New Fortress Energy Inc (NFE) 2024 Q3 法說會逐字稿

Good day, and welcome to the New Fortress Energy Third Quarter 2024 Earnings Results Conference Call. Today's conference is being recorded.

美好的一天，歡迎參加新堡壘能源2024年第三季獲利結果電話會議。今天的會議正在錄製中。

At this time, I would like to turn the call over to Matthew Reinhard, Managing Director. Please go ahead.

此時，我想將電話轉給董事總經理 Matthew Reinhard。請繼續。

Thank you, and good morning, everyone. Thank you for joining today's conference call where we will discuss our third quarter 2024 results. The call is being recorded and will be available by replay on the Investors section of our website under the subheading Events and Presentations. At the same location, you will find a presentation that we will walk through on today's call. Please review this as it includes important information on forward-looking statements and non-GAAP measures.

謝謝大家，大家早安。感謝您參加今天的電話會議，我們將在會議中討論 2024 年第三季的業績。電話會議正在錄音，並將在我們網站的「投資者」部分的「活動和演示」副標題下重播。在同一位置，您會找到我們將在今天的電話會議中演示的簡報。請查看此內容，因為它包含有關前瞻性陳述和非公認會計準則措施的重要資訊。

With that, let me hand it over to our Chairman and CEO, Wes Edens. Wes?

接下來，讓我將其交給我們的董事長兼執行長 Wes Edens。韋斯？

Great. Thanks, Matt. Thanks, everyone, for dialing in. So as usual, we will refer to the deck as we flip through here, but let's start at the beginning.

偉大的。謝謝，馬特。謝謝大家撥通電話。像往常一樣，我們在翻閱這裡時會參考這副牌，但讓我們從頭開始。

So page 3, first with the quarterly financial results. Q3 adjusted EBITDA of $176 million, that's basically right on top of what we forecast here last summer. From an operational standpoint, the quarter was a very flaccid one. So we continue to operationalize FLNG operations. I'll talk about that in a minute.

第三頁，首先是季度財務業績。第三季調整後 EBITDA 為 1.76 億美元，基本上高於我們去年夏天的預測。從營運角度來看，本季非常疲軟。因此，我們繼續經營 FLNG 業務。我稍後會討論這個問題。

We sold our first full cargo, it was sold and transported to Europe. We obtained the non-FTA permits in Labor Day, which allowed us to then shift to non-FTA countries. Of course, it looks like that ban is likely to be lifted after the presidential election, but that was a good milestone for us. We are reducing our guidance in the fourth quarter modestly due to some maintenance that we've taken here, so we're going to have lower volumes in FLNG. The unit is back up and is running well now. We've been working on optimizing production, but we're very, very happy with the production of it, and I'll talk about that in a second, but that's good.

我們出售了第一批整批貨物，將其出售並運送到歐洲。我們在勞動節獲得了非自由貿易區許可證，這使我們能夠轉向非自由貿易區國家。當然，看起來禁令很可能在總統選舉後取消，但這對我們來說是一個很好的里程碑。由於我們在這裡進行了一些維護，我們將適度降低第四季度的指導，因此我們的 FLNG 產量將會減少。該裝置已恢復運行，目前運作良好。我們一直在努力優化生產，但我們對它的生產非常非常滿意，我稍後會討論這一點，但這很好。

We also are going to bring Barcarena in place into service which has got some accounting implications, but it's nothing but positives from an operational standpoint, from a business standpoint, but Andrew will talk about that in a minute.

我們還將讓 Barcarena 投入使用，這會產生一些會計影響，但從營運角度和業務角度來看，這只是積極的一面，但安德魯稍後會討論這一點。

The claim from FEMA is something I get asked about all the time. We continue to have conversations with Weston, which is our contractor as well as with the core and with FEMA, and expect as expected. We do think that the resolution of that is pending and is positive. We don't have anything specific to report on it.

我經常被問到 FEMA 的索賠要求。我們繼續與我們的承包商 Weston 以及核心和 FEMA 進行對話，並按預期進行。我們確實認為該問題的解決方案尚待解決，而且是積極的。我們沒有任何具體的報告。

Obviously, the impact of a FEMA settlement in the quarter -- the fourth quarter -- the first quarter would materially affect what our forecast would be. And also, to the extent that these new strategic options that we are pursuing that I'll talk about at some length come to bear, they could move things around. So actually, the ability to then forecast specifically away from operations is a little more complex just because these are such big and large individual transactions. So notable events is split to the following page.

顯然，聯邦緊急管理局在本季（第四季）和第一季達成的和解協議的影響將對我們的預測產生重大影響。而且，如果我將詳細討論的我們正在追求的這些新戰略選擇能夠發揮作用，它們可能會扭轉局面。因此，實際上，從營運之外進行專門預測的能力要複雜一些，因為這些交易規模非常大。因此，值得注意的事件被分成以下幾頁。

I'll start with Fast FLNG. Prior to the maintenance event, we ran for 14 days on an hourly basis to about 105% of nameplate capacity. So working extremely well. This is now the time of the process in the liquefier that you then sit down with the vendors and brainstorm about debottlenecking and operational changes that you can implement to increase production. We had a big meeting in Houston on Monday, exactly on this that went really well.

我將從快速 FLNG 開始。在維護活動之前，我們每小時運行 14 天，達到銘牌容量的 105% 左右。所以工作得非常好。現在是液化器中的流程的時間，然後您與供應商坐下來，集思廣益，討論消除瓶頸和可以實施以提高產量的操作變革。週一我們在休士頓召開了一次大型會議，會議進展非常順利。

Our team is quite positive that there's a number of short-term additions that we can bring into it, to add 3% to 5% to 10% of nameplate capacity. That is consistent with other people in the industry. This is just a natural process to go through. First, get up and running at full -- at nameplate. Second, make those adjustments that allow you to enhance what you're doing. So very, very good news there.

我們的團隊非常樂觀地認為，我們可以在短期內增加一些內容，以增加銘牌容量的 3% 到 5% 到 10%。這與業內其他人的看法一致。這只是一個自然的過程。首先，按照銘牌全速啟動並運作。其次，進行一些調整，以增強你正在做的事情。這是非常非常好的消息。

We're just completing our fourth cargo, I believe, this morning. One thing about that because I've been asked some questions, the Penguin is about 170,000 cubic meters of storage. The average ship that we're filling on our run back and forth to Puerto Rico is about 135,000 cubic meters.

我相信，今天早上我們剛完成第四批貨物。有一件事是因為有人問了我一些問題，企鵝號的儲存空間約為 17 萬立方公尺。我們往返波多黎各的船舶平均裝載量約為 135,000 立方公尺。

That buffer provides us a tremendous amount of operational flexibility. So when there is weather, when there's a storm that has gone through and there are swells and you have to delay a day here or there, that 35,000 cubic meters of buffering basically means that we expect to have no downtime from an operational standpoint as we load, and that's been our experience thus far. So all going well and going to plan, but FLNG has moved squarely out of the construction phase into the last stages of commissioning.

該緩衝區為我們提供了巨大的操作彈性。因此，當出現天氣情況時，當遇到暴風雨、湧浪時，您必須在這裡或那裡推遲一天，35,000 立方米的緩衝基本上意味著從運營角度來看，我們預計不會出現停機時間，因為我們負載，這就是我們迄今為止的經驗。一切進展順利，正在按計劃進行，但 FLNG 已經完全脫離了施工階段，進入了調試的最後階段。

And now operationally, we're performing kind of extremely well. Brazil, I'm going to leave Andrew to talk about this, but the big construction continues. The bottom line from our standpoint is on time, on budget. The EPC is performing extremely well, and there's a tremendous beehive of activity there. But I will I'll let Andrew talk about that specifically.

現在在營運方面，我們的表現非常好。巴西，我將讓安德魯來談論這個問題，但大型建設仍在繼續。從我們的角度來看，最重要的是按時、按預算。EPC 的表現非常出色，活動非常活躍。但我會讓安德魯具體談談這一點。

Lastly, for us, a big, big focus for the company has the corporate refinancing and capital formation that we did in the quarter, and culminating with the signing of our agreement here this morning to kind of finalize it. But in simpler terms, what we did is we refinanced and extended out 100% of the 2025 corporate debt, 2/3 of the 2026 is into a single class and then extended the vast majority of the revolvers to 2027.

最後，對我們來說，公司的一個非常非常大的重點是我們在本季度進行的企業再融資和資本形成，並最終以今天早上在這裡簽署的協議來敲定它。但簡單來說，我們所做的是，我們對 2025 年企業債務的 100% 進行了再融資並延期，2026 年的 2/3 進入單一類別，然後將絕大多數左輪手槍延期到 2027 年。

This -- lastly, we also completed a $400 million equity raise that I actually personally participated in a significant amount of investment back in October as well. What this has done is it basically has added significant liquidity to the company and also has extended debt maturities that now allows for us to really pursue the next series of things I'm going to talk about here in a very ordinary course of events. So that's great. It was done very collaboratively with our bondholders and our banks. We're blessed to have a very, very professional and broad-based group of lenders that work through this well. And now it sets a stage for us to focus on the strategic goals that we outlined the other day.

最後，我們也完成了 4 億美元的股權融資，實際上我個人在 10 月也參與了一大筆投資。這樣做的作用是，它基本上為公司增加了顯著的流動性，並且還延長了債務期限，現在使我們能夠真正追求我將在一個非常平常的事件過程中在這裡討論的下一系列事情。那太好了。這是我們與債券持有人和銀行密切合作完成的。我們很幸運擁有一個非常非常專業和基礎廣泛的貸款機構團隊，他們能夠很好地解決這個問題。現在，它為我們專注於我們前幾天概述的策略目標奠定了基礎。

But before I get to that, let me turn over the rest of the updates to Andrew. Andrew?

但在我開始之前，讓我把剩下的更新交給安德魯。安德魯？

So nice to talk to everybody again. I'm on page 5, just talking about the Brazil construction update. So a positive update this quarter, Shell 2, which is our 630-megawatt combined cycle plant, it is just at 80% complete. So a really good milestone for us there. You can see the pictures on the bottom left. We've got a real power plant on site. We have almost 2,000 people on site last month. So a ton of activity going on sort of in the final stages of the electromechanical assembly, everything is on site. And now it's just a matter of kind of all the work getting done.

