Excelerate Energy awards FSRU contract to Hyundai Heavy Industries

American LNG company Excelerate Energy has awarded a shipbuilding contract to Hyundai Heavy Industries (HHI) for a new floating regasification and storage unit (FSRU).

The vessel has to be delivered by the South Korean shipbuilding company in June 2026.

According to Excelerate Energy, the FSRU will be able to store 170,000 m3 of gas. It will have a maximum regasification capacity of a billion standard cubic feet per day (1,000 MMscf/d).

The FSRU will be integrated with the proprietary LNG regasification system of Hyundai Heavy Industries along with dual fuel engines, boil-off gas management, selective catalytic reduction system, and other technologies which are expected to drive enhanced performance and efficiency while reducing emissions.

Excelerate Energy awards FSRU contract to Hyundai Heavy Industries. Photo courtesy of Excelerate Energy, Inc.

Steven Kobos — Excelerate Energy President and CEO said: “This shipbuilding contract with HHI demonstrates our commitment to grow our FSRU fleet at a time when the world needs FSRUs and flexible LNG infrastructure the most.

“Recent geopolitical events, including the energy crisis in Europe, have highlighted the essential role FSRUs play in providing energy security and serving as a complementary backstop to balance the intermittency of renewable energy. Upon delivery, this newbuild FSRU will enhance the capabilities of our existing fleet and support the execution of our integrated growth projects.”

Including the newbuild order, the American LNG company will have 11 FSRUs, which are either in operation or under construction.