FLEX LNG LTD and SAIPEM Execute MOU for Floating Liquefaction Project in Australia

FLEX LNG (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 Australia.

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 plants.

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.”

Source: flexlng, August 03, 2010

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