
(Source: Shutterstock)
Crown LNG Holdings AS and Catcha Investment Corp. will merge, according to an Aug. 3 press release. The combined company, Crown LNG Holdings Ltd. (PubCo), plans to list its shares on the New York Stock Exchange under the ticker symbol “CGBS.”
Crown, which designs and plans to own and operate offshore LNG terminals, was founded with a vision to provide energy to areas with harsh weather conditions.
“The LNG market is being driven by strong market tailwinds, including rising energy security concerns and the increasing use of natural gas as a transition fuel with a tenth of the emissions of coal fired plants,” said Patrick Grove, CEO of Catcha. “Crown will help to enable LNG access for under-served markets which have been traditionally ignored by existing operators and at the same time benefit everyone in the ecosystem – customers, governments, producers and investors.”
Crown is currently developing its first two anchor projects in Kakinada, India, and Grangemouth, Scotland. In addition, the company has more than 21 additional targets in its purview.
“Our targeted blue-chip potential customer base will reflect the strong and growing global demand for harsh weather LNG infrastructure allowing for year-round operation to enable the global energy transition and ensure energy security by facilitating access to reliable natural gas supplies, as well as hydrogen, ammonia and power,” said Swapan Kataria, CEO of Crown. “The capital raised in this transaction will further strengthen our ability to execute on our diversified project pipeline in India, the U.K., Vietnam, Canada and other global markets.”
Pro forma implied enterprise value of PubCo will be approximately $685 million. The combination transaction is expected to provide $50 million in capital, with proceeds going to fund the Kakinada and Grangemouth projects to final investment decision.
Recommended Reading
US Drillers Cut Oil and Gas Rigs for First Time in Three Weeks
2023-09-22 - U.S. oil rigs fell by eight to 507 this week, their lowest since February 2022, while gas rigs dropped by three to 118.
Venezuela, Trinidad Sign Deal to Promote Energy Projects
2023-09-21 - The governments of Venezuela and Trinidad and Tobago signed an inter-institutional agreement related to joint hydrocarbon projects and bilateral trade between the countries.
Equinor Submits $9B FPSO Plan for BM-C-33 Fields Offshore Brazil
2023-09-21 - The FPSO would have the capacity to process 16 MMcm/d of gas from the pre-salt fields.
C-NLOPB Seeks Nominations for Offshore Parcels
2023-09-20 - Nominations will guide C-NLOPB on areas to be offered in the Eastern Newfoundland and Jeanne d’Arc regions if the call for bids proceeds in 2024.
Equinor, Vår Energi Report Rising Costs for Norwegian Projects
2023-09-19 - Costs are up for the Johan Castberg and Balder X projects, partially due to supply chain challenges and work scope changes.