LatAmOil: New Fortress Energy faces market backlash

New Fortress Energy (NFE) faced a harsh market reaction on August 9 as its shares tumbled 25% on the New York-based Nasdaq. The plunge followed the company's revelation of a $80.75mn net loss in its second-quarter report, a stark contrast to analysts' projections of modest profits.

The energy firm's woes stem from its ambitious floating LNG (FLNG) export facility off Mexico's Altamira coast. Plagued by delays, the project's tardiness has cast a shadow over NFE's financial performance. Revenue dipped to $430mn, falling short of the $514mn forecast by industry experts.

Despite the setback, NFE's chairman, Wesley Edens, says he maintains an optimistic outlook. He announced the facility's first partial FAST LNG shipment, signalling a potential turnaround.