Stabilis Solutions Announces Multi-Year Marine Bunkering Agreement with Carnival Coprporation at Proposed Galveston LNG Liquefaction Facility

Rhea-AI Summary

Stabilis Solutions (Nasdaq:SLNG) announced a definitive 10-year LNG offtake agreement with Carnival Corporation to supply LNG for Galveston cruise operations. Deliveries are expected to start in Q4 2027, using Stabilis' proposed Jones Act-compliant bunkering vessel, subject to financing and construction conditions. The Carnival contract makes Carnival the second anchor customer and brings total contracted offtake to approximately 55% of planned facility capacity. Stabilis targets a Final Investment Decision in Q1 2026 and reports completion of FEL-3 engineering and secured long-lead equipment.

Positive

• 10-year contractual LNG offtake with Carnival
• Contracted offtake equals ~55% of planned capacity
• Deliveries expected to begin in Q4 2027
• FID targeted Q1 2026
• Completed FEL-3 engineering and secured long-lead equipment

Negative

• Deliveries conditional on successful financing and construction
• Final investment decision not yet made (target Q1 2026)
• Approximately 45% of facility capacity remains uncontracted

Key Figures

Offtake term 10-year agreement Duration of LNG offtake with Carnival at Galveston

Contracted capacity 55% of capacity Total Galveston LNG facility capacity under anchor offtake deals

Delivery start Q4 2027 Expected start of LNG deliveries under Carnival agreement

FID target Q1 2026 Target timing to reach Final Investment Decision for Galveston LNG

Market Reality Check

$4.55 Last Close

Volume Volume 6,350 is modestly above 20-day average 5,304 (relative volume 1.2x). normal

Technical Price at $4.55, trading below 200-day MA of $4.82 and 45.05% under 52-week high.

Peers on Argus 1 Up

SLNG fell 4.62% while key peer VIVK appeared in momentum scanners, up 24.37% without same-day news. Other peers showed mixed, mostly smaller moves, suggesting SLNG’s reaction was more stock-specific than sector-driven.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Nov 05	Q3 2025 earnings	Positive	-4.0%	Profitable Q3 with 15.3% revenue growth and higher EBITDA.
Oct 23	Earnings call notice	Neutral	-2.2%	Scheduled Q3 2025 results release and conference call details.
Oct 09	Marine LNG agreement	Positive	+8.3%	10-year bunkering deal covering about 40% of Galveston capacity.
Aug 06	Q2 2025 earnings	Negative	-7.3%	Revenue decline and net loss despite growth in key end markets.
Jul 30	Earnings call notice	Neutral	+2.0%	Announcement of Q2 2025 earnings release and webcast schedule.

Pattern Detected

Earnings-related announcements have often seen negative reactions, while Galveston LNG expansion news previously drew a positive move, indicating better reception for growth/project catalysts than for quarterly results.

Recent Company History

Over the last six months, Stabilis reported Q2 and Q3 2025 results, with Q3 revenue at $20.3M and a return to quarterly profitability. Despite this, both Q2 and Q3 earnings releases saw negative price reactions. In October, the company announced a 10-year marine bunkering agreement anchoring its planned Galveston LNG facility, covering roughly 40% of capacity and triggering an 8.28% gain. Today’s second anchor offtake builds on that Galveston strategy and the prior long-term contract disclosed in regulatory filings.

Market Pulse Summary

The stock is up +8.1% following this news. A strong positive reaction aligns with the strategic importance of securing a second anchor offtake, which brings contracted Galveston LNG capacity to 55%. Historically, the earlier long-term marine bunkering agreement produced an 8.28% gain, suggesting investors previously rewarded project de-risking. However, past earnings releases saw negative moves despite improving results, underscoring execution and financing risk around the Galveston build-out and the need to hit the targeted Q1 2026 Final Investment Decision.

Key Terms

liquefied natural gas technical

"to supply Liquefied Natural Gas ("LNG") in support of Carnival's cruise"

Liquefied natural gas (LNG) is natural gas that has been cooled into a liquid so it can be shipped and stored more easily—think of it like condensing a bulky gas into a compact, refrigerated form for transport. It matters to investors because LNG supply, shipping capacity, and long-term contracts influence energy prices, company revenues, and exposure to geopolitical or infrastructure risks, much like how a clogged highway can delay deliveries and raise costs.

lng technical

"to supply Liquefied Natural Gas ("LNG") in support of Carnival's cruise"

Liquefied natural gas (LNG) is natural gas that has been cooled into a liquid so it takes up far less space for transport and storage, like turning a bulky bundle into a compact package for shipping. Investors care because LNG enables gas trade across regions without pipelines, so changes in production, export capacity, shipping, or demand can quickly affect energy company revenues, infrastructure operators and commodity prices, amplifying both opportunity and risk.

offtake agreement financial

"entered into a definitive, 10-year offtake agreement (the "Agreement") with Carnival"

A contract in which a buyer commits to purchase a set portion or percentage of a producer’s future output—such as minerals, energy, agricultural goods, or manufactured products—often over a multi‑year period. It matters to investors because it creates predictable sales and cash flow, reduces the risk of unsold inventory, and can make projects easier to finance; think of it like pre‑selling future harvests or securing long‑term customers before production begins.

final investment decision financial

"advances toward a Final Investment Decision during the first quarter of 2026."

A final investment decision is the point at which a person or organization chooses to move forward with a particular project or purchase after reviewing all the necessary information and options. It is like deciding to buy a house after considering all the costs, benefits, and alternatives. This decision is important because it determines whether and when the investment will be made, impacting future financial plans and outcomes.

