Walvis Bay GasPort FSRU Feasibility Report XARIS Feasibility... · Walvis Bay GasPort FSRU...

Walvis Bay GasPort FSRU Feasibility Report

XARIS

Confidential Information

Document No.: WBGP-FR-001 Submission Date: 2 January 2014

Confidential & Non-Binding of 38

Document No.: WBGP-FR-001

Submission Date: 2 January 2014

Neither this report nor the materials submitted with it constitute an offer to provide any good or service, to enter into a contract to provide any good or service or a binding commitment, offer or indication of terms. The making of any such offer or the creation of any contractual or other obligation binding on Excelerate Energy Limited Partnership (“Excelerate”) shall be effected only through a definitive written agreement approved by the Supervisory Board of Excelerate. Although Excelerate has made a reasonable effort to ensure the accuracy of information contained in this document, it makes no representation or warranty concerning the completeness, accuracy or timeliness of any such information. Any such representation or warranty would only be made by Excelerate in a definitive written agreement approved by the Supervisory Board of Excelerate. In addition, certain information contained in this report represent estimates, forecasts, projections, expectations, beliefs or similar expressions (collectively, “estimates”). These estimates are subject to known and unknown risks, uncertainties and other factors which could cause actual results, performance or achievements to differ from the estimates, and Excelerate makes no representation or warranty concerning any such estimate.




Table of Contents 1.0 EXCELERATE’S OVERVIEW ................................................................................................................................ 4

1.1 Excelerate Energy L.P. (“Excelerate”) ........................................................................................................... 4

1.2 Excelerate Past Project Details ..................................................................................................................... 6

1.3 Operating Experience ................................................................................................................................. 22

1.3.1 Ship to Ship Transfer .............................................................................................................................. 22

1.3.2 Terminal/Vessel Operations .................................................................................................................. 23

2.0 FSRU TECHNICAL CHARACTERISTICS .............................................................................................................. 24

2.1 FSRU Fleet Characteristics .......................................................................................................................... 24

2.2 LNG Containment System .......................................................................................................................... 25

2.3 Description of Vaporizers and Regasification System ................................................................................ 25

2.3.1 Vaporization Modes ............................................................................................................................... 25

2.3.2 LNG Regasification Process .................................................................................................................... 25

2.3.3 High Pressure Gas Delivery .................................................................................................................... 27

2.3.4 Operation and Control of the Regasification System ............................................................................ 28

2.3.5 Baseload Regasification Rates ............................................................................................................... 29

2.3.6 Delivery Rates during LNG Loading Normal Operations ........................................................................ 29

2.4 Boil-Off Gas (“BOG”) Overview .................................................................................................................. 30

2.4.1 BOG Rate ................................................................................................................................................ 30

2.4.2 BOG Management ................................................................................................................................. 30

2.4.3 BOG Generation/Consumption .............................................................................................................. 30

2.5 Expected Hull Maintenance Intervals ........................................................................................................ 31

2.6 Anticipated FSRU Availability ..................................................................................................................... 31

3.0 PROJECT BACKGROUND ................................................................................................................................. 32

3.1 Walvis Bay FSRU Project............................................................................................................................. 32

3.2 Site Access and Location Overview ............................................................................................................ 32

3.3 High Pressure Gas Delivery and LNG Transfer ........................................................................................... 35

3.4 STS LNG Transfer and Flexible Cryogenic Hoses ........................................................................................ 37

3.5 Metocean conditions ................................................................................................................................. 37

3.6 Water Quality and Temperature ................................................................................................................ 37

3.7 Local Permits and Regulations ................................................................................................................... 37

4.0 APPENDICES .................................................................................................................................................... 38




1.0 EXCELERATE’S OVERVIEW

1.1 Excelerate Energy L.P. (“Excelerate”)

Excelerate is a provider of liquefied natural gas (LNG) storage and regasification services, an importer of LNG, and a

developer of unique market access points around the world (Figure 1). In 2001, Excelerate placed the first shipyard

order to incorporate regasification equipment into the design of a new type of LNG vessel that would be referred

to as Energy Bridge Floating Storage Regasification Unit (“FSRU”). As of 2013, Excelerate operates a fleet of eight

purpose-built FSRUs, three with an LNG cargo capacity of 138,000m³ and five with a capacity of 150,900m³.

Excelerate has also taken the conventional LNG carrier (“LNGC”) Excalibur under long term charter to support our

global efforts and is currently developing the largest FSRU in the industry for Petrobras in Guanabara Bay,

expected to enter into service May 2014. This FSRU will have storage capacity of 173,400m3 and installed

regasification capacity of 24 MMSm3/day.

Figure 1: Excelerate Presence

Since taking delivery of the first FSRU in January 2005, Excelerate has been at the forefront of technical innovation

in the LNG industry, achieving several ‘World Firsts’ in the process. These include Excelerate being the first




company in the world to design, build, and operate offshore and dockside LNG regasification terminals

(Gateways™ and GasPorts® respectively). In addition, Excelerate was the first to utilize its own fleet of LNG

regasification vessels to service these facilities, and the first in the industry in developing STS LNG transfer

capabilities to maximize the efficiency of our fleet.

Figure 2: Company History

Excelerate developed, owns and operates one offshore LNG regasification terminal, Northeast Gateway® (NEG)

Deepwater Port in Massachusetts, as well as the Teesside GasPort (TGP) dockside regasification terminal at

Teesside in the UK. Internationally, Excelerate developed, operates, and provides LNG storage and regasification

services at three GasPorts, the Bahia Blanca (BBGP) and GNL Escobar (GNLE) GasPorts in Argentina and at the Mina

Al Ahmadi GasPort (MAAGP) in Kuwait; additionally Excelerate is also providing floating storage and regasification

service off the coast of Israel in a Gateway type facility.

