Property and Equipment, net

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

As of September 30, 2025 and December 31, 2024, the Company’s property and equipment, net consisted of the following (in thousands):


	September 30, 2025			December 31, 2024
Floating terminals and related equipment	$	2,593,347		$	2,535,748
Power generation		190,317			—
Fixed terminals and gas pipeline		256,333			—
Finance lease right-of-use assets		40,007			40,007
Other equipment		23,686			25,359
Assets in progress		187,057			112,429
Less accumulated depreciation		(1,161,107	)		(1,090,647	)
Property and equipment, net	$	2,129,640		$	1,622,896

For the three months ended September 30, 2025 and 2024, depreciation expense was $27.2 million and $22.2 million, respectively. For the nine months ended September 30, 2025 and 2024, depreciation expense was $70.6 million and $73.7 million, respectively.

Newbuild Agreement

In October 2022, Excelerate entered into a construction agreement (“the Newbuild Agreement”) with HD Hyundai Heavy Industries Co., Ltd. to construct a 170,000 m3 floating regasification terminal. 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. The final installment is due concurrently with the delivery of the terminal, which is expected in 2026.

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. The purchase was funded as part of the Acquisition.