Stabilis Energy announced that it has completed the acquisition of a majority interest in Prometheus Energy (“Prometheus”). The acquisition combines two of the leading liquefied natural gas (“LNG”) production and distribution companies to form a full-service LNG provider capable of delivering LNG to customers in any end market and location in North America. Terms of the transaction were not disclosed. Prometheus will operate as the independent LNG distribution subsidiary of Stabilis. Prometheus provides mobile and stationary LNG solutions to industrial, utility, pipeline, high-horsepower and other remote customers. Customer solutions include supporting utilities with natural gas via LNG for flow assurance to address gas interruptions, gas curtailments and critical peak demand during extreme conditions. Prometheus will continue to purchase LNG from multiple producers to optimize fuel cost for its customers.
“We are pleased to announce the acquisition of Prometheus Energy,” said Casey Crenshaw, CEO of Stabilis Energy. “Prometheus was a pioneer in the LNG industry and it remains the premier small-scale LNG distribution and service company in the world. We believe this transaction will allow each company to grow aggressively in LNG production and distribution, respectively.” Jim Reddinger, President and CFO of Stabilis Energy added, “Stabilis’ LNG production plants will continue to provide reliable and cost-effective LNG to all customers and distribution channels.”
Jim Aivalis, CEO of Prometheus Energy added, “Prometheus remains fully committed to its current customers and business model. We are experiencing strong and growing demand for reliable and cost-effective natural gas solutions from our customers. The combination with Stabilis will provide Prometheus with added resources to better serve our customers as their need for LNG expands.”
Source: Stabilis Energy
Date: Mar 7, 2018