UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of
Foreign Private Issuer
Pursuant to Rule 13a-16 or
15d-16
under the Securities Exchange Act of 1934
For the Month of January 2025
Commission File Number: 001-42162
CROWN LNG HOLDINGS LIMITED
(Translation of registrants name into English)
37th Floor, 1
Canada Square, Canary Wharf, London,
Greater London E14 5AA, United Kingdom
(Address of principal executive office)
Indicate by
check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☒ Form
40-F ☐
Fireside Chat Presentation
On January 28, 2025, Crown LNG Holdings Limited (Crown) conducted a fireside chat. The fireside chat presentation is attached as
Exhibit 99.1 to this Report of Foreign Private Issuer on Form 6-K.
The information in this Report of Foreign
Private Issuer on Form 6-K shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise
subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended or the Exchange Act, except as expressly set forth by specific reference in such filing.
No Offer or Solicitation
This Report of Foreign Private
Issuer on Form 6-K is for informational purposes only and shall not constitute a solicitation of a proxy, consent, or authorization with respect to any Crown securities. This Report of Foreign Private Issuer
on Form 6-K shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer,
solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of
the Securities Act of 1933, as amended, or an exemption therefrom.
Forward Looking Statements
Certain statements in this communication may be considered forward-looking statements. Forward-looking statements are statements that are not historical facts.
Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements, including those set forth in any subsequent filings with the Securities and Exchange Commission
(the SEC). Copies are available on the SECs website, www.sec.gov. Crown expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in
Crowns expectations or any change in events, conditions or circumstances on which any statement is based. For more detailed information, please refer to our press releases and filings with the SEC.
SIGNATURES
Under the requirements of the Securities Exchange Act of 1934, the registrant has caused this report to be signed by the duly authorized
undersigned.
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CROWN LNG HOLDINGS LIMITED |
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Date: January 28, 2025 |
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By: |
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/s/ Jørn Husemoen |
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Name: |
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Jørn Husemoen |
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Title: |
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Authorized Signatory |
Exhibit 99.1 Nasdaq: CGBS Leading Provider of All-Weather LNG
Infrastructure INVESTOR PRESENTATION January 2025
DISCLAIMER About this Presentation This presentation has been prepared
by Crown LNG Holdings Limited (“Crown” or the “Company”) solely for informational purposes based on data obtained and prepared by the Company. The information contained in this presentation has been prepared to assist parties
who have expressed an interest in a potential transaction involving a sale and purchase of shares in the Company to make their own assessment of an investment and does not purport to contain all information such interested parties may desire. All
interested parties should conduct their own investigation and analysis of the Company and their operations, results of operations, financial condition and prospects. None of the Company, their shareholders, partners, employees or advisors, make any
representation or warranty, expressed or implied, as to the accuracy, completeness or correctness of this presentation and the information contained herein and none of such parties shall have any liability whatsoever for any error or inaccuracy
contained herein, or for any omissions from this presentation, nor for any information provided to the recipient in connection with the recipient’s own investigation and assessment of the company. In particular all numbers, initial valuations
and schedules contained in this teaser are preliminary and are for discussion purposes only. Only those representations and warranties, if any, which may be agreed in a definitive agreement with the Company will have any legal effect when, and if,
executed, and subject to such limitations and restrictions as may be specified therein. The party receiving this information hereby acknowledges that it is aware, and will advise each of its representatives who is informed as to the matters that are
discussed in this presentation, that United States securities laws prohibit any person who has received material, non-public information from an issuer from purchasing or selling securities of such issuer or from communicating such information to
any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities. The receiving party agrees that neither it nor its representatives will use or communicate confidential
information in violation of such laws. Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements contain words such as
anticipate, believe, can, would, should, could, may, predict, seek, potential, will, estimate, target, plan, project, continuing, ongoing, expect, intend or similar expressions that relate to the Company's strategy, plans or intentions.
