Golar LNG has reached an agreement for the development of its first FLNG vessel (FLNGV).

The agreement is with Keppel Shipyard and is based on the conversion of existing Moss LNG carriers, the company announced in a news release. Golar has already converted three other Moss carriers into floating storage and regasification units (FSRUs) of which Keppel has converted two.

The target gas supply for these units will be pipeline quality gas, lean associated reserves, and potentially, lean gas from otherwise stranded fields, the release said.

The first FLNGV will have a capacity of up to 2 Mtpa and will utilize the existing 125,000 cu m of LNG storage on board the carrier. Keppel will start the FEED study in November and detailed design and engineering is expected to be concluded around mid-2013 when vessel conversion is expected to start, according to the release. The first unit will be developed through several construction stages to accommodate customer requirements and is expected to be ready for production by Q1 2015.

Golar retains the option to convert two additional vessels with Keppel under the same agreement.