Good day, and thank you for standing by. Welcome to the New Fortress Energy investor update call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you'll need to press star one on your telephone. If you require any further assistance, please press star then zero. I'd now like to turn the call over to your host, Joshua Kane with Investor Relations. You may begin. Thank you. I would like to welcome you to the New Fortress Energy investor update call. Joining me here today is Wes Edens, our CEO and Chairman of the Board. Throughout the call, we're going to reference a new terminals page that was posted to the New Fortress Energy website. If you've not already done so, you can access that page by clicking on the Investor Update presentation in the event section, or you can go directly to the new page at NewFortressEnergy.com/terminals. Before I turn the call over to Wes, I would like to point out that certain statements made today will be forward-looking statements, including regarding future earnings. These statements, by their nature, are uncertain and may differ materially from actual results. We encourage you to review the disclaimers in our press release and investor presentation regarding non-GAAP financial measures and forward-looking statements, and to review the risk factors contained in our quarterly report filed with the SEC. Now, I would like to turn the call over to Wes. Great. Thanks, Josh, and thanks everyone for calling in. We had a big day yesterday. We closed the two transactions that we had announced back on January 13th, so $5.1 billion worth of transactions. And it's a big transformative event for us. And so I wanted to just take a few minutes and kind of review kind of what we were before this and where we are now and what we hope to become. I also want to welcome on all of our new compatriots down in Brazil. So with this transaction, we bring in a bunch of new people in the company, 141 new partners of ours down in Brazil. Brings our total headcount as a company north of 500 people and growing. So we're a growing operation and very, very happy about that. So two deals that we announced back on January 13th. One was the purchase of Hygo from Golar and Stonepeak, so a total of $3.1 billion. What we get for that is four terminals in Brazil, a 1.5 GW power plant that we own half of, and another power plant that we're building and committed to in Suape. So a big, big change in our business profile in South America. Two is that we bought the assets of GMLP, that was also affiliated with Golar, a separate transaction. With that, we acquire 13 ships in FSRUs, so seven FSRUs, six FSUs, and one lease ship. And then a significant addition is we bought half of the Hilli, which is one of the handful of floating LNG vessels in there. So just as point of reference, when you look at page number two on our web page, I've got this, our operations around the globe, it's expanding. So basically, we have expanded our reach from the Caribbean and Central America and Mexico to now a significant presence that really rings the country of Brazil, as well as obviously assets then kind of scattered around the globe. So it's a big, big step in additional geography for us and markets and businesses. So that's all great. Prior to the transaction, we had five terminals, so the two in Jamaica, the one in Puerto Rico, the one in La Paz, Mexico, and Puerto Sandino, Nicaragua. And then we add the four terminals that are committed at this point in Brazil. So it's nearly double the number of terminals, and it's substantially more than that in terms of the incremental margin and volumes that we expect. So the path now for us as a company is actually very clear. We need to build out these terminals that are well underway in Brazil. We need to convert the commercial volumes that are in discussion to committed volumes, and we've made some big progress on that. And then lastly, we need to just get a gas contract in place for our FLNGs. That's the third aspect of our business that we're very, very focused on. So the web pages that I'd refer you to, we have updated to try to give people as much clarity as we can on our construction schedules, because that's obviously a big question that we get over and over. The page to get grounded on before you do that is the chart that we show that on the website says, "Downstream Facility Volume Summary." And so this is broken out by region, so the Caribbean, Central America, and Mexico, Brazil, other. There's two lines. On our Commitments that are Commitments with a capital C. The line below that is in discussions. And so those two volumes, you look across the picture from 2020 and forward, total volumes on the committed side, 1.4 million gal, going up to 2.6 million gal here in the second quarter of this year, 3.5 million gal as Nicaragua and Mexico come on board. And then there's additional organic volumes that step along. Then we get the big step ups next year as all the Brazilian volumes come on. So the volumes actually across the board go up dramatically. So committed volumes go from 1.4 million gal today to 5 million gal. In discussion volumes really do skyrocket from negligible today to 14 million gal then. So what this means in terms of the economics of our business, again, to get grounded