AI-generated analysis. Not financial advice.

Carnival represents the second anchor offtake agreement announced in connection with the Galveston LNG project.

HOUSTON, TX / ACCESS Newswire / December 18, 2025 / Stabilis Solutions, Inc., ("Stabilis" or the "Company") (Nasdaq:SLNG), a leading provider of clean energy production, storage, and delivery solutions, today announced that it has entered into a definitive, 10-year offtake agreement (the "Agreement") with Carnival Corporation & plc ("Carnival") (NYSE/LSE:CCL; NYSE:CUK) to supply Liquefied Natural Gas ("LNG") in support of Carnival's cruise operations at the Port of Galveston.

Under the terms of the Agreement, Stabilis expects to deliver LNG from its planned flagship LNG liquefaction facility in Galveston, Texas utilizing the Company's proposed Jones Act-compliant LNG bunkering vessel. Deliveries under the Agreement are expected to commence in the fourth quarter of 2027, subject to the successful financing and construction of the Galveston LNG facility and other conditions precedent.

The Agreement with Carnival represents the second anchor offtake agreement announced to date in connection with the Galveston LNG project bringing the total contracted offtake to approximately 55% of the facility's planned capacity.

"Our multi-year LNG bunkering agreement with Carnival Corporation marks another meaningful milestone as we advance toward construction of our proposed Galveston LNG facility," said Casey Crenshaw, Executive Chairman and Interim President & Chief Executive Officer. "With long-term customer commitments now in place for approximately 55% of the facility's planned capacity, we continue to see strong commercial momentum and expanding interest from a broad range of potential customers."

"Stabilis has been a trusted partner for the past two years, supporting our successful fueling for LNG cruise ship operations in Galveston. We are excited to expand our partnership with Stabilis, reinforcing our shared commitment to delivering safe and reliable LNG supply to our fleet," said Michael McNamara, Vice President Global Fuel Supply.

Stabilis continues to work with its advisors and financing partners as it advances toward a Final Investment Decision during the first quarter of 2026. To-date, Stabilis has completed FEL-3 engineering design and secured long-lead equipment for the project, consistent with its planned construction schedule.

ABOUT STABILIS SOLUTIONS

Stabilis Solutions (Nasdaq: SLNG) is a leading provider of clean energy production, storage, and delivery solutions to multiple end markets. To learn more, visit www.stabilis-solutions.com.

ABOUT CARNIVAL CRUISE LINE

Carnival Cruise Line, part of Carnival Corporation & plc (NYSE/LSE:CCL; NYSE: CUK), is the first cruise line to sail over 100 million guests and is proud to be known as America's Cruise Line, for carrying more Americans and serving more U.S. homeports than any other. For over 50 years, Carnival has continually revolutionized the cruise industry and popularized the cruise vacation as an affordable and fun travel options. Carnival operates from 13 U.S. and two Australian homeports and employs more than 50,000 team members representing 120 nationalities.

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS

This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 and within the meaning of Section 27a of the Securities Act of 1933, as amended, and Section 21e of the Securities Exchange Act of 1934, as amended. Any actual results may differ from expectations, estimates and projections presented or implied and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "can," "believes," "feels," "anticipates," "expects," "could," "will," "plan," "may," "should," "predicts," "potential," "outlook" and similar expressions are intended to identify such forward-looking statements.

Such forward-looking statements relate to future events or future performance, but reflect our current beliefs, based on information currently available. Most of these factors are outside our control and are difficult to predict. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. Factors that may cause such differences include, among other things: the future performance of Stabilis, future demand for and price of LNG, availability and price of natural gas, unexpected costs, availability of and timing of financing, terms of financing, ability to achieve the conditions precedent to the Agreement and to other bunkering agreements associated with the planned LNG facility, ability to achieve additional offtake necessary for FID, construction delays or cost overruns, regulatory or other legal impediments, and general economic conditions.

The foregoing list of factors is not exclusive. Additional information concerning these and other risk factors is contained in the Risk Factors in Item 1A of our Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 25, 2025 which is available on the SEC's website at www.sec.gov or on the Investors section of our website at www.stabilis-solutions.com. All subsequent written and oral forward-looking statements concerning Stabilis, or other matters attributable to Stabilis, or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made.

Stabilis does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in their expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

CORPORATE CONTACT

Andrew Puhala
Chief Financial Officer
ir@stabilis-solutions.com

SOURCE: Stabilis Solutions

View the original press release on ACCESS Newswire

FAQ

What are the key terms of Stabilis's 10-year Carnival LNG agreement (SLNG)?

Stabilis signed a definitive 10-year offtake agreement to supply LNG to Carnival for Galveston operations, with deliveries expected beginning Q4 2027, subject to conditions.

When does Stabilis expect to begin LNG deliveries to Carnival under SLNG's contract?

Deliveries are expected to commence in Q4 2027, subject to successful financing and construction of the Galveston facility.

How much of the Galveston facility capacity is contracted after the Carnival deal (SLNG)?

The Carnival agreement brings total contracted offtake to approximately 55% of the facility's planned capacity.

What is Stabilis's timeline for a Final Investment Decision for the Galveston LNG project (SLNG)?

Stabilis is advancing toward a Final Investment Decision in Q1 2026 while working with advisors and financing partners.

What project milestones has Stabilis completed for the Galveston LNG facility (SLNG)?

Stabilis reports completion of FEL-3 engineering and that it has secured long-lead equipment for the project.

What are the main risks to the Carnival offtake under SLNG's announcement?

The agreement is conditional: deliveries depend on successful financing and construction and the FID, creating execution and timing risk.