Excelerate Energy, Inc. (EE) Business

Item 1. Business.

Overview and History

Excelerate, a Delaware corporation incorporated in 2021, was formed as a holding company to own, as its sole material asset, a controlling equity interest in Excelerate Energy Limited Partnership (“EELP”), a Delaware limited partnership formed in 2003 by George B. Kaiser (together with his affiliates other than the Company, “Kaiser”).

Since April 2022 and in conjunction with its initial public offering (the “IPO”), Excelerate operates and controls all of EELP’s business and affairs. As a result, we consolidate the financial results of EELP and report non-controlling interests related to the interests held by the other partners of EELP in our consolidated financial statements. The approximately 28.1% of EELP partnership interests owned by us are classified as Class A interests. The remaining approximately 71.9% of EELP interests are owned by Excelerate Energy Holdings, LLC (“EE Holdings”), an entity owned and controlled by Kaiser, and are classified as Class B interests.

Our Company

Excelerate owns and operates LNG and natural gas infrastructure assets. Once natural gas is liquefied, it needs an inlet into the countries where it will be consumed – and Excelerate provides that home for LNG. Our assets are the receiving point across the globe for LNG, which we convert back into natural gas through the process of regasification. That natural gas is then used by us, our customers, or other end users further downstream for lower carbon emitting power generation or direct energy consumption. At Excelerate, we believe that access to energy sources such as LNG is critical to assist countries in growing their economies, enhancing their energy security, and advancing their decarbonization efforts.

Our business is substantially supported by long-term, take-or-pay agreements, which provide consistent revenue and cash flow from our high-quality customer base. Under these agreements, we either provide regasification services or utilize our assets to directly provide natural gas, LNG, power, or steam to our customers. As of December 31, 2025, we control or operate 11 floating regasification terminals, one onshore regasification terminal and a combined heat and power plant. We have one new floating regasification terminal currently being constructed by Hyundai Heavy Industries in South Korea, which we expect to take delivery of in the second quarter of 2026. It will be utilized in a five-year regasification and LNG supply agreement with Iraq’s Ministry of Electricity, which we expect to commence in the third quarter of 2026.

Our business spans the globe, with a regional presence in 14 countries and an operational presence in Argentina, Bangladesh, Brazil, Finland, Germany, Iraq, Jamaica, Pakistan, the United Arab Emirates (“UAE”), and the United States. As of December 31, 2025, we have completed more than 3,800 ship-to-ship transfers of LNG with over 50 LNG operators since we began operations and have safely delivered more than 8,000 billion cubic feet of natural gas through 19 LNG regasification terminals. We are the largest provider of regasified LNG capacity in Argentina, Bangladesh, Finland, Jamaica and the UAE. We are also one of the largest providers of regasified LNG capacity in Brazil as well as in Pakistan, where we have regasified more LNG than any other provider in the past 10 years.

We believe the commercial momentum we have established in recent years and the increasing need for access to LNG around the world have resulted in a significant portfolio of new growth opportunities for us to pursue. We are evaluating and pursuing projects in various stages of development, including opportunities in South Asia, Asia Pacific, the Americas, Europe, Africa and the Middle East.

Our integrated LNG solutions are designed to avoid the roadblocks that routinely hinder the development of terminal, gas and power projects in markets worldwide. We offer enhanced energy security and independence to the countries in which we operate, while playing a vital role in advancing their efforts to lower carbon emissions. From our global experience, we see firsthand the impact of providing local communities with a reliable source of energy and the subsequent development of natural gas and power infrastructure to take advantage of the natural gas we deliver to them. With improved access to cleaner and more reliable energy, countries are able to power industries, light homes and bolster economies. Additionally, some of the markets in which we operate lack developed energy infrastructure and therefore rely heavily on our services.

