Sevan Marine has signed a technology licensing agreement with Vires Energy for use of its HiLoad LNG technology for a liquefield natural gas (LNG) receiving and regasification terminal in the Philippines.
Vires conducted a feasibility study in 2015 and has decided to move forward with the proposed project.
The company also signed a contract where HiLoad LNG will provide design and engineering work for the terminal.
Construction on the project is expected to start in 2016.
The proposed Floating Regas Dock (FRD) LNG receiving and regasification terminal will serve as an alternative to floating production storage and offloading unit (FSRU) for smaller volumes of gas that range from 50Mscfd to 200Mscfd.
HiLoad LNG is also holding discussions with other potential clients to provide services for similar terminals in South East Asia and Latin America.
Lars Ødeskaug responsible for Sevan Marine’s LNG efforts said: "We are very pleased that Vires came to us with their regasification requirements, and we look forward to working with Vires on this groundbreaking project.
"We believe there is a significant market for this solution, which provides clean gas as fuel for power plants and fills a niche in size below the more traditional FSRUs. We hope that the Vires contract is the first of many."
Sevan Marine has developed solutions for offshore loading of LNG and LNG receiving and regasification terminals based on the HiLoad technology.
HiLoad LNG is owned 95% by Sevan Marine and the remaining 5% by 7 Seas Technology.
Image: Illustration of Floating Regas Dock. Photo: courtesy of Sevan Marine ASA.