South Korea’s HD Hyundai Marine Solutions, HD Hyundai’s comprehensive marine solutions arm, has been hired by an undisclosed European shipping player to undertake its first conversion of a liquefied natural gas (LNG) carrier into a floating LNG storage unit (LNG FSU).
HD Hyundai Marine Solutions’ new contract award, worth $30 million, will enable the firm to carry out the work of converting a 138,000-cubic-meter (cbm) LNG carrier built in Spain in 2004 into an LNG FSU. The firm will be in charge of carrying out the entire construction process, including design, purchase, production, transportation, installation, and test operations in a turnkey manner, which is seen as a way to maximize profitability.