TheGlobe.com Inc (TGLO)

[dave79]

I'm here. Haven't gone anywhere, just been sitting on the sidelines waiting for our Super 8k and R/M. It's coming! As we all know Delfin and timelines don't go hand in hand.

With that being said, there was plenty of positive information to pull from the FERC extension. It will be granted, as we all know, just a formality. Of particular interest is the following (quoted from the ext request): FID is all but a given for the 1st ship and yet again, they are telling everyone they will have FID on the 2nd ship shortly thereafter. $18Billion of future contracts @ yet we trade @ .23?? So stupid. Wall Street is about speculation, and based upon speculation and FACTS we should be trading in $$'s...

In addition,
Delfin expects to execute very soon a binding LNG off-take agreement for another 1.0 MTPA with
Devon Energy Corporation, a leading domestic oil and gas producer, as part of a larger agreement
initially announced last fall. 10 Taken together, these four L NG offtake agreements will provide
revenue to Delfin LNG of about $18 billion over their contract terms.

As Delfin LNG explained in its extension request last year, it has a modular project
consisting of 4 separate FLNGVs and only 2.0 to 2.5 MTPA of long-term off-take contracts are
needed to support FID of the first FLNGV and proceed with its construction.11 Thus, the off-
take contracts already executed amply support FID for Delfin’s first FLNGV: indeed, based on
additional ongoing negotiations, Delfin expects that the FID for its second FLNGV will follow
soon after the first. Relatedly, Delfin expects to announce very soon its agreement with major
infrastructure investors to provide the needed equity for its first two FLNGVs and has begun
discussions with a consortium of banks (led by Delfin’s financial advisor Citigroup) to provide
the project debt financing. Furthermore, Delfin LNG has not only completed the Front End
Engineering and Design for the FLNGV construction with Samsung Heavy Industries and Black
& Veatch, but also has negotiated a binding Engineering, Construction and Procurement contract
with those counterparts that is expected to be executed by September 2023. Finally, Delfin LNG
has been in active discussions with MARAD and the U.S. Coast Guard (“USCG”) concerning
satisfaction of the conditions of the MARAD ROD and expects the issuance of its final
deepwater port license soon.