Keppel Offshore & Marine’s (O&M) subsidiary Keppel Shipyard has finalised a $705m deal with Golar Gimi to convert a second Moss liquefied natural gas (LNG) carrier, the GIMI, into a floating liquefaction vessel (FLNGV).

The deal marks the exercise of the first of two options, which were part of an earlier firm contract awarded by Golar to Keppel Shipyard for the conversion of another Moss LNG carrier, the HILLI, into an FLNGV.

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Keppel O&M Marine and Technology managing director Michael Chia said: “This second contract comes just six months after the first contract and we are encouraged by this positive development.

“FLNGV conversion solutions are indeed the answer to a need to bring small and mid-scale liquefied natural gas supplies to market.”

“We, together with Golar LNG and our partner Black & Veatch, are confident that FLNGV conversion solutions are indeed the answer to a need to bring small and mid-scale liquefied natural gas supplies to market in a more timely and cost-efficient manner.”

The project will start after receipt of the notice to proceed and will take around 33 months to complete. The notice is expected to be issued by November, when Keppel Shipyard will begin undertaking full construction activities of the GIMI.

Orders for long-lead primary equipment such as gas turbines and cold boxes will be placed soon.

Under the contract, Keppel will provide the design, detailed engineering and procurement of the marine systems and all of the conversion-related construction services.

Keppel Shipyard will collaborate with Black & Veatch to deploy the latter’s PRICO technology for the liquefaction process.