Excelerate Energy and Gasgrid Finland Sign FSRU Charter Agreement

Rhea-AI Summary

Excelerate Energy (NYSE: EE) has signed a ten-year contract with Gasgrid Finland to charter a floating storage and regasification unit (FSRU) for supplying liquefied natural gas (LNG) to Finland, Estonia, and the broader Baltic Sea region. The FSRU ‘Exemplar’ has a capacity of 150,900 m³ and can provide over 5 billion cubic meters of regasification annually. This initiative supports European energy security and aims to diversify LNG supplies, aligning with climate objectives.

Positive

• Ten-year contract signed for a floating storage and regasification unit (FSRU) to enhance LNG supply security.
• FSRU ‘Exemplar’ can provide over 5 billion cubic meters of regasification capacity annually.
• Supports European energy security and diversifies LNG supplies in the Baltic Sea region.

Negative

• None.

Floating LNG Terminal will provide energy security and supply diversification to Finland while also serving more broadly the needs of the Baltic Sea region

HELSINKI, Finland--(BUSINESS WIRE)-- Excelerate Energy, Inc. (NYSE: EE) (“Excelerate”) and a subsidiary of Gasgrid Finland Oy (Gasgrid Finland) today signed a ten-year contract in Helsinki to charter a floating storage and regasification vessel (FSRU) that will provide flexible, reliable, and secure liquefied natural gas (LNG) to Finland, Estonia, and the Baltic Sea Region.

Excelerate Energy's FSRU Exemplar navigates the Panama Canal in July 2021 (Photo: Business Wire)

Excelerate President and CEO Steven Kobos, Gasgrid Finland CEO Olli Sipilä and Gasgrid Finland Chairman of the Board Kai-Petteri Purhonen signed the contract at the Government Palace in Helsinki in a ceremony also attended by Minister of Finance Annika Saarikko, Director-General for Energy Riku Huttunen, and U.S. Ambassador to Finland Douglas Hickey.

Under the time charter party agreement, Excelerate will deploy its FSRU Exemplar to provide regasification services in Southern Finland. The Exemplar has storage capacity of 150,900 m³ of LNG and can provide more than 5 billion cubic meters per year (bcm/y) of regasification capacity.

Per the cooperation agreement signed on May 4 by Gasgrid Finland and Estonia’s gas transmission operator Elering AS, the FSRU may be located in an Estonian port this winter if the port structures are not yet completed in Finland. The Governments of Finland and Estonia published a memorandum of understanding on April 29 agreeing to jointly lease an FSRU.

“Flexible access to LNG is a critical component of European energy security,” said Steven Kobos, President and Chief Executive Officer of Excelerate. “We are honored to collaborate with Gasgrid Finland to deliver essential energy infrastructure that will benefit Finland and more broadly the Baltic Sea region. As a leader in flexible LNG solutions, Excelerate is proud to support the goals of the U.S.-EU Task Force for Energy Security, which include diversifying LNG supplies in alignment with climate objectives."

Olli Sipilä, CEO of Gasgrid said, “We are glad that we were able to sign the agreement on such a fast schedule. It required the committed contribution of dozens of top professionals, for which I am very grateful. The project requires seamless cooperation between different actors as well in the future, and the project is progressing as planned. Leasing an LNG terminal vessel is extremely important, as it ensures security of supply for gas supplies in both Finland and Estonia. On the other hand, we see that there is a need for the terminal in the wider Baltic Sea region and it has been received with interest.”

About Excelerate Energy:

Excelerate Energy, Inc. is a U.S.-based LNG company located in The Woodlands, Texas. Founded in 2003 by George B. Kaiser, Excelerate is changing the way the world accesses cleaner forms of energy by providing integrated services along the LNG value chain with an objective of delivering rapid-to-market and reliable LNG solutions to customers. Excelerate offers a full range of flexible regasification services from FSRU to infrastructure development to LNG supply. Excelerate has offices in Abu Dhabi, Antwerp, Boston, Buenos Aires, Chattogram, Dhaka, Doha, Dubai, Manila, Rio de Janeiro, Singapore, and Washington, DC.

About Gasgrid Finland Oy:

Gasgrid Finland Oy is a Finnish state-owned company and transmission system operator with system responsibility. We offer our customers safe, reliable, and cost-efficient transmission of gases. We actively develop our transmission platform, services, and the gas market in a customer-oriented manner to promote the carbon-neutral energy and raw material system of the future. Find out more: www.gasgrid.fi/

View source version on businesswire.com: https://www.businesswire.com/news/home/20220519006055/en/

Excelerate Contacts

Investors

Craig Hicks

Excelerate Energy

Craig.Hicks@excelerateenergy.com

Media

Stephen Pettibone / Frances Jeter

Sard Verbinnen & Co

Excelerate-SVC@sardverb.com

or

media@excelerateenergy.com

Gasgrid Finland Contacts

Olli Sipilä, CEO, Gasgrid Finland Oy, +358 40 589 4686, olli.sipila@gasgrid.fi

Esa Hallivuori, Head of Gas market Unit, Gasgrid Finland Oy, +358 40 581 5027, esa.hallivuori@gasgrid.fi

Media inquiries:

Engela Gyldén, Gasgrid Finland Oy, +358 45 885 1008, engela.gylden@gasgrid.fi

Source: Excelerate Energy, Inc.

FAQ

What is the recent contract signed by Excelerate Energy (EE) about?

Excelerate Energy has signed a ten-year contract to charter a floating storage and regasification unit (FSRU) to supply LNG to Finland, Estonia, and the Baltic Sea region.

How much regasification capacity does the FSRU Exemplar have?

The FSRU Exemplar has a regasification capacity of over 5 billion cubic meters per year.

When was the contract for the floating LNG terminal signed?

The contract was signed recently in Helsinki, Finland.

Who are the partners in the floating LNG terminal project?

The project is a collaboration between Excelerate Energy and Gasgrid Finland.