Excelerate receives tenth FSRU

Excelerate Energy has received its tenth floating storage and regasification unit (FSRU), Excelerate Sequoia, from Daewoo Shipbuilding and Marine Engineering (DSME) shipyard in South Korea. The vessel has a storage capacity of 173,400 cubic meters and can operate as both an FSRU and a fully tradable LNG carrier.

Excelerate Technical Management, a wholly owned subsidiary of Excelerate, will provide ship management for the vessel. Excelerate will have the option to purchase the Excelerate Sequoia during the five-year bareboat charted agreement with Maran Gas Maritime.

The vessel completed its first gas-up/cool-down operations at Gwangyang LNG Terminal in Jeonnam, South Korea on June 21, 2020. Gas-up is one of the mandatory procedures an LNG carrier must perform to make the vessel commercially ready to receive LNG cargoes. “We have seen first-hand the difference our floating regasification terminals have made in communities who would have otherwise been locked out. We will continue to deliver affordable, clean energy to markets that need it,” said Excelerate’s president and MD Steven Kobos.