The UK-based classification society said its Lloyd’s Register North America division will work with Penn Oak to help companies secure “private equity” to pay for costly systems, now that LNG fueling infrastructure is becoming more widely available.
They will also help shipbuilders in the United States to meet the demand for the alternative fuel systems.
“LNG as a fuel has emerged as one of the most considered choices for a new generation of vessels,” said Rafa Riva, marine business development manager at LR.
Based in Scottsdale and led by chief executive Thomas Gebhard, Penn Oak is a developer of LNG fueling solutions for industrial clients. It helps clients with technology, supply, logistics and finance considerations.
Thanks to the relationship with LR, the company “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,” said Penn Oak business development manager Philip Parker.
The companies are not alone in pursuing LNG solutions that includes financing. TradeWinds has reported that Connecticut-based Clean Marine Energy (CME) is offering investor-backed financing for LNG retrofits and is building a bunkering barge with WesPac Midstream Partners at Conrad Orange Shipyard in Texas.
