Press Release

New Fortress Energy Announces Third Quarter 2020 Results, Dividend of $0.10 per Class A common share

October 29, 2020 at 6:00 AM EDT

NEW YORK--(BUSINESS WIRE)--Oct. 29, 2020-- New Fortress Energy Inc. (NASDAQ: NFE) (“NFE” or the “Company”) today reported its financial results for the third quarter ending September 30, 2020. NFE also announced today that its Board of Directors has declared a fourth quarter 2020 common stock dividend of $0.10 per Class A common share.

Business Highlights

  • Record volumes were achieved in the third quarter
    • Average daily volumes sold in Q3 2020 were approximately 1.5 million gallons per day, which is a 0.6 million increase from Q2 2020
    • Gallons per day volumes are expected to be between 1.7 million and 2.0 million on average for the remainder of 2020
  • Construction related activities remain largely on time and on budget(1)
    • Our projects in Mexico and Nicaragua should be Operational(2) in the first quarter of 2021
    • While we have had some minor delays in permitting and construction execution, all long lead items are on time
    • We have purchased ISO flex equipment, including a 266 foot OSV and are in the process of manufacturing our proprietary manifold
  • We see exciting growth opportunities through our two primary growth channels
    • Organic growth(3) – We are targeting over 2.5 million GPD of increased volumes through existing infrastructure, which require only modest additional capital
    • Inorganic growth(4) – we have over 15 million GPD of In Discussion Volumes(5) across 4 key markets
  • We announced two significant green hydrogen developments to advance NFE’s transition to zero emissions:
    • Invested in H2Pro, an Israel-based hydrogen startup that is developing a novel, low-cost hydrogen production technology
    • Announced partnership with Long Ridge Terminal Partners and GE Gas Power for first purpose-built hydrogen-burning power plant in US that will begin blending hydrogen with natural gas as early as 2021(6)
  • During the COVID-19 pandemic, we have taken great efforts to ensure continued service and performance for our customers
    • No significant financial impact to our financial statements as power is an essential good for our customers
    • We’ve hired over 60 people since the pandemic began and spent nearly $1 million on COVID-19 preventative measures
  • We issued $1,000 million of 6.75% senior secured notes
    • Completed the issuance in September 2020 and used the net cash proceeds to repay the outstanding principal and interest under the Credit Agreement and Senior Secured Bonds and Senior Unsecured Bonds(7)
  • We paid our first quarterly dividend ($0.10 per share) in September 2020 and are pleased to announce today that our Board of Directors approved a dividend for the fourth quarter of $0.10 per share, which will have a record date of December 2, 2020 and a payment date of December 9, 2020.
  • Record quarterly revenue was nearly $137 million, increasing over $40 million from Q2 2020
  • Net loss was approximately $37 million, decreasing by approximately $130 million from the Q2 2020 net loss of approximately $167 million
    • Our current period net loss is primarily driven by an approximately $28 million loss on extinguishment of debt and financing costs
    • We are realizing substantially lower LNG costs as a result of cancelling 2H 2020 cargos in Q2 2020, significantly lowering our net loss
  • Operating Margin*(8) was over $51 million, representing over a 230% increase from Q2 2020
*Operating Margin is a non-GAAP financial measure. For definitions and reconciliations of non-GAAP results please refer to the exhibit to this press release.

Financial Overview

For the three months ended,

June 30,

 

September 30,

(in millions, except Average Volumes)

2020

 

2020

Revenues

$94.6

 

$136.9

 

Net Loss

($166.5

)

($36.7

)

Operating Margin*

$15.2

 

$51.4

 

Average Volumes (k GPD)

978

 

1,535

 

 
  • Revenue increased by over $40 million from Q2 2020 primarily driven by additional revenue in Puerto Rico for gas delivered
  • The net loss decreased approximately $130 million from Q2 2020; contributing to the Q3 2020 net loss were the costs of extinguishment of debt and financing costs
  • We experienced record Operating Margin in Q3 2020 due to increased volumes, largely on account of our Puerto Rico Facility reaching Run Rate Volumes(9) and due to the termination of the 2H 2020 LNG cargos
  • SG&A was approximately $19 million when excluding non-cash expenses, non-capitalizable development related expenses and expenses associated with simplifying our corporate and capital structure