before I talk about the developments are, prior to the transaction, we were headed towards a margin of $450 million. We've added in $150 million in margin from Hygo, which is a combination of the rent payments that are paid to Nanook and the 50% of the Sergipe capacity payments that we receive. The MLP adds about another $300 million. So the $450 million today doubles to $900 million. That's really the run rate of where we are today. The FLNG asset that we have gone FID on and are in the process of building and deploying here by the end of next year would add an additional $150 million in margin. So that's $1.05 billion. And then if you take the in-discussion volumes and assume that we convert 50% of those to actual volumes, that adds about another $550 million in margin. So that's $1.6 billion. So that's the path of the company between now and the end of next year. So we've got 20 months to go until we hit the end of next year, and it's going to be a very, very busy period. We think that there is substantially more upside to the business than that, both in terms of conversion volumes and also new geographies and new things that we're looking at. Most importantly, right now, we do not anticipate needing to raise any additional capital to achieve that. So we've got our hands full with the transactions that we just closed. I feel great about announcing $5.1 billion of transactions, paying for them and closing for them in the space of the last couple of months, and now we have really the task of just building the terminals, commercializing them, getting the FLNG to proof of concept on this one asset. And I think that the world is in front of us, so that's the picture of it, and what I'll do now, just very briefly, is if you look at the downstream assets that we have, what we have done is broken them out on the web pages. Let's just start at the first one, which is the operational facilities in Montego Bay. So there's a picture of what the terminal is today. There's an overview of the narrative of when it was built and what it was constructed like. It gives you the capacity of the facility, 740,000 gal per day. The commercial summary today, there's 388,000 gal that are committed, 120,000 gal per day in discussion. It's utilized at 52%. Next page, Old Harbour, Jamaica, an offshore version of this. It's the FSRU on the fancy dock that's a few miles offshore. We commissioned that in 2018. It's got a capacity of 6 million gal per day. The summary today is at 750,000 gal committed. It was only utilized at 13%. There's a lot of upside to that facility. San Juan, Puerto Rico, which was commissioned in April last year in the teeth of the whole COVID crisis, but it's been just a year since it has been running. It has got a capacity of 2.7 million gal per day, 889,000 gal committed. There's 295,000 in discussion. It's utilized about a third. And then Sergipe, Brazil, which is the photo that we show there, is at the power plant. Those three big turbines plus a steam turbine add up to 1.5 GW of power. What you can see in the distance there that we show you is the Nanook at anchor just offshore. That's got a capacity of 9.5 million gal per day. It is barely utilized at this point. It's really just a capacity payment that actually will be used under its current plan at a very modest level, only 3% utilization. Obviously a massive amount of upside in terms of the commercial upside to that asset. The new section of the website now follows. The in-development facilities, we give you kind of four key milestones for each one of the facilities. Number one is when we're in the position to take FID. We've taken FID on each of these, which means that we are committed to building it. Two is breaking ground or breaking water in the case of something that's offshore. But it just simply means that we are now spending money to commercially build the terminal. Three is we've completed the breaking of ground, completed the construction. We're now testing and commissioning. And then four is we're declaring COD, and it's in operation. The first two terminals that we show here, La Paz and Puerto Sandino, are very much at the end of number two, and they're about ready to go into three and four. La Paz, you can see from the rendering on the right-hand side what it will look like. That rendering will be replaced with an actual picture that looks like that in about 45 days. By the end of May, we expect that to be fully completed. You can see from the actual picture on the left-hand side here that the bulk of the construction is complete. We are actually offloading turbines that are getting set for the power plant that's built there. This is actually quite close to being completed. Commercial summary: there's 517,000 gal per day. The big contract that we recently announced was the contract with the CFE to provide gas to them. There's another 199,000 gal in discussion. We're utilized just under a third. Very, very excited for this to come online, and we'll have a major milestone change on this by the time we update it for our next quarter. Puerto Sandino, Nicaragua, similar project, and it's also a power plant plus a port terminal. You can see from the rendering what this will look like in the short term. The turbines are actually in a ship and on the