Road Town, Tortola, 02 August 2010. FLEX LNG (Oslo Axess: FLNG) is pleased to
announce that it has signed a Memorandum of Understanding (MoU) with SAIPEM for
exclusive cooperation towards the development of a Floating Liquefaction (FLNG)
project with an Asian National Oil Company for their offshore gas reserves in
FLEX LNG will contribute its LNG Producer concept and its construction contracts
with Samsung Heavy Industry while SAIPEM will provide its superior project management
skills, as well as its outstanding combination of capabilities in the domains
of Floating Production Systems and natural gas treatment and LNG liquefaction
The parties intend to form a joint project team to manage the Pre-FEED and FEED
work for the project. The joint team also intends to cooperate closely after Final
Investment Decision (FID) for the overall management of the project to ensure
successful execution of the Engineering, Procurement, Construction, Integration
and Commissioning (EPCIC) phase.
Commenting on the agreement, Chief Executive Officer of FLEX LNG Management Ltd,
Philip Fjeld stated:
"It is with great pleasure we announce that FLEX and SAIPEM have joined forces
to work together on one of the world’s first floating LNG projects. The two companies
bring complementary strengths that I am confident will greatly enhance the ability
to provide the client with world-class project execution.
FLEX LNG also sees the cooperation with SAIPEM as a promising starting point
for the two companies to cooperate closely on other FLNG projects."