很高興能再次與大家交談。我在第五頁，只是談論巴西建設的最新情況。因此，本季的積極更新是 Shell 2，即我們的 630 兆瓦聯合循環發電廠，目前僅完成 80%。這對我們來說是一個非常好的里程碑。您可以看到左下角的圖片。我們現場有一座真正的發電廠。上個月我們現場有將近 2,000 人。因此，在機電組裝的最後階段會進行大量活動，一切都在現場。現在只是所有工作完成的問題。

Our forecast for this is cash flow is commencing in second half of 2025. And that's the firm Datang EPC agreement, Mitsubishi and Toyo Setal as well. So everything on track at Salva 2 for the moment, and really good progress over the last quarter.

我們對此的預測是現金流將於 2025 年下半年開始。這就是大唐、三菱和東洋Setal公司的EPC協議。因此，目前 Salva 2 的一切都步入正軌，並且在上個季度取得了非常好的進展。

Our Port of Zen project, which you remember, we acquired -- signed and acquired in December and I think announced in January of this year, and we moved that to the site of Barcarena, and is under construction today. We made a lot of progress there. We're actually ahead of schedule. So we've planned on being 15% complete at this point, and we're actually achieving 25% complete. So we've had great activity.

我們收購的 Zen 港項目，你記得，是我們在 12 月簽署和收購的，我想是在今年 1 月宣布的，我們把它搬到了 Barcarena 的地點，今天正在建設中。我們在那裡取得了很大進展。我們實際上比計劃提前了。因此，我們計劃在此時完成 15%，而實際上我們已完成 25%。所以我們進行了一次很棒的活動。

If you see the pictures on the bottom right. What you can see there on the top are the four different pads for the large gas turbines. And then the big clear text, the bottom is for the substation. Mitsubishi is making great progress on the turbines as well. So that project is really coming together faster than expected. And right now, we're ahead of schedule. So a very positive update on our construction in Brazil for the quarter.

如果你看到右下角的圖。您可以在頂部看到大型燃氣渦輪機的四個不同墊板。然後是大的明文，最下面是變電所。三菱在渦輪機方面也取得了巨大進展。所以這個專案的進展確實比預期的快。現在，我們比計劃提前了。因此，本季我們在巴西的建設工作取得了非常積極的進展。

Back to you, Wes.

回到你身邊，韋斯。

Yes. So flipping the page to Nicaragua. This is the last of the terminals that we expect to go operational. Our expectation is still in Q1. The 200-megawatt power plant, 100% complete. The Jetty and the FSU is 95% complete. We expect that to be completed here in the next month or 2.

是的。因此，將這一頁翻到尼加拉瓜。這是我們預計投入營運的最後一個航站樓。我們的預期仍在第一季。200兆瓦發電廠已100%完工。碼頭和 FSU 已完成 95%。我們預計這將在下個月或兩個月內完成。

The pipeline, as you can see, has been dredged and is being put in place. So just the remaining works really include finalizing the jetty and then connecting the pipeline from the terminals to the power plant. And we expect to put the freeze, our FSRU in there when we get out of the dry dock here at the end of this year. So a very, very good update -- from that standpoint.

正如你所看到的，管道已經疏浚完畢，正在就位。因此，剩下的工作實際上包括完成碼頭的建設，然後將管道從碼頭連接到發電廠。我們預計今年年底離開這裡的乾船塢時會將我們的 FSRU 冷凍起來。從這個角度來看，這是一個非常非常好的更新。

So now flipping to the next section 2 on the strategic update. Let's start with the -- on the page, and this is a quotes from the words that we on our 8-K a couple of days ago. So on October 2, 2024, New Fortress Energy announced a series of financing transactions, but upon closing are intended to increase the company's liquidity financial flexibility, that's what we just referred to, and we'll talk about that in a little bit more detail.

現在轉到下一個關於策略更新的第 2 部分。讓我們從頁面上的 -- 開始，這是我們幾天前在 8-K 上的一段話的引述。所以在2024年10月2日，新堡壘能源宣布了一系列融資交易，但成交後是為了增加公司的流動性財務彈性，這就是我們剛才提到的，我們會更詳細地討論這一點。

And further into these goals, the company has begun to work to identify strategic partners for one or more of our primary businesses, including projects in Brazil, Puerto Rico, Jamaica, Mexico, Nicaragua, FLNG 1 in Klondike. The company expects to explore with potential strategic partners, financings, commercial ventures or asset sales that are intended to enhance the company's liquidity and financial flexibility. That's the 8-K that we issued a couple of days ago, which I think there's a clear job of laying out kind of what our focus in. From the lay perspective, when I think about this is that what we are focused on in simple terms is that we believe that the sum of the parts of our businesses and units are worth significantly more than the current debt and equity levels of the company.

為了進一步實現這些目標，公司已開始努力為我們的一項或多項主要業務尋找策略合作夥伴，包括巴西、波多黎各、牙買加、墨西哥、尼加拉瓜、克朗代克的 FLNG 1 專案。該公司預計將與潛在的策略合作夥伴探討融資、商業投資或資產出售，以增強公司的流動性和財務靈活性。這就是我們幾天前發布的 8-K，我認為其中明確了我們的重點內容。從外行人的角度來看，當我想到這一點時，簡單來說，我們關注的是我們相信我們的業務和部門的各個部分的總價值遠高於公司當前的債務和股本水平。

And so our focus, therefore, is to close that gap by focusing on individual assets that can be capitalize, bringing partners, kind of et cetera, to realize that value. The characteristics of our businesses, for the most part, are, number one, they are fully constructed. Or in the case of Brazil, will be shortly. And therefore, have very little, if any construction risk. They're operating assets with many long-term community customers.

因此，我們的重點是透過專注於可以資本化的個人資產來縮小這一差距，讓合作夥伴等實現這一價值。在大多數情況下，我們企業的特徵是，第一，它們是完全建構的。或者就巴西而言，很快就會發生。因此，即使有施工風險，也非常小。他們與許多長期社區客戶一起經營資產。

Number two, they need little or no CapEx. And so the cash flows that they generate, which are significant from operations essentially go straight to the bottom line. Number three, they have LNG supply to match the customers. So essentially, when you match the supply and the demand, you remove commodity exposure and what is left is simply a matched business between inflows of product, outflows of gas and power to customers, and then just a long-term contract between both the supply and the demand. And it becomes really just a pure infrastructure business.

第二，他們需要很少或不需要資本支出。因此，它們產生的現金流（來自營運）本質上是直接進入利潤的。第三，他們有液化天然氣供應來滿足客戶的需求。因此，從本質上講，當你匹配供應和需求時，你就消除了商品風險，剩下的只是產品流入、天然氣和電力流出給客戶之間的匹配業務，然後只是供應雙方之間的長期合同和需求。它實際上變成了純粹的基礎設施業務。

And lastly, they have visible and clear growth prospects as only a fraction of the capacity of the asset itself is utilized. These characteristics in sum total are basically the holy grail of infrastructure investments. No construction risk or little significant cash flow with very, very long-term commitments, no CapEx. There is no additional capital, goes straight to the bottom line, long operational histories without incidence and no commodity exposures. So that, broadly speaking, is the description of our assets.

最後，它們具有明顯且明確的成長前景，因為僅利用了資產本身容量的一小部分。這些特徵總的來說就是基礎建設投資的聖杯。沒有建設風險或很少的大量現金流，並且有非常非常長期的承諾，沒有資本支出。沒有額外的資本，直接進入利潤，長期的營運歷史，沒有發生事故，也沒有商品風險。從廣義上講，這就是我們資產的描述。

And you flip to page number 9. -- we believe that there's significant value in all of the businesses. We've chosen to highlight these three as they are the most developed and most significant in size, but we're very positive and constructive in the value of all of them and believe that once added together, this sum of the parts is quite substantially greater than the current valuation of our debt and equity.

你翻到第 9 頁。我們選擇強調這三個，因為它們是最發達、規模最重要的，但我們對所有這些的價值非常積極和建設性，並相信一旦加在一起，這些部分的總和是相當可觀的高於我們債務和股權的當前估值。

These three assets, Brazil, Jamaica, and then the combination in Puerto Rico and FLNG1 have the characteristics which I just went through. They have long-term supply, specifically matched with the longer-term customer offtake, which mitigates the climate exposure. The projects, again, with the exception of the final construction in Brazil. But on the other 2, the projects are completed and are operational and require little or no additional CapEx and they have very significant value add in terms of material growth opportunities.

這三個資產，巴西、牙買加，然後是波多黎各和FLNG1的組合，都具有我剛剛經歷過的特徵。它們擁有長期供應，特別是與長期客戶承購相匹配，從而減輕了氣候暴露。同樣，這些項目除了巴西的最終建設之外。但在另外兩個方面，項目已經完成並投入運營，幾乎不需要或不需要額外的資本支出，並且在物質成長機會方面具有非常顯著的附加價值。

Each of these are unique assets, but they have a lot of similarities. We've invested billions of dollars in building these and taking many years in doing so, roughly 10 years in making in Jamaica, seven years in Puerto Rico, five years in Brazil. So the investments we've made have resulted in these terrific assets, and now we think we're very well positioned to go talk to investors about different options for them.

每一個都是獨特的資產，但它們有許多相似之處。我們投資了數十億美元來建造這些設備，並花費了很多年的時間，其中在牙買加大約花了 10 年，在波多黎各花了 7 年，在巴西花了 5 年。因此，我們所做的投資帶來了這些出色的資產，現在我們認為我們完全有能力與投資者討論他們的不同選擇。

So let's look at page number 10, kind of going from left to right. The Puerto Rico and FLNG assets are the perfect downstream complement -- and upstream complement to each other. As FLNG 1 is now operational, and possibly FLNG 2, they each have a significant independent value because, obviously, we live in a world where there's still a significant difference between the price of creating LNG and what the market will pay for it. But they have far more value in our estimation when you combine them with the downstream needs of San Juan.