Please refer to our Q3 2020 Investor Presentation for further information about the following terms:
1) “on time” and “on budget” are based on internal evaluations and refer to completing certain stages of projects within a timeframe and within a spectrum of budget parameters that, when taken as a whole, are substantially consistent with our business model.
2) “Operational” with respect to a particular project means we expect gas to be made available within thirty (30) days, gas has been made available to the relevant project, or that the relevant project is in full commercial operations. Where gas is going to be made available or has been made available but full commercial operations have not yet begun, full commercial operations will occur later than, and may occur substantially later than, our reported Operational date. We cannot assure you if or when such projects will reach full commercial operations. Actual results could differ materially from the illustrations reflected in this presentation and there can be no assurance we will achieve our goals.
3) “Organic growth” means the growth in our business as a result of increased volumes through existing infrastructure, including infrastructure under development, for which we have not sold the total capacity of such infrastructure.
4) “Inorganic growth” means the growth in our business with customers who require new large-scale infrastructure, which includes customers in markets in which we have existing operations and development and new markets.
5) “In Discussion”, “In Discussion Volumes” or similar words refer to expected volumes to be sold to customers for which (i) we are in active negotiations, (ii) there is a request for proposals or competitive bid process, or (iii) we anticipate a request for proposals or competitive bid process will soon be announced based on our discussions with the potential customer. We cannot assure you if or when we will enter into contracts for sales of additional volumes, the price at which we will be able to sell such volumes, or our costs to purchase, liquefy, deliver and sell such volumes. Some but not all of our contracts contain minimum volume commitments, and our expected sales to customers reflected in our “in discussion volumes” are substantially in excess of potential minimum volume commitments.
6) The Company is finalizing the commercial terms of its partnership with Long Ridge Terminal Partners and GE Gas Power.
7) “Credit Agreement” refers to the credit agreement to borrow $800mm in term loans entered into on January 10, 2020 and repaid in full on September 2, 2020. “Senior Secured Bonds and Senior Unsecured Bonds” refers to the facility for a total of $180mm of secured and unsecured bonds entered into on September 2, 2019 and repaid in full on September 21, 2020.
8) “Operating Margin” means the sum of (i) Net income / (loss), (ii) Selling, general and administrative, (iii) Depreciation and amortization, (iv) Interest expense, (v) Other (income) expense, net (vi) Contract termination charges and Loss on Mitigation Sales, (vii ) Loss on extinguishment of debt, net, and (viii) Tax expense (benefit), each as reported on our financial statements. Operating Margin is mathematically equivalent to Revenue minus Cost of sales minus Operations and maintenance, each as reported in our financial statements.
9) “Run Rate” means the date on which management currently estimates the initial ramp-up of operations on a particular facility will be over, and the facility will be using natural gas or producing LNG at a sustainable level. “Run-Rate Volumes” refers to the volumes of natural gas or LNG that are being used or produced. Volumes of LNG and natural gas that we are able to deliver and sell through a particular facility may keep increasing after the Run Rate date due to additional large or small scale customers being added for service by the facility, so the Run Rate does not represent the date on which management expects the relevant facility to be operating at its full capacity. It is also possible for a facility to be operating at Run-Rate volumes prior to full commercial operations, and there can be no assurance if or when full commercial operations will occur. Operations of such projects at their full capacity volumes will occur later than, and may occur substantially later than, Run Rate. We cannot assure you if or when such projects will reach the date Run Rate or full capacity volumes. Actual results could differ materially from the illustration and there can be no assurance we will achieve our goal.

Additional Information
For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investor Relations section of New Fortress Energy’s website, www.newfortressenergy.com, and the Company’s most recent Quarterly Report on Form 10-Q or Annual Report on Form 10-K, which will be available on the Company’s website. Nothing on our website is included or incorporated by reference herein.

Earnings Conference Call
Management will host a conference call on Thursday, October 29, 2020 at 8:00 A.M. Eastern Time. The conference call may be accessed by dialing (866) 953-0778 (from within the U.S.) or (630) 652-5853 (from outside of the U.S.) fifteen minutes prior to the scheduled start of the call; please reference “NFE Third Quarter 2020 Earnings Call.”

