November 26, 2020

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LNG Industry Veteran Oscar Spieler Joins Delfin as Executive Chairman

HOUSTON--(BUSINESS WIRE)--Today Delfin Midstream (“Delfin”) announced that Oscar Spieler has decided to join as Executive Chairman of the Board. Mr. Spieler has had a renowned executive career in the LNG, shipping, offshore energy, and green energy industries, including as CEO at Golar LNG (NASDAQ: GLNG), Frontline (NYSE: FRO) and Sea Production, and as Chairman of Quantafuel (QFUEL-ME). Mr. Spieler brings relevant expertise, having successfully led the development and execution of the first FLNG Vessel at Golar, delivering FLNG Hilli Episeyo under budget and putting it into commercial operation. Delfin recently announced the completion of its FEED for a Newbuild FLNG vessel. The FEED results, together with the overall project development activities, enable the Company to execute the project for a total capital cost of around 550 $/tpa(1). The Company is also using its low-cost FLNG infrastructure and technology to develop additional projects in North America. Commenting on his appointment, Oscar Spieler said: “Delfin has developed the most cost-efficient LNG export project in the continental U.S and combined with a FID threshold of just 2.0 to 2.5 mtpa makes Delfin unique in today’s challenging market. I am excited to join the Delfin team at this pivotal moment, as we take our next steps in bringing the project to FID. With the world transitioning to low-carbon energy over the coming decades, LNG is an undeniable part of the solution. The uniqueness of the Delfin cost structure, business model, technology and asset portfolio means we are capable of providing LNG buyers with low-carbon, low-cost solutions with significantly more commercial flexibility than land-based projects.” Dudley Poston, CEO of Delfin, added: “We are delighted to welcome Oscar to the team. He brings a wealth of knowledge and expertise across the LNG value chain. Over the last decade Oscar has played key roles in the development of some of the most important innovations in the LNG industry: FLNG, merchant LNG shipping, FSRUs and small-scale LNG. Most importantly, he has demonstrated his success in ensuring the financing, commercialization, operations, execution and viability of each venture. Oscar’s experience and leadership will be invaluable as Delfin moves from the development phase to commercial operations.” In 2018 Mr. Spieler joined Quantafuel as Chairman of the board, which in 2020 successfully started its first plastic-to-liquids plant and completed a successful IPO and private capital raise. Mr. Spieler has vast board experience both as chairman and/or director of multiple companies within the shipping, drilling and finance sectors, including Offshore Merchant Partners, Energy Drilling Ltd, Jasper Investments, Archer, Avenir LNG, North Atlantic Drilling and Sealift. Mr. Spieler has a Master’s Degree in Naval Architecture and Engineering from the Norwegian University of Science and Technology. In addition to spending over 15 years in John Frederiksen’s Sea Tankers group of companies, Mr. Spieler spent 15 years at DNV in Norway and four years with Norwegian Tanker Operator Bergesen. (1) Includes all costs up to start of commercial operations (incl. FLNG Vessel, disconnectable mooring system, pipeline connections, owner’s costs, transit, installation, commissioning, contingencies), excl. finance costs, on a nameplate capacity basis About Delfin Midstream Inc. Delfin Midstream Inc. (“Delfin”) is a leading LNG export infrastructure development company utilizing low-cost Floating LNG technology solutions. Delfin is the parent company of the Delfin LNG LLC (“Delfin LNG”) and Avocet LNG LLC. Delfin LNG is a brownfield Deepwater Port requiring minimal additional infrastructure investment to support up to four FLNG Vessels producing up to 13 million tonnes of LNG per annum. Delfin purchased the UTOS pipeline, the largest natural gas pipeline in the Gulf of Mexico, in 2014 and submitted its Deepwater Port license application in 2015. Delfin LNG received a positive Record of Decision from MARAD and approval from the Department of Energy for long-term exports of LNG to countries that do not have a Free Trade Agreement with the United States for up to 13 MTPA. Further information is available at www.delfinmidstream.com. Contacts Dudley Poston, CEO, +1 713 824 1597Wouter Pastoor, COO, +47 900 56 [email protected] or www.delfinmidstream.comMedia:Dan GagnierGagnier Communications+1 646-569-5897