way there right now. The facility will have a capacity of 2.4 million gal a day. It's committed 695,000 gal, 180,000 gal in discussion, so again, utilized at 29%. We expect this to be done in June. So it's also at the very later stages, just about ready for final installation and then the testing and commissioning of that. Now on to the other terminals in Brazil, so Barcarena, which is a terminal in the north, it is close to the city of Belém. It's basically the mouth of the Amazon River. The yellow kind of line that you see there is an actual terminal that exists today. In the background, you can see the Norsk Hydro facility, which is, I think, the biggest aluminum refinery outside of China, so it's a very substantial facility. We announced at the closing of our transaction that we had signed a letter of intent to supply them with a substantial amount of gas. We think that there's a long ways to go to decarbonize that plant, both in terms of its industrial processes of the calciners and boilers, but also in terms of the power that it uses, and really what we're doing is building at the very end of this existing terminal a berth so we can actually berth our FSRU and construct a short pipeline and service that. We'll also then be able to run substantial ISO Flex businesses off of it, so we are fully FID. We have EPC contracts in place and are starting construction. We expect that this will be completed around the end of the year, and at its current utilization, it's only 6% utilized. This is going to be a very, very busy terminal, I think, as we look to build out our commercial volumes in this part of Brazil. Suape, Brazil, which is the next one, is already a very, very heavily industrialized port. You can see kind of in the middle of it, there's berths that are empty. That berth, that white kind of line that you see there, is actually where our ship will be berthed, and so we'll actually be in production and should be ready to go here by the end of the year as well. Massive industrial area in Brazil. We have just a 268,000 gal committed, which is the power plant that we are building about five miles from here. You can see it. It would be on the left-hand side of the picture just up a little bit. There's 4.1 million gal in discussion, so this one, we think we connect into the TAG pipeline. There will be a massive amount of volumes that will turn on, and that's expected to happen here in less than 12 months, so it's the first quarter of next year. Santa Catarina is in the south. This is a terminal that will look a lot like the terminal we built in Jamaica in Old Harbour. We are expected to be online in this about a year from now, so at the end of the second quarter of 2022, this will be connected to the pipeline to the main pipeline hub, which is just a few miles onshore. We've got 2.9 million gal in discussion, 9.5 million gal of total facility. So we have a lot to do there. Lastly, in Sergipe, we think that there's an opportunity to connect with an onshore pipeline from the terminal to the TAG pipeline, the interstate pipeline. And with that, we think that there's a real opportunity to provide gas to industrial and power users along this pipeline in the geography around Sergipe. So these are the current stack of terminals. There's a lot of activity, obviously, now on the development group. Fortunately, in addition to the assets that we bought in Brazil, we also acquired a lot of very talented people. And so on the development side, they have done a great job of advancing this. We ourselves are kind of throwing ourselves into the middle of it to assist where we can and look forward to really a successful development pipeline over the course of the next 12 months. So there's a lot of opportunities for us to achieve milestones that are meaningful. My goal in laying out this is I get a lot of questions from investors and from analysts with regards to the status of the building because that's the kind of most nebulous form of what we have. And hopefully, this will be less nebulous now as you'll see kind of how we've laid it out. We've got these very clear milestones. We're going to turn a couple of them on here in the next couple of months and look forward to giving you updates as they occur. So that's the sum of the update. And I know that there are questions from folks. So Operator, maybe we'll pause at this point and open up for any questions. Ladies and gentlemen, if you have a question or a comment at this time, please press the star and the one key on your touch-tone telephone. If your question has been answered or you wish to remove yourself from the queue, please press the pound key. Our first question comes from Greg Lewis with BTIG. Yes. Hi. Thank you and good morning. Good morning. Well, I guess my first question is, clearly, you have a lot of projects moving forward. The timing is layered, but scheduled. As we think about long-term utilization, and what I mean by that is clearly we have some committed volumes, but as we think about and try to run values of these individual projects, is there kind of a way to think about three, four years from now, what type of utilization or throughput we should be thinking about, i.e., clearly, it's going to start off the ramp. How should we be, what are sort of some of