Floating Regasification Terminals

As of December 31, 2025, we control or operate 11 floating regasification terminals and have an additional floating regasification terminal under construction. We are the sole owner of nine floating regasification terminals and we charter three others: 1) Experience, through a long-term charter that is a finance lease from a third party, 2) Exquisite, through a long-term charter that is a finance lease in a joint venture with Nakilat Excelerate LLC (the “Nakilat JV”), in which we hold a 45% interest, and 3) the Hoegh Gallant, through a charter that is an operating lease. All of our owned floating regasification terminals were built by leading Korean shipyards and were

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delivered to us new in the year of delivery set forth in the table below. Our new floating regasification terminal is being constructed by HD Hyundai Heavy Industries and is scheduled to be delivered to us in the second quarter of 2026.

Our purpose-built floating regasification terminals have the onboard capability to vaporize LNG and deliver natural gas through specially designed offshore and near-shore receiving facilities. Our floating regasification terminals can deliver natural gas at pipeline pressure with maximum send-out capacities ranging from 500 million standard cubic feet per day (“MMscf/d”) to up to 1,200 MMscf/d continuously, providing quick and convenient access to incremental natural gas supplies.

The table below sets forth information about each of our floating regasification terminals.

(1)
Peak send-out capacity dependent on local conditions, including operating pressure and seawater temperature.

(2)
The newbuild floating regasification terminal under construction is expected to be delivered in the second quarter of 2026.

The technical design of our floating regasification terminals allows us to optimize asset allocation and minimize disruption risks through terminal commonality. Our floating regasification terminals are designed to operate in a wide array of weather, locations and seawater temperatures. For example, depending on environmental conditions and local sea water temperature, our floating regasification terminals can be operated in open-loop (i.e., using sea water or glycol water as the heating medium) or closed-loop (i.e., recirculating loop for freshwater onboard, heated by the terminal’s systems) mode. Closed-loop mode is usually required for colder water temperatures.

By managing the day-to-day operations of our floating regasification terminals, we offer our customers a commitment to operational excellence. We also endeavor to continually improve our environmental and safety culture and standards, including reducing environmental impacts from our operations and assets, and enhancing our monitoring and reporting of emissions and ecological impacts.

Terminal Services Customers and Contracts

Our terminal services customers are a mix of state owned energy companies, transmission operators and industrial users of natural gas. Our LNG solutions provide countries seeking reliable natural gas and power with the ability to ensure their energy security. We typically enter into long-term take-or-pay contracts with our customers for the use of our LNG infrastructure assets and the services needed to operate them. The rates we charge customers are typically based on the economic return requirements for our investments in our floating regasification terminals, other offshore assets and onshore facilities. By operating our floating regasification terminals as an integrated set of assets, we reduce our redeployment risk at the end of a contract as well as limit the adverse effects of a potential disruption on a current contract.

Our terminal services are provided to customers for a predetermined period of time at a specified rate per day, which is typically fixed. As part of these services, we provide the crew, technical and other services related to the floating regasification terminal’s operation, the costs of which are included in the daily rate, which typically are subject to contractual inflation escalators. Our customers are generally responsible for substantially all of the floating regasification terminal’s operating costs (including fuel, port fees and LNG boil-off). Our customer contracts may be terminated due to material breach, change in law, extended force majeure and other typical termination events. Some customers may also terminate their contracts in advance upon expiration of a set period and payment of associated early termination fees. However, we regularly amend and extend contract expiration terms, and many of our older contracts have already been extended.

As of December 31, 2025, all of our owned floating regasification terminals are contracted. We currently have contracts with customers in Argentina, Brazil, Bangladesh, Finland, Germany, Iraq, Pakistan and the UAE. As of December 31, 2025, the minimum contracted cash flows under our terminal services contracts were approximately $3,315.2 million with a weighted average remaining term of 5.8 years. The stable nature of our terminal services revenue stream is underscored by the critical nature of the services we provide to our customers, who are often in markets lacking natural gas supply optionality. Additionally, our history of operational

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excellence and our reputation with customers have resulted in contract renewals, capacity expansions, and other opportunities to help our customers meet increasing needs for cleaner energy.

