For Immediate Release. Press Release February 24th 2026

Financial concerns at New Fortress Energy not submitting Shannon LNG accounts in Ireland for over 2 years, while 3 dodgy court cases to delay paying out €22 million revealed.

- New Fortress Energy involved in three dodgy court cases to delay paying out over €7 million to the Irish Energy Regulator, over €13.5 million to former owner of Shannon LNG and over €1.5 million to Valhalla, LLC from Florida.

What has Shannon LNG got to hide in its refusal to file accounts in Ireland in over 2 years, in breach of company law there? For a company attempting to get planning permission for a nearly €1 billion LNG terminal and power station in the Shannon Estuary to not even keep its accounts submitted before any final development consent is obtained does not inspire confidence.

And what is worse, we learn from the last accounts submitted by Its parent undertaking, NFE Shannon Holdings Limited, for year-end December 2022 in Ireland, that it was supposed to pay €1.5 million in cash or shares to a Florida investor (Arthur Logan Cahoon, manager of Valhalla, LLC) by January 2020 and €13.5 million in cash or shares to the former CEO of Shannon LNG (Paddy Power and his son John Power, acting for Sambolo Resources Limited) by June 2022. Both those agreements have ended up in courts in the US and Ireland after it turned out that New Fortress Energy refused to pay over the money when the dates passed.

Three court cases involving New Fortress Energy refusing to pay out €22 million over Shannon LNG

On October 31st, 2024 VALHALLA, LLC filed a Commercial lawsuit against NEW FORTRESS ENERGY HOLDINGS LLC for €1.5 million unpaid. This case was filed in New York Supreme Courts, New York County Supreme Court located in New York.(reference 655781/2024). 

On October 13th 2024, and then again on November 8th, 2024, Sambolo Resources filed a High Court action against NFE Shannon Holidings and NFE Atlantic Holdings in Dublin for €13.5 million unpaid. It had been reported in 2019 that Paddy Power and his son John Power were set for a €23.7 million payout for allowing New Fortress Energy to buy the Shannon LNG company ($16.7 million by 2020 and a further $9.9 million once the gas started flowing), but that all seems like a distant prospect now!

On October 10th, 2025 Shannon LNG filed a High Court case in Dublin against the Commission for the Regulation of Utilities and Eirgrid Plc, over €7 million unpaid by Shannon LNG of the required total €10 million financial surety for the 352MW of auction capacity it was awarded in 2023 for its proposed power station. The Shannon power station planning permission is also being challenged in the High Court by Friends of the Irish Environment with a hearing due to be heard on March 19th, 2026. While NFE accepts in its most recent SEC filings that there are "multiple risks, including regulatory risks, which could preclude the development of this project", it selectively omits the fact that the development consent for the power station is not yet final, due to the legal challenge.

These 3 court cases involving a total of €22 million upaid by Shannon LNG will be seen by analysists as an attempt by the company to hedge its bets running up the outstanding planning decision on its proposed floating LNG terminal in County Kerry, which is looking in serious doubt.  It seems to us as if Shannon LNG is preparing to do a runner, leaving bills behind it, left, right and centre if it does not get planning permission and decides to skip town!

Other controversial payments

Shannon LNG's €2.4 million to local planning authority Kerry County Council before planning documents submitted!

Shannon LNG already controversially paid €2.4 million to Kerry County Council after its planning permission for an onshore LNG terminal expired in 2018 and before it lodged a new planning application for a floating LNG teminal and 600 MW power station in Tarbert in 2021. On May 17th,2023 the Irish Ombudsman's office ruled that a complaint about millions of euros paid by Shannon LNG to Kerry County Council before it lodged its latest planning application for an LNG terminal in Tarbert, County Kerry was "outside the remit of the Ombudsman and would be a matter for An Garda Siochána [the Police] on the basis that corruption itself is a crime".

Shannon LNG's €33.8 million to buy the land for the proposed LNG terminal and power station!

While it was originally thought that Shannon LNG had paid €25 million to Shannon Group (formerly Shannon Development) for the site for its proposed LNG terminal in Tarbert County Kerry, the NFE Shannon Holdings Financial Accounts to year end Dec 2022, state "In 2021, the Company received a capital contribution of €31,335,000 from its parent undertaking which was used to acquire land".It's balance sheet puts the land at the non-depreciated value of €33,797,015.

Shannon LNG owner New Fortress Energy's offer of what was described in the Dáil as a bribe of €1 million to Irish NGO to drop challenge

New Fortress Energy allegedly unsuccessfully offered what was described in the Dáil as a bribe of €1 million to an environmental NGO as a settlement to prevent the illegal An Bord Pleanála decision giving an extension of planning to Shannon LNG being overturned in the High Court. But the NGO (Friends of the Irish Environment), it was claimed, apparently refused the money as a legal settlement and went on to win its case against Shannon LNG.

The accounts have a total figure for Equity Agreements of €18.2 million outstanding at the end of 2022, so we wonder, given their pattern of behaviour, who else has been let down by Shannon LNG that we don't know about!

ENDS

Contact:

John McElligott - Tel.: 087-2804474 - Email: [email protected]

www.SafetyBeforeLNG.ie

Notes:

1. Accounts submitted to the Irish Companies Registration Office:

- Shannon LNG Limited Financial Accounts Year Ended December 2022: Download here.

- Shannon LNG Limited B1C Year Ended December 2022: Download here.

- NFE Shannon Holdings Limited Financial Accounts Year Ended December 2022: Download here.

- NFE Shannon Holdings Limited B1C Year Ended December 2022: Download here.

- Sambolo Resources Limited Financial Accounts Year Ended December 2024: Download here.

- Sambolo Resources Limited B1C Year Ended December 2024: Download here.

- Shannon LNG Energy Limited Financial Accounts Year Ended December 2023: Download here.

- Shannon LNG Energy Limited B1C Year Ended December 2023: Download here.

2. Equity Agreement between New Fortress Energy Holdings,LLC and Valhalla,LLC for €1.5 million

In its accounts for year-end December 2022, NFE Shannon Holdings states "The Company is an indirect wholly owned subsidiary of New Fotress Energy Inc. ("NFE"). NFE entered into an Equity Agreement with Valhalla LLC, a Florida limited company, whereby NFE agrees to issue to Valhalla LLC a number of shares in the Company having a value equal to EUR1,500,000 based on the public offering price of shares of NFE paid by the publice in the initial public offering of NFE". The agreement was signed by Arthur Logan Cahoon, manager of Valhalla, LLC, Florida.

However, On October 31st, 2024 VALHALLA, LLC filed a Commercial and Trade Commercial and Trade - Contract lawsuit against NEW FORTRESS ENERGY HOLDINGS LLC. This case was filed in New York Supreme Courts, New York County Supreme Court located in New York.(reference 655781/2024). All the documents can be seen here:Document List

3. Further possible wayleave payments due to landowners by Shannon LNG

Shannon LNG accounts for year-end December 2022 state that "the Company has entered into pipeline wayleave agreements with land owners over the past number of years. Dependent on the decision to proceed with the project, the Company may become liable for further payments in the future".