courtesy Golar

Norway-based liquefied natural gas carrier Golar LNG has won two charters with Brazilian oil company Petrobras for the use of Golar Winter and Golar Spirit as floating LNG storage and re-gasification vessels.

The twin contract is believe worth $860 million.

Despite being a new business area, the Petrobras tender attracted fierce competition from rates-challenged LNG carriers. Golar said it won on its speculative decision to begin converting one vessel.

The Golar Spirit contract starts in spring 2008, and Golar Winter’s a year later. The ships will be modified to allow re-gasification of LNG prior to delivery to Petrobras and a 10-year contract that comes with a five-year option.

The contract duration for both vessels is 10 years with an option for Petrobras to extend for a further 5 years.

Golar and Moss Maritime are doing the redesign work, and fabrication awaits Keppel shipyard for at least one conversion.