讓我們來看看第 10 頁，從左到右。波多黎各和 FLNG 資產是下游的完美補充，上游也是互相補充。由於 FLNG 1 和可能的 FLNG 2 現已投入運營，它們各自都具有顯著的獨立價值，因為顯然，我們生活在液化天然氣生產價格與市場支付價格之間仍然存在顯著差異的世界。但根據我們的估計，當你將它們與聖胡安的下游需求結合起來時，它們的價值要大得多。

We have a Jones Act exemption that allows us to bring the gas straight from one side to the other. Today, in Puerto Rico, we have this 80 TBtu high and wide gas contract that is partially utilized, but we're very, very optimistic that's going to like change and grow substantially. But even today, it's a 70-plus TBtu market. There's nine customers, LNG supply of 20 years, the contract duration is four years, but we think that there's a good chance that, that will change over time.

我們有《瓊斯法案》豁免，允許我們將氣體直接從一側輸送到另一側。今天，在波多黎各，我們擁有這份 80 TBtu 高寬天然氣合同，該合同已部分利用，但我們非常非常樂觀，它將喜歡改變並大幅增長。但即使在今天，它的 TBtu 市場仍然超過 70。有九個客戶，液化天然氣供應期為 20 年，合約期限為四年，但我們認為這種情況很有可能隨著時間的推移而改變。

The total owned-to-managed power capacity across the complex is 9,000 megawatts. So it's huge market, which we have, obviously, a very significant presence of, and now we have the supply to match that. Jamaica, which is our oldest and most mature asset, 30 TBtus of volumes, 25 customers. We have supply matched against it for 20 years, average contract duration 17 years, owned power and managed capacity of 330 megawatts, right? So that's a very, very long term and very, very stable and significantly a chance to grow materially.

該綜合體自有到管理的總發電容量為 9,000 兆瓦。所以這是一個巨大的市場，顯然我們擁有非常重要的存在，現在我們有與之相匹配的供應。牙買加是我們最古老、最成熟的資產，容量為 30 TBtus，擁有 25 個客戶。我們的供應與之匹配20年，平均合約期限17年，自有電力和管理容量為330兆瓦，對嗎？因此，這是一個非常非常長期、非常非常穩定且顯著的實質成長機會。

And then lastly, the Brazil Complex, which Andrew to talk about. But in the North, you have a massive combination of the terminal, baseload customer with Norsk Hydro, 2.2 gigawatts of power, it's an island of activity in one of the most environmentally sensitive parts of the world with huge long-term offtakes.

最後是安德魯要談的巴西情結。但在北方，你擁有大量碼頭、基荷客戶和 Norsk Hydro 的組合，電力容量為 2.2 吉瓦，這是世界上對環境最敏感的地區之一的活動島，具有巨大的長期承購量。

So what is the plan? The goal for us is simply is to deleverage the company and by doing so greatly simplify for investors, the merits of the assets that we own. The refinance gives us the ability to do this in a thoughtful and measured manner. One of the key elements of that refinance is that to the extent that we use asset sales, we can pay off debt without penalty.

那麼計劃是什麼？我們的目標很簡單，就是將公司去槓桿化，從而為投資人大幅簡化我們所擁有資產的優點。再融資使我們能夠以深思熟慮和謹慎的方式做到這一點。再融資的關鍵要素之一是，只要我們使用資產出售，我們就可以償還債務而無需支付罰款。

This results in effectively a very flexible capital structure to the extent that we pursue asset sales, which is what we're going to do. You can also organically deleverage by simply making more money than it costs you to pay the bills, which is, of course, a base case. But the asset sales can greatly accelerate this process, and that's why it's where our focus is. But the form of the strategic transactions could be a number of different forms. They could be equity sales or JVs. They can be partnerships, they can be outright sales of all or portions of these businesses.

這實際上導致了非常靈活的資本結構，以至於我們追求資產出售，而這正是我們要做的。你也可以透過簡單地賺取比支付帳單成本更多的錢來有機地去槓桿化，這當然是一個基本情況。但資產出售可以大大加速這個過程，這就是我們關注的焦點。但戰略交易的形式可以有多種不同的形式。它們可以是股權銷售或合資企業。它們可以是合夥企業，也可以是這些業務的全部或部分的直接銷售。

We've hired advisers on a few of these and expect a very, very busy few months as we go forward on this. Fortunately, electricity and access to it is perhaps the hottest topic in the world, both internationally and domestically as well. And the only commodity that cannot be purchased is as I said before is time. We've invested the time, decades of time in these assets and expect that it will have a lot of interesting things to talk about as we move ahead.

我們已經聘請了其中一些顧問，預計接下來的幾個月會非常非常忙碌。幸運的是，電力及其取得可能是世界上最熱門的話題，無論是在國際上還是在國內。正如我之前所說，唯一買不到的商品就是時間。我們在這些資產上投入了數十年的時間，並期望在我們前進的過程中會有很多有趣的事情可以討論。

So I'll turn it over to Andrew to talk about the makeup.

所以我會把它交給安德魯來討論化妝的問題。

Yes. Thanks. So as a follow-up to that, we just want to provide a case study on margin makeup business. So on page 12, just a reminder, NFE really started in Jamaica with the Montego Bay terminal in 2015, which was completed in 2016. We then built our CHP plant in 2017 and then contracted the Old Harbour terminal, just west of Kingston in 2018. Old Harbour was finished in 2019. And there, we would COD on the power plant in 2020.

是的。謝謝。因此，作為後續，我們只想提供一個關於保證金彌補業務的案例研究。所以在第 12 頁，提醒一下，NFE 真正在牙買加始於 2015 年的蒙特哥灣航站樓，該航站樓於 2016 年竣工。隨後，我們於 2017 年建造了熱電聯產工廠，並於 2018 年承包了金斯頓以西的舊港碼頭。老港於2019年竣工。在那裡，我們將在 2020 年對發電廠進行 COD。

The map on the left really kind of orients to our business in Jamaica. The Montego Bay terminal is critical because it supplies the Bogue Power Plant, as well as serves our 21 different small-scale customers, which are most of the large industrial customers in Jamaica. The Old Harbour terminal is directly connected by pipeline to the Clarendon and CHP plant, which we own about 150 megawatts, that supplies electricity to Jamaica Public Service. And then also supplies steam to the JamalCo alumina refinery. And then it's also connected by pipeline to the Old Harbour power plant, which is owned by Jamaica Public Service.

左邊的地圖確實適合我們在牙買加的業務。蒙特哥灣碼頭至關重要，因為它為博格發電廠供電，並為我們的 21 個不同的小規模客戶提供服務，其中大多數是牙買加的大型工業客戶。老港碼頭透過管道直接連接到克拉倫登和熱電聯產工廠，我們擁有約 150 兆瓦的電力，為牙買加公共服務部門供電。然後也向 JamalCo 氧化鋁精煉廠供應蒸氣。然後它還通過管道連接到牙買加公共服務公司擁有的舊港發電廠。

So really, we own and supply three of the major power plants on the island. We supply out of our Montego Bay terminal, basically the 21 largest industrial customers on the island with LNG. And you can see the key metrics on the bottom right, Traditionally, we've spotted about 30 TBtus a year. We have 23 plus customers. We started all of our long-term agreements were initially 20 years. They are about 17 years remaining generally now.

事實上，我們擁有並供應島上的三個主要發電廠。我們透過蒙特哥灣碼頭向島上 21 個最大的工業客戶供應液化天然氣。您可以在右下角看到關鍵指標，傳統上，我們每年發現大約 30 TBtus。我們有 23 多個客戶。我們所有的長期協議最初都是 20 年。現在他們的平均壽命還剩17年左右。

And they have two components. One is a fixed capacity payment and the other is a volumetric payment for the gas that has about an 85% take-or-pay on the volumes every year. I mentioned 17 years average remaining contract duration. We own the 150-megawatt heat and power plant at Clarendon. And overall, we account for about 65% of the electricity supply in Jamaica.

它們有兩個組成部分。一種是固定容量付款，另一種是天然氣體積付款，每年大約有 85% 的按照付費。我提到平均剩餘合約期限為 17 年。我們擁有位於克拉倫登的 150 兆瓦熱電廠。整體而言，我們約佔牙買加電力供應的 65%。

Moving to page 13, it just gives you a better sense for our operations. So today, we basically based out of the Old Harbour terminal just west of Kingston. We run a shuttle vessel from there up to our Montego Bay terminal about once a week to keep the storage at Montego Bay supplied. We receive larger international LNG deliveries into the old Harbour terminal. And then we supply gas by pipeline to the three power plants I mentioned, one of which we own and the two others are owned by JBS and we supply gas into our long-term agreement. And then out of our Montego Bay terminals is where we run our trucking business to the 21 industrial customers I mentioned.

翻到第 13 頁，您可以更了解我們的營運狀況。所以今天，我們基本上是以金斯頓以西的舊港碼頭為基地。我們大約每週運行一次從那裡到蒙特哥灣碼頭的穿梭船，以確保蒙特哥灣的存儲供應。我們在舊港口碼頭接收大量國際液化天然氣。然後我們透過管道向我提到的三個發電廠供應天然氣，其中一個是我們擁有的，另外兩個是 JBS 擁有的，我們根據我們的長期協議供應天然氣。然後，我們在蒙特哥灣碼頭外向我提到的 21 家工業客戶開展貨運業務。

On page 14, just a few investment highlights on how to think about our business in Jamaica. So we have really long-term offtakes or 17 years average remaining contract duration. Jamaica public service has been a great partner to us. We've had an extremely productive relationship even kind of going through difficult economic times like during COVID. We've had a great business relationship with them, and the ability to continue to grow and do more. As you guys might know, Jamaica Public Service is actually owned by Marubeni and Korea East-West Power as well as the Government of Jamaica. We have investment-grade LNG supplied. So we generally supply Jamaica through a long-term third shell.

第 14 頁僅介紹了一些關於如何考慮我們在牙買加業務的投資亮點。因此，我們確實有長期承購，或者說平均剩餘合約期限為 17 年。牙買加公共服務部門一直是我們的重要夥伴。即使在經歷新冠疫情期間等經濟困難時期，我們也保持著極為有成效的關係。我們與他們建立了良好的業務關係，並且有能力繼續發展並做得更多。你們可能知道，牙買加公共服務實際上由丸紅和韓國東西電力以及牙買加政府擁有。我們提供投資等級液化天然氣。所以我們一般透過長期的第三個殼來供應牙買加。

And as Wes mentioned, this creates the business that we have set out as a mission to create NFE, which is a long-term spread business between selling gas and power in Jamaica under the 17-year long-term offtake agreements and then receiving international LNG shipments from Shell under our DES contract delivered into the Old Harbor terminal. We have a great operating team. So since 2015, obviously, had a great team in Jamaica that runs the terminals, runs the checking operations. And we've had a great base of people that's grown over time.

