Italian energy infrastructure firm Snam will acquire the floating storage and regasification unit (FSRU) Golar Tundra from Golar LNG for US$350M
Specifically, Snam and Golar LNG signed an agreement that will see Snam Group acquire 100% of the share capital of Golar LNG NB 13 Corp, whose sole asset is the Golar Tundra FSRU. Golar’s board of directors approved the transaction on 30 May.
The 2015-built Golar Tundra can operate both as an LNG carrier and as an FSRU. The vessel has a storage capacity of around 170,000m3 and a continuous regasification capacity of 5 billion cubic metres (bcm) per year.
The vessel will be located in central-northern Italy, close to the areas with greatest gas consumption to maximise its regasification capacity.
Snam CEO Stefano Venier said, “With the purchase of the Golar Tundra, Snam is taking a decisive step to enhance the security and diversification of Italy’s energy supplies, in line with its mission. The role of the new FSRU for the benefit of our country will be essential: alone it will contribute to about 6.5% of domestic needs thus bringing the country’s regasification capacity to over 25% of the demand.”
As part of the transaction, which followed a due diligence assessment of the acquired company and the FSRU itself, Golar will lease Golar Tundra from Snam as an LNG carrier for a limited period of time after closing, and assist Snam in the preparatory work for the installation of the vessel in the selected port.
According to Mr Venier, Snam is now looking to acquire a second, similiarly sized FSRU for which exclusive negotiations are currently under way and expected to be finalised by end of June.
Golar Tundra is expected to start operations as an FSRU during the spring of 2023, subject to regulatory approval and the construction of the necessary infrastructure connecting the terminal to the existing gas transport network.
Separately, Golar is converting the Golar Arctic LNG carrier into a FSRU. Following full conversion, which is expected to take two years, the FSRU which is expected to have 140,000 m3 storage capacity, will be sold to Snam Group.
