The Texas-based company has 10 out of the world’s 49 FSRUs, which are seeing increased demand following Russia’s invasion of Ukraine. This boosted the company’s revenue to a record $2.5 billion and net income to $80 million in 2022 from $889 million revenue and $41 million net income the previous year.
Hyundai Heavy Industries in South Korea is building an 11th FSRU for Excelerate that is set to be delivered in June 2026. Excelerate is the sole owner of seven FSRUs and was chartering the remaining three but in a new financial agreement will save costs by increasing its ownership to eight FSRUs.
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