BW Group was awarded with 15-year contract for LNG regasification services

BW FSRU shipBW Group was awarded with 15-year contract for LNG regasification services with Pakistan GasPort Limited. For commissioning of the project will be utilized the company’s new-build floating storage and regasification unit, currently under construction at Samsung Heavy Industries in South Korea. The vessel is expected to be delivered in fourth quarter of 2016 and to be deployed to the second Pakistan LNG terminal at Port Qasim, Karachi on July 1, 2017. The finance details of the contract were not disclosed by both companies, but the long-term contract guarantee employment of the vessel and improve the liquidity and cash flows of BW Group in months of downturn in offshore and oil business.

“We are delighted to be working with BW on this vitally important infrastructure project, which is the result of policies aimed at promoting investment and the renewed global faith in our country’s economy”, said Chairman of Pakistan GasPort Limited, Iqbal Ahmed.

BW Group is an international maritime group that through its subsidiaries operates within the tanker, gas and offshore segments. The company operate a fleet of more than 100 owned, part-owned or controlled vessels. The company was created as a merger between Bergesen and World-Wide Shipping in 2013. BW Group manages the world’s largest independently owned and operated fleet of gas carriers (LNG and LPG), and the second largest fleet of FPSO vessels.