Crown LNG Issues Corporate Update
September 11 2024 - 8:00AM
Crown LNG Holdings Limited (NASDAQ: CGBS) (“
Crown”
or “
Crown LNG”), a leading provider of liquefied
natural gas (“
LNG”) regasification and
liquefaction terminal technologies for harsh weather locations,
today published a corporate update outlining its strategic focus to
capitalize on growing customer demand, emerging market conditions
and continued commercial progress towards its previously announced
projects across the world. The full text of the update below can
also be found at https://www.crownlng.com/investors.
As Crown LNG’s CEO, I am excited to share our
plans to accomplish our mission to enable stable, secure,
year-round LNG deliveries in growing markets where harsh weather
conditions can otherwise make LNG delivery dangerous or
unviable.
Crown is in a truly unique position to more
quickly and cost-effectively address one of the largest challenges
of the global energy transition and broader energy complex, helping
world economies ensure access to more secure, clean energy options
and accelerating the replacement of coal in their energy mix.
Following the completion of our successful
business combination and entry to public markets in early July, I
would like to take this opportunity to clearly outline our pathway
to commercialization and stable cash flows over the next several
quarters.
As energy demand increases across world
economies, LNG use is projected to expand dramatically. Crown LNG
is well-positioned to capitalize on the strong market tailwinds of
rising energy security concerns and the increasing use of natural
gas as a transition fuel. As this demand grows, the need for
weather-resistant, critical infrastructure will also increase.
The technology underlying our platform has
operated for many years in harsh weather environments like the
North Sea, offshore Eastern Canada, and other locations. The
strength of our opportunity to address potential bottlenecks to
global LNG supply is due to our differentiated facility plans that
are less costly, easier to permit, and faster to installation and
operations than other LNG infrastructure. Our ability to execute is
evidenced by the demonstrable progress we have made toward final
investment decision (“FID”) on near-term projects.
Underpinning this progress are our strong relationships with
partners and customers in key markets across the globe, which
provide a strong pipeline of commercial projects to drive our
growth.
Today I am sharing with you the core strategic
priorities that serve as the basis for our plan to bring projects
online and expand our revenue generating opportunities:
-
Advancing projects toward FID: We have multiple
near-term projects progressing toward FID, including our already
approved gravity-based structure (“GBS”) project
in Kakinada, India, and our planned floating LNG import terminal in
the Firth of Forth, Scotland, for which we recently announced the
appointment of a design and engineering partner. We now target FID
of Q2 2025 for our project in Firth of Forth, Scotland, and
re-affirm target of Q3 2025 for our project in Kakinada,
India.
-
Evaluating revenue-generating M&A: We are
actively exploring and evaluating opportunities for strategic
acquisitions and inorganic growth which would enable near-term
revenue generation and an expansion of our capabilities to include
elements of the LNG value chain beyond regasification and
liquefaction.
- Explore
opportunities for Liquefaction: As part of our ongoing
discussions with production partners, Crown is also exploring the
development of building export facilities in key production markets
like the United States of America and Canada. This approach would
complement our existing access to pipeline networks in key growth
markets for LNG consumption.
We strongly believe that successful execution of
these priorities will provide us with increasing revenue generating
and financing opportunities to accelerate our growth.
I want to thank you for your continued support
and confidence in our company. With our world-class team and a
technology approach that promises to swiftly address growing market
demand, I am confident in our ability to meet our goals in the
near-term, execute our long-term growth plan, and deliver
shareholder value.
Regards,
Swapan Kataria
Forward Looking Statements
This update includes forward-looking statements
that involve risks and uncertainties. Forward-looking statements
are statements that are not historical facts. Such forward-looking
statements are subject to risks and uncertainties, which could
cause actual results to differ from the forward-looking statements,
including those set forth in any subsequent filings with the
Securities and Exchange Commission (the “SEC”).
Copies are available on the SEC’s website, www.sec.gov. Crown
expressly disclaims any obligations or undertaking to release
publicly any updates or revisions to any forward-looking statements
to reflect any change in Crown’s expectations or any change in
events, conditions or circumstances on which any statement is
based.
About Crown LNG Holdings
LimitedCrown LNG is a leading provider of offshore
LNG liquefaction and regasification terminal infrastructure
solutions for harsh weather locations, which represent a
significant addressable market for bottom-fixed, gravity based
liquefaction and floating storage regasification units, as well as
associated green and blue hydrogen, ammonia and power projects.
Through this approach, Crown aims to provide lower carbon sources
of energy securely to under-served markets across the globe.
Visit www.crownlng.com/investors for more
information.
Contacts
For Crown LNG
InvestorsCaldwell BaileyICR,
Inc.CrownLNGIR@icrinc.com
MediaZach GorinICR,
Inc.CrownLNGPR@icrinc.com
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