Stabilis to Acquire Prometheus Energy’s 20,000 gpd LNG Production Facility in Lisbon, UT; Prometheus to Acquire Stabilis’ LNG Distribution Business Outside of Texas and the Gulf Coast
BEAUMONT, Texas--(BUSINESS WIRE)-- Stabilis Energy (“Stabilis”) announced that it has signed a definitive agreement to acquire Prometheus Energy’s (“Prometheus”) 20,000 gpd LNG production facility in Lisbon, Utah. The acquisition extends Stabilis’ LNG production capabilities into the Rocky Mountain Region and provides a platform for additional growth in small-scale LNG production facilities across North America. As part of the transaction, Prometheus will acquire Stabilis’ LNG distribution and logistics business outside of Texas and the Gulf Coast region. Terms of the transaction were not disclosed.
“We are pleased to announce the acquisition of the Lisbon LNG production facility,” said Casey Crenshaw, CEO of Stabilis Energy. “This transaction allows Stabilis to focus on its core strengths of building and operating small-scale and mid-scale LNG production facilities. This transaction is a continuation of our plan to build the leading LNG supply network in North America.”
Prometheus will add to its industry-leading North American LNG supply and service platform with the acquisition of Stabilis’ LNG distribution business in the DJ Basin (Colorado) and other regions excluding Texas and the Gulf Coast region. Crenshaw added, “Prometheus is best-in-class in providing cost effective and reliable LNG distribution services to its customers across North America. We believe this transaction allows both companies to focus on what they do best.”
Jim Reddinger, President and CFO of Stabilis Energy continued, “Stabilis remains fully committed to self-performing the transportation and logistics services required to move LNG from our production facilities to our customers. Providing certainty of LNG supply to our customers is our top priority, and we believe that self-performing transportation and logistics services in Texas and the Gulf Coast region is critical to fulfilling this commitment.”
About Stabilis Energy
Stabilis Energy is a leading supplier of liquefied natural gas (LNG) to the industrial, midstream, and oilfield sectors in North America. Stabilis provides turnkey fuel solutions to help industrial users of diesel and other crude-based fuel products convert to LNG, resulting in reduced fuel costs and improved environmental footprint. Stabilis opened its 120,000 gpd LNG production facility in George West, TX in January 2015 to service industrial and oilfield customers in Texas and the greater Gulf Coast region. Stabilis is vertically integrated from LNG production through distribution and cryogenic equipment rental. Stabilis is headquartered in Beaumont, TX and is privately held.
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Jim Reddinger, 409-833-1115
President and CFO
Source: Stabilis Energy