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South Korea’s HD Hyundai Marine Solutions has secured a contract to convert an ageing liquefied natural gas carrier into an offshore LNG floating storage unit (FSU).
The business arm of HD Hyundai Group established in 2016 said the conversion involves a 2004 Spanish-built 138,000 cu m unit for an unnamed European client.
Under the $30m deal, HD Hyundai Marine Solutions will be in charge of the entire construction process, including design, purchase, production, transportation, installation, and test operation.
The project is set for completion in the first half of 2025, after which the retrofitted LNG FSU will be commissioned in Central America and supply LNG to nearby thermal power plants.
HD Hyundai Marine Solutions said that this would be the company’s first LNG-FSU conversion and that, unlike traditional onshore and offshore LNG terminals that usually take three to four years to build, the retrofitted units have the advantage of being installed and operated within a year at the earliest.
“We plan to expand our market share in eco-friendly ship conversion,” stated a representative from HD Hyundai Marine Solutions. The company said that it also expects to win further orders in the second half of the year for modification of floating LNG storage and regasification units and modification of LNG, LPG and methanol dual-fuel engines. |