In the course of developing and operating these terminals, Excelerate has amassed a highly experienced group of

project management and operations professionals to design, permit, construct, commission, and operate the port

facilities and associated vessels. Excelerate brings this experience, as well as excellent long standing relationships

with critical equipment manufacturers, design consultants, installation contractors, and operations and

maintenance contractors to each project we develop.

With eight FSRUs currently in service and one under construction, Excelerate is the unquestioned world leader in

floating offshore and dockside regasification solutions. This, in conjunction with unique design, construction and

operational experience derived from the completion of six such facilities worldwide, leaves Excelerate uniquely

suited to manage the challenges involved with the timely implementation and safe, efficient operation of LNG

importation infrastructure. Furthermore, Excelerate’s global reputation for utilizing available local resources in the

development of our terminals will allow the seamless integration of many qualified local businesses and personnel.

“Israel’s First LNG Importation

Facility” Hadera Gateway

Commissioned

“World’s First Commercial

LNG Ship-to-Ship Transfer”

February 2007

“World’s First Regas Vessel”

Excelsior Delivered

January 2005

ExcelerateEnergy

Formed

July 2003

“First LNG Facility on the US East Coast in 30

Years” Northeast Gateway Commissioned

May 2008

“World’s First Deepwater LNG

Port” Gulf Gateway

Commissioned

March 2005

“100th Ship-to-Ship Transfer of LNG”

Over 12,600,000 m3

of LNG transferred

April 2011

“World’s First At-the-Dock

LNG STS Transfer”Bahía Blanca

GasPort

June 2008

“Middle East’s First LNG Importation Facility”

Mina Al Ahmadi GasPort

Commissioned

August 2009

“Argentina’s Second LNG Importation

Facility” Escobar GasPort Commissioned

June 2011

“World’s Largest FSRU”

VT3*Contract Executed

August 2011

“South America’s First LNG Import Facility”

Bahía BlancaGasPort Commissioned

June 2008

“World’s First GasPort”

Teesside GasPortCompleted

February 2007

“15-year FSRU / FSU for Emirates

LNG”Abu Dhabi*

Contract Awarded

December 2012 January2013




1.2 Excelerate Past Project Details

Excelerate has developed eight LNG regasification vessels, six floating LNG importation terminals and currently has

one new project specific vessel under construction. Each of these unique projects include mooring systems,

transfer systems, pipelines and receiving facilities as part of the project. An overview of each of these projects is

described in the following pages:

Project Energy Bridge Regasification Vessels

Excelerate developed and has taken delivery of eight new build FSRUs. Excelerate’s

FSRUs operate across the world to facilitate our trading activities. In addition,

Excelerate provides LNG storage and regasification services for third parties utilizing

the FSRUs currently operating in its fleet.

Contract Type (Lump Sum

Design and Build,

others...)

Lump sum

Scope of Work As the owner of the project Excelerate was directly responsible for the execution of

the project.

Work Site(s) Daewoo Shipbuilding & Marine Engineering

Geoje Island

Okpo, South Korea

Award Value The eight vessels were ordered at different times and therefore the values of the

contracts differ. Typical contract values were between US$250 million and US$300

million.

Procurement Value As above

Total Storage Capacity Three (3)Vessels – 138,000m3; Five (5) Vessels – 151,000m

3

Award Date Various dates between 2003 and 2008

Project Duration in Years Various, typically 2 to 3 years.

Progress Percentage of

Work and Cost (for on

going project)

No ongoing vessel contracts. Excelerate took delivery of its eighth FSRU in September

2010.

Completion date Various dates between 2005 and 2010.




Figure 3: FSRU Excelsior




Project Gulf Gateway Energy Bridge – Gulf of Mexico

GGEB was located 116 miles offshore Louisiana in the Gulf of Mexico, and developed

by Excelerate for its own trading activities. GGEB was owned by Excelerate and

provided the company with access to the highly liquid Henry Hub Market.


Design and Build,

others...)

Project consisted of multiple design, fabrication and installation contracts all managed

by Excelerate.

Scope of Work GGEB consisted of a submerged turret loading (STL) buoy, provided by Advanced

Production and Loading, and a metering platform that provided connection to

multiple downstream pipelines.

As the owner of the project, Excelerate was directly responsible for the execution of

the project. Excelerate acted as the project manager from the concept through FEED

stage and directly contracted for all outside engineering, detail design, fabrication and

logistics services. Additionally, Excelerate’s project group undertook all procurement

of Owners Furnished Equipment, contracted for all offshore installation services, and

directly managed all aspects from concept to commissioning.

Work Site(s) Various fabrication sites. Installation site in Gulf of Mexico, USA

Award Value US$80 million

Procurement Value US$80 million

Total Project Man-hours 215,000

Award Date October 2003 (Concept development), October 2004 (Construction commenced)

Project Duration in

Months 24 months

In-service date/Status March 2005/ Decommissioned Spring 2012




Project Northeast Gateway – Massachusetts Bay, Boston, USA

NEG located 13 miles offshore Boston, USA, was developed by Excelerate for its own

trading activities. NEG is owned by Excelerate and provides the company with access

to the Northeast US markets.


Design and Build,

others...)


by Excelerate.

Scope of Work NEG consists of two STL buoys and approximately 16 miles of subsea pipeline

connecting into the existing HubLine pipeline.

As the owner of the project, Excelerate was directly responsible for the execution of

the project. Excelerate acted as the project manager from the concept through FEED

stage and directly contracted for all outside engineering, detail design, fabrication and

logistics services. Additionally, Excelerate’s project group undertook all procurement

of Owners Furnished Equipment, contracted for all offshore installation services, and

directly managed all aspects from concept to commissioning. Excelerate currently

manages, operates and maintains the facility and utilizes its FSRUs to supply gas at the

facility.

