Following the signing on 6 July 2022, Snam and BW LNG finalised the acquisition by Snam Group of 100% of the share capital of FSRU I Limited, which owns the Floating, Storage and Regasification Unit (FSRU) "BW Singapore", for a total consideration of approximately 400 million dollars (around 367 million euros).

The BW Singapore can operate both as an LNG carrier and as an FSRU. The ship was built in 2015 and has a storage capacity of about 170,000 cubic metres of liquefied natural gas and a regasification capacity of about 5 billion cubic metres per year.

To maximise its regasification capacity, the FSRU will be located off the coast of Ravenna, around 8 kilometres away from the Punta Marina area. The FSRU is expected to start operations in 2025, after concluding the related permitting and regulatory process and finalizing the necessary works for mooring and connecting it to the transportation network, which have already started.

Snam CEO Stefano Venier said: "By finalising the BW Singapore acquisition, Snam takes another important step towards ensuring energy security and diversification of Italy's energy supplies, in a challenging and constantly evolving global context. Together with the Golar Tundra, which started its operations in Piombino in July 2023, the two FSRUs will increase the country's total regasification capacity from the current 25% to around 40% of the overall natural gas demand”.

BW LNG CEO Yngvil Åsheim said: “We are delighted to collaborate with Snam to strengthen Italy’s energy security and diversify Europe’s gas infrastructure through the FSRU BW Singapore. We are also pleased to support Snam with all ship management and modification works necessary for allowing the vessel to start operations in Italian waters. At BW LNG, we are committed to the development of floating LNG infrastructure solutions, as the world moves towards a low carbon society and countries look for sustainable, affordable, and reliable energy.”

In the coming months, Snam will also start activities for contracting the LNG regasification capacity that will gradually become available with the FSRU operations start, expected in 2025

About Snam

Snam is one of the world’s leading energy infrastructure operators and ranks among Italy’s largest listed companies, by market capitalization. Through a sustainable and technologically advanced network, Snam guarantees the security of supply and is a key enabler in the energy transition. Through its international footprint Snam operates in Albania (AGSCo), Austria (TAG, GCA), France (Teréga), Greece (DESFA), Italy, UAE (ADNOC Gas Pipelines) and UK (Interconnector UK) and has recently started activities in China and India. Snam is also one of the leading shareholders in TAP (Trans Adriatic Pipeline).

Since 2001 Snam is a public company, listed in the FTSE MIB index of the Italian Stock Exchange.

About BW LNG

BW LNG creates floating solutions for LNG to support progress towards a low-carbon society.
The world urgently needs to move to a low carbon society. LNG is a part of the solution, and BW LNG creates floating solutions for LNG to support this development.

We are a global company with over 40 years of experience owning and operating LNG assets from offices around the world. After an expansion in the early 2000s which secured us a number of longer-term charters, we now own a fleet of over 30 LNG carriers and Floating Storage and Regasification Units.

We strive to be a true long-term partner for responsible growth, delivering a positive impact for our customers, our communities, our planet, and ourselves, beyond providing competitive solutions for our clients’ gas infrastructure and shipping needs.