Northern Marine Ltd
Highly tailored ship and offshore asset management
18th Dec 2019
Stena has acquired a 75% stake in 7 Seas LNG & Power AS, and welcomes the company into its Sphere, as part of Northern Marine Group (NMG), under its new operating name of Stena Power & LNG Solutions AS.
Based in Grimstad, Norway; Stena Power & LNG Solutions will offer to the market unique and proprietary Jetty-Less LNG to power solutions, built on flexible commercial structures.
With the strength of Stena (more than 19,000 employees, 160 ships plus the operational experience and technical capabilities within NMG behind it), the new company can offer turn-key deliveries of its patented LNG and power technology, including complete technical management.
Svein B. Hellesmark, founder of 7 Seas LNG & Power AS, and Chief Technology Officer (CTO) of Stena Power & LNG Solutions AS, 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 turn-key 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.”
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, ship management, concept designs and now Jetty-Less solutions, places us in a unique position.”
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. Firstly, it offers significant CAPEX savings, and with a low LNG price, a competitive value chain could be an enabler for new projects. Secondly, 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.”
About Stena Sphere
Stena is one of the largest family-owned business groups in Sweden and operates worldwide within different businesses such as Ferry Operations, Offshore Drilling, Shipping, Property, Finance, New Businesses and Recycling. Head office is in Gothenburg, Sweden. www.stena.com
About Stena Power & LNG Solutions AS
Stena Power & LNG Solutions AS, formerly 7 Seas LNG & Power AS, has since 2015 developed innovative and proprietary Jetty-Less LNG to power solutions including the Autonomous Transfer System (ATS), the Self-Installing Regas Platform (SRP) and the Self-Installing Power Plant (SPP). The solutions are particularly suited for the emerging LNG to power market where there may be limited or no existing infrastructure in place. The Jetty-Less technology is enabling the possibilities to import LNG and provide power to new markets without the need for any fixed infrastructure (no jetty - no breakwater). The floating solutions are ideal for flexible financing and lease offerings. The entire facilities may also be relocated if the demand or other local conditions should change over time. The Jetty-Less technology is covered under a US Patent granted by the United States Patent Authorities in 2018.
Photo: Jetty-Less Regas Solution with ATS, SRP and FSU