Thanks for that post, I had to copy and paste from that article so everyone can read.
"Delfin Midstream & TGLO: Why They’re Big Beneficiaries
Delfin Midstream
Delfin is developing a floating LNG (FLNG) export project off the U.S. Gulf Coast (offshore Louisiana) that could eventually reach 13.2 million tonnes/year across multiple vessels.
How the trade deal helps Delfin:
Shipyard access & lift sharing: Delfin has already secured an exclusive build slot at Samsung Heavy Industries (SHI) dock in South Korea for its first U.S. FLNG vessel.
The trade deal’s shipbuilding investment magnifies this connection: it gives legitimacy and scale to U.S.–Korea shipbuilding collaboration, making it easier to finance, regulate, co-manage, and scale vessels built for U.S. export needs in cooperation with Korean yards.
With MASGA backing, U.S. shipyards might get modernization funds, tax incentives, or preferential access to Korean technology. That could de-risk parts of the Delfin supply chain (steel, modules, welding, integration) nearer to U.S. soil.
Because Delfin is building U.S. export infrastructure, it stands to benefit from elevated U.S.–Korea energy offtake commitments; stronger LNG demand from Korea gives Delfin more confidence in long-term contracts and financing.
The deal helps cement the bilateral energy axis—Korea is signaling it wants more U.S. LNG, and Delfin is part of that supply line.
In short: Delfin is uniquely positioned at the nexus of U.S. LNG exports and Korean shipbuilding cooperation.
Delfin Midstream & TGLO: Ownership Structure, Reverse Merger Strategy & Shipbuilding Finance
One of the most interesting structural plays underpinning the Delfin–TGLO narrative is that Delfin Midstream already controls the majority of TGLO and has for years floated the possibility of reverse merging into TGLO. The public shell (TGLO) is intended to serve as the capital-markets vehicle that can help raise funds to build the ships and scale the LNG export infrastructure.
Below is a breakdown of how this works, what has been disclosed, what remains speculative, and why it's strategically important in the context of the U.S.–Korea trade/shipbuilding deal.
TGLO: A Shell, and Delfin’s Majority Stake
TGLO (theglobe.com, Inc.) is essentially a shell public company that has had no material operations for years.
In its 10-K disclosures, TGLO notes that it became a shell (having sold its operating subsidiary) and carries operating expenses mostly in the nature of public company compliance costs.
On December 20, 2017, Delfin entered into a common stock purchase agreement to acquire 312,825,952 shares, representing roughly 70.9% of TGLO’s common stock.
After the acquisition, TGLO’s prior officers and directors resigned, with Frederick P. Jones currently serving as chief executive officer to steer the shell toward a new purpose. Frederick P. Jones is the founder and former CEO of Delfin Midstream, and also founder and former CEO of Fairwood Peninsula Energy Corp. Throughout his 40 years of experience in the energy industry, Mr. Jones has developed projects and businesses in LPG marketing, coal bed methane extraction, hydroelectric power, and natural gas. He has led numerous ventures with various public and private entities throughout the world.
In its 2018 SEC filing (Form 13D), Delfin itself mentioned that after acquiring the majority stake in TGLO, “Delfin Midstream currently anticipates that it may enter into an agreement with the Issuer to merge into the Issuer, sell its assets to the Issuer or otherwise consolidate all or substantially all of the Issuer’s business with Delfin Midstream.”
However, the filing was also cautious: there is no certainty the transaction would happen, and it remains a contingency, not a timeline with binding commitment.
Why This Matters: Financing Shipbuilding & Public Capital Access
The reason this corporate engineering angle is not just a side note but a core strategic lever is that the infrastructure, shipbuilding, and LNG export ambitions are extremely capital-intensive. This is where TGLO becomes not just a shell, but a funding vehicle.
Here’s how the reverse merger / public shell strategy aligns with, and supports, Delfin’s broader goals:
Scalability & Capital Markets Access
Building large LNG export vessels and infrastructure is a multi-billion-dollar proposition. A private company may struggle to raise such sums purely from private equity, debt, or strategic partners.
A public entity with a ticker (i.e. TGLO post-merger) can tap a broader base of investors: institutional capital, retail equity, PIPEs (private investment in public equities), convertible bonds, etc.
Cost & Speed Advantage vs. IPO
Reverse mergers typically require lower cost, less marketing, and shorter timeline compared to a conventional IPO.
Because TGLO already exists as an OTC public shell, much of the regulatory groundwork (SEC registration, OTC status, public-company compliance) is in place (though there would be significant new disclosures and restructuring).
This structure avoids the uncertainty and underwriter risk of IPOs — particularly attractive for energy / infrastructure plays that may face volatile market sentiment.
Credibility & Valuation Uplift
A public listing gives project counterparties, lenders, off-takers, and regulators greater visibility, legitimacy, and transparency. That strengthens confidence in offtake contracts, supply agreements, and financing.
The ability to issue equity or hybrid instruments post-listing helps manage project risk: as phases complete (e.g. vessel delivery, shipyard contracts, permitting), new equity can be raised at higher valuations.
Synergy with the U.S.–Korea Shipbuilding Pact
Under the trade/shipbuilding component of the U.S.–Korea agreement, there may be incentives or co-investment options for U.S. shipyards working in joint ventures or Korean technology infusion.
With TGLO as a public platform, the merged entity could structure shipbuilding financing more flexibly: for example, issuing bonds tied to ship orders, equity tranches for shipyards or Korean partners, or contingent warrants for Korean investors.
The merged entity could also more credibly negotiate joint venture capital injections, co-ownership in shipyards, or even vessel profit-sharing schemes, backed by the visibility and governance expected of a public company."
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