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Long-term small scale LNG contract for three Multigas vessels

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LNG Industry,

I.M. Skaugen SE has announced that on 23 January, it signed long-term contracts for the time charter of three Multigas (MG) vessels for a project representing a ‘proof of concept’ of its small scale LNG logistics solutions (SSLNG).

The revenues under these SSLNG contracts will be approximately US$42 million a year and therefore around US$420 million over 10 years.

The time charter contracts are for two 10 000 m3 and one 12 000 m3 MG vessels currently operated by the company. The company will provide shuttle/feeder services, floating storage support, as well as storage and offloading of LNG with a client sponsored by two existing gas fired power plants in Africa. The power plants are new and made for burning natural gas and have been idle because of lack of gas supply. In addition, the company has been requested to perform the complete Project Management of this ‘virtual pipeline’ to be established, encompassing the entire supply chain from the sourcing of LNG supply to the delivery of gas to the power plants.

Start-up of the contract is planned for in late March or early April 2017 by our Company arranging delivery of first LNG.

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