Italy’s Snam snaps up second new FSRU

Italy

SAN DONATO MILANESE, July 7, 2022 – Snam has signed a deal with FSRU I to acquire full ownership of the BW Singapore FSRU, the Italian energy infrastructure company announced on Wednesday.

The asset will be acquired by Snam taking 100% equity of FSRU I’s shares for two payments equalling USD 400 million. The deal is expected to close in 2023.

The FSRU has a storage capacity of around 170,000 cubic metres of LNG and regasification capacity of 5 bcm (177 bcf) per year. The unit can act as both an FSRU and LNG carrier.

The vessel is currently under contract until November 2023, after which it will be installed in the Upper Adriatic Sea near the coast of Ravenna.

Operations are expected to begin in Q3 2024.

Additionally, Snam announced the decision to acquire the Golar Arctic FSRU at the cost of USD 275 million from Golar LNG in May 2022, which will be installed in the port area of Portovesme in Sardinia.

“The two FSRUs acquired in the last month by Snam will contribute 13% of the national gas demand alone, bringing regasification capacity to over 30% of demand as soon as we get the permits to position and connected them to the national transmission network,” said Stefano Venier, CEO of Snam.