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CEO Karl Fredrik Staubo detailed that debottlenecking the Gimi involves technical fine-tuning of equipment like air inlet chillers and turbo expanders, as well as optimizing the interaction with the FPSO to improve gas composition and temperature. Regarding economies of scale, he stated that while CapEx per ton is not significantly lower for a Mark III due to the cost savings of using a conversion vessel for the Mark I, there are substantial operating cost efficiencies due to similar manning requirements for a much larger output.

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CEO Karl Staubo stated that while Golar signed a development agreement with NMPC, it is unlikely a Nigerian project will be sanctioned by the end of 2024, though it remains a contender for a contract in 2025. For Argentina, he explained that a second FLNG would require a new, dedicated pipeline from the Vaca Muerta shale formation, as the Hilli will utilize the spare capacity in the existing network. He estimated a construction time of about two years for such a pipeline, which would need to be developed in tandem with the FLNG project.

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CFO R. Craig Bealmear confirmed that if Oklo participates in early power sales from gas generation, it could potentially lead to earlier revenue recognition. Co-Founder, CEO & Director Jacob Dewitte elaborated that Oklo's fast spectrum reactors can handle the isotopic impurities in down-blended uranium and are well-suited for plutonium-based fuels, providing a key strategic advantage while HALEU supply chains mature.

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CEO Jacob Dewitte clarified that the first plant's fuel is secured from the Department of Energy, while the Centrus MOU is for subsequent plants, with delivery timing dependent on customer offtake agreements. For future COLAs, he anticipates submitting additional applications in parallel with the first one and expects to have more under review within a year, with significant acceleration benefits for applications that follow.

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Co-Founder and CEO Jacob Dewitte clarified that the first plant's fuel is already secured from the Department of Energy, and the Centrus MOU is for subsequent plants. He stated that the timing for commercial fuel procurement is being structured to align with customer offtake agreements. For subsequent COLAs, Dewitte anticipates having additional applications under review within a year, with significant acceleration benefits expected for those filed after the initial ones.

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President & CEO John Hopkins responded that Doosan has the capacity to manufacture up to 20 modules per year. He highlighted that Doosan's advanced production is a significant marketing advantage, noting a recent, successful visit with a customer and a state government official to observe the manufacturing process firsthand.

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CEO John Hopkins stated that a 2030 delivery is achievable if an order is signed soon, otherwise it could shift to 2031, crediting their proactive work on long-lead items. CFO Ramsey Hamady added that a signed contract would trigger immediate cash flow, with about 25% of module costs received in the first year. Hamady also explained the RoPower extension involves funding the next step of the FEED phase to support a final investment decision (FID) in late 2025 or early 2026.

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President & CEO Svein Moxnes Harfjeld responded that there is increased interest from customers in securing VLCC capacity, which he views as a bullish signal. On fleet renewal, he clarified that the primary focus is on creating shareholder value and maximizing earnings per share, not strictly maintaining fleet size. The recent sale of two vessels and acquisition of another was a strategic, value-driven decision.

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SVP & Chief Commercial Officer Derek Solon explained that increased VLCC employment from OPEC+ production would reduce VLCC cannibalization of Suezmax and Aframax routes, benefiting smaller crude segments. President, CEO & Director Lois Zabrocky added that the company has modernized its MR fleet and is taking delivery of new LR1s, balancing its product carrier segment.

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CEO Lois Zabrocky noted a slight lag in the market's reaction to OPEC+ news but anticipates increased liftings in the next quarter. CFO Jeffrey Pribor addressed leverage, stating the company is comfortable with its current sub-15% net loan-to-value, as this low level provides optionality for future growth investments.

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CEO Lois Zabrocky suggested that while some charterers might show flexibility on vessel age 'on the margin' in a strong market, it would not be a wholesale change. Head of Ops William Nugent stated he is not aware of any pressure from charterers to resume Red Sea transits, as the market is awaiting sustained stability in the region.

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CEO Lois Zabrocky identified tightened sanctions on the 'dark fleet' as a potential catalyst for recycling, forcing aged vessels out of sanctioned trades. CFO Jeffrey Pribor confirmed there is a purchase option on a sale-leaseback vessel in late 2025 and others in 2026, which the company will evaluate on a case-by-case basis.

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KR Sridhar, Founder, Chairman & CEO, clarified that the new ITC is a flat 30%, which is less than the 40-50% available under prior safe-harbored rules. Despite the lower subsidy, he expressed confidence in maintaining margins due to the company's ongoing cost reductions and the high price of grid electricity, which keeps their solution highly attractive.

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K.R. Sridhar (Founder, Chairman, and CEO) explained that gas infrastructure needs are location-specific and typically align with the customer's own construction timeline. For long-term contracts like Conagra's, he noted that the system's life is extended by replacing the fuel cell 'hot box' (which currently lasts about 5 years) multiple times, ensuring customers receive technology upgrades over the contract's term.

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CEO KR Sridhar clarified that Asian growth could occur through both channels: Bloom's direct sales efforts and deals brought by their partner SK. On capacity, he emphasized that Bloom is committed to not being a bottleneck for customers needing 'time to power' and has a clear strategy to ensure production capacity meets demand without specifying triggers for the Fremont expansion.

