Houston, United States | December 18, 2025 – Stabilis Solutions, Inc. has taken a major step toward anchoring the commercial foundation of its proposed Galveston LNG liquefaction project, announcing a definitive 10-year LNG bunkering offtake agreement with Carnival Corporation & plc, the world’s largest cruise operator.
The agreement positions Carnival as the second anchor customer for the Galveston LNG project, lifting total contracted offtake to approximately 55% of the facility’s planned capacity, a critical threshold as Stabilis advances toward a Final Investment Decision (FID).
Under the terms of the agreement, Stabilis will supply Liquefied Natural Gas (LNG) to support Carnival’s cruise operations at the Port of Galveston, with deliveries expected to commence in the fourth quarter of 2027, subject to financing, construction, and other customary conditions precedent.
Jones Act-Compliant LNG Bunkering at Scale
LNG deliveries are planned to be executed from Stabilis’ flagship Galveston liquefaction facility using the Company’s proposed Jones Act-compliant LNG bunkering vessel, reinforcing the project’s alignment with U.S. maritime regulations while enabling scalable, ship-to-ship LNG supply for cruise vessels operating from the port.
The Galveston facility is designed to serve as a strategic LNG hub for the U.S. Gulf Coast, supporting marine fuel demand from cruise, offshore, and industrial customers as LNG continues to gain traction as a transition fuel in maritime shipping.
Commercial Momentum Builds Ahead of FID
The Carnival agreement marks the second anchor offtake contract announced by Stabilis for the Galveston project, providing long-term volume visibility and strengthening the project’s investment case.
“With long-term customer commitments now in place for approximately 55% of the facility’s planned capacity, we continue to see strong commercial momentum,” said Casey Crenshaw, Executive Chairman and Interim President & Chief Executive Officer of Stabilis Solutions. “Our multi-year LNG bunkering agreement with Carnival Corporation marks another meaningful milestone as we advance toward construction of our proposed Galveston LNG facility.”
Stabilis confirmed that it is actively working with advisors and financing partners and is targeting a Final Investment Decision in the first quarter of 2026. The company has already completed FEL-3 engineering and secured long-lead equipment, keeping the project aligned with its planned construction timeline.
Deepening Partnership with Carnival
For Carnival, the agreement formalises and extends an existing operational relationship with Stabilis, which has supported LNG fueling for the cruise group’s vessels in Galveston over the past two years.
“Stabilis has been a trusted partner for the past two years, supporting our successful fueling for LNG cruise ship operations in Galveston,” said Michael McNamara, Vice President, Global Fuel Supply at Carnival Corporation. “We are excited to expand our partnership with Stabilis, reinforcing our shared commitment to delivering safe and reliable LNG supply to our fleet.”
Carnival has been among the most active cruise operators globally in adopting LNG-powered vessels, making secure, long-term LNG supply at key homeports a strategic priority.
Strategic Implications for U.S. LNG Bunkering
The Stabilis–Carnival agreement highlights the accelerating role of long-term offtake contracts in de-risking LNG bunkering infrastructure investments, particularly in the U.S. market where Jones Act compliance, port readiness, and customer scale are decisive factors.
With more than half of its planned capacity now contracted, the Galveston LNG project is emerging as one of the most commercially advanced LNG bunkering developments on the U.S. Gulf Coast — positioning Stabilis to play a central role in the next phase of LNG adoption across North American maritime trade.
As the industry watches for FID in early 2026, the Carnival agreement sends a clear signal: LNG bunkering in the U.S. is moving from pilot-scale operations toward long-term, infrastructure-backed execution.
About Carnival Cruise Line
Carnival Cruise Line, a part of Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) is the world’s largest cruise operator, as of 2025, Carnival leads the industry with 11 LNG-powered ships, that has carried over 100 million guests globally, with plans to expand to 18 vessels by 2033. Carnival operates from 13 U.S. and 2 Australian homeports, employing more than 50,000 team members across 120 nationalities. Known as America’s Cruise Line, Carnival has continually expanded the cruise market over the past 50 years and is a pioneer in adopting LNG-powered vessels, supporting the transition to cleaner maritime fuels.
About Stabilis Solutions
Stabilis Solutions, Inc. (Nasdaq: SLNG) is a leading provider of clean energy production, storage, and delivery solutions across multiple end markets. The company develops and operates liquefied natural gas (LNG) infrastructure, including liquefaction, storage, and bunkering solutions, with a focus on safety, reliability, and scalability. Stabilis is advancing its flagship Galveston LNG facility to serve the growing demand for LNG as a marine and industrial fuel in the U.S. Gulf Coast.
Source: Stabilis Solutions