Excelerate Energy and Maran Gas Maritime Execute Agreement for FSRU

THE WOODLANDS, Texas, Sept. 30, 2019 /PRNewswire/ -- Excelerate Energy L.P. (Excelerate) and Maran Gas Maritime Inc. (MGM) have signed a five-year bareboat charter agreement (BBC) for the floating storage regasification unit (FSRU) Hull 2477. During the five-year BBC Excelerate will have the option to purchase Hull 2477. MGM is currently building Hull 2477 at Daewoo Shipbuilding and Marine Engineering (DSME) shipyard and is scheduled for delivery in April 2020, when the BBC will start. The vessel will have a storage capacity of 173,400 m(3) and will be capable of operating as both an FSRU and a fully tradable LNG carrier.

Hull 2477 will join Excelerate's existing fleet of nine FSRUs, all built by DSME, and will serve Excelerate's portfolio of regasification customers. Excelerate Technical Management, a wholly-owned subsidiary of Excelerate, will provide ship management for the vessel.

Excelerate's owner George B. Kaiser stated, "We are pleased for Excelerate to enter into this transaction with MGM, a leading provider in LNG world shipping. MGM's growing fleet is a testament to John Angelicoussis' vision and commitment to the LNG industry."

MGM's owner John Angelicoussis stated, "We believe this transaction leverages the strengths of both our companies. Excelerate are market leaders in the FSRU space and we are delighted to have this opportunity to collaborate thereby securing a productive future for this state-of-the-art FSRU."

Mr. Angelicoussis and Excelerate Managing Director and President Steven Kobos were present for the signing of the agreement.

Photo: From left to right, MGM owner John Angelicoussis and Excelerate Managing Director and President Steven Kobos sign the agreement.

About Excelerate Energy L.P.

Excelerate Energy L.P. is a U.S.-based LNG company located in The Woodlands, Texas. Excelerate is owned by George B. Kaiser and is part of his energy group that also includes Kaiser Francis Oil Company, an E&P company with production in the U.S. and Canada along with significant midstream assets, and Cactus Drilling Company, the largest private contract drilling company in the United States. Excelerate is the pioneer and market leader in innovative floating LNG solutions, providing integrated services along the entire LNG value chain with an objective of delivering rapid-to-market and reliable LNG solutions to customers. Excelerate offers a full range of floating regasification services from FSRU to infrastructure development to LNG supply. Excelerate has offices in Abu Dhabi, Buenos Aires, Chittagong, Dhaka, Doha, Dubai, Rio de Janeiro, Salem, Singapore, and Washington, DC.

About Maran Gas Maritime Inc.

Maran Gas Maritime Inc. is the LNG ship operating company of the Angelicoussis Group (AG). AG is a large, privately held shipping group with over 140 vessels, comprised of dry-bulk carriers, oil tankers and LNG vessels. AG is headquartered in Athens, Greece with offices in London, Singapore, Manila and a Site Office at DSME shipyard. Maran Gas Maritime Inc. was formed in 2003 and took delivery of its first LNG vessel in 2005. Since then the fleet has grown to 30 vessels in operation with 14 more on order, including this FSRU, making it one of the largest LNG shipping companies in the world with a number of its vessels on charter to leading gas majors.

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SOURCE Excelerate Energy L.P.