Forward-looking statements involve certain important risks, uncertainties, and other factors, any of which could cause actual results to differ materially from those in such statements. Such factors include, without limitation, the Risk Factors
referenced in our most recent Registration Statement on Form F-1/A, filed with the Securities and Exchange Commission (SEC), other risks and uncertainties listed from time to time in our reports and documents filed with the SEC, and the following
factors: ability to execute our business strategy; business and economic conditions; effects of a prolonged government shutdown; economic, market, operational, liquidity, credit and interest rate risks associated with the Company's business; effects
of any changes in trade, monetary and fiscal policies and laws; changes imposed by regulatory agencies to increase capital standards; effects of inflation, as well as, interest rate, securities market and monetary supply fluctuations; changes in the
economy; changes in business spending; changes in sources and uses of funds; increased competition; the share price of the Company’s shares; the Company's ability to realize deferred tax assets or the need for a valuation allowance; ability to
maintain or increase market share and control expenses; costs and effects of changes in laws and regulations and of other legal and regulatory developments; technological changes; the Company's continued ability to attract, hire and maintain
qualified personnel; ability to implement and/or improve operational management and other internal risk controls and processes and reporting system and procedures; widespread natural and other disasters, pandemics, dislocations, political
instability, acts of war or terrorist activities, cyberattacks or international hostilities; impact of reputational risk; and success at managing the risks involved in the foregoing items. The Company can give no assurance that any goal or plan or
expectation set forth in forward-looking statements can be achieved, and readers are cautioned not to place undue reliance on such statements. The forward-looking statements are made as of the date of original publication of this presentation, and
the Company does not intend, and assumes no obligation, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances,
except as required by applicable law. This presentation is a high-level summary of our recent and historical financial results and current business developments. For more detailed information, please refer to our press releases and filings with the
SEC. Industry and Market Data In this presentation, the Company rely on and refer to certain information and statistics obtained from third-party sources which they believe to be reliable. However, the Company has not independently verified the
accuracy or completeness of any such third-party information. The recipient is cautioned not to give undue weight to such industry and market data. Trademarks, Trade Names and Service Marks This presentation includes trademarks, trade names and
service marks that the Company either owns or licenses, which are protected under applicable intellectual property laws. Solely for convenience, trademarks, trade names and service marks referred to in this presentation may appear without the
®, TM or SM symbols, but such references are not intended to indicate, in any way, that the Company will not assert, to the fullest extent under applicable law, rights or the right of the applicable licensor to these trademarks, trade names and
service marks. This presentation may also contain trademarks, trade names and service marks of other parties, and the Company does not intend its use or display of other parties’ trademarks, trade names or service marks to imply, and such use
