Excelerate locks away FSRU to Petrobras on 10-year deal

New York-listed floating regasification specialist Excelerate Energy has secured a 10-year charter deal from Brazil’s Petrobras for the FSRU Sequoia.

The agreement, effective January 1, 2024, will see the Texas-headquartered Excelerate continue to deploy the 2020-built unit to provide regasification services in Brazil at the Bahia regasification terminal in Salvador.

Excelerate has provided regasification services in Brazil at Petrobras’s LNG import terminals since 2012. In addition to the Sequoia, the company has FSRU Experience working in Brazil.

“Brazil is an excellent market. This agreement is an important step in furthering Excelerate’s long-term sustainable growth plan in South America,” said Steven Kobos, president and CEO of Excelerate. “Deploying the Sequoia for 10 more years will position Excelerate well to support Brazil’s efforts to strengthen its energy security. We have been a reliable partner to Petrobras for more than a decade, and we are committed to maintaining that partnership and supporting the energy transition for all Brazilians.”

The Daewoo Shipbuilding and Marine Engineering (DSME)-built Sequoia has a storage capacity of 173,400 cu m and is capable of operating as both an FSRU and a fully tradable LNG carrier. The vessel was first delivered on a bareboat charter to Excelerate from Greece’s Maran Gas and then bought in April this year in a deal worth $265m.