正如 Wes 所提到的，這創造了我們作為創建 NFE 使命的業務，這是一項長期價差業務，根據 17 年長期承購協議在牙買加銷售天然氣和電力，然後接收國際電力根據我們的DES 合同，殼牌將液化天然氣運送到舊港碼頭。我們擁有優秀的營運團隊。因此，自 2015 年以來，牙買加顯然擁有一支出色的團隊來運作終端、進行檢查操作。我們擁有龐大的人員基礎，並且隨著時間的推移而不斷壯大。

NFE actually started a program at the University of West Indies to help train people in cryogenie engineering. We've hired a bunch of those people. They've been great employees for us and generally a place where we've had a super capable and positive team. And then the next step here is obviously continue to grow. So we have great opportunities for incremental growth, bunkering is a big one in terms of -- in targeting the switch for container vessels to LNG supply.

NFE 實際上在西印度群島大學啟動了一個項目，幫助培訓低溫工程人員。我們僱用了很多這樣的人。他們對我們來說是很棒的員工，總的來說，我們擁有一支超級有能力和積極的團隊。下一步顯然是繼續增長。因此，我們有巨大的增量成長機會，就貨櫃船轉向液化天然氣供應而言，加油是一個重要的機會。

And then also many new opportunities to develop new power in Jamaica, continue to grow access to electricity in the country and continue to supply other small scale customers. Further, we think as the market develops, our hub in Jamaica can really be a hub for the entire Caribbean. We're obviously sort of well located to access other Caribbean Islands. Obviously, our Puerto Rican business actually started and was supplied out of Jamaica originally, which is a great case study for growing other countries out of using this terminal in Jamaica as a hub, and all of that incremental growth requires very little CapEx.

然後還有許多在牙買加開發新電力、繼續增加該國電力供應並繼續向其他小規模客戶供電的新機會。此外，我們認為隨著市場的發展，我們在牙買加的樞紐真的可以成為整個加勒比地區的樞紐。顯然，我們的地理位置優越，方便前往其他加勒比海島嶼。顯然，我們的波多黎各業務實際上是從牙買加開始的，並且最初是從牙買加供應的，這對於其他國家不再使用牙買加的這個碼頭作為樞紐來說是一個很好的案例研究，所有這些增量增長只需要很少的資本支出。

Page 15 is a deeper dive on our Montego bay terminal. So it's about a 24 TBtu terminal in terms of capacity. We built these on-storage storage tanks here, which provide about 57 TBtus of annual storage. This is what we supply once a week from our main terminal in Old Harbour. Here, we regas and send gas to the Bogue power plant, which is connected by pipeline to this terminal here. And then we also run our trucking operations out of the truck-loading manifold, you can see on the left side of the storage tanks there.

第 15 頁深入介紹了我們的蒙特哥灣碼頭。因此，就容量而言，終端大約為 24 TBtu。我們在這裡建造了這些儲存罐，每年提供約 57 TBtus 的儲存量。這是我們每週從舊港口的主碼頭供應一次的貨物。在這裡，我們將天然氣再氣化並輸送到博格發電廠，該發電廠透過管道連接到這裡的這個終端。然後我們還從卡車裝載歧管中進行卡車運輸操作，您可以在儲罐的左側看到。

Page 16 is the offshore terminal in Old Harbour. So this is just West of Kingston, and that's the $170,000 FSRU hogue galant. This is a world-scale LNG terminal, can accept all of those sort of large cargo deliveries as you can imagine coming into the terminal here. and it's just a few miles offshore and connected by pipeline into the power system in Jamaica.

第 16 頁是舊港的離岸碼頭。這裡是金斯頓以西的地方，這就是價值 17 萬美元的 FSRU hogue galant。這是一個世界級的液化天然氣接收站，可以接受所有類型的大型貨物運輸，正如您可以想像的那樣進入這裡的接收站。它距離海岸僅幾英里，透過管道連接到牙買加的電力系統。

Page 17 is a picture of our CHP plant, so combined heat and power. So here, we use the two Siemens SGT 800 turbines, which you can see there to produce electricity that we sell to JBS. And then the high-pressure steam, which comes off of that is sold and used in the alumina refining process at the Jamalco refinery, which you can't see here, but it's sort of just to the right side of the picture there, and is connected by pipeline. So one of the incremental growth opportunities is certainly to sell more gas into the Jamalco alumina refinery, which we're looking to do over time as well.

第 17 頁是我們熱電聯產工廠的圖片，將熱電聯產。因此，在這裡，我們使用兩台西門子 SGT 800 渦輪機（您可以在那裡看到）來生產我們出售給 JBS 的電力。然後，從中產生的高壓蒸汽被出售並用於賈馬爾科煉油廠的氧化鋁精煉過程，你在這裡看不到，但它就在圖片的右側，並且通過管道連接。因此，增量成長機會之一肯定是向 Jamalco 氧化鋁精煉廠出售更多天然氣，我們也希望隨著時間的推移這樣做。

Page 18 just shows kind of how important this has been to Jamaica. So I mentioned before, as a combination of the power that we supply, the gas that we supply and then the small scale fuel that we supply, were about 65% of the overall kind of energy production in Jamaica so really critical infrastructure for the country.

第 18 頁正好顯示了這對牙買加有多重要。所以我之前提到過，我們提供的電力、天然氣以及我們提供的小規模燃料的組合，約佔牙買加能源生產總量的 65%，因此對於該國來說，基礎設施確實至關重要。

By entering into these relationships from 2015 to 2019, and doing this in a way where we were able to lock long-term prices over 20 years, we've been able to have a really good effect on Jamaica's overall energy cost, which we think has been reflected really positively in sort of the overall macro picture for Jamaica. So debt to GDP from when we started was about 135%, it's gone down to about 75%. And huge credit to the leadership team in Jamaica and everything they've done to bring that number down.

透過從 2015 年到 2019 年建立這些關係，並以我們能夠鎖定 20 多年長期價格的方式做到這一點，我們已經能夠對牙買加的整體能源成本產生非常好的影響，我們認為牙買加的整體宏觀形勢確實得到了正面的反映。因此，從我們開始時債務佔 GDP 的比例約為 135%，現在已降至 75% 左右。牙買加的領導團隊以及他們為降低這一數字所做的一切都值得讚揚。

Unemployment rate, when we started there, it was about 14%, now it's about 4.5%. And then they've been upgraded in a number of times from B rating to BB minus. Jamaica has been an amazing case study for economic development and macro development. And we think by making the very smart decision to do long-term gas and power at very stable and competitive market prices, that's at a great base to be able to do a number of these sort of positive macro developments.

失業率，剛開始時約 14%，現在約為 4.5%。然後它們多次從 B 級升級到 BB 級。牙買加一直是經濟發展和宏觀發展的一個令人驚嘆的案例。我們認為，透過做出非常明智的決定，以非常穩定和有競爭力的市場價格進行長期天然氣和電力業務，為能夠實現許多此類積極的宏觀發展奠定了良好的基礎。

On the right side, you can see, when we came to the country in 2015, natural gas was 0, oil-based energy generation was 97% of the mix. That's flipped. Natural gas is now 64% and oil is down to 16%, which we think over time continues to develop.

在右邊，你可以看到，2015年我們來到這個國家時，天然氣是0，石油能源發電佔了97%。那就翻了吧。天然氣現在佔 64%，石油則下降到 16%，我們認為隨著時間的推移，這一比例會繼續發展。

And obviously, this kind of base of dispatchable natural gas generation has obviously created the ability to then go do other intermittent sources of generation in Jamaica. And we've seen a lot of renewable power development from that time as well.

顯然，這種可調度天然氣發電基地顯然已經創造了牙買加其他間歇性發電來源的能力。從那時起，我們也看到了許多再生能源的發展。

So we calculate about $2 billion of overall fuel cost savings, a 33% reduction in carbon emissions and then 36.5 million trees planted, an equivalent from what NFE has been able to do in switching from oil-based power in Jamaica to natural gas.

因此，我們計算出整體燃料成本節省了約 20 億美元，碳排放量減少了 33%，然後種植了 3,650 萬棵樹，相當於 NFE 在牙買加從石油電力轉向天然氣電力方面所做的努力。

Page 19 is just a few of the growth vectors that we see going forward in Jamaica. Bunkering is really the big one. Where the Old Harbor terminal is just top of Kingston is a super busy shipping lane. And we've already seen a number of kind of spot transactions in bunkering that we've been able to do. And as more cargo ships, both on the container side and the bulk carrier side, continue to get either built with LNG-based engines or able to convert, we think this is going to be a huge opportunity for our terminal to service kind of all of the commercial ship traffic that goes by Jamaica.

第 19 頁只是我們在牙買加看到的一些成長向量。加油確實是一件大事。舊港碼頭位於金斯頓頂部，是一條超級繁忙的航道。我們已經看到了我們能夠進行的多種加油現貨交易。隨著越來越多的貨船（無論是貨櫃船還是散裝貨船）繼續使用基於液化天然氣的發動機建造或能夠進行改裝，我們認為這將是我們碼頭提供服務的巨大機會途經牙買加的商業船舶交通。

On the new power side, there's a need for a new power plant on the East side of Kingston, which is the Government of Jamaica make has been public about, and we think that's something we want to be involved in. And obviously, over the next couple of years, something we believe should and could happen. And then also continue to convert some of the other kind of peaking generation on the island that still runs on oil to gas is a main focus of ours.

