• July 5, 2021

Wes Edens Explains the Benefits of Fast LNG Project

Wes Edens is the CEO of New Fortress. The company has recently acquired two jack-up rigs worth USD 30 million for its Fast LNG Project. The purpose of acquiring the rigs is to undertake their non-drilling tasks for the project. New Fortress intends to achieve a design from this project that affordable as compared to existing liquefaction vessels. The company has further plans to have a permanent storage facility for the LNG. As explained by Wes Edens, the benefit of the Fast LNG is that it can produce around 3 to 4 million British Thermal Units that will be enough to be supplied in the New Fortress terminals globally.

Another benefit of Fast LNG is that it is cheap and fast to install. Further, the resulting natural gas is a great contributor towards achieving clean energy across the world explains Wes Edens. This project is going to help global needs of affordable natural gas. So far, New Fortress is ready to start the first phase of the Fast LNG Project, which consists of Baker Hughes, Chart Industries Inc and Fluor; this phase has finally been confirmed to start in 2022.

Maersk prides itself that its Drilling fleet does not have ultra-harsh environment rigs for the first time. The 12 jack-ups and eight floaters that comprise the new drilling fleet define a new Maersk. One fact about the jack-up rigs sold to New Fortress is that Maersk acquired them in1986 and 1993. The sale made to Wes Eden New Fortress’s company also helps Maersk acquire a modern drilling rig fleet. While the company intended to let go of the jack-ups to create space for newer versions. The company also acknowledges that New Fortress gas acquired the jack-ups for a noble purpose: to provide clean energy free of carbon. Therefore the latest sales are beneficial to both companies as they have been channelled to perform beneficial tasks.

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