NFE, Apollo wrap up formation of $2 billion LNG JV

US LNG player New Fortress Energy and compatriot asset manager Apollo have completed the previously announced move to form a joint venture worth about $2 billion.

The JV now owns and operates six floating storage and regasification units (FSRUs), two LNG carriers, and three floating storage units, previously owned by NFE.

Under the deal, NFE will receive about $1.1 billion in proceeds after accounting for the company’s share of the JV and paydown of existing debt.

According to a joint statement, the partners named the new platform Energos Infrastructure.

Apollo-managed funds own 80 percent in the JV while NFE holds 20 percent.

Energos will establish its headquarters in Stamford, Connecticut.

Arthur Regan becomes CEO

Apollo and NFE have additionally announced the Energos executive team, led by newly-appointed chief executive officer Arthur Regan.

Regan is a veteran maritime industry chief executive and Apollo operating partner, having established and led both publicly-traded and private equity-owned maritime enterprises over the past three decades, the statement said.

He will also serve as director on the Energos board.

In addition, Kevin Kilcullen has been named chief financial officer of Energos.

Kilcullen was previously CFO at publicly-traded Diamond S Shipping until the closing of its recent merger transaction.

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