Tellurian sells shares to fund Driftwood LNG engineering

Tellurian sells shares to fund Driftwood LNG engineering
Image courtesy of Tellurian

Houston-based Tellurian intends to offer 10 million shares for sale to fund detailed engineering of its 27.6-mtpa Driftwood LNG export facility and an associated pipeline in Southwest Louisiana.

The company said that the net proceeds will also be used to fund general corporate purposes and working capital.

Tellurian expects to grant the underwriter a 30-day option to purchase up to 1,500,000 additional shares to cover over-allotments.

On Friday, the company priced its offering at $10 per share for total gross proceeds of $100 million.

The offering is expected to close December 12, 2017, Tellurian said in a statement.

In November, the company signed four deals with the engineering giant Bechtel for the engineering, procurement and construction (EPC) of the proposed Driftwood LNG project, totaling $15.2 billion.

The project includes 20 liquefaction units, each having an expected production capacity of 1.38 million tons per year of LNG and three 235,000 cubic meter storage tanks as well as three marine loading berths, to be constructed in four phases.

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