Page 10 - GLNG Week 03 2022

GLNG OCEANIA GLNG

DSME wins $550mn contract

for Chevron’s Jansz-Io project

PROJECTS & SOUTH Korea’s Daewoo Shipbuilding & Marine super-major said at the time that this repre-
COMPANIES Engineering (DSME) said last week that it had sented its most significant capital investment in
been awarded a contract by Chevron to build a Australia since Stage 2 of Gorgon in 2018. At the
field control station for the Jansz-Io gas project time of the announcement, the installation phase
offshore Western Australia. of Stage 2, to supply gas to the Gorgon plant from
The contract is worth an estimated four new Jansz-Io and seven new Gorgon wells,
KRW656.1bn ($550.2mn) and covers construc- was nearing completion.
tion of a gas field control station (FCS) capable of The Jansz-Io project will use subsea com-
The Jansz-Io project supplying electric power to and controlling the pression technology to maintain gas supply to
will use subsea gas field once it is operational. The facility will the Gorgon liquefaction trains and domestic gas
compression technology be built at the Okpo Shipyard in Geoje, South plant on Barrow Island. As well as construction
to maintain gas Korea, and is due to be completed by the third of the 27,000-tonne FCS, the project will require
supply to the Gorgon quarter of 2025. around 6,500 tonnes of subsea compression
liquefaction trains and The Jansz-Io field will supply gas to Chevron’s infrastructure and a 135-km submarine cable
domestic gas plant. Gorgon LNG plant on Barrow Island. The field is connecting to Barrow Island.
located roughly 125 miles (201 km) off the coast Chevron has also awarded contracts to Aker
of Western Australia, and 85 miles (137 km) Solutions, Saipem, ABB and Baker Hughes for
from Barrow Island, at water depths of around the Jansz-Io project since it announced the final
4,600 feet (1,402 metres). investment decision (FID). All of the construc-
Chevron and its partners in Gorgon sanc- tion and installation activities are anticipated to
tioned the Jansz-Io project in July 2021, saying take roughly five years to complete, giving the
it was anticipated to cost around $4bn. The project a start-up date of 2026.™

NEWS IN BRIEF

AMERICAS CoolCo will immediately list on the Oslo Joint Lead Managers and Joint Bookrunners
OTC exchange and expects to list on Euronext and Nordea and Danske as Joint Managers.
Cool Company formation Growth Oslo during February 2022. CoolCo concluded within Q1 2022 subject to market
The formation of CoