Company, Energy

New Fortress Energy CEO Wes Edens Agrees to Purchase Jack-up Rigs from Maersk Drilling

CEO Wes Edens is ecstatic about New Fortress Energy (NFE) finalizing an agreement to purchase two jack-up rigs from Maersk Drilling, on May 17, 2021. NFE is paying $31 million for the two rigs to use on their non-drilling Fast LNG project scheduled for completion in the latter part of 2022. Both parties plan to close the sale acquisition in June, with New Fortress paying cash upfront.

Wes Edens told Rig Zone they are buying the rigs for its LNG because it has a design that combines liquefaction technology with the jack-ups. He says the rigs will serve as an alternative to the floating liquefaction vessels used today. Along with the floating infrastructure, the energy company will have a permanent storage unit to store the LNG.

Liquefaction technology is easy to use and affordable to make natural gas accessible at a fixed price. This will enable Wes Edens and his team at New Fortress to meet the demand of cost-efficient, cleaner, and authentic energy source. Edens released a notice in March that they will continue with the first Fast LNG project at Fluor, Baker Hughes, and Chart Industries.

Wes Edens is the Chairman and CEO of New Fortress Energy and strives to make the world a better place to live by reducing carbon emissions. He founded the company in 2014 and continues to lead the company in the renewable energy industry successfully. With high expectations, Edens is hoping to produce approximately $3 million to $4 million British thermal units of LNG.

As NFE’s terminals portfolio is expanding around the world, Wes Edens did not let the Covid-19 pandemic interfere with his LNG projects. His focus is on becoming one of the largest global energy companies. New Fortress Energy has operations in the United States, Puerto Rico, and Brazil, as well as projects under construction in Mexico and Nicaragua.