Singapore’s Sembcorp Marine (SGX: S51) has been awarded master service agreements for the engineering, conversion, topside fabrication and integration of two Sevan cylindrical drilling vessels into floating LNG facilities for US-based New Fortress Energy (NASDAQ:NFE).
New Fortress Energy said it is ready to advance plans for a new LNG terminal offshore Sri Lanka after a legal challenge against the project was dismissed by the country’s Supreme Court.
The government of Sri Lanka is seeking to attract “top international” investors and revive exploration in the country’s under-explored deep waters as it seeks to shift the island towards a gas-based economy. Significantly, it is looking for help appraising and developing two potentially large gas discoveries.
Sri Lanka will forge ahead with plans to import liquefied natural gas (LNG) in the next few years, even as a global supply crunch sends prices of the fuel soaring.
New Fortress Energy has finalised a contract with the government of Sri Lanka that gives it the rights to develop a new liquefied natural gas (LNG) import terminal off the coast of Colombo that is expected to start up in 2023.
New Fortress Energy has taken a final investment decision (FID) on its Fast LNG plan.