Stabilis Energy has announced that it has completed the acquisition of a majority interest in Prometheus Energy. The acquisition combines two prominent LNG production and distribution companies to form a full-service LNG provider capable of delivering LNG to customers in any end market and location in North America.
Prometheus will operate as the independent LNG distribution subsidiary of Stabilis and will continue to purchase LNG from multiple producers to optimise fuel cost for its customers.
"We are pleased to announce the acquisition of Prometheus Energy," said Casey Crenshaw, CEO of Stabilis Energy. "Prometheus was a pioneer in the LNG industry and it remains the premier small scale LNG distribution and service company in the world. We believe this transaction will allow each company to grow aggressively in LNG production and distribution, respectively." Jim Reddinger, President and CFO of Stabilis Energy added, "Stabilis' LNG production plants will continue to provide reliable and cost-effective LNG to all customers and distribution channels."
Jim Aivalis, CEO of Prometheus Energy added, "Prometheus remains fully committed to its current customers and business model. We are experiencing strong and growing demand for reliable and cost-effective natural gas solutions from our customers. The combination with Stabilis will provide Prometheus with added resources to better serve our customers as their need for LNG expands."
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/07032018/stabilis-energy-announces-acquisition-of-prometheus-energy/