South Korea’s DSME loses huge Excelerate FSRU deal

DSME CEO Sung Leep Jung (left) and Excelerate CEO Rob Bryngelson (right) signing the agreement in February 2017 (Image courtesy of Excelerate Energy)

Daewoo Shipbuilding and Marine Engineering (DSME) has lost a potential deal to build up to seven floating storage and regasification units (FSRUs) for US-based Excelerate Energy.

The two companies signed a letter of intent in February last year for 173,400-cbm LNG FSRUs with a baseload send-out capacity of 1 Bcf/d.

Under this deal, Excelerate planned to order one FSRU by June 2017, with options for another six vessels.

Daewoo said in a filing to the stock exchange on Tuesday that the letter of intent had expired and no orders were materialised.

The shipbuilder did not provide any additional information.

The deal was reportedly worth about $1.6 billion or $230 million per vessel.

 

LNG World News Staff

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