A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.newfortressenergy.com. Please allow extra time prior to the call to visit the website and download any necessary software required to listen to the internet broadcast.

A replay of the conference call will also be available after 11:00 A.M. on Thursday, October 29, 2020 through 11:00 P.M. on Thursday, November 5, 2020 at (855) 859-2056 (from within the U.S.) or (404) 537-3406 (from outside of the U.S.), Passcode: 9151299.

About New Fortress Energy Inc.
New Fortress Energy Inc. (NASDAQ: NFE) is a global energy infrastructure company founded to help accelerate the world’s transition to clean energy. The company funds, builds and operates natural gas infrastructure and logistics to rapidly deliver fully integrated, turnkey energy solutions that enable economic growth, enhance environmental stewardship and transform local industries and communities.

Non-GAAP Financial Measure
Operating Margin is not a measurement of financial performance under GAAP and should not be considered in isolation or as an alternative to income/(loss) from operations, net income/(loss), cash flow from operating activities or any other measure of performance or liquidity derived in accordance with GAAP. We believe this non-GAAP financial measure, as we have defined it, provides a supplemental measure of financial performance of our current liquefaction, regasification and power generation operations. This measure excludes items that have little or no significance on day-to-day performance of our current liquefaction, regasification and power generation operations, including our corporate SG&A, contract termination charges and loss on mitigation sales, loss on extinguishment of debt, net, and other expense.

As Operating Margin measures our financial performance based on operational factors that management can impact in the short-term and provides an assessment of controllable expenses, items associated with our capital structure and beyond the control of management in the short-term, such as depreciation and amortization, taxation, and interest expense are excluded. As a result, this supplemental metric affords management the ability to make decisions to facilitate meeting current financial goals as well as to achieve optimal financial performance of our current liquefaction, regasification and power generation operations.

The principal limitation of this non-GAAP measure is that it excludes significant expenses and income that are required by GAAP to be recorded in our financial statements. A reconciliation is provided for the non-GAAP financial measure to our GAAP net income/(loss). Investors are encouraged to review the related GAAP financial measures and the reconciliation of the non-GAAP financial measure to our GAAP net income/(loss), and not to rely on any single financial measure to evaluate our business.

Cautionary Statement Concerning Forward-Looking Statements
Certain statements contained in this press release constitute “forward-looking statements” including our expected volumes of LNG or production of power in particular jurisdictions; our expected volumes for In Discussion Volumes; the expectation that we will continue to take advantage of low LNG prices; our expectations regarding our organic growth opportunities and the full capacity of our existing infrastructure, our expectations regarding our inorganic growth opportunities, the key markets we may enter and the Illustrative Operating Margin related to such growth, and our expectations regarding our green hydrogen investment and pilot projects. You can identify these forward-looking statements by the use of forward-looking words such as “expects,” “may,” “will,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of those words or other comparable words. These forward-looking statements represent the Company’s expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of the Company’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: the risk that our development, construction or commissioning schedules will take longer than we expect, the risk that the volumes we are able to sell are less than we expect due to decreased customer demand or our inability to supply, the risk that our expectations about the price at which we purchase LNG, the price at which we sell LNG, the cost at which we produce, ship and deliver LNG, and the margin that we receive for the LNG that we sell are not in line with our expectations, risks that our operating or other costs will increase and our expected funding of projects may not be possible, the risk that the foregoing or other factors negatively impact our liquidity, the risk that our organic and inorganic growth opportunities do not materialize due to our inability to reach commercial arrangements on terms that are acceptable to us or at all, the risk that organic and inorganic growth opportunities do not offer the Operating Margin that we expect due to higher costs of LNG, higher costs of infrastructure for inorganic growth, competitive pressures on our pricing, or other factors, and the risk that our investment and pilot projects in green hydrogen do not advance NFE’s transition to zero emissions on the timeline we expect or at all. Accordingly, readers should not place undue reliance on forward-looking statements as a prediction of actual results.

Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Company to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements included in the Company’s annual and quarterly reports filed with the SEC, which could cause its actual results to differ materially from those contained in any forward-looking statement.

