Mayer Brown advised Höegh LNG, which provides maritime transportation and storage of liquid natural gas (LNG), on the long-term charter and operation and service agreements for a floating storage regasification unit (FSRU).
Höegh LNG has agreed to receive, store and regasify LNG to supply natural gas, as well as provide other FSRU operations and services, to a subsidiary of New Fortress Energy Inc. for a term of 10 years.
The FSRU, which is scheduled to begin operations in the final quarter of 2021, will be deployed at the Old Harbour Bay in Jamaica.
"This is a fantastic achievement for Höegh LNG, and we were very pleased to support the team on the successful conclusion on the agreements with New Fortress Energy,” said Mayer Brown LNG practice leader for Asia Nick Kouvaritakis. “This transaction cements Höegh LNG‘s position as a market leading FSRU provider, and we are optimistic the FSRU market will continue to grow as a number of developing economies look to utilise FSRUs as a solution to meet rising energy demands in the post COVID-19 environment."
The Mayer Brown team was led by Singapore partner Nick Kouvaritakis and included Houston partner Thomas Moore, and Singapore counsel Sean Prior and associates Shi Ning Ong and Kieran McLaughlin.