New Fortress Energy Inc (NFE) 2025 Q1 法說會逐字稿

Good day, and welcome to the NFE first-quarter 2025 earnings call. Today's conference is being recorded. At this time, I will be handing the call over to Matt Reinhard, Managing Director, for introductory remarks.

大家好，歡迎參加 NFE 2025 年第一季財報電話會議。今天的會議正在錄製中。現在，我將把電話交給董事總經理 Matt Reinhard 作開場發言。

Good afternoon, everyone. Thank you for joining today's conference call, where we will be discussing our first-quarter 2025 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'll 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.

大家下午好。感謝您參加今天的電話會議，我們將在會議中討論 2025 年第一季的業績。此次通話將被錄音，並可在我們網站的「投資者」部分的「活動和演示」子標題下重播。在同一位置，您會看到我們將在今天的電話會議上介紹的簡報。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 the call over to our Chairman and CEO, Wes Edens. Wes?

說完這些，讓我把電話交給我們的董事長兼執行長 Wes Edens。韋斯？

Great. Thanks, Matt. Welcome, everyone. So lots to go through here this afternoon, and I'll try and make my own statements brief.

偉大的。謝謝，馬特。歡迎大家。今天下午有很多事情要講，我會盡量簡短地發表我的聲明。

Start with the core earnings for the quarter were very much in line with expectation. If you look at the yellow boxes on the piece of paper, you can see that post the first quarter of '24, which is the last quarter that we had, the FEMA plants online in Puerto Rico, we've had basically extremely consistent core earnings $110 million, $177 million, but then $109 million, $116 million, so very much in line with that.

首先，本季的核心收益非常符合預期。如果您查看紙上的黃色方框，您會發現，24 年第一季（也就是我們運營的最後一個季度）之後，FEMA 在波多黎各的工廠上線後，我們的核心收益基本上非常穩定，分別為 1.1 億美元、1.77 億美元，然後是 1.09 億美元、1.16 億美元，因此與此非常一致。

Our forecast for the core earnings for the remainder of the year are basically very much in line with what this is for the first half and then accelerating in the second half as we start to bring assets online in particular, those assets in Brazil. That said, the EBITDA that we had forecast for the quarter were less than that simply because we did not have any one-off results to add to it.

我們對今年剩餘時間核心獲利的預測與上半年基本一致，隨著我們開始將資產（特別是巴西的資產）投入使用，下半年核心獲利的成長將會加速。話雖如此，我們預測的 EBITDA 本季低於這個數字，僅僅是因為我們沒有任何一次性結果可以補充。

Again, if you look at our numbers historically, we've had a combination of core results plus one-off results, and we simply didn't have any one-off results this quarter. That said, we expect EBITDA plus gains to be $1.25 billion to $1.5 billion for the year, which is higher than our previous estimate. We're actually off to quite a good start in that regard, in particular, when you consider the events of just today.

再說一次，如果你回顧我們的歷史數據，你會發現我們的業績是核心業績加上一次性業績的組合，而本季我們根本沒有任何一次性業績。話雖如此，我們預計今年的 EBITDA 加上收益將達到 12.5 億美元至 15 億美元，高於我們先前的估計。事實上，我們在這方面已經有了相當好的開端，特別是當你考慮到今天發生的事件時。

We already had meaningful gains with our Jamaica sale, which we'll talk about in a second, and there's a handful of other things that are going to be significant events for us to add to our core events, but our goal is the quality versus quantity of the earnings. In particular, what we are looking to generate for shareholders and for our constituents is repeatable, easy to understand and very long duration cash flows, and I'll explain kind of what the portfolio looks like because we have a lot of those to offer.

我們在牙買加的銷售中已經獲得了可觀的收益，我們稍後會談到這一點，並且還有一些其他重要事件可以添加到我們的核心活動中，但我們的目標是收益的質量而不是數量。具體來說，我們希望為股東和選民創造可重複、易於理解且持續時間很長的現金流，我將解釋投資組合是什麼樣的，因為我們有很多這樣的產品可以提供。

So as we flip the page to page number 4. Material events that are in front of us. First and foremost is the Jamaica sale, $1.055 billion, closed today just a few hours ago, that translates into about $800 million in net proceeds, a $430 million gain. So again, a good start at whacking at the one-off gains that we expect to generate for the course of the year.

因此我們翻到第 4 頁。發生在我們面前的物質事件。首先是牙買加的出售，價值 10.55 億美元，今天剛在幾個小時前完成，這意味著約 8 億美元的淨收益，4.3 億美元的收益。因此，這再次為我們預計在今年全年產生的一次性收益提供了一個良好的開端。

The FEMA claim is as we originally had filed it with FEMA, $659 million. There's a very high degree of engagement with the Army Corps, which is our -- in our prime contractor, Weston, that is making a lot of progress, and we expect resolution of this claim at some point in the near term. As with any proceeding with the government, it's impossible to really forecast accurately the time or the amount of that, we remain optimistic about what our position is as we know what we are owed. So the $659 million reflects that.

FEMA 索賠金額與我們最初向 FEMA 提交的索賠金額相同，為 6.59 億美元。我們與陸軍工程兵團的合作程度非常高，我們的總承包商韋斯頓正在取得很大進展，我們預計這項索賠將在近期得到解決。就像政府進行的任何行動一樣，我們不可能真正準確地預測其時間或金額，但我們對我們的立場保持樂觀，因為我們知道我們應得的回報。所以 6.59 億美元就反映了這一點。

On the FSRU sub-charters, we basically had a handful of FSRUs that were surplus to our needs in our portfolio that we basically took back and then relet them at a higher rate to third parties, the Eskimo, the Freeze and then there's two others that are in there. The total nominal dollars are shown in the line below, so $143 million in profit, $59 million, $110 million at $312 million. They range in periods from anywhere from 3 to 10 years. The present value at a 10% discount rate, just to give context to it, is $236 million. So these are assets we can either collect month-by-month over the next 3, 5, 10 years or we can look to sell them and generate a onetime gain, something we're evaluating.

在 FSRU 轉租方面，我們的投資組合中基本上有幾艘 FSRU 超出了我們的需求，我們基本上將它們收回，然後以更高的價格轉租給第三方，包括 Eskimo 號、Freeze 號，此外還有另外兩艘。總名目美元如下表所示，利潤為 1.43 億美元、5,900 萬美元、1.1 億美元和 3.12 億美元。其周期從 3 年到 10 年不等。僅就其背景而言，以 10% 的折扣率計算，其現值為 2.36 億美元。因此，我們可以在未來 3 年、5 年、10 年內逐月收取這些資產，或者我們可以考慮出售它們並產生一次性收益，這是我們正在評估的事情。

Lastly, the excess cargo sale that we conducted at the end of last year and reported the results in the fourth quarter, which again, if you look at the previous page, the excess cargo was $296 million. Excess cargoes we had, we were concerned that actually the market might decline for value that turned out to be prophetic because that's exactly what happened. We sold them. So really the gain from them was the onetime gain from last year. There's another $125 million to be collected primarily in the periods of '26 and '27 and '28. So those are the big events for us. There's others as well, but hopefully, this gives you some useful context in evaluating the $1.25 billion to $1.5 billion EBITDA or gain estimates we're providing for the year.

最後，我們在去年年底進行了超額貨物銷售，並在第四季度報告了結果，如果你看上一頁，超額貨物的銷售額為 2.96 億美元。由於我們的貨物過多，我們擔心市場價值實際上可能會下跌，結果證明這是有預見性的，因為事實確實如此。我們賣掉了它們。因此，他們實際獲得的利益是去年的一次性收益。另外還有 1.25 億美元需要籌集，主要集中在 26、27 和 28 年。所以這些對我們來說都是重大事件。還有其他的，但希望這能為您提供一些有用的背景信息，以評估我們為今年提供的 12.5 億美元至 15 億美元的 EBITDA 或收益估計。

Page number 5. So our near-term focus has been on asset sales, on debt reduction and deleveraging. And the case study is the sale that we just concluded in Jamaica. If you look at the time line below, you can see we listed the property for sale in the fourth quarter of 2024. We conducted our second-round bid and wintered it down to five bidders in the first quarter.

第 5 頁。因此，我們近期的重點是資產出售、債務削減和去槓桿。案例研究是我們剛剛在牙買加完成的銷售。如果您查看下面的時間線，您會發現我們在 2024 年第四季將該房產掛牌出售。我們進行了第二輪競標，並在第一季將競標者數量縮減至五家。

We chose to work with Excelerate exclusively in March, and we concluded the sale now, basically both the timing and the amount that we had forecast that we've exceeded. So we did it in a shorter period of time and at a higher price than what we had originally forecasted. So we feel great about that.

我們在三月選擇與 Excelerate 獨家合作，現在我們完成了銷售，基本上時間和金額都超出了我們的預期。因此，我們在比最初預測更短的時間內以更高的價格完成了這項工作。因此我們對此感到非常高興。

A little bit on Jamaica above. This is the first market that we had started to conduct business in, and it is a great market. We ended up generating $125 million in EBITDA, stable, mature market with long-term contracts with a 20-year duration. So a significant portion of them were supplying Jamaica's gas and power needs. So roughly 60% of island's gas or power we supply.