Work Site(s) Various fabrication sites. Installation site in Massachusetts Bay, USA




Award Date September 2006 (Concept development), June 2007 (Construction commenced)

Project Duration in

Months 24 months

In-service date/Status December 2007/Active




Project Teesside GasPort – Teesside, UK

TGP is in northeast England and was developed by Excelerate for its own trading

activities. TGP is owned by Excelerate and provides the company with access to the

UK NBP market.


Design and Build,

others...)


by Excelerate..

Scope of Work TGP includes a jetty-mounted articulated high pressure gas offloading arm, an onshore

metering system and a nitrogen injection facility. The scope of work included the

upgrading and modification of an existing jetty to allow GasPort operations.

As the owner of the project, Excelerate acted as the project manager from the concept

through FEED stage and directly contracted for all outside engineering, detail design,

fabrication and logistics services relating to the jetty, onshore receiving facility and

onshore pipeline. In addition to the above, Excelerate’s project group undertook all

procurement of Owners Furnished Equipment, contracted for all offshore installation

services, and directly managed all aspects from concept to commissioning. Excelerate

currently manages, operates and maintains the facility and utilizes its FSRUs to supply

gas at the facility.

Work Site(s) Various fabrication sites. Installation site in Teesside, UK




Award Date February 2006 (Concept development), August 2006 (Construction commenced)

Project Duration in

Months 12 months

In-service date/Status Feb 2007/Active




Figure 4: Teesside GasPort




Project Bahia Blanca GasPort – Bahia Blanca, Argentina

Client: Repsol-YPF


Design and Build,

others...)

Owner’s Engineer

LNG Storage and Regasification Services

Scope of Work As the project developer, Excelerate was responsible for concept development,

engineering, procurement, construction and commissioning of the facility and directly

contracted for all outside engineering, detail design, fabrication and logistics services.

Excelerate currently provides management services at the facility.

Excelerate’s responsibilities included the floating terminal, onshore receiving facility

and onshore pipeline engineering, design, procurement, construction and

commissioning. Excelerate contracted with Mouchel Parkman for the engineering and

design of the onshore facilities. The Installation and construction was completed by

Repsol-YPF.

Excelerate utilizes its FSRUs to provide LNG storage and regasification services at the

terminal.

Work Site(s) Various fabrication sites. Installation site at Bahia Blanca, Argentina

Award Value US$35 million (Does not include LNG storage and regasification costs)

Procurement Value US$35 million (Does not include LNG storage and regasification costs)


Award Date March 2008 (Contract Award), June 2007 (Concept Development)

Project Duration in

Months

11 months

In-service date/Status May 2008/Active

Customer contact Information

David Tezanos Macacha Guemes 515, piso 24 Puerto Madero, Buenos Aires C1106BKK, Argentina Telephone Number : +54 11 5441 3964




Figure 5: Bahia Blanca




Project Mina Al Ahmadi GasPort – Mina Al Ahmadi, Kuwait

Client: Kuwait National Petroleum Company


Design and Build,

others...)

Excelerate acted as the EPC contractor for the project. All EPC costs from

subcontractors were passed through to the client on a cost plus basis.

Scope of Work As the EPC contractor for the project, Excelerate was responsible for all engineering,

procurement, construction, commissioning and project management activities.

Excelerate managed all outside engineering, detail design, fabrication, and logistics

services through its subcontractors. Excelerate directed all aspects of the project from

conceptual design, detailed design, mechanical, Civil, and E&I construction, through to

commissioning. Excelerate currently operates the facility.

Excelerate’s responsibilities included the floating terminal, onshore receiving facility

and onshore pipeline engineering, design, procurement, construction and

commissioning. Excelerate contracted with Mouchel Parkman and Hyundai for the

engineering and design of the onshore facilities. Installation and construction

contractors included Hyundai and H.O.T Contractors.

Excelerate utilizes its FSRUs to provide LNG storage and regasification services at the

terminal.

Work Site(s) Various fabrication sites. Installation site at Mina Al Ahmadi, Kuwait

Award Value US$240 million (Does not include LNG storage and regasification costs)

Procurement Value US$240 million (Does not include LNG storage and regasification costs)

Total Project Man-hours 3,300,000

Award Date March 2008 (Contract Award), August 2007 (Concept Development)

Project Duration in

Months

24 months

In-service date/Status August 2009/Active

Customer Contact

Information

Hatem AI-Awadhi, Deputy Managing Director – Projects Kuwait National Petroleum Company P.O. Box 69, Safat 13001, Kuwait Telephone Number : +965 3260003




Figure 6: Mina Al Ahmadi GasPort – Mina Al Ahmadi, Kuwait




Project GNL GasPort – Escobar, Argentina Client: Repsol-YPF

Contract Type (Lump Sum Design and Build, others...)

Owner’s Engineer LNG Storage and Regasification Services

Scope of Work As the project developer, Excelerate was responsible for concept development, engineering, procurement, construction and commissioning of the facility and directly contracted for all outside engineering, detail design, fabrication and logistics services. Excelerate currently provides management services at the facility. Excelerate’s responsibilities included the floating terminal, onshore receiving facility, design, procurement, construction and commissioning. Excelerate contracted with Technica for the engineering and design of the onshore facilities. The Installation and construction was completed by Repsol-YPF. Excelerate utilizes the FSRU Exemplar to provide LNG storage and regasification services at the terminal.

