Delfin Midstream has entered into a strategic investment agreement with Mitsui O.S.K. Lines Ltd. (MOL), which will see MOL make an unspecified investment in Delfin and a MOL representative will join Delfin’s board of directors.
The agreement also provides MOL with the opportunity to make additional investments directly in Delfin’s floating liquefied natural gas (FLNG) vessels and establishes a framework for MOL to assist in the construction and operation of these vessels.
“Proceeds from MOL’s investment will be used to accelerate making final investment decisions (FIDs) on our first two FLNG vessels this year,” said Dudley Poston, chief executive of Delfin.
As part of the agreement, Suryan Wirya-Simunovic will join Delfin’s board of directors. Wirya-Simunovic is MOL’s executive officer for energy-related business for Europe, Americas, and Africa and has over 30 years of experience in energy and maritime sectors.
Delfin LNG is a brownfield deepwater port to be located in the Gulf of Mexico (GOM) requiring minimal additional infrastructure investment to support up to four FLNG vessels producing up to 13.3 mtpa of LNG. The company purchased the UTOS pipeline, one of the largest natural gas pipelines in the GOM, in 2014 and submitted its deepwater port license application in 2015.
