King & Spalding represented BW LNG on its agreement for the sale to Italian company Snam of 100% of the share capital of FSRU I Limited. At closing, FSRU I Limited will own the BW Singapore, a floating storage and regasification unit (FSRU), with a maximum storage capacity of approximately 170,000 cubic metres of LNG (liquefied natural gas) and a nominal continuous regasification capacity of approximately 5 billion cubic metres per year.
The FSRU, which is currently bound by a charter agreement with a third party until November 2023, is expected to be installed in the upper Adriatic Sea, close to the coast of Ravenna.
The deal is part of Italy’s strategy for more energy security and diversification. Further details can be found here.