Texas-headquartered Excelerate Energy has unveiled plans to expand its fleet of floating regasification units with a newbuild in South Korea.
The New York-listed firm has penned a letter of intent with Hyundai Heavy Industries for a 170,000 cu m floating storage and regasification vessel (FSRU) expected to enter the market in 2026.
The company’s president and chief executive, Steven Kobos, told investors that Excelerate has been looking to grow its 10-strong FSRU fleet since spring, including newbuilds and conversions.
“While most owners of FSRUs seem to be in a mood to sell and capture short-term uplift, we assuredly intend to grow this fleet,” said Kobos.
He revealed that an option for a second vessel will also be explored as the talks advance to firm up the shipbuilding contract, adding that the new unit will in all likelihood displace one of Excelerate’s existing vessels with a customer.