or display should not be construed to imply, a relationship with, or endorsement or sponsorship of the Company by, these other parties. 2
ABOUT CROWN LNG Unique Opportunity to Invest in Rapidly Growing Global
LNG Demand • Leading provider of all-weather critical offshore LNG infrastructure Vision Enhancing energy security & supporting a solutions for year-round operations in harsh weather locations responsible green energy transition Mission To
provide offshore LNG critical infrastructure • Founded in 2016 in Oslo, Norway and focused on building, owning suitable for year-round operations in any harsh weather locations and operating terminals with take-or-pay fixed-price contracts: no
buying or selling product means no commodity price or volume risk CAPITAL STRUCTURE USDMM • Two anchor regasification projects with near-term FID in India and Shares issued and outstanding (M) 460 Scotland; longer-term projects in Vietnam and
Canada 2 Market capitalization @ $0.57/share $262 (Jan 24, 2025) • Proven but innovative technology used in >23 GBS facilities built rd (1) 3 and operated by 3 parties in harsh climates in past 50 years Debt summary (Latest public filing) :
Debt facilities $2.3 • Partnership with consortium of top-tier EPCIC firms validates Other long-term obligations $5.0 technology (engineering, procurement, construction, installation and commissioning) 3 Net Debt (Latest public filing) $7.3
Enterprise Value $270 • Skilled management team with decades of international experience in energy production and business venture operations Source(s): (1) Kværner Engineering AS “Kakinada LNG Regasification Terminal Study”
as of 4/16/2020 and management estimates 3 (2) As of 1/24/25 per CapIQ CROWN LNG ⧫ NASDAQ: CGBS (3) As of 6/30/24
KEY INVESTMENT HIGHLIGHTS Provider of all-weather LNG infrastructure
focused on high-growth demand markets Macro Tailwinds Driving Global LNG Demand Dramatic increase in transition fuel demand and energy security concerns driving need for LNG infrastructure globally Significant Intrinsic Value in Fully Permitted
India Project Advantaged location close to existing pipeline infrastructure and offtake discussions underway with 1 Indian strategics clear path for FID in 2026 to bring First Gas in 2029 1 Minimal Spend to FID Scotland Project for First Gas in 2028
Advanced offtake discussions for 3.0MTPA to transport gas beginning in 2028 with potential to grow to 5.0MTPA in 2030 All-Weather Capable Infrastructure Solutions Platform Flexible platform allows Crown to deploy optimal solution for various
geographies and met-ocean conditions including harsh weather environments Attractive Valuation vs. LNG Infrastructure Peers Flexible platform allows Crown to deploy optimal solution for various geographies and met-ocean conditions including harsh
weather environments Notes:(1) Based on projected timelines and estimates provided by contractors and company 4 CROWN LNG ⧫ NASDAQ: CGBS
WHERE CROWN FITS IN THE LNG VALUE CHAIN Enabling Critical Access to LNG
Near High Growth Demand Centers, in Harsh Weather Regions PRODUCTION LIQUEFACTION TRANSPORTATION REGASIFICATION CONSUMPTION Natural gas is turned into Liquid natural gas is turned liquid for shipping back into gaseous state and piped to consumers
and business 5 CROWN LNG ⧫ NASDAQ: CGBS
CROWN’S ANCHOR PROJECT PIPELINE Crown’s anchor
regasification projects offer near-term catalysts and are approaching FID Kakinada, India Grangemouth, Scotland Exclusive opportunity to deploy a floating storage Unique gravity-based structure and regasification and regasification unit
