Teekay Modifies LNG Newbuild into Its First FSU

Canadian shipping company Teekay LNG Partners has decided to upgrade one of its standard LNG carriers into the company’s first floating storage unit (FSU).

According to the vessel’s builder, South Korea-based Daewoo Shipbuilding & Marine Engineering (DSME), the deal for the carrier was signed in February 2015.

The companies did not disclose whether there were any changes to the financial terms of the modification works.

The works on the new FSU, which was being built under a USD 220 million deal between Teekay and DSME, are reportedly expected to conclude by the end of the second quarter of 2018.

The FSU is likely to be connected with the company’s existing contract for an LNG receiving and regasification terminal in Bahrain, signed in December 2015, which will comprise a FSU, an offshore LNG receiving jetty and breakwater, an adjacent regasification platform, subsea gas pipelines from the platform to shore, an onshore gas receiving facility, and an onshore nitrogen production facility.

Teekay recently celebrated the keel laying ceremony for six LNG newbuildings, all of which are under construction at DSME’s shipyard and are expected to join the company’s fleet between 2017 and 2018.

In total, Teekay has fifteen vessels on order at the DSME yard.

World Maritime News Staff

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