ABS, the leading provider of classification and technical services to the global offshore industry, has granted approval in principle (AIP) to a Hyundai Heavy Industries (HHI) floating liquefied natural gas (FLNG) hull design.

Specifically conceptualized for near-shore operations, the vessel was designed with a length of 1,050 ft (320 m), a breadth of 197 ft (60 m), and a 39-ft (12 m) draft, with LNG storage capacity of 200,000 cu m using the GTT MARK III technology. The current state of the energy markets presents an opportunity for companies to be innovative and competitive by reducing engineering, procurement and commissioning costs. According to HHI, the near-shore FLNG hull concept design delivers an estimated one-third cost reduction compared to a standard FLNG hull.

ABS and HHI teams collaborated in a joint development project (JDP) with the objective of developing a technically feasible and price-competitive FLNG hull design by adopting the latest industry standards and advanced shipbuilding practices, while maintaining high safety standards.

“ABS has a history of helping the industry move forward by evaluating novel designs,” says ABS Chairman, President and CEO Christopher J. Wiernicki. “Our joint development project with HHI is another example of the trust our clients place in ABS’ technical leadership.”

“In this depressed gas market, developing a price-competitive, near-shore FLNG hull with ABS could lead to providing the FLNG market with a novel approach to reduce the risks experienced in recent offshore EPC projects,” says Yun-Sik Lee, Executive Vice President, Shipbuilding Division at HHI.