Golar officially hands over Croatian FSRU

Golar LNG has officially handed over the first Croatian FSRU but will continue operating and maintaining the vessel for at least ten years.

The LNG firm received a nod by the state-owned Krk terminal developer LNG Croatia marking the end of the conversion and sale of the FSRU.

The sale will release about $47 million of free cash to Golar between the fourth quarter next next year and first quarter 2021 after repayment of the vessel debt facility and settlement of remaining conversion and commissioning costs, the firm said.

To remind, Golar secured a deal last year to provide its 2005-built 140,205-cbm vessel Golar Viking to the Krk project and convert it to a FSRU.

After that, the LNG firm tapped Hudong-Zhonghua to perform conversion works and agreed a $160 million sale and leasback deal for the ship with CSSC Leasing, the leasing unit of China State Shipbuilding Corporation.

The ship arrived at the Huarun Dadong yard in January this year and reached completion some nine months later. It departed to Croatia at the end of September.

Croatia to join LNG importing nation club

Croatia’s first FSRU arrived at the Krk facility for the first earlier this month after picking up a small commissioning cargo from Sagunto in Spain.

LNG Croatia is curently undergoing several testing procedures and the vessel will receive its first commercial cargo from the US on January 1.

As previously reported by LNG Prime, the BP-chartered 155,000-cbm Tristar Ruby is heading towards Krk after loading a cargo at the Dominion Cove Point facility in Maryland.

Besides the FSRU, the Krk import facility consists of a jetty and a high-pressure gas pipeline.

Croatia’s first LNG terminal will have the capacity to send up to 2.6 bcm per year of natural gas into the national grid.

The LNG import project costs 233.6 million euros ($285 million) with EU providing 101.4 million euros from the Connecting Europe Facility.

- Advertisements -

Most Popular

QatarEnergy picks shipowners for 18 giant LNG carriers

LNG giant QatarEnergy has selected shipowners to own and operate 18 Q-Max LNG carriers as part of its massive...

VTTI, IKAV to take majority stake in Italy’s Adriatic LNG terminal

Rotterdam-based storage terminal owner VTTI, co-owned by Vitol, IFM, and Adnoc, joined forces with German asset manager IKAV to...

Seapeak says working on charter and other opportunities for six LNG carriers

Stonepeak's Seapeak is pursuing various opportunities relating to six of its liquefied natural gas (LNG) carriers which are scheduled...

More News Like This

Steel cut for Croatian regas module in China

Chinese shipbuilder Nantong CIMC Sinopacific Offshore & Engineering and a unit of Wartsila have officially started building one regasification...

Golar inks framework FLNG deal

Floating LNG player Golar LNG said it had signed a framework agreement with a "potential customer" for a long-term...

Croatian FSRU welcomes 85th LNG cargo

Croatia’s Krk liquefied natural gas (LNG) terminal has received its 85th cargo since the launch of operations in January...

BP says Golar’s FLNG arrives at GTA site

UK-based energy giant BP said on Thursday that Golar LNG’s converted FLNG, Gimi, has arrived at the site of...