Petrobras grants Excelerate procurement of VT3 project, the world's largest FSRU

Source: Excelerate Energy L.P.

Excelerate Energy has executed with Petrobras (NYSE:PBR) a 15-year time charter party to provide an advanced floating storage and regasification unit (FSRU). This vessel, designated by Petrobras as VT3, will deliver 20 million cubic meters per day of natural gas to the Southeast Region of Brazil. 

In addition, from July 2013 until the arrival of the VT3 newbuilding, the Guanabara Bay Terminal will make use of the Exquisite, one of Excelerate Energy's existing FSRUs with an increased regasification plant, expanding the terminal's delivery capacity from 14 to 20 million cubic meters per day. 

The VT3 newbuilding design is based on Excelerate Energy's existing fleet and Petrobras requirements, and will have a storage capacity of 173,400 m(3) making it the largest FSRU in the industry. Capable of operation as both an FSRU and a fully tradable LNG carrier, this vessel is expected to enter into service in May of 2014. 

Excelerate Energy has selected DSME for the construction of the new vessel, the same shipyard that built its previous eight FSRUs. Working with DSME, Excelerate is continuing the evolution of a highly reliable and proven design, while at the same time, expanding its fleet of compatible vessels. 

"We are extremely pleased with the selection of Excelerate Energy to provide this industry-leading vessel, and we are confident that with our experience and expertise in floating regasification that we will provide a high standard of service to justify the confidence that Petrobras has placed in us," said Rob Bryngelson, President and CEO of Excelerate Energy.



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