上面是關於牙買加的一些內容。這是我們開始經營業務的第一個市場，也是一個很棒的市場。我們最終實現了 1.25 億美元的 EBITDA，市場穩定、成熟，並簽訂了為期 20 年的長期合約。因此，其中很大一部分供應著牙買加的天然氣和電力需求。因此，島上大約 60% 的天然氣或電力都是由我們供應的。

We still think there are significant remaining growth opportunities in Jamaica for bunkering and expansion. So we feel great about the asset that we sold on to Excelerate, but from our standpoint, this is a meaningful deleveraging event for us. So sale price of $1.055 billion, $227 million in debt repayment from direct Jamalco asset and the power plant, estimated $50 million in fees, net proceeds of $778 million. Chris will talk about that later.

我們仍然認為牙買加在加油和擴張方面仍有巨大的成長機會。因此，我們對出售給 Excelerate 的資產感到非常滿意，但從我們的角度來看，這對我們來說是一個有意義的去槓桿事件。因此，銷售價格為 10.55 億美元，其中 Jamalco 直接資產和發電廠償還債務 2.27 億美元，費用估計為 5,000 萬美元，淨收益為 7.78 億美元。克里斯稍後會談論這個問題。

Page number 6. Following the Jamaica sale, our goals are very, very clear. Number one, first and foremost, is to simplify the balance sheet and do so by extending the duration to match underlying assets and lower our debt costs. To do so, we are focused on moving from a corporate debt structure to one which is more asset level financing, and I will describe that in some detail. This is something we've had a lot of experience about the floor.

第 6 頁。在牙買加出售之後，我們的目標非常非常明確。第一，最重要的是簡化資產負債表，透過延長期限來匹配基礎資產並降低我們的債務成本。為了實現這一目標，我們致力於從商業債務結構轉向資產層面融資的結構，我將對此進行詳細描述。我們對地板有豐富的經驗。

And I think in many cases, when you have a capital structure that becomes too complex or too difficult for people to interpret, the underlying asset value can become obscured by it and you get kind of the worst of all worlds. And so what we're very focused on is isolating those assets that have the long duration, the credit quality, the repeatability that we know to be the most mixed and most valuable, expose those in a financing context and generate the right result for that.

我認為，在很多情況下，當你的資本結構變得太複雜或太難解釋時，基礎資產價值就會被它所掩蓋，你就會陷入最糟糕的境地。因此，我們非常注重的是隔離那些持續時間長、信用品質高、可重複性強的資產，我們知道這些資產是最混合、最有價值的，並在融資環境中展示這些資產並產生正確的結果。

So if you look at page number 7. This is a good example of what I mean. Basically, what we have done is matched our long-term supply in our portfolio with our FLNG unit, which is performing terrifically. And then two long-term contracts with Venture Global and match them up side by side with those contracts that are long-term demand. So I've listed the five that are the most notable, they are smaller ones as well, but these are the ones that are the most meaningful. And basically, you can see on the supply side, we have 215 TBtus of supply for a term of 20 years.

如果你看一下第 7 頁。這是一個很好的例子，說明了我的意思。基本上，我們所做的就是將我們投資組合中的長期供應與我們的 FLNG 裝置相匹配，該裝置的表現非常出色。然後與 Venture Global 簽訂兩份長期合同，並將它們與長期需求合約進行配對。因此，我列出了最值得注意的五個，它們也是較小的，但這些是最有意義的。基本上，您可以看到，在供應方面，我們有 215 TBtus 的供應量，期限為 20 年。

On the demand side, this handful of the large contracts is for 20 years as well on average, and it ranges from BBB, BB+, BBB-, B+ in the one case, but they are generally high credit quality assets, very long-term duration and these are their stated contract terms, and simply subtracting the cost of supply from the value of the demand, you can see these assets alone generate $500 million in annual margin. These are not assets that we are aspirational about building or assets that we are talking about pursuing or whatever, this really represents the core of the portfolio.

在需求方面，這些大額合約的平均期限也是 20 年，評級範圍從 BBB、BB+、BBB-，甚至有一個是 B+，但它們一般都是高信用品質資產，期限非常長，這些是它們規定的合約條款，只需從需求價值中減去供應成本，就可以看到，僅這些資產每年就能產生 5 億美元的利潤。這些不是我們渴望建立的資產，也不是我們正在談論追求的資產，這確實代表了投資組合的核心。

And the way I think of it is we're utilizing about 50% of our total supply portfolio. So of the 215, this is committed on the 109 TBtus of it. And if we're able to replicate our activities on the second half of this at terms similar to the first half, we can generate $500 million that grows to $1 billion in annual margin with very, very long duration. And with that, that presents tremendous financing opportunities. It also presents great value to shareholders. And that's what our focus is.

我認為我們正在利用總供應組合的約 50%。因此，在 215 項承諾中，有 109 項已被承諾。如果我們能夠以與上半年類似的條件複製下半年的活動，我們可以產生 5 億美元的收益，並在非常長的時間內增長到 10 億美元的年利潤。這也意味著巨大的融資機會。這也為股東帶來了巨大的價值。這就是我們的重點。

Page number 8 is that in order to close the loop and finance this efficiently, you need to control every aspect of the logistics chain, supply-demand, terminal ships and overall logistics. Fortunately, we control all of that. So the four terminals that are relevant in this discussion is the La Paz terminal in Mexico, Puerto Sandino and Nicaragua, the Barcarena terminal in Brazil and the San Juan terminal in San Juan, Puerto Rico. We have these terminals that we own and control and essentially have developed. In addition, we have a dedicated fleet of terminal ships and transport ships to basically both supply to the locations, but then also supply then onto the land. So basically, you connected the dots between every aspect of it.

第 8 頁是，為了形成閉環並有效地為其提供資金，您需要控制物流鏈、供需、碼頭船舶和整體物流的各個方面。幸運的是，我們控制了這一切。因此，本次討論中相關的四個碼頭分別是墨西哥的拉巴斯碼頭、波多黎各的桑地諾和尼加拉瓜的巴卡雷納碼頭、巴西的巴卡雷納碼頭和波多黎各聖胡安的聖胡安碼頭。我們擁有這些我們擁有和控制的終端，基本上已經開發了。此外，我們擁有專門的碼頭船和運輸船隊，主要負責向目的地提供貨物，同時也負責向陸地提供貨物。所以基本上，你已經將各個方面聯繫起來了。

And so the combination of the long-term cash flows, credit quality, duration, in particular, of this, the 20-year duration is what actually gives us so much optimism that there's meaningful things to do here. There's a reason why Charlie Munger used to carry around the compounding tables in his back pocket, 20 years of repeatable cash flows, is an incredibly powerful combination. And that's what we have already in hand, and we think the prospects for adding to it are terrific. So on the growth side, two elements that we're focused on is Brazil and in Puerto Rico. And I'm joined here in New York by Leandro and Jeremy from our Brazil team who run Brazil for us, and they can give some context both on what we have accomplished and what we're focused on.

因此，長期現金流、信貸品質、持續時間（特別是 20 年的持續時間）的結合實際上給了我們如此多的樂觀，讓我們相信這裡有有意義的事情要做。查理芒格 (Charlie Munger) 經常隨身攜帶複利表，這是有原因的，20 年的可重複現金流是一個非常強大的組合。這就是我們已經擁有的，我們認為對其進行補充的前景是十分光明的。因此，在成長方面，我們關注的兩個因素是巴西和波多黎各。在紐約，我和來自巴西團隊的 Leandro 和 Jeremy 一起負責巴西事務，他們可以介紹我們所取得的成就以及我們關注的重點。

Thanks a lot, Wes. Good afternoon, everyone. I'm pleased to be discussing our progress and outlook in Brazil. Over the past few years, we've made significant strategic investments in the country laying the foundation for a high value and resilient business. After years of dedicated work and over billions of investment, we are finally approaching the full commercial operation dates of our key assets.

非常感謝，韋斯。大家下午好。我很高興在巴西討論我們的進展和前景。過去幾年，我們在該國進行了重大戰略投資，為高價值和有彈性的業務奠定了基礎。經過多年的努力和數十億美元的投資，我們的關鍵資產終於即將全面投入商業營運。

One of our projects, a 624-megawatt combined-cycle power plant is expected to reach COD in the second half of this year, while the second power plant, a 1.6-gigawatt open-cycle plant is on track for COD by mid next year. This is a key moment for us. These investments are converting it to a long-term contracted assets, and we are very excited to be part of this transformation at NFE Brazil.

我們的一個項目是一座 624 兆瓦的聯合循環發電廠，預計將於今年下半年實現 COD，而我們的第二個發電廠是一座 1.6 千兆瓦的開式循環發電廠，預計將於明年年中實現 COD。這對我們來說是一個關鍵時刻。這些投資正在將其轉化為長期合約資產，我們非常高興成為 NFE Brazil 這項轉型的一部分。

In this slide number 10, I wanted to highlight the Barcarena complex and its associated long-term contracts. These contracts, all of them are inflation linked, they are protected from gas price volatility and backed by strong credit ratings, providing stable and predictable cash flows for our business. Starting with the Norsk Hydro contract, we began deliveries in March 2024, under a 15-year gas supply agreement, which is indexed to Henry Hub plus $6.04 per MMBtu adder, with part of the adder adjusted by US CPI on a yearly basis, as shown in this slide. The contract covers approximately 30 TBtu a year with a 90% take-or-pay.