LNG, Gas and Power

Excelerate also generates revenue by utilizing our natural gas infrastructure assets to sell natural gas, LNG, power, and steam. We source LNG to provide these products through long-term sales agreements including gas sales agreements (“GSAs”), LNG sale and purchase agreements (“SPAs”), including long-term purchase agreements that Excelerate has in place with different industry players. Our commercial team has extensive experience sourcing LNG by utilizing wide-ranging, established relationships across the international natural gas industry. Our operations team has a strong track record of managing loading, transport, and delivery logistics so that cargo supplies are timely and power plant requirements and downstream commitments are met. Cargos are sold primarily on a Delivery ex-Ship basis while purchases have been a mixture of free-on-board (“FOB”) and Delivery ex-Ship.

Our sales of natural gas, LNG, power and steam are largely conducted through our terminals and other owned assets. We currently have contracts with customers in Bangladesh, Iraq, Jamaica, and the United States. As of December 31, 2025, the minimum contracted cash flows under our LNG, gas and power contracts were approximately $17,031.2 million with a weighted average remaining term of 9.3 years.

We continue to look at opportunities to develop additional terminals with integrated natural gas sales as well as agreements to access capacity on existing terminals where we already provide regasification services. We intend to maximize the value of these opportunities by leveraging our network of existing relationships to procure LNG from the international market and by using terminal capacity that has not been assigned to anchor offtakers or adding extra capacity.

Between 2023 and 2025, we entered into the following additional significant LNG, gas and power sales agreements:

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In November 2023, we signed a 15-year SPA with Bangladesh Oil, Gas & Mineral Corporation (the “Petrobangla SPA”). Under the agreement, Petrobangla has agreed to purchase LNG from us, which began in the first quarter of 2026. We will deliver 0.85 MTPA of LNG in 2026 and 2027 and 1.0 MTPA from 2028 to 2040. Sales pricing is back-to-back with our LNG purchases, with both based on a three-month average of Brent Crude prices for the months immediately preceding each delivery, multiplied by a fixed percentage. The take-or-pay LNG volumes are expected to be delivered through our two existing floating regasification terminals in Bangladesh on a Delivery ex-Ship basis.

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In the third quarter of 2024, we signed medium-term agreements for LNG sales in one of the Atlantic Basin regions in which we do business. Over the term, we will sell approximately 0.65 million tonnes of LNG. Sales pricing is back-to-back with our LNG purchases, with both based on Dutch Title Transfer Facility. The first sale under these agreements was made during the fourth quarter of 2024.

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In May 2025, we closed the acquisition of 100% of the interests in New Fortress Energy Inc.’s business in Jamaica (the “Acquisition”). Under the terms of the purchase agreement, we acquired 100% of the operating interests in three facilities as well as the related operations, pipelines and infrastructure: the Montego Bay LNG Terminal, the Old Harbour LNG Terminal and the Clarendon combined heat and power plant. Through these facilities we provide natural gas, power and steam to a variety of customers who have long-term purchase agreements with us, which are subject to contractual inflation escalators.

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In October 2025, Excelerate signed a five-year integrated agreement which includes an LNG SPA (the “Iraq Project”) with a subsidiary of Iraq’s Ministry of Electricity. The agreement includes a customer extension option and a minimum contracted offtake of 250 million standard cubic feet per day (MMscf/d), with the potential for the customer to nominate up to 500 MMscf/d. The Iraq Project is expected to begin service in the third quarter of 2026.

