Delfin Midstream January 2021 - North American LNG Export Using FLNG Delfin Midstream

Corporate Presentation

Delfin Midstream January 2021 - North American LNG export using FLNG Delfin Midstream – In Brief

DMI offers the most competitive North American LNG ▪ Lowest cost LNG ▪ Maximum commercial flexibility ▪ Smallest FID threshold

▪ Fully permitted with 13 MTPA Non-FTA export license (4 FLNG Vessels) ▪ Newbuild FLNG FEED completed with Samsung Heavy Industries and Black&Veatch ▪ Total costs of abt. 550 $/tpa for 3.5 MTPA nameplate capacity (incl. all costs up to COD) ▪ FID threshold of 2.0 – 2.5 MTPA per FLNG Vessel with full commercial flexibility for each vessel ▪ Partner in Haisla led Cedar LNG Project in Canada for 3 MTPA ▪ Most competitive offering of North American LNG ▪ Expansion projects under development and opportunities for downstream expansion (shipping, FSRU, power) ▪ Experienced management with track record to deliver FLNG, FSRUs, LNGCs ▪ Strong investor group committed to bring the first FLNGV to FID 2 Contents

▪ Delfin Midstream & Project Portfolio

▪ Business Model & Expansion opportunities

▪ Delfin LNG Project

▪ FLNG Technology & Operations

3 Capitalizing on Two Major Industry Revolutions

Floating LNG Revolution Shale Revolution

The Combination:

>35 FSRUs have opened up 7 FLNGs in operation or under new markets and many new construction (supplying ~5% import countries, importing 10- of global LNG) 15% of global LNG supply

The LNG market is stuck with traditional models that do not address the world’s demand for low cost, flexible LNG to become a preferred fuel-of-choice over coal and liquids

▪ The Traditional Model is pursuing “Economies-of-Scale” with major projects of 10+ MTPA requiring many long-term offtake contracts to underpin the financing

▪ The world markets need low-cost, flexible LNG supply and has limited capacity to underpin major conventional projects

▪ The Solution: Standardized Floating LNG allows the costs to be 20-40% cheaper with FID thresholds of just 2.0 - 2.5 MTPA

4 Executive Management

Oscar Spieler – Executive Chairman

▪ Previous CEO at Golar LNG, Frontline and Sea Production and Chairman of Quantafuel ▪ Board experience from multiple companies within the shipping, drilling and finance sectors, including Offshore Merchant Partners, Energy Drilling Ltd, Jasper Investments, Archer, Avenir LNG, North Atlantic Drilling and Sealift ▪ M.Sc. in Naval Architecture and Engineering from the Norwegian University of Science and Technology

Dudley Poston, CEO

▪ EVP at Golar LNG from 2010-2018, focusing on the commercial development of Floating Storage and Regasification Units, Floating Liquefaction, and small-scale LNG ▪ Prior to joining Golar, 16 years of experience in the U.S. natural gas industry as a financial and physical trader for Koch Industries, The Williams Companies, and Citigroup ▪ B.A. in Government from the University of Texas, M.A. in Economics from The State University of New York, and M.S. in Finance from Texas A&M University

Wouter Pastoor, COO

▪ Head of Commercial and Director of FLNG Development at Golar from 2014 to 2018, focusing on the Hilli, Fortuna and Tortue projects and leading new FLNG design & business developments ▪ Prior to joining Golar, 13 years of experience in the LNG industry, primarily focused on technical and commercial development of Floating LNG projects ▪ Ph.D. and M.Sc. in Naval Architecture and Ship Hydromechanics from the Delft University of Technology in the Netherlands

5 Delfin Midstream & Project Portfolio

In Brief - Delfin Midstream Inc. US Gulf Coast Projects

▪ Leading developer of LNG export projects in North America using FLNG Delfin LNG Avocet LNG ▪ Private company with strong and committed shareholders and industry leading Station 44 Grand partners Chenier ▪ Experienced management with track record for FLNG, FSRUs and LNGC’s Station ▪ Dedicated to commercialize the Delfin LNG project and expanding with new projects in North America UTOS Grand Pipeline Chenier Portfolio of projects (42”, 26nm) Pipeline Delfin LNG (30”, 37nm) ▪ Owner of the Delfin LNG Deep Water Port LNG export project ▪ Owner of the 42” UTOS offshore pipeline WC 167 WC 171 ▪ Long-term lease of 42” HIOS pipeline ▪ Successful completed all permitting work with MARAD & USCG ▪ Non-FTA export licensed from DOE for 13 MTPA HIOS ▪ Newbuild FLNG – FEED Completed with Samsung & Black & Veatch Pipeline FLNGV5 ▪ Commercialization underway (42”, 18nm)