Work Site(s) Various fabrication sites. Installation site at Escobar, Argentina

Award Date September 2010 (Term Sheet Execution)

Project Duration in Months

10 months

In-service date/Status June 2011/Active

Customer Contact Information

David Tezanos Macacha Guemes 515, piso 24 Puerto Madero, Buenos Aires C1106BKK, Argentina Telephone Number : +54 11 5441 3964




Figure 7: Escobar GasPort




Project Aguirre GasPort – Puerto Rico

Client: Puerto Rico Electric Power Authority (PREPA)


Design and Build, others...)

Project involves the development of a fully integrated LNG storage and regasification

terminal comprised of an existing FSRU from Excelerate’s fleet along with fixed

infrastructure. Excelerate will act as EPC contractor for the project with all EPC costs

from subcontractors being passed through to the client on a cost plus basis.

Scope of Work

As the EPC contractor for the project, Excelerate is responsible for all FERC permitting,

engineering, procurement, construction, commissioning and project management

activities. Excelerate manages all outside engineering, detail design, fabrication, and

logistics services through its subcontractors. Excelerate directs all aspects of the

project from conceptual design, detailed design, mechanical, Civil, and E&I

construction, through to commissioning.

Excelerate’s responsibilities include the FSRU, offshore terminal, pipeline, onshore

receiving facility, and integration with the existing power plant. Excelerate will

manage all design, procurement, construction, installation and commissioning.

Excelerate has contracted with Technica for the engineering and design of the onshore

facilities with installation and construction contractors to be selected upon receipt of

construction permits from the Federal Energy Regulatory Commission (FERC).

Excelerate will utilize an FSRU from its existing fleet to provide LNG storage and

regasification services at the terminal.

Work Site(s) Offshore Aguirre, Puerto Rico

Award Value Contract Value - $450MM (FSRU and Infrastructure)

Procurement Value $174MM (Excluding FSRU)

Total Storage Capacity 151,000 m3

Award Date March 2010

Project Duration in Months Regulatory – 24 months, Construction 12 months

Completion date 3rd

Q 2014




Figure 8: Rendering of Proposed Aguirre GasPort




Project VT3

Excelerate is building the world’s premier floating regasification project for Petrobras

Gas & Energia (Brazil), which includes the construction of the first project specific LNG

FSRU newbuild. The vessel will have the largest LNG capacity in the industry at

173,400m3 and the highest peak regasification capability at 24mil m

3/day.


Design and Build,

others...)

Lump sum

Scope of Work Excelerate is directly responsible for the execution of the project. However, since the

vessel is being built for a specific project, collaboration with counterparty is occuring

on a regular basis.

Work Site(s) Daewoo Shipbuilding & Marine Engineering

Geoje Island

Okpo, South Korea

Award Value Contract value US$280 - $300 million

Procurement Value As above

Total Storage Capacity 173,400m3

Award Date August 2011

Project Duration in

Months

33 months

Progress Percentage of

Work and Cost (for on

going project)

Currently in construction phase, launched on May 11 2013 and scheduled delivery in

March 2014. Excelerate is currently providing floating storage and regasification

services in Petrobras Guanabara Terminal with the Exquisite until the VT3 is delivered

(Figure 9).

Completion date May 2014 in Guanabara, Brazil




Figure 9: Exquisite and Excelsior at the Guanabara Terminal




1.3 Operating Experience

1.3.1 Ship to Ship Transfer

Excelerate pioneered the commercial use of STS transfer of LNG from conventional transport vessels to FSRUs

acting as terminals. In more than 7 years of operations, Excelerate has transferred more than 500 LNG cargoes

consisting of almost 58 million cubic meters of LNG safely, efficiently, and without incident. The specially

developed STS transfer equipment and procedures employed by Excelerate have been instrumental in maintaining

this standard of excellence and safety. Until recently, Excelerate was the only company in the world utilizing

double-banked STS commercially. This pioneering approach has now led to an industry accepted operation that

others are now independently performing. Double banking, or side-by-side, in its simple terms is two ships

alongside each other separated by mooring fenders which can vary in number and size depending upon ship size

and weather conditions. Both vessels share in providing mooring lines the configuration of which is dependent

upon ship size, mooring layout and weather. Double banking can be used alongside a dock or even in open water.

This capability is an efficient, cost effective operation for either an offshore terminal, Gateway, or a GasPort

facility.

The STS System is capable of transferring up to 1,000 m3/hr per line on each of six liquid lines, and two vapor lines

to manage vapor transfer between the two vessels involved in the STS transfer. The maximum transfer rate of

6,000 m3/hr is the design rate of the system, due in part to the assumption two (2) cargo tanks with four (4) cargo

tank pumps in operation at 1,500 cubic meters per hour each. The transfer rate has proven to be the most optimal

rate while maintaining a safety margin to manage tank pressures and management of the BOG generated.

Industry Approval – Excelerate stands apart from others in the floating regasification market. It is the number of

global LNG companies that have worked with Excelerate and have vetted and approved Excelerate‘s operations

and performance that makes Excelerate the leading floating regasification provider in the world. The following LNG

shippers and suppliers have vetted and approved Excelerate’s STS operations for their vessels.1

Approved by Shippers, Suppliers and Industry Organizations BP Maersk QatarGas *

ConocoPhillips MOL Repsol

Dynagas Morgan Stanley SIGTTO

El Cano NLNG Statoil

GDF Suez OCIMF Teekay

Golar Osaka Gas / NYK* Trafigura

K-Line Petrobras Vitol

Knutsen Petronas

*Currently undergoing due diligence review process

Table 1: Shippers, Suppliers and Industry Organizations Approval

___________________________ 1 It is the shipping companies/owners that must approve the STS operations, not the LNG suppliers. Some major LNG suppliers do have their

own vessels as part of their LNG fleet portfolio, however some LNG suppliers only charter in tonnage, hence not included on the list.




