EXMAR makes an important move in the LNG market, entering into an agreement with the newly-formed company Excelerate Energy of the US to co-develop LNG vessels capable of regasification at sea.
The turmoil in the US Energy market at the end of 2001 following the events of September 11th and the collapse of the energy giant Enron, the exit by EXMAR’s partner El Paso from the LNG business and the restructuring of EXMAR’s joint venture with MOL led to the signing in December of an agreement with the newly formed US company Excelerate Energy. This included the chartering of the newbuild DSME Hull No 2208 EXCELSIOR and Excelerate Energy’s takeover of the shipbuilding contract of DSME Hull No 2218 EXCELLENCE. Both these vessels were to be equipped with the world’s first marine regasification plants on LNG carriers. Developed subsequently by EXMAR and Excelerate Energy in collaboration with Korean shipbuilder DSME , the EnergyBridgeTM system would revolutionise LNG Carrier operations three years later with the delivery of the EXCELSIOR.