I wonder if I'm alone in finding Pastoor and the others annoyingly capable at weaving trends and investors together in creative financing. Does anyone else wonder if the TradeWinds article points to their having the means to comfortably remain private? I would absolutely love to be wrong.
(From WP's discussion, of subsidiary FLNG companies model)
“Financing an infrastructure project like this in the US is more favourable than financing an upstream project....”
Pastoor said this gives the company a great deal of flexibility on how to handle the financing, structure and the way the company sells the LNG from the unit.
“The market is good and there is a lot of interest from a subset of investors who firmly believe in a long-term strong LNG market,” Pastoor said. “They seek commodity exposure. They believe in the upside of the market.”
Pastoor said the investor interest in LNG changed after Russia invaded Ukraine last year.
“We experienced specific interest because the cheque size is less,” he said, explaining that compared with an onshore project that may want to take a FID on a 15-mtpa project, Delfin can do this after securing just 2.5 mtpa in offtake agreements.
“That is of interest to investors,” he said. “There are fewer partners around the table. There are less offtakers, lenders and parties that we need to bring for the equity. It is much more easy to structure a deal.”
Pastoor said Delfin has had interest from companies that want to take stakes in the FLNG units.
“We have had very good discussions with a number of infrastructure parties,” he said.
“We are talking to a number of strategics who want to participate in Delfin Midstream. We see strong interest from producers in the US who seek opportunities to develop their gas assets and seeking exposure to international gas markets.”
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