The table below highlights the number of operations and volumes of LNG transferred, as well as the number of

third party vessels that have participated in STS transfer operations with Excelerate as the operator of the transfer.

This operational experience is simply unmatched within the industry.

Table 2 - STS Summary

1.3.2 Terminal/Vessel Operations

Excelerate maintains procedures for the operation and maintenance of its facilities. These procedures are designed

to assure the effective conduct of operations as well as to assure reliability and availability of our assets.

In terms of the Quality and Environmental Management Systems applicable for regasification vessel operations,

Excelerate’s existing regasification vessels are operated in partnership with Exmar Shipmanagement. Exmar

Shipmanagement’s Quality Management System has been certified by Det Norske Veritas (“DNV”) as conforming

to ISO 9001 standards, and currently implements an Environmental Management System to ISO 14001 standards.

Additionally, Exmar Shipmanagement’s Safety Management System has been certified by DNV as complying with

the requirements of the International Management Code for the Safe Operation of Ships and for Pollution

Prevention (ISM code).

STS - Summary as of: 12/27/13

Operation Count Total (CuM)

Open Water 15 1,624,521

Gas In / Cool Down 3 25,572

In Port

Double Banking 302 28,866,360

Tandem - Along Dock 142 18,791,668

Across Dock 74 7,787,216

Total 536 57,095,338

Operator Count Total (CuM)

EE Vessels 79 7,981,615

3rd Party Vessels 457 49,113,722

Total 536 57,095,338




2.0 FSRU TECHNICAL CHARACTERISTICS

2.1 FSRU Fleet Characteristics

Excelerate operates a fleet of eight new, specially designed, and purpose built FSRUs: Excelsior, Excellence,

Excelerate, Explorer, Express; Exemplar; Expedient; and Exquisite. These FSRUs have the following Classification:

Bureau Veritas (BV nb: 03161N) I + HULL + MACH, liquefied gas carrier / LNG-RV (membrane tank 0.25 bar, -163C,

500 kg/m3), Unrestricted navigation, + AUT-UMS, + SYS-NEQ-1, MON-SHAFT, + VeriSTAR-HULL 40 years, STL-SPM,

IN WATER SURVEY.

Table 3 - Vessel’s Characteristics

Vessels Characteristics 138,000m3

FSRU 150,900m3 FSRU

LOA (Length Overall) 277.00 m 291.00 m

LBP (Length Between Perpendiculars) 266.00 m 280.00 m

Beam 43.40 m 43.40 m

Depth Molded 26.00 m 26.00 m

Summer Draft 12.32 m 12.40 m

Design Draft 11.52 m 11.60 m

Summer Deadweight 77,263 MT 83,163 MT

Light Ship 31,546 MT 34,189 MT

GRT (Gross Rated Weight) 93,901 MT 100,361 MT

NRT (Net Rated Weight) 28,170 MT 30,108 MT

KTM (Keel to Mast) 54.16 m 54.10 m

100% Cargo tanks volume 138,101 m3 150,990 m

3

98.5% Cargo tank volume 136,003 m3 148,725 m

3

Bow Thrusters 2 x 4079 BHP 2 x 4077 BHP

Stern Thrusters 1 x 2719 BHP 1 x 2717 BHP

Main Engine NCR 32400 BHP at 85 RPM NCR 32400 BHP at 85 RPM

Main Boilers 2 x 71 TPH 2 x 71 TPH

Aux Boiler for regasification NONE 1 x 50 TPH

HP Regasification Connections 1 x Port and 1 x STBD Upper Deck, and 1 x STL (Submerged Turret Loading).

1 x Port and 1 x STBD Upper Deck, and 1 x STL (Submerged Turret Loading).

Nominal Regasification capacity in Open Loop 500 MMSCFD 500 MMSCFD

Nominal Regasification capacity in Closed Loop 450 MMSCFD 500 MMSCFD

Peak Regasification capacity in Open Loop with heating water greater than 15.5

0C

690 MMSCFD 690 MMSCFD

Ramp up/down MMSCFD/hr 100 MMSCFD/hr 100 MMSCFD/hr

High Pressure Pumps for regasification 6 x 205 m3/hr + 2 x 20 m

3/hr 6 x 205 m

3/hr + 2 x 20 m

3/hr

Main cargo pumps 8 x 1700 m3/hr 8 x 1700 m

3/hr




For further details, Gas Form C and the General Arrangement plans for the Excellence and Explorer are included as

Appendices 1-4 to this document.

2.2 LNG Containment System

The cargo containment system for Excelerate’s FSRUs is a strengthened version of the Gaz Transport Technigaz’s

(GTT) NO96 membrane Cargo Containment System.

The membrane cargo containment system includes two membrane barriers to ensure cargo integrity in the event

of leakage of the primary barrier. The GTT type NO 96 system is fitted to most of the existing membrane type

ships. The primary and secondary barriers are identical, which provides 100% redundancy. These layers are

constructed of a 0.7 mm thick invar skin and a layer of perlite-filled structural boxes that act as insulation. Invar is

a stainless steel alloy of 36% nickel and is chosen for the membrane, as it has a negligible coefficient of thermal

expansion.

2.3 Description of Vaporizers and Regasification System

2.3.1 Vaporization Modes

The FSRU is capable of three (3) modes of LNG vaporization, closed-loop, open-loop, and combined mode. In the

closed-loop mode, steam from the FSRU regasification steam boilers is used to heat fresh water circulated through

the shell-and-tube vaporizers to regasify the LNG. There is no seawater intake or discharge used specifically for

the regasification process in the closed-loop mode. In open-loop mode, the basic process is much the same as

closed loop, with the exception that warm ambient seawater is drawn in through the FSRU’s sea chests and

circulated directly through the vaporizers eliminating the need to heat the circulating water.

