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Excelerate’s finance chief, Dana Armstrong, announced this during the company’s first-quarter earnings call on Thursday.
Armstrong said that “negotiations for the conversion work are ongoing.”
“We have signed a letter of intent with the Seatrium shipyard in Singapore, and we’ll provide additional updates once final contracts with the shipyard are executed,” she said.
Armstrong noted that the planned FSRU conversion “provides an additional source of earnings growth in 2028 following completion of the conversion and commercial deployment of that vessel.”
She did not provide further details.
CEO Steven Kobos said in November last year that the company was advancing plans to convert its 145,000-cbm LNG carrier Shenandoah into a floating storage and regasification unit.
Excelerate purchased the 2007-built steam LNG carrier, previously known as Methane Alison Victoria, from GasLog Partners for approximately $27 million.
This is Excelerate’s first FSRU conversion.
The company has 12 FSRUs in its fleet, including a chartered FSRU integrated with the Jamaican assets.
This includes the recently delivered Excelerate Acadia.
Excelerate just announced that it will deploy Excelerate Acadia to Jordan under a nine-month contract due to the delayed startup of the Iraq LNG terminal amid the ongoing conflict in the Middle East.
According to Excelerate, the charter is expected to contribute approximately $20 million of adjusted Ebitda in 2026.
Excelerate Acadia is expected to commence operations in mid-2026.