Samsung wins LNG SRVs order

On behalf of a joint venture company with Mitsui O.S.K. Lines, Höegh LNG has concluded contracts for two firm and one optional LNG shuttle and regasification vessels (LNG SRV) to be built at Korean yard Samsung. The first vessel will be delivered during the 4th quarter of 2009, and will serve the Neptune LNG deepwater terminal in

Massachusetts Bay to deliver imports of natural gas to the US.

Höegh LNG has teamed up with Suez LNG North America, a subsidiary of French global energy company Suez, and a deep water port license application filed with the US Coast Guard is expected to be approved by the end of this year. The proposed deepwater port terminal will receive natural gas vaporized on board the three purpose-built LNG carriers (SRVs) based on the concept developed by Höegh in 2001.

Höegh LNG has selected its long term partner Mitsui O.S.K. Lines, Ltd. (MOL) to become a co-owner on 50/50 basis in this project and the parties has already signed a Heads of Agreement for this purpose. “We are very enthusiastic about joining Höegh LNG in developing this technically advanced project and also expanding our relationship with Suez” says MOL.

The decision to order the SRVs is the largest single investment decision in Höegh’s history with each vessel costing about $290 million reflecting the extra installation of vaporization equipment, turret mooring, discharging facilities, as well as specialized equipment reducing and containing emissions to air and water.

The vessels will have a cargo capacity of 145,000 cubic meters and is designed with the membrane GTT Mark III containment system. Propulsion will be dual fuel diesel electric and service speed 19.5 knots.