Synergy Marine invests US$45 mln in LNG-powered vessel

KUALA LUMPUR, Nov 14 (Bernama) -- Synergy Marine (M) Sdn Bhd is investing US$45 million to build its first liquefied natural gas (LNG) powered platform supply vessel.     

Synergy Marine is a licensed vendor under Petronas and specialised in rendering customised products as well as services to the oil and gas industry.     

Its Managing Director Datuk Roslan Ahmad said the financing would be from internal funding, local bank borrowings as well as charters to interested oil and gas players.     

"We will be sourcing funds from local banks and also will be tendering jobs to secure revenue to fund the ship-building," he told reporters after the signing of a memorandum of understanding between the company and MTCMS Design Sdn Bhd and Shin Yang Shipping Corporation Bhd here today.     

Under the collaboration, MTCMS will design the vessel while Shin Yang through its subsidiary Shin Yang Shipyard Sdn Bhd will build the vessel in Miri, Sarawak.     

Roslan said the keel laying would be in January 2019 and the vessel is expected to be completed by the fourth quarter of 2020.     

He added that the LNG fuel engine system would greatly reduce emissions of sulphur dioxide, nitrogen dioxide and carbon dioxide while at the same time complying with International Maritime Organisation's (IMO) new regulation.     

The IMO will enforce a new 0.5 per cent global sulphur cap on fuel content from Jan 1, 2020, lower than the present 3.5 per cent limit.

It is part of the organisation's response to rising environmental concerns, contributed in part by harmful emissions from ships.     

The LNG-powered vessel will be the first in Malaysia and across Asia.     

It will have a length of 76.8 metres, a breadth of 19 metres and a deck capacity of 600 square metres, and is equipped with a dual engine system (LNG and diesel fuel).

-- BERNAMA