NFE Q3 2023 release


  • [Corrected] Revenue of $514.5M
  • [Corrected] Net Income of $62.3M
  • More power has been brought online in Puerto Rico
  • Per another thread post earlier this week, NFE plans to shift an existing FSRU (currently serving Petrobras) over to Santa Catarina
  • Existing LNG carrier in the process of being converted for Barcarena.
  • Fast LNG #1 still not online - date shifted out yet again … end of 2023.
  • Declared dividend of 10c/sh

Lots going on with NFE. While developments in Puerto Rico are positive, NFE’s Fast LNG projects continues to be a disaster (timeline and cost). The first Fast LNG asset has still not come online, and the deal with Pemex to develop Lakach field is off.

[Edit] After correcting revenue and net income figures, notice that margins are going down quickly. While Santa Catarina FSRU starting up might be a positive. That it comes at the cost of an existing FSRU activity (Energos Winter with Petrobras) deflates the development some.