HOUSTON–(BUSINESS WIRE)–Today Delfin Midstream (“Delfin”) announced that Oscar Spieler has decided to join as Executive Chairman of the Board. Mr. Spieler has had a renowned executive career in the LNG, shipping, offshore energy, and green energy industries, including as CEO at Golar LNG (NASDAQ: GLNG), Frontline (NYSE: FRO) and Sea Production, and as Chairman of Quantafuel (QFUEL-ME). Mr. Spieler brings relevant expertise, having successfully led the development and execution of the first FLNG Vessel at Golar, delivering FLNG Hilli Episeyo under budget and putting it into commercial operation.

Delfin recently announced the completion of its FEED for a Newbuild FLNG vessel. The FEED results, together with the overall project development activities, enable the Company to execute the project for a total capital cost of around 550 $/tpa(1). The Company is also using its low-cost FLNG infrastructure and technology to develop additional projects in North America.

Commenting on his appointment, Oscar Spieler said: “Delfin has developed the most cost-efficient LNG export project in the continental U.S and combined with a FID threshold of just 2.0 to 2.5 mtpa makes Delfin unique in today’s challenging market. I am excited to join the Delfin team at this pivotal moment, as we take our next steps in bringing the project to FID. With the world transitioning to low-carbon energy over the coming decades, LNG is an undeniable part of the solution. The uniqueness of the Delfin cost structure, business model, technology and asset portfolio means we are capable of providing LNG buyers with low-carbon, low-cost solutions with significantly more commercial flexibility than land-based projects.”

Dudley Poston, CEO of Delfin, added: “We are delighted to welcome Oscar to the team. He brings a wealth of knowledge and expertise across the LNG value chain. Over the last decade Oscar has played key roles in the development of some of the most important innovations in the LNG industry: FLNG, merchant LNG shipping, FSRUs and small-scale LNG. Most importantly, he has demonstrated his success in ensuring the financing, commercialization, operations, execution and viability of each venture. Oscar’s experience and leadership will be invaluable as Delfin moves from the development phase to commercial operations.”

In 2018 Mr. Spieler joined Quantafuel as Chairman of the board, which in 2020 successfully started its first plastic-to-liquids plant and completed a successful IPO and private capital raise. Mr. Spieler has vast board experience both as chairman and/or director of multiple companies within the shipping, drilling and finance sectors, including Offshore Merchant Partners, Energy Drilling Ltd, Jasper Investments, Archer, Avenir LNG, North Atlantic Drilling and Sealift.

Mr. Spieler has a Master’s Degree in Naval Architecture and Engineering from the Norwegian University of Science and Technology. In addition to spending over 15 years in John Frederiksen’s Sea Tankers group of companies, Mr. Spieler spent 15 years at DNV in Norway and four years with Norwegian Tanker Operator Bergesen.

(1) Includes all costs up to start of commercial operations (incl. FLNG Vessel, disconnectable mooring system, pipeline connections, owner’s costs, transit, installation, commissioning, contingencies), excl. finance costs, on a nameplate capacity basis

About Delfin Midstream Inc.

Delfin Midstream Inc. (“Delfin”) is a leading LNG export infrastructure development company utilizing low-cost Floating LNG technology solutions. Delfin is the parent company of the Delfin LNG LLC (“Delfin LNG”) and Avocet LNG LLC. Delfin LNG is a brownfield Deepwater Port requiring minimal additional infrastructure investment to support up to four FLNG Vessels producing up to 13 million tonnes of LNG per annum. Delfin purchased the UTOS pipeline, the largest natural gas pipeline in the Gulf of Mexico, in 2014 and submitted its Deepwater Port license application in 2015. Delfin LNG received a positive Record of Decision from MARAD and approval from the Department of Energy for long-term exports of LNG to countries that do not have a Free Trade Agreement with the United States for up to 13 MTPA. Further information is available at www.delfinmidstream.com.

Contacts

Dudley Poston, CEO, +1 713 824 1597
Wouter Pastoor, COO, +47 900 56 265
[email protected] or www.delfinmidstream.com
Media:
Dan Gagnier
Gagnier Communications
+1 646-569-5897

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