在第 10 張投影片中，我想重點介紹 Barcarena 綜合體及其相關的長期合約。這些合約均與通貨膨脹掛鉤，不受天然氣價格波動的影響，並有強大的信用評級支持，為我們的業務提供穩定且可預測的現金流。從與挪威海德魯的合約開始，我們根據為期 15 年的天然氣供應協議於 2024 年 3 月開始交付，該協議與亨利港的價格掛鉤，另加每百萬英熱單位 6.04 美元的附加價值，其中部分附加價值每年根據美國消費者物價指數進行調整，如本幻燈片所示。該合約涵蓋每年約 30 TBtu 的產量，其中 90% 為照付不議。

For CELBA 2, our 624-megawatt plant, we have a 25-year PPA with 100% take-or-pay during the second semester of each year, starting from COD expected to occur in the second semester of the year. The gas volumes here is approximately 18 TBtu a year, considering only the take-or-pay with price index to 91% of JKM plus an adder of $3.36 per MMBtu (sic - see slide 10, "$4.36 per MMBtu"), which is also adjusted by US CPI on a yearly basis.

對於我們的 624 兆瓦電廠 CELBA 2，我們有一個 25 年的 PPA，從預計在每年第二學期發生的 COD 開始，每年第二學期 100% 照付不議。這裡的天然氣產量大約是每年 18 TBtu，僅考慮照付不議的價格指數為 JKM 的 91% 加上每 MMBtu 3.36 美元的附加值（原文如此 - 請參閱幻燈片 10，“每 MMBtu 4.36 美元”），這也是根據美國 CPI 每年進行調整的。

Finally, at PortoCem, our 1.6-gigawatt plant. We secured this 15-year capacity contract with the national grid, which pays approximately $280 million for the availability of the plant, plus a dispatch components whenever the plant produces power. Assuming a 10% dispatch rate, it would translate into an approximately 12 TBtus a year of additional gas demand at premium gas prices. These projects are secured by strong contract price, as mentioned by Wes, which demonstrates how robust our commercial foundation is.

最後，在 PortoCem，我們擁有 1.6 千兆瓦的工廠。我們與國家電網簽訂了為期 15 年的容量合同，國家電網為該電廠的可用性支付約 2.8 億美元，此外還在電廠發電時調度組件。假設調度率為 10%，那麼在高價天然氣條件下，每年將產生約 12 TBtus 的額外天然氣需求。正如韋斯所說，這些項目都是透過強勁的合約價格來擔保的，這表明我們的商業基礎非常穩固。

I will hand it over to Jeremy to walk you through the construction update.

我將把它交給傑里米 (Jeremy) 來指導您完成施工更新。

Good afternoon, everybody. It's my pleasure to give you a very positive construction update this quarter. Since we last spoke on our CELBA power plant, as Leandro just mentioned, the 624-megawatt combined-cycle plant, since our last update, we've increased general progress by over 7%.

大家下午好。我很高興向您提供本季非常積極的建設更新資訊。自從我們上次談論 CELBA 發電廠以來，正如 Leandro 剛才提到的，這座 624 兆瓦的聯合循環發電廠，自我們上次更新以來，總體進展已提高 7% 以上。

On PortoCem, we've increased the progress by over 15%. That brings both of our plants now to a 95% completion for CELBA and over 54% completion for PortoCem. Those major milestones that we've achieved are actually in spite of the fact that in this previous quarter, we had a very intense rainy season to work through. In a couple of the months of the quarter, we had near 30-year historical levels of precipitation. And in the case of PortoCem, which is in a largely civil construction phase, that was a significant achievement for the project team to not only maintain the float and the schedule improvement that we have, but also actually increased it a little bit.

在 PortoCem 上，我們將進度提高了 15% 以上。這樣，我們的兩家工廠目前已完成：CELBA 工廠完成率為 95%，PortoCem 工廠完成率為 54% 以上。儘管上一季我們經歷了非常嚴重的雨季，但我們仍然取得了這些重大里程碑。本季有幾個月的降水量接近 30 年來的歷史最高水準。對於目前主要處於土木工程階段的 PortoCem 專案來說，這對於專案團隊來說是一項重大成就，我們不僅保持了現有的浮動時間和進度改進，而且實際上還略有增加。

Back to CELBA 2 on the combined cycle plant, at 95%, we're nearing a very important milestone of mechanical completion. We're in a phase right now, a very critical phase of the high-pressure hydro testing. We've tested the steam system up to 96 bar on our way to 300 bar eventually. Another important milestone of the 95% is that it means a different level of effort at our site.

回到聯合循環電廠的 CELBA 2，目前已完成 95%，我們即將迎來機械完工的一個非常重要的里程碑。我們現在正處於高壓水壓測試的一個非常關鍵的階段。我們已經測試了蒸汽系統，最高壓力為 96 巴，最終達到 300 巴。95% 的另一個重要里程碑是，它意味著我們站點的努力程度達到了不同的水平。

The 95% mechanical completion milestone effectively means that we can transfer the main level of effort from our construction contractor over to our power core provider, Mitsubishi, and allow them to after first fire, which we expect -- that first fire of the gas turbine, which we expect at the end of August to take over the level of effort at site and to start generating commissioning power.

95% 的機械完工里程碑實際上意味著我們可以將主要工作量從建築承包商轉移到我們的電力核心供應商三菱，並允許他們在第一次點火後（我們預計燃氣渦輪機第一次點火）接管現場工作並開始產生調試電力。

On PortoCem, although we are in a civil construction phase, we did advance it significantly during this last quarter. We -- one interesting note is, if you recall the last update, we showed you photos of gas turbines in transit to the site. As you see here in our update on slide 11, we're showing you photos of gas turbines installed at site. We actually have two out of the three turbines that are already manufactured, we have them installed at the site. The third gas turbine will be arriving at the end of the month, and we're also in the process of installing two of the three electric generators.

對於 PortoCem 而言，儘管我們正處於土木工程建設階段，但我們在上個季度確實取得了重大進展。我們—一個有趣的現像是，如果您還記得上次更新，我們向您展示了運往現場的燃氣渦輪機的照片。正如您在第 11 張幻燈片的更新中看到的，我們向您展示了現場安裝的燃氣渦輪機的照片。實際上，我們已經製造了三台渦輪機中的兩台，並將它們安裝在現場。第三台燃氣渦輪機將於本月底抵達，我們也正在安裝三台發電機中的兩台。

We have -- the primary ability that we've leveraged in our schedule being more than 10% ahead of the planned completion percentage at this point is that our main equipment has arrived well ahead of the planned delivery dates. This derisks our schedule completely and helps us to maintain a 10% float in our completion plan at this point. Importantly, in this past quarter since we last spoke, we've also commenced work on our 500-KV transmission line and the substation where our GIS will arrive later this year to be installed.

我們目前能夠提前 10% 以上完成計劃的主要能力在於，我們的主要設備已經提前到達，遠早於計劃的交貨日期。這完全降低了我們計劃的風險，並幫助我們在此時保持完成計劃的 10% 浮動。重要的是，自從我們上次談話以來的這個季度，我們也開始了 500 KV 輸電線路和變電站的建設工作，我們的 GIS 將於今年稍後到達變電站進行安裝。

Just before I hand back to Leandro for the power auctions, one interesting note on PortoCem. As you recall, this project is one that we procured from another site and transferred it to our Barcarena facility, with some milestones that were delayed from the original project developer. We've actually transitioned to the schedule advancement to such a point that we're now accomplishing some of the original developers milestones that were promised to the regulators in Brazil, although it was -- they were more than a year into development when we procured this project. So we'll look forward to another successful quarter and get back to you at that time.

就在我將電力拍賣交還給 Leandro 之前，關於 PortoCem 有一個有趣的註釋。您還記得，這個項目是我們從另一個站點採購並轉移到我們的巴卡雷納工廠的項目，其中一些里程碑比原始項目開發商的進度有所延遲。實際上，我們已經將進度安排過渡到這樣的階段：我們現在正在實現開發商最初向巴西監管機構承諾的一些里程碑，儘管當我們採購這個專案時，他們已經進行了一年多的開發。因此，我們期待又一個成功的季度，屆時我們將回覆您。

Thank you, Jeremy. Turning to slide number 12. I want to discuss the market outlook and the upcoming opportunities. We will focus on the capacity auction expected later this year. First of all, I mean, probably most of you heard about it, the auction that was originally scheduled to happen in June was canceled.

謝謝你，傑瑞米。翻到第 12 張投影片。我想討論一下市場前景和即將到來的機會。我們將重點關注預計今年稍後舉行的產能拍賣。首先，我的意思是，可能大多數人都聽說過，原定於 6 月舉行的拍賣被取消了。

And we believe this is a temporary delay, actually. The Ministry of Mines and Energy has stated publicly that he expects the option to take place in 2025. And we expect rules to provide more clarity and fairness to the competition.

事實上，我們認為這只是暫時的延遲。礦業和能源部已公開表示，預計該選擇將於 2025 年實施。我們希望規則能夠為比賽提供更多的清晰度和公平性。

Just to make it clear, the fundamentals haven't changed. Brazil still needs to contract in our estimate 10 to 15 gigawatts of capacity. The PPAs are expected to have CODs between 2026 and 2030, for both brownfields and greenfield assets. And we will offer capacity payments similar to PortoCem with 15-year terms for greenfield projects and gas indexed to JKM and TTF.