FLNGV6 Avocet LNG Project ▪ Owner of the 30” Grand Chenier offshore pipelines FLNGV1 ▪ Preliminary development work commenced FLNGV3

Cedar LNG Project – Haisla Nation led project FLNGV2 ▪ Partner in the Cedar LNG project, responsible to deliver electric-drive FLNG FLNGV4 ▪ Pipeline capacity secured on CGL pipeline (LNGC) by Haisla Nation ▪ Engineering, permitting and offtake negotiations underway

Additional North American LNG export projects ▪ Scoping work for other locations and exploratory partnership discussions

6 Cedar LNG – Summary

▪ Cedar LNG will be a floating LNG export facility in Kitimat, British Columbia

▪ Cedar aims to be the first majority Indigenous-owned LNG export facility in Canada, with its majority stake owned by the Haisla Nation

▪ Cedar LNG is developed in partnership with Pacific Traverse Energy (PTE), a Vancouver based energy infrastructure development company and Delfin Midstream

▪ Delfin leads the development of the FLNG solution

▪ The Haisla Nation has an option for capacity on the Coastal Gas Link (“CGL”) Pipeline, a 670 km pipeline originating in the Montney gas fields of British Columbia and currently under construction by TC Energy to supply LNG Canada (Shell led consortium)

▪ The Cedar FLNG facility is designed for min. 3 MTPA nameplate capacity

▪ The Cedar LNG Project will be designed to be consistent with Haisla values, including minimizing effects to the environment. The liquefaction process will be electric-driven and will use air cooling technology

▪ Cedar LNG has already been granted a natural gas export licence by the National Energy Board (now Canadian Energy Regulator)

7 Contents

▪ Delfin Midstream & Project Portfolio

▪ Business Model & Expansion opportunities

▪ Delfin LNG Project

▪ FLNG Technology & Operations

8 Key Differentiators – Lower Costs & Faster FIDs

950 900 850 800 750 700 650

600 Delfin Newbuild 550

Total Costs Costs basis) ($/tpa) (nameplate Total 500 Delfin 450 Conversion 0 3 6 9 12 15 18 21 24 27 30 LNG Nameplate Capacity (MTPA)

FLNG FID with 2.0 - 2.5 MTPA of Offtake compared to 10+ MTPA for land-based projects

Lower Unit Costs Lower Project Viability Thresholds Faster FIDs

Note: Delfin’s total costs are around $500-550/tpa and include all costs up to start of commercial operations (incl. FLNG Vessel, disconnectable mooring system, pipeline connections, owner’s 9 costs, transit, installation, commissioning, contingencies), excl. finance costs, on a nameplate capacity basis Benefits of Being Lower Cost & Smaller Scale

950 Benefits of Cost Differences 900 ▪ Delfin can offer a discount on a toll of 0.20 to 0.40 800 $/tpa 850 $/mmbtu (depending on term, credit and other details) 800 ▪ Delfin can offer discounted rates for shorter terms of 15, 750 12 or even 10 years 700 ▪ Delfin can offer enhanced flexible pricing. For example, a flexible tolling structure with a floor of 1.70 $/mmbtu and a 650 ceiling of 2.40 $/mmbtu, fluctuating based on a an agreed 550 $/tpa 600 Delfin Newbuild index (Brent, HH, JKM, etc.) 550

▪ Intrinsic value of a floating asset enhances the viability for Costs basis)($/tpa) (nameplate Total 500 Delfin shorter term contracts 450 Conversion ▪ Successful marketing of the Delfin vessels will enable 0 3 6 9 12 15 18 21 24 27 30 Delfin to provide solid returns to its shareholders while LNG Nameplate Capacity (MTPA) maintaining lowest competitive rates for its customers

3.5 MTPA 12+ MTPA

How to Achieve Material Cost Savings? Benefits of FID Threshold Differences 1. Utilizing existing pipelines (i.e. Delfin LNG is partially “brownfield”) ▪ Each FLNG will have full commercial flexibility (toll / SPA / integrated, etc.) 2. No need for new onshore pipelines ▪ With firm, creditworthy offtake of 2.0 to 2.5 MTPA, which secures debt financing, Delfin can take FID. Large projects need to secure many offtake 3. Low cost Asian labor deals before FID is in sight providing uncertainty to the foundation Buyers. 4. Standardization of generic liquefier FLNG technology ▪ Delfin can offer equity participation to a buyer in the FLNGV (at Project Level) 5. Manufacturing-like construction process in shipyard ▪ Delfin can offer slot flexibility to customers that wish to maintain optionality on 6. Construction at existing yard which eliminates investments on sites their FID timing, i.e. a firm offtake agreement with optionality on FLNG slots and utilities to enable plant fabrication ▪ FID of a dedicated slot in a downstream value chain can be linked to the downstream FID (e.g. a large power plant can decide the FLNG FID) 7. LNG offloading is done in a side-by-side configuration, which eliminates the need for long cryogenic pipelines and marine ▪ Allocating 250 mmscfd from upstream reserves to an integrated project is a infrastructure (i.e. the LNGC berth is an integral part of the FLNG) feasible option for many upstream producers and would already take 50% of an FLNGV capacity, enabling more easily an upstream integrated project

