Houston-based small-scale LNG firm Stabilis Solutions said it has completed the acquisition of an LNG production facility in Port Allen, Louisiana from HR Nu Blu Energy.
Located in the eastern Gulf Coast region, the Port Allen facility would support some of Stabilis’ largest customers, the firm said in a statement on Tuesday.
Built in 2018, the facility has nameplate production capacity of 30,000 LNG gallons per day and will boost Stabilis’ total production capacity by about 30 percent.
Stabilis already operates the George West facility production plant in Texas. The facility produces more than 100,000 gallons of LNG per day.
The firm expects that it would be able to sell all of the acquired facility’s capacity immediately with contracts from existing customers.
Moreover, the small-scale LNG firm projects that the acquisition would be immediately accretive to earnings.
It expects incremental annual EBITDA to reach $2.5 – $3 million.
”The facility’s location is ideal to meet the growing clean energy needs of our customers in the Gulf Coast region,” Jim Reddinger, chief executive of Stabilis, said.
In addition, it currently supports North America’s largest LNG-powered offshore service vessel fleet located in Port Fourchon, Louisiana, he said.
US privately-owned firm Harvey Gulf International Marine operates a facility in Port Fourchon in order to fuel its LNG-powered platform supply vessels.
“We are witnessing rapid expansion in LNG marine bunkering activity across North America, and this acquisition allows us to expand our LNG marine bunkering services to customers throughout the Gulf Coast, including the ports of Baton Rouge, New Orleans and beyond,” Reddinger said.
