Lloyd’s Register (LR) has awarded Approval in Principle (AiP) to HD Hyundai Heavy Industries (HHI) and Korea Shipbuilding & Offshore Engineering (KSOE) for its Ammonia Floating Storage Re-Gasification Unit (FSRU), the first of its kind in Korea.

HHI’s ammonia-FSRU will store liquefied ammonia transported from production areas and can perform regasification to supply to shipowners and operators. FRSUs are an increasingly viable alternative to meet the growing demand for liquefied gas storage and regasification and are significantly more affordable to operate than onshore plants.

The AiP follows the signing of a Memorandum of Understanding (MoU) in December 2022 for a Joint Development Project (JDP) between LR, Korea National Oil Corporation (KNOC), HD HHI KSOE.