Exhibits – Financial Statements

 
Condensed Consolidated Statements of Operations and Comprehensive Loss
For the three months ended June 30, 2020 and September 30, 2020
(Unaudited, in thousands of U.S. dollars, except share and per share amounts)
 

For the Three Months End,

June 30,
2020

 

September 30,
2020

Revenues
Operating revenue

$

76,177

 

$

83,863

 

Other revenue

 

18,389

 

 

52,995

 

Total revenues

 

94,566

 

 

136,858

 

 
Operating expenses
Cost of sales

 

69,899

 

 

71,665

 

Operations and maintenance

 

9,500

 

 

13,802

 

Selling, general and administrative

 

31,846

 

 

30,849

 

Contract termination charges and loss on mitigation sales

 

123,906

 

 

-

 

Depreciation and amortization

 

7,620

 

 

9,489

 

Total operating expenses

 

242,771

 

 

125,805

 

Operating income (loss)

 

(148,205

)

 

11,053

 

Interest expense

 

17,198

 

 

19,813

 

Other expense, net

 

999

 

 

2,569

 

Loss on extinguishment of debt, net

 

-

 

 

23,505

 

Loss before taxes

 

(166,402

)

 

(34,834

)

Tax expense

 

117

 

 

1,836

 

Net loss

 

(166,519

)

 

(36,670

)

Net loss attributable to non-controlling interest

 

29,094

 

 

312

 

Net loss attributable to stockholders

$

(137,425

)

$

(36,358

)

 
Net loss per share – basic and diluted

$

(2.40

)

$

(0.21

)

 
Weighted average number of shares outstanding – basic and diluted

 

57,341,215

 

 

170,074,532

 

 
Other comprehensive loss:
Net loss

$

(166,519

)

$

(36,670

)

Unrealized (gain) on currency translation adjustment

 

(520

)

 

(971

)

Comprehensive loss

 

(165,999

)

 

(35,699

)

Comprehensive loss (income) attributable to non-controlling interest

 

29,009

 

 

(926

)

Comprehensive loss attributable to stockholders

$

(136,990

)

$

(36,625

)

 

Non-GAAP Operating Margin
(Unaudited, in thousands of U.S. dollars)
We define non-GAAP operating margin as GAAP net loss, adjusted for selling, general and administrative expense, contract termination charges and loss on mitigation sales, depreciation and amortization, interest expense, other expense (income), loss on extinguishment of debt, net and tax expense (benefit).

 

 

 

 

 

For the three months ended,

 

June 30, 2020

 

September 30, 2020

Net loss

$

(166,519)

 

$

(36,670)

Add:

 

 

 

Contract termination charges and loss on mitigation sales

 

123,906

 

 

-

Selling, general and administrative

 

31,846

 

 

30,849

Depreciation and amortization

 

7,620

 

 

9,489

Interest expense

 

17,198

 

 

19,813

Other expense, net

 

999

 

 

2,569

Loss on extinguishment of debt, net

 

-

 

 

23,505

Tax expense

 

117

 

 

1,836

Non-GAAP operating margin

$

15,167

 

$

51,391

 
Condensed Consolidated Balance Sheets
As of September 30, 2020 and December 31, 2019
(Unaudited, in thousands of U.S. dollars, except share amounts)
September 30, December 31,

 

2020

 

 

2019

 

Assets
Current assets
Cash and cash equivalents

$

112,723

 

$

27,098

 

Restricted cash

 

25,714

 

 

30,966

 

Receivables, net of allowances of $183 and $0, respectively

 

93,000

 

 

49,890

 

Inventory

 

19,399

 

 

63,432

 

Prepaid expenses and other current assets, net

 

29,689

 

 

39,734

 

Total current assets

 

280,525

 

 

211,120

 

 
Restricted cash

 

15,000

 

 

34,971

 

Construction in progress

 

206,110

 

 

466,587

 

Property, plant and equipment, net

 

622,475

 

 

192,222

 

Right-of-use assets

 

140,143

 

 

-

 

Intangibles, net

 

44,381

 

 

43,540

 

Finance leases, net

 

4,872

 

 

91,174

 

Investment in equity securities

 

164

 

 

2,540

 

Deferred tax assets, net

 

2,532

 

 

34

 

Other non-current assets, net

 

