Offshore staff

ROAD TOWN, Tortola –FLEX LNG Ltd. has signed a memorandum of understanding with Peak Petroleum Industries Nigeria Ltd. for joint development of Bilabri and Orobiri natural gas reserves using the FLEX floating faculty concept.

The project would have an annual capacity of at least 1 MM metric tons (1.1 MM tons) per year for 15 years starting in 2011.

"We look forward to working with Peak Petroleum on a project that will revolutionize the LNG industry in many ways and that demonstrates that LNG projects in Nigeria do not necessarily have to be onshore," says Philip Fjeld, FLEX CEO.

11/19/2007