Golar LNG (GLNG) said Thursday it signed a construction and engineering agreement with CIMC Raffles for a fourth floating liquefied natural gas production vessel with an annual capacity of 3.5 million tons.

The conversion project carries a budget of roughly $2.45 billion, with delivery planned for the end of 2029, and a donor ship for the build has already been acquired, the company said.

Black & Veatch will provide the liquefaction technology for the unit, which will increase the total controlled capacity to over 12 million tons a year, and the business is in advanced commercial talks for a long-term charter contract, Golar said.

Shares of the company were up 5.7% in Thursday premarket activity.