Nord Gas Solutions (NGS), a leading independent specialist in gas handling, fuel supply, regasification and liquefaction systems, has experienced surging demand for its technologies since being acquired by Mutares SE & Co. KGaA. The company, formed from the Wärtsilä Gas Solutions business and headquartered in Asker, Norway, with around 500 employees and nine locations worldwide, now holds a record fixed order backlog of EUR 880 million as of 30 September 2026, alongside an additional pipeline of potential projects amounting to EUR 1.8 billion.
The growth is underpinned by three converging megatrends: rising global energy demand, heightened focus on energy security, and the continued push for decarbonization and efficiency. These trends are driving investments in LNG and gas infrastructure, shipping, and regasification, creating demand for NGS technologies across the gas value chain. In the first nine months of 2026, NGS generated revenues of approximately EUR 459 million, up from EUR 283 million in the prior year, and adjusted EBITDA of EUR 43 million, compared to EUR 20 million previously. For the full year 2026, management expects revenues to exceed EUR 575 million and adjusted EBITDA of approximately EUR 50 million. For 2027, NGS is confident of achieving double-digit revenue growth and a double-digit adjusted EBITDA margin, with approximately 92% of planned 2027 revenue already covered by the fixed order backlog.
Key contract wins include an August 2026 award to supply cargo-handling and LPG fuel-supply systems for eight new liquefied gas carriers for BW LPG, each with a capacity of 90,000 m³, to be built at HD Hyundai. A June 2026 order covers systems for two liquefied gas carriers for Byzantine Maritime, each 40,000 m³, with delivery scheduled for April 2027. In midstream infrastructure, NGS is supplying the regasification module for Excelerate Energy’s conversion of the LNG carrier “Methane Patricia Camila” into a floating storage and regasification unit (FSRU), with delivery planned for the first half of 2028. An additional order from Exmar covers a regasification system for a conversion project related to the expansion of the EemsEnergyTerminal in the Netherlands. For the Texas GulfLink project in the United States, NGS is providing volatile organic compound (VOC) recovery systems for two offshore support vessels. In ammonia cracking, NGS and Höegh Evi have completed the first phase of performance testing of a pilot plant that converts ammonia into hydrogen, achieving a hydrogen purity of more than 99.5%.
Since the acquisition, Mutares has worked with NGS management to implement targeted measures to strengthen operational performance and strategic positioning, including developing initiatives across NGS’s three business areas and expanding aftermarket and service revenues. With an installed base of more than 1,600 systems worldwide, NGS sees substantial potential in high-margin services such as field services, maintenance, spare parts, retrofits, and digital services. As a listed private equity holding company, Mutares operates globally, with shares traded on the Frankfurt Stock Exchange under the symbol “MUX” (ISIN: DE000A2NB650). More information is available at www.mutares.com.
Mutares is evaluating potential strategic exit alternatives for NGS, including a potential public listing in the Nordics in the coming months. No final decision has been made, and there can be no assurance that or at what point in time any transaction will occur. Mutares has strong confidence in NGS’s prospects and, in the event of a potential public listing, expects to remain a significant shareholder, subject to customary lock-up arrangements. This development matters for the energy industry as it highlights the robust demand for gas infrastructure solutions amid global energy transitions and could signal further consolidation or investment in the sector. For the Long Beach area, while NGS operates primarily in Europe and Asia, its technologies support global LNG projects that may impact energy markets and related industries locally. The original release is available at www.newmediawire.com.
