Delfin Midstream

Name

Delfin Midstream

Legal name

Delfin Midstream

Website

https://delfinmidstream.com

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

LNG Export Terminal Development and Operations

NAICS

Pipeline Transportation of Natural Gas (4862), Deep Sea, Coastal, and Great Lakes Water Transportation (48311), Oil and Gas Field Machinery and Equipment Manufacturing (333132)

SIC

Natural Gas Transmisison & Distribution (4923), Oil & Gas Field Machinery & Equipment (3533), Water Transportation (4400)

akta.pro primary industry

LNG Liquefaction Plants (Onshore & FLNG) (EUALAFAA)

akta.pro secondary industries

LNG Contracting & Commercial (SPAs, Tolling, Offtake, Pricing) (EUALAFAF), LNG Storage, Terminals & Bunkering (Peak Shaving, Small-Scale LNG) (EUALAFAD), LNG Import/Export Terminals & Storage (Regas, Peak Shaving, Small-Scale LNG) (EUALAEAD), Midstream Commercial Services (Capacity Marketing, Balancing & Scheduling) (EUAAACAL)

Keywords

• Floating LNG export
• FLNG technology
• LNG export terminal
• Natural gas liquefaction
• Deepwater port infrastructure

Headquarters

HQ city

Houston

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Technology or R&D, Supply Chain

Revenue model

1. LNG Sales (Long-term SPAs): Delfin generates revenue through long-term LNG sale and purchase agreements (SPAs) with major global energy companies. Each FLNG vessel has its own commercial and financial structure with separate FID threshold of approximately 3 MTPA for contracting capacity. Revenue is derived from LNG commodity sales at market-indexed pricing plus tolling fees for liquefaction services.
2. LNG Tolling/Fee-for-Service: The company operates as an LNG export terminal operator, providing liquefaction services to third-party natural gas suppliers who feed their gas through Delfin's pipeline infrastructure to FLNG vessels for a fee.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Delfin Midstream develops and operates floating LNG (FLNG) export infrastructure that converts U.S. natural gas from pipeline sources (UTOS, HIOS) into LNG for export. The company is developing up to three FLNG vessels at the Delfin LNG deepwater port located approximately 40 nautical miles off the Louisiana coast, with combined export capacity of up to 13.2 MTPA. Each vessel operates under its own commercial and financial structure with separate FID thresholds of approximately 3 MTPA. Revenue derives from long-term LNG sale and purchase agreements with global energy utilities (Centrica), commodity traders (Vitol, Gunvor), and U.S. natural gas producers (Expand Energy), plus tolling fees for liquefaction services.

Product overview

Delfin Midstream is a leading developer of LNG export projects in North America using floating LNG technology. The company's portfolio consists of three main LNG export projects: Delfin LNG (primary project with up to 13.2 MTPA capacity via 3 FLNG vessels), Avocet LNG (potential expansion via Grand Chenier pipeline), and Cedar LNG (technical advisory role for Haisla Nation-led project). The company operates proprietary FLNG technology including the Generic Liquefier FLNG design and e-FLNG electric-drive variant, supported by owned pipeline infrastructure (UTOS, HIOS, Grand Chenier). Each FLNG vessel operates as a separate project with its own commercial and financial structure, enabling lower FID thresholds of approximately 3 MTPA per vessel compared to land-based terminals.

Differentiator

Problem solved

Functional benefit

Brands

• Delfin LNG: Brownfield deepwater port LNG export project located approximately 40 nautical miles off the Louisiana coast, capable of producing up to 13.2 million tonnes of LNG per annum with three FLNG vessels.
• Avocet LNG
• Cedar LNG

Products and services

• Delfin LNG Export Project Brownfield deepwater port LNG export project located approximately 40 nautical miles off the Louisiana coast in the Gulf of America. Supports up to three FLNG Vessels producing up to 13.2 million tonnes of LNG per annum. Uses existing offshore pipeline infrastructure (UTOS and HIOS) for feedgas supply. Delfin Midstream sells LNG through long-term Sale and Purchase Agreements to global utilities, commodity traders, and U.S. gas producers, and also offers tolling/liquefaction services.
• Avocet LNG Export Project Second Delfin deepwater port project utilizing the Grand Chenier pipeline system, potentially supporting an additional two FLNGVs of up to 8 MTPA total capacity, or providing increased feedgas supply flexibility for the Delfin LNG project. Sells LNG through long-term offtake contracts to global buyers.
• Cedar LNG Technical Advisory FLNG project led by the Haisla Nation in British Columbia, Canada. Delfin Midstream provides technical advisory services for the FLNG solution design after divesting its shareholding in June 2021 when Pembina Pipeline Corporation became the development partner. EPC work started January 2024 by Samsung Heavy Industries and Black & Veatch.

