Published 2022-06-02 00:00:00
Italy Acquires Two FSRUs
Published by
The Maritime Executive, LLC.

Italian energy company Snam completed agreements to acquire two LNG vessels from Golar that will become Italy’s first FSRU units. In March, the Italian government said it had mandated Snam to begin negotiations to bring the FSRU capabilities to the country as part of its effort to decrease its dependence on Russian gas.

Under the agreement announced in the beging of June, Snam will pay $350 million for the Golar Tundra, which was built in 2015 and can operate as either an FSRU or as it is currently sailing as an LNG carrier. Snam will take delivery of the vessel but lease it back to Golar for a limited period of time after the closing while Golar assists in the port preparation for the vessel. They expect it will start operations as an FSRU during the spring of 2023, making it Italy’s first FSRU.
Snam said the plan for the Golar Tundra is to position it in central-northern Italy, close to the areas with the greatest gas consumption to maximize its regasification capacity. The vessel has a storage capacity of around 170,000 cubic meters of LNG and a continuous regasification capacity of 5 billion cubic meters per year.

“Today’s announced sale marks the second transaction between Golar and Snam for two independent FSRU projects in Italy in a short period of time,” said Karl Fredrik Staubo, CEO of Golar. “We are pleased to work with Snam for the successful start-up of the LNG terminals, and to contribute to Europe’s drive towards energy security."

The companies in mid-May signed an agreement for Snam to acquire the existing LNG carrier Golar Arctic. Snam is spending $286 million for the vessel that was built in 2003 and as part of the agreement, Golar will oversee the conversion into an FSRU. The conversion is expected to take about two years after which the vessel will have a storage capacity of up to 140,000 cubic meters. Snam plans to install the Golar Arctic in the port area of Portovesme, in Sardinia, as part of a project to supply the island with energy.

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