Delfin Enters Strategic Investment Agreement With Japanese Firm Mitsui O.S.K. Lines
It was announced by Delfin Midstream Inc. that it had reached a strategic investment deal with Mitsui O.S.K. Lines, Ltd. that would propel future expansion and speed up the export of clean, affordable LNG from North America to consumers all over the world. MOL will invest in Delfin as part of the arrangement, and a MOL representative will sit on the board of directors for Delfin.
“We are excited to enter into this strategic agreement with MOL, representing another industry leading partnership. 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,” said Dudley Poston, CEO of Delfin. “Proceeds from MOL’s investment will be used to accelerate making Final Investment Decisions on our first two FLNG vessels this year. MOL has long been a leading LNG infrastructure company while also investing in innovative solutions such as Floating Storage and Regasification Units.”
The agreement also creates a framework for MOL to help in the building and running of Delfin's Floating Liquefied Natural Gas ("FLNG") boats and offers MOL the chance to make additional direct investments in these vessels. This agreement guarantees a win-win situation that maximises the potential of the FLNG ships and further develops Delfin's capabilities.
“The Delfin team has deep experience successfully converting LNG carriers into both FSRUs and FLNG vessels,” said Wouter Pastoor, COO of Delfin. “Combining that skillset with MOL’s capabilities will drive future expansion and enable Delfin to safely and reliably accelerate clean low-cost LNG exports from North America to customers around the world.”