LNG

Excelerate Energy, the US LNG specialist and a market leader in floating storage and regasification units (FSRUs), saw its shares increase by 11.8 percent in its trading debut after raising $384 million in the biggest US initial public offering since January 2022.

Shares in Excelerate closed on April 13 at $26.85 per share, giving the company a market value of about $2.8 billion based on the outstanding shares listed.

Excelerate shares are now quoted on the New York Stock Exchange under the ticker symbol “EE”.

Excelerate sold 16 million shares at the top of a marketed range of $21 to $24 per share in its IPO.

The share sale came at a time when FLNG project interest is increasing worldwide as nations try to underpin their energy security with fast-track import projects.

The company has pioneered over a dozen import ventures worldwide and has also led the way in ship-to-ship LNG transfers.

Excelerate, based in The Woodlands in Houston in Texas, is part of a privately held US energy group founded by George Kaiser, owner of the Bank of Oklahoma. Kaiser will continue to control the majority of the shares.

Developer

Excelerate developed the Bahia Blanca GasPort, South America’s first LNG import terminal in 2008, and has also operated GNL Escobar, an LNG import terminal along the Paraná River of Argentina, since 2011.

The business spans the globe, with regional offices in eight countries and operations in the US, Brazil, Argentina, Israel, United Arab Emirates, Pakistan and Bangladesh.

The Excelerate prospectus for the IPO informed potential shareholders that it was the largest provider of regasified LNG in Argentina and Bangladesh and one of the largest providers of regasified LNG in Brazil and Pakistan, while also operating the biggest FSRU in Brazil.

The Excelerate company has additionally started FSRU-led import ventures in the US and the Middle East.

Excelerate had net income of $41 million and revenue of $889M in 2021 compared with $33M of profits and $431M in revenues in the previous year.

Excelerate Energy, the US specialist and a market leader in floating storage and regasfication units (FSRUs), is preparing an initial public offering that will help test the appetite of investors for shares in the natural gas sector of the energy transition.

Excelerate has filed with the US Securities and Exchange Commission to debut its shares and will be circulating a prospectus.

Excelerate intends to list its Class A common stock on the New York Stock Exchange (NYSE) under the ticker symbol “EE.”

Excelerate is based in The Woodlands in Houston in Texas and is part of a privately held US energy group founded by George Kaiser, owner of the Bank of Oklahoma.

The company has an operating fleet of 10 LNG FSRUs and is the pioneer of over a dozen import projects worldwide.

Execerate has also led the way in ship-to-ship LNG transfers as it started terminal operations in South America, the US, Europe and Asia.

“The number of shares to be offered and the price range for the proposed offering are subject to market conditions and have not yet been determined,” said Excelerate in a statement.

Three banks have been nominated to serve as joint lead book-running managers for the proposed offering, Barclays of the UK and US investment banks J.P. Morgan, and Morgan Stanley.

“The displacement of dirtier fossil fuels and the natural complement of LNG to a fast-growing renewables sector makes flexible floating LNG products, such as those provided by Excelerate, a part of the solution to decarbonization,” the company says.

In its latest terminal project Excelerate will help to stabilize the flow of supplies to Brazil through 2022 with a deal to deploy one of its existing FSRUs to the port of Salvador in the northeast state of Bahia.

Under the agreement with the South American country’s state-owned oil and gas company Petróleo Brasileiro Excelerate’s FSRU “Excelerate Sequoia” will supply up to 700 million cubic feet per day of regasified LNG.

Excelerate Energy, the US floating LNG import terminal company, is helping to stabilize the flow of supplies to Brazil through 2022 with a deal to deploy one of its existing floating storage and regasification units (FSRUs) to the port of Salvador in the northeast state of Bahia.

Excelerate Energy, the US pioneer of floating liquefied natural gas import terminals, has completed its 2,000th commercial ship-to-ship transfer of LNG worldwide after completing its latest operation in the Bay of Bengal off Bangladesh.