16. SUBSEQUENT EVENTS

Time Charter Agreement

On  December 12, 2025, the Company entered into a time charter agreement with Seaspan Energy Ltd. for the the Garibaldi, a LNG bunkering vessel, commencing in 2026. See also discussion of terms of the lease in Note 9.

Multi-year, On-site Power Generation for a Data Center

In February 2026, the Company executed a multi-year take-or-pay contract to supply LNG for behind-the-meter power generation for a world-leading provider of remote and temporary power generation and energy services at a data center. LNG deliveries are expected to commence during the first quarter of 2027 and continue through the first quarter of 2029. Total revenue under the initial multi-year term of the contract is estimated to be approximately $200 million. This contract represents the Company’s first contract in support of data center behind-the-meter power generation, consistent with its strategic focus on growing, high-value vertical markets. The supply agreement will require investment of approximately $25.0 million in capital additions and near term working capital needed to fund the start-up of the project which is to be funded by payments from the customer. The Company received a prepayment of $15.0 million during February 2026, and expects an additional $10.0 million during the next six months. The prepayment received is restricted as to use for equipment and working capital requirements for this project; however the Company will not be required to repay any of the prepayments at conclusion of the contract.