HomeNewsPetrobras, Excelerate Energy Extend 10-Year Charter for FSRU Sequoia in Brazil

Petrobras, Excelerate Energy Extend 10-Year Charter for FSRU Sequoia in Brazil

10/17/2023

(P&GJ) — Excelerate Energy Inc. and Petrobras signed a 10-year contract to charter the floating storage and regasification unit (FSRU) Sequoia.

Under the agreement, which will commence on January 1, 2024, Excelerate will continue to deploy the Sequoia to provide regasification services in Brazil, primarily at the Bahia Regasification Terminal (TR-BA) in Salvador, Bahia.

“Brazil is an excellent market. This agreement is an important step in furthering Excelerate’s long-term sustainable growth plan in South America,” Steven Kobos, president and CEO of Excelerate, said. “Deploying the Sequoia for 10 more years will position Excelerate well to support Brazil’s efforts to strengthen its energy security. We have been a reliable partner to Petrobras for more than a decade.”

Since 2012, Excelerate has provided regasification services in Brazil at Petrobras’s LNG import terminals. In addition to the Sequoia, Excelerate’s FSRU Experience is currently providing regasification services in Brazil. Maintaining a continued presence in the Brazilian market is a fundamental part of Excelerate’s strategic position as a reliable backstop to the country's energy system for which intermittent renewable energy contributes approximately 85%.

This agreement highlights Excelerate Energy’s commitment to using its flexible FSRU fleet to enhance energy security and reliability for its customers around the world. The deal also expands the company’s core regasification business, which allows for increased visibility to predictable near-term and long-term earnings and cash flows.

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