Small-scale LNG player, Avenir LNG Limited has announced a revenue increase of $5.8 mill for the first half of this year.
Revenues increased to $6.2 mill in 1H21, following the delivery of the company’s first two vessels, ’Avenir Advantage’ and ’Avenir Accolade’ in October, 2020 and March, 2021, respectively.
‘Avenir Accolade’ commenced a three-year bareboat charter with LNG Power.
EBITDA was $1.9 mill, an increase of $5.1 mill from 1H20.
During the period, Avenir completed a capital injection of $34.5 mill, which came from the company’s three founding shareholders - Stolt-Nielsen Limited, Höegh LNG Holdings Limited and Golar LNG Limited - taking the total capital injection to $182 mill.
In addition, the company secured ECA and commercial lender credit approval for the financing of four vessels currently under construction.
Since the 1H21 results announcement, Avenir has commissioned and completed the takeover of the LNG storage and truck-loading terminal in Sardinia (HIGAS).
CEO, Peter Mackey, commented: “Avenir is pleased to report 1H21 operating revenues of $6.2 mill and EBITDA of $1.9 mill, following the delivery of our first two vessels.
“The company continues to take significant strides forward in our transformation journey throughout 2021. Demand remains robust for the small-scale LNG supply solutions Avenir is offering to the market.
“Our strategy of developing flexible assets is robust and proving successful, enabling us to serve multiple customers and segments from a single asset. The entry into operation of our first LNG receiving and truck-loading terminal in Sardinia (HIGAS) is a major milestone for Avenir and for the island of Sardinia.
“We expect utilisation of the terminal to grow significantly with our vessel, ’Avenir Aspiration’, being dedicated to supply the terminal and customers across the Mediterranean region, once we take delivery of the vessel later this year.
“Our results for H1 2021 are in line with our plan and we are well positioned to deliver against the full year targets we have set for the company,” he concluded.
