New Fortress Energy says Fast LNG unit offline, shares tumble 14%
NFE•New Fortress Energy said a mechanical issue with the gas turbine left its Fast LNG unit offline, and its shares fell 14% to an all-time low. The company expects the unit to return to service in the fourth quarter.
1. Turbine issue halts unit
New Fortress Energy said its Fast LNG unit was offline after a mechanical issue with the facility’s gas turbine. The company said in a regulatory filing that it is working with the turbine manufacturer to return the unit to operation.
2. Production and capacity
The outage disrupted production as liquefied natural gas prices were higher. The unit, which has exported a cargo to Puerto Rico each month this year, has production capacity of 1.4 million tonnes per annum; the company expects it to return to service during the fourth quarter.
