Delfin Midstream Enters into a Letter Of Award with Samsung Heavy Industries

Expects Final Investment Decision for its Leading US Energy Infrastructure Project in 2025

Secures a path for a second FLNG Vessel FID in early 2026

HOUSTON, Oct. 23, 2025 (GLOBE NEWSWIRE) -- Delfin Midstream Inc. (“Delfin” or the “Company”) announced today that it has entered into a Letter Of Award (“LOA”) with Samsung Heavy Industries (“SHI”). The LOA formally notified SHI that is has been selected and awarded as the exclusive EPCI Contractor for the First FLNG Vessel of the Delfin LNG project and Delfin is entitled to the exclusive rights to SHI’s Dock for construction of the first FLNG Vessel.

As part of the LOA the parties have agreed to commence an Early Engagement scope of work, mobilize project teams, de-risk the overall project schedule and prepare for imminent execution.

Earlier in 2025, Delfin already secured the manufacturing capacity for the FLNG Vessel’s gas turbines from Siemens Energy Inc. Since then, the Company has significantly progressed both its debt and equity financing. Today’s announcement further secures the path towards FID in November 2025 for Delfin’s leading US energy infrastructure project offshore Louisiana.

Given the progress towards an FID for the First FLNG Vessel and excellent collaboration among all the project stakeholders, the parties have agreed to strengthen their partnership in advance of the second and third FLNG Vessels for the Delfin project. Under the LOA, the parties have agreed a Dock Reservation scheme for the second FLNG Vessel for the Delfin project following FID of the first FLNG Vessel, which will enable Delfin to take an FID in early 2026 for the second FLNG Vessel. For the third FLNG Vessel, Delfin and SHI plan to jointly develop strategic business and trade opportunities, including shipbuilding cooperation.

Dudley Poston, Delfin CEO, said: “We are very pleased with the commercial and financing workstreams closing in for an FID on the Delfin LNG project. With this LOA we further strengthen our construction pathway, not just for the first but also the second and third FLNG Vessels. Finally, we are excited that the Delfin project can foster increased cooperation in trade, energy and shipbuilding between the Republic of Korea and the USA.”

Delfin is a leader in LNG export infrastructure utilizing low-cost floating LNG technology. Delfin’s brownfield deepwater port requires minimal additional infrastructure investment to support up to three floating LNG Vessels producing up to 13.2 million tonnes of LNG annually. The Delfin floating LNG project has the potential to not only be the first LNG export deepwater port facility in the United States, but a significant economic contributor and job creator over the long-term.

About Delfin
Delfin is a leading LNG export infrastructure development company utilizing low-cost Floating LNG technology solutions. Delfin is the parent company of Delfin LNG. Delfin LNG is a brownfield Deepwater Port requiring minimal additional infrastructure investment to support up to three FLNG Vessels producing up to 13.2 MTPA of LNG. Delfin purchased the UTOS pipeline, the largest natural gas pipeline in the Gulf of America. Delfin LNG received a deepwater port license from MARAD and approval from the Department of Energy for long-term exports of LNG to countries that do not have a Free Trade Agreement with the United States. Additional information is available at www.delfinmidstream.com.

Public Relations
Dan Gagnier
Gagnier Communications
Email: Delfin@gagnierfc.com

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