Excelerate Sets Sights on New LNG Carrier for FSRU Conversion
Excelerate Energy has announced plans to purchase a new LNG carrier for conversion into a floating storage and regasification unit (FSRU). The company signed a definitive agreement to buy Methane Patricia Camila, a 2010-built vessel owned by Meiji, for approximately $79 million. This acquisition marks an important milestone in Excelerate's FSRU conversion project.
According to CEO Steven Kobos, the conversion of Methane Patricia Camila will enhance its performance and expand the range of opportunities it can serve. The company expects the converted FSRU to be available for commercial deployment by early 2028. In addition to this new vessel, Excelerate is also planning to redeploy its existing FSRU Express to a new LNG import terminal in Colombia for seven years.
This is not Excelerate's first foray into converting LNG carriers to FSRUs. The company previously purchased the Methane Alison Victoria and renamed it Shenandoah, with plans to spend around $200 million on its conversion project. However, due to the capabilities of Methane Patricia Camila, Excelerate decided to pivot and focus on this vessel instead.