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Lloyd's Register in US LNG retrofitting partnership

Lloyd’s Register (LR) has teamed-up with Penn Oak Energy Corp to offer LNG-fuelled vessel retrofitting and financing solutions.

Although using LNG as a marine fuel both reduces costs and emissions, many owners have been unwilling to take the leap due to high costs of the vessels and the lack of LNG-fuelling infrastructure.

Penn Oak Energy specialises LNG solutions for industrial clients including financing arrangements.

"LNG as a fuel has emerged as one of the most considered choices for a new generation of vessels. The infrastructure to support this new class of ships has started to mature, and we have seen great strides in companies willing to convert their existing ships to this new fuel or constructing new ships in the US Emission Control Areas,” said Rafa Riva, LR’s marine business development manager. 

“Our relationship with Penn Oak Energy will help provide the private equity to ship owners to undertake these ambitious projects, and assist those ship builders that the US will need to expand this growing demand.”

Philip Parker, head of business development for Penn Oak Energy, commented: "Working with Lloyd’s Register and various shipyard owners throughout North America, Penn Oak Energy has been able to sign up exclusive relationships with various shipyard builders to bring their yards up to spec on certification, safety and standards required to convert ships to dual fuel solutions."

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