US LNG developer Tellurian raises $94.8 million

The proposed Driftwood LNG project (Image: Tellurian)

Houston-based LNG export project developer, Tellurian closed its previously announced public offering of 10 million shares of its common stock at a price of $10 per share.

Proceeds from the offering were about $94.8 million, Tellurian said in a statement on Tuesday.

The company has granted the underwriters a 30-day option to purchase up to 1.5 million additional shares to cover over-allotments, if any.

Tellurian said it plans to use the net proceeds from the offering for detailed engineering of its proposed Driftwood LNG project and an associated pipeline in Southwest Louisiana, general corporate purposes and working capital.

In November, the company signed four deals with the engineering giant Bechtel for the engineering, procurement and construction (EPC) of the 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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