We still feel that that's a range that we're comfortable standing behind and working towards.

Understood. And then, you know, I know that you guys have probably had a lot of conversations regarding LNG supply from the Middle East. You know, maybe specifically from Qatar, you know, what kind of conversations are you having with them? You know, what kind of updates should we expect as we head into year end? And then maybe just separately, if we just think about kind of the express through the Strait of Hormuz and, you know, just broadly, you know, how that kind of fit into the dry dock before the charter in Colombia, just, I guess, broader kind of what you're seeing on the ground in the Middle East. Thanks.

Sure, I'll take that one, Eli. Obviously, we have a lot of focus in that region, as we do all over the globe. We've spent a lot of time on it. In terms of, I'll take, we've already spoken about our supply deal into Bangladesh and the impacts of that, which are within the guidance that we've provided today. So no new update there. What I would probably point out, though, that I don't think many people in the U.S. taking a 20,000-foot view realize, this whole conflict has underscored the need for the Iraqi terminal. Kuwait, Accelerate opened Kuwait up to LNG nearly 20 years ago, and all through this year, their cargoes into the Kuwait LNG terminal from 2025 are only down 15%. And there have been 39, 39 of the 40 cargoes that have been delivered have been from Qatar. So I think some people are surprised to know that interbasin deliveries of LNG are proceeding. And frankly, I think there's an intense interest for new terminals like Iraq who will logically be a great destination for further intrabasin deliveries. If we'd gotten the green light to build that two years ago, I'm comfortable it would have remained up and running all this year just as the Kuwaiti terminal has. So just a little inside baseball there. You shouldn't be thinking solely about targets going out. You should think also about what's the most intrabasin delivery possible. Express. Look, we've got some assets within the Gulf. We've got plenty of assets outside the Gulf. Express is the Plan A. We are planning for Plan A. But I think you will realize by now with our pivot with Jordan, with the Acadia, we always have a Plan B. Actually, we usually have a Plan B and C. So we're focused on Plan A. That's Express to Columbia. but don't worry we're going to execute Columbia and if we have to pivot to a plan B or C we will.

Great thanks guys.

Your next question comes from the line of Bobby Brooks with Northland Capital Markets. Your line is open please go ahead.

Hey thank you guys for taking my question and I wanted to follow up a little on Jeremy's question, it was sort of, it was touched, Oliver touched on it a bit, but could, just wanted to hear a bit more on how the express being redeployed in Columbia, like how might that look in playing a role for your broader plans for growth in the Caribbean?

Hey Bobby, yeah, let me try and give a little more color on that. So, as I said, obviously that's a, that is a PCP, in Colombia. But I think through that and through our discussions with our new partners there, Frontera, we believe there'll be opportunities to use that asset in conjunction with our broader assets in the Caribbean. We've talked about Jamaica being a tank farm from which we can reach other places in the Caribbean. I think you can kind of apply the same logic there. So obviously the location of the asset is close to one of the largest ports in Colombia and in the broader Caribbean. So again, a lot of traffic and a lot of opportunities to take from there. So those are all details that we're figuring out. I mean, we're fully focused on getting that terminal up and running, getting the asset there. That's the clear focus. But it's also a long-term charter, a long-term relationship. And as we've seen elsewhere in the past, we always want to try and, you know, we pick our customers and our projects wisely. We want to use those as a stepping stone, then go and try and leverage off that and do more.

Got it. Very helpful. and then I think I've got a good grasp on the benefits and cost differences between an FSRU conversion and a new build and how the end projects they'd serve would be different. But what I wanted to ask on is what might be the signals you'd want to see whether internal or external that would push you back to getting in the queue of a ship builder for a new build?

Bobby, Man, I'm always wanting to drive by the new car dealership and take a look at what's on the lot. And you're probably getting the point that the Acadia is a beast. I mean, just love that ship. Love everything about it. What I can tell you is we're always going to be looking now. You've heard us all geek out about the Patricia Camilla. That's going to be a fantastic shift. Love the timing. Love the whole package. But as we move forward into the 2030s, there will definitely continue to be a place for these best-in-class assets. So we're not on the verge of pulling a trigger anytime soon. If any of the shipyards are listening, they need to sweeten up things before we do that. But we very definitely, I expect that we will be back with a new build at some point.

Got it. Very helpful. Congrats on the strong quarter. Thank you for taking the question.

Your next question comes from the line of Michael Ciala with Stevens. Your line is open. Please go ahead.

Thank you. Good morning. I wanted to see if you could give us a sense of the EBITDA uplift you anticipate in 2028 from the conversion.

Hey, Mike. We've guided before that, you know, we generally use a CAPEX EBITDA multiple. And so, if you just take the CAPEX and, you know, supply that multiple, we generally say five to seven times, right? A rock is around five times. That's an integrated project. That would be an ideal situation to have something like that, but it could potentially be a TCP. So it's going to be most likely somewhere in that five to seven times range.

Okay.

Does that help?

Thanks, Dana. And yeah, it does. Appreciate it. And with all the growth materializing here, I wanted to see what your latest thoughts were on potentially securing more supply agreements?

We will. I mean, we very definitely will, Mike. But I can tell you there's strong interest in wanting to fill the positions we already have. We're being very deliberate about it, and we'll bring you color on that as soon as we can.

Yeah, I think what I would add on that, Mike, is also as we've talked about the overall commodity risk for us, it's about matching the supply to what our customers need. So there's lining up those conversations in parallel with what we see in the downstream projects. So they are parallel discussions, but they're certainly happening, and it's certainly on our radar as we As we talk to the conversion or other projects that we see as integrated, we will need to bring in more supply to support those efforts.

Sounds good. Thank you.

Your next question comes from the line of Chris Robertson with Deutsche Bank. Your line is open. Please go ahead.

