Excelerate Energy, Inc. (Excelerate) (NYSE: EE) announced today the extension of its Time Charter Agreement with Dubai Supply Authority (DUSUP) for the FSRU Explorer. Prior to this agreement, the FSRU Explorer had a remaining firm charter period of approximately three years. Under the terms of the new agreement, the time charter period will be extended by an additional five years from the end of the existing contract in the fourth quarter of 2025.
"Reaching an agreement on the extension of our time charter agreement with DUSUP highlights our ongoing efforts to develop and grow our existing, diversified regasification business," said Daniel Bustos, Chief Commercial Officer of Excelerate. "Our current markets are essential to maintaining our solid foundation of revenues and providing new opportunities for downstream growth. We look forward to continuing our partnership with DUSUP and remain committed to providing Dubai with the critical energy security it needs."
The FSRU Explorer was chartered initially to DUSUP in 2015 to complement existing supply sources, and support the Emirate of Dubai's seasonal demand requirements. Located at DUSUP's Jebel Ali LNG import terminal, the Explorer has become an important part of Dubai's integrated supply infrastructure, supporting the overall security of natural gas supply and providing flexibility in Dubai's natural gas network.