Snam acquired from Golar Lng, a liquefied gas infrastructure company, the storage and regasification vessel Golar Tundra. The value of the transaction is about 330 million euro. The Italian company communicates it in a note, specifying that the board of directors gave the go-ahead on 30 May.
“With the purchase of the Golar Tundra – commented the CEO of Snam, Stefano Venier – Snam is taking a decisive step towards promoting greater security and diversification of Italy's energy supplies. The role of the new FSRU for the benefit of the country will be essential: alone it will be able to contribute to about 6,5% of the national requirement, bringing the Italian regasification capacity to over 25% of demand. Snam continues to work looking for a second Fsru of similar size, on which one is currently underway exclusive negotiation which is expected to be completed by the end of June".
The Golar Tundra "can operate both as a LNG tanker for the transport of liquefied natural gas (LNG) - specifies the note - and as an FSRU", i.e. as a floating storage and regasification unit (Floating storage and regasification units). Built in 2015, “the ship has a storage capacity of approximately 170.000 cubic meters of liquefied natural gas and a continuous regasification capacity of 5 billion cubic meters per year. The FSRU, in order to ensure the maximization of the use of the regasification capacity, will be located in a town in central-northern Italy close to the points of greatest gas consumption”.
Snam expects that the new ship will be able to become operational during the spring of 2023, after "the conclusion of the authorization and regulatory process and the completion of the works necessary for the connection" to the transport network.
In detail, Snam has acquired 100% of the share capital of Golar LNG NB 13 Corporation, which owns the "Golar Tundra" as its sole asset. The transaction follows a due diligence on the company and on the ship itself.
The agreement also provides that Golar LNG rents Golar Tundra from Snam against a fee, using it as an LNG carrier for a limited period of time, and assists Snam in the preparatory work for the installation of the vessel in the selected port.
"The acquisition, the closing of which is simultaneous with the signing of the contract, will be financed by Snam with its own resources - concludes the note - In the coming months, Snam will also start the activities for the contractualization of the LNG regasification capacity which will gradually become available with the start-up of Golar Tundra as a FSRU, expected during the spring of 2023”.
