Excelerate Energy Signs 11-Year LNG Deal With AxDo to Anchor Bahamas Import Hub

Excelerate Energy has signed an 11-year LNG supply agreement with AxDo, a newly formed joint venture that will serve as the anchor customer for a planned offshore import hub near Grand Bahama, the US-based LNG infrastructure company disclosed alongside its third-quarter 2026 results on November 4. The deal covers deliveries of up to 16 trillion British thermal units (TBtu) a year, with room for Excelerate to sell additional volumes to AxDo and other buyers in the region.

Who AxDo is

AxDo was set up in October 2026 as a joint venture between Axpo, the Swiss-based international energy trading and marketing group, and Domicisle LNG, a Bahamas-based energy and maritime logistics company. According to Excelerate, AxDo was formed specifically to run small-scale LNG and bunkering operations in the Bahamas and the wider Caribbean, giving it both a trading arm and local logistics knowledge going into the long-term supply contract.

A two-phase build-out around an existing Caribbean platform

Excelerate plans to supply the contract in two stages. In the first phase, deliveries are due to start in the first quarter of 2027 using infrastructure the company already operates in Jamaica — a floating storage and regasification unit (FSRU), together with the LNG supply and logistics chain Excelerate built up after buying New Fortress Energy’s Jamaican business in a $1.055 billion cash deal. That existing platform gives Excelerate a running start on serving AxDo without waiting for new infrastructure to be built.

The second phase is the more structural piece: a floating storage unit (FSU) stationed near Grand Bahama, targeted for the second half of 2028, which would become the dedicated offshore storage and distribution terminal for the hub. Excelerate said that timeline is subject to final permitting, construction schedules and other contractual conditions, leaving some room for slippage on a deal this size.

Part of a broader shift away from diesel power

The Bahamas, like much of the English-speaking Caribbean, has historically generated power from diesel and fuel oil, both more expensive and more carbon-intensive than LNG-fired generation. Excelerate’s existing Jamaica operation was itself built on that same logic — replacing liquid-fuel power generation with imported LNG delivered through a floating terminal rather than a costly fixed onshore plant. The AxDo deal effectively extends that playbook to the Bahamas.

Excelerate is not the only company chasing that opportunity. Separately, ECOnnect Energy has agreed with New Providence Gas Ltd to deliver a different floating import terminal, an IQuay C-Class unit, to the Bahamas. The two efforts are not connected, but together they signal that import-scale LNG infrastructure for small Caribbean grids is moving from a one-off benchmark — as it has in other FSRU-based import projects elsewhere — into a genuine multi-player market.

Context: a strong quarter for Excelerate

The AxDo contract was announced alongside Excelerate’s third-quarter 2026 earnings, in which the company reported net income of $60.0 million and adjusted EBITDA of $133.5 million, a sequential improvement it attributed mainly to a new charter in Jordan and stronger LNG, gas and power direct margins. Independent coverage of the same results generally described the quarter as ahead of analyst expectations, underscoring that Excelerate is pursuing the Bahamas expansion from a position of improving underlying profitability rather than as a reach for growth. Readers less familiar with how floating import terminals work can find the basics in our explainer on how LNG works.

Sources

• Excelerate Energy, Inc., Form 8-K / Q3 2026 earnings release, filed with the SEC, November 4, 2026 — for the AxDo deal terms, volumes and phasing.
• RTTNews, Excelerate Energy Q3 2026 earnings coverage, November 2026 — for independent confirmation of the quarterly results and deal announcement.

Illustrative image. Photo: Gordon Leggett, CC BY-SA 4.0, via Wikimedia Commons — source