Floating Storage Regasification Unit - Project Finance Model – Excel XLSX

BENEFITS OF THIS DOWNLOADABLE EXCEL DOCUMENT

1. Presents a dynamic (up to 20 years) forecast and profitability analysis of an FSRU operating scenario

OIL & GAS EXCEL DESCRIPTION

Editor Summary Floating Storage Regasification Unit - Project Finance Model is an XLSX financial model by Profit Vision and a certified Financial Modeling & Valuation Analyst with 20+ years’ experience managing over $500M in corporate finances. Read more Delivers a dynamic up-to-15-year forecast and profitability analysis for FSRU projects, supporting 3 development models (FSRU New Build, Converted, Leased). Includes setup assumptions, 4-phase development budget, payroll (15-year hiring), loan amortization with optional IO/moratorium, scenario analysis, investor 2-tier waterfall, and return metrics (IRR, NPV, MOIC). Sold as a digital download on Flevy.

Use this model when you need to test the financial feasibility and investor returns of deploying an FSRU instead of, or alongside, land-based regasification — for procurement, financing, or commercial planning decisions.

  Project finance analysts building a 15-year cash flow forecast and calculating IRR, NPV, MOIC for lender and investor review.
  Infrastructure investors stress-testing returns under Base, Upside, and Downside scenarios to size equity and debt tranches.
  Energy project developers comparing New Build versus Converted vessel CapEx and phased development budgets.
  Financial modelers constructing loan amortization with optional moratorium and interest-only periods for debt structuring.

The template follows Financial Modeling Best Practices with scenario and debt-schedule structures consistent with standard project finance approaches.

Floating Storage and Regasification Units (FSRUs) are multi-function vessels, which combine LNG storage and built-in regasification systems onboard a ship or barge. FSRUs can receive LNG directly from conventional and large LNG ships, storing it in insulated tanks and can regasify, or convert the LNG back into natural gas when needed. Compared to Land-based import and regasification terminals, which are, in most cases, good, long-term solutions to meet large base demands for energy, an FSRU can offer a lower-cost, faster, more flexible option. They are capable of bringing the benefits of LNG and natural gas quickly to where they are needed most.

This Financial model presents a dynamic (up to 15 years) forecast and profitability analysis of an FSRU operating scenario. The main purpose of the model is to enable users to get a solid understanding of the financial feasibility of the project and to evaluate the return to investors.

The model allows users to choose one of the below FSRU development models:

FSRU New Build: This business model refers to an FSRU being developed from scratch including building of a vessel.
FSRU Converted: This business model refers to an FSRU being built by converting a ship into a regasification unit.
FSRU Leased: This business model refers to an FSRU being leased on an operations and maintenance model.

The model includes asuumptions for development and construction or leasing costs, regasification plant capacity, LNG input and Natural Gas output, revenue, COGS and operating expenses, financing through Debt & Equity and calculates project return metrics (IRR, NPV, MOIC, Payback, etc.)

The structure of the template follows Financial Modeling Best Practices principles and is fully customizable.

Model Structure:

•  Setup Assumptions
This section is used to input all the assumptions for the project.
It includes assumptions for Project Timing, Plant Capacity, LNG input and Natural Gas output, Pricing, Tax Credit Incentives (ITC & PTC), CapEx, Opex & Financing

•  Development Budget
This section includes all assumptions for the development of infrastructure for operations of a LNG Regasification Plant to commence.
It includes Land Costs, Plant Development Costs and Other Development Expenses and is broken down into 4 development phases

•  Payroll
This section includes assumptions for the positions, number of employess and salaries per position and a 15-year hiring schedule. 

•  Loan Schedule
Loan amortization Schedule of project's debt including an optional moratorium and interest-only (IO) period.

•  Scenarios
Scenario Ananysis for Plant's Utilization, Revenue, COGS and OpEx using 3 different approaches (Base, Upside and Downside scenario).

