HD Hyundai Marine Solutions wins first FSU conversion contract

The 170,000-cubic-meter LNG-FSRU built by Hyundai Heavy Industries Co. and delivered in 2020. [Courtesy of Hyundai Heavy Industries Co.]

HD Hyundai Marine Solution Co. was awarded a contract to convert liquefied natural gas (LNG) ships to floating storage unit (FSU). This is the first FSU project the Seoul-based marine services provider has secured since its inception in 2016 as part of the company’s significant expansion toward the ship conversion sector.

The company said on Sunday it signed a contract with a European-based shipping company to convert an old LNG carrier into a floating LNG gas storage unit, along with operating and maintaining the FSU.

FSUs, deployed at a specific location at sea, receive LNG from LNG carriers and deliver it to onshore power plants and storage facilities as required. The contract involves converting a 138,000-cubic-meter LNG carrier, originally built in Spain in 2004. The conversion is scheduled to be completed in the first half of 2025.