v3.26.1
Property and Equipment, net
 6 Months Ended
Jun. 30, 2026
Property, Plant, and Equipment [Abstract]  
Property and equipment, net Property and equipment, net

As of June 30, 2026 and December 31, 2025, the Company’s property and equipment, net consisted of the following (in thousands):

 

June 30, 2026

 

 

December 31, 2025

 

Floating terminals and related equipment

$

2,988,799

 

 

$

2,612,317

 

Power generation

 

188,329

 

 

 

188,329

 

Fixed terminals and gas pipeline

 

257,505

 

 

 

257,213

 

Finance lease right-of-use assets

 

40,007

 

 

 

40,007

 

Other equipment

 

19,730

 

 

 

19,135

 

Assets in progress

 

101,057

 

 

 

198,445

 

Less accumulated depreciation

 

(1,238,132

)

 

 

(1,183,401

)

Property and equipment, net

$

2,357,295

 

 

$

2,132,045

 

For the three months ended June 30, 2026 and 2025, depreciation expense was $28.2 million and $22.6 million, respectively. For the six months ended June 30, 2026 and 2025, depreciation expense was $54.8 million and $43.4 million, respectively.

Excelerate Acadia (f/k/a Hull 3407)

In October 2022, the Company entered into a contract with HD Hyundai Heavy Industries Co., Ltd. to construct a 170,000 m3 floating regasification terminal, which was delivered in the second quarter of 2026. The Company made milestone payments of approximately $50 million, $30 million and $20 million in the fourth quarter of 2024, first quarter of 2025 and second quarter of 2025, respectively. These payments are included in the assets in progress balance at March 31, 2026 and December 31, 2025. The final milestone payment of approximately $210 million was made concurrently with the delivery of the terminal.

Jamaica Assets

In May 2025, the Company acquired the Montego Bay LNG Terminal, the Old Harbour LNG Terminal and the Clarendon combined heat and power co-generation plant, all of which are located in Jamaica.