Stena Buys Majority Stake in Norwegian Jetty-Less LNG Solutions Provider
- Business & Finance
Swedish shipping company Stena AB group has acquired a 75% stake in 7 Seas LNG & Power AS, a Norway-based specialist provider of ‘jetty-less’ LNG solutions.
Under its new operating name of Stena Power & LNG Solutions AS, the Grimstad-based company will offer to the market its jetty-less LNG to power solutions, built on flexible commercial structures, including complete technical management. The company joins Stena’s Northern Marine Group (NMG).
7 Seas LNG & Power AS has since 2015 developed jetty-less LNG to power solutions including the autonomous transfer system (ATS), the self-installing regas platform (SRP) and the self-installing power plant (SPP).
The solutions are suited for the emerging LNG to power market where there may be limited or no existing infrastructure in place. The technology enables industry players to import LNG and provide power to new markets without the need for any fixed infrastructure (no jetty – no breakwater). The floating solutions are described as “ideal for flexible financing and lease offerings.”
The entire facilities may also be relocated if the demand or other local conditions should change over time. The jetty-less technology is covered under a US Patent granted by the United States Patent Authorities in 2018.
“During our discussions with key interested clients over the last years, it had become clear that the jetty-less solutions would be even more attractive to our customers if the solutions could be offered on a turn-key or lease structure,” Svein B. Hellesmark, founder of 7 Seas LNG & Power AS, and Chief Technology Officer (CTO) of Stena Power & LNG Solutions AS, said.
“We firmly believe that our technology – combined with the new flexible commercial structure – will add value to our key clients.”
“This investment supplements our innovative small-scale LNG designs developed by our subsidiary Tritec Marine. Our overall offering to the LNG space, whether through new building support, ship management, concept designs and now Jetty-Less solutions, places us in a unique position,” Philip Fullerton, Managing Director, Northern Marine Group, said.
“The Jetty-Less LNG to power technology offers significant CAPEX savings, and with a low LNG price, a competitive value chain could be an enabler for new projects. Secondly, a Jetty-Less solution also offers a reduced environmental footprint in comparison to fixed infrastructure. In addition, the technology is proven, quick to deploy, modular and scalable, so it works for mid/small scale LNG as well,” Göran Hermansson, General Manager Stena LNG and board member, added.