New Fortress Energy aims to sell assets in Jamaica and elsewhere to reduce a US$9 billion debt after reporting a US$234 million loss for 2024. CEO Wes Edens anticipates asset sales could raise US$2 billion to improve financial stability. The company values its Jamaican operations, which generate significant profits and boast a low credit loss history.
Regional natural gas supplier New Fortress Energy (NFE) has reported a loss of US$234 million for the year ending December 2024. In response, the company is planning to divest certain assets, particularly in Jamaica, Brazil, and its shipping charters, to alleviate its US$9 billion debt. NFE’s Chairman and CEO, Wes Edens, highlighted that the anticipated sales from these targeted regions should yield approximately US$2 billion.
New Fortress Energy is taking strategic steps to reduce its debt through asset sales, particularly focusing on its operations in Jamaica. Despite facing financial losses, the company recognizes the intrinsic value of its assets in Jamaica, which contribute significantly to operational profits. As NFE optimizes its financial structure, the divestment of these assets may bolster its position going forward.
Original Source: jamaica-gleaner.com
