New Fortress Energy has decided to sell two cylindrical semi-submersible rigs, the “Sevan Driller” and “Sevan Brasil,” for scrapping, effectively concluding its four-year attempt to convert them into floating liquefied natural gas (FLNG) units. The rigs were previously acquired from Seadrill for $18 million and $6 million, respectively.
Initially, New Fortress Energy planned to incorporate these platforms into its “Fast LNG” program, and contracts were signed for their conversion with Seatrium. However, the company faced challenges, including a failure to retrofitting plans related to the Lakach deepwater gas field development project, leading to an impairment charge of $123.1 million.
The sale aligns with New Fortress Energy’s broader strategy to restructure its balance sheet and reduce its LNG development initiatives, particularly after a British court approved its restructuring plan in June 2026, focusing on spinning off its Brazilian operations.