要先明確的是，基本面沒有改變。我們估計巴西仍需要簽訂10至15千兆瓦的發電容量。預計 PPA 將在 2026 年至 2030 年之間實現 COD，包括棕地和綠地資產。我們將為綠地專案和與 JKM 和 TTF 掛鉤的天然氣提供與 PortoCem 類似的 15 年容量付費。

While the postponement of the auction created some short-term noise in the country, we are confident in the structural need for the auction. There is no question that Brazil needs the power. And if this action doesn't happen, the system could face real operational challenges. We're fully prepared as NFE Brazil. We are positioned to register over 2 gigawatts of projects in the upcoming auction.

儘管拍賣的推遲在該國造成了一些短期噪音，但我們對拍賣的結構性需求充滿信心。毫無疑問，巴西需要電力。如果不採取這項行動，該系統可能會面臨真正的營運挑戰。作為 NFE 巴西，我們已經做好了充分的準備。我們準備在即將舉行的拍賣會中註冊超過 2 千兆瓦的項目。

Additionally, more than 3 gigawatts of third-party projects have requested gas proposals from us, showing clear market confidence and the competitiveness of our platform in Brazil.

此外，超過3吉瓦的第三方專案已向我們要求天然氣提案，這表明市場信心明顯，並且我們在巴西的平台具有競爭力。

In short, we see a path for meaningful expansion of our business in Brazil with strong counterparties, solid regulatory support and rising demand for our integrated LNG to power model. Thank you very much, and I want to hand it over to Wes.

簡而言之，我們看到了在巴西業務有意義擴張的道路，擁有強大的交易對手、堅實的監管支持以及對我們綜合液化天然氣發電模式不斷增長的需求。非常感謝，我想把它交給韋斯。

All right. Thanks, Leandro. Let me briefly talk about Puerto Rico because it's another big market for us with a lot of activity. Just a bit of a situational overview of what the energy system in Puerto Rico looks like. It's a very under-invested, very antiquated system that is in great need of repair and great need of new investment, in particular on the new generation side.

好的。謝謝，Leandro。讓我簡單談談波多黎各，因為它對我們來說是另一個活動豐富的大市場。這只是對波多黎各能源系統狀況的一點概述。這是一個投資嚴重不足、非常陳舊的系統，急需修復，也急需新的投資，特別是在新一代的投資。

There's been no power plants built that are material in the last 30 years. So the average power plant is quite old, which rotating equipment is really not to operate efficiently for 40, 50, 60 years. And so there's a lot of challenges in terms of the fleet that exists. Over 50% of it runs on some combination of oil and diesel. Contrast that to the mainland United States, where less than 1% of our electricity is operated on diesel.

過去 30 年裡沒有建造過任何物質發電廠。因此，一般的發電廠都相當老舊，其旋轉設備實際上無法有效運作 40、50、60 年。因此，就現有的船隊而言，存在著許多挑戰。其中超過 50% 的電力由石油和柴油混合驅動。與美國本土相比，美國本土只有不到 1% 的電力來自柴油。

You can see there's a huge difference between utilities that we find in the mainland and what we see there.

您可以看到，我們在大陸發現的公用設施與我們在那裡看到的公用設施之間存在巨大差異。

What that means is that the plan and the needs in the business in Puerto Rico on the energy side, we think are extremely clear. Number 1, there's a lack of sufficient reserve, which hence means that they need temporary power, which is exactly what they have done in terms of going out for a bid for temporary power. Especially with the upcoming summer and the demands on the system that happened when it gets hotter down there and of course, hurricane seasons around the corner, there's a concern that they lack adequate reserve from some of the plants being offline, instead trying to buttress that by holding an RFP for temporary power.

這意味著我們認為波多黎各在能源方面的業務計劃和需求非常明確。第一，儲備不夠，需要臨時電源，所以他們就進行臨時電源招標。尤其是隨著夏季的臨近，天氣變熱對系統的需求也隨之增加，當然，颶風季節也即將來臨，人們擔心由於一些電廠處於離線狀態，他們缺乏足夠的儲備，因此只能通過臨時電力招標來彌補這一不足。

Number 2 is, there is a total of about 925 megawatts of power today that runs on diesel that can be readily converted to natural gas. That represents roughly a $300 million difference in fuel cost between burning the diesel and burning the natural gas for no benefit whatsoever. And so our view is that in the context of the RFP that has been talked about for gas supply, it should include a provision to also convert those to other assets, we list the four that are on here. There's the Mayaguez 200-megawatt plant, Cambalache 240 megawatts, the 3 Pratt & Whitney mega gens that are in Palo Seco and the Aguirre 1 and 2, which is the combined-cycle plant in the south. All those can be readily converted and simply doing so is a relatively low cost to the system and can generate very, very meaningful decreases in fuel cost to them, upwards of $300 million a year.

第二，目前大約有 925 兆瓦的電力是由柴油驅動的，而柴油可以輕鬆轉化為天然氣。這意味著燃燒柴油和燃燒天然氣之間的燃料成本相差約 3 億美元，而且沒有任何好處。因此，我們的觀點是，在有關天然氣供應的 RFP 背景下，它應該包括一項條款，將其轉換為其他資產，我們在此列出了四項。其中包括馬亞圭斯 (Mayaguez) 200 兆瓦電廠、坎巴拉切 (Cambalache) 240 兆瓦電廠、位於帕洛塞科 (Palo Seco) 的 3 座普惠 (Pratt & Whitney) 巨型發電機組以及位於南部的阿吉雷 (Aguirre) 1 號和 2 號聯合循環電廠。所有這些都可以輕鬆轉換，而且這樣做對系統來說成本相對較低，並且可以非常顯著地降低燃料成本，每年高達 3 億美元。

Lastly is, there's been no new power generation built in the last 30 years. There was a plant that was agreed by the government in early January. That was the first new PPA that's been signed in some time. We are the gas provider for that in the long term. And so we think that basically building a new generation is really what will cure what ails the system for the most part because the lack of reliability and the inefficiency of the system is really, really a function of these old power plants.

最後，過去 30 年裡沒有建造新的發電設施。有一處工廠已於一月初獲得政府同意。這是一段時間以來簽署的第一份新的電力購買協議。我們是該地的長期天然氣供應商。因此，我們認為，從根本上說，建造新一代發電廠才是真正解決該系統大部分問題的關鍵，因為系統缺乏可靠性和效率低下實際上是這些老舊發電廠造成的。

And right now, there are plans underway by PREPA to address these issues by running the RFPs for temporary power, bringing RFP for gas supply and running an RFP for new generation, all of which we think are interesting opportunities and situations, which we will certainly take a hard look at.

目前，PREPA 正在製定計劃來解決這些問題，包括運行臨時電力 RFP、提供天然氣供應 RFP 和運行新一代 RFP，我們認為這些都是有趣的機會和情況，我們一定會認真研究。

Our infrastructure in San Juan has had a very good quarter. This is the first time that we got a large ship. So basically, we were able to replace the flotilla of kind of smaller logistical ships to a larger ship with the channel widening that the Army Corps has been engaged in, that actually allows us to be more efficient in bringing in more supply. So basically, cuts our expenses, but it also greatly increases the capacity of that terminal, which is a good time. So with that, let me turn it over to Chris.

我們在聖胡安的基礎設施本季表現非常好。這是我們第一次獲得大型船。因此，基本上，隨著陸軍工程兵團一直在進行的航道拓寬工程，我們能夠將小型後勤船隊替換為大型船隊，這實際上使我們能夠更有效地運送更多補給。因此，基本上，這不僅削減了我們的開支，而且還大大增加了該終端的容量，這是一個好時機。因此，讓我將其交給克里斯。

Great. Thanks, Wes. Appreciate the opportunity to talk to everybody today. First, let me start with giving a little bit more color regarding the two recent SEC filings that we submitted earlier this week. On Monday, we filed an 8-K outlining an update to the use of proceeds of the Jamaica sale, which I'll walk through shortly.

偉大的。謝謝，韋斯。感謝今天有機會與大家交談。首先，讓我先稍微介紹一下我們本週稍早向美國證券交易委員會提交的兩份文件。週一，我們提交了一份 8-K 報告，概述了牙買加出售所得款項使用的最新情況，我很快就會介紹一下。

And yesterday, we filed a notification of late filing under Rule 12b-25, which allows the company to file our full form 10-Q no later than Monday, the 19th. The reason for the late filing is twofold. First, we wanted to be able to announce the consummation of the sale of the Jamaica business, including describing for investors the use of proceeds. And second, with the Jamaica asset sale proceeds in hand, we can report an improved liquidity prediction and reduction of the going concern risk that was included in the 10-K.

昨天，我們根據第 12b-25 條規定提交了延遲提交通知，該通知允許公司最遲在 19 日星期一提交完整的 10-Q 表格。延遲提交的原因有兩個。首先，我們希望能夠宣布完成牙買加業務的出售，包括向投資者描述收益的用途。其次，有了牙買加資產出售所得，我們可以報告 10-K 中包含的流動性預測的改善和持續經營風險的降低。

So now turning to slide 15. We've outlined both the cash and the accounting treatment of the Jamaica transaction. On the left side of the page, we show the proceeds waterfall, and on the right side, the gain we will recognize in the second quarter. Now prior to the most recent amendment of the credit agreement, there was a requirement to use 75% of the proceeds of material asset sales to pay down super priority debt, which included the revolving credit facility, the term loans A and B and the new 2029 notes.

