Golar LNG and Snam agree to transform an existing LNG carrier into FSRU

Golar LNG and have entered a €269m contract to transform an existing LNG carrier, dubbed Golar Arctic, into a floating storage and regasification unit (FSRU). The contract covers the vessel and capex for its conversion into an FSRU.

The FSRU will be installed by Snam in the port area of Portovesme in Sardinia, an Italian island in the Mediterranean Sea, to meet the energy requirements in the region.

Snam will acquire the FSRU, which will have a storage capacity of up to 140,000 cubic metres, after the conversion is entirely complete.

The company stated that the start of activities for the conversion of the ship into an FSRU and related fulfillments are subject to Snam’s issuance of a Notice-to-Proceed (NTP) and further to that, the conversion is expected to take about two years for the Golar Arctic to be delivered.