•  Project Cash Flows and Return Metrics
Presentation of Project's Cash Flow and Returns including the below reports:
– Monthly Project Cash Flow
– Annual Project Cash Flow
– Plant Financing and Tax Supporting Schedules
– Key Performance Indicators
– Unlevered & Levered Project Return Metrics (IRR, MOIC, Payback, NPV)
– Business Performance Dashboard

•  Investors Distribution Waterfall
A Private Equity 2-Tier Investors Distribution Waterfall Model including LPs Preferred Return (Hurdle Rate)

•  Project Executive Summary
Professional Executive Summary report containing all of the high-level relevant information for review and is designed to be easy to read, print, and save to pdf. The report includes Project General Info, Timing, Sources, and Uses of Cash, Operations Summary and Key Metrics, Project and Investor return metrics.

Instructions on the use of the model are included in the Excel file.

Help & Support

Committed to high quality and customer satisfaction, all our templates follow best practice financial modeling principles and are thoughtfully and carefully designed, keeping the user's needs and comfort in mind.
No matter if you have no experience or you are well versed in finance, accounting, and the use of Microsoft Excel, our professional financial models are the right tools to boost your business operations!
If you however experience any difficulty while using this template and you are not able to find the appropriate guidance in the provided instructions, please feel free to contact us for assistance.
If you need a template customized for your business requirements, please e-mail us and provide a brief explanation of your specific needs.

TOPIC FAQ

What is an FSRU and how does it differ from a land-based regasification terminal?

An FSRU is a multi-function vessel that stores LNG in insulated tanks and regasifies it onboard, receiving LNG from conventional carriers and converting it back to natural gas as needed. Compared with land-based terminals, FSRUs offer faster deployment and operational flexibility by combining storage and regasification on a ship or barge.

What financial metrics are typically used to assess an FSRU project's viability?

Standard project finance metrics include unlevered and levered Internal Rate of Return (IRR), Net Present Value (NPV), Multiple on Invested Capital (MOIC), and Payback period. Models for FSRU projects commonly calculate these metrics to evaluate investor and project returns, including IRR, NPV, MOIC, and Payback.

What core model components should an FSRU project finance spreadsheet include?

A complete model should contain setup assumptions (timing, capacity, pricing, ITC/PTC), a development budget broken into phases, payroll and hiring schedules, a loan amortization schedule with optional moratorium/IO, scenario analysis, monthly and annual cash flows, KPI dashboards, and an investor distribution waterfall. These include a four-phase development budget and a 15-year hiring schedule.

How does scenario analysis improve forecasting for an FSRU project's revenue and costs?

Scenario analysis lets you model utilization, revenue, COGS, and operating expenses under alternative conditions to assess downside risk and upside potential. Using discrete cases (Base, Upside, Downside) helps quantify impacts on cash flows and returns, typically implemented as 3 scenarios: Base, Upside, and Downside.

What should I look for in a commercial FSRU financial model if my team has mixed Excel skills?

Prioritize models that follow Financial Modeling Best Practices, include clear instructions and an executive summary, provide built-in loan schedules and dashboards, and offer support or customization options. A template that documents assumptions and includes user guidance and an executive summary report will aid mixed-skill teams.

How are investor returns commonly structured in FSRU project finance models?

Private equity-style returns are often modeled with tiered distribution waterfalls that allocate cash to limited partners and general partners according to hurdle rates and preferred returns. A common structure is a private equity 2-tier investors distribution waterfall incorporating an LP preferred return (hurdle rate).

What financial differences should I model when comparing a new-build FSRU to converting an existing ship?

Capture differences in upfront CapEx and development timing, phased development budget items, operating cost profiles, and potential leasing alternatives. Models should allow selection between New Build, Converted, and Leased options to compare capital expenditures, timelines, and revenue impacts across those 3 development models.

How should I evaluate the cost versus value of buying a template model instead of building one in-house?

Consider time-to-deliver, adherence to best-practice modeling standards, built-in functionality (loan amortization, scenario analysis, investor waterfall), and included documentation or support. A purchased template that includes instructions and optional customization can shorten delivery time and provide a standardized structure, with instructions included in the Excel file.

Source: Best Practices in Oil & Gas, Shipping Industry, Integrated Financial Model Excel: Floating Storage Regasification Unit - Project Finance Model Excel (XLSX) Spreadsheet, Profit Vision