Excelerate Energy Completes FSRU Sale and Leaseback
Excelerate Energy announced it has completed the long-term sale and leaseback of the FSRU Experience with a wholly owned subsidiary of CMB Financial Leasing Co. Upon completion of the 10-year agreement, Excelerate will re-purchase the FSRU from CMB. The transaction demonstrates the market’s confidence in FSRUs as financeable and dependable assets and positions Excelerate well for future financings as part of its growth strategy. The agreement enables the swap of short-term debt for long-term debt at the ultimate shareholder level…
Flex LNG Steers Away From Floating Units as Challenges Emerge
Flex LNG, a liquefied natural gas shipping company and part of the nautical empire of Norwegian billionaire John Fredriksen, has dropped its interest in operating floating regasification units due to project failures and low returns. Floating Storage Regasification Units (FSRUs) have been lauded by analysts as transformative for the LNG industry by opening up emerging markets to supplies as the vessels are cheaper to build than the onshore infrastructure normally needed to receive the super-cooled gas that is transported by ship.
Excelerate to Develop Second FSRU for Port Qasim
Excelerate Energy will deliver its second floating storage and regasification unit (FSRU) to Pakistan following negotiations with a consortium comprising Engro, Fatima, and Shell. It is expected to be the country's 4th such floating terminal. The FSRU will be based at Port Qasim where Excelerate has had an FSRU, Exquisite, operating since March 2015 chartered to Engro-owned Elengy. Excelerate has a proven track record of successfully delivering fast-track floating regasification…
UAE Plans Floating LNG Import Terminal
State-owned Abu Dhabi National Oil Co. (ADNOC) plans to start a new liquefied natural gas floating import terminal (FSRU) in the second half of this year, three LNG industry sources said. The floating import terminal is being supplied by U.S. gas shipping company Excelerate Energy, the sources said. Both ADNOC and Excelerate Energy did not respond to requests for comment. One of the sources said the terminal's import capacity will be about 1 million tonnes per annum. The UAE already imports LNG via a floating terminal supplied by Excelerate Energy off the coast of Dubai.
Excelerate Energy Reduces Size of its LNG Trading Desk
U.S. gas shipping company Excelerate Energy has laid off six staff on its global liquefied natural gas (LNG) trading desk as part of a reorganisation, a spokeswoman at the company said on Friday. Texas-based Excelerate said the commercial trading and chartering team was being downsized, but the company would continue to be active in those areas. Founded by Oklahoma billionaire George Kaiser, Excelerate currently owns the world's largest fleet of floating LNG import terminals, with a total of nine floating storage and regasification units (FSRUs).
Dubai: New Drydocks Record
Drydocks World, the international service provider to the shipping, offshore, oil, gas and energy sectors, handled 37 projects simultaneously in the Dubai yard, exceeding the previous record of 35 vessels. “Since January 2015 Drydocks World has increased the rate of vessel completion, with 33 per cent more vessels leaving the yard in March,” the company press release said. Drydocks World’s 37 projects include dredgers, rigs, gas carriers, tankers and container ships, which are being repaired and refitted for clients such as Chevron Shipping…
Excelerate FSRU Hits Milestone
Excelerate Energy said t its newly upgraded floating storage and regasification unit (FSRU) Explorer recently completed its sendout performance tests and reached a sendout capacity of 1.0 Bcf/d – an unprecedented milestone for an FSRU. The FSRU is currently under long-term charter to Dubai Supply Authority (DUSUP) at the Jebel Ali LNG Import Terminal. "We approach each of our projects as partnerships and work closely with our customers, like DUSUP, to provide a tailored solution that will serve their specific needs for the long run.
Bangladesh Inks LNG Deal with Excelerate
Bangladesh on Thursday signed a deal with Texas-based Excelerate Energy to build its first floating terminal for importing liquefied natural gas (LNG) as it looks to ease chronic energy shortages. The floating storage and regasification unit (FSRU) terminal at Moheshkhali Island in the Bay of Bengal will be able to handle 5 million tonnes of LNG per year, Istiaq Ahmed, chairman of the state-run Bangladesh Oil, Gas and Mineral Corporation, said at a signing ceremony in Dhaka. Excelerate will develop the terminal by the first quarter of 2018 and operate it for 15 years, he said.