10 Commercial Structuring – Maximum Flexibility

Financing of US Export Projects ▪ Financing is a key commercial constraint for each project Illustration of Delfin’s commercial optionality ▪ US projects have been financed on the back of HH+ offtake commitments with credit worthy offtakers. Upstream hydrocarbon reserves Delfin is Uniquely Different ▪ FID in smaller increments at lower unit costs ▪ Built in an Asian shipyard to support vendor and Export Credit Agency financing ▪ Flexible asset, which can be re-deployed (facilitate shorter contracts, asset intrinsic value) ▪ Each FLNG Vessel can make FID independently, with it’s own Upstream Integration financing and commercial model JV of upstream reserves with UTOS a dedicated FLNGV slot Avocet selling LNG on SPA basis A) Traditional Toll or HH Indexed FOB (10-20 years) Toll can be flexible and be partially indexed to LNG prices, Brent, or Toll / LNG SPA FOB other indices or a mix (e.g. fixed, flexible, HH, Brent, HIOS TTF, JKM, mixed, . . .)

B) Integrated Upstream-Liquefaction Joint Venture LNG bunkering FOB FLNGV-1 FLNGV-2 Reserves+FLNG vessel are in a JV that produces gas, transports gas LNGC Bunker to the FLNG vessel and sells FOB LNG (on an index basis) FLNGV-3 FLNGV-4 C) Strategic Partnerships (e.g. Traders/Producers) Delfin and Partner Joint Venture with (certain) balance sheet support from Partner supporting debt financing LNGC LNGC D) Integrated LNG-to-Power project Delfin contributes a dedicated FLNG slot to an integrated value chain LNG DES SPA development, creating full value chain alignment (e.g. fixed, flexible, HH, Brent, TTF, JKM, Downstream Integration JV of liquefaction and mixed, . . .) FSRU Gas-to-Power downstream market E) LNG FOB to bunker / small-scale buyers Gas distribution Bunkering and small-scale volumes sold on small parcel basis LNG break-bulk

11 A Differentiated Business Model

Opportunity for Co-ownership, Participation and Local Contents

REGAS

F S R U LNGC F L N G

LNG Offtake, Shipping & FLNG Ownership FLNG Upstream supply & Floating LNG Import Arbitrage and O&M Construction Transportation

▪ Refurbishment and conversion of ▪ LNG Offtake (DES / FOB / ▪ Co-ownership in ▪ Local fabrication and ▪ Option to produce/procure LNGC into FSRU Tolling) FLNG Vessel construction of parts North American shale gas as ▪ Fabrication of mooring components ▪ Shipping ▪ O&M development of the FLNG scope as feed gas supply for ▪ Co-ownership and operations ▪ Commercial /logistics and participation subcontractor to main liquefaction onboard the optimisation EPC contractor FLNGV (=integrated project)

Participation Options Throughout the Value Chain For LNG Buyers, Strategic Investors or other Key Stakeholders (Yards, Financiers) in an LNG Value Chain Development

12 Leveraging Technology Value from Delfin LNG

The Delfin FLNG Technology is a generic Liquefier for use across North America

Delfin Liquefier FLNG Receives pipeline quality feedgas

“Variations-on-a-theme”

West Canada FLNG Avocet FLNG Mexico FLNG SouthTexas FLNG

Generic Liquefiers with minor adjustments to suit location specific requirements

13 Core Projects & Expansion Opportunities

Eastern Canada – 4-8 MTPA ▪ Existing Offshore Oil Production ▪ Stranded Gas can be piped to shore ▪ Cost Competitive with USGC Into NW Europe ▪ Requires Gas Pipeline Cedar LNG ▪ Development support work ▪ Front-end work executed ▪ LNG marketing activities