現在翻到第 15 張投影片。我們概述了牙買加交易的現金和會計處理。在頁面的左側，我們展示了收益瀑布，在右側，我們展示了第二季將實現的收益。現在，在最近一次修訂信貸協議之前，要求使用 75% 的重大資產出售收益來償還超優先債務，其中包括循環信貸額度、定期貸款 A 和 B 以及新的 2029 年票據。

However, we were able to negotiate an agreement with the revolving credit facility lenders to waive this asset sale proceeds waterfall in exchange for the early pay down of the September amortization payment of $270 million. In addition, we also amended the term loan A where we agreed to a modest pay down of $55 million, which is in line with what they would have received under the waterfall anyway.

然而，我們能夠與循環信貸額度貸款人達成協議，放棄這筆資產出售收益，以換取提前償還 9 月 2.7 億美元的攤銷款項。此外，我們還修改了定期貸款 A，同意支付 5500 萬美元的適度首付，這與他們在瀑布貸款下獲得的金額一致。

Further, we eliminated the debt-to-capitalization covenant in this facility, and we matched the financial covenants of that loan to those in the revolving credit facility, none of which will be tested until September 30 of this year. As a result of these amendments, we were able to retain almost $400 million of proceeds after tax that can be used to solve in part nearer-term maturities, including the 2026 notes and non-extended revolver tranche, thus eliminating debt maturities until the second half of '27.

此外，我們取消了該貸款中的債務資本化契約，並將該貸款的財務契約與循環信貸額度中的財務契約相匹配，這些契約在今年 9 月 30 日之前都不會接受測試。由於這些修訂，我們能夠保留近 4 億美元的稅後收益，這些收益可用於部分解決近期到期債務，包括 2026 年票據和非延期循環信貸部分，從而消除 27 年下半年之前的債務到期日。

On the right side of the page, we show the expected accounting gain on this transaction. Gross proceeds of $1.055 billion less the asset level debt and fees and expenses gets to net proceeds of $778 million, then reduced by our basis, which is $177 million and reduced by goodwill allocation of $172 million will result in a book gain of $430 million. A big thank you to our full team that tirelessly worked to get to the Jamaica deal closed. This includes our internal employees, our external advisers and our partners at Excelerate, and we send best wishes for their success with an incredible asset.

在頁面的右側，我們顯示了該交易的預期會計收益。10.55 億美元的總收益減去資產水平債務和費用及開支，得到 7.78 億美元的淨收益，然後減去我們的基準 1.77 億美元，再減去 1.72 億美元的商譽分配，將產生 4.3 億美元的帳面收益。非常感謝我們整個團隊為完成牙買加交易所做的不懈努力。這包括我們的內部員工、外部顧問和 Excelerate 的合作夥伴，我們為他們的成功致以最美好的祝愿，這是一筆寶貴的財富。

Go ahead and turn now to slide number 16. And let's talk for a minute more about the 2 FSRU contracts that we signed over the last couple of months. In December, we announced that we chartered the Eskimo to EGAS. And this week, we announced that we chartered the Freeze to Energia 2000. These two projects alone equate to approximately $200 million of future earnings. Additionally, we are in advanced discussions with counterparties on two additional FSRU opportunities, which contribute an incremental $100 million to the total value of the portfolio.

現在請翻到第 16 張投影片。讓我們再多談過去幾個月我們簽署的兩份 FSRU 合約。12 月，我們宣布將「愛斯基摩人號」租給 EGAS。本週，我們宣布將 Freeze 租給 Energia 2000。光是這兩個項目就相當於未來約2億美元的收益。此外，我們正在與交易對手就另外兩個 FSRU 機會進行深入討論，這將為投資組合的總價值貢獻 1 億美元。

On an annual basis, these relets can increase our cash flow up to about $50 million in added EBITDA per year. Further, with the high demand for these contracts, we have the opportunity to novate or sell them to other companies, which would provide us with upfront payments that we think are around $200 million. And when that occurs, it would be included in EBITDA and of course, earnings.

從年度角度來看，這些轉租可以增加我們的現金流，每年增加的 EBITDA 約為 5,000 萬美元。此外，由於這些合約的需求量很大，我們有機會將其轉讓或出售給其他公司，這將為我們提供約 2 億美元的預付款。當這種情況發生時，它將被計入 EBITDA 和收益中。

Turn, please, now to slide 17, we have financial results. Total segment operating margin was $106 million for Q1 compared to $240 million for Q4 of 2024. Core SG&A for the first quarter was $34 million, which is equal to what we had for Q4 of '24. And for the balance of 2025, we're forecasting $30 million a quarter. As Wes stated earlier, adjusted EBITDA for the first quarter was $82 million.

請翻到第 17 張投影片，我們有財務結果。第一季分部總營業利潤率為 1.06 億美元，而 2024 年第四季為 2.4 億美元。第一季的核心銷售、一般及行政費用為 3,400 萬美元，與 2024 年第四季持平。到 2025 年，我們預測每季的營收將達到 3,000 萬美元。正如韋斯之前所說，第一季調整後的 EBITDA 為 8,200 萬美元。

Moving to slide 18. For Q1, we had $200 million net loss for GAAP or a loss of $0.73 a share. We had no material onetime items leading to the adjusted EPS to be the same as GAAP. As Wes said already, the quality of our earnings this quarter was high, but the quantity was lower than we were initially forecasting.

移至幻燈片 18。第一季度，我們的 GAAP 淨虧損為 2 億美元，即每股虧損 0.73 美元。我們沒有任何重大一次性項目導致調整後的每股盈餘與 GAAP 相同。正如韋斯所說，本季我們的獲利品質很高，但數量低於我們最初的預測。

Two differences that we were initially expecting in the first quarter versus what we are reporting is one, the recognition of the PR incentive payment, which is about $110 million. This is still something we expect to receive in 2025 was not agreed to before the end of the -- before the closing of the first quarter. And two, a sale of the Eskimo vessel charter. Again, this is still something that we expect to complete in 2025, but we think that combining this with the other charters that have been signed as well as ones in process makes this more attractive as a package of contracts than one-off.

我們最初預計第一季與我們報告的有所不同，一是確認了 PR 獎勵金，約 1.1 億美元。我們仍預計在 2025 年收到這筆款項，但在第一季結束前尚未達成協議。二是出售愛斯基摩人的船舶租賃權。再次強調，我們仍預計這項工作將在 2025 年完成，但我們認為，將其與已簽署以及正在處理的其他租約相結合，將使這作為一攬子合約比一次性合約更具吸引力。

In spite of lower-than-expected earnings, we still have a strong liquidity position. We ended Q1 with $448 million of cash on hand and $275 million available under our revolving credit facility. Add to that, the $393 million of cash proceeds after debt pay down and you have over $1.1 billion of pro forma liquidity at the end of Q1.

儘管獲利低於預期，但我們的流動性狀況仍然強勁。截至第一季末，我們手頭上有 4.48 億美元現金，循環信貸額度下有 2.75 億美元可用。除此之外，償還債務後還有 3.93 億美元的現金收益，因此第一季末的預計流動資金將超過 11 億美元。

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

最後，感謝大家抽空。我會將電話轉回接線生進行問答。

(Operator Instructions) Gregory Lewis, BTIG.

（操作員指示）Gregory Lewis，BTIG。

Chris, I was hoping, thanks for laying out the liquidity and the cash and the injection post the Jamaica sale. I was hoping you could walk us through -- I mean, clearly, you have a lot of restricted cash on the balance sheet. Could you maybe kind of point to -- is that restricted against specific projects? And what kind of hurdles are there that could free up that cash to make it unrestricted?

克里斯，我希望，感謝你在牙買加出售後提供流動性、現金和注入資金。我希望您能向我們解釋一下——我的意思是，很明顯，您的資產負債表上有很多受限制的現金。您能否指出—這是否針對特定項目有所限制？那麼，有哪些障礙可以釋放這些現金並使其不受限制？

Greg, short answer is it's almost all related to the CapEx in Brazil. So that is restricted cash, meaning it can only be spent on the two projects that are still under construction, the CELBA power plant and the PortoCem power plant. The remainder, which is probably in the magnitude of $40 million to $50 million is restricted around kind of other credit instruments that we have inside the business, some of which will be freed up as a result of this Jamaica transaction, about $30 million of it. And the remainder would stay restricted just because, again, it's collateral for other kind of credit support enhancement -- credit enhancement on other instruments around the business.

格雷格，簡短的回答是，這幾乎都與巴西的資本支出有關。因此，這是受限制的現金，這意味著它只能用於仍在建造的兩個項目，即 CELBA 發電廠和 PortoCem 發電廠。剩餘的金額大概在 4,000 萬到 5,000 萬美元之間，被限制在我們業務內部的其他信貸工具中，其中一些將透過此次牙買加交易釋放，約 3,000 萬美元。其餘部分將繼續受到限制，因為它是其他類型的信用支援增強的抵押品——業務周圍其他工具的信用增強。

Okay. Super helpful. And then just as we look -- as we kind of look across the cap structure at some of the debt, it's trading at a discount. You kind of alluded to maybe looking to kind of refinance that post the Jamaica transaction. But just given some of the cash on the balance sheet and kind of running the numbers, is the company looking at potentially building open market repurchases of some of that debt just to try to maybe be a little bit opportunistic?