Petrobangla, Excelerate Energy Deal for LNG terminal
Petrobangla has signed an agreement with Excelerate Energy Singapore Pte Ltd to establish a floating storage and re-gasification unit (FSRU) at Maheshkhali to facilitate the supply of 500 mmcfd imported liquefied natural gas to the country. Syed Ashfakuzzaman, secretary of state-run Petrobangla, and Karlman Tham, business development manager for Asia region of Excelerate Energy, signed the deal at Petrobangla in Dhaka. Under the agreement, the EEBL, a subsidiary of US-based Excelerate Energy…
Golar Mulls Third FLNG deal
Golar LNG has signed a binding Heads of Terms with Ophir Energy Plc for the provision of the GoFLNG vessel Gimi. Golar has started discussions with partners Keppel and Black & Veatch aimed at exercising an option, under an existing framework agreement, for the ordering of a third GoFLNG unit similar to the Hilli and the Gimi. The vessel will replace the previously announced floating liquefaction storage and offloading (FLSO) that would have been supplied by Houston-based Excelerate Energy.
BMT, Endeavour Energy Win Africa’s LNG Import Terminal Contract
BMT Asia Pacific (BMT), a subsidiary of BMT Group Ltd, has been appointed Owners Engineer and lead design consultant by Endeavour Energy for the development of the LNG storage and regasification facility, a part of the Ghana 1000 Gas to Power Project and Africa’s first LNG import terminal. Endeavour is co-leading development with General Electric, Eranove and local partners Sage Petroleum with the aim of providing the Ghanian government with Sub Saharan Africa’s largest power park, providing more than 1000MW to the national grid once completed.
IFC, Excelerate Secure Finance for Bangladesh First LNG Terminal
IFC, a member of the World Bank Group, and Excelerate Energy Bangladesh Limited (Excelerate) are co-developing the Moheshkhali Floating LNG project – Bangladesh's first liquefied natural gas (LNG) import terminal. The project will be located offshore Moheshkhali island in the Bay of Bengal with a project cost of $179.5 million. IFC and Excelerate announced securing the debt financing for the project to help expand access to clean energy in Bangladesh. Bangladesh's first LNG import terminal will enable Petrobangla…
Svitzer Bags FSRU Support Contract in Bangladesh
Svitzer will provide marine support services for the Excelerate Energy FSRU at Bangladesh’s first liquefied natural gas (LNG) import terminal. Excelerate Energy Bangladesh Limited awarded Svitzer the 15-year contract following a competitive tender process. The contract also includes a five-year option. Bangladesh’s first LNG import terminal, located offshore Moheshkhali Island in the Bay of Bengal, will enable Petrobangla, the state owned energy company, to increase natural gas supply in the country by up to 20 percent, sufficient to support up to 3,000 MW of power generation capacity. The construction of the terminal will commence in the fourth quarter of 2017 and is anticipated to be in service by mid- 2018.
FSRUs Perform STS Transfer of LNG in Pakistan
Excelerate Energy L.P. completed the first ship-to-ship (STS) transfer of liquefied natural gas (LNG) at the Engro Elengy LNG Terminal located in Port Qasim, Pakistan on July 17, 2015. Excelerate's floating storage and regasification unit (FSRU) Exquisite received 130,000 cubic meters of LNG from the FSRU Excelerate using the double-banked LNG transfer system. This transfer also marks the company's 500th commercial STS operation using the double-banked cryogenic transfer system technology developed by Excelerate.
Excelerate Energy makes Pakistan's first STS LNG transfer
On July 17, 2015, Excelerate Energy L.P. completed the first Ship-to-Ship (STS) transfer of LNG at the Engro Elengy LNG Terminal located in Port Qasim, Pakistan. Excelerate’s floating storage and regasification unit (FSRU), EXQUISITE, received 130,000 cubic meters of LNG from the FSRU EXCELERATE using the double-banked LNG transfer system. This transfer also marks the company’s 500th commercial STS operation using the double-banked cryogenic transfer system technology developed by Excelerate.
FERC Approves Excelerate’s Offshore GasPort
On July 24, 2015, the U.S. Federal Energy Regulatory Commission (FERC) issued its order granting authorization to Excelerate Energy, in cooperation with the Puerto Rico Electric Power Authority (PREPA), to site, construct and operate the proposed Aguirre Offshore GasPort Project located offshore Puerto Rico. The order confirms the final Environmental Impact Statement (EIS) that resulted in a finding of no significant environmental impact. As part of the order, the project will comply with all the environmental conditions outlined by FERC.