(“FSRU”) to address UK’s Description / unit (“GBSRU”) provides a solution to harsh increasing energy security concerns Installation weather conditions on the east coast, enabling LNG access which helps diversify
India’s energy mix and address the high growth market 1H 2028 First Gas Target 2H 2029 Expected 5.0MTPA 7.2MTPA Capacity $533 million CAPEX $1 billion 1H 2026 2H 2025 FID Target Capital Invested ~$7M ~$50M 6 CROWN LNG ⧫ NASDAQ: CGBS
http://environmentclearance.nic.in/proposal_status.aspx KAKINADA LNG
SUMMARY Crown’s flagship project in India is on track for FID in 2026 and First Gas in 2029 Key Project Attributes Preparations to FID ✓ Location identified 19km offshore with pipeline route FID Target First Gas Target Planned Capacity
Project CAPEX Illustrative EBITDA to Land Fall Point ✓ Gas distribution infrastructure in place via two 1H 2026 2H 2029 7.2MTPA $1B $265M pipelines: GAIL’s local pipeline and Brookfield’s East-West Pipeline First Gas ✓
Right to develop secured with Kakinada Ports Pre-FID: ~18 months Post-FID: ~36 months Authority ✓ Environmental Impact Assessment (EIA) completed by L&T-RAMBØLL Pre-Execution Contracting 1 (2) and Testing ✓ Full Environment
Clearance (EC) from Ministry of Environment, Forest, & Climate Change ✓ Consent for Establishment (CFE) from Andhra Padesh Pollution Control Board (3) Engineering and Procurement 2 ✓ Pre-FEED completed ▪ Seabed Survey is the
final step to executing FEED (4) Construction 3 ▪ Final EPCIC contract to be executed before FID Offshore Installation ✓ Advanced discussions with blue-chip Indian LNG regas clients Capital Required to FID ▪ Offtake agreements
expected shortly before FID (1) Amount Spent: ~$50M▪ Crown expects to achieve FID around 1H26 and to Total Pre-FID Cost: ~$80M deliver first gas in 2H29 Note(s): (1) As of 4/2023, based on company estimates (2) Pre-Execution Contracting and
Testing includes: Front End Engineering Development (FEED), Seabed survey, and EPCIC contract with Aker. $645 mm is included in the $1 BN capex estimate (3) Engineering and Procurement includes: Detailed Engineering and Purchase orders 7 CROWN LNG
⧫ NASDAQ: CGBS (4) Construction includes: GBS structure construction and LNG tank installations (5) Permit - https://environmentclearance.nic.in/proposal_status.aspx Approval & Customers Engineering Location Licenses
OUTLOOK – INDIA AND KAKINADA MACRO Underutilized East-West
Pipeline and Backlog of Demand STORM-PRONE EAST COAST OF INDIA LARGE ADDRESSABLE MARKET FOR GAS India Gas Macro Dhamra LNG (land-based) 1 1 ~70% ~11%p.a Mumbai Port [FSRU] Gopalpur LNG [FSRU, not yet permitted] LNG share of gas LNG demand growth
consumption by 2030 by 2030 to ~82 mtpa Kakinada LNG Terminal Dabhol LNG Expansion up from ~50% in 2023 Opportunity for Growth 2 E OA pS er Ta -W tin E gS L Ten PIg PtE hL :I 1 N 4 E5 (1 9) Km Nameplate Capacity: 3 Bcf/d 3 (1) EAST-WEST PIPELINE ~60
MTPA 2X Gas mix Operating Length: 1459Km Regasification Indian govt target Nameplate Capacity: 3 Bcf/d Capacity expect to increase of gas from nearly double by 2030 ~6.7% to 15% by 2030 Karnataka LNG [FSRU] Ennore (land based) Power & Industrial
Demand Kakinada GBSRU 4 4 2X growth 50% Kochi Karaikal Port LNG Terminal (1 MTPA) Utilization in demand Growing from 1.1 bcf/d Pipelines capacity to >2.2 Bcf/d by 2030 supports expansions of regas supply Source(s): (1) Petroleum and Natural Gas
Regulatory Board (PNGRB) “Natural Gas Pipelines Network in India” as of 3/31/2022; (2) National Centers for Notes:/Source: Environmental Information “Annual 2022 Tropical Cyclones Report” as of 1/2023; (3) Invest India
