New Fortress Energy says Fast LNG unit offline, shares tumble 14%
New Fortress Energy says Fast LNG unit offline, shares tumble 14% Oct 5 (Reuters) - New Fortress Energy NFE.O said on Monday its Fast LNG unit was offline following a mechanical issue with the facility's gas turbine, sending its shares slumping 14% to an all-time low.
The outage coincides with higher liquefied natural gas prices and has disrupted production at the Fast LNG facility, which has exported a cargo to Puerto Rico each month this year as the US territory grappled with power supply challenges.
Here are some more details:
New Fortress is actively working with the turbine manufacturer to return the FLNG unit, a key part of the company's LNG business, to operation, it said in a regulatory filing.
The company expects the unit to return to service during the fourth quarter.
The Fast LNG unit has a production capacity of 1.4 million tonnes per annum, according to previous company disclosures.
(Reporting by Varun Sahay in Bengaluru; Editing by Shilpi Majumdar)