Delfin Midstream Inc. has entered into a strategic investment agreement with Japanese transport company Mitsui O.S.K. Lines Ltd. (MOL), according to a June 8 press release.

As part of the agreement, MOL will make an investment in Delfin and a MOL representative will join Delfin’s board of directors. Delfin said would accelerate company growth and drive future expansion of clean, low-cost LNG exports from North America to the rest of the world.

Delfin offers simplified floating LNG (FLNG) solutions and said the partnership with MOL would bring significant benefits to both companies.

“Proceeds from MOL’s investment will be used to accelerate making final investment decisions on our first two FLNG vessels this year,” Delfin CEO Dudley Poston said in a June 8 press release. “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 provides MOL with the opportunity to make additional investments directly in Delfin’s FLNG vessels and establishes a framework for MOL to assist in the construction and operation of them. The collaboration ensures a mutually beneficial partnership that maximizes the potential of the FLNG vessels and further enhances Delfin’s capabilities, the company said.

“We are delighted to announce our partnership with Delfin, marking the beginning of a fruitful endeavor together,” said Takeshi Hashimoto, president and CEO of MOL. “Drawing on our extensive expertise gained from previous LNG Carrier and FSRU [floating storage regasification unit] projects and other ventures, we anticipate collaborating with Delfin to successfully drive forward this project toward our initial shared goal of quickly making Final Investment Decision on the first FLNG vessel.”

As part of the agreement, Suryan Wirya-Simunovic will join Delfin’s board. Wirya-Simunovic is MOL’s executive officer for Energy Related Business for Europe, Americas and Africa.

Comments