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Excelerate wraps up purchase of FSRU Sequoia from Maran Gas

By LNG Prime Staff
Excelerate wraps up purchase of FSRU Sequoia from Maran Gas
Image: Excelerate Energy

US floating LNG player Excelerate Energy has completed the purchase of the 2020-built FSRU Sequoia from Greece’s Maran Gas Maritime for $265 million.

Excelerate took delivery of this 173,400-cbm vessel, its tenth FSRU, in June 2020 from South Korea’s Daewoo Shipbuilding and Marine Engineering.

Prior to that, the company and Maria Angelicoussis-led Maran Gas signed a five-year bareboat charter deal and the unit is currently located in Brazil.

Excelerate revealed in March plans to exercise an option to buy the vessel from Maran Gas and the FSRU player also entered into a new $250 million term loan facility to fund the purchase.

According to a statement by Excelerate issued on Wednesday, the company completed the purchase of the unit from Anemoesa Marine Inc, a company incorporated under the laws of the Republic of the Marshall Islands and owned by Maran Gas.

“We are proud to add the FSRU Sequoia to the Excelerate portfolio of fully owned assets,” Steven Kobos, president and CEO of Excelerate, said in the statement.

“Acquiring the Sequoia, at a price well below current market value, ensures the vessel will remain an integral part of the Excelerate fleet for the long term,” he said.

Exclerate currently operates ten FSRUs, one of the world’s largest fleets of such vessels, and these units are located around the globe, including in Europe.

The firm also ordered one FSRU in South Korea last year.

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