在新的電力方面，需要在金斯敦東側建立一個新的發電廠，這是牙買加政府已經公開的，我們認為這是我們想要參與的事情。顯然，在接下來的幾年裡，我們認為應該而且可能發生的事情。然後繼續將島上仍使用石油運行的其他一些高峰發電轉換為天然氣，這是我們的主要重點。

I mentioned incremental gas supply. We're already connected by pipeline to the Jamalco Illumina refinery. There's an opportunity there. And then we see other opportunities with continuing to grow the LNG fuel for the industrial base of the country. And then I mentioned on the right side, continuing to be a hub for the Caribbean. We obviously effectively did that in starting our Puerto Rico business where we initially ran volumes out of Jamaica. But we continue to grow into other places that want to have cleaner fuels and more access to electricity in the Caribbean.

我提到了增量天然氣供應。我們已經透過管道連接到 Jamalco Illumina 煉油廠。那裡有一個機會。然後我們看到了繼續為該國工業基礎增加液化天然氣燃料的其他機會。然後我在右側提到，繼續成為加勒比海地區的樞紐。顯然，我們在開展波多黎各業務時有效地做到了這一點，我們最初在牙買加以外地區進行銷售。但我們繼續向加勒比地區其他想要獲得更清潔燃料和更多電力的地方發展。

With that, I will move into the refinancing update to -- in page 21. As Wes mentioned, we've just completed a refinancing transaction which basically refinances our 2025 notes, which were previously $875 million and also exchanges about 2/3 of the 2026 and 2029 notes. All of those are going into a new bond tranche for us, which is a November 2029 maturity at 12%.

接下來，我將進入第 21 頁的再融資更新。正如韋斯所提到的，我們剛剛完成了一項再融資交易，該交易基本上是對我們的2025 年票據進行再融資，這些票據之前為8.75 億美元，並且還交換了2/3 的2026 年和2029 年票據。所有這些都將進入我們的新債券檔，到期日為 2029 年 11 月，利率為 12%。

So you can see here the page that takes the bonds at the top, the 3 Series we previously had, the '25, the '26s and the '29s, and it can show those kind of going into this new series of notes at the bottom which we're calling the senior note to 2029 new. And that is effectively pushing out the maturities by refinancing all of the '25 and then 2/3 of the '26s and '29s.

因此，您可以在此處看到頂部債券的頁面，我們之前擁有的 3 系列、'25、'26 和 '29，它可以在我們將其稱為 2029 年新的高級說明。透過對所有 25 年以及 2/3 的 26 和 29 進行再融資，有效地延長了到期日。

We're also increasing our overall debt a little bit by raising some new money. So we've bolstered our overall corporate liquidity by raising incremental $327 million as part of this transaction, in combination with the $400 million of equity that we did, it's about $727 million of incremental corporate liquidity.

我們也透過籌集一些新資金來增加我們的整體債務。因此，作為此交易的一部分，我們透過籌集 3.27 億美元增量來增強我們的整體企業流動性，加上我們所做的 4 億美元股本，增加了約 7.27 億美元的企業流動性。

Flicking to page 22. This just tracks how we pushed out the maturities of this transaction. So not only have we refinanced the '25 notes as well as 2/3 of the '26s and the '29s. But we've also pushed out our revolver -- most of our revolver maturity. So we have a $1 billion revolver. We've pushed out $900 million of that revolver maturity into 2027. So 18 months from where it was in 2026. $100 million of that is not extending and staying at the 2026 maturity date. So this is our new maturity profile, which generally back ends our bond maturities into 2029.

翻到第22頁。這只是跟踪我們如何推遲該交易的到期日。因此，我們不僅為 25 年代的票據以及 2/3 的 26 年代和 29 年代的票據進行了再融資。但我們也推出了我們的左輪手槍——我們大部分的左輪手槍成熟度。所以我們有一把價值10億美元的左輪手槍。我們已將 9 億美元的左輪手槍到期期限推遲到 2027 年。距離 2026 年還有 18 個月。這是我們新的期限概況，通常會將我們的債券期限推遲到 2029 年。

Chris, I turn it over to you.

克里斯，我把它交給你了。

Great. Thanks, Andrew. Good morning, everybody. Let's move to slide 24 and talk through CapEx and financials. This first slide, page 26 -- 24, excuse me, is meant to be responsive to questions that we've received about gross and net CapEx, and seeks to provide a little added clarity. I know there are a lot of numbers here, but let me talk through the concepts and then we will drill down on 2025.

偉大的。謝謝，安德魯。大家早安。讓我們轉到投影片 24，討論資本支出和財務狀況。第一張投影片（第 26 - 24 頁）旨在回答我們收到的有關總資本支出和淨資本支出的問題，並力求提供更多的清晰度。我知道這裡有很多數字，但讓我先談談這些概念，然後我們將深入探討 2025 年。

So we start with CapEx for the statement of cash flows and reduced for capitalized interest, and that gets you to gross CapEx. For the nonaccountants out there, here's how capitalized interest works. When we're building large capital projects, we're required to include a portion of the company's interest expense that was incurred during construction. To do that, we estimate the amount of interest expense of the company in total, and attribute some of that total to our construction projects and include those costs on our balance sheet.

因此，我們從現金流量表的資本支出開始，並減少資本化利息，這樣就可以得到總資本支出。對於非會計師的人來說，資本化利息的運作方式如下。當我們建造大型資本項目時，我們需要計入公司在建設過程中產生的部分利息費用。為此，我們估算公司的利息支出總額，並將其中部分費用歸因於我們的建設項目，並將這些成本計入我們的資產負債表中。

You'll notice that we don't have a forward capitalized interest expense forecast for '25 and 26 as this is highly dependent on when assets are placed into service. As our assets migrate from construction in progress to PPE, you'll see capitalized interest reduced to 0.

您會注意到，我們沒有 25 年和 26 年的遠期資本化利息支出預測，因為這高度依賴資產投入使用的時間。隨著我們的資產從在建工程遷移到 PPE，您會看到資本化利息降至 0。

Following down the page, we show the notional gross dollars of CapEx for each of the asset classes, power plants, terminals, maintenance, vessels and FLNG. Finally, when we show the asset-level financings associated with the power plant and FLNG projects and we arrive at the blue, bolded line called net CapEx, which we've showed in the past.

在頁面下方，我們顯示了每個資產類別、發電廠、碼頭、維護、船舶和 FLNG 的名義資本支出總額。最後，當我們顯示與發電廠和 FLNG 專案相關的資產級融資時，我們會看到藍色粗體線，稱為淨資本支出，我們過去已經顯示過。

So if I focus on 2025, as you can see, the forecasted gross CapEx is $815 million, made up of $415 million of power plant CapEx, which aligns with the $415 million of power plant financing, and $330 million of CapEx associated with FLNG2, again, aligning with the FLNG Term Loan A facility. So the conclusion is of the $815 million in gross CapEx, there's $745 million funded through committed debt facilities, leaving approximately $70 million of net CapEx will be funded by cash flows from operations.

因此，如果我關注2025 年，如您所見，預計資本支出總額為8.15 億美元，其中包括4.15 億美元的電廠資本支出（與4.15 億美元的電廠融資一致）以及與FLNG2 相關的3.3 億美元的資本支出，再次與 FLNG 定期貸款 A 設施保持一致。因此，得出的結論是，在 8.15 億美元的資本支出總額中，有 7.45 億美元是透過承諾債務融資融資的，剩下約 7,000 萬美元的淨資本支出將由營運現金流融資。

Now to the financial results for the third quarter, and we're looking at slide number 25. Total segment operating margin for Q3 was $220 million. This breaks down to $185 million from sales to customers through our downstream terminals and cargoes that were sold to the market. As Wes has mentioned before, when the market price exceeds the price we can sell through the terminals, we can optimize the portfolio, which we've done from time to time. We had another $35 million of operating margin from the Ships segment. Core SG&A for the third quarter was $26 million, which is down for the third consecutive quarter this year, and better approximates what we will be running on a go forward basis in 2025.

現在是第三季的財務業績，我們正在看第 25 號投影片。第三季部門營業利潤總額為 2.2 億美元。其中 1.85 億美元來自透過我們的下游碼頭向客戶銷售的產品以及銷往市場的貨物。正如韋斯之前提到的，當市場價格超過我們可以透過終端出售的價格時，我們可以優化投資組合，我們不時這樣做。我們從船舶部門獲得了另外 3500 萬美元的營業利潤。第三季的核心 SG&A 為 2,600 萬美元，今年連續第三季下降，更接近我們 2025 年未來的營運狀況。

The deferred earnings line reflects a payment that received in Q3 and shows up in segment revenue, but will not be earned in EBITDA or earnings until 2025. So this is just similar to what we did in Q2. We collected about $60 million in a prepayment for sale of cargoes that will be delivered in 2025. And -- we were slightly long LNG based on our scheduled delivery, and we were able to take advantage of strong market dynamics and lock in earnings that will be recognized in '25.

遞延收益線反映了第三季收到的付款並顯示在部門收入中，但直到 2025 年才會在 EBITDA 或收益中賺取。所以這與我們在第二季所做的類似。我們為銷售將於 2025 年交付的貨物收取了約 6,000 萬美元的預付款。而且—根據我們的預定交付情況，我們稍微做多液化天然氣，我們能夠利用強勁的市場動態並鎖定將在 25 年確認的收益。

The $60 million collected in Q3 gets netted against 42 million that was earned in Q3, leaving 18 as deferred and excluded from the adjusted EBITDA line. As a result of all of this, the adjusted EBITDA for the third quarter was $176 million, bringing us to $636 million for the nine months ended September 30.

第三季收取的 6,000 萬美元與第三季賺取的 4,200 萬美元相抵消，剩下 18 美元被遞延並排除在調整後的 EBITDA 行之外。由於這一切，第三季調整後的 EBITDA 為 1.76 億美元，截至 9 月 30 日的九個月達到 6.36 億美元。

And finally, moving on to slide number 26. We had $9 million in GAAP net income and $0.03 a share. When you adjust for a $2 million impairment charge for the Miami liquefier, you result in adjusted net income of about $11 million for Q3, which is about $0.05 a share.

最後，轉到第 26 號投影片。我們的 GAAP 淨利潤為 900 萬美元，每股收益為 0.03 美元。當您調整邁阿密液化廠 200 萬美元的減損費用時，第三季調整後的淨利潤約為 1,100 萬美元，即每股約 0.05 美元。

On the Miami liquefier, we have received regulatory approvals, and we do expect to close that sale before the end of the month. Finally, the funds from operations for the first quarter was $46 million or about $0.22 a share. A couple of quick comments on the balance sheet. Obviously, Andrew has been at the Vanguard with bond holder group over the past several weeks, but I wanted to highlight that we've been able to work with our involving -- revolving letter of credit and Term Loan A lenders to agree to a few critical amendments that further show their support for the company in our strategic initiatives.

