Company overview

New Fortress Energy Inc. (NFE) is a global energy infrastructure company focused on natural gas and LNG infrastructure. The company owns an integrated fleet of ships and logistics assets to deliver turnkey energy solutions across LNG supply, shipping and offshore infrastructure, and power and gas projects.

Business model and operations

• Integrated LNG/NG supply chain: procure natural gas, liquefy when applicable, ship or regasify, and deliver to power plants, industrial users and other customers.
• Long-term contracting focus: targets long-term, take-or-pay style arrangements to deliver LNG, natural gas, steam or power; pricing is generally linked to Henry Hub plus a fixed component.
• Two operating segments:
  • Ships: owns and charters vessels including floating regasification units (FSRUs), floating storage and regasification units (FSUs) and LNG carriers (LNGCs). Some vessels are operated by Energos.
  • Terminals and Infrastructure: owns and operates LNG receiving terminals, regasification facilities, gas-fired power generation assets and related logistics and interconnects.

Major facilities and assets (operational or in development)

• San Juan, Puerto Rico: micro-fuel handling facility serving PREPA San Juan Power Plant and industrial users; expansion activity in 2023–2024 and a 7-year gas supply agreement with PREPA, with 2025–2026 amendments and settlements completed.
• La Paz, Baja California Sur, Mexico: LNG receiving facility supplying LNG/natural gas to La Paz Power Plant and other CFE facilities under long-term gas sales agreements.
• Nicaragua: Puerto Sandino Facility in development, planned to feed a ~300 MW natural gas-fired power plant under a 25-year PPA.
• Ireland: Shannon Estuary project planned (Ireland Facility and Ireland Power Plant); regulatory and permitting processes are ongoing, with potential interconnects to the electricity grid.
• Brazil: Barcarena Facility (FSRU and related infrastructure) and Barcarena Power Plant under long-term contracts; Santa Catarina Facility with gas supply and pipeline interconnect to TBG. PortoCem (1.6 GW capacity contract) was acquired and is being relocated adjacent to Barcarena. BrazilCo is expected to be divested as part of the restructuring.

Jamaica sale and monetization

• The Jamaica business (Old Harbour LNG import and regasification terminal and a 150 MW CHP plant) was sold on May 14, 2025 for net proceeds of approximately $678.5 million, with $98.6 million held in escrow.
• A final closing price of about $1.03 billion was recognized in Q4 2025. Final payments included approximately $28.7 million to EELP and escrow releases totaling $41.0 million, with $17.0 million related to indemnifications to be released by 12/31/2029.

People and customers

• Employees: 1,295 full-time employees (596 at NFE and 699 at Genera) as of December 31, 2025.
• Customer concentration: in 2025, one customer accounted for about 30% of revenue; no other single customer exceeded 10% of revenue.
• Key government customers include PREPA (Puerto Rico) for gas sales and generation asset operation/maintenance via Genera, and CFE (Mexico) for gas supply to multiple facilities.
• The company is engaged in discussions with multiple potential customers across regions for LNG, natural gas, steam and power opportunities.

Financial snapshot highlights (as of December 31, 2025)

• Total consolidated indebtedness: approximately $8.3 billion outstanding.
• RSA-related indebtedness: the restructuring plan contemplates approximately $5.8 billion of aggregate indebtedness under the core restructuring, with creditor support indicated at over 95% of that amount.

Restructuring and liquidity context

• On March 17, 2026, the company entered into a Restructuring Support Agreement (RSA) to facilitate a comprehensive restructuring of principal funded debt obligations and two UK Restructuring Plans (CoreCo Plan and BrazilCo Plan) with recognition sought in the U.S. under Chapter 15.
• The RSA contemplates separating the company into:
  • CoreCo: retains non-Brazil, global operations and assets.
  • BrazilCo: holds the Brazil assets and business (to be separated/divested).
• Key restructuring instruments contemplated:
  • Exchange of existing debt for: 100% of BrazilCo common equity; approximately $571.3 million of New CoreCo senior secured term loans; CoreCo Convertible Preferred Stock with a liquidation preference of around $2.46 billion; shares representing 65% of the Company’s Class A common stock at closing; up to $400 million in non-recourse FLNG 2 loans and/or $200 million in FLNG 2 Preferred Equity; and other permutations.
  • CoreCo Convertible Preferred Stock will convert automatically after three years into approximately 87% of the fully diluted Class A common stock, subject to adjustments.
  • New CoreCo Term Loans: five-year maturity, 1% annual amortization, senior secured and guaranteed; up to ~$35 million additional availability to meet a minimum liquidity threshold of $100 million at closing.
  • FLNG 2 financing alternatives to be issued by FLNG 2 Co.
  • Early consent fees and standstill arrangements for Supporting Creditors under the RSA.
• Plan mechanics and approvals:
  • NFE Global Holdings Limited (CoreCo) and NFE Brazil Newco Limited (BrazilCo) will promote Restructuring Plans under Part 26A of the UK Companies Act 2006, with recognition in the U.S. under Chapter 15.
  • Restructuring Plans require court sanction, creditor approvals (75% in value in each class) and related regulatory approvals; the plans are interdependent and become binding if approved.
• Management and controls post-restructuring:
  • The plan contemplates substantial dilution of existing Class A common stock with equity allocated to lenders and other creditors.
  • Provisions may authorize additional shares through incentive plans; Nasdaq listing matters could include amendments to authorize more shares and a potential reverse split.
• Going concern and alternative actions:
  • Management has stated substantial doubt about continuing as a going concern absent completion of the Restructuring Transaction. Failure to complete the transaction could lead to other restructuring actions, in- or out-of-court, with material impacts on stockholders and creditors.
• Risk profile:
  • The company is heavily leveraged and subject to restrictive covenants in its debt agreements.
  • Asset base was reduced by the Jamaica divestiture and a BrazilCo separation is planned as part of the restructuring.
  • The company faces regulatory, environmental, geopolitical and market risks inherent in LNG and natural gas infrastructure and offshore operations.

Capabilities and services

• LNG liquefaction and regasification capacity.
• LNG supply, including long-term feedgas arrangements and market purchases.
• Floating and land-based LNG logistics and storage (FSRUs, FSUs, LNGCs; owned and chartered assets).
• Downstream power generation and natural gas supply to utility and industrial customers.
• Global project development across Puerto Rico, Mexico, Nicaragua, Ireland, Brazil and other markets.
• Asset monetization and restructuring activities, including the Jamaica divestiture and the planned BrazilCo separation.