Altamira FLNG Faces Ownership Change in Debt Restructuring

One of North America's newest floating LNG export projects could see a significant ownership change as its developer moves forward with a broader financial restructuring plan.

(Reuters) — New Fortress Energy expects changes in the ownership of its Altamira floating LNG export project in Mexico as part of a broader debt restructuring that would hand significant equity stakes to major investment firms, according to a filing with the U.S. Department of Energy.

• The company said the transaction would constitute an upstream “change in control” of NFE Altamira FLNG, which operates an offshore liquefaction and export project off Altamira, Mexico, according to a June 4 filing made public on June 8.
• New Fortress requires DOE approval because the project uses U.S. natural gas for liquefaction and export, it said. The company added it is seeking regulatory certainty around the change in control ahead of closing the restructuring, which it expects to complete in the second quarter.
• The company asked that its free trade agreement export authorization transfer with the change immediately upon closing.