GLNG - Snam and Golar LNG sign contract for an FSRU to supply Sardinia with energy

Snam (OTCPK:SNMRF) and Golar LNG Limited (NASDAQ:GLNG) inks a contract of €269M through which latter will deliver the existing LNG Carrier "Golar Arctic" as a floating storage and regasification unit that former will install in the port area of Portovesme, in Sardinia, as part of a project to supply the island with energy. The contract includes the vessel and the capex for Golar to convert the Golar Arctic into an FSRU with storage capacity for up to 140K cubic meters. In addition to the full conversion of the vessel, the FSRU will be sold to the Snam Group. The conversion is expected to take about two years for the Golar Arctic to be delivered.

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Snam and Golar LNG sign contract for an FSRU to supply Sardinia with energy