FSRU hull starts taking shape with keel-laying milestone out of the way (Gallery)

A keel-laying ceremony has been held for a newbuild floating storage regasification unit (FSRU), owned by the U.S.-based Excelerate Energy, a liquefied natural gas (LNG) giant with a full range of flexible regasification services, spanning from FSRUs to infrastructure development and LNG supply.

Excelerate underlines the on-schedule completion of the keel-laying undertaking for its newbuild FSRU, Hull 3407, which is the newest addition to the firm’s fleet. The unit is expected to play an integral role in the company’s continuing efforts to provide flexible LNG solutions to emerging markets across the globe.

The keel-laying step marks the beginning of the assembly of the ship’s hull, which the U.S. player anticipated to come together over the next four months and be ready for launch this June. As assembly progresses and Hull 3407 comes to life, the firm believes this unit will represent the next generation of FSRUs.

The vessel, which is being designed and built by HD Hyundai Heavy Industries, is slated to be delivered in June 2026, after thorough testing and trials. With a storage capacity of 170,000 cbm, Hull 3407 will be capable of delivering around 1 billion cubic feet per day of natural gas.

At the end of February 2025, Excelerate confirmed its commitment to pursue strategic investments in LNG import terminals and complementary downstream infrastructure, emphasizing that its fleet growth would benefit from the tight supply/demand balance for FSRUs and the focus on energy security.

Steven Kobos, President and Chief Executive Officer of Excelerate, stated: “Our continued success, driven largely by the performance of our core regasification business, has positioned us as the industry leader in FSRUs and downstream LNG infrastructure. As a U.S. LNG company with a global presence, we remain well positioned to connect growing global LNG supply to attractive demand centers around the world.

“In 2025, we will continue to focus on expanding our fleet, optimizing our LNG supply portfolio, and pursuing strategic investments in both FSRU-based import terminals and downstream LNG infrastructure. We are committed to executing our growth strategy, and we look forward to announcing key initiatives that will drive value creation for our shareholders in the near and mid-term.”

The U.S. firm expects its adjusted EBITDA to range between $340 million and $360 million for the full year 2025, with the maintenance capex between $60 million and $70 million and committed growth capital between $65 million and $75 million.

Wärtsilä revealed in September 2024 that it would supply its reliquefaction systems for retrofit installation onboard Excelerate Energy’s FSRU, enabling the Texas-headquartered player to clean up its greenhouse gas (GHG) emissions reduction act by improving the environmental footprint of its floating gas vessels’ operations.