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Energos Infrastructure, Owner of 13 LNG Ships and Two FSRUs in Brazil, Could Be Valued at Over $3 Billion in Apollo Sale While XRG, ADNOC’s International Arm, Considers a 50% Stake
A company founded just four years ago to concentrate LNG maritime assets has come onto the radar for a potential billion-dollar transaction. Apollo is exploring alternatives for Energos Infrastructure, which operates 13 ships and maintains two floating storage and regasification units in Brazil, while XRG, ADNOC’s international platform, is among the potential buyers.
According to Reuters, Apollo Global Management has been in discussions with interested parties in recent weeks and indicated openness to a full or partial sale. Sources familiar with the discussions stated that a transaction could value the company at over $3 billion. Among the names mentioned is XRG, ADNOC’s international arm launched to invest outside the United Arab Emirates.
The talks are still in the evaluation stage. Sources quoted by Reuters warned that the option of no deal is also on the table, and Apollo, XRG, and Energos have not publicly confirmed any transaction.
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Energos Infrastructure Boasts 13 LNG Ships, Nine of Which Are FSRUs
Energos Infrastructure operates a fleet of 13 LNG infrastructure vessels. According to Reuters and the company, nine are floating storage and regasification units, known as FSRUs, while two are storage units and two are LNG carriers.
FSRUs function as import terminals on the water. They receive liquefied natural gas, store the fuel at cryogenic temperatures, regasify it, and send the gas into the network. This model allows for increasing import capacity without the long wait for the construction of a complete onshore terminal.
The company reports assets in markets such as Brazil, the Dominican Republic, Egypt, Indonesia, Jordan, Mexico, the Netherlands, and Puerto Rico. A significant part of the fleet is linked to long-term contracts, a characteristic that helps explain why the company may attract buyers interested in infrastructure with contracted revenues.
Two Energos FSRUs Operate in Brazil with a Combined Capacity Exceeding 1.7 Billion Cubic Feet per Day
Brazil is at the center of Energos’s portfolio. The Energos Nanook, with a storage capacity of 170,213 m³, operates at the TMIB anchorage and can deliver up to 750 million cubic feet of gas per day after regasification, according to the company’s technical specifications.
The second unit is the Energos Celsius, with a capacity of 160,607 m³, currently in Barcarena, Pará. The company reports regasification capacity of up to 1 billion cubic feet per day. Together, these two units provide over 1.7 billion cubic feet of daily nominal capacity tied to the Brazilian market.
This type of infrastructure has gained traction in the country as it allows for the rapid receipt of international LNG shipments and their quick integration into power generation and the gas network. Flexibility also enhances the responsiveness during periods of higher demand or domestic supply restrictions.
Apollo Created the Platform in a Deal of Around US$ 2 Billion and Then Bought the Missing Stake
Energos was established in 2022, when funds managed by Apollo and New Fortress Energy finalized a transaction valued at approximately US$ 2 billion. The original agreement transferred 11 LNG infrastructure vessels to a new platform, where Apollo funds held around 80% and New Fortress held 20%.
In January 2024, Apollo purchased New Fortress’s 20% stake, gaining full control of the platform. Since then, the fleet has expanded to 13 vessels, and its international presence has grown.
The difference between the value indicated at the platform’s formation and the current valuation exceeding US$ 3 billion does not automatically represent a net gain for Apollo, as the capital structure, asset composition, and contracts have evolved over time. However, the figure reflects the financial scale the company has achieved in the floating LNG infrastructure market.
XRG May Acquire Up to 50% and Seeks to Build One of the Largest Global Gas and LNG Platforms
Reuters reported that XRG is among the potential investors evaluating a stake of up to 50%. The company was launched by ADNOC in 2024 as an international investment platform focusing on gas, chemicals, and energy solutions.
XRG’s approved strategic plan aims to build an integrated gas and LNG business among the top five globally, targeting 20 to 25 million tons per year by 2035. The company has been expanding its presence across various points in the value chain, from gas production to liquefaction and infrastructure.
In the United States, XRG increased its stake in the Rio Grande LNG project in Texas in 2026, including trains 4 and 5. In Argentina, it signed agreements to acquire a 32% stake in three Vaca Muerta blocks tied to the Argentina LNG project, alongside YPF and Eni.
An entry into Energos would add exposure to another end of the chain: storage, regasification, and maritime import infrastructure. This would position physical assets already in operation in consumer markets within XRG’s international portfolio.
Fleet Continues Winning Contracts While a Potential Sale is Discussed
Energos continues to operate and expand the utilization of its assets while strategic alternatives are assessed. In September 2026, the company reported that the FSRU Energos Force arrived in Stade, Germany, to support the country’s new LNG import infrastructure.
The German terminal is set to receive its first fully loaded shipment in November, and when operational, it could supply the network with up to 3.2 billion cubic meters of gas by 2027, according to Energos. The project illustrates how a single FSRU can become a significant component in a country’s energy system.
The Energos Force also demonstrates why the company may attract investors: the value lies not just in the vessels, but in the contracts, terminal positions, regasification capacity, and access to markets that urgently need to import gas.
A Sale Above $3 Billion Would Place Floating LNG Infrastructure at the Center of the Competition for Global Gas Assets
The process may still end without a sale, but activity is taking place at a time when major energy groups are investing in gas and LNG across multiple regions. The search for assets with long-term contracts, access to terminals, and import capacity favors platforms that are ready to operate.
For Brazil, any change of control at Energos would be of special interest because two of the company’s FSRUs are linked to the local system. The assets would remain subject to applicable contracts and regulations, but a new corporate structure could place part of Brazil’s infrastructure within a much larger portfolio of gas and LNG.
If the transaction moves forward, the pivotal point will be whether Apollo sells the entire company or retains a stake alongside a new investor.