“Oil & Gas” as of 7/28/2023” ; (4) Reuters “LNG’s share of Indian 1. Reuter/s/IEEFA, public and company disclosures gas demand to rise to 70% by 2030 – Petronet CEO” as of 6/17/2021; (5) Bloomberg
“India Set for LNG Deal-Making Rush in Win for Modi’s Gas Push” as of 2. Invest India “Oil & Gas” as of 7/28/2023 5/17/2023; (6) Mint “India’s gas demand will surge 500%, share of oil demand to double:
PM” as of 2/6/2023 3. https://apgdc.in/pdf/Executive%20summary%20English.pdf?utm_source=chatgpt.com 4. IEEFA.org, IEA.org, PNGRB.gov.in 8 CROWN LNG ⧫ NASDAQ: CGBS
GRANGEMOUTH LNG SUMMARY Grangemouth is slated to be Crown’s first
producing project in 2028 Key Project Attributes Preparations to FID ✓ Exclusivity agreement with GBTron for use of site at FID Target First Gas Target Planned Capacity Project CAPEX Illustrative EBITDA the mouth of River Forth ▪
Scottish Gas Networks grid access less than 7 2H 2025 1H 2028 5.0MTPA $533M $130M miles from anchorage location and National Transmission System access within 10 miles of port First Gas ▪ All year access to open water Pre-FID: ~18 months
Post-FID: ~12 months ▪ Crown (via GBTron exclusivity), has the right to (2) Permitting & Licensing 1 develop the site, with Forth Ports Authority ▪ Pre-application Consent Process for FSRU has commenced with Scottish government
Pre-Execution Contracting Pipeline & M/R station (3) FSRU sourcing 4 2 6 (4) and Financing construction ▪ Completed site study for deepwater anchorage site with LNG vessel access (5) Pre-FEED & FEED (6) 3 5 Procurement, Engineering
& LNG Carrier Conversion ▪ Environmental Impact Assessment (EIA) can be completed in 9-12 months ▪ Crown ready to commence FEED in Q2 2025 Offshore Mooring & riser 7 Installation construction ▪ 3.0MTPA of offtake
discussions underway with 2.0MTPA under long-term contracts and 1.0MTPA on shorter-term contracts Capital Required to FID ▪ A further 2.0MTPA of capacity is under preliminary (1) Amount Spent: ~$10M Total Pre-FID Cost: $11M agreement with
GBTron for proposed 2.4GW CCGT power plant Note(s): (1) As of 4/2023, based on company estimates (2) Permitting & Licensing includes: Consenting process with Scottish government; Secure access to and capacity in National Transmission System (3)
FSRU sourcing includes: agreement from National Grid ; Search for LNG/C Candidates; and Sales and Purchase Agreement (SPA) (4) Pre-Execution Contracting and Financing includes: TUAs and pipeline capacity agreement; and Equity and debt construction
financing 9 CROWN LNG ⧫ NASDAQ: CGBS (5) Pre-FEED & FEED includes: Engineering and surveys, Mooring design and Contract for regas system (6) Procurement, Engineering & LNG Carrier Conversion includes: Early procurement, Shipyard
contract for conversion, and Detail Engineering Approval & Customers Engineering Location Licenses
GRANGEMOUTH DEVELOPMENT UPDATE FSRU located in sheltered waters with
benign weather conditions in the Firth of Forth Crown’s Market Opportunity Scotland’s Natural Gas Infrastructure Scotland Market Overview Figure 2: Map of active offshore hydrocarbon fields, pipelines and main coastal infrastructure with
Scottish Marine Regions and Offshore Marine Regions. Source: OGA, Ocean Wise and Scottish Energy Ports Capability Directory. ▪ Domestic production: North Sea ▪ An LNG import terminal in the North is crucial for ensuring gas supply
expected to decline by energy security in Scotland and Northern England amid 2 ~11%/ann between 2025-50 . Shift the decline of pipeline gas from the North Sea to LNG imports to replace declining ▪ Low complexity, exclusive FRSU project
pipeline supplies. – Department for Energy Security and Net Zero Support – FSRU conversion or newbuild with no breakwater ▪ Domestic demand: LNG demand required in Europe grew by 60% in 2022 – Location secured near existing
