US-based Excelerate Energy has signed a Letter of Intent (LOI) with South Korean Daewoo Shipbuilding and Marine Engineering (DSME) for the delivery of up to seven floating storage and regasification units (FSRUs).

The company said that the initial specifications for the ships include a capacity of 173,400 m3 with a baseload send-out capacity of 1 Bcf/d, however, these can be modified to suit specific project needs.

Under the deal, the company has the option to order one FSRU in the second quarter 2017.

Excelerate said that the agreement provides the company with the ability “to respond to increasing market demand for natural gas” as its existing fleet of nine FSRUs become committed to long-term projects.

“These vessels will incorporate Excelerate’s proven technologies and industry leading experience, and will represent the most capable and fuel efficient FSRUs in the industry,” Excelerate said.

Excelerate has developed and commissioned ten floating LNG import facilities worldwide, with two currently in advanced stages of development in Bangladesh and Puerto Rico.