the targets you guys are setting internally for yourselves in terms of ramping up and realizing there's a lot of different projects across Brazil, but that's really where I'm focused on and trying to understand how we should think about those ramps. Yeah. The portfolio is really a tale of two different types of terminals. There are the terminals in areas that have real energy poverty, that have real needs for power, that have substantial amounts of displacement activity. So turning off diesel, turning off heavy fuel, and turning on gas. So the Jamaica, Puerto Rico, Mexico, and Nicaragua, I think, all fall in this category where there's a lot of liquid fuels that are being burned that we are displacing. Those are smaller volumes and better margins, just generally speaking. And so we think the utilization of those terminals is roughly a third when you look across the portfolio. And we think 50%, 75% over the next five years is very much in what we expect, consistent with the margins that we have right now. When you look at Brazil, there's the Barcarena terminal in the north, which is not in a pipeline, which I think will look a lot like the other terminals in Central America and in Mexico and Caribbean, except that the total amount of addressable market is much, much larger. The Amazon River is a gigantic river. There is a multitude of power projects, industrial users, transportation. There's a long, long list of commercial opportunities in that region. And so I think we'll find that we have margins and we have volumes that are similar to what we have found in our other terminals, just bigger because the market is bigger. When you look at the other three terminals in Brazil, they're all basically accessing the pipelines that exist that kind of ring the country from south to north. Those, I think, will have a different character. The characteristic today is the bulk of the transactions that occur along that pipeline are at Brent times 12% plus transportation. So they're lower margin opportunities, but they're much, much higher volumes prospectively. We think that Brazil in aggregate is a 25 million-30 million ton market. It's a huge, huge potential market. Really, it's just a question of how much of that supply can you displace with prices that are roughly the same as what they pay right now. The other terminal that is along those lines that I think you'll find has similar character is Ireland, where we expect that to be online at the second half of next year as well. Ireland also is a very, very well-established market. There, the market clearing price is kind of NBP plus transport, so 80 basis points or whatever. So at some approximation of those prices, we think there's also significant volumes to do. So at the end of the day, we add all that up. And the math that I do is the 450 + 150 for Hygo + 300 for MLP. That's the 900. The FLNG is $150 million. If we simply apply a 50% take rate on in-discussion volumes, these are serious discussions we're having, at the margins we expect, it adds another $550 million in margin. So this is not a five-year plan. This is a one-and-a-half-year plan. This is where I expect to be in terms of run rate returns. And I think that, A, I think that these are very, very achievable numbers. We don't need anything else to happen other than just hard work at this point. We've paid for everything and have the people and personnel in place to do it. And then I think that there's a lot of upside beyond that because we think that the F LNG, part of our business, could be more substantial. There's obviously new terminal developments that we're actually evaluating all over the planet. But that's kind of the parameters of how we think about it. Okay. Great. And then just real quick on, or maybe not too quick, on the Fast LNG, as we think about moving that forward, as it sounds like it's something you guys are continuing to push forward, as we think about the event path of that, is the first thing that we should be thinking about is kind of securing gas from a supplier. If you could just talk us through as we think about that evolves over the next few quarters, how we should be kind of thinking. Yeah. The F LNG. I I have a call at 8:00 A.M. every morning. People all over the world that are working on it. We talk about this every day. From a technical standpoint, we've made tremendous strides, and there are no real hiccups, is the bottom line. We have secured the two jack-up rigs that we're going to use for the first of these projects. We have great world-class partners in the form of Fluor and Chart and Black & Veatch, or not Black & Veatch, Baker Hughes and Kiewit. They are all very much on board. We see nothing technically that indicates that we won't hit the timelines we've established. It is a robust timeline. We went to FID on March 8th, I think, and set the initial date of completion of 16 months later, three months then to install. So by the fourth quarter of next year, we expect to be ready to install. We'll provide updates to that progress as they occur, and they'll go on a development timeline here when they become more closer to what the completion date is. But that, I feel very good about. The gas part of it is undoubtedly the highest priority that I have away from the operational