Hamworthy Oil & Gas Systems, a Wärtsilä Corporation unit, has won a contract to supply its LNG regasification technology for the third Höegh LNG floating storage and regasification unit (FSRU) under construction at Hyundai Heavy Industries.

Working together with Sinopacific Offshore and Engineering (SOE), Wärtsilä Hamworthy will design and deliver the system concept though the key equipment and fabrication will be supplied by SOE.

The partnership agreement follows the contract signed last Novemebr to supply a propane-seawater regasification system for the first two 170,000m3 capacity vessels.

Höegh LNG president and chief executive Sveinung Støhle said "Our strategy to expand in the floating regasification market worldwide remains firm and we believe in strong continued growth in this segment."

Wärtsilä Hamworthy said the floating regasification market is experiencing significant uptake and annual growth in the LNG market is expected to grow by 6-7% over the coming few years.