Golar LNG supplying second FSRU for deployment offshore Italy

June 1, 2022
Snam Group has agreed to acquire Golar LNG NB 13 Corp for $350 million.

Offshore staff

HAMILTON, Bermuda — Snam Group has agreed to acquire Golar LNG NB 13 Corp for $350 million.

Golar’s sole asset is the 2015-built Golar Tundra floating storage and regasification unit (FSRU), which can also operate as an LNG carrier. The vessel has an LNG storage capacity of close to 170,000 cu. m and a continuous regasification capacity of 5 Bcm annually.

Snam plans to station it in central-northern Italy, starting operations as an FSRU in spring 2023, subject to regulatory approvals and construction of the infrastructure needed to connect the terminal to the area’s existing gas transport network.

CEO Stefano Venier said the FSRU would meet 6.5% of Italy’s domestic gas needs, raising its regasification capacity to more than 25% of demand. Snam is seeking to snap up a second FSRU of a similar size, and it aims to finalize negotiations this month.

Under the terms of the transaction, Golar—which recently agreed to supply the FSRU Golar Arctic to Snam for service offshore Sardinia—will lease Golar Tundra from Snam as an LNG carrier for a limited period, then assist preparations for the installation of the vessel in the selected port.