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The table below shows the status of our floating regasification terminal contract terms as of February 17, 2026:

Competitive Strengths

We believe we are well positioned to achieve our primary business objectives and execute our business strategies based on the following competitive strengths:

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Experienced LNG Leader and Proven Ability to Execute. We are the global leader in offshore LNG regasification services capacity and have significant experience across the LNG value chain. Our experienced team and proven LNG solutions, including the largest floating regasification terminal asset groups employed for regasification, more than 3,800 ship-to-ship transfers of LNG with over 50 LNG operators and the development or operation of 19 LNG import terminals, make us a market leader and a trusted partner for countries that seek to improve their access to energy. We have over two decades of development, construction and operational experience, making us one of the most accomplished, reliable and capable LNG companies in the industry. Our team’s in-depth experience and local presence enable us to support energy hubs by sourcing and aggregating LNG from the global market for delivery downstream, ensuring the long-term stability, reliability and independence of customers’ energy supply.

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Well-Established Business Supported by Take-or-Pay Revenue Base. Our extensive portfolio of long-term, take-or-pay contracts provides a solid base for the Company, generating consistent revenue and cash flow with minimal exposure to commodity price volatility. Our ability to move floating regasification terminals between projects makes our baseline revenue more predictable and minimizes redeployment risk.

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Positioned to Meet Growing Global Demand for Natural Gas. As the demand for direct access to reliable natural gas has grown worldwide, LNG regasification terminals have become a critical link in the LNG value chain. LNG provides an abundant, competitive and cleaner energy source to meet the world’s growing energy needs and improve quality of life

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across the globe. It is also an efficient means to displace coal and oil, which are higher carbon intensity fuels compared to natural gas. As a result, global LNG demand is expected to increase to approximately 630 MTPA by 2030 from approximately 430 MTPA in 2025, according to the S&P Global. Despite its advantages, LNG access is not readily available in many emerging markets due to the complexity of LNG import projects. We have an established reputation for developing and operating complex LNG solutions and are a trusted operator with a strong track record of bringing reliability, resiliency and flexibility to energy systems.

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Proven Management Team. Our management team has experience in all aspects of the LNG value chain and a strong balance of technical, commercial, operational, financial, legal and management skills. Steven Kobos, our President and Chief Executive Officer, has over 25 years of experience working on complex energy and infrastructure development projects and general maritime operations, floating regasification terminals, contracting of assets, operational agreements and related project finance and tax matters, and he has helped establish Excelerate as a growing and profitable international energy company. Oliver Simpson, our Executive Vice President and Chief Commercial Officer, has over 20 years of experience in natural gas and LNG trading and chartering. Mr. Simpson is responsible for contracting and chartering floating regasification terminals, oversight of current customer contracts and relationships, sourcing and supplying LNG flows, and natural gas marketing. Dana Armstrong, our Executive Vice President and Chief Financial Officer, has over 25 years of experience leading both public and private multinational companies within the energy and biotechnology industries. Ms. Armstrong provides oversight of all global financial reporting, financial planning and analysis, accounting, treasury, tax, internal audit, treasury, information technology, and investor relations. David Liner, our Executive Vice President and Chief Operating Officer, has over 25 years of maritime experience in the oil and gas industry as well as naval architecture, charting and project management. Alisa Newman Hood, our Executive Vice President and General Counsel, has over 25 years of worldwide legal, government relations and energy policy experience. Amy Thompson, our Executive Vice President and Chief Human Resources Officer, has over 25 years of human resources experience in global oil field services organizations and has held various leadership roles in the United States and the Middle East.

Competitive Landscape

A fundamental aspect of our commercial strategy is to pursue positions aggressively in markets where we can create a foundation for lasting value creation. We utilize our integrated LNG model to expand into new markets, providing our customers with solutions to their energy needs and creating long-lasting relationships. Our competitive landscape includes the following participants:

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Floating regasification terminal owners. As the owner and operator of the world’s largest floating regasification terminal capacity, we compete with other floating regasification terminal owners, from large public integrated companies to smaller private owners. We distinguish ourselves by providing customers with fully integrated solutions beyond just the floating regasification terminal and providing reliable services. Our asset base and expertise gives us the ability to expand our services as customer energy demands increase. This adaptable approach, focused on optimizing services based on customer needs, performing technical upgrades and offering seasonal service when required, fosters trust and long-term relationships with our customers. We believe the fundamentals supporting the floating regasification terminal business model require operators to focus on reliability, value and service, combined with disciplined expansion and growth.

