Mutares SE & Co. KGaA (ISIN: DE000A2NB650) announced that its portfolio company Nord Gas Solutions (NGS) has achieved a record order backlog of EUR 880 million as of September 30, 2026, alongside an additional pipeline of potential projects valued at EUR 1.8 billion. The strong backlog, driven by new orders for liquefied gas carriers, ammonia fuel supply systems, floating LNG infrastructure, biogas liquefaction, and emissions recovery, reflects surging demand for NGS technologies. This growth is underpinned by three converging megatrends: rising global energy demand, heightened focus on energy security, and the continued push for decarbonization and energy efficiency. For investors and industry observers, the announcement signals robust demand across the gas value chain and positions NGS as a key player in the energy transition.
NGS, which was formed from the Wärtsilä Gas Solutions business and is headquartered in Asker, Norway, with around 500 employees and nine locations worldwide, has seen significant operational improvements since its acquisition by Mutares. 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. As of September 30, 2026, the company holds total assets of EUR 493 million, including a strong cash position of EUR 194 million, a reported net cash position of EUR 84 million, and no financial indebtedness. Management expects full-year 2026 revenues to exceed EUR 575 million with adjusted EBITDA of approximately EUR 50 million. For 2027, NGS is confident of achieving double-digit annual revenue growth and a double-digit adjusted EBITDA margin, with approximately 92% of planned 2027 revenue already covered by the fixed order backlog.
The company’s core marine business remains a substantial part of the order book, while midstream infrastructure is growing rapidly. Recent 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 corresponding systems for two liquefied gas carriers for Byzantine Maritime, each 40,000 m³, with delivery scheduled for April 2027. In midstream, NGS is supplying the regasification module for Excelerate Energy’s conversion of the LNG carrier “Methane Patricia Camila” into an FSRU, with delivery planned for the first half of 2028, and has received an additional order from Exmar for 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 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%. These projects highlight NGS’s broadening technology applications and its role in enabling lower-emission energy solutions.
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 evaluation underscores the successful turnaround of NGS under Mutares’ ownership and could provide an opportunity for public market investors to participate in the company’s future growth. Mutares SE & Co. KGaA (www.mutares.com) is a listed private equity holding company that acquires companies in transition with significant operational improvement potential. The original release is available on www.newmediawire.com.