關於邁阿密液化器，我們已獲得監管部門的批准，我們預計將在本月底之前完成銷售。最後，第一季的營運資金為 4,600 萬美元，約合每股 0.22 美元。關於資產負債表的一些簡短評論。顯然，過去幾週，安德魯一直在先鋒債券持有人小組中，但我想強調的是，我們已經能夠與我們的循環信用證和定期貸款 A 貸方合作，同意一些重要的修訂進一步表明了他們對公司策略舉措的支持。

Specifically on the revolving credit facility, we've extended $900 million into new tranches that will mature on October 27, thus reducing 2026 maturities and derisking the balance sheet further. Pricing on this facility is attractive relative to the new bond issuance, and we're thankful for the continued support of our relationship lending syndicate.

特別是在循環信貸安排方面，我們已向將於 10 月 27 日到期的新批次提供了 9 億美元，從而減少了 2026 年的到期日並進一步降低了資產負債表的風險。相對於新債券發行而言，該工具的定價頗具吸引力，我們感謝我們的關係貸款銀團的持續支持。

One last thing I want to flag is that the filing of the third quarter 10-Q with the SEC will be done on Tuesday, November 12. As we've discussed this morning, we've reached a binding deal with the bondholder group as well as the various bank facilities that will settle in the next two weeks. However, at the time of the filing, the 2025 bonds and various bank facilities will show as current liabilities on the balance sheet.

我要指出的最後一件事是，向 SEC 提交第三季 10-Q 報告將於 11 月 12 日星期二完成。正如我們今天早上討論的那樣，我們已經與債券持有人團體達成了一項具有約束力的協議，並將在未來兩週內解決各種銀行融資問題。然而，在提交文件時，2025 年債券和各種銀行融資將在資產負債表上顯示為流動負債。

Once the transactions close and fund, the maturities will extend and accurately reflect the long-term nature of debt classification. We will be putting out a press release when the transactions fund that shows the pro forma balance sheet for [9-30] with the appropriate classification.

一旦交易完成並籌集資金，期限將延長並準確反映債務分類的長期性質。當交易基金顯示具有適當分類的 [9-30] 預計資產負債表時，我們將發布新聞稿。

With that, I'll turn the call back over to the operator for Q&A.

這樣，我會將電話轉回接線生進行問答。

(Operator Instructions) Ben Nolan, Stifel.

（操作員說明）Ben Nolan，Stifel。

This is Frank Galanti on for Ben. I wanted to start with the status of the FLNG 2. How are you guys thinking about CapEx on that? And has it received all the regulatory approval and the financial agreement with Mexico. And then do you have the ability to toggle development timing to manage cash flows?

我是本的弗蘭克·加蘭蒂。我想從 FLNG 2 的現況開始。你們如何看待這方面的資本支出？它是否已獲得所有監管部門的批准以及與墨西哥的財務協議。那麼您是否有能力切換開發時間來管理現金流？

Actually, it's in reverse order. So absolutely have the ability to toggle timing to manage cash flows. And that's why you've seen kind of the CapEx expected in Q3 and Q4 related to FLNG 2 decrease.

實際上，順序是相反的。因此絕對有能力切換時間來管理現金流。這就是為什麼您會看到與 FLNG 2 相關的第三季和第四季預期資本支出有所下降。

So we have several different mechanisms within the contract for the module construction and the civil construction that allow us to pace CapEx at our own discretion so that's very important. And the second of the three parts in our relationship with Mexico remains extremely strong. There's been administration -- administration change there recently. And the new leadership of the CFE have reiterated to us their support for this facility and for the overall partnership. We've extended our gas supply to them in other parts of the country in Baja. And so we remain, I think, accounted and trusted on partner with the CFE.

因此，我們在模組建設和土木工程合約中製定了幾種不同的機制，使我們能夠自行決定資本支出的進度，因此這一點非常重要。我們與墨西哥關係的三個部分中的第二部分仍然非常牢固。最近那裡發生了行政管理變動。CFE 的新領導層向我們重申了他們對該設施以及整體合作夥伴關係的支持。我們已將天然氣供應範圍擴大到該國巴哈的其他地區。因此，我認為我們仍然是 CFE 的合作夥伴並值得信賴。

Our execution of existing -- excuse me, future permits is still pending. And as they organize over the course of -- we expect the next kind of 90 days, they'll get back into kind of the regular issuances of various construction permits that would be needed.

我們現有的執行——對不起，未來的許可證仍在等待中。我們預計在接下來的 90 天內，他們將重新組織起來，定期發放所需的各種施工許可證。

Again, nothing dissimilar to what we've done for FLNG number 1 and should be received in ordinary course. On the first part of the project, look, we have -- the expected CapEx, as we laid out, I think it was slide 24, shows that you kind of go back to full spend rates in January. And so again, that will be a discussion with the management team on exactly how fast we want to move forward. But these are contracts with the construction outfit for the modules, and you have contract signed -- fixed-price contracts for the civil construction onshore at the Altamira facility.

再說一遍，與我們為 1 號 FLNG 所做的沒有什麼不同，應該按正常過程接收。在專案的第一部分，看，我們有——預期的資本支出，正如我們所列出的，我認為這是投影片 24，顯示您會在 1 月恢復到全額支出率。同樣，這將是與管理團隊討論我們到底希望以多快的速度前進。但這些是與模組施工單位簽訂的合同，而且您已經簽署了合約——阿爾塔米拉設施陸上土木建築的固定價格合約。

Yes. I mean from a business standpoint, the combination of FLNG 2 or even prospectively 3, et cetera, with the operating FLNG 1 asset is something that is obviously a big, big part of the process that we're going through in terms of looking at these individual business units. I mean to the extent you have incremental downstream demand, which, of course, we do, having more supply there in a more efficient way in a relatively short period of time could be very, very attractive for a third party.

是的。我的意思是，從商業角度來看，FLNG 2 甚至未來 3 艘等與營運中的 FLNG 1 資產的結合顯然是我們正在經歷的流程的一個重要部分。我的意思是，在某種程度上，下游需求不斷增加，當然，我們確實這樣做，在相對較短的時間內以更有效的方式提供更多供應，這對第三方來說可能非常非常有吸引力。

So we know that because we've gotten lots of inquiries about that, but that's one of the things that definitely will be into consideration. You don't have to bundle the two of them together, but there are obviously synergies to doing so just like you find the different trains of Train 1, 2, 3, 4, the different liquefiers. It's the same basic process here.

所以我們知道這一點，因為我們收到了很多有關此問題的詢問，但這肯定是要考慮的事情之一。你不必將兩者綁在一起，但這樣做顯然有協同作用，就像你發現火車 1、2、3、4 的不同火車，不同的液化一樣。這裡的基本過程是相同的。

Great. That's super helpful. Then switching gears a little bit to Puerto Rico. Previous guidance was sort of north of 100 TBtus with that 80 TBtu-island-wide contract. But the recent detailed financial update only guided to 53 TBTUs in '25. I think that both of the difference was the conversion of either the [Agueri] or the [Mayagway] power plant. Is that the right way to think about that?

偉大的。這非常有幫助。然後稍微切換到波多黎各。先前的指導值略高於 100 TBtu，而全島合約容量為 80 TBtu。但最近的詳細財務更新僅指導 25 年 53 個 TBTU。我認為這兩個差異都是 [Agueri] 或 [Mayagway] 發電廠的改造。這是正確的思考方式嗎？

And then can you give an update on the status of those power plant conversions, the regulatory perspective.

然後能否介紹一下這些發電廠改造的最新狀況以及監管方面的情況。

Yes. Well, the -- our view was that there was a bit of a hiatus there pending the elections. The elections happened. Jennyfer was elected governor. Two days ago, her first speech, she refers to gas conversions and new gas-fired power being needed, which we think literally from the beginning, the first minute of the first day, you can get a transcript of her speech, but it actually couldn't have been more consistent, more positive with what we think it is.

是的。嗯，我們的觀點是，在選舉之前有一些間歇期。選舉發生了。詹妮弗當選州長。兩天前，她的第一次演講，她提到需要天然氣轉換和新的燃氣動力，我們從一開始就認為這是第一天的第一分鐘，你可以得到她演講的文字記錄，但實際上我們的想法再一致、更正面了。

We think that there are a number of very, very simple and obvious gas conversions, the first of which will be these mega gens, which we think will be turned on here in the next couple of days. You then have Mayagway, [Kavalachi], Agueri, all of these are significant users of diesel. And they basically end up costing Puerto Ricans significant amounts of money on burning diesel versus natural gas. I think that with the new administration, you're going to get a renewed focus on that. The conversions of those, we think, are actually quite straightforward.

我們認為有許多非常、非常簡單和明顯的氣體轉換，其中第一個將是這些巨型發電，我們認為將在接下來的幾天內在這裡啟用。然後是 Mayagway、[Kavalachi]、Agueri，所有這些都是柴油的重要使用者。與天然氣相比，它們基本上最終讓波多黎各人在燃燒柴油上花費了大量金錢。我認為，新政府將重新關注這一點。我們認為，這些轉換其實非常簡單。

When you look at Puerto Rico, broadly speaking, I think it is one of the largest market opportunities of diesel to gas changeovers. Anywhere we're aware of, it could save them literally billions of dollars on an ongoing basis. So there couldn't be a stronger business case for it. And I think in the next 60, 90, 120 days, you're likely to see a significant amount of activity out of there and these numbers then will kind of reflect that. The 53 TBtus is only the base case of what is there at this moment and does not at all reflect what we think that the market opportunity is likely to be in the coming months.

當你看到波多黎各時，從廣義上講，我認為這是柴油改氣的最大市場機會之一。據我們所知，它可以持續為他們節省數十億美元。因此，沒有比這更強的商業案例了。我認為在接下來的 60、90、120 天裡，你可能會看到大量的活動，然後這些數字就會反映出這一點。53 TBtus 只是目前情況的基本情況，根本無法反映我們認為未來幾個月可能存在的市場機會。

Craig Shere, Tuohy Brothers.

