AG&P subsidiary, Gas Entec, completes conversion of Liquefied Natural Gas (LNG) carrier to build world's first operating Modular LNG Floating Storing Regasification (M-FSRU) Unit for KARMOL

M-FSRU built with Gas Entec's standard,modular RegasTainer® technology delivers gas to Karpowership's 236 MW Floating Power Barge in Senegal,Africa

M-FSRU vital part of the first LNG-based floating power project in Africa

SINGAPORE,May 9,2022 -- GAS Entec,a subsidiary of Atlantic Gulf & Pacific International Holding (AG&P),has completed the conversion of a 125,000m³ LNG carrier (LNGC) for KARMOL,a joint-venture between Turkey's Karpowership and Japan's Mitsui OSK Lines (MOL),into an 84 mmscfd Modular Floating Storage and Regasification Unit (M-FSRU) with capacity to scale from 15 to 300 mmscfd per unit.

World's first operating 84 mmscfd Modular Floating Storage and Regasification Unit (M-FSRU)

This M-FSRU is the world's first modular floating LNG regasification terminal,delivering gas from LNG to Karpowership's 236 MW floating power plant,the Karadeniz Powership Aysegul Sultan in Port Dakar. This integrated,floating complex will serve critical shore-based grids in Senegal. The existing floating power plant previously used heavy fuel oil to meet ~15% of the West African nation's power demand. The conversion to natural gas represents a remarkable achievement for Senegal's ambition to be a leader in the transition to clean energy.

AG&P's subsidiary,Gas Entec,is a global market leader in the conversion of LNG carriers to FSRUs. Gas Entec is responsible for engineering,project management,longevity improvements,drydocking,equipment installation,ship improvements and testing as well as all commissioning works. For the KARMOL project,Gas Entec was responsible for the complete design including FEED,basic,detail and production design engineering,class approval and development,supply of regasification technology,test and commissioning of essential regas equipment and systems and installation works for building the world's first floating LNG M-FSRU.

In record time,Gas Entec designed the marine-based M-FSRU LNG regasification terminal to include several compelling innovations:

Scalability: Gas Entec's proprietary,patented RegasTainer®technology offers flexibility to scale the capacity of the FSRU up and down from 15 to 300 mmscfd with minimized downtime,allowing the vessel to be repurposed as power requirements grow in a market. This means that KARMOL is able to offer a commercially compelling solution to its clients without overburdening with excess capacity during the early years of a deployment.

Low operation cost: Specialized technology and design regarding significantly reduces the burden on various pumps,reducing operating costs considerably.

Easy maintenance: Tanks,pumps and the RegasTainer®are especially designed for easy maintenance,making high availability requirements feasible and appropriate.

Commenting on the M-FSRU,KARMOL Board Member Gokhan Kocak said,"This is a big moment for KARMOL and for Africa. With the successful completion of the M-FSRU,Senegal will be the first country in West Africa to transition to clean gas energy,replacing high emission fuels with LNG. We are grateful to GAS Entec in making our vision a reality. Their innovative plug-and-play RegasTainer® technology has helped build the world's first M-FSRU with the ability to scale to market demand. The performance test results were rated 'Excellent' for GAS Entec's RegasTainer®. We will reliably deliver re-gasified LNG to Karpowerships' floating power barge and proudly pass along this clean energy in a commercially-compelling way to the amazing,high-growth country of Senegal."

Mr. Chong-Ho Kwak,Chief Executive Officer,GAS Entec,said,"We are privileged to serve KARMOL,a great and forward-thinking company. We are honored to have been asked to design and lead the conversion of the LNG carrier to a modular FSRU. We are very excited to deliver to Senegal this key clean floating,scalable terminal that operationalizes Karpowership's Gas-to-Powership®project,a leader in Africa and the world."

About KARMOL

In 2019,Karpowership established a joint venture with MOL (Mitsui O.S.K. Lines,Ltd.); with the mission of becoming the world's most reliable and preferable LNG to Power solution provider,under the brand name of "KARMOL". Since then,KARMOL has been investing in related assets and joint marketing its solution in selected markets around the world. KARMOL is currently working on 2 projects of Karpowership,in order to convert them to an LNG to Power project.

AboutAG&P

Atlantic Gulf & Pacific (AG&P) is a global leader in developing and running LNG and gas logistics and distribution solutions. AG&P provides the infrastructure to access natural gas safely and easily in new and growing markets. We act as an owner and as a service provider covering the development,financing,engineering,procurement,project management and construction for onshore and offshore gas infrastructure,linking suppliers to downstream customers. For more information please visit www.agpglobal.com

About GAS Entec

A world-standard in LNG terminals and technological solutions,Gas Entec is leading the energy transition to cleaner fuels. Based in Singapore and South Korea,GAS Entec offers complete end-to-end solutions for the energy value chain and is a leader in modularized products for flexible,standardized operations. Gas Entec continues to pioneer new innovations that bring LNG to people and companies in the cleanest and most efficient ways possible. For more information,please visit www.gasentec.com

Hi-res image: https://www.dropbox.com/s/i44bfok55xp397x/Senegal.JPG?dl=0