Avocet LNG+ – 14 MTPA ▪ Avocet 100% owned by DMI ▪ Permitting scoping work ongoing ▪ Opportunity to acquire adjacent Mexico LNG pipeline (additional 6 MTPA) ▪ Evaluation for expansion / integration ▪ Opportunities for several FLNG with Delfin LNG project ongoing Vessels utilizing existing pipeline capacities sourcing back to the US ▪ Opportunity to leverage existing facilities and licences to enable a short development timeline with limited regulatory risks Delfin LNG – 13 MTPA (Anchor Project) ▪ Fully permitted as Deepwater Port with South Texas – 7+ MTPA MARAD/USCG and 13 MTPA DoE Export Licence ▪ Pipeline screening ongoing ▪ Completed conversion and Newbuild ▪ Evaluation of gas supply options FLNG FEEDs ▪ Pricing and commercial evaluations ▪ Executing Newbuild LSTK EPCIC ▪ Preparing scoping work for permitting contract work

Delfin Midstream has identified over 40 MTPA of liquefaction opportunities that have access to operating or post-FID pipelines. All locations can use Delfin’s FLNG technology

14 Dual Expansion – Capacity and Value Chain

Gas Regas & Pipeline & Upstream Aggregation Liquefaction Shipping Distribution Terminal Power Plant & Transport

Integrated Project: LNG-to-Power

Integrated Projects Upstream & FLNG Integrated Project: Small-scale distribution Anchor Project (13 MTPA) Integrated Project: LNG Bunkering

Cedar LNG (3 MTPA)

Avocet LNG+ (14 MTPA)

Mexico LNG (3.5 MTPA)

South Texas LNG (7+ MTPA)

▪ Capacity expansion opportunity of 30+ MTPA by leveraging its 13 MTPA anchor project ▪ FLNG Vessel slots allow integration into the value chain Upstream and Downstream

15 Contents

▪ Delfin Midstream & Project Portfolio

▪ Business Model & Expansion opportunities

▪ Delfin LNG Project

▪ FLNG Technology & Operations

16 Abundant Gas Supply & Transportation

Delfin is able to make FID in 0.5 BCF/day increments allowing for FID(s) without building new pipeline

▪ Multiple options have been structured to secure pipeline capacity for at least the first two FLNG Lake Charles Vessels

▪ Pipeline capacities can be increased by adding compression and/or reversals

Port Arthur ▪ Detailed discussions with several pipeline companies to access volumes from multiple basins – Haynesville, Marcellus, Barnett and Permian

▪ Given the smaller capacity needed per FLNG Vessel FID there is ample opportunity to utilize UTOS existing underutilized pipelines Avocet

▪ Off-takers may prefer accessing their own gas so final discussions will take place once commercial discussions have progressed HIOS

Delfin Deepwater Port

17 Source: Company Information, EIA Permitting Success

Successfully Permitted the First FLNG Project in North America

Major Milestones Accomplished ▪ DOE approval to export gas to Free Trade Agreement (“FTA”) countries ▪ Pre-filing work for Maritime Administration (“MARAD”) and Federal Energy Regulatory Commission (“FERC”) permits ▪ Formal submission of MARAD and FERC permits ▪ Receipt of MARAD determination that application was “complete” ▪ Successful modification of application for change in technical design ▪ Receipt of Draft Environmental Impact Statement (“DEIS”) ▪ Receipt of Final Environmental Impact Statement (“FEIS”) ▪ Receipt of Record of Decision (“ROD”) ▪ DOE approval to export gas to Non-Free Trade Agreement (“FTA”) countries ▪ FERC Order Received for Land-based infrastructure

Notable Reports / Ancillary Permits ▪ Application to Louisiana Department of Natural Resources ▪ Application to US Army Corps of Engineers ▪ Coastal Zone Management Consistency Certification for Louisiana ▪ Coastal Zone Management Consistency Certification for Texas ▪ US Environmental Protection Agency (“EPA”) Region 6 Permit ▪ Louisiana Department of Environmental Air Permit for onshore facilities ▪ Port Operations Manual ▪ Various modeling reports – air, noise, dispersion, spill consequence ▪ 12 resource reports for FERC Certificate of Public Convenience and Necessity

Permitting of Avocet and expansion projects in Gulf of Mexico will be short and cost-efficient by leveraging the Delfin permitting work

18 Delfin FLNG Vessel – FEED Completed Oct 2020

Accommodation & Electrical rooms Air coolers for liquefaction and process utility systems

Helideck (PS) Train 2 (PS) Air cooling of liquefaction, Train 1 (PS) pre-treatment systems and utility systems Inlet & pre-treatment

Aft machinery space

Self-propelled vessel 4x2 reinforced membrane with 3 azimuthing type LNG tanks thrusters Marine Loading Arms