克雷格·謝爾，圖伊兄弟。

So I understand some of the [harts] arguments, but historically, the business model seems to have been build and monetize power plants that retain downstream import terminals. After the next coming quarters of rejiggering, has that long-term focus changed? And could you see finally achieving stable recurring modelable operations by maybe 2026.

所以我理解一些[harts]論點，但從歷史上看，商業模式似乎是建立並透過保留下游進口碼頭的發電廠來貨幣化的。在接下來幾季的調整之後，長期重點是否發生了變化？您能否看到最終在 2026 年之前實現穩定的重複性可建模操作。

A little confused about the nature of it. I mean, I think that -- the basic plan in any of these markets is the same, which is to go in there, provide gas and power to people that need it. There's obviously big deficits of access to gas, big deficits of access to power. And so we have built power in places. We built the power plant in Jamaica as an example.

對它的本質有點困惑。我的意思是，我認為這些市場的基本計劃都是相同的，那就是進入那裡，為需要的人提供天然氣和電力。顯然，天然氣供應嚴重短缺，電力供應嚴重短缺。所以我們在一些地方建立了權力。我們以牙買加興建發電廠為例。

We're building these power plants in Brazil, we're building -- we built a small power plant in Mexico. But really, what you're left with is incredibly simple in each and every case. It's basically a discrete supply of gas into the country, a discrete downstream demand from customers, no commodity risk, a very stable and very long-term sort of cash flows and one that can go up materially with little additional capital. I mean, that is literally the holy grail of an infrastructure investment.

我們正在巴西建造這些發電廠，我們正在墨西哥建造一座小型發電廠。但實際上，在每種情況下，你剩下的都非常簡單。它基本上是向該國提供離散的天然氣供應，來自客戶的離散的下游需求，沒有商品風險，一種非常穩定且非常長期的現金流，並且無需額外資本即可大幅增加。我的意思是，這實際上是基礎設施投資的聖杯。

And so these individual markets are at various levels of development, but they're all very, very -- either at or very close to be completed. Jamaica is complete. Puerto Rico is complete. Mexico is complete. Nicaragua turns on next quarter, the Brazil stuff will be turned on materially over the course of the next 9 to 18 months. And they all have very similar characteristics. There's differences between them, but what they have that is remarkable is they're all very substantial amounts of cash flow.

因此，這些單獨的市場處於不同的發展水平，但它們都非常非常——要么已經完成，要么非常接近完成。牙買加就完成了。波多黎各已經完成。墨西哥就完成了。尼加拉瓜將於下個季度啟動，而巴西的業務將在未來 9 至 18 個月內大幅啟動。他們都有非常相似的特徵。它們之間存在差異，但值得注意的是它們的現金流量都非常可觀。

So even when we say Jamaica is a relatively small market relative to our overall business, it's $100-plus million of long-term income. There's nothing small about $100 million for 17 years. So we think that these things are worth far, far more as infrastructure investments than they're being rated right now. And we're going to go out and test the market for that, and we feel really good about it.

因此，即使我們說牙買加相對於我們的整體業務來說是一個相對較小的市場，它的長期收入也有 1 億多美元。17年1億美元可不是小數目。因此，我們認為這些東西作為基礎設施投資的價值遠高於現在的評級。我們將出去測試市場，我們對此感覺非常好。

And I think that selling one or two assets, you could literally end up in a place where you've paid off all your corporate debt and you're in a very, very different place as a company. Even selling one would rerate it. So this is not a spurious exercise or one which we hope to try out. We are quite confident that we're going to get great interest in these assets. So there's a variety of different things we could do, and we'll go pursue them and stay tuned. So that's the basic plan.

我認為，出售一兩項資產，實際上最終可能會清償所有公司債務，並且作為一家公司，您將處於一個非常非常不同的境地。即使賣掉一個也會重新評價它。所以這不是一個虛假的練習，也不是我們希望嘗試的練習。我們非常有信心，我們將對這些資產產生濃厚的興趣。因此，我們可以做很多不同的事情，我們將繼續努力並保持專注。這就是基本計劃。

Understood. And as far as the value to others and what your long-term plan is for retained assets, do you see the Trump election victory possibly creating a new renaissance of US liquefaction contracting? Perhaps spurring the market saturation, the moderating long-term pricing, that really dramatically adds value to the downstream infrastructure you've built towards the end of the decade.

明白了。就對他人的價值以及您對保留資產的長期計劃而言，您認為川普的選舉勝利可能會引發美國液化合約的新復興嗎？也許會刺激市場飽和，緩和長期定價，這確實會極大地增加您在本世紀末建立的下游基礎設施的價值。

Yes. That's a really, really -- it's a nuanced point, and it's a really good one. I mean lower prices help customers, and we're in the customer business. So we still can perform, I mean, prices are high, but they're not ridiculously high right now. So you can still basically provide people gas and power and they can afford it.

是的。這是一個非常非常微妙的觀點，而且非常好。我的意思是，較低的價格可以幫助客戶，而我們從事的是客戶業務。所以我們仍然可以表演，我的意思是，價格很高，但現在還沒有高得離譜。所以你基本上仍然可以為人們提供天然氣和電力，而且他們負擔得起。

But obviously, to the extent that you had a more normalized forward curve, as you do right now in the end of the decade, that's just good for the customers, and that that's good for these downstream assets. I mean our capacity utilization across the portfolio is around 20%. So what it means is we've invested billions of dollars building this, decades building them and whatnot, and you still have a lot of capacity to go.

但顯然，就你擁有更標準化的遠期曲線而言，正如你在本世紀末所做的那樣，這對客戶有利，對這些下游資產也有利。我的意思是我們整個投資組合的產能利用率約為 20%。所以這意味著我們已經投資了數十億美元來建造這個項目，幾十年來建造它們等等，但你仍然有很多能力可以發揮。

So a lower price commodity price would definitely encourage more consumption and it would be beneficial to us. So I do think that -- and look, we're not experts on the political landscape, but it certainly seems like the ban on the LNG exports is very likely to be eased. And if freights are more normalized, there's a vibrant economy, there's probably more LNG to be produced, which is net-net, a good thing for the market and for us.

因此，較低的商品價格肯定會鼓勵更多的消費，這對我們來說是有利的。所以我確實認為——我們不是政治格局的專家，但液化天然氣出口禁令似乎很可能會放鬆。如果貨運更加正常化，經濟就會充滿活力，可能會生產更多的液化天然氣，這對市場和我們來說都是一件好事。

Chris Robertson, Deutsche Bank.

克里斯·羅伯遜，德意志銀行。

I just wanted to ask a question here with regards to the current FSRU market and how the company is thinking about some subchartering opportunities, especially as it relates to the Eskimo. I guess, where do you guys see the best test market opportunities right now globally? And how should we be thinking about that in terms of a potential uplift to EBITDA going forward?

我只是想問一個關於當前 FSRU 市場的問題，以及該公司如何考慮一些轉租機會，特別是與愛斯基摩人相關的機會。我想，你們認為目前全球最好的測試市場機會在哪裡？我們應該如何考慮未來 EBITDA 的潛在提升？

Great question. So we have a fleet of FSRUs, some of which we use, some of which are actually surplus and are leased out to others. There's still a real premium placed on the FSRU market because there's a lot of need for regas capacity, and it takes time and money to build new ones. We have one short-term charter that's coming off that we think is at a material discount to what the market value is. That would be a big win for us. We think there's other situations as well.

很好的問題。因此，我們擁有一批 FSRU，其中一些我們使用，其中一些實際上是剩餘的並出租給其他人。FSRU 市場仍然存在真正的溢價，因為對再氣化能力的需求很大，而且建造新的再氣化能力需要時間和金錢。我們有一份即將到期的短期租船合同，我們認為該租船合約的市場價值大幅折扣。這對我們來說將是一個巨大的勝利。我們認為還有其他情況。

But the kind of hidden value of our long-term Energos portfolio from our standpoint is that we think that there is a substantial amount of uplift from a number of those assets, FSRUs to be at the top of the list. And we want to report on things that have happened rather than forecast about things that could happen, but we think that the differences are material. So the one big charter in TM shop, and I guess a couple of years ago, the Eskimos and another one that's on the list. But there should be some good activity to report on, hopefully in the very near term.

但從我們的角度來看，我們長期 Energos 投資組合的隱藏價值是，我們認為其中一些資產有很大的提升，其中 FSRU 位於清單的首位。我們希望報告已經發生的事情，而不是預測可能發生的事情，但我們認為差異是重大的。所以TM商店裡的一個大包機，我猜幾年前，愛斯基摩人和名單上的另一個包機。但應該有一些好的活動值得報告，希望在不久的將來。

Martin Malloy, Johnson Rice.

馬丁·馬洛伊，約翰遜·賴斯。

I wanted to ask first about free cash flow looking forward to next year. In the early September presentation, I think you had $1.3 billion in an illustrative adjusted EBITDA out there for 2025. And then given your CapEx, $70 million net CapEx on slide 24 here. Should we be looking for free cash flow in '25 available for debt reduction north of $1 billion.

我想先問問明年的自由現金流。在 9 月初的演示中，我認為 2025 年調整後的 EBITDA 為 13 億美元。然後考慮到您的資本支出，投影片 24 上顯示的淨資本支出為 7000 萬美元。我們是否應該在 25 年尋找可用於減少 10 億美元以上債務的自由現金流？

Marty, it's Chris. I think we -- the way you read that prior slide is absolutely correct. So we do have EBITDA less the maintenance CapEx and kind of unfunded CapEx of about $70 million next year. So we keep talking about free cash flow.

馬蒂，是克里斯。我認為我們—您閱讀上一張投影片的方式是絕對正確的。因此，我們的 EBITDA 減去維護資本支出和明年約 7,000 萬美元的無資金資本支出。所以我們一直在談論自由現金流。

It's important to say you have CapEx, so definitional free cash flow will still be negative, but you have the financings that will support the bulk of the CapEx spend. So I agree that the way to think about it is as we put on the prior slide, EBITDA less the unfunded CapEx, less, obviously, debt service and taxes. And so using that methodology, I would expect that to be positive in 2025.