In open loop mode, this seawater is used as a heat source and passes through the shell of the vaporizers. LNG is

fed through the tubes of the vaporizer where it contacts the inner surface of the tubes and the heat required for

vaporization is transferred. The temperature of the seawater is lowered in this process by approximately 9.5

degrees Centigrade maximum, and this cooler water is discharged overboard the FSRU. For this reason, the FSRU

is constrained from operating in the Open-Loop mode when water temperatures are below 14.7 degrees

Centigrade to minimize the risk of icing within the vaporizers. In Combined Mode, seawater at temperatures

between 7 and 14.7 degrees Centigrade can be used and the sea water is further heated using steam from the

FSRU’s boilers to provide sufficient heat for the vaporization of the LNG. Closed-loop mode is used whenever the

seawater temperature is below 7 degrees Centigrade.

2.3.2 LNG Regasification Process

The regasification system comprises a suction drum, high-pressure (HP) pumps, HP vaporizers, metering system,

discharge manifold with associated low and high pressure pipe work and valves. LNG is stored in the cargo tanks

at a pressure slightly above atmospheric, and is pumped by low pressure (LP) feed pumps to the suction drum

which serves as an accumulator and surge vessel for the HP LNG pumps.




Figure 10 - FSRU Regasification Process Schematic

From the suction drum, the liquid pressure to the vaporizers is increased by the HP pumps. The regasification

system includes two Small High Pressure (SHP) pumps. The SHP pumps, with a capacity of approximately 20 m3/hr,

are used for pressurization of the system during start up and may be used for continuous discharge during very low

discharge flow requirements. These pumps increase the system pressure gradually during start up without

excessive generation of boil off gas. Once a regasification flow rate of 10 mmcfd (11,800 sm3/h) has been

achieved, the LNG vaporizer outlet control valves are set to control the vaporization process at a pressure of not

less than 75 barg.

A single HP pump is utilized to increase the LNG flow rate to the minimum operating flow rate of 50 mmcfd

(59,000 sm3/h). The flow rate can then be increased up to 100 mmcfd (118,000 sm

3/h) with a single pump. Flow

rates up to the contractual flow rate can be met by progressively starting additional vaporizer and HP pump

streams. The HP pump raises the pressure of the LNG to match the export pipeline pressure (75 to 100 barg) and

sends the cold LNG to the LNG Vaporizer. There are six 205 m3/h capacity HP pumps on an FSRU. Five pumps are

utilized to deliver gas at a rate of 500 mmcfd. Therefore, there is sufficient spare capacity on the FSRU to ensure

high availability and reliability of the terminal. The sixth pump is used for peak (120%) capacity operation.

The FSRUs incorporate six LNG vaporizers. The vaporizer is a shell-and-tube heat exchanger where the LNG is

vaporized to natural gas and heated to approximately 1° C (35° F) minimum by the seawater (open loop) or by the

vessels internal heating system (closed loop). The normal natural gas flow rate through the vaporizer is between

50 and 100 mmcfd (59,000 and 118,000 sm3/h), with a maximum flow rate of 119 mmcfd (135,700 sm

3/h). The

temperature and pressure are measured at each vaporizer outlet line in order to calculate the re-gas flow rate

using the recorded actual pressure drop at a flow measuring orifice. The signal is then sent to each vaporizer flow

controller.

On leaving the LNG Vaporizer, natural gas flows through a Pressure Regulating Station that maintains a minimum

pressure of approximately 75 barg in the regasification system, through a metering station and into the export

pipeline and finally either through the STL connection or one of two HP Arm connections.




2.3.3 High Pressure Gas Delivery

2.3.3.1 High Pressure Gas Connections

Each of Excelerate’s FSRUs is fitted with two 12” High Pressure gas connections for delivery of high pressure gas.

One is fitted port and the other starboard. These manifolds are located approximately 30 meters from the

centreline of the LNG loading/unloading manifold. Upstream of each manifold connection is an ESD valve.

Figure 11 - FSRU High Pressure Gas Manifold

2.3.3.2 Submerged Turret Unloading Compartment

Each of Excelerate’s FSRUs is also fitted with the capability to delivery high pressure gas through a submerged

turret offloading system. The submerged turret compartment on board the FSRU is in way of the forward end of

the vessel. All associated connection/disconnection, pull in, mooring connection, gas delivery, control, safety, and

utility system are part of the FSRU’s design.




Figure 12 - FSRU STL Compartment and Equipment

2.3.4 Operation and Control of the Regasification System

The regasification and gas delivery operation is continuously manned and controlled utilizing the Integrated

Automation System (IAS). The regasification system is protected by utilizing a designed system that incorporates

high pressure trips, low temperature trips, and relief valves. The FSRU Emergency Shut Down (ESD) system will

activate to shut down the regasification process in the event a ship or shore side ESD condition is present. The

FSRU’s IAS ensures the safe operation of the regasification plant within the system design parameters.

For each regasification nomination or change in nomination, the FSRU operator will utilize the IAS configuration

screen to input the correct flow required rate ensuring the nomination is achieved by the end of the gas day.

Additional vaporizer capacity may be started / stopped to achieve the required rate.




Figure 13: High Pressure LNG Pumps Figure 14: Shell and Tube Vaporizer

2.3.5 Baseload Regasification Rates

The FSRU capabilities will be able to provide regasification baseload rates up to 500 mmscfd in open loop mode

depending on downstream pipeline entry requirements at a pressure of up to 100 barg. The FSRU will have six (6)

independent LNG vaporizers and associated high pressure pumps. Each of these trains is rated for a nominal send-

out capacity of 100 mmscfd, providing a high level of redundancy for this project.

