Page 22 - GLNG Week 12 2023

GLNG NEWS IN BRIEF GLNG

Semi-submersible rig starts in Brunsbüttel successfully kicked off on 22 has entered into an amended and restated
senior secured credit agreement, including
March.
drilling work off Nigeria filled the last section of the gas pipeline that a $250 million term loan for the purchase
As part of the preparation works, Gasunie
of a floating storage and regasification unit
Following a letter of award (LoA) for the will be used to connect to the FSRU on 20 (FSRU).
Blackford Dolphin semi-sub rig from March. Prior to this, technical infrastructure In addition to the new $250 million term
September 2022, the offshore drilling on land was completed on 17 March. loan maturing on 17 March 2027, the credit
contractor confirmed the formal 12-month At this terminal liquefied petroleum agreement includes extending the maturity
contract award with General Hydrocarbons gas (LPG) can also be unloaded via FSRU date of the existing $350 million revolving
Limited (GHL) in October 2022 for according to the ship-to-ship principle. The credit facility to 17 March 2027, among other
operations in Nigeria. At the time, the first such operation was conducted from 18 to things.
company explained that the total contract 20 March in Brunsbüttel. The company revealed that the proceeds
value was approximately $96 million. In the first phase, the 170,000 cbm Hoegh from the term loan facility are intended
When late January 2023 came, Gannet will be operated at Brunsbüttel Ports’ to be used for the acquisition of the FSRU
the Blackford Dolphin rig completed existing dangerous goods jetty. Sequoia, which is currently under a bareboat
recertification for a new five-year period The second phase, which is expected charter with Maran Gas until mid-2025, and
in Las Palmas, Spain, where it underwent a to start at the end of 2023, will involve the transaction fees and expenses related thereto.
special periodic survey (SPS) at the shipyard, injection of LNG via a newly built jetty to the Excelerate intends to acquire the vessel by
allowing for continuous work until 2028. The west of the Elbehafen. Brunsbüttel Ports will exercising a purchase option that it has with
rig departed Las Palmas in February 2023 and be responsible for the construction, which will the vessel’s owner and for the purchase to be
set off for Nigeria. start in the first quarter of 2023. completed in April 2023. The commitments
In an update on 21 March 2023, Dolphin under the term loan facility expire on 1 May
Drilling revealed that the Blackford Dolphin 1 2023 if the acquisition of the FSRU Sequoia
had begun its 12-month drilling contract with FSRU Golar Tundra comes to does not occur by such date.
General Hydrocarbons Limited in Nigeria, in The 2020-built Excelerate Sequoia has a
line with previously stated expectations. Piombino as Snam preps to storage capacity of 173,400 cubic metres and
As a reminder, Dolphin Drilling got a letter is capable of operating both as an FSRU and a
of award in January 2023 for additional work launch new LNG terminal fully tradable LNG carrier.
in Nigeria in direct continuation with the Proceeds from the revolving credit facility
previously announced contract with GHL, According to Snam’s social media update, the are expected to be used primarily for letters
entailing the potential to extend the backlog docking operations were safely completed on of credit, working capital, and other general
by a minimum of 120 days and up to 485 days, Sunday, 19 March as the company expects to put corporate purposes, the company explained.
in addition to the existing GHL backlog. the FSRU into operation at the beginning of May. “Refinancing our existing credit facility
The company inked a new contract for the The FSRU, Golar Tundra, which was is a significant next step in our plans to
semi-submersible rig with Peak Petroleum purchased last year by Snam’s unit FSRU Italia, improve our capital structure, and we would
Industries Nigeria Limited (Peak Petroleum) has a regasification capacity of 5 billion cubic like to thank our lenders for their continued
in March 2023 for operations off Nigeria metres per year. support and confidence in Excelerate”, said
with an effective day rate associated with the Snam’s unit announced on Tuesday, 21 March, Dana Armstrong, Chief Financial Officer of
minimum firm contract period of $325,000, that over 86% of the offered regasification capacity Excelerate Energy.
including the mobilisation fee. has been allocated at the end of the first allocation “This amended credit facility enhances our
procedure. financial flexibility and supports our future
The company noted that 37 slots per year out growth and development initiatives. We are
Germany’s third floating of a total of 43 slots per year offered have been excited to acquire the FSRU Sequoia, one of
allocated for the 20-year period between the years
the most capable vessels in the industry, at
LNG terminal prepares for 2023/24 – 2043/44. an attractive price well below current market
values.”
Each slot to a capacity of 171,920 liquid cubic
regular operation metres of LNG, which is equal to approximately the US company currently operates a fleet of
Based on the information on its website,
105 million cubic metres of gas.
The Elbehafen LNG terminal will be Snam said that the remaining six slots per year ten FSRUs and has one unit on order at South
Germany’s third FSRU-based terminal will be made available in a forthcoming allocation Korean shipyard Hyundai Heavy Industries
following those in Wilhelmshaven and procedure for a multi-year period. The terms and (HHI).
Lubmin. conditions are to be announced by 24 March. The new FSRU will have a storage capacity
The FSRU Höegh Gannet arrived at of 170,000 cubic metres and a maximum
Brunsbüttel’s Elbehafen port at the beginning regasification capacity of one billion standard
of the year. In February, the LNG terminal’s Excelerate Energy adds cubic feet per day (1,000 MMscf/d). It is
developer RWE received the first cargo scheduled for delivery in 2026.
of 137,000 cubic metres of LNG shipped $250mn term loan to buy Two of its FSRUs were chartered to serve
by ADNOC under the multi-year supply LNG import terminals in Germany and
agreement signed in 2022. FSRU Sequoia Finland. ™
Now, RWE has provided an update on
the project stating that LNG regasification US-based LNG player Excelerate Energy

P22 www. NEWSBASE .com Week 12 24•March•2023