- POSTED: 03 Jul 2014 16:33
Offshore rigs builder says the task of converting a liquefied natural gas carrier into a floating liquefaction vessel is the first of its type.
SINGAPORE: Keppel on Thursday (July 3) announced it had clinched a deal worth US$735 million (S$916.6 million) to convert a liquefied natural gas (LNG) carrier into a floating liquefaction vessel (FLNGV).
The conversion - described by Keppel as the first of its type - will be carried out on behalf of a subsidiary of Golar LNG, one of the world's largest independent owners and operators of LNG carriers. The whole process is expected to be completed by 2017, according to Keppel.
The contract includes options to convert another two LNG carriers, it added.
Michael Chia, managing director (Marine & Technology) at Keppel's offshore and marine arm, said the contract from Golar was a reaffirmation of the firm's capabilities in complex offshore conversion projects.
Citing market research firm Douglas-Westwood, Keppel - the world's largest builder of offshore oil rigs - said the global floating LNG vessel industry is expected to attract more than US$65 billion of investments through to 2020, driven by the rising cost of onshore LNG terminals.