Forward machinery & Feedgas riser Electrical rooms & umbilical

Disconnectable mooring

19 Delfin LNG – Unique Environmental Characteristics

▪ Re-purposing of existing offshore pipelines Partly Brownfield ▪ Re-purposing of existing onshore pipeline facilities & infrastructure ▪ FLNG Vessel may be a conversion of an existing LNG carrier (re-purposing of vintage LNGC)

▪ Construction of the entire FLNG facility at an existing shipyard - no preparation and investments in project specific sites and fabrication facilities at a Leverage Existing bespoke location ▪ No need for new onshore pipelines for the first FLNG Vessels as existing offshore pipelines tie into multiple onshore pipeline systems with ample Infrastructure capacity

Minimal ▪ No seawater use for cooling - Air cooling of liquefaction, process and utility services onboard ▪ Maximum efficiency of process and power generation systems to limit emissions (Optimized PRICO®, Inlet Air Chilling, waste-heat recovery, direct air Environmental cooling of mixed refrigerant, no venting and flaring in normal operations Impact ▪ Minimal intrusion in landscape and seabed, efficient decommissioning and abandonment at end-of-life

▪ Integrated berth for LNG carriers – no need for long cryogenic pipelines and dedicated marine berth infrastructure Compact Design ▪ Minimal use of structures, piping, goods and materials ▪ Minimal piping, flanging etc. to minimize methane leaks

▪ No impact on congested ports, inland waterways and ship channels and no risk to the public ▪ Efficient marine operations for visiting LNG carriers to save fuel, maximize uptime and eliminate risks to the public and environment Offshore ▪ Not visible from shore ▪ Promotion of LNG bunkering & LNG as a marine fuel

0.50 Delfin FLNG - GHG Efficiency 0.40 ▪ Efficient, optimized PRICO® liquefaction

0.30 ▪ Direct Air Cooling ▪ Inlet Air Chilling (IAC) for maximum production 0.20 and efficiency ▪ Waste-heat recovery for process heating and 0.10 main power generation

GHG Intensity (tCO2e / tLNG / (tCO2e Intensity GHG ▪ Supplemental power by efficient DF engines 0.00 Darwin Rasgas Qatar Gas Atlantic Gorgon Gladstone Nigeria Woodside Oman Pacific NW Sabine Snøhvit LNG Delfin ▪ No venting and flaring in normal operation LNG LNG LNG LNG LNG LNG LNG LNG LNG LNG Pass LNG Canada LNG LNG

Being offshore Delfin is uniquely positioned to develop carbon-neutral solutions using either electric-driven liquefaction

(renewable power) or integrating carbon-capture with CO2 injection in offshore reservoirs or liquid export using CO2 carriers

20 Source: Oxford Energy Studies (“Delfin LNG” added by Delfin, including an assumption of 1.2% CO2 in feedgas being removed and included in the GHG calculation) Contents

▪ Delfin Midstream & Project Portfolio

▪ Business Model & Expansion opportunities

▪ Delfin LNG Project

▪ FLNG Technology & Operations

21 FLNG History & Outlook

FLNG Growth

In operation Key Factors: ▪ Technical concepts First FIDs Hilli Episeyo ▪ Business Models Pioneering work ▪ Contract & Tango Execution Models PFLNG-1 ▪ Clients / partners / stakeholders Prelude PFLNG-2(1) Various proposal and studies but with limited potential

70’ies 80’ies 90’ies 2007 2016

▪ Production successfully kicked-off ▪ Developed as a reliable and robust production scheme ▪ Adopted and endorsed by key stakeholders (IOCs, NOCs, Independents, Buyers, Lenders, Insurers, etc.)

22 (1) PFLNG-2 is in commissioning phase on-site FLNG is an Established Industry Technology

Wellstream Producing FLNG Vessels Liquefier FLNG Vessels > $1000 /ton < $500 /ton

Petronas FLNG-1 Shell Prelude FLNG Petronas FLNG-2 ENI Coral FLNG Exmar FLNG barge Golar Hilli Episeyo, BPK / Golar Gimi Malaysia Australia Malaysia Mozambique YPF Argentina Cameroon Mauritania/Senegal (small-scale; costs > 500 $/t)

FLNG advantages offer great benefits for North American applications Successful execution of FLNG Hilli Episeyo From FID to COD in less than 4 years ▪ Liquefier FLNG Vessels offer significant lower costs and are proven in operation ✓ EPC schedule 41 months ▪ Large cost savings by re-purposing of existing offshore (obsolete) pipelines ✓ Total costs (into service) << 500 $/t (on nameplate basis) ▪ Bundling process facilities and marine terminal infrastructure ✓ 100% commercial availability since COD in ▪ Construction of the entire facility at existing Asian yard facilities in a controlled May 2018 environment, based on proven practices for construction, lowering costs and shortening the execution schedule ▪ Enhanced control and supervision of costs and schedule in execution ▪ Minimal use of land and shore facilities ▪ Favorable financing support / credit enhancement ▪ Repeatability and standardization for subsequent vessels ▪ Redeployable