好的。超有幫助。然後，正如我們所看到的——當我們從上限結構來看部分債務時，它正在以折扣價交易。您暗示也許想在牙買加交易後尋求某種再融資。但是，考慮到資產負債表上的部分現金和數字，該公司是否正在考慮在公開市場上回購部分債務，只是為了嘗試一點機會主義？

We certainly look at the capital structure. We think that there's some significant opportunities as a result of it. I think the -- I talked about the asset level debt and maybe I should amplify that just in the -- for a second because it will help this. The capital structure that's used for liquefaction generally as people build a liquefier, they enter into a series of SPAs. It's, for the most part, kind of a wholesaling strategy of selling gas on to others. The margin in that business is relatively low, but then the credit quality and the duration is very, very long and very, very high, so they're able to generate significant amounts of finance ability when they do so.

我們當然會關注資本結構。我們認為這會帶來一些重大機會。我認為——我談到了資產水平債務，也許我應該稍微擴大一下——因為這會有所幫助。用於液化的資本結構一般是當人們建造液化器時，他們會簽訂一系列的SPA。在很大程度上，這是一種將天然氣賣給他人的批發策略。該業務的利潤率相對較低，但信貸品質和持續時間非常非常長且非常高，因此他們這樣做時能夠產生大量的融資能力。

In our case, we also have a portfolio of gas, both from our own liquefier as well as some other sources. Our overall cost of that gas is roughly Henry Hub plus 2 50. Our margin across the assets that I list is about $4.50. So it's $500 million of financeable cash flow that's buried in our capital structure right now, but when we expose that into a 20-year duration transaction and just run the numbers on it, it has got the ability to refinance a significant portion of the balance sheet, if not all of it.

就我們而言，我們還擁有一系列天然氣，既來自我們自己的液化器，也來自一些其他來源。我們的天然氣總成本約為亨利中心加 2.50 美元。我列出的資產的利潤率約為 4.50 美元。因此，目前我們的資本結構中隱藏著 5 億美元的可融資現金流，但當我們將其投入 20 年期交易並對其進行計算時，它有能力為資產負債表的很大一部分（如果不是全部）進行再融資。

And so from a standing start on where we are right now, we think it's now the appropriate time to really focus on this. Obviously, there was a lot of focus on the company's part in this Jamaica sale, but that's over with. And this will be the next step of it. And I think in the context of that, the goal would be to refinance the corporate balance sheet in its entirety over the course of the next 12 months or so.

因此，從我們目前的狀況來看，我們認為現在是真正關注這個問題的適當時機。顯然，該公司在此次牙買加交易中所扮演的角色備受關注，但這一切已經結束了。這將是它的下一步。我認為，在這種背景下，我們的目標是在未來 12 個月左右的時間內為整個公司資產負債表進行再融資。

And as part of doing so, if we're successful in that, we'll obviously repay all the debt. And as we start to repay it, we'll look at opportunities perhaps to retire at a discount if there still are bonds that are available at discount. So that's the process for it.

作為這樣做的一部分，如果我們成功了，我們顯然會償還所有債務。當我們開始償還債務時，如果還有折扣債券可供購買，我們就會尋找機會以折扣價退休。這就是它的過程。

We think that deleveraging through the asset sale we just had, adding meaningful liquidity and addressing liquidity issues, which now $1 billion plus in liquidity, we feel great about what the transaction has realized for us. We're near completion on the power plant in Brazil, as we have assets in hand that are extremely financeable with very, very high quality and very long-term cash flows.

我們認為，透過剛剛進行的資產出售來去槓桿，增加有意義的流動性並解決流動性問題（現在流動性已超過 10 億美元），我們對這筆交易為我們帶來的成果感到非常滿意。我們在巴西的發電廠專案即將完工，因為我們手中的資產具有極強的融資能力，品質非常高，而且現金流期限非常長。

Now is the time to refinance lower cost dramatically. Extend the terms, so they're consistent with the duration of the underlying cash flows. And then we think we can actually, with the improvement in our capital structure, that the loan will actually be a substantial benefit to us. And we still have a lot of dry powder. So we've only utilized about half of the volumes that we own in our portfolio.

現在是大幅降低成本進行再融資的時候了。延長期限，使它們與基礎現金流的持續時間保持一致。然後我們認為，隨著我們資本結構的改善，這筆貸款實際上會為我們帶來巨大的利益。而且我們還有很多剩餘的資金。因此，我們僅利用了我們投資組合中大約一半的交易量。

And so if we're successful in recapitalizing the balance sheet and lowering costs, and extending, and then we also then grow as we expect to in Brazil and Puerto Rico and other places, all that growth would then accrue to the benefit of the shareholders. And so that's the next two steps that we really see.

因此，如果我們成功地重組資產負債表、降低成本並擴大規模，然後我們也能像預期的那樣在巴西、波多黎各和其他地方實現成長，那麼所有這些成長都將為股東帶來利益。這就是我們真正看到的接下來的兩個步驟。

So first was an asset sale, and now it's a recapitalization refinance, and then it will be growth. And those are the primary components of what we think it takes to be really successful. So sort to give you a long answer to a short question, but that's the context that hopefully will make sense a little bit better.

因此，首先是資產出售，現在是資本重組再融資，然後才是成長。我們認為這些是真正成功所需的主要要素。因此，我想針對這個簡短的問題給出一個詳細的答案，但這就是希望能夠更好地理解的背景。

Chris Robertson, Deutsche Bank.

克里斯·羅伯遜，德意志銀行。

Wes, I was wondering if you could talk a little bit about the short-term power opportunity in Puerto Rico here. When people are bidding into the process, is it for equipment or equipment plus fuel? And what strategy is NFE taking here in terms of are you bidding in to provide equipment or just fuel supply? Or how does that process work?

韋斯，我想知道您是否可以談談波多黎各的短期電力機會。當人們參與競標時，競標的是設備還是設備加燃料？那麼 NFE 採取什麼策略呢？您是競標提供設備還是僅提供燃料？或者這個過程是如何進行的？

I can only relate to what I've read through the portal because it's a government-run process, so they're actually quite disciplined about how they respond to information and provide information. The rules were quite clear in that they were asking for a unitary cost of power kind of period. So you're not actually able to just simply bid in turbines.

我只能理解我透過入口網站閱讀的內容，因為這是一個政府運作的過程，所以他們在如何回應資訊和提供資訊方面實際上非常自律。規則非常明確，要求的是某一時期的電力單一成本。所以你實際上不能只是簡單地競標渦輪機。

We actually asked that question specifically in the RFP questionnaire in the portal. And the two questions we asked were, were you allowed to bid in equipment versus an aggregate power price, number 1. And number 2, was there any minimum dispatch that we could assume that would be guaranteed to know how much power would be generated, and therefore, we can run the numbers on, it will be easier. And the answer to that was, no, there was no minimum.

實際上，我們在門戶網站的 RFP 問卷中專門提出了這個問題。我們問的兩個問題是，第一，你是否被允許對設備進行投標，而不是對總電價進行投標。第二，是否存在任何最低調度，我們可以假設這可以保證知道會產生多少電力，因此，我們可以計算數字，這將更容易。答案是，沒有，沒有最低限度。

So the requirements in the RFP were quite stringent. From our standpoint, we're blessed to have a big operation on the island and so it can take advantage of the infrastructure that we have in place, but that's basically what it is. And I'd say of the three opportunities that I outlined, the emergency power and the gas contract and the long-term generation, they all could be interesting under the right circumstances. But let's say, the emergency power is probably the least interesting just economically, given the relatively short duration and the lack of any kind of a commitment in terms of the utility of it.

因此，RFP 中的要求非常嚴格。從我們的角度來看，我們很幸運能夠在島上開展大規模業務，因此可以利用我們現有的基礎設施，但基本上就是這樣。我想說，我列出的三個機會，即緊急電力、天然氣合約和長期發電，在適當的情況下，它們都可能很有趣。但是，從經濟角度來看，緊急電力可能是最無趣的，因為它的持續時間相對較短，而且在效用方面缺乏任何形式的承諾。

Okay. Got you. As my follow-up question, maybe one for Leandro here. As it relates to CELBA, on the 18 TBtu per year, should we think about that as being more seasonally weighted in the back half of the year? Or is it kind of split across all four quarters? And then just to confirm on slide 10 here, there's no fixed capacity payment related to that. It's just the 100% take-or-pay on the volumes?

好的。明白了。作為我的後續問題，也許這裡有一個針對 Leandro 的問題。就 CELBA 而言，對於每年 18 TBtu 的數據，我們是否應該認為它在下半年具有更大的季節性權重？還是說它分佈在四個季度內？然後只需確認投影片 10 上的說明，沒有與此相關的固定容量付款。這只是 100% 的照付不議嗎？

Yes. So Chris, the power plants do have a capacity payment. It's around $25 million per year. But the biggest payment that we get is the second semester of the year, which is linked to the production of our and linkage to the 18 TBtu of gas mentioned in the slide. So we got some payments throughout the year, but most of the payments of the plants they are due on the second semester where we need to produce power.

