Excelerate Energy has completed the $265 million purchase of the Sequoia liquefied natural gas floating storage and regasification unit from Greece’s Maran Gas.

“Acquiring the Sequoia, at a price well below current market value, ensures the vessel will remain an integral part of the Excelerate fleet for the long term,” commented Excelerate chief executive Steven Kobos.

The Sequoia was purchased from Maran subsidiary Anemoesa Marine, a company incorporated under the laws of the Republic of the Marshall Islands.

The FSRU was delivered as a newbuild from South Korea’s Daewoo Shipbuilding & Marine Engineering to Excelerate in June 2020 under a five-year bareboat charter from Maran Gas.