DSME awarded with half-billion dollar FSRU and LNG contract

DSM FSRU contractMaran Gas Maritime placed order at Daewoo Shipbuilding and Marine Engineering for construction of 173,400 cbm floating storage and regasification unit (FSRU). The construction of LNG FSRU is estimated to 200-250 million USD. The agreement includes also option for construction of two additional LNG carriers, which might extend the value of the shipbuilding order to 590 million USD. The floating storage and regasification unit will be built at the Okpo Shipyard of Daewoo Shipbuilding and Marine Engineering. The delivery was estimated for early 2020. In is not yet clear, where the vessels will be deployed.

“I would like to express my gratitude to Angelicoussis Shipping Group for choosing DSME in such a critical moment”, said the CEO of Daewoo Shipbuilding and Marine Engineering, Chung Sung-lip. “DSME will do its best to secure more contracts to help get through the financial crisis”, added he.

Maran Gas Maritime is part of the Greece-based Angelicoussis Shipping Group, led by John Angelicoussis. This weekend’s agreement confirms that Maran Gas is the biggest spender on new LNG tonnage this year. The company has a wholly owned fleet of seven LNG carriers on the water. It also has interests in 13 LNG carriers owned by Maran Nakilat, a 60:40 joint venture with Qatar-based Nakilat.

The shipbuilding contract is the first FSRU order by Angelicoussis Shipping Group, which has ordered 89 ships in total with DSME since its first order with the yard back in 1994.