gas and power and is expected to grow by 25% by infrastructure through partnership with GBTron Lands 3 2028. Grangemouth 60% LNG imports share of total UK demand by (1) 2050 Source(s): (1) NG FES, Vertexa, Energex analysis, Eurostat (2024) (2) Yahoo
Finance “European Resilience on Russian Gas and Shift to LNG – Overview, Challenges, and Case Studies” as of 7/6/2023; (2) Statista – Projected UK Gas Production 10 CROWN LNG ⧫ NASDAQ: CGBS and Demand ,
https://capital.com/en-eu/analysis/natural-gas-prices-forecast-2030-2050, (3) Scottish Government “Annual energy statement: 2020” as of 12/18/2020,
OFFSHORE LNG TECHNOLOGY OVERVIEW (1) Offshore solutions: Approximately
Half the Cost and Time to Build vs. Onshore Facilities Offshore Solutions Onshore Solutions Gravity-Based Floating Land ✓ Lower CAPEX✓ Lower CAPEX × CAPEX intensive ✓ Smaller environmental footprint✓ Smaller
environmental footprint × Requires material land acquisition ✓ Shorter time to market✓ Shorter time to market × Longer time to invest ✓ Ability to relocate✓ Ability to relocate × Fixed, immobile assets
✓ Doesn’t require breakwater jetty × Requires breakwater jetty × Safety concerns near populated areas ✓ Safe to operate 365 days/year in harsh × Not suitable to operate 365 days/year in environments harsh
environments 11 Notes/Source(s): (1) Based on company disclosure and public data related to on/offshore regasification and liquefaction facilities, IEA/GIIGNL/World bank CROWN LNG ⧫ NASDAQ: CGBS
INDUSTRY-LEADING PARTNERS Technology validation by industry leaders who
partner with Crown LNG EPCIC CONTRACTOR PROCESS POWER GENERATION & ELECTRICAL SYSTEM SUPPLIER DISTRIBUTION SYSTEMS SUPPLIER Leading global EPCIC provider of off-shore energy installations for more than 50 years, with 23 GBS built in offshore (1)
environments to date GAS SOLUTIONS Global leader in innovative technologies Unmatched product performance in and lifecycle solutions for the marine and off-shore installations in hazardous energy markets; has delivered more than areas; 6750+
installed gas (1) (1) 20 regasification installations to date turbines to date 12 CROWN LNG ⧫ NASDAQ: CGBS Source(s): (1) Kværner Engineering AS “Kakinada LNG Regasification Terminal Study” as of 4/16/2020 and management
estimates
CROWN LNG MILESTONE AND TIMELINE Notable events and timeline 1H26E
Final investment decision (FID) target and start of EPCIC to be executed before construction at KGLNG Crown LNG formed FID 2H29E first gas from KGLNG 2024 2018 2019 2022 2023 2025 2028 2029 2059E 2026 de-SPAC and public listing Q3 2023: Crown LNG
signs an exclusivity 30 year contract: New exclusivity agreement with East LNG for agreement with East LNG to East LNG’s license expires. End option to acquire 100% of the shares in the deliver and operate the Kakinada of operations KGLNG as
well as a future payment right regasification terminal Milestone Kakinada LNG Grangemouth LNG Permitting Pending FEED/EPC 1H25E 2H25E Commercial 2025E 2025-26E Agreements Financing 2026E 2026E Construction 2026E 2026E First Shipment 2029E 2028E 13
CROWN LNG ⧫ NASDAQ: CGBS Source: Company website and documents; VTTI press release;
CROWN LNG EXECUTION TEAM SWAPAN KATARIA, CEO ANDREW JUDSON, Chairman of
the Board ▪ 30 years of international trading within energy and E&P ▪ Over 25 years of experience in ▪ Founder and Director of Singapore- capital markets and private equity based LNG9 ▪ 2019-Present: Senior Advisor, Fort
Capital – Energy infrastructure development ▪ 2019-Present: Director at Condor Energies – Katoil Limited Trading ▪ 2015-Present: Director at Pieridae Energy – Global relationship presence KATOIL LIMITED JØRN S.
