NewFortress Energy Investor Update

Why buy ships vs. leasing? Buying ships is better than leasing for long-term use Own cost(25) (annual) $120mm value amort. (20-yr) Op. & maintenance expense Interest expense (75% debt x 5%) + Example calculation: Golar Winter $6mm $9mm $5mm $19mm VS. Lease cost (24) (annual) $26mm ($70k/day) ↑ Savings $7mm/yr ↓ 26% 20

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