Delfin LNG secures 20-year sale Agreement with Hartree Partners

(WO) – Delfin Midstream’s wholly owned subsidiary Delfin LNG LLC has finalized a binding Liquified Natural Gas (“LNG”) Sale and Purchase Agreement (“SPA”) with Hartree Partners Power & Gas Company (UK) Limited, a wholly owned subsidiary of Hartree Partners, LP.

Under the SPA, Delfin LNG will supply 0.6 million tonnes per annum (“MTPA”) on a free on-board (“FOB”) basis at the Delfin Deepwater Port, 40 nautical miles off the coast of Louisiana, to Hartree for a 20-year period. The SPA is indexed to the Henry Hub benchmark.

“This deal will also support our wider strategy of delivering low cost, tailor-made and reliable LNG supply chain solutions that meet the specific requirements of our customers,” Stephen Hendel, one of Hartree Partners’ Founding Managing Directors said.

Delfin has now secured commitments for 3.1 MTPA of LNG sales, which is sufficient to make Final Investment Decision (“FID”) on the first Floating LNG (“FLNG”) vessel for the Delfin Deepwater Port LNG Export Facility. Delfin expects to make FID in mid-2023.

Wouter Pastoor, COO of Delfin, added, “With strong commercial and financial progress, Delfin is finalizing construction contracts for multiple identical liquefier vessels which will offer material cost savings and position us to make FID on our second FLNG vessel by the end of this year.”