Delfin FLNGs are “Liquefiers” providing all-in costs of 500-550 $/tpa(1)

(1) includes all costs up to start of commercial operations (including FLNG Vessel, disconnectable mooring system, pipeline connections, owner’s costs, transit, installation, 23 commissioning, contingencies), excluding finance costs, on a nameplate capacity basis “Liquefier” vs “Wellstream Producer”

Delfin Liquefier FLNG Lower CAPEX & OPEX – Standardization – High Receives pipeline quality feedgas availability - Redeployable

Wellstream Producer = LNG FPSO Project/Field specific – additional complex process systems - Produces a raw wellstream from a reservoir(s) reservoir/well operations – higher CAPEX & OPEX

Typical additional features ▪ Reservoir, well and subsea controls ▪ Multiple risers and umbilical system ▪ Flow assurance systems ▪ Inlet separation and treatment (water, sand, impurities, liquids, etc.) ▪ Condensate / LPG separation, handling, storage and offloading ▪ Additional utility and support systems

24 FLNG Vessel Designs

3 FLNGV Designs Provide Commercial & Geographic Flexibility LSTK EPCIC Common particulars for all three FLNG Vessel designs FLNG Newbuilding ▪ 2-train PRICO liquefaction technology with parallel drives per train Consortium ▪ Single train pre-treatment design (AGRU, Dehydration, Hg removal) ▪ Modularized topsides with air cooling for hull and topside systems ▪ Side-by-side offloading ▪ Offshore Classed and Flag with minimum 25 years design life

A. Newbuild FLNG Vessel (Delfin LNG) ▪ Completed FEED ▪ LSTK EPCIC Term Sheet negotiated ▪ Consortium of Samsung and Black & Veatch responsible under a single contract for ”EPC wrap”, with completion, schedule and performance guarantees satisfying project finance Offshore Installation, Ship-Shaped LNG Production and Storage Unit, POSMOOR, B. Conversion FLNG Vessel (Delfin LNG) BIS, HELIDK (optional) ▪ Conversion of a modern Moss LNG carrier ▪ Lengthening of vessel with insertion of new midship section ▪ FEED completed and EPC bids received ▪ Cooperation with Chinese (or Singaporean) shipyards and Black & Veatch

C. Electric-driven Newbuild FLNG Barge (Cedar LNG) ▪ Newbuild barge ▪ Electric driven (Hydro-power supply from shore) ▪ Pre-FEED completed ▪ Cooperation with Consortium of Samsung and Black & Veatch

25 FEED Completed in Q3 2020

1. Robust, safe and efficient

2. Accurate and detailed cost build-up

3. LSTK EPCIC Term Sheet enabling project finance

4. Leverage and enhance offshore proven PRICO® design

5. Minimize environmental impact and maximize fuel efficiency

6. Robust design and procedures to avoid severe hurricanes

7. Include LNG bunkering and small-scale offloading facilities

8. Leverage most experienced FLNG players using standardized solutions and shipbuilding practices in a collaboration of partnership and trust

Key Contractors Based on the generic 2-train FLNG design Delfin is developing location-specific applications for additional North American projects, e.g. A hydropower electric-driven FLNG concept is being engineered to produce “low carbon” LNG for the Cedar LNG project

26 Industry Leading FLNG Team

Bringing the most experienced FLNG players together for a low-cost FLNG

▪ DMI management has extensive experience in commercial and technical development of floating assets: o Executed commercial agreements and project management for multiple FSRUs o Executed commercial agreements and project engineering for Golar Hilli FLNGV o Negotiated first FLNGV EPCIC with Samsung

▪ Delfin has cooperated with SHI and B&V to leverage and combine 3 main aspects: o The efficient, simplified, low-cost and offshore-proven liquefaction technology from B&V o Low-cost, highly quality construction and manufacturing skills of SHI, o Standardization of generic liquefier design to enable a low-cost LSTK EPCIC structure

▪ Delfin Management has long standing relationships with Samsung (since 2006) and Black&Veatch (since 2014)

▪ World’s first Lump Sum Turn-Key EPCIC World’s first conversion FLNG executed and successful in for FLNG developed by FLEX LNG with operation (Golar’s Hilli) with Black&Veatch topside design Samsung Heavy Industries in 2008 and PRICO liquefaction technology ▪ Successful construction of newbuild FLNGs (Prelude, PFLNG-2, Coral FLNG)

