Excelerate Energy has signed a five-year bareboat charter agreement with Maran Gas Maritime (MGM) for the floating storage regasification unit (FSRU) Hull 2477.

The agreement gives Excelerate the option to buy Hull 2477 during the charter.

The vessel is currently being built at Daewoo Shipbuilding and Marine Engineering (DSME) shipyard in South Korea. It is scheduled for delivery in April next year.

With a capacity of 173,400m3, the vessel can operate as a fully tradable LNG carrier and an FSRU.

Hull 2477 will be a part of the Excelerate’s current armada of nine DSME-built FSRUs. They will be used to serve the company’s regasification customers.

The vessel ship management will be provided by Excelerate subsidiary, Excelerate Technical Management.

Excelerate owner George B Kaiser said: “We are pleased for Excelerate to enter into this transaction with MGM, a leading provider in LNG world shipping.

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“MGM’s growing fleet is a testament to John Angelicoussis’ vision and commitment to the LNG industry.”

MGM owner John Angelicoussis said: “We believe this transaction leverages the strengths of both our companies.

“Excelerate are market leaders in the FSRU space and we are delighted to have this opportunity to collaborate thereby securing a productive future for this state-of-the-art FSRU.”

In 2016, DSME won a contract worth around $580m from Maran Gas Maritime and Maran Tankers Management to build two liquid natural gas carriers and two very large crude carriers respectively.