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CEO KR Sridhar confirmed that Asian expansion could occur both through Bloom's direct sales and via deals from their partner, SK ecoplant. Regarding capacity, he emphasized that Bloom is committed to meeting customer demand for rapid power deployment and has a clear plan to scale, ensuring production will not be a limiting factor.

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CEO K.R. Sridhar explained that while revenue recognition varies, the goal is rapid installation. He detailed that site prep and interconnections are typically ready before servers ship. The new platform-mounted "skids" have significantly shortened the process, though he acknowledged that permitting times can vary widely.

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Executive Lars Barstad attributed the quiet Atlantic market to an 'ebb and flow' nature, including non-public fixtures, U.S. refinery runs, and Canadian exports, while noting strong flows from Brazil and Guyana. Executive Inger Klemp clarified that Q1 operating costs represent a normal 'going rate,' as the prior quarter benefited from $4.9 million in one-time rebates.

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Executive Lars Barstad stated that Frontline is currently not pursuing alternative capital deployment strategies and is holding off on newbuild orders. He cited high newbuild prices ($125M for a VLCC) and the need to see consistently higher market rates ($50k-$55k/day) to justify the investment, preferring to return capital to shareholders via dividends. Regarding Chinese shipyards, Barstad noted it was too early to determine the impact of potential sanctions, stating the company is in a 'sit and watch mode' until there is more clarity.

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Executive Lars Barstad attributed softer asset values to reduced appetite from the sanctioned trade and shrinking margins in that market, reinforcing Frontline's strategy of selling older vessels. He expressed confidence in modern asset values. Regarding trade switching, he clarified that the decision is purely economic; tankers move between clean and dirty trades based on which market offers better returns at a given time, and the interconnectivity depends on the relative strength of both markets.

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CEO David W. Grzebinski confirmed that the contract renewal cadence is unchanged, with Q4 being the largest quarter, accounting for approximately 40% of renewals. President and COO Christian O'Neil explained that a large portion of the clean barge fleet is homogeneous and can flexibly switch between services after cleaning, while more specialized assets like black oil and pressurized barges are less interchangeable.

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CEO David W. Grzebinski explained that while barge lifespans are historically driven by customer vetting rules and economics, the average retirement age for a recent batch was 42 years, suggesting some flexibility. He also detailed the multifaceted growth in power generation, including stationary diesel, mobile backup power, and the rapidly growing natural gas generation segment, which serves various industrial needs.

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Paul Middleton, executive, confirmed additional ITC opportunities exist, including at the Louisiana plant and on other PPA assets, totaling potentially $45M-$50M. He explained that for the rest of the Georgia plant, the company opted to take the Production Tax Credit (PTC) after a cash-benefit analysis determined it was the more favorable choice.

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Chairman and CEO Wesley Edens responded that conversions can happen very quickly, as soon as regasification units are installed, noting several plants are already gas-ready. For the long-term contract, he revealed that the government has expressed interest in running an RFP for a new, longer-duration contract of 10-15 years or more to enhance energy security, with an update expected in the not-too-distant future.

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CEO John Wobensmith clarified that one-year time charter rates for Capesize vessels have indeed seen downward pressure, similar to other segments, due to low spot rates. Regarding the new projects, Wobensmith provided an "educated guess," expecting a slow start with symbolic shipments by late 2025, a real ramp-up beginning in the second half of 2026, and full run-rate production by early 2028. He also noted additional growth from Vale and West African bauxite.

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Executive John Wobensmith stated that Genco will 'stick to our knitting,' focusing on its established Capesize and Ultramax commercial platforms and would not pursue one-off deals in other vessel classes. CFO Peter Allen explained that a new vessel, like the Genco Intrepid, begins generating revenue very promptly, typically within a few days of delivery after crew familiarization.

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CEO Ole Hjertaker explained that SFL has shifted its strategy away from purely financial sale-leasebacks towards long-term time charters with an operational platform, which they find more valuable for major clients. Regarding the Hercules rig, he confirmed it is moving to the North Sea and that SFL is actively exploring opportunities in both the North Sea and West Africa for the near term, noting a positive market outlook from the rig's operator, Odfjell.

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CEO Jillian Evanko stated there is technically no upper limit to their hydrogen liquefaction technology, mentioning they are working with a partner on a potential 300 tonne per day project. She expects the Specialty segment to maintain a strong growth and margin trajectory, with mature markets like mining providing stability while hydrogen, water, and carbon capture are expected to accelerate later in the decade.

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CEO Jillian Evanko quantified the combined Chart content for three known but unbooked Big LNG projects at approximately $1.5 billion. For CCS, she confirmed that project scales are getting larger across a broader range of end markets. These 'pragmatic, practical' projects drove record CCS orders for a second consecutive quarter, indicating growing traction.

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CEO Kenneth Nicholson detailed the two fully funded Jefferson contracts: an $8 million/year crude oil deal starting April 1 and a $12 million/year, 15-year ammonia contract starting July 1. Regarding Long Ridge, he clarified the power plant upgrade to 505 MW is a simple software change that can be done in a day post-regulatory approval, requiring no new hardware or operational involvement from GE.

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