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LNG sellers. When compared to other entities that sell LNG, from large LNG producers to portfolio players to trading houses, we believe we are better positioned to open and expand new markets given our expertise in the downstream portion of the LNG value chain. Our focus is on helping LNG producers expand the reach of their LNG supply beyond their traditional markets, resulting in less price pressure and better portfolio diversification. For example, in close collaboration with QatarEnergy (formerly Qatargas), we succeeded in bringing natural gas to Pakistan and Bangladesh, which triggered a dramatic displacement of coal fired plants from the government’s energy plans.

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LNG-to-power developers. In many of our markets, we compete with other LNG-to-power companies. Our investment strategy is focused on leveraging our floating regasification terminal expertise and local operational experience and developing relationships to drive the expansion of incremental infrastructure projects downstream of our terminals. Our focus on the LNG-to-power value chain allows us to develop higher quality projects and enhances our ability to compete for new opportunities, as our customers consider incremental investments to meet their growing energy demand needs.

Business Strategies

Our primary objective is to provide superior returns to our shareholders as a leader in global LNG infrastructure. Our assets and operations help solve global energy security, sustainability and affordability issues for our customers and the markets that they serve. In 2025, we continued to drive improvements to increase earnings by (i) completing the Acquisition in Jamaica and (ii) entering into a definitive commercial agreement with a subsidiary of Iraq’s Ministry of Electricity for the development of the country’s first LNG import terminal including an agreement for regasification services and LNG supply. We also continued to develop our growth project pipeline that we expect will deliver additional shareholder returns over time.

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Our existing contracts provide a strategic base. Within this base, our strategy is to continue to:

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Develop our existing business by maintaining high levels of safety and service to protect and enhance our stable, long-term contract revenue and margins. Our current markets are essential to maintaining our revenues and providing new opportunities for downstream growth. We believe that our persistent market presence positions us to compete for new growth opportunities as our customers seek new investments to meet their growing energy needs. To continue to develop our existing business, we plan to use our track record as a reliable operator and strategic commercial actions to develop a reputation as more than a floating regasification terminal provider. In order to do so, our teams place a high priority on operational excellence, safety, active management of technical obsolescence, operation and maintenance improvements, cost management and asset optimization. We operate our assets with consistently high levels of availability to provide our customers with the confidence that they can rely on us to provide natural gas, LNG, power and steam when they need it. We also plan to continue our initiative to improve returns on our existing assets by adjusting day rates to market, as we are able to, and growing our product sales within our existing customer relationships. We plan to use our current assets and their associated stable, long-term contract revenues and margins to fund our growth opportunities.

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Grow our asset base opportunistically through selective acquisitions to expand market share. We seek to consolidate and grow our floating regasification terminal market share by evaluating acquisition and conversion opportunities, provided long-term, high margin regasification contract opportunities and utilization forecasts are sufficiently robust. We expect to take delivery of a new-build floating regasification terminal in the second quarter of 2026 to support our forecasted demand, specifically the Iraq Project, and plan to launch additional new terminals as necessary to meet the needs of our new natural gas infrastructure projects in development.

In addition, our growth strategy includes the following focal points:

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Develop or acquire interests in LNG regasification terminals and integrated gas sales infrastructure projects. We plan to develop or acquire interests in LNG regasification terminals and other integrated natural gas infrastructure projects that may also include opportunities for LNG and natural gas sales. In addition, these prospective projects could include LNG-to power facilities. We expect these opportunities to drive additional demand for our core floating regasification terminal and terminal services business.

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Strengthening our global LNG supply network. Our expansion into new markets offers us the opportunity to establish valuable access to a worldwide network of natural gas markets. Our network of supply contracts with, and reputation among, major LNG producers provide us with ample opportunities to grow and manage our LNG portfolio on competitive terms. We have always taken a very deliberate and structured approach to sourcing LNG supply. We primarily source LNG through long-term offtake agreements from natural gas liquefaction facilities around the world. These offtake purchase agreements allow us to link price terms directly with take-or-pay sales agreements, creating continuous take-or-pay margin on a back-to-back price basis.

