HD Hyundai’s Floating Storage Regasification Unit (LNG FSRU), developed with new technology after over two years of research and development, reports business korea.
LNG carrier into FSU
HD Hyundai Marine Solutions, a subsidiary of HD Hyundai, has secured its first project to convert an aging LNG carrier into a Floating Storage Unit (FSU), according to industry sources on the 18th. The $30 million project, commissioned by a European shipping company, marks a significant milestone for the company since its establishment.
Samsung Heavy Industries is also eyeing the aging LNG carrier conversion market. The company is examining the feasibility of expanding its aftermarket business to include the repair and conversion of all types of vessels, including LNG carriers.
The interest in converting aging LNG carriers is driven by several factors. Natural gas is considered more environmentally friendly compared to oil or coal, and demand for LNG is expected to continue rising, particularly in developing countries.
Economic benefits
The economic benefits of conversions compared to new constructions are also compelling. While constructing a conventional LNG offshore plant typically takes about 3-4 years, converting an aging LNG carrier to an FSU can be completed in as little as one year.
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Source: Businesskorea