83,611

 

 

81,626

 

Total assets

$

1,399,813

 

$

1,123,814

 

 
Liabilities
Current liabilities
Accounts payable

$

92,774

 

$

11,593

 

Accrued liabilities

 

52,606

 

 

54,943

 

Current lease liabilities

 

36,380

 

 

-

 

Due to affiliates

 

9,219

 

 

10,252

 

Other current liabilities

 

31,272

 

 

25,475

 

Total current liabilities

 

222,251

 

 

102,263

 

 
Long-term debt

 

980,183

 

 

619,057

 

Non-current lease liabilities

 

83,843

 

 

-

 

Deferred tax liabilities, net

 

182

 

 

241

 

Other long-term liabilities

 

14,617

 

 

14,929

 

Total liabilities

 

1,301,076

 

 

736,490

 

 
Stockholders’ equity
Class A common stock, $0.01 par value, 750.0 million shares authorized, 169.3 million issued and 168.7 million outstanding as of September 30, 2020

 

1,687

 

 

-

 

Treasury shares, 0.6 million shares as of September 30, 2020, at cost; 0 shares at December 31, 2019, at cost

 

(6,411

)

 

-

 

Class A shares, 0 shares issued and outstanding as of September 30, 2020; 23.6 million shares, issued and outstanding as of December 31, 2019

 

-

 

 

130,658

 

Class B shares, 0 shares issued and outstanding as of September 30, 2020; 144.3 million shares, issued and outstanding as of December 31, 2019

 

-

 

 

-

 

Additional paid-in capital

 

325,053

 

 

-

 

Accumulated deficit

 

(229,673

)

 

(45,823

)

Accumulated other comprehensive income (loss)

 

85

 

 

(30

)

Total stockholders' equity attributable to NFE

 

90,741

 

 

84,805

 

Non-controlling interest

 

7,996

 

 

302,519

 

Total stockholders' equity

 

98,737

 

 

387,324

 

Total liabilities and stockholders' equity

$

1,399,813

 

$

1,123,814

 

 
 
Condensed Consolidated Statements of Operations and Comprehensive Loss
For the three months and nine months ended September 30, 2020 and 2019
(Unaudited, in thousands of U.S. dollars, except share and per share amounts)
 
Three Months Ended September 30, Nine Months Ended September 30,

 

2020

 

 

 

2019

 

 

 

2020

 

 

 

2019

 

Revenues
Operating revenue

$

83,863

 

$

35,345

 

$

223,542

 

$

93,221

 

Other revenue

 

52,995

 

 

14,311

 

 

82,412

 

 

26,152

 

Total revenues

 

136,858

 

 

49,656

 

 

305,954

 

 

119,373

 

 
Operating expenses
Cost of sales

 

71,665

 

 

45,832

 

 

209,780

 

 

123,224

 

Operations and maintenance

 

13,802

 

 

8,707

 

 

31,785

 

 

18,609

 

Selling, general and administrative

 

30,849

 

 

40,913

 

 

91,301

 

 

122,831

 

Contract termination charges and loss on mitigation sales

 

-

 

 

-

 

 

124,114

 

 

-

 

Depreciation and amortization

 

9,489

 

 

1,930

 

 

22,363

 

 

5,731

 

Total operating expenses

 

125,805

 

 

97,382

 

 

479,343

 

 

270,395

 

Operating income (loss)

 

11,053

 

 

(47,726

)

 

(173,389

)

 

(151,022

)

Interest expense

 

19,813

 

 

4,974

 

 

50,901

 

 

14,457

 

Other expense, net

 

2,569

 

 

1,788

 

 

4,179

 

 

133

 

Loss on extinguishment of debt, net

 

23,505

 

 

-

 

 

33,062

 

 

-

 

Loss before taxes

 

(34,834

)

 

(54,488

)

 

(261,531

)

 

(165,612

)

Tax expense (benefit)

 

1,836

 

 

(64

)

 

1,949

 

 

337

 

Net loss

 

(36,670

)

 

(54,424

)

 

(263,480

)

 

(165,949

)

Net loss attributable to non-controlling interest

 

312

 

 

47,701

 

 

81,163

 

 

139,483

 

