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Excelerate signs for up to seven Daewoo FSRUs

Excelerate signs for up to seven Daewoo FSRUs

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Excelerate Energy has provided a much needed vote of confidence to Korean shipbuilding major, Daewoo Shipbuildng & Marine Engineering (DSME), signing a letter of intent for one firm and six options of 173,400 cu m floating storage and regasification units (FSRUs) worth around $1.6bn.

The first firm order is likely in the next quarter. Excelerate said the LOI gives it the ability to respond to increasing market demand for natural gas as its existing fleet of nine FSRUs become committed to long-term projects.

“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 CEO 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.”

For DSME, which has been going through a state-backed workout over the past year, the order represents a significant chunk of its annual sales target. Lead creditor Korea Development Bank (KDB) anticipates DSME could rack up around $20bn worth of orders this year.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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