HUSEMOEN, CFO GUNNAR KNUTSEN, President ▪ 35 years as CEO and CFO in ▪ 40 years of project management Telecom / IT industry working for 30 major oil & gas projects ▪ Operational experience in multinational ▪ 2008-2014:
SVP, Höegh LNG / CEO, companies as Interim CEO/CFO Höegh FLNG ▪ Over 10 years international experience living ▪ 2014-2018: CEO, Argo LNG and working in China, India, USA and Sweden ▪ 2018-to date: CEO/MD/President of
Crown LNG AS; a wholly owned subsidiary of Crown LNG Holding AS 14 CROWN LNG ⧫ NASDAQ: CGBS
KEY TAKEAWAYS Strategic Projects 1 We prioritize projects in regions
with significant growth potential and strong local support Experienced Team 2 Proven expertise in LNG development, hydrocarbons and project financing Project Pipeline 3 Future expansion and backlog of development opportunities Scalable Model 4
Modular project designed for diverse geographic presence and scaling Cost-Effective Solution 5 Focus on offshore reduces time to deliver LNG and lowers costs vs alternatives 15 CROWN LNG ⧫ NASDAQ: CGBS
APPENDIX 16
1 ILLUSTRATIVE ANCHOR PROJECT ECONOMICS FID Economics Post First-Gas
Run Rate Crown PF FID All-In Project Utilization Rate EBITDA To FID Ownership Post Revenue Construction Costs Debt/Funding (MTPA) (Margin) Project Equity Raise 80% Debt ~$35M ~$1.0B 75% 7.2 $286M Kakinada $265M MTPA 20% Equity 80% Debt 3.0 $166M 75%
~$10M ~$533M Grangemouth $130M MPTA 20% Potentially additional 2 MTPA utilization from power plant coming Equity online in 2030, which represents further upside Total 80% ~$45M 10.2 ~$1.5B 75% $452M $395M DEBT MTPA Notes: (1) Based on company
projections 17 CROWN LNG ⧫ NASDAQ: CGBS
VALUATION – FINDING A FAIR RANGE FOR CROWN LNG Opportunity for
Significant Value Creation Crown’s Valuation Potential ($MM) LNG Project Economics - Comparison Project Capex Cost/ Capacity IRR (%) $3,600 ($BN) ton (MTPA) 1 $1.5 $125 12.2 High Project A $2 $760 4 Average $2,400 Project B $4 $900 8.4 Average
Project C $5 $575 8 Average Project D $4.5 $1215 3.7 Low-Average Project E $4.8 $1920 2.5 Average ~$270 Project F $0.45 $110 4.1 Average Project G $0.80 $160 5 Average Current EV 2028E Projected Valuation Notes: Notes: 1. Estimates based on company
projections and expected targets returns 1. Based on closing prices/value as of 1/24/25 2. Project A-G refers to public disclosures for the following Pre-FID projects: Liquefaction 1. On-shore: Texas, 2. Illustrative example of Crown valuation
reflecting a portion of projects (i.e. Indian, Scotland) 3. Assumption for tariffs, EBITDA, financing on pg. 27. Assumes EV/EBITDA multiple of 8-12X Commonwealth, Magnolia, 2. Off-shore: Barossa, Tortue, 3. Floating: Alexandroupolis, Singapore LNG
3. IRR estimate based on public disclosures and company commentary. High = >15%, Average = 10-15%, Low = <10% 18 CROWN LNG ⧫ NASDAQ: CGBS Off-shore Off-shore On-shore Regas Liquefaction
REMAINING PRE-FIDS COSTS FOR ANCHOR PROJECTS (1) Total Project Costs to
FID ($MM) EPC related costs $20 - $25 General & Administrative $8 - $12 Ancillary fees and services $5 - $10 Total Project Costs to FID ~$35-50 mm Note(s): Estimated cost allocation and projected costs to reach FID : 80% India Project; 20%
Scotland Project 19 CROWN LNG ⧫ NASDAQ: CGBS
ADDITIONAL PROJECT PIPELINE CREATES DIVERSIFIED PLATFORM Vung Tau,
Vietnam Newfoundland, Canada Installation GBSRU GBLNG First Gas Target Q4 2032 Q2 2030 Expected 9.0MTPA 10.0MTPA Capacity CAPEX $8-9 billion $1.2-1.3 billion Q1 2028 FID Target Q4 2026 Capital Invested TBD TBD Pre-FID Spent / Remaining 20 CROWN LNG
⧫ NASDAQ: CGBS
VIETNAM AND CANADA PRESENT NEAR-TERM OPPORTUNITIES FOR CROWN Canada
Vietnam NATURAL GAS INFRASTRUCTURE OF VIETNAM NATURAL GAS INFRASTRUCTURE OF EASTERN CANADA Fermeuse Harbor UNITED STATES Vung Tau 21 CROWN LNG ⧫ NASDAQ: CGBS
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