US-based liquefied natural gas (LNG) company Excelerate Energy has signed a five-year bareboat charter agreement (BBC) with Maran Gas Maritime for the floating storage regasification unit (FSRU), Hull 2477.

Under the terms of the BBC contract, Excelerate will have the option to purchase Hull 2477.

Hull 2477 is currently under construction at Daewoo Shipbuilding and Marine Engineering (DSME) shipyard and is planned for delivery in April 2020.

Excelerate owner George Kaiser said: “We are pleased for Excelerate to enter into this transaction with MGM, a leading provider in LNG world shipping.

“MGM’s growing fleet is a testament to John Angelicoussis’ vision and commitment to the LNG industry.”

Hull 2477 will have a storage capacity of 173,400m³

The Hull 2477 vessel will have a storage capacity of 173,400m³ and will be capable of operating as an FSRU and a fully tradable LNG carrier.

MGM owner John Angelicoussis said: “We believe this transaction leverages the strengths of both our companies.

“Excelerate are market leaders in the FSRU space and we are delighted to have this opportunity to collaborate thereby securing a productive future for this state-of-the-art FSRU.”

Hull 2477 will join Excelerate’s fleet of nine FSRUs, all built by DSME, and will serve Excelerate’s portfolio of regasification customers.

Excelerate Technical Management, a wholly-owned subsidiary of Excelerate, will provide ship management for the vessel.

In August 2018, Excelerate Energy Bangladesh commissioned Bangladesh’s first-ever LNG import facility in the form of the $179.5m Moheshkhali Floating LNG (MLNG) terminal.

The MLNG terminal, built by the Bangladesh subsidiary of Excelerate Energy, is located offshore Moheshkhali Island in the Bay of Bengal.

Excelerate provides innovative floating LNG solutions and integrated services along the entire LNG value chain with an objective of delivering rapid-to-market and reliable LNG solutions to customers. It also offers a full range of floating regasification services from FSRU to infrastructure development to LNG supply.