European countries without adequate liquefied natural gas (LNG) infrastructure are scrambling to secure floating storage and regasification units (FSRU) to import more of the super-chilled fuel amid a broader effort to cut reliance on Russian energy supplies.

Floating Storage

Ultimately, Europe is aiming to replace 155 billion cubic meters/year (Bcm/year) of Russian natural gas imports before 2030.

FSRUs could help fill the void as they are modified to store and regasify LNG. However, they cannot be leased quickly. The process can take years, based on vessel availability and factors like the permanent jetties needed to move supply via pipelines into a distribution grid.

“The thing about FSRUs is that they are not one size fits all,” said Poten & Partners’ Jason Feer, global head of...