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Stena increases LNG involvement

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Stena has acquired a 75% stake in 7 Seas LNG & Power AS.

The company is now part of the Northern Marine Group (NMG) under a new operating name of Stena Power & LNG Solutions AS.

Based in Grimstad, Norway, Stena Power & LNG Solutions will offer the proprietary Jetty-Less LNG to power solutions, built on flexible commercial structures.

The new company will offer turnkey deliveries of its patented LNG and power technology, including complete technical management.

Svein Hellesmark, founder of 7 Seas LNG & Power, and CTO of Stena Power & LNG Solutions, said: “We are very pleased with the partnership and the strength and credibility that Stena is bringing to our company, including its technical and operational experience in LNG.

“During our discussions with key interested clients over the last years, it had become clear that the Jetty-Less solutions would be even more attractive to our customers if the solutions could be offered on a turnkey or lease structure.”

“The alliance with Stena will indeed form a unique platform for such new attractive commercial offerings. We firmly believe that our technology – combined with the new flexible commercial structure – will add value to our key clients,” he said.

Philip Fullerton, Managing Director, Northern Marine Group, said “We continue to invest in new technology within the LNG space. This investment supplements our innovative small-scale LNG designs developed by our subsidiary Tritec Marine.

“Our overall offering to the LNG space, whether through new building support, shipmanagement, concept designs and now Jetty-Less solutions, places us in a unique position,” he said.

Göran Hermansson, General Manager Stena LNG and board member, added: “We are very excited about the Jetty-Less LNG to power technology for two main reasons.

“First, it offers significant CAPEX savings, and with a low LNG price, a competitive value chain could be an enabler for new projects. Second, a Jetty-Less solution also offers a reduced environmental footprint in comparison to fixed infrastructure. In addition, the technology is proven, quick to deploy, modular and scalable, so it works for mid/small scale LNG as well,” he concluded.