New Fortress Energy Closes $1.055 Billion Sale of Jamaican Assets to Excelerate; Reports $197 Million Q1 Loss Amid Strategic Debt Reduction Efforts

NEW YORK — New Fortress Energy Inc. (Nasdaq: NFE) has completed the $1.055 billion sale of its Jamaican assets and operations to Excelerate Energy (NYSE: EE), using proceeds to pay down corporate debt and reinforce its liquidity position. The deal, which was initially announced on March 27, 2025, includes the Montego Bay LNG terminal, the Old Harbour FSRU terminal, and the Clarendon 150 MW CHP plant.

Chairman and CEO Wes Edens stated that the transaction marks a “significant milestone” in the company’s ongoing effort to streamline operations and strengthen its balance sheet. From the proceeds, NFE used $270 million to reduce its Revolving Credit Facility, $55 million to reduce its Term Loan A facility, and retained the remaining cash on hand, increasing unrestricted cash to $448 million as of March 31, 2025.

Q1 2025 Financial Highlights:

Adjusted EBITDA totaled $82 million, comprised entirely of core terminal and vessel operations.

Net loss was $197 million, or $(0.73) per diluted share, compared to net income of $56.7 million in Q1 2024.

Total revenues fell to $470.5 million, down from $690.3 million in the same quarter last year.

Segment operating margin dropped to $106 million, compared to $384 million in Q1 2024.

Operating income swung to a loss of $18.5 million, pressured by increased interest expense ($213.7 million) and a $53 million depreciation charge. NFE's asset impairment and transaction costs also weighed on results, alongside a $467,000 debt extinguishment loss.

Looking ahead, the company expects short-term earnings boosts from FEMA claims, sub-charter revenues, and a Genera incentive payment. Long-term growth will be driven by new LNG and power plant projects in Brazil, Nicaragua, and Puerto Rico, notably the 624 MW CELBA power plant in Brazil, now 95% complete.

NFE’s management reaffirmed its plan to pursue asset-based financings and further debt simplification using its portfolio of LNG infrastructure and long-term contracts.

Summary: