US-based LNG company Excelerate Energy has completed the acquisition of floating storage regasification unit (FSRU) Sequoia in a deal valued at $265m.
Excelerate Energy bought the FSRU from Anemoesa Marine.
In March 2023, Excelerate Energy entered into an amended and restated credit agreement, which included a revolving credit facility worth $350m and a $250m term loan.
The proceeds from the term loan and cash at hand were used to buy the FSRU Sequoia.
In June 2020, under a five-year bareboat charter, the FSRU Sequoia was delivered as a new build to Excelerate Energy’s fleet.
The FSRU Sequoia can function both as an FSRU and a conventional LNG carrier, and it has a storage capacity of 173,400 cubic metres.
Currently, it is providing regasification services at the Bahia Regasification Terminal in Brazil.
Excelerate president and CEO Steven Kobos said: “We are proud to add the FSRU Sequoia to the Excelerate portfolio of fully owned assets. Acquiring the Sequoia, at a price well below current market value, ensures the vessel will remain an integral part of the Excelerate fleet for the long term.
“We look forward to continuing to utilise the FSRU Sequoia to provide flexible access to cleaner and more reliable energy to our valued markets.”
In October 2022, the company signed a deal with Hyundai Heavy Industries for a new FSRU unit, which is expected to be delivered in June 2026.