Net loss attributable to stockholders

$

(36,358

)

$

(6,723

)

$

(182,317

)

$

(26,466

)

 
Net loss per share – basic and diluted

$

(0.21

)

$

(0.30

)

$

(2.14

)

$

(1.34

)

 
Weighted average number of shares outstanding – basic and diluted

 

170,074,532

 

 

22,692,104

 

 

85,009,385

 

 

19,689,568

 

 
Other comprehensive loss:
Net loss

$

(36,670

)

$

(54,424

)

$

(263,480

)

$

(165,949

)

Unrealized (gain) loss on currency translation adjustment

 

(971

)

 

143

 

 

(1,122

)

 

143

 

Comprehensive loss

 

(35,699

)

 

(54,567

)

 

(262,358

)

 

(166,092

)

Comprehensive (income) loss attributable to non-controlling interest

 

(926

)

 

47,825

 

 

80,156

 

 

139,607

 

Comprehensive loss attributable to stockholders

$

(36,625

)

$

(6,742

)

$

(182,202

)

$

(26,485

)

 
Condensed Consolidated Statements of Cash Flows
For the nine months ended September 30, 2020 and 2019
(Unaudited, in thousands of U.S. dollars)
 
Nine Months Ended September 30,

 

2020

 

 

2019

 

Cash flows from operating activities
Net loss

$

(263,480

)

$

(165,949

)

Adjustments for:
Amortization of deferred financing costs

 

9,949

 

 

4,150

 

Depreciation and amortization

 

23,025

 

 

6,197

 

Non-cash contract termination charges and loss on mitigation sales

 

71,510

 

 

-

 

Loss on extinguishment of debt and financing expenses

 

37,090

 

 

-

 

Deferred taxes

 

388

 

 

318

 

Change in value of investment in equity securities

 

2,376

 

 

2,127

 

Share-based compensation

 

6,501

 

 

35,833

 

Other

 

1,895

 

 

(209

)

(Increase) in receivables

 

(43,307

)

 

(8,403

)

Decrease (Increase) in inventories

 

26,691

 

 

(12,666

)

(Increase) in other assets

 

(16,526

)

 

(44,985

)

Decrease in right-of-use assets

 

31,910

 

 

-

 

Increase in accounts payable/accrued liabilities

 

23,982

 

 

8,807

 

(Decrease) Increase in amounts due to affiliates

 

(1,033

)

 

3,375

 

(Decrease) in lease liabilities

 

(30,930

)

 

-

 

Increase in other liabilities

 

4,249

 

 

16,644

 

Net cash used in operating activities

 

(115,710

)

 

(154,761

)

 
Cash flows from investing activities
Capital expenditures

 

(115,841

)

 

(295,635

)

Principal payments received on finance lease, net

 

137

 

 

600

 

Net cash used in investing activities

 

(115,704

)

 

(295,035

)

 
Cash flows from financing activities
Proceeds from borrowings of debt

 

1,832,144

 

 

337,000

 

Payment of deferred financing costs

 

(27,099

)

 

(8,259

)

Repayment of debt

 

(1,490,002

)

 

(3,750

)

Proceeds from IPO

 

-

 

 

274,948

 

Payments related to tax withholdings for share-based compensation

 

(6,356

)

 

-

 

Payment of dividends

 

(16,871

)

 

-

 

Payment of offering costs

 

-

 

 

(6,938

)

Net cash provided by financing activities

 

291,816

 

 

593,001

 

 
Net increase in cash, cash equivalents and restricted cash

 

60,402

 

 

143,205

 

Cash, cash equivalents and restricted cash – beginning of period

 

93,035

 

 

100,853

 

Cash, cash equivalents and restricted cash – end of period

$

153,437

 

$

244,058

 

 
Supplemental disclosure of non-cash investing and financing activities:
Changes in Accounts payable and accrued liabilities associated with
construction in progress and property, plant and equipment additions

$

(4,682

)

$

(51,586

)

 

IR:
Alan Andreini
(212) 798-6128
aandreini@fortress.com

Joshua Kane
(516) 268-7455
jkane@newfortressenergy.com

Media:
Jake Suski
(516) 268-7403
press@newfortressenergy.com

Source: New Fortress Energy Inc.