Bermudian-based Golar LNG Limited, the owner of tankers that haul liquefied natural gas, has sold the Golar Tundra to Milan-based Snam Group for $350 million.

The transaction saw Snam acquire 100 per cent of the share capital of Golar LNG NB 13 Corporation, whose sole asset is the Golar Tundra, a floating storage and regasification unit.

The transaction was approved by the Golar board of directors on May 30.

The company said that the Golar Tundra could operate both as a liquefied natural gas carrier and as an FSRU.

The vessel, built in 2015, has a storage capacity of around 170,000 cubic metres of LNG and a continuous regasification capacity of five billion cubic meters per year.

In order to maximise its regasification capacity, the vessel will be located in central-northern Italy, close to the areas with greatest gas consumption.

The Golar Tundra is expected to start operations as an FSRU during the spring of 2023, subject to completion of authorisation, regulatory processes and the construction of the necessary infrastructure connecting the terminal to the existing gas transport network.

Snam CEO Stefano Venier said: “With the purchase of the Golar Tundra, Snam is taking a decisive step to enhance the security and diversification of Italy’s energy supplies, in line with its mission.

“The role of the new FSRU for the benefit of our country will be essential: alone it will contribute to about 6.5 per cent of domestic needs thus bringing the country’s regasification capacity to over 25 per cent of the demand.

“Snam completed the transaction quickly and effectively in a highly competitive market due to the scarcity of supply and is continuing its efforts to acquire a second FSRU of a similar size, for which exclusive negotiations are currently under way and expected to be finalised by end of June.”

Golar CEO Karl Fredrik Staubo said: “We are pleased to have reached an agreement for Golar Tundra with Europe’s largest natural gas infrastructure owner.

“Today’s announced sale marks the second transaction between Golar and Snam for two independent FSRU projects in Italy in a short period of time.

“We are pleased to work with Snam for the successful start-up of the LNG terminals, and to contribute to Europe’s drive towards energy security.

“With the sale of Golar Tundra, Golar reinforces its focus on FLNG (floating liquefied natural gas), enabling efficient production of proven gas reserves allowing customers to further diversify gas supply.”