Stabilis Energy announced that it has signed a definitive agreement to acquire Prometheus Energy’s 20,000 gpd LNG production facility in Lisbon, Utah. Stabilis noted the acquisition extends the companies LNG production capabilities into the Rocky Mountain Region and provides a platform for additional growth in small-scale LNG production facilities across North America. As part of the transaction, Prometheus will acquire Stabilis’ LNG distribution and logistics business outside of Texas and the Gulf Coast region. Terms of the transaction were not disclosed.
“We are pleased to announce the acquisition of the Lisbon LNG production facility,” said Casey Crenshaw, CEO of Stabilis Energy. “This transaction allows Stabilis to focus on its core strengths of building and operating small-scale and mid-scale LNG production facilities. This transaction is a continuation of our plan to build the leading LNG supply network in North America.”
Prometheus will add to its LNG supply and service platform with the acquisition of Stabilis’ LNG distribution business in the DJ Basin (Colorado) and other regions excluding Texas and the Gulf Coast region.
Jim Reddinger, President and CFO of Stabilis Energy said, “Stabilis remains fully committed to self-performing the transportation and logistics services required to move LNG from our production facilities to our customers. Providing certainty of LNG supply to our customers is our top priority, and we believe that self-performing transportation and logistics services in Texas and the Gulf Coast region is critical to fulfilling this commitment.”