Singapore's Keppel Corp. announced 25 June that it signed a conditional conversion contract with Norway's Golar LNG to convert the Hilli LNG carrier into an floating liquefaction vessel (FLNGV), the first such conversion in the world.
The Hilli was built in 1975 by Moss Rosenberg Verft in Moss, Norway, and is classed by DNV.
The conversion work will be done at Keppel Shipyard (photo at right from Keppel Corp.), a subsidary of Keppel O&M. Keppel says the contract is worth approximately US$735 million.
Golar LNG is funding this conversion through its offering of 11,000,000 shares of its common stock at a price of $54/share.
Keppel had earlier signed a term sheet agreement with Golar on converting up to three liquefied natural gas (LNG) vessels into floating LNG (FLNG) vessels, potentially worth US$600million.
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