Golar LNG Ltd has reached agreement for the development of the its first floating liquefied natural gas vessel (FLNGV). The agreement is with Singapore’s Keppel Shipyard and is based on the conversion of existing Moss LNG carriers of which Golar owns three potential candidates. Golar has already successfully converted three other Moss carriers into Floating Storage and Regasification Units (“FSRU’s”) of which Keppel has converted two. The target gas supply for these units will be pipeline quality gas, lean associated reserves and, potentially, lean gas from otherwise stranded fields. The floating solution gives customers increased flexibility, quicker development times and the ability to develop reserves that are currently uneconomic. It further gives them an opportunity to capitalize on the large global gas spreads and the attractive economics associated with gas as an energy resource.
The first FLNGV will have a capacity of up to 2 million tonnes per annum and will utilize the existing 125,000 cubic meters of LNG storage on board the carrier. Keppel will start the FEED study in November and detailed design and engineering is expected to be concluded around mid-2013 when vessel conversion is expected to start. The first unit will be developed through several construction stages in order to accommodate customer requirements and is expected to be ready for production by Q1 2015.