是的。克里斯，發電廠確實有容量付費。每年約2500萬美元。但我們獲得的最大一筆付款是在今年第二學期，這與我們的產量以及幻燈片中提到的 18 TBtu 天然氣有關。因此，我們全年都會收到一些付款，但大多數電廠的付款都是在我們需要發電的第二學期到期的。

Wade Suki, Capital One.

韋德·蘇基 (Wade Suki)，Capital One 的代表。

Just a follow-up. I think it was on Greg's question to make sure I heard you all correctly. On asset sales, I think you originally had a goal of like $2 billion, if memory serves, it oftentimes fails me. But clearly, Jamaica derisks substantially -- substantial portion of that. Anything left out here you could discuss?

只是後續行動。我想這是關於格雷格的問題，以確保我正確聽清了你們所有人的意思。關於資產出售，我認為你最初的目標是 20 億美元，如果我沒記錯的話，它常常讓我失望。但顯然，牙買加已經大幅降低了其中很大一部分的風險。這裡還有什麼可以討論的嗎？

You asked about other asset sales. I mean I think like the business -- we have an amazing business in Brazil, as these guys have talked about, which closes a lot of opportunities for us. You have Pacific Theater, which is another kind of business in and of itself in Nicaragua and in Mexico. But I think like absent asset sales, Wes' point of being able to do large kind of securitization type transactions would allow us to refinance our debt at a significantly cheaper rate. That's our real goal, to be honest with you, Wade.

您詢問了其他資產出售的情況。我的意思是，我認為就像這些人談到的那樣，我們在巴西擁有令人驚嘆的業務，這為我們帶來了許多機會。你們有太平洋戰區，這本身就是尼加拉瓜和墨西哥的另一種業務。但我認為，就像沒有資產出售一樣，韋斯能夠進行大規模證券化交易的觀點將使我們能夠以更便宜的利率為我們的債務進行再融資。韋德，說實話，這才是我們的真正目標。

Understood. Appreciate that. And just switching gears here a little bit. I did notice FLNG 2, not on the -- not in the presentation. Can you give us a status update there?

明白了。非常感謝。這裡稍微轉換一下話題。我確實注意到了 FLNG 2，但沒有在演示中出現。您能提供我們一下那裡的最新情況嗎？

Sure. Yes. There hasn't been much development over the last kind of 60 days on FLNG number 2. I mean, still under construction in the Kiewit yard. We have been focused obviously on the closing of the Jamaica transaction and on the refinancing of the business in order to ensure that we have ample liquidity and altitude, so to speak, in the day-to-day operations. We love the project. We're still engaged on it with the people in Corpus and in Mexico, and we'll be providing additional updates as we make more material construction progress.

當然。是的。在過去的 60 天裡，FLNG 2 號沒有取得太大進展。我的意思是，Kiewit 船廠仍在建造中。我們顯然一直專注於完成牙買加交易和業務再融資，以確保我們在日常營運中擁有充足的流動性和高度。我們喜歡這個項目。我們仍在與科珀斯克里斯蒂和墨西哥的人們合作，隨著我們在物質建設方面取得更多進展，我們將提供更多更新。

Nicaragua, just hoping to get an update there.

尼加拉瓜，只是希望得到那裡的最新消息。

Yes. Nicaragua, we are in the final stages of restructuring our PPA with the government. We had a lot of productive thoughts about that. And basically, what we're trying to do is to create a structure that looks most similar to the CELBA and in Puerto Rico, long-term gas contracts. So there's basically a capacity payment that is designed to cover expenses.

是的。尼加拉瓜，我們正與政府進行電力購買協議 (PPA) 重組的最後階段。我們對此有很多富有成效的想法。基本上，我們試圖做的是創建一個與 CELBA 和波多黎各的長期天然氣合約最相似的結構。因此，容量支付基本上是為了支付費用。

And then the marginal gas cost that we think reflects kind of the value of the credit. So if you think about it, Norsk Hydro, which is an investment-grade credit, is Henry Hub plus 6, CFE which is a BBB- credit, is Henry Hub plus 7.45, so we want to be a modest premium to that to reflect the -- so lower credit quality for Nicaragua.

然後，我們認為邊際天然氣成本反映了信貸的價值。因此，如果您考慮一下，投資級信用的挪威海德魯 (Norsk Hydro) 是亨利港加上 6，而 BBB 級信用的 CFE 是亨利港加上 7.45，因此我們希望在此基礎上略微溢價以反映尼加拉瓜較低的信用質量。

So I think once we get the final agreement on the contract, then we'll finish up what remaining work we've got. The power plant itself is virtually 100% built. The terminal needs a little bit more time and effort, but we're very, very close to the end. So we just need to finalize our agreement to move ahead on that.

因此我認為，一旦我們就合約達成最終協議，我們就會完成剩餘的工作。發電廠本身已基本100%建成。到達終點站需要多一點的時間和精力，但我們已經非常接近終點了。因此，我們只需要最終達成協議即可繼續推進此事。

Craig Shere, Tuohy Brothers.

克雷格‧謝爾 (Craig Shere)、圖伊兄弟 (Tuohy Brothers)。

On slide 7, I mean, obviously, we're not getting the Plaquemines and especially CP2 volumes anytime soon. What are your thoughts about bridging LNG supply needs between now and commencement of the Venture Global SPAs?

在幻燈片 7 上，我的意思是，顯然，我們不會很快獲得 Plaquemines 和特別是 CP2 卷。您對從現在到 Venture Global SPA 開始實施期間如何滿足 LNG 供應需求有何看法？

We're actually very well positioned right now because we've got the volumes from FLNG. Right now, the asset is producing basically right at nameplate capacity at the cold box. We are planning an outage here in a couple of weeks that we think is going to significantly improve from that level.

事實上，我們現在處於非常有利的位置，因為我們從 FLNG 獲得了大量產量。目前，該資產的冷箱生產能力基本上符合標稱產能。我們計劃在幾週後進行一次停電，我們認為這將顯著改善這種情況。

So it's already performing very consistently and reliably and at a good level. And we think there's a significant amount of upside with the planned outage and debottlenecking activity of it. So that's 90 TBtus is our estimate of where that will end up with.

因此，它的表現已經非常穩定、可靠，並且達到了良好的水平。我們認為，規劃停機和消除瓶頸活動具有很大的優勢。因此，我們估計最終產量為 90 TBtus。

With the volumes that we have in place that are needed in Brazil is really just the Norsk Hydro this year. In the second half of next year, then it becomes the CELBA plant. Puerto Rico, the large gas contracts we signed earlier this year is slated to come on in 2028. So as we look across the portfolio, it's actually quite balanced overall in terms of the needs, kind of step by step. And if we add to those lines because we're successful in either Brazil or Puerto Rico or elsewhere, we can always then add any volumes to address that.

就我們現有的產量而言，今年巴西真正需要的只是挪威海德魯 (Norsk Hydro) 的產量。明年下半年，它將成為CELBA工廠。波多黎各，我們今年稍早簽署的大型天然氣合約預計將於 2028 年生效。因此，當我們審視整個投資組合時，它實際上是在逐步滿足需求，總體上是相當平衡的。如果我們因為在巴西、波多黎各或其他地方取得成功而增加這些產品線，那麼我們隨時可以增加任何數量來解決這個問題。

But we've got a net position that is 215 versus the long term of 109. Obviously, there's some short-term volumes in there that could be displaced if we're successful in some of these longer-term things. But we're in a very good position in terms of our gas needs and our gas used at the time. So it's actually -- it works well for the timing of these future developments.

但我們的淨部位為 215，而長期為 109。顯然，如果我們在一些長期事務上取得成功，那麼其中的一些短期交易量可能會被取代。但就我們當時的天然氣需求和使用而言，我們處於非常有利的地位。所以實際上——它對於未來發展的時機非常有利。

Got you. And you've been talking for a number of months or quarters about the significant opportunities with both the Puerto Rico RFP and Brazil capacity auction into June and second half this year. Obviously, you have some competitive infrastructure advantages. Do you believe some of the noise around liquidity and balance sheet could impact any of the decision-making there by regulators? Or do you think that given your entrenched position and the obvious virtual cycle of favorable awards on the whole business just kind of makes that a moot point?

明白了。幾個月或幾個季度以來，您一直在談論今年 6 月和下半年波多黎各 RFP 和巴西產能拍賣帶來的重大機會。顯然，你們擁有一些競爭基礎設施優勢。您是否認為流動性和資產負債表方面的一些噪音會影響監管機構的決策？或者您認為，鑑於您根深蒂固的地位以及整個行業中明顯的有利獎勵虛擬循環，這一點就毫無意義了？

Well, I think that we have a very viable business. We have $1 billion on balance sheet. We've got significant assets that are not only very expensive to build, but are also very -- very time consuming to build. So we feel like we've kind of earned our competitive position in these countries the hard way. We actually have set out years ago to build the essential infrastructure to get it into there.

嗯，我認為我們的業務非常可行。我們的資產負債表上有10億美元。我們擁有大量資產，但建造這些資產不僅成本高昂，而且非常耗時。因此，我們覺得我們是透過艱苦的方式在這些國家贏得競爭地位的。事實上，我們幾年前就已著手建造必要的基礎設施，以便將其運往那裡。

I mean that said, in no case, are we a monopoly. We don't want to be a monopoly. We're not regulated like a monopoly. That's not what we aspire to be. In Puerto Rico itself, I think today, we actually provide less than 50% of the fuel that is provided on the island.

