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Stena acquires 75% stake in 7 Seas LNG & Power AS

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LNG Industry,

Stena AB group has announced that it has acquired a 75% stake in 7 Seas LNG & Power AS, and has welcomed the company into its sphere, as part of Northern Marine Group (NMG), under its new operating name of Stena Power & LNG Solutions AS.

Based in Grimstad, Norway, Stena Power & LNG Solutions will offer unique and proprietary jettyless LNG-to-power solutions built on flexible commercial structures.

With the strength of Stena (more than 19 000 employees, 160 ships plus the operational experience and technical capabilities within NMG behind it), the new company can offer turnkey deliveries of its patented LNG and power technology, including complete technical management.

Svein B. Hellesmark, founder of 7 Seas LNG & Power AS, and Chief Technology Officer (CTO) of Stena Power & LNG Solutions AS, said: “We are very pleased with the partnership and the strength and credibility that Stena is bringing to our company, including its technical and operational experience in LNG. During our discussions with key interested clients over the last years, it had become clear that the jettyless solutions would be even more attractive to our customers if the solutions could be offered on a turnkey or lease structure.

“The alliance with Stena will indeed form a unique platform for such new attractive commercial offerings. We firmly believe that our technology – combined with the new flexible commercial structure – will add value to our key clients.”

Philip Fullerton, Managing Director, Northern Marine Group, added: “We continue to invest in new technology within the LNG space. This investment supplements our innovative small scale LNG designs developed by our subsidiary Tritec Marine. Our overall offering to the LNG space, whether through new building support, ship management, concept designs and now jettyless solutions, places us in a unique position.”

Göran Hermansson, General Manager Stena LNG and board member, said: “We are very excited about the jettyless LNG-to-power technology for two main reasons. Firstly, it offers significant CAPEX savings, and with a low LNG price, a competitive value chain could be an enabler for new projects. Secondly, a jettyless solution also offers a reduced environmental footprint in comparison to fixed infrastructure. In addition, the technology is proven, quick to deploy, modular and scalable, so it works for mid/small scale LNG as well.”

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