27 PRICO® SMR – Proven FLNG Technology

Why PRICO SMR? ▪ Well proven on onshore and floating applications Proven for Offshore FLNG applications ▪ Simple in operation (starting, stopping, re-starting, turn-down) ▪ Well managed technical risks ▪ Proven offshore with low costs ▪ Applied over a broad range of capacities & gas compositions ▪ Proven offshore with very high availability ▪ Heavies removal integrated in the process ▪ Proven offshore with competitive execution schedule ▪ One train = one module concept ▪ Proven offshore with highly competitive efficiency ▪ A compact system allows a ideal layout optimized with hull sizing ▪ Proven offshore with short commissioning period ▪ Low topsides weight ▪ Proven offshore for small footprint applications ▪ Considers environmental impact with air cooling and eliminating emission issues ▪ Marinized technology ▪ Excellent track record for Performance Acceptance Tests demonstrating Guaranteed Production and reliable offshore production

Exmar FLNG barge Golar Hilli Episeyo, BPK / Golar Gimi YPF Argentina Cameroon Mauritania/Senegal (in operation) (in operation) (under construction)

28 Maximum Production Performance & Efficiency

▪ Nameplate production of 3.5 MTPA (365 days x 24 hrs, stored in tank)) Two identical liquefaction trains on the port side of the FLNG Vessel (1 train = 1 module) ▪ High availability and reliability by simplified design, selection of proven equipment and dedicated sparing design

▪ Selection of latest LM2500 gas turbine design (+G5 model) providing extra power, better efficiency and enhanced waste-heat recovery, further enhanced by Inlet Air Chilling

▪ Integrated Heavy Hydro Carbon removal and fuel use DELFIN FLNG

▪ Robust design capable to process a wide feedgas spectrum

World-class fuel efficiency and overall retainage performance, inherently Direct-driven liquefaction and waste-heat recovery providing a reduced GHG emission profile ▪ Offshore proven and efficient PRICO® Single-Mixed Refrigerant liquefaction technology Topside heat ▪ Lifecycle cost and efficiency optimized design consumers ▪ Mechanical drive of the refrigerant compressors by aero- derivative gas turbines ▪ Inlet air chilling of the gas turbines to maximise the power HRSG General vessel output Turbine G consumers ▪ Waste-heat recovery from the gas turbine exhausts is used to provide process heating and to produce power for IAC topsides and hull consumers ▪ Direct air cooling of mixed refrigerant increases production efficiency compared to a seawater-fresh-water Liquefaction Gas turbine cooling system system ▪ Efficient 4-stroke DF engines for supplemental power

29 Delfin Deepwater Port – Operations

▪ The Delfin Deepwater Port will operate as a Port under MARAD and U.S. Coast Guard authority, with Port operation manuals and procedures as any other coastal Deepwater Ports have proven operations for port decades with well defined regulatory governance ▪ Advantages of the Delfin Deepwater Port versus an onshore LNG terminal: o Delfin is 100% owner-operator controlling Port services, fees at-cost (no profits) o High berth availability (1 berth per 3.5 MTPA) and >100 small-scale berths p.a. for each FLNGV o No congestion from shipping traffic or “one-way-traffic” rules (40 nm offshore) o Less fog related navigational restrictions compared to onshore LNG plants o No restrictions related to traffic delays, shoals or obstructions following a hurricane ▪ Side-by-Side LNG carrier operations is a well-established practice with several thousands performed between LNGC/FSRU and LNGC/FLNG as well as for small- scale and bunkering applications ▪ LNG carriers will be assisted by tugs to berth alongside with Mooring Masters assisting the LNGC captains ▪ The location is a benign location, with predominantly low and short waves concurrent Standard procedures for navigation and with wind directions, offering favorable SBS conditions cargo operations at FLNG terminals ▪ Visiting LNG carriers tender Notice-Of- ▪ The FLNGV is single-point moored using a disconnectable system and with Readiness redundant heading-control thrusters ▪ Mooring Master/Pilot will board LNGC ▪ Tugs will connect aft and forward ▪ The FLNGV can disconnect from the mooring and sail away on its own propulsion to ▪ LNGC approaches FLNG on SB side ▪ Mooring lines are transferred avoid any severe hurricane passing the site ▪ LNGC berthing and moored ▪ Connection of Loading Arms ▪ Cargo transfer ▪ Disconnect loading arms ▪ Disconnect mooring and depart

Disconnectable mooring (Note: vessel bow is generic illustration)