我的意思是，無論如何我們都不是壟斷企業。我們不想成為壟斷企業。我們不受像壟斷企業那樣的監管。這並不是我們所期望的。在波多黎各本身，我認為今天我們提供的燃料實際上還不到島上燃料供應量的 50%。

So Ecoelectrica in the south has significant gas abilities. We've got a very, very good position in San Juan, that's by design. And we spent hundreds of millions of dollars developing our product there like anybody else could do or could have done to give ourselves that position.

因此，南部的 Ecoelectrica 擁有強大的天然氣能力。我們在聖胡安擁有非常非常好的地位，這是設計好的。我們在那裡花了數億美元來開發我們的產品，就像其他人可以做的那樣，以取得這樣的地位。

But in no respect are we monopolistic about this. We think we're well positioned. And what we have predicted to happen in these countries, we think, is largely coming true. I mean like we're certainly disappointed that the auctions in Brazil were delayed, but there was reasons for that are out of our control. And as Leandro said, the needs of the country having gotten less, they've gotten greater during that period. So we feel great about those auctions.

但無論如何，我們都沒有壟斷這一點。我們認為我們處於有利地位。我們認為，我們所預測的這些國家將會發生的事情在很大程度上正在成為現實。我的意思是，我們當然對巴西的拍賣被推遲感到失望，但這其中的原因是我們無法控制的。正如萊安德羅所說，國家的需求本來就少，但在那段時期卻變得更大了。所以我們對這些拍賣感到非常滿意。

And we've got a great, great asset in the south that we think is going to play a central role in those auctions when they do come. And in Puerto Rico, with both the short-term and long-term generation needed, we think that having gas in San Juan is going to prove to be very, very helpful. And so we'll obviously need to find if we can do that economically attractive levels and go from there. But we feel like the competitive situation is actually really good.

我們在南方擁有非常寶貴的資產，我們認為，當拍賣到來時，它將發揮核心作用。在波多黎各，考慮到短期和長期發電需求，我們認為在聖胡安擁有天然氣將被證明是非常非常有用的。因此，我們顯然需要確定我們是否能夠達到具有經濟吸引力的水平，並從那裡開始。但我們感覺競爭形勢其實非常好。

I mean, I think most importantly, when you disaggregate and you look behind the numbers, you look at the assets that we've got, you're generating $0.5 billion in cash flow on a 20-year duration assets that are largely right around investment grade. So that is a laudable place to be. We feel like that our valuation in no way reflects that. And so we'll go finance ourselves on a long-term basis, and we'll fix the capital structure and align it with the same duration of what we're -- we've got on the asset side and kind of go from there.

我的意思是，我認為最重要的是，當你分解並查看數字背後時，你會看到我們擁有的資產，你在 20 年期資產上產生了 5 億美元的現金流，這些資產基本上處於投資級別。所以這是一個值得稱讚的地方。我們覺得我們的估值根本就沒有反映這一點。因此，我們將進行長期融資，並修復資本結構，使其與資產方面的期限保持一致，然後從那裡開始。

And if we're fortunate and through hard work of us and our people in the field, we can add to it with more long-term offtake and use up some of the excess capacity we've got on the spot side. We think that there's a tremendous amount of upside in both the debt and the equity side. So that's the plan.

如果我們夠幸運，並且透過我們和現場工作人員的辛勤工作，我們就可以透過更多的長期承購來增加產量，並利用我們在現貨方面的一些過剩產能。我們認為債務和股權方面都具有龐大的上漲空間。這就是計劃。

The one thing I'd say is that on this -- the last thing I'll say is that on the securitization front, we've securitized or have created structured financings for many, many different products over our careers. And I think in the scale of degree of difficulty, if you just take the Brazilian assets, you've got two assets that have got direct obligations by the Brazilian government in the one case, Norsk Hydro in the other. So BB+ and BBB rated counterparties, discrete cash flows with no variability that run out for 15 and 25 years, that doesn't sound like the hardest thing in the world to kind of realize. They're US dollar-based contracts.

關於這一點，我想說的最後一件事是，在證券化方面，在我們的職業生涯中，我們已經為許多不同的產品進行了證券化或創建了結構化融資。我認為，從難度來看，如果只看巴西資產，就會發現有兩項資產直接受到巴西政府的約束，一個是挪威海德魯 (Norsk Hydro)，另一個是巴西政府對挪威海德魯 (Norsk Hydro) 的約束。因此，BB+ 和 BBB 評級的交易對手，15 至 25 年內沒有變化的離散現金流，這聽起來並不是世界上最難實現的事情。它們是基於美元的合約。

That's what we're going to be very focused on. And I think if we're successful there, it gives us a real opportunity then to attack our capital structure and do some good work there. So that's the plan for the summer, and we'll see how it plays out.

這正是我們將要重點關注的。我認為，如果我們在那裡取得成功，這將為我們提供一個真正的機會來攻克我們的資本結構並在那裡做一些有益的工作。這就是夏季的計劃，我們將看看其進展如何。

Tarek Hamid, JPMorgan.

摩根大通的塔里克‧哈米德 (Tarek Hamid)。

Could you guys maybe help us bridge through the liquidity picture a little bit, particularly sort of how you're thinking about gross CapEx needs for the remainder of the year. Obviously, you have a bunch of restricted cash as well as liquidity outlined, but just would love to understand sort of how much is yet to go out the door?

你們能否幫助我們稍微理清一下流動性狀況，特別是你們對今年剩餘時間的總資本支出需求的看法。顯然，您有大量受限現金和流動性，但只是想了解有多少尚未流出？

Yes. So I'd say -- we'll start in Brazil. So the remainder of the CapEx for CELBA and PortoCem is fully funded with cash on the balance sheet on the restricted cash line. So that's paid for. And that will be paced this year and through the first kind of 6-ish, maybe 9 months in total because you'll have some lag in the payments beyond COD in 2026 for PortoCem.

是的。所以我想說——我們將從巴西開始。因此，CELBA 和 PortoCem 的剩餘資本支出完全由資產負債表上的受限現金額度內的現金資助。所以這是已經付清的錢了。這將在今年和前 6 個月左右的時間內完成，總共可能需要 9 個月，因為對於 PortoCem 來說，在 2026 年 COD 之後的付款會有一些延遲。

Beyond PortoCem, you have very little remaining CapEx to spend. Obviously, FLNG 1 has been placed into service. You have no more spend in Mexico or in -- really in Puerto Rico until you get conversions and those conversions, whatever CapEx is needed for those conversions we envision would be paid for by PREPA. That really then leaves you with Nicaragua, and we've disclosed this before, it's about -- remaining to spend in Nicaragua is about $50 million to $60 million.

除了 PortoCem 之外，您剩下的資本支出就很少了。顯然，FLNG 1已經投入使用。在您獲得轉換之前，您無需在墨西哥或波多黎各進行更多支出，我們設想這些轉換所需的任何資本支出都將由 PREPA 支付。那麼實際上就只剩下尼加拉瓜了，我們之前已經披露過，尼加拉瓜剩餘的支出大約是 5000 萬至 6000 萬美元。

And then the rest is FLNG 2. I would say that FLNG 2, the pacing, we have the control on that, on how that goes out. And as I mentioned a moment ago, our intention is to be very disciplined with cash at the moment so that we can ensure that we are solving all near-term maturities. And as we have those in hand or we do refinancings, as Wes just discussed, we would then -- we would move forward in greater pace on the FLNG 2 CapEx development.

剩下的就是FLNG 2。我想說的是，對於 FLNG 2 的節奏，我們可以控制，可以控制它的進展。正如我剛才提到的，我們目前的目的是嚴格控制現金，以確保解決所有近期到期債務。正如韋斯剛才所討論的，當我們掌握了這些資金或進行了再融資後，我們就會——以更快的速度推進 FLNG 2 CapEx 開發。

And then -- it was very helpful when you guys walked through the covenant amendments on the revolver and the term loan A, but is it fair to assume that sort of the asset sale language on the 12 and the term loan B likely don't apply given the amount of capital you're spending?

然後 - 當你們討論循環信貸和定期貸款 A 的契約修正案時，這非常有幫助，但考慮到你們花費的資本金額，是否可以公平地假設 12 和定期貸款 B 中的資產出售語言可能不適用？

I'm not sure I understood the question. You're talking about like the reinvestment rates?

我不確定我是否理解了這個問題。您談論的是再投資利率嗎？

Yes. Well, in terms of you're having to prepay those without sale proceeds?

是的。那麼，您是否需要預付那些沒有銷售收益的款項？

Well, we aren't using asset sale proceeds to repay those. We have cash on the balance sheet and cash flows from our operations that we can use to refinance if we want the -- or to pay off any of the other instruments.

嗯，我們不會使用資產出售收益來償還這些債務。我們的資產負債表上有現金，並且營運產生的現金流可以用來進行再融資（如果我們需要的話）——或者用來償還任何其他工具。

And there are no further questions in the queue.

目前沒有其他問題。

Great. Okay. Thank you very much, everyone. We look forward to talking to you next quarter. Thank you.

偉大的。好的。非常感謝大家。我們期待下個季度與您交談。謝謝。

Thank you.

謝謝。

And 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。