Daewoo woos Exmar for another LNG carrier

Exmar, the Belgian shipping company, has placed an order for a LNG RV (LNG regassification vessel) with the Korean shipbuilder Daewoo (DSME) at a cost of $200 million. The vessel, the ownership of which will be a 50/50 joint venture with Texas-based Excelerate Energy LP, will be constructed using the membrane containment system together with Excelerates? ?Energy Bridge? technology. The 277 metre long, 43.30 metre wide 138,000 cubic metre new building is slated for delivery in November 2006 and will be operated by Excelerate on a long-term charter. The contract contains an option for one more LNG RV.

Excelerate anticipates utilising this ship to deliver regasified LNG to the Gulf of Mexico deepwater port located 116 miles off the Louisiana coast. With three long-term charters now in place, Excelerate has the flexibility to address market needs elsewhere. ?Energy Bridge? is an innovative system, the technology for which has been developed jointly by Exmar, Excelerate Energy and DSME, whereby a standard LNG vessel is customised to convert liquefied natural gas to vapour on board the ship. Then, utilising proven buoy technology that has been successfully deployed for more than a decade in the harsh North Sea environment, the gas flows through lines connected to the ship and linked to underwater pipelines located offshore. The Energy Bridge system can be deployed virtually anywhere in the world to meet incremental demand for natural gas.

With this further order, the Energy Bridge operation will comprise 3 LNG RVs including Excelsior, due for delivery in November 2004 and DSME hull N°2218, to be named Excellence, due for delivery in April 2005.