30 Floating Units Outperform During Hurricanes

Leveraging best-practice from FPSO industry ▪ Disconnectable FPSOs have been operational for decades in typhoon Example Case : Hurricane Laura (Aug 2020) and cyclone areas (South China Sea, Australia, GoM) ▪ Laura passed over central GoM causing two FPSOs to ▪ Experience have shown that disconnectable FPSOs are “the last to stop disconnect and sail away production and the first to start-up again” ▪ Laura continued and severely hit Cameron Parish ▪ The Delfin FLNG is designed with a disconnectable mooring system causing full stop at Sabine Pass and Cameron LNG and will operate similarly as disconnectable oil FPSOs ▪ A disconnectable FLNG provides less downtime than onshore plants ▪ FPSOs returned quickly to their site in order to and secondly brings the asset in safety to minimize risk of severe commence production weather damage ▪ Sabine Pass lost 2 weeks’ production time, whereas Cameron LNG has been off-line for many weeks Outline Procedure 1. Upon the risk of a severe hurricane passing the site the FLNG will stop production, de-pressurize and de-inventorize the process systems 45 2. The FLNG will disconnect and sail away using its own propulsion 40 3. The FLNG will typically sail “left-out” from a hurricane (=wind from aft) 35 and seek calmer waters to ride out the storm 30 4. As soon as the hurricane has passed the site, the FLNG sails back, picks up the mooring chains, gas riser and umbilical and can start-up 25 5. The onshore facilities for the Delfin project are pipeline systems and 20 compressor station that are self-supporting and can therefore restart 15 feedgas supply even if power supply in the area is down Lost Production (days) Production Lost 10 6. Vessel traffic or channel restrictions in the aftermath of a hurricane will not affect LNG carriers visiting the offshore Delfin Deepwater Port 5 7. Upon the unlikely event of a full hit by a severe hurricane the FLNG is 0 offline for typically 5-8 days FPSO-1 FPSO-2 Sabine Pass Cameron LNG

31 Delfin Deepwater Port – Small Scale LNG Hub

▪ Delfin is the owner and operator of the Delfin Deepwater Port (DWP) and therefore in full control of the operations, allowing for supplemental small scale distribution of LNG from the FLNG Vessels

▪ The Delfin DWP will consist of 4 FLNG Vessels with a total of 13 MTPA export capacity

▪ Each vessel is fully equipped with a berth and offloading facilities (~3.5 MTPA / berth)

▪ The mooring, offloading, cargo and process systems are designed or can be amended to suit small-scale LNG carriers, with dedicated berth facilities for small-scale compatibility

▪ Given the high berth availability, benign metocean conditions and heading control capabilities each FLNGV can provide an efficient LNG supply hub for small scale vessels

▪ A total of 200,000 – 400,000 MTPA of small-scale supply can well be incorporated in the production planning and ADP per FLNG Vessel

LNG distribution for LNG bunkering and other small-scale consumptions

LNG export to nearby markets Mexico using small-scale LNG carriers (3,000-30,000 cbm)

NOTE: For coastal redistribution or US bunker services Jones’ Act compliant vessels are expected to load from the FLNGV

32 Clear Path to the First FID and Beyond

Success Factors Progress achieved

▪ Fully permitted facility including Non-FTA export permit for up 13 MTPA Permits & Licenses ▪ Newbuild FLNGV designed in full compliance with existing permitting

▪ Newbuild FLNG FEED completed in Q3 2020 with Samsung and Black & Veatch FEED & EPC ▪ LSTK EPCIC term sheet developed with Samsung and Black & Veatch ▪ Conversion FLNG FEED completed for Chinese/Singapore shipyard cooperation

▪ Ample capacity in US Gulf Coast to access liquid points in Louisiana region Pipeline Access ▪ No need to build large scale pipelines for at least the first and second FLNGV ▪ Precedent agreements and commercial terms negotiated for gas transport capacity to St.44

▪ Cooperation with Financial Advisors to structure and secure ECA support Debt Financing ▪ Exploring vendor/yard financing schemes

▪ Total all-in CAPEX around 550 $/tpa on the basis of a full LSTK EPCIC wrap Equity Financing ▪ Significant interest in project level equity from Mezzanine and Preferred Equity providers

▪ Detailed offtake discussions with multiple buyers (IOC, portfolio, Traders, Utilities) Offtake ▪ Increasing Asian interest from 2nd tier consumers in the power and small-scale LNG business ▪ Strong interest for the commercial flexibility from Delfin being “smaller at lower cost”

▪ Partnering in the Cedar LNG project, led by the Haisla Nation in Kitimat, BC Expansion ▪ Avocet development planning in progress ▪ Downstream expansion with small-scale, bunkering and gas-to-power opportunities

33 Corporate Presentation

For further information: January 2021 [email protected]