Thank you, operator. Good morning, everybody. Thank you for taking my questions. Good morning, Chris. Steven, just maybe, hey, good morning, Steven. Maybe just a question here just on the Middle East instability. So I have to imagine both exporters, VLNG and importers right now care a lot about pricing and price volatility as well as security of supply and supply chain resiliency and all these types of factors. So, I mean, given the state of the world today, have your conversations with any potential customers changed at all in terms of how these potential integrated opportunities will look. Will they include maybe more robust storage capacity designs or any changes to the design in any way so that people can have greater inventories or anything like that? So I just wanted to get a sense of how topics were trending.

It's fascinating, Chris. I was on the USS Nimitz in Kingston a couple of months ago when she was making one of her last port calls in her 50-year career. And it was a nice port call because the entire Jamaican government was on board. And I was quite simply bragging and reminding them that their nat gas prices had been stable over the course of 2026 because they had reliable long-term Henry Hub Index Pricing from Accelerate. And wasn't that a good thing to have that degree of financial security? It is. I do think the lesson from this is just be careful about how you source, how you contract, and we can provide whatever product a customer wants to give them the physical and the economic security. And again, that's why Thank you for joining us. I don't think. I know that people are more receptive and more interested in the integrated product that we want to offer them because we do want to offer it on that boring infra type profile and we are seeing more interest in that.

Thank you for that, Stephen. A bit of a left field type question here, but the company has always been very much part of the LNG value chain here. Are there any other some American petroleum gases that are stripped out of the NatGas stream that are interesting from a potential infrastructure perspective that you guys could maybe move into at a smaller scale at some point or is the plan just to stick in that LNG value chain?

For now, Chris, there's just such an enormous TAM in the downstream portion of the LNG value chain that I think we're better off focusing on that. I mean, obviously we'll be building last mile delivery systems that once you have that, I suppose you could ultimately be trucking or delivering other types of product. But for now, we're laser focused on LNG downstream, infra, regas. You know, I've said before publicly, like we're entering the era of regas and LNG and that is our obsession.

Got it. That's clear. Thank you very much for the time.

Your next question comes from the line of Wade Suki with Capital One. Your line is open. Please go ahead. A reminder that if you are muted locally to unmute your device.

Good reminder. Thank you. Good morning, everyone. Appreciate y'all taking my questions. You'd think I'd know the routine by now, but clearly I don't. Just wondering if you could maybe, I always love to hear your views on the commercial environment out there. You kind of touched on a few items, but I'm just kind of curious. There's some pretty well-publicized pretty well publicized stories about another FSRU possible in Bangladesh. I think in Colombia, they've been talking about, I want to say five or so different possible import facilities. So I'm just kind of curious if maybe you could kind of speak to some of these other opportunities, ability to get bigger in some of your existing locations and any other hints on other regions, India, Vietnam, any color around those developments would be great. Thank you.

Hey, Wade, I'm going to hand that to Oliver. I will note that you've put 10 questions into your question, man.

Hey, good morning, Wade. So yeah, look, I think I'm not, you know, I don't want to sort of respond specifically to other projects for other companies. I don't think that's the right place for me to do that. But I think what I'd say is I mean, addressing our project in Colombia, obviously, we have a firm contract there. We have a timeline. We have a clear line of sight to that project. And we're very confident in our ability to deliver on that. So I think that's where our focus is. Again, I'd go back to some of the comments about picking our projects. We are quite deliberate about where, who, and how. and I think that translates into that. So looking more broadly, I mean, you'll have seen, we've talked today about the conversion candidate coming online in 28, or the conversion project now, so no longer just candidates. That's driven by our view that the supply of FSRUs on both sides, on the supply side of FSRUs We just don't see that there's many FSRUs coming online in that timeline. And we see on the demand side, we see robust demand from projects across that would fit for that asset. So now I think we're having multiple discussions for that asset. And it's a case of, OK, what's the right fit? And as Steven alluded to, obviously, there's a preference for finding the right integrated project that that could go into. I mean, I think for me, that's all to say that we continue to see robust demand for these. We've got extreme, extreme confidence in our operating capabilities and our track record. And I think you've seen that through the people who have chosen to work with us that they they value that. You know, we talk about overall energy security, but at the end of the day of these projects, deliverability is the critical point because you can you can go in different directions. But I think there's a value to having people who've got the experience and have delivered on these. So, yeah, we're extremely, extremely confident on that pipeline. And I think, you know, progressing on that conversion is a reflection of that.

I appreciate that, Oliver. I guess maybe just to dovetail on that question, maybe just kind of came to mind as you were talking. Is there an opportunity out here inorganically to pick up an FSRU or is that a little bit more challenging from a returns perspective? Are you better off doing conversions, new builds, whatnot?

Wade, you can give anyone Oliver's mobile phone number if you've got someone who wants to unload one. Feel free. I mean, we can deploy as many as we can lay our hands on.

Yeah, I'd add to that that I think it's, again, over the different transactions you've seen over the last couple of years. We've shown our sort of commercial, you know, commercial flexibility. We're nimble. It's about finding the right project that's ultimately accretive for us and the right fit for us. So if there is something like that, we'd happily look at it. I think, you know, we also see that the path that we have on the conversion makes a lot of sense. And as Steven alluded to too, you know, we can keep looking at new builds too. So we're not, you know, we're not sort of We have reached the end of the Q&A session. I will now turn the call back over to Steven Kobos for closing remarks.

Thank you all for joining us this morning. It should be clear I've never been more proud of this company, of our employees around the globe that are delivering all these milestones that we've been talking about, as well as this executive team around this table. Top to bottom, we are doing great things all around the world, and thank you for taking an interest in those efforts.

This concludes today's call. Thank you for attending. You may now disconnect.