Excelerate Adds Tenth FSRU to Fleet

Excelerate Adds Tenth FSRU to Fleet
The Excelerate Sequoia, pictured above, can operate as an FSRU or as a fully tradable LNG carrier. PHOTO SOURCE: Excelerate Energy L.P.

Excelerate Energy L.P. reported Tuesday that it has taken delivery of the Excelerate Sequoia, its tenth floating storage regasification unit (FSRU), from Daewoo Shipbuilding and Marine Engineering (DSME) shipyard in South Korea.

Boasting a storage capacity of 173,400 cubic meters, the Excelerate Sequoia can operate as an FSRU as well as a fully tradable liquefied natural gas (LNG) carrier, Excelerate noted in a written statement emailed to Rigzone. The firm added that last September it signed a five-year bareboat charter agreement (BBC) with Maran Gas Maritime Inc. (MGM) for the FSRU. Also, the The Woodlands, Texas-based company noted that it will have the option to purchase the vessel during the BBC period.

“We are pleased to have the Excelerate Sequoia in our fleet to serve our portfolio of regasification customers,” remarked Steven Kobos, Excelerate’s president and managing director. “Since the delivery of the industry’s first FSRU in 2005, our technology has allowed us to quickly and reliably open new natural gas markets around the world. We have seen firsthand the difference our floating regasification terminals have made in communities who would have otherwise been locked out. We will continue to deliver affordable, clean energy to markets that need it.”

Excelerate stated the new FSRU completed its first gas-up and cool-down operations on June 21, 2020, at POSCO Energy’s Gwangyang LNG Terminal in Jeonnam, South Korea. The firm noted the POSCO facility, South Korea’s first private LNG terminal, has carried out gas-trial and gas-up/cool-down operations for more than 150 vessels in the past 15 years. It explained that gas-up is a mandatory procedure that an LNG carrier must perform to make it commercially ready to receive LNG cargoes.

DSME has built Excelerate’s nine other FSRUs, stated Excelerate, whose Excelerate Technical Management subsidiary will manage the vessel.

To contact the author, email mveazey@rigzone.com.


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