US-based liquefied natural gas (LNG) company Excelerate Energy has signed a binding shipbuilding contract with South Korean shipyard Hyundai Heavy Industries (HHI) for a new floating regasification and storage unit (FSRU).
The agreement was signed to finalise the deal revealed in August this year during Excelerate Energy’s presentation for the second quarter of 2022 results.
The new FSRU will be delivered in June 2026. It will have a storage capacity of 170,000 cubic metres and a maximum regasification capacity of one billion standard cubic feet per day (1,000 MMscf/d).
The unit will be equipped with HHI’s proprietary LNG regasification system, dual fuel engines, selective catalytic reduction system, boil-off gas management, and other technologies which will drive improved performance and efficiency while lowering emissions.
“This shipbuilding contract with HHI demonstrates our commitment to grow our FSRU fleet at a time when the world needs FSRUs and flexible LNG infrastructure the most”, said Steven Kobos , president and CEO of Excelerate.
“Recent geopolitical events, including the energy crisis in Europe, have highlighted the essential role FSRUs play in providing energy security and serving as a complementary backstop to balance the intermittency of renewable energy. Upon delivery, this newbuild FSRU will enhance the capabilities of our existing fleet and support the execution of our integrated growth projects.”
With this order, Excelerate will have eleven FSRUs in operation or under construction.
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