HD Hyundai Marine Solution Secures First LNG-FSU Conversion Contract

Introduction to the Project

South Korea’s HD Hyundai Marine Solution Co. has secured its first project to convert a floating storage unit for liquefied natural gas (LNG-FSU). The company announced on Sunday that it signed a $30 million contract with a European shipping company for the conversion.

Significance for HD Hyundai Marine Solution

This contract marks a significant milestone for HD Hyundai Marine Solution, as it is the company’s first major project since its establishment in 2016 following a spin-off from HD Hyundai Heavy Industries.

Project Scope and Details

The project involves the conversion of a 138,000-cubic-meter LNG carrier, originally built in Spain in 2004, into an offshore LNG terminal. This terminal will remain at sea for extended periods, receiving and storing LNG before delivering it to onshore power plants and storage facilities.

Process and Responsibilities

HD Hyundai Marine Solution will oversee the entire conversion process, including design, procurement, construction, transportation, installation, and commissioning, ensuring the project is completed to high standards.

Timeline and Deployment

The conversion is expected to be completed in the first half of next year. Once finished, the LNG-FSU will be stationed in the Central American region, where it will supply LNG to nearby thermal power plants, contributing to the region’s energy infrastructure.