Nord Gas Solutions considers Nordic listing amid growing gas shipping orders
German investment company Mutares is exploring strategic options for its subsidiary Nord Gas Solutions (NGS), including a potential listing on a Nordic stock exchange, as the company’s activities in gas shipping and energy infrastructure continue to expand.
In an announcement issued on 14 October 2026, Mutares said the review follows the development of NGS, formerly Wärtsilä Gas Solutions, into a supplier of gas handling, fuel supply and regasification systems for maritime and energy applications.
The company reported a confirmed order backlog of approximately €880 million as of 30 September 2026. It also identified a potential project pipeline valued at €1.8 billion, although these opportunities do not represent secured orders.
Revenue growth and strategic options
Nord Gas Solutions generated approximately €459 million in revenue during the first nine months of 2026, compared with €283 million during the corresponding period of 2025.
Mutares expects the company to generate annual revenue exceeding €575 million in 2026, based on its current outlook. The forecast remains subject to business developments during the remainder of the year.
The parent company is considering several strategic alternatives for NGS, including a possible Nordic stock market listing. However, no final decision has been announced, and Mutares has not confirmed whether or when such a transaction might proceed.
Projects across LNG and LPG shipping
Nord Gas Solutions supplies equipment and technologies used in LNG and LPG transportation, including cargo handling systems, fuel supply solutions and regasification equipment.
Among the contracts highlighted by Mutares is an agreement awarded in August 2026 to supply cargo handling and LPG fuel supply systems for eight new 90,000-cubic-metre gas carriers associated with BW LPG.
The company also secured a contract in June 2026 for systems serving two 40,000-cubic-metre gas carriers linked to Byzantine Maritime.
Its project portfolio additionally includes a regasification unit for the conversion of the LNG carrier Methane Patricia Camila into a floating storage and regasification unit (FSRU) for Excelerate Energy.
Mutares also identified an order associated with Exmar and the expansion of the EemsEnergyTerminal in the Netherlands.
These projects were awarded before the latest announcement and form part of the company’s existing business activities rather than newly signed contracts on 14 October.
The strategic review comes as Mutares assesses options for its investment in NGS. Any potential listing would remain dependent on subsequent decisions, market conditions and applicable regulatory requirements.
