Excelerate’s terminal services operations performed as expected during 1Q26, supported by long-term, high-quality contracts. The Explorer and Express FSRUs remained fully operational in the UAE, with crews safe and assets operating reliably in support of Dubai, Abu Dhabi, and the broader region as part of the UAE’s energy security infrastructure.
In March 2026, in connection with the conflict in the Middle East, Excelerate received a force majeure notice from QatarEnergy related to its long-term LNG supply agreement. The company issued a corresponding notice to Petrobangla under its long-term supply agreement. The transactions are structured on a back-to-back basis, with delivery obligations aligned to supply commitments and supported by contractual force majeure protections.
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. 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 /d. Jetty reinforcement and construction of the fixed terminal infrastructure have been delayed temporarily due to the conflict in the Middle East and the terminal is no longer expected to commence operations in 3Q26 as previously disclosed. Project start-up 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. Current conditions further reinforce the country’s need for reliable and scalable LNG import infrastructure and construction will resume as conditions allow.
In May 2026, Excelerate executed a nine-month time charter party agreement with Jordan’s National Electric Power Company, NEPCO, to deploy the Excelerate Acadia to the country’s existing LNG terminal in Aqaba. The 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.
