Texas-headquartered Excelerate Energy is pressing ahead with a newbuild floating regasification and storage unit (FSRU) in South Korea, following a letter of intent announced earlier this year.
The New York-listed firm has penned a shipbuilding deal with Hyundai Heavy Industries (HHI) for a 170,000 cu m FSRU to be delivered in June 2026.
No price has been revealed for the unit that will feature HHI’s proprietary LNG regasification system, dual fuel engines, selective catalytic reduction system, “best-in-class” boil-off gas management, and other technologies which will, according to Excelerate, will drive improved performance and efficiency while lowering emissions.
With this newbuild order, Excelerate will have 11 FSRUs in operation or under construction.
Commenting on the order, Steven Kobos, president and CEO of Excelerate, said: “Recent geopolitical events, including the energy crisis in Europe, have highlighted the essential role FSRUs play in providing energy security and serving as a complementary backstop to balance the intermittency of renewable energy. Upon delivery, this newbuild FSRU will enhance the capabilities of our existing fleet and support the execution of our integrated growth projects.”