Quantifiable outcome

• First floating LNG export facility in the United States
• +3 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• CentricacoreOthers · 22 June 2026British utility company with LNG supply agreement from Delfin LNG project as part of its strategy to diversify energy supplies amid global geopolitical tensions.
• Black & VeatchcoreStrategic or Co-development Partner · 4 June 2026Construction partner for FLNG vessel topsides equipment using PRICO liquefaction technology with Siemens Energy turbine packages. Jointly developed FLNG design with Samsung Heavy Industries and conducted FEED study.
• Latham & WatkinsminorImplementation/ SI/ Consulting Partner · 4 June 2026Legal counsel advising Delfin Midstream and its investment partners on closing the $5 billion+ joint venture acquisition and multi-tranche financing for the Delfin Deepwater Offshore Port and LNG floating vessel project.
• GunvorcoreOthers · 6 May 2026Commodity trading company signed 20-year LNG sale and purchase agreement for 0.3 million tonnes per annum on free-on-board basis at Delfin FLNG1 facility. Second long-term offtake deal for project after Expand Energy.
• Expand EnergycoreOthers · 22 April 2026U.S. natural gas producer (formed through merger of Chesapeake Energy and Southwestern Energy) signed 20-year LNG offtake agreement for approximately 1.15-1.27 million tonnes per year starting 2031. Previous smaller agreements terminated and replaced with expanded contract.
• Samsung Heavy IndustriescoreStrategic or Co-development Partner · 23 October 2025Exclusive EPCI (Engineering, Procurement, Construction & Integration) contractor for FLNG vessels. Letter of Award signed October 2025 with extended LoA in January 2026. Constructing world's largest floating LNG vessel for Delfin LNG project over approximately five years.
• Pacific Traverse Energy (PTE)minorStrategic or Co-development Partner · 1 June 2021Development partner in Cedar LNG project together with Haisla Nation. Delfin divested its shareholding in June 2021 when Pembina Pipeline became Haisla's development partner, but continued as technical advisor for FLNG solution design.

Scale indicators11 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Venture Global LNG: Venture Global is a leading U.S. LNG export developer that has reached FID and started production at Calcasieu Pass and Plaquemines with long-term SPAs to global utilities and traders. It is the most relevant U.S. peer for Delfin's commercial model, scale, and offtake strategy.
• Tellurian: Tellurian is a U.S. LNG export developer (Driftwood LNG) pursuing long-term SPAs with global buyers. Although pre-construction, it is a direct comparable as a U.S. LNG developer with similar commercial structures to Delfin, though Tellurian has faced significant financing challenges.
• Excelerate Energy: Excelerate is a leading FSRU (floating storage regasification unit) operator and increasingly active in floating LNG infrastructure. Its FSRU fleet competes with FLNG on the floating LNG infrastructure end-market and shares Delfin's customer base of global utilities and traders.
• Golar LNG: Golar LNG is the pioneer of floating LNG (FLNG) liquefaction and operator of the Hilli Episeyo (world's first FLNG vessel). Delfin's executive team, technology approach, and vessel design are all directly inherited from Golar, making it the most direct comparable in the FLNG space.

Others

• Black & Veatch: Black & Veatch is the licensor of PRICO liquefaction technology used in Delfin's FLNG vessels and a co-developer/EPCI partner. It is comparable as the technology enabler for the entire PRICO FLNG category, including Golar's Hilli and Delfin's vessels.
• Samsung Heavy Industries: Samsung Heavy Industries is the exclusive EPCI contractor for Delfin's FLNG vessels and the shipyard building Golar's Hilli Episeyo. It is comparable as the dominant shipyard partner for global FLNG construction, making its capacity and cost a key driver of Delfin's economics.

Broad incumbents

• Sempra Infrastructure: Sempra Infrastructure is a major North American LNG developer (Cameron LNG, Port Arthur LNG, Energia Costa Azul) and broader energy infrastructure operator. It is a relevant peer as a U.S. LNG export developer targeting the same global utility and trader customer base.
• Cheniere Energy: Cheniere is the largest U.S. LNG exporter, operating the Sabine Pass and Corpus Christi terminals. While onshore rather than FLNG, it is the dominant incumbent in U.S. LNG export and defines the competitive set for any new U.S. LNG capacity addition including Delfin's.

Emerging players

• New Fortress Energy: New Fortress develops small-to-mid scale LNG infrastructure including FLNG solutions (e.g., its FLNG unit with Energos) and downstream regasification. It is comparable as a developer-operator of floating and modular LNG infrastructure targeting similar global utility customers.
• Pembina Pipeline Corporation: Pembina became the development partner on Cedar LNG (the Haisla Nation-led FLNG project) after acquiring Delfin's stake in 2021. It is a direct comparable on the integrated pipeline-plus-FLNG model and on FLNG project development in North America.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/delfin-midstream

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries1 record

Funding overview

Funding rounds3 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Delfin Midstream