Seatrium, a shipping group based in Singapore, has recently signed an EPCIC (Engineering, Procurement, Construction, Installation, and Commissioning) contract with Excelerate Energy, a New York-based regasification vessel specialist, to convert an LNG tanker into a Floating Storage and Regasification Unit (FSRU). The contract includes an option for the conversion of another unit as well.
Project Details and Storage Capacity
This project is the first FSRU conversion for Excelerate by Seatrium. The financial details of the contract have not been disclosed, but according to available information, Seatrium's scope of work includes the installation and integration of regasification equipment, LNG transfer systems, loading and unloading systems, electrical and automation facilities, and marine modifications. The converted unit will have a storage capacity of 170,000 cubic meters of LNG and will also retain tri-fuel diesel-electric power generation systems and liquid recovery equipment.
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Tanker Selection and Risk Management
Excelerate has purchased an LNG tanker named Methane Patricia Camila for approximately $79 million as the candidate for conversion. The company has stated that the existing power and liquid recovery systems of this tanker simplify the project and reduce execution risks. This project is part of Excelerate's larger efforts to expand its floating LNG infrastructure and respond to the growing demand for flexible regasification and receiving capacities.
This contract follows a separate agreement with Karpowership for the conversion of LNGT Akdeniz and marks Seatrium's ninth FSRU project for this client. These developments seem to indicate a growing demand for floating LNG infrastructure and a transformation in the energy industry.
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