issues that exist with the company now. So we're trying to build all the stuff, commercialize all the stuff. There's large bodies of people that are focused on that. I'm now very, very focused on FLNG and finding gas sources. And the good news is there are gas sources all over the place. And so we're evaluating handfuls of different opportunities. If there's anybody on the call that has some good idea about gas, we'd be happy to talk to you. But gas is plentiful in lots of different geographies. We think that this faster solution and cheaper solution gives us great access to a whole variety of markets. And I think that my goal is to have a gas source identified in the next 90 days or so. And so that's something I feel very good about, and we're focused on it, but that's the big one. And I think that the minute that that FLNG asset turns on here next year, everything changes. I think we will have access to the cheapest gas on the planet, and we'll help kind of close the loop in terms of the vertical integration of our business, at least in part. And I think it just takes us down a very, very productive path, so. Okay. Super helpful. Thank you for the time. Yeah. Our next question comes from Sean Morgan with Evercore. Hey, guys. So going back to the Puerto Rico project, I think there were some hiccups in terms of it being down for maintenance this quarter, really in Q1 and also possibly into Q2. So when I look at the downstream volume summary, I see there's a step up a little bit from sub-600K to 733K. And that's committed volumes. So is that actualized volumes that flow through the facility in Q1, or should we be haircutting that for our models? No, those are actual volumes. I mean, we're getting better at forecasting kind of scheduled maintenance. And so what is reflected here is what we think is the most accurate version of it. So basically, the one turbine was down for scheduled maintenance. I think it's scheduled to come back online on the 19th of April, so just a few days from now. And then there's testing back and forth that takes about another 30 days for it to come fully back online. There's another scheduled maintenance event in the fourth quarter of this year, basically. So there's two that are planned there, and then we expect this thing to run kind of full out. And what we're doing across the portfolio is trying to be better and better at working with our customers to understand what their maintenance requirements are. Something like Jamaica is very different because that's a brand new facility. The Nicaragua, Mexico will be brand new facilities, so it won't be that kind of thing. But what you're seeing on this page reflects our best guess of what we think is going to happen specifically on there. Okay. And then in the other kind of more far-out projects that you're looking at, Southeast Asia and Ireland. So, firstly, with Southeast Asia, I noticed the FSRU looks like it's kind of placed over Jakarta. Can we kind of pencil in Indonesia as the country there? And these committed volumes are, I assume, pretty late stages then. No, that's actually an FSRU that is on lease in Indonesia right now. So there's one that exists there. So that's good detective work, but that's actually exactly where it is right now. The Southeast Asia terminal is in that region. I just don't want to be more specific about that at this point. It's not relevant. But no, when you actually look at the map, and I've got it in front of me, you can see the big blue ship off the west coast of Africa is the Hilli, which is offshore Cameroon. It is deployed right now for another five years. In Southeast Asia, there actually is an FSRU that is deployed in Indonesia today that's on hire. And then that is separate from the one that we anticipate getting there done, so. Okay. And then with Ireland, I think I'm not a political expert in Ireland, but the Green Party is part of their coalition government. And I mean, it's no secret what the Green Party wants in terms of carbon emissions and their kind of stance on LNG. So in light of the European Union being involved and then the Irish government itself possibly being a regulatory hurdle for volumes into Ireland, how do you sort of think about your timeline of 2022 in light of kind of the regulatory environment there? We feel great about it. I mean, this is a project that had planning permission, right? This is a fully permitted site where there was a lapse in one of the permits, and so we had to go back and do a bunch of work. I think we anticipate filing that for its permits here in the very, very near term. And I fully expect that we'll receive it. I mean, from an Irish national security perspective, I think it's something which is needed, right? There's a sole source of gas into the country right now, into both Ireland and Northern Ireland. And so this would be an additional source, and that's obviously a big plus. And it's an additional source that is closer to them, so we can actually offer savings economically to them. So the Irish Green Party, everyone is focused on the same sustainability issues that we are. So we feel like we're in the white hats on the side of the energy transition. They've got a tremendous amount of wind power and other alternative power in Ireland. That's great. They