Excelerate Energy Takes Delivery of Next-Generation FSRU

The Explorer to showcase advanced shipping technology

THE WOODLANDS, TEXAS – Excelerate Energy L.L.C. today announced it has taken delivery of the advanced technology LNG Regasification Vessel (FSRU) Explorer under a 25-year time charter. The Explorer is the first of Excelerate Energy’s next-generation FSRUs, which combine advanced environmental technologies with the company’s proprietary regasification system. This combination allows LNG to be revaporized onboard the ship and fed directly into natural gas pipelines in a manner that minimizes environmental impacts and facility costs.

“We are excited to welcome the Explorer to the Excelerate fleet” said Rob Bryngelson, Excelerate Energy President and CEO. “Expanding the fleet is critical as we look to serve our growing network of market access points and trading operations around the world. We are also pleased to be the first to incorporate new technologies on our vessels that will help minimize our environmental footprint through reduced air emissions and water usage.”

The Explorer was ordered in 2005 and was built by Daewoo Shipbuilding & Marine Engineering Co. Ltd (DSME) of South Korea. Excelerate Energy and Exmar NV of Belgium own the vessel through a joint venture company where each company holds a 50 percent equity interest. Exmar ShipManagement NV of Belgium will be the technical managers of the ship.

The vessel has several unique features that set it apart from the rest of the operating LNG fleet, including emissions control equipment that reduce NOx emissions by more than 95 percent during regas operations, and a heat recovery system that nearly eliminates the use of seawater in the LNG vaporization process. The ship has cargo capacity of 150,900 cubic meters, is 291 meters in length and has a deadweight tonnage of 82,500 metric tonnes.

The addition of the EXPLORER brings Excelerate’s fleet count to four LNGRVs and one conventional LNG carrier in service; an additional vessel is under construction and slated for delivery in Spring 2009. In addition, the agreement between Exmar and Excelerate Energy includes two more ships ordered by Exmar in 2006 plus another ship ordered in 2007. These three ships will be delivered between the third quarter of 2009 and the second quarter of 2010 and be named EXQUISITE, EXEMPLAR, and EXPEDIENT.

“We are very impressed with the new vessel. DSME has shown their passion toward innovation during its design and construction, and we look forward to Exmar’s professionalism and attention to detail in the operation of the ship,” added Bryngelson.

Excelerate Energy will employ the vessel under a 25-year time charter to serve its proprietary market access points as well as its global trading operations. To date, Excelerate Energy has established receiving facilities at Northeast Gateway off the shores of Boston, Massachusetts, Gulf Gateway in the U.S. Gulf of Mexico, and Teesside GasPort in northern England, with additional projects under construction and development around the world. Its diverse and innovative technology allow Excelerate to offer customized solutions for bringing LNG to markets in a timely and cost efficient manner.

 

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