重要的是，你有資本支出，因此定義的自由現金流仍然為負，但你有足夠的融資來支持大部分資本支出。因此，我同意思考這個問題的方法是，正如我們在先前的幻燈片中所展示的那樣，EBITDA 減去無資金支持的資本支出，顯然，減去償債和稅收。因此，使用這種方法，我預計 2025 年會出現積極的結果。

Okay. And then there wasn't any discussion around data centers on the call yet. Could you maybe give us an update there?

好的。然後電話會議上還沒有任何有關資料中心的討論。您能給我們更新一下嗎？

Sure. We have a ton going on in terms of the assets that we own in Wyalucing. We've had a number of conversations with a variety of different tenants for it. One of which were, I think, is a very good fit for us, and we're working on it. Just -- I've not updated on it simply because we don't have a definitive agreement in hand. We're optimistic we can have one in the very short term.

當然。我們在 Wyalucing 擁有的資產方面有很多進展。為此，我們與各種不同的租戶進行了許多對話。我認為其中之一非常適合我們，我們正在努力解決它。只是——我沒有更新它只是因為我們手頭上沒有明確的協議。我們樂觀地認為，我們可以在很短的時間內擁有一個。

And the one thing I would say is that the overall market sentiment and interest in island power. So kind of off the grid power to supplement people's access to the grid has grown exponentially over the next -- pass of 6 to 12 months, and it's a hot, hot topic. I mean, this recent ruling by FERC on the the Amazon situation at Talon. I think it adds to that.

我要說的一件事是整體市場情緒和對島嶼電力的興趣。在接下來的 6 到 12 個月內，用於補充人們連接到電網的離網電力呈指數級增長，這是一個非常熱門的話題。我的意思是，聯邦能源監管委員會 (FERC) 最近對 Talon 的亞馬遜局勢作出的裁決。我認為這增加了這一點。

We think that the abilities we have as a company to provide power in a relatively short period of time, it's highly reliable and cost-effective is an extraordinary benefit for us. And we're just -- we're very focused on this first site because it's something we control. We're in the process of filing for permits to allow us to build power, get water, build data centers, et cetera. And I think that the economic model for it is a compelling one.

我們認為，作為一家公司，我們有能力在相對較短的時間內提供高度可靠且具有成本效益的電力，這對我們來說是一個非凡的好處。我們只是——我們非常關注第一個網站，因為它是我們控制的。我們正在申請許可證，以便我們能夠建造電力、取水、建造資料中心等。我認為它的經濟模型是一個引人注目的模型。

And I think when we have our first in-hand contract, we'll talk about it with folks. But we think it is not only a very attractive stand-alone investment but in perspective, it could be a real model for a number of others to follow. So more on that to come. And hopefully, by the time we have another update here we'll have something great to talk about.

我認為當我們拿到第一份合約時，我們會與人們討論它。但我們認為，這不僅是一項非常有吸引力的獨立投資，而且從長遠來看，它可能成為其他許多人效仿的真正模式。未來還會有更多相關內容。希望當我們在這裡進行另一次更新時，我們會有一些很棒的東西可以談論。

Wade Suki, Capital One.

韋德·蘇基，《第一資本》。

Just first, sort of a logistical question, if I may, kind of -- kind of for the ship watchers out there. I know you all mentioned the -- I think it was the BW Pavilion was headed to Puerto Rico, it seems to have stopped in Jamaica and the Virgin Isles. Kind of help explain, if you don't mind, kind of the logistics side of things and how to read through some of the movements you might see on Bloomberg or whatever other services we're using here.

首先，是一個後勤問題，如果可以的話，有點——對於那裡的船舶觀察者來說。我知道你們都提到過——我想BW館是前往波多黎各的，它似乎在牙買加和維爾京群島停了下來。如果您不介意的話，可以幫助解釋一下物流方面的情況，以及如何閱讀您可能在彭博社或我們在這裡使用的任何其他服務上看到的一些動態。

Well, I think that the ship watching is going to be a pretty boring sport for the FLNG assets in Puerto Rico because we expect over time, that turns into basically a bucket or gate of just simply ship loads of LNG from Puerto Rico -- from Altamira and taking it to Puerto Rico. So there's that.

好吧，我認為對於波多黎各的FLNG 資產來說，觀看船舶將是一項相當無聊的運動，因為我們預計，隨著時間的推移，這基本上會變成一個桶或閘門，裡面裝滿了來自波多黎各的液化天然氣—阿爾塔米拉並將其帶到波多黎各。所以就是這樣。

Obviously, there's -- there are adjustments that you make when you need to move cargoes around to service customer demand. In some cases, you have to discharge a heel if it's US Gas and not able to go to Puerto Rico. There's a variety of small things that happen. But the basic logistics path that we expect over time is ships being filled in Altamira, going to Puerto Rico to discharge and returning. That's the bulk of that.

顯然，當您需要移動貨物以滿足客戶需求時，您需要做出一些調整。在某些情況下，如果是美國天然氣並且無法前往波多黎各，則必須排出高跟鞋。會發生各種各樣的小事。但隨著時間的推移，我們預計的基本物流路徑是船舶在阿爾塔米拉裝滿，前往波多黎各卸貨並返回。這就是其中的大部分。

In Jamaica, we have a long-term contract with Shell, there is a DES contract that basically just delivers it there. In Barcarena, we have other contracts of service. So it's not that many terminals, it's not that much complexity.

在牙買加，我們與殼牌簽訂了長期合同，還有一份 DES 合同，基本上只是在那裡交付。在巴卡雷納，我們還有其他服務合約。所以終端沒有那麼多，複雜性也沒那麼高。

I think the focus on FLNG is to make sure that, number one, it's operational performing as expected, which it is, which is great. And then the logistics of it are so simple that there's just a number of different things you can do to move it around. But we're just servicing our demand in Puerto Rico and as the unit becomes more and more and more productive and reliable and in service, those logistics become easier and easier to kind of to keep track of.

我認為 FLNG 的重點是確保第一，它的運行性能符合預期，事實確實如此，這很棒。而且它的後勤工作非常簡單，您只需執行許多不同的操作即可移動它。但我們只是滿足波多黎各的需求，隨著該部門變得越來越有效率、可靠和服務，這些物流變得越來越容易追蹤。

Understood. Appreciate that. And just kind of going forward, safe to assume maybe a cargo every couple of two, three weeks, something like that. Is that on target?

明白了。很欣賞這一點。就這樣向前推進，可以安全地假設每隔兩到三週就會有一次貨物，類似的事情。達到目標了嗎？

Yes. I think about 20 days-ish, right? 18 to 20 days is about what full capacity is. I guess we had a really good production run, 14 days consecutively running at 105% with no bricks. We took a downturn, a maintenance cycle to replace a valve that had been -- that needed to be swapped out and fixed, that just came back online.

是的。我想大約20天吧？18到20天大約是滿載的。我想我們的生產運作非常好，連續 14 天以 105% 的速度運行，沒有出現任何磚塊。我們經歷了一次低迷期，一個維護週期來更換一個曾經需要更換和修復的閥門，它剛剛恢復正常。

So we're back producing now. And our expectation now is that given the performance that we have seen thus far and the reliability of it, we have really high hopes that that now only improves and we add a little bit more production over time, and it just runs. And that would be the cycle.

所以我們現在恢復生產了。我們現在的期望是，鑑於我們迄今為止所看到的性能及其可靠性，我們非常希望現在只會有所改善，隨著時間的推移，我們會增加一點產量，並且它會運行。這就是循環。

And this last -- the nuance that I kind of -- because I've gotten this question from a number of different people, what do you do when there's wave activity or swells and you have trouble loading. There's a difference between the 170,000, 135,000, in terms of the capacity gives you kind of four or five days of window on either side of it, which is a tremendous amount of flexibility to move in and kind of load and do one for the other. So that's where the logistics path for this is such a simple one, and one that is highly reliable, which we feel is exactly what we designed it for, but it's working really well.

最後一點——我所說的細微差別——因為我從許多不同的人那裡得到了這個問題，當出現波浪活動或海浪並且您在加載時遇到困難時，您會怎麼做。170,000 和 135,000 之間存在差異，就容量而言，兩側都有四到五天的時間，這對於搬入和負載以及為另一側做一個提供了巨大的靈活性。因此，這就是為什麼物流路徑如此簡單且高度可靠的原因，我們認為這正是我們設計它的目的，但它運作得非常好。

Awesome. Appreciate -- if I could squeeze one more in. Just on SG&A, obviously, a little uptick here. Can you help us kind of parch that out for us? And then maybe help us think about the path forward on SG&A.

驚人的。非常感謝——如果我能再塞進去一根的話。顯然，就SG&A而言，這裡略有上升。你能幫我們解決這個問題嗎？然後也許可以幫助我們思考 SG&A 的前進道路。

Yes. I would say like the focus on core SG&A is down three consecutive quarters. Overall, SG&A had a lot of non-cash items in it this quarter, and also some expenses related to the transactions that we're undertaking. And that's why we have kind of the transactional or integration costs separated out.

是的。我想說的是，對核心銷售、管理及行政費用的關注度連續三個季度下降。總體而言，本季的銷售、管理和行政費用有許多非現金項目，還有一些與我們正在進行的交易相關的費用。這就是為什麼我們將交易或整合成本分開的原因。

But overall, when I look into 2025, I would expect it to be close to the $25 million or so in core SG&A and a small bit, $5 million to $10 million of cash, and then any noncash costs would run through the T&I stuff.

但總的來說，當我展望 2025 年時，我預計核心 SG&A 將接近 2500 萬美元左右，還有少量 500 萬至 1000 萬美元的現金，然後任何非現金成本都將透過 T&I 支出。

There are no further questions at this time. I will turn the conference back to Wes Edens for any additional or closing remarks.

目前沒有其他問題。我將把會議轉回韋斯·艾登斯（Wes Edens）發表任何補充或結束語。

That's great. Well, thanks for your participation and your interest in the company and the call this morning. We look forward to updating you on this in the near term. Thank you. Have a good day.

那太棒了。好的，感謝您的參與以及對公司的興趣以及今天早上的電話。我們期待在短期內向您通報最新情況。謝謝。祝你有美好的一天。

This concludes today's call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。