US-listed New Fortress Energy has waved off a long-awaited full cargo from its Fast LNG facility off Altamira in what will be Mexico’s first export cargo of LNG.
New Fortress said its offshore LNG production unit has “achieved first full cargo and sail away” with the shipment loaded onto the 138,000-cbm Energos Princess (built 2003).
The company put out a video and photos of the LNG carrier pulling away from the project’s floating storage unit, the 160,000-cbm NFE Penguin (built 2014) with the converted rigs that make up its Fast LNG unit in the background.
New Fortress chairman and chief executive Wes Edens said: “This is a significant milestone for our Fast LNG installation.
“We’re excited to be able to provide our own gas supply to the world markets and our customers,” he added.
This is the second time New Fortress has announced the shipment of a first cargo from its Fast LNG project. The company made a similar statement in mid-August but this time the shipment was due to head to its La Paz terminal in Mexico.
Fast LNG was originally scheduled to start production in June 2023.
The 1.4m tonnes per annum capacity Fast LNG unit — which consists of three converted semi-submersible drilling rigs linked together — has run late but also suffered a cold-box blowout in April that covered the structure in perlite insulation material.
Shareholders have since filed a class action lawsuit against New Fortress.
The complaint alleges that the company created the false impression that it possessed reliable information about its revenue outlook and anticipated growth while at the same time minimising the risk involved in having its Fast LNG project fully operational and increasing business growth globally.
“In reality, New Fortress’ Fast LNG projects failed to fulfil the company’s public statements that its FLNG 1 project would be in service by March 2024,” the complainants said.
They further assert that despite announcing delays costing the company over $150m per quarter, New Fortress “continued to tout the speed” at which it was constructing facilities, misleading investors.
New Fortress is developing another liquefaction facility onshore at Altamira dubbed Fast LNG 2, due for start-up in the first half of 2026.
