New York-listed floating regasification specialist Excelerate Energy has lined up new financing to help fund the acquisition of FSRU bareboat chartered from Greece’s Maran Gas.
The Texas-headquartered company has added a $250m loan, maturing in March 2027, to purchase the 2020-built Excelerate Sequoia currently operating in Brazil.
currently operating in Brazil.The Daewoo Shipbuilding and Marine Engineering (DSME)-built vessel has been on a five-year charter with a purchase option since its delivery. The unit has a storage capacity of 173,400 cu m and is capable of operating as both an FSRU and a fully tradable LNG carrier.
Excelerate’s finance chief, Dana Armstrong, said the acquisition, expected to complete in April, comes at an attractive price well below current market values. The company owns and operates one of the largest fleets of FSRUs, with 10 units currently in its portfolio and one 170,000 cu m newbuild set to deliver from Hyundai Heavy Industries in 2026.
In addition to the $250m loan, the company extended the maturity of its existing $350m revolving credit facility, which is expected to be used primarily for letters of credit, working capital and other corporate purposes.
