Tiger Brokers

Seatrium Bags FSRU Conversion Contract; Shares Up 3%

MT Newswires
Yesterday

Seatrium (SGX:5E2) secured a floating storage regasification unit conversion contract with NYSE-listed Excelerate Energy, according to a Thursday filing with the Singapore Exchange.

The award is the company's first full-scope engineering, procurement, construction, installation and commissioning FSRU conversion project for Excelerate.

The contract covers regasification facilities, LNG transfer and cargo handling system and marine modifications to convert an LNG carrier into an operational FSRU, with engineering expected to start during the fourth quarter of the year and delivery slated for 2028.

Following completion, the vessel will have 170,000 cubic meters of LNG storage capacity.

Shares of the offshore and marine engineering company were up nearly 3% in Friday trading.

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