Bangladesh LNG Terminal Edges Closer
Excelerate Energy L.P. (“Excelerate”), Petrobangla, and the Government of Bangladesh executed the Terminal Use Agreement (“TUA”) and the Implementation Agreement (“IA”) for the construction and operation of Bangladesh’s first LNG import terminal – Moheshkhali Floating LNG. Located offshore near Moheshkhali Island in the Bay of Bengal, the terminal will provide the crucial infrastructure required for the country to access natural gas from global markets. The signing of the agreements signals the commencement of the project and the approval to move forward to implementation.
Summit Signs Floating LNG Facility Contract
Summit LNG Terminal, a subsidiary of Summit Power International, signed a USD 100 Million turnkey contract with marine work contractor consortium comprising of Geocean SAS and MacGregor for design, engineering, procurement, fabrication, installation and testing of the Fixed Infrastructure (FI) for its Floating LNG Storage and Regasification Terminal (FSRT) at Moheskhali, Cox’s Bazar. The project completion date is 16 months from the time of signing. The Fixed Infrastructure will consist…
Excelerate Buys EXMAR’s Share in Four FSRUs
Excelerate Energy has acquired the full 50 percent shares held by EXMAR in four companies, Excelerate NV, Explorer NV, Express NV and Excelsior BVBA, each owners of the respective Floating Storage and Regasification Units (FSRU) registered under the same names, and all four of which are under a long-term time charter to Excelerate Energy. The sale of the first three companies has been completed, while the sale of EXMAR’s shares in the fourth company, Excelsior BVBA, remains subject to approval by JV partner Teekay LNG and company lenders. George B.
First Gas-Up Operation at Jebel Ali LNG Import Terminal
Excelerate Energy L.P., in collaboration with Dubai Supply Authority (DUSUP), has completed the first commercial gas-up operation at DUSUP's Jebel Ali LNG Import Terminal via Excelerate's floating storage and regasification unit (FSRU) Explorer on August 31, 2016. The FSRU gassed-up all five tanks of a 173,000 m3 LNG Carrier, in a 17-hour period. DUSUP's ability to utilize the FSRU for these operations will allow LNG vessels departing regional dry docks avoid having to travel significant distances to perform this required step in the LNG cargo cycle, making Dubai a full-service LNG hub.
Exmar Avoids Loss by Selling Vessels
Belgian shipowner Exmar reported a $28 million net profit for the year 2017, on IFRS, compared to $40.4 million in 2016. The Nicolas Savery-led shipowner said that despite the drop, the result has been positively impacted by the sales of vessels including FSRU’s Excelerate, Explorer and Express that have been sold to their charterer, Excelerate Energy. On the FSRU (Floating Storage and Regasification Units) market, several projects have suffered delays or cancelled. There has been one long-term contract awarded for an FSRU in 2017 worldwide and it was to EXMAR.
As Freight Rates Fall, LNG Shippers Brace Consolidation
Faltering LNG demand, growing tanker fleet drag on freight rates. Shippers who ply the seas to deliver liquefied natural gas (LNG) in massive tankers are likely to face a wave of consolidation and asset sales, with freight rates plunging as a growing fleet clashes with tepid demand. Companies that manage to weather the shakeout in one of the key sectors in the global shipping industry should be in a prime position, however, to benefit from a string of new LNG projects expected to start trickling online by the end of next year. "I see more mergers and acquisitions, more consolidation and a lot more joint ventures as things get tougher," said Andrew Bridson, business development manager at maritime consultancy BMT Asia Pacific. "That is not a bad thing.
NextDecade in FSRU Deal with Flex LNG
NextDecade Global Solutions, a subsidiary of NextDecade, LLC, and FLEX LNG have signed a Heads of Agreement (HOA) to create a full value chain solution for customers looking to purchase LNG from NextDecade’s Rio Grande LNG export project in Brownsville, TX. Initially, NextDecade and FLEX LNG will develop Floating Storage and Regasification Unit (FSRU) and dockside solutions for international customers of NextDecade’s, with the LNG supply also provided by NextDecade. The agreement will reunite two pioneers of the floating LNG business…