Italy’s Snam has struck a deal with BW LNG to acquire for around $400 million 100% of the share capital of FSRU 1 which, on closing, will own the BW Singapore floating storage and regasification vessel as its sole asset.

The 2015-built BW Singapore has storage capacity of about 170,000 cubic metres of liquefied natural gas and a nominal continuous regasification capacity of about 5 billion cubic metres per annum.

The vessel was built by Samsung Heavy Industries and to date has been deployed as an FSRU, though it can also operate as an LNG carrier.