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.