Keppel Offshore & Marine’s wholly owned subsidiary Keppel Shipyard has signed a $684m contract with Golar Gandria to convert a liquefied natural gas (LNG) carrier into a floating liquefaction facility.

Under the contract, the Singapore-based company Keppel will convert Moss type Gandria carrier into a Golar Floating Liquefaction (GoFLNG) facility.

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According to Keepel, the new award marks the implementation of the second of two options, which were part of a contract awarded to it by Golar to convert the Moss LNG carrier HILLI into a GoFLNG facility.

In December 2014, the first option was exercised for the conversion of another Moss type LNG carrier, GIMI.

"GoFLNG facilities are set to reduce the cost and time required to monetise and deliver offshore gas to market."

Keppel Offshore & Marine managing director (marine and technology) Michael Chia said: "GoFLNG facilities are set to reduce the cost and time required to monetise and deliver offshore gas to market.

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"Now a year underway, the Hilli conversion project is progressing to plan. This third GoFLNG contract re-validates our delivery timeframes and price levels, further demonstrating the technical and commercial competitiveness, and lower implementation risks inherent in our solution."

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As part of the work, Keppel Shipyard will provide the design, detailed engineering and procurement of the marine systems, as well as delivering all of the construction services related to conversion.

Design, procurement and commissioning support services for the topsides would be provided by engineering company Black & Veatch.

Complete construction activities of the Gandria are set to begin after Keppel Shipyard receives a notice to proceed, which is expected in 2016.

Upon receiving the notice, the GoFLNG Gandria is estimated to be delivered in around 31 months.