Exclerate announced in its first-quarter report on Wednesday that it has executed a definitive nine-month time charter party agreement with Jordan’s National Electric Power Company to deploy the FSRU Excelerate Acadia to the country’s existing LNG import terminal in Aqaba.

According to Excelerate, the charter is expected to contribute approximately $20 million of adjusted Ebitda in 2026.

Excelerate Acadia is expected to commence operations in mid-2026.

“The interim deployment enhances Jordan’s energy security by providing additional regasification capacity and generates incremental earnings for Excelerate while it continues to advance the Iraq integrated import terminal,” the company said.

Excelerate recently named its newest FSRU at the Hyundai Heavy Industries shipyard in Ulsan, South Korea.

Following delivery, Excelerate has 12 FSRUs in its fleet, including a chartered FSRU integrated with the Jamaican assets.

The new FSRU has a maximum regasification capacity of one billion standard cubic feet per day (1,000 MMscf/d).

Iraq terminal

In October 2025, Excelerate executed a definitive commercial agreement with a subsidiary of Iraq’s Ministry of Electricity for the development of the country’s first LNG import terminal at the port of Khor Al Zubair.

The integrated project includes a five-year agreement for regasification services and LNG supply with extension options, and a minimum contracted offtake of 250 million standard cubic feet per day (MMscf/d).

Excelerate estimates capital costs for Iraq’s first LNG terminal to range between $520 million and $550 million, inclusive of the cost of the newbuild FSRU and jetty work.

The US firm said in the quarterly report that jetty reinforcement and construction of the fixed terminal infrastructure have been delayed temporarily due to the conflict in the Middle East, while the terminal is no longer expected to commence operations in the third quarter of 2026 as previously disclosed.

Excelerate said project startup is now expected in 2027.

The long-term fundamentals supporting the project remain unchanged, driven by chronic power shortages and limited domestic gas processing capacity in Iraq, it said.

“Current conditions further reinforce the country’s need for reliable and scalable LNG import infrastructure and construction will resume as conditions allow,” Excelerate said.

Force majeure

Excelearte also confirmed that in March, in connection with the conflict in the Middle East, the company received a force majeure notice from state-owned LNG giant QatarEnergy related to its long-term LNG supply agreement.

The company issued a corresponding notice to Bangladesh’s Petrobangla under its long-term supply agreement.

Excelerate said the transactions are structured on a back-to-back basis, with delivery obligations aligned to supply commitments and supported by contractual force majeure protections.

The company expects approximately a $1 million impact per month while the Strait of Hormuz remains closed.

Excelerate noted in its previous results report that it commenced LNG cargo deliveries into Bangladesh in January 2026 under the previously announced 15-year LNG sale and purchase agreements with QatarEnergy and Petrobangla.

Revising full-year guidance

Excelerate reported net income of $50 million and adjusted Ebidta of $122.2 million for the first quarter.

The company declared a quarterly cash dividend of $0.08 per share, payable on June 4.

Steven Kobos, president and CEO of Excelerate, said the company delivered “strong” financial and operational results in the first quarter.

“Approximately 200 million tonnes of new LNG supply are expected to come online by the end of the decade, and the push for greater supply diversification is accelerating. The need for regasification infrastructure is growing. Our position as a leading global provider, combined with the strength of our balance sheet, positions us to meet that need,” he said.

He said that Excelerate is revising its full-year guidance to reflect the delayed startup of the Iraq terminal due to the ongoing conflict in the Middle East, mitigated in part by the expected interim deployment of the Excelerate Acadia to Jordan.

Adjusted Ebidta for the full year is now expected to range between $480 million and $510 million, while committed growth capital is now expected to range between $270 million and $300 million.

“The Iraq project fundamentals remain unchanged. Looking ahead, we continue to have confidence in our sequenced earnings growth through 2028,” Kobos said.