The below article is a lot of the same except for a few things. One line that could be a misprint or misunderstanding is highlighted. However, do folks remember the Poten report that eb0783 posted? Here's the line from that Poten report that could be related to the line in the article below: "The company expects to make an equity investment announcement in March or April, most likely with a single equity partner for the whole sum." Based on the language below, MOL could be that single equity partner. Makes sense considering all the pieces we know and giving up a board seat. You don't do that unless it's significant.
Delfin Midstream, a Houston, Texas-based developer of floating liquefied natural gas (FLNG) vessels, has entered into a strategic investment agreement with Japanese shipping company Mitsui OSK Lines (MOL), enabling the US firm to accelerate low-cost LNG exports from North America to customers around the world.
As part of the deal, MOL will make an investment in Delfin and appoint a representative to Delfin‘s board of directors.
The investment will cover four FLNG vessels with 3.5 million tonnes per annum liquefaction capacity. Each vessel will have its own commercial and financial structure.
The agreement also allows MOL to make additional investments directly in Delfin's FLNG vessels, and establishes a framework for the Japanese firm to assist in the construction and operation of the vessels. MOL says the collaboration ensures a mutually beneficial partnership that maximizes the potential of the FLNG vessels, and further enhances Delfin's capabilities.
"We are excited to enter into this strategic agreement with MOL, representing another industry leading partnership," says Delfin CEO Dudley Poston. "Our low-cost, simplified floating liquefaction solution will be significantly enhanced by MOL's extensive marine expertise, creating a world-class partnership with significant benefits for both Delfin and MOL."
Proceeds from MOL's investment will be used to accelerate final investment decisions on the first two FLNG vessels this year, Poston adds.
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