Lee Ki-dong (R), CEO of HD Hyundai Global Service Co., and Richard Tyrrell, CEO of CoolCo., shake hands during contract signing ceremony on June, 6, 2023, in this photo provided by HD Hyundai Global Service.
SEOUL, June 9 (Korea Bizwire) — South Korean ship service provider HD Hyundai Global Service Co. said Friday it has bagged a US$50 million order for the re-liquefaction of liquefied natural gas (LNG) carriers from a Norwegian shipper.
The deal calls for installing re-liquefaction systems on five LNG vessels operated by Cool Company Ltd., also known as CoolCo, said HD Hyundai Global Service Co., a unit of the shipbuilding, oil refining and machinery conglomerate HD Hyundai.
HD Hyundai Global Service said it will be in charge of the whole process from designing re-liquefaction units to installing them on the LNG vessels.
It represents the first LNG carrier re-liquefaction order ever clinched by a South Korean company, it added.
LNG is usually stored and transported in insulated tanks loaded on vessels as a cryogenic liquid, but a small amount of warming occurs, causing the LNG cargo to evaporate as it reaches its boiling point, a phenomenon called boil-off.
The boil-off gas (BOG) is spent as fuel, emitted into the atmosphere or otherwise forced to be burnt to keep cargo tank pressure steady, resulting in greenhouse gas emissions,
HD Hyundai Global Service said its re-liquefaction system provides a solution to liquefy the BOG and return it back to cargo tanks, helping reduce LNG cargo loss and carbon dioxide emissions.
CoolCo expected the re-liquefaction project to result in an annual reduction of 7,000 tons in carbon emissions per vessel.
HD Hyundai Global Service said it will step up efforts to obtain more orders as some 100 LNG carriers without re-liquefaction systems currently operate across the world.
(Yonhap)
