Excelerate Energy orders eight FSRUs from DSME

8 August 2012 (Last Updated August 8th, 2012 18:30)

Excelerate Energy has signed an agreement with South Korea's Daewoo Shipbuilding and Marine Engineering (DSME) to build up to eight floating storage and regasification units (FSRUs).

Excelerate Energy has signed an agreement with South Korea’s Daewoo Shipbuilding and Marine Engineering (DSME) to build up to eight floating storage and regasification units (FSRUs).

Each vessel will be 173,400m3, with their capacity expected to increase or decrease depending on the future requirements of the LNG import market.

"As we see our existing assets being committed to projects and the worldwide market continuing to grow, we believe this is the right time to partner with DSME in order to continue to provide LNG import solutions in a timely and efficient manner.”

The vessels will have a length of 294m, a width of 46m and will be capable of a baseload send-out capacity of 800 MMcf/d, with peaking capacity in excess of 950 MMcf/d.

Delivery is scheduled for between 2015 and 2017.

Excelerate currently operates nine FSRU units at various regasification terminals around the world; the new FSRU vessels will be based on Excelerate’s ninth FSRU ordered at DSME in 2011.

The ninth vessel is expected to launch in 2014 and will be charted on a 15-year contract to the Petrobras VT3 project, which will supply natural gas to south-east Brazil.

Excelerate Energy senior vice president of development Edward Scott said: "As we see our existing assets being committed to projects and the worldwide market continuing to grow, we believe this is the right time to partner with DSME in order to continue to provide LNG import solutions in a timely and efficient manner."

The company has developed and commissioned six LNG import facilities across the world, with a seventh scheduled to be commissioned off the Israeli coast in November 2012, while an eighth terminal is currently in advanced stages of development in Puerto Rico.