Delfin Midstream said Wednesday it has taken a final investment decision on Delfin FLNG 1, a floating liquefied natural gas vessel that will sit roughly 40 miles off the Louisiana coast. The decision unlocks about $5 billion of investment for the project's first phase and clears the way for what would be the first offshore LNG export facility in U.S. waters.
The vessel will have export capacity of 4.4 million tonnes per year, making it the largest floating LNG project of its kind globally. A consortium led by Global Infrastructure Partners, now part of BlackRock, has agreed to invest alongside existing backers Mitsui O.S.K. Lines, Vitol and Diameter Capital Partners.
Delfin has signed construction contracts with Samsung Heavy Industries and Black and Veatch, and has locked in long term offtake agreements with Vitol, Expand Energy, Centrica and Gunvor. The U.S. Maritime Administration granted the company a deepwater port license in March 2025, authorizing up to three FLNG vessels with combined capacity of 13.2 million tonnes per year.
Unlike conventional shore based terminals, Delfin's design relies on floating liquefaction units tied into existing offshore pipeline infrastructure, cutting the amount of new onshore construction required. MOL President Jotaro Tamura said the Japanese shipping group plans to apply its offshore and floating facility experience to support the project.
The decision lands more than a decade after Delfin first proposed the concept and adds another major U.S. LNG export project at a moment when global buyers are still scrambling to lock in long dated supply. If built on schedule, Delfin FLNG 1 would mark a structural shift in how American gas reaches international markets, with floating units competing alongside the Gulf Coast's growing fleet of onshore liquefaction plants.