Apollo Tests Buyer Interest in $3B-Plus FLNG Business

Apollo Global Management is exploring strategic options for Energos Infrastructure, in a deal that could value the floating liquefied natural gas infrastructure provider at more than $3 billion, people familiar with the matter said.

The investment giant has been holding talks in recent weeks with prospective bidders, communicating it would be open to either a full or partial sale of Energos, the sources said. XRG, the international investment arm of Abu Dhabi National Oil Company, is among the potential bidders, with an offer that would see it take a stake of up to 50% in Energos, the sources said.

The sources cautioned that no deal involving Energos was a possible outcome, and spoke on condition of anonymity to discuss private deliberations.

Apollo and XRG declined to comment. Energos did not respond to a comment request.

Floating LNG infrastructure allows natural gas to be imported for power generation and other commercial uses without the need for large-scale onshore facilities, which can be costly to build, take years to construct, and require significant amounts of land.

Stamford, Connecticut-based Energos operates 13 floating LNG vessels, including nine which allow for the storage and regasification of LNG, two storage units, and two LNG carriers. Its