Kanfa Aragon, Samsung sign LOI for LNG topside

Kanfa Aragon AS, a subsidiary of Sevan Marine ASA, has signed a letter of intent with Samsung Heavy Industries Co. Ltd. in Korea to develop a LNG production topside for the world's first floating LNG (FLNG) production vessel.

Offshore staff

ARENDAL, Norway -- Kanfa Aragon AS, a subsidiary of Sevan Marine ASA, has signed a letter of intent with Samsung Heavy Industries Co. Ltd. in Korea to develop a LNG production topside for the world's first floating LNG (FLNG) production vessel. The contract totals approximately $200 million.

The FLNG topside will be based on Kanfa Aragon's liquefaction technology. Kanfa Aragon will design and engineer the liquefaction plant and procure major equipment items. The vessel will have a gas processing and liquefaction topside with an LNG capacity of approximately 1.7 million metric-tons/ year (1.9 million tons/year).

The vessel will be owned and operated by FLEXLNG and will be ready for operation in late 2011.

07/11/2008

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