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Emphasize strategic focus and capital discipline. Following the Acquisition, we have continued to maintain a strong balance sheet and prudent approach to our capital discipline. Our growth plans will not disrupt our commitment to our disciplined investment philosophy and our systematic approach to project development. The growth opportunities we are currently pursuing offer diversity in both project maturity and project type, featuring a spectrum of final investment decision dates and project structures. We expect to invest in projects across the LNG value chain that offer attractive returns and consistent earnings. It is our aim to maintain and continue to expand our portfolio of growth opportunities that we believe will deliver sustainable and differentiated shareholder returns.

Seasonality

While most of our operations are conducted under take-or-pay arrangements, seasonal weather can affect the need for our services, particularly natural gas and LNG sales. In response, we often manage seasonal demand fluctuation in our existing markets by configuring our global operations to meet energy needs during the winters in both the northern and southern hemispheres. Changes in temperature and weather may affect both power demand and power generation mix in the locations we serve, including the portion of electricity provided through hydroelectric plants, thus affecting the need for regasified LNG. These changes can increase or decrease demand for our services and affect our financial results.

Human Capital Resources and Social Responsibility

We manage our own floating regasification terminal operations, including the employment of seafarers onboard the terminals that we operate. Our human capital is our most valuable asset. As of December 31, 2025, we had a global headcount of 1,046 colleagues, consisting of 348 full-time onshore employees and 698 seafarers. The seafarers and Belgium employees are represented by labor unions or covered under collective bargaining agreements.

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All seafarers are subject to collective bargaining agreements based on their nationality and their vessel’s flag state. In addition, seafarers are covered by the Maritime Labour Convention 2006, which is a binding international agreement setting out certain employment rights for seafarers, and corresponding obligations placed on maritime employers.

We place a high premium on attracting, developing and retaining a talented and high-performing workforce. Our employees are expected to act with integrity, responsibility and compliance and we are committed to upholding governance and ethics best practices. We believe this commitment is fundamental to having a sustainable business. We offer our employees a variety of company-paid benefits, which we believe are competitive relative to others in our industry. Our onshore employees earn a base salary plus an annual bonus (short term incentive plan) with targets aligned with organizational goals. Our seafarers earn salaries and other compensation commensurate with terms outlined in their collective bargaining agreements. We believe that our relations with our employees are good.

For over two decades, we have provided safe, efficient and cost-effective LNG solutions, and we understand that our success has been in large part due to our employees’ commitment to excellence. Our core values of stewardship, accountability, improvement and leadership (“SAIL”) represent not only our beliefs on how we conduct our business but also how we engage our employees. We have established a corporate culture with a focus on creating a collaborative environment that fosters the personal intellectual growth of each of our employees.

We are dedicated to creating an environment where every team member feels valued and empowered to contribute their unique ideas and perspectives. As a United States (“U.S.”)-based company with global operations, we collaborate with a diverse range of colleagues, vendors, customers, partners, and local communities. The collective sum of our employees’ individual differences, life experiences, knowledge, inventiveness, innovation, self-expression, and talent has been crucial to our success over the years.

We are also committed to investing in the communities in which our employees live and work. We take pride in demonstrating our appreciation for our employees by strengthening the health and prosperity of their neighborhoods. As part of our commitment, we focus on keeping people safe, supporting local talent and businesses and contributing to education and health programs, bringing benefits to the generations of today and tomorrow. Guided by our SAIL values and the UN Sustainable Development Goals, our strategic focus areas for corporate social responsibility are health, education and climate.

Health and Safety

Health and safety are core values of Excelerate and start with protecting our employees. To safeguard our employees, contractors, and surrounding community from workplace hazards and risks, we maintain an integrated management system that includes policies, standards, procedures and controls. This system requires all applicable individuals to complete comprehensive safety and regulatory compliance training on a regular basis.

