Excelerate Energy Signs Letter of Intent with DSME for Seven Newbuild FSRUs

By Vessels

Excelerate Energy (Excelerate) announced today that it has executed a Letter of Intent (LOI) with Daewoo Shipbuilding and Marine Engineering (DSME) for the delivery of up to seven floating storage and regasification units (FSRUs). The LOI gives Excelerate the ability to order one FSRU in the second quarter 2017. As the world's largest operator of regasification vessels and developer of LNG import solutions, the agreement affords Excelerate the ability to respond to increasing market demand for natural gas as its existing fleet of nine FSRUs become committed to long-term projects.

DSME CEO Sung Leep Jung and Excelerate CEO Rob Bryngelson signing agreement for seven FSRUs.

The initial specifications are for 173,400 m3 LNG FSRUs with a baseload send-out capacity of 1.0 Bcf/d, but can be modified to suit specific project needs. These vessels will incorporate Excelerate's proven technologies and industry leading experience, and will represent the most capable and fuel efficient FSRUs in the industry. Excelerate partnered with DSME on its existing fleet of FSRUs, including the industry's first regasification vessel the Excelsior, which have proven to be to be versatile in diverse environments around the world.

"Excelerate Energy is very pleased to continue its longstanding relationship with DSME in building the industry's leading FSRUs. These vessels have been proven in long-term service as safe, efficient and reliable components of our comprehensive suite of LNG import solutions," stated Excelerate Chief Executive Officer Rob Bryngelson. "We believe this is the right time to move forward with DSME as we continue to provide LNG import solutions in a timely and efficient manner around the world."

DSME CEO Sung Leep Jung and Excelerate CEO Rob Bryngelson at the signing of the agreement for seven FSRUs.

Excelerate has developed and commissioned ten floating LNG import facilities worldwide, with two currently in advanced stages of development in Bangladesh and Puerto Rico. Looking ahead, Excelerate has a significant project development portfolio for floating regasification, which will be supported by these additional vessels in combination with the company's FSRU conversion strategy.

Source: Excelerate