2.3.6 Delivery Rates during LNG Loading Normal Operations

The FSRU can operate in continuous send-out at maximum rates whether or not there is an LNGC delivering an

LNG cargo. The unloading of an LNGC does not impact the FSRU or terminal deliverability; therefore, the facility

does not need to reduce its send-out rate.




2.4 Boil-Off Gas (“BOG”) Overview

2.4.1 BOG Rate

The expected natural BOG rate during FSRU normal operation is expected to be as designed for the membrane

tank containment system at 0.155% per day of the total volume of the cargo tanks containing LNG at the time.

However, this does not mean that at all times during the operation of the FSRU BOG will only be 0.155%, because

during the LNG transfer operation the BOG rate will increase and vary significantly over a given cargo based on the

saturation vapor pressure and liquid temperature of the cargo transferred, the environmental conditions and rate

of transfer. The BOG is consumed in the boilers to power the regasification plant and vessel.

The FSRU does not require fuel oil as long as the vessel has LNG onboard to use for power production through

consumption of natural and forced BOG. If the FSRU does not have sufficient LNG onboard beyond any heel

retention that may be required, it consumes around 40 metric tons of fuel oil per day. Heel is the minimum

quantity of LNG retained in an LNG vessel after unloading at the facility to maintain temperature, pressure, and/or

prudent operations. Generally a quantity of LNG less than 5% of the vessels capacity is presumed to be heel.

2.4.2 BOG Management

When operating in closed loop mode at send-out rates in excess of approximately 200 mmscfd any BOG generated

onboard is used as fuel gas for the vaporization system and therefore there is no excess BOG. The optimal BOG

recovery and management system required for the terminal is dependent on the operating profile of the terminal

(base-load, peaking, seasonal).

BOG arising from the transfer of LNG will be managed by both the FSRU and the LNGC with vapor being returned

at flow rates up to 12,000 kg/h to the LNGC via flexible cryogenic hoses.

2.4.3 BOG Generation/Consumption

By design, in open loop mode and at rates above approximately 200 mmscfd, fuel consumption is equivalent to

approximately 2% of send-out. In close loop mode and at rates above 200 mmscfd the fuel consumption is

equivalent to approximately 3.5% of send-out. In practice, Excelerate can operate the vessels even more efficiently

and fuel consumption rates can be lower than outlined above. Fuel consumption is dependent on a number of

factors including operational conditions, temperature of the LNG received, mode of operation, send-out rates, etc.

At delivery of 200 mmscfd and above efficiency is highest and the proportion of fuel used as a percentage of send-

out is lowest.

For lower than 200 mmscfd send-out rates, a BOG Compressor System would help the project be more fuel

efficient by recovering all the gas that is not used for power generation, compressing and delivering it to the

downstream gas pipeline accordingly.




2.5 Expected Hull Maintenance Intervals

The FSRUs, as presently classed, require dry-docking every 5 years, and annual maintenance requirements are

similar to a land based facility.

As an alternative, it is possible to add an additional Class note to the FSRUs that would allow them extended

periods of stationary service (10 to 20 years) without the need for dry-docking. The implementation of this

additional Class note can be elected upon award and the finalization of terminal requirements.

2.6 Anticipated FSRU Availability

Actual realized overall availability for Excelerate’s FSRUs at the operational ports of BBGP (Bahia Blanca GasPort),

MAAGP (Mina Al Ahmadi GasPort), GNL ESCOBAR, and Guanabara Bay is shown in the following table:

Gasport Year Availability

Bahía Blanca GasPort, Argentina 2012 99.61%

2013 99.48%

GNL Escobar GasPort, Argentina 2012 99.40%

2013 100.12%

Mina Al-ahmadi GasPort, Kuwait 2012 100.60%

2013 100.80%

Guanabara Bay, Rio de Janeiro, Brazil 2012 100.64%

2013 99.19%

Table 4: Availability

Availability is calculated as follows:




3.0 PROJECT BACKGROUND

3.1 Walvis Bay FSRU Project

Xaris, based in Australia, is a leading independent power producer developing infrastructure power solutions

throughout Africa. Xaris is interested in developing a new 200MW gas fired power plant in Walvis Bay, Namibia.

The project is being developed in close cooperation with Namibian Power Utility (“NamPower”).

Natural gas will be imported as LNG and regasified for usage by the FSRU, providing a more efficient and

competitive LNG import solution to the project. The purpose of this document is for Excelerate to determine on a

preliminary basis the feasibility of utilizing an Excelerate’s FSRU in Walvis Bay.

In order for Excelerate to properly evaluate this opportunity, Excelerate will have to rely on various input

information such as the location’s marine access, bathymetric information of the site, metocean data and

preliminary general layout of the marine terminal. In the event that the input information changes as the project

progresses, there may be a corresponding effect on the results of Excelerate’s evaluation.

The final configuration of the Walvis Bay LNG Import Terminal will be determined by Xaris with due consideration

of Excelerate’s recommendations.

The natural gas quality specification has a direct impact on additional processing facilities required on the LNG

Import Terminal or immediately downstream but prior to the delivery point. The effects of the natural gas

composition required for entry into the pipeline system will be determined during the detailed design phase of the

project.

3.2 Site Access and Location Overview

The required marine facilities could be developed (EPC) by Excelerate if required; the infrastructure should be

designed compatible with Excelerate’s existing FSRU sizes as described in the Gas Forms C provided as appendices.

The most up-to-date bathymetric, metocean, geophysical and geotechnical information needs to be analyzed in

order to evaluate the feasibility of placing an FSRU at Walvis Bay as tentatively proposed by Xaris and Namibian

Ports Authorities.