do need something when the wind doesn't blow. And so we think that gas into their network in this form is something which is both needed and is wanted there. And I think on balance, we feel great about this moving ahead into its next stage of being constructed. Okay. Thanks, Wes. You bet. Our next question comes from Sam Margolin with Wolfe Research. Hey, good morning. Thanks for calling on me. So thanks for that characterization of sort of the two asset classes in downstream, right? You got the direct gas to power at higher margins and then kind of the merchant gas. That's sort of the volumes play. So my question is kind of relating that to Southeast Asia. Without giving away too much that's not disclosed yet, when you have those kind of first asset class projects, you have to build stuff or somebody does behind the terminal, other infrastructure like power plants. Is that what is going on with the Southeast Asia project? And if so, does that kind of is that sort of an illustrative example of each one of these iterations of that first asset class, or is there something unique about it that you can share? No, it's exactly that. It's a transaction to buy existing power and expand it and then convert it all to gas. It's actually gas ready. So that's exactly what it is. And it's much more in this kind of gas to power terminal kind of characterization rather than clicking into a big gas pipeline and just being a merchant gas seller. So the margins we would expect would be and volumes would be consistent with a very productive kind of gas to power terminal like we've got in the Caribbean, like we've got in Mexico, Central America, than the more volumetric, lower margin, but high volumes of Brazil on the pipelines and Ireland. Okay. Thank you. And then this is just a bookkeeping question to help with the figures. But the way that people understand the Fast LNG accruing to the business is kind of a procurement savings driver. And that's kind of how we model it. So do you have any updated sort of unit economics around the marginal procurement cost versus the cost in the past? Thanks. Yeah. I mean, my $150 million number is basically $350 in gas cost versus $550. It's as simple as that. We think I think $350 is very achievable. I think there could be significant savings beyond that. But we save a couple of dollars and possibly also lock in supply on a more of a fixed-term basis, which actually then mitigates some of the upward pressures for it. So it is a game changer once it is deployed. We made the decision, which I don't think is a rash one, to go ahead and FID on the project under the view that we will be able to find gas sources that meet those criteria or are better than them. Now it's my job, our job to make that happen, so. Just as a quick follow-up, sorry, I don't want to take up too much time, but has that helped commercially? Do you have prospective customers that find that to be more interesting than the other business model, which was securing from a third-party supply? Oh, I think if we could supply this in size, I think it would change everything on the commercial side. And in fact, what it might do that would be a profound difference is take these high-volume, lower-margin businesses and make them high-volume, high-margin businesses because you could offer certainty to it. I mean, you look at the gas markets in the world, by and large, are indexed to Brent or to NBP or, in the case of JKM, in the case of the Asian stuff, and then to a lesser extent to Henry Hub. But those three indexes are virtually 100% of the sales of gas on a merchant basis. And I think very few people that are receiving gas under those terms are happy about receiving gas under those terms. And so if they're given the alternative to having more certainty, even perhaps at a higher marginal cost than it would be today, I think people would jump out of their seats to do so. So I think we're very focused on simply covering the supply gap that we've got between what's in our portfolio versus what we know we need in the short term. But I think the upside beyond this, if you really had access to substantial amounts of fixed-term or certain gas that you could offer into these high-volume markets, I think that the upside commercially is tremendous. Thanks so much. Have a great day. Ladies and gentlemen, this concludes the Q&A portion of today's conference. I'd like to turn the call back over to Wes Edens, CEO and Chairman of the Board, for closing remarks. Great. Well, thanks everyone for dialing on a short notice. We're excited about having gotten across the finish line. I feel great. The folks internally here and people at Golar and Stonepeak, people worked very hard to get this done in a timely manner. $5.1 billion are sizable transactions and get it paid for pretty much under the terms that we had hoped to achieve. We feel great about it, and I think it just gives us a tremendous template now to build out the business. So hopefully you'll find this useful, and we're going to continue to make modifications to our presentation of it to try and give you as much clarity as we can into how things are progressing. But thanks very much. Ladies and gentlemen, this has concluded today's presentation. You may now disconnect and have a wonderful day.