At Excelerate, we also believe in standing with communities when they need us most. In October 2025, as Jamaica faced the aftermath of Hurricane Melissa, we partnered with local and international organizations to deliver critical relief to those most affected. Through these strong partnerships, we mobilized over $1 million in aid and resources to accelerate Jamaica’s recovery efforts, including the deployment of our LNG carrier, the Excelerate Shenandoah, to transport humanitarian supplies from Cristobal, Panama, to Kingston, Jamaica.

Government Regulation

Our LNG and natural gas infrastructure assets and operations are subject to regulation under foreign or U.S. federal, state and local statutes, rules, regulations and laws, as well as international conventions. These regulations require, among other things, consultations with appropriate government agencies and that we obtain, maintain and comply with applicable permits, approvals and other authorizations for the conduct of our business. Governments may also periodically revise their laws or adopt new ones, and the effects of new or revised laws on our operations cannot be predicted. These regulations and laws increase our costs of operations and construction, and failure to comply with them could result in consequences such as substantial penalties or the issuance of administrative orders to cease or restrict operations until we are in compliance. We believe that we are in full compliance with the current regulations described below. For a discussion of risks related to government regulations, see “Risk Factors—Risks Related to Regulations.”

Floating Regasification Terminals

Our floating regasification terminals, whether in transit functioning as carriers or in port performing regasification services, are subject to the laws of their flag states (i.e., the countries where they are registered) and the local laws of the port. These laws include international conventions promulgated by the International Maritime Organization (“IMO”) to which the flag states are party. These conventions include (i) the International Convention for the Safety of Life at Sea (SOLAS) which encompasses the International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention, which, among other requirements, requires us, as operator, to develop an extensive safety management system that includes the adoption of health, safety, security and environmental policies and operating procedures for safety and environmental protection; (ii) the Marine Pollution Prevention (“MARPOL”) convention which regulates pollution from a variety of sources; (iii) the International Convention on Standards of Training, Certification,

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and Watchkeeping for Seafarers (STCW) Convention which sets global minimum standards to ensure safety and competence at sea; and (iv) the Maritime Labor Convention (MLC) which sets global minimum standards for decent working and living conditions for seafarers.

We utilize three vessel classification societies, American Bureau of Shipping, Bureau Veritas and Lloyd’s Register, which keep us informed of the laws of our flag states and enforce them through periodic inspections, which are a prerequisite to us remaining in good standing with the classification societies.

All of our floating regasification terminals and LNG carriers are registered in Belgium, Bermuda or the Marshall Islands.

Onshore Facility and Floating Regasification Terminal Operations

With respect to the operation of our floating regasification terminals, when in port performing regasification services, and our onshore facilities, which consist of fixed infrastructure located onshore or near shore and include terminals and power plants, we are subject to the regulations of the port state or local law, as applicable. For projects in which we operate the onshore facilities, we may be responsible for obtaining associated permits. Pursuant to our charter party contracts, our customer is typically responsible for obtaining local permits relating to both the terminal and our floating regasification terminal. For certain operations where we sell or intend to sell natural gas, we are responsible for obtaining gas marketing licenses, and as we expand our natural gas sales line of business to new markets, we will be responsible for obtaining licenses in those markets.

Environmental Regulation

Our infrastructure and operations are subject to various laws, regulations and conventions relating to the protection of the environment, natural resources and human health. As per the IMO conventions mentioned above, we are subject to the amendment to Annex VI of the International Convention for the Prevention of Pollution from Ships, which limits the sulfur content in the fuel oil used onboard ships. In addition, we are also subject to the International Convention for the Control and Management of Ships’ Ballast Water and Sediments. These regulations require the installation of controls on emissions to prevent or mitigate any potential harm to human health and the environment and require certain protocols to be in place for mitigating or responding to incidents on our floating and fixed terminals.

