APL awarded STL contract

Advanced Production and Loading (APL) has received a purchase order for the design, engineering and supply of a ship set for a Submerged Turret Loading system (STL) from Daewoo Shipbuilding & Marine Engineering (DSME).

Dec 5th, 2005

Offshore staff

(US, GoM) - Advanced Production and Loading (APL) has received a purchase order for the design, engineering and supply of a ship set for a Submerged Turret Loading system (STL) from Daewoo Shipbuilding & Marine Engineering (DSME). The value of the contract is approximately $8 million.

This contract represents APL's fourth order from DSME for a ship set for an LNG regasification vessel (LNGRV). The ownership structure for the vessel, LNGRVExplorer, will be a 50-50 participation between the Belgian ship-owner Exmar and US- based Excelerate Energy. APL's final delivery will take place during spring 2007.

Excelerate Energy plans to use the vessel to deliver regasified LNG to its deepwater port Gulf Gateway in the Gulf of Mexico. In addition, it will be used to support its application to construct a similar facility called the Northeast Gateway in Massachusetts Bay, near Boston.

Exmar and Excelerate Energy have also confirmed an option for a fifth LNGRV newbuild at DSME. APL is currently in negotiations for this contract as well as further options with the shipyard.

12/05/05

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