In order to maximize the LNG intake capacity of the incoming vessels, it is recommended that entrance channel, the berthing pocket as well as the turning basin should have a minimum MLLW (mean lower low water) depth requirement of 14m in order to allow Excelerate’s FSRU operations throughout the navigational and turning areas of the port. The suggested site is within the Walvis Bay in proximity to the existing port entrance ship channel (see Figure 15).

There might be a need to slightly dredge the berthing pockets and turning circles with enough draft for the FSRU

and the LNGC. A subsea gas pipeline would be installed between the FSRU and shore. The main criteria for the

selection of the site are water depth (to minimize any dredging requirements), proximity to the ship channel, and

proximity to the harbor. The type of facility will also dictate what would be the preferred site for an FSRU in Walvis




Bay. Also, proper geotechnical studies of the area will have to be performed to better determine the estimated

cost of such port facilities and the associated gas pipeline.

Figure 15 - Tentative FSRU Site Location in Walvis Bay, Namibia

FSRU Tentative Site




Figure 16 illustrates a size proportion of the FSRU and an LNGC during a STS operation as well as the subsea gas

pipeline connecting the FSRU to the dual-fuel power plant.

Figure 16 - Tentative FSRU and LNGC Location (STS) and a Subsea Pipeline in Walvis Bay, Namibia

FSRU Tentative Site




3.3 High Pressure Gas Delivery and LNG Transfer

The facility would employ a single FSRU on a continuous basis, and would provide approximately 3 or 3.2 billion

cubic feet (Bcf) of storage on either a 138,100 m3 or a 151,000 m

3 vessel. The FSRU would remain connected to

the GasPort in the Single Berth or Buoy configuration and function as a floating storage and regasification terminal

with conventional LNG carriers providing LNG supplies as needed. The LNG Terminal would be capable of providing

up to 500 mmcfd of regasified LNG in open loop.

Figure 17: Ship to Ship (STS) Tentative Layout

The design of the Single Berth/Double Banked facility (Figure 17) has a High Pressure Gas Arm on the berth to

accept gas from the Excelerate FSRU at the nominal send-out rate. Provided that the local weather and metocean

conditions allow a safe and reliable continuous STS LNG Transfer operation, the Double Banked terminal above will

be capable of receiving LNG via STS transfer through flexible cryogenic hoses while regasification operations

continue on the dock. Excelerate has pioneered the STS transfer of LNG, and can implement the transfer of LNG

cargos from a traditional LNGC to Excelerate’s FSRU utilizing this proprietary STS transfer process (Figure 18).

It is worth noting that Excelerate has an existing inventory of HP Arms, one of the key long-lead items, that enables

it to provide fast track solutions to Excelerate’s customers.




Figure 18: STS LNG Transfer Equipment

The design of the APL Shallow Water Buoy system uses a buoy and flexible riser to convey natural gas from the

FSRU to the gas import pipeline via the PLEM. The ID of the riser will allow the FSRU to deliver the full peak

regasification capacity of the FSRU. Mooring of the FSRU is achieved by 8 evenly spread mooring lines anchored to

the ocean floor. Resupply of LNG to the FSRU will be achieved with the use of the same STS transfer system as

described above.

The design of the APL shallow water buoy system shown below (Figure 19) is comprised of the following

components:

Anchor

Mooring Line

Riser and Umbilical System

Pipeline End Manifold (PLEM)

STL Buoy

Figure 19: Shallow Water Buoy Configuration




3.4 STS LNG Transfer and Flexible Cryogenic Hoses

The design anticipates the transfer of LNG from an LNGC to the FSRU at transfer rates up to 6,000 m3/h via flexible

cryogenic hoses, with BOG arising from the transfer of LNG, managed by both the FSRU and the LNGC. Specialized

8-inch cryogenic hoses are utilized to transfer the LNG between the FSRU and the LNGC.

3.5 Metocean conditions

Reliable Metocean data of Walvis Bay will have to be gathered in order to provide an accurate evaluation of the

proposed locations for the LNG Import Terminal. For STS LNG Transfer Operations the threshold for the LNG safely

staying moored to the FSRU is 2m wave height and 8s wave period.

Based on the metocean and bathymetric data provided, Excelerate will be able to effectively establish operational

parameters associated with LNG transfer at the selected location. Additionally, a review of existing marine support

infrastructure including tugs, pilots and support vessels will be required and performed in conjunction with the

port authorities.

3.6 Water Quality and Temperature

As mentioned above throughout this document, the minimum seawater temperature required to operate in open

loop without steam supplement is 14.7oC. Local regulation and the port authorities will determine the viability of

operating with this type of regasification mode. With regards to the quality of the seawater, further analysis will

have to be performed to confirm if the seawater quality at the site will be acceptable to use for the regasification

process onboard the FSRU.

If fresh water production onboard may not be possible due to unsuitable seawater quality, it would be necessary

that Xaris ensures that bunkering of both potable and distilled (boiler make-up) water is made available at the final

port location.

3.7 Local Permits and Regulations

Excelerate confirms that all its vessels comply with current international and classification society regulations.

Excelerate has of yet not undertaken a detailed review of Namibia’s permitting regime due to the timing of this

proposal. However, as part of any definitive agreements, Excelerate anticipates that the parties will follow market

requirements for this type of regasification projects with Xaris bearing responsibility to obtain and maintain all

local permits and licenses in Namibia necessary in order to operate Excelerate’s FSRU. Such permits and licenses

would include, but not be limited to the vessel’s flag waiver and temporary or permanent importation, as required

in Namibia. Excelerate will provide all necessary assistance and cooperation for the fulfillment of Xaris’ permitting

obligations.




4.0 APPENDICES

I Gas Form C – Excellence II General Arrangement – Excellence III Gas Form C – Explorer IV General Arrangement – Explorer

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