Greenhouse Gas (“GHG”) Regulation

In 2018, the IMO adopted the IMO Greenhouse Gas Strategy (the “2018 IMO GHG Strategy”), which was its initial GHG reduction strategy and a framework for future strategies. Consistent with the 2018 IMO GHG Strategy goal of reducing GHG emissions from international shipping by at least 50% by 2050 as compared to 2008 levels, the Marine Environment Protection Committee (“MEPC”) formally adopted amendments to MARPOL Annex VI at the MEPC’s 76th session held in 2021. MEPC 76 established an enforceable regulatory framework to reduce GHG emissions from international shipping, consisting of technical and operational carbon reduction measures, including use of an Energy Efficiency Existing Ship Index (“EEXI”), an operational Carbon Intensity Indicator (“CII”) and an enhanced Ship Energy Efficiency Management Plan. The amendments entered into force in November 2022, requiring calculation of the EEXI to measure a ship’s energy efficiency and to initiate the collection of data for the reporting of its annual operational CII and CII rating. The MEPC’s 80th session held in July 2023 adopted a revised GHG strategy that aims to further reduce GHG emissions from international shipping. The new targets include, as compared to 2008 levels, at least a 20% reduction in emissions by 2030 (with a stretch goal of 30%) and at least a 70% reduction by 2040 (with a stretch goal of 80%) and the ultimate goal of achieving net-zero emissions by 2050. New MEPC regulations also referred to as the IMO Net-Zero Framework were expected to be finalized at the MEPC’s 83rd session in April 2025 and be formally adopted at the extraordinary MEPC session in October 2025 to become effective around mid-2027. However, due to key disagreements among member states, the committee voted to adjourn the meeting for one year, pushing the adoption to October 2026. This means the earliest possible entry into force for these amendments is now March 2028.

In September 2020, the European Parliament voted to include GHG emissions from the maritime sector in the European Union Emissions Trading System (“EU ETS”), the European Union’s carbon market. The Council of the European Union (the “Council”) formally approved European Directive 2003/87/EC and the Monitoring, Reporting and Verification Regulation 2015/757 amending the EU ETS in April 2023. Both legislative acts became effective in June 2023 and amendments became applicable in January 2024. The legislation extends the existing ETS to maritime shipping and requires sectors subject to the ETS to reduce emissions by 65% by 2030 compared to 2005 levels. Shipping companies must surrender allowances in a three-year phase-in period, increasing in scope from 40% of their verified emissions allowances in 2024, to 70% in 2025 and 100% in 2026. The EU ETS initially covers carbon dioxide emissions but has been expanded to include methane and nitrous oxide beginning in 2026, however, the reporting requirements for methane and nitrous oxide began with 2024 emissions, reported in 2025. Over the term of our current contracts within Europe, we typically can pass the costs of compliance with the EU ETS through to our customers per our long-term regasification agreements when on charter. However, after those contracts have expired, we may need to incur additional costs to reduce our emissions by implementing decarbonization strategies in order to continue to provide service within Europe.

In July 2023, the Council adopted FuelEU Maritime, a regulation aiming to support the decarbonization of the shipping industry. Upon entering into force in January 2025, the regulation increased the share of renewable and low-carbon fuels in the fuel mix of

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international maritime transport in the European Union (“EU”). The European Parliament, Council of the EU and the European Commission have reached an agreement on the FuelEU Maritime regulations which ensures the well-to-wake GHG emission intensity on energy used onboard ships trading in the European Union will gradually decrease over time from a two percent reduction in 2025 from the average well-to-wake GHG intensity of the fleet in 2020, increasing annually until reaching an 80% reduction in 2050. FuelEU Maritime regulates the kind of fuel that can be used and encourages the adoption of lower emission intensity fuels such as renewable and low-carbon fuels. Adoption of these alternate fuels will likely increase fuel costs due to their lower availability and require other investments in newer technology, asset modifications and crew training to utilize such fuels.