HD Hyundai Marine wins $30 mn LNG-FSU conversion deal

South Korea's HD Hyundai Marine Solution Co. secured its first project to convert a floating storage unit for liquefied natural gas (LNG-FSU).

HD Hyundai Marine Solution announced on Sunday that it signed a $30 million contract with a European shipping company for the LNG-FSU conversion.

This is the company's first contract since its launch in 2016, following a spin-off from HD Hyundai Heavy Industries.

The project involves converting an aging LNG carrier 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.

The vessel to be converted is a 138,000-cubic-meter LNG carrier built in Spain in 2004.

HD Hyundai Marine Solution will oversee the entire process, including design, procurement, construction, transportation, installation, and commissioning.

The conversion is expected to be completed in the first half of next year. Once converted, the LNG-FSU will be stationed in the Central American region, where will be supplied LNG to nearby thermal power plants.

Write to Woo-Sub Kim at duter@hankyung.com