LNG shipper Golar will deliver the existing LNG carrier as an FSRU that Italian energy firm Snam will install in the port area of Portovesme, Sardinia.

Snam and Golar LNG signed a contract for delivery of the Golar Arctic LNGC as floating storage and regasification unit. Snam will then install the FSRU in the port area of Portovesme, Sardinia. This is a part of a project to supply the island with energy.

The contract amounts to 269 million euros ($283 million). It includes the vessel and the capex for Golar to convert the Golar Arctic into an FSRU with storage capacity for up to 140,000 cubic metres.

Further to the full conversion of the vessel, the FSRU will be sold to the Snam Group.

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The start of activities for the conversion of the ship into an FSRU and related fulfillments are subject to Snam’s issuance of a notice-to-proceed (NTP). In addition, the conversion will take about two years.

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