New Fortress Energy (NFE) is transferring 11 of its ships to a new joint venture formed with Apollo Global Management.

The companies said the new company — owned 80% by Apollo funds and 20% by NFE — is valued at approximately $2bn with a fleet of six floating storage and regasification units, two LNG carriers and three floating storage units.

“Together with Apollo, we are creating a leading LNG marine infrastructure platform to help accelerate the energy transition while freeing up capital to continue to invest into our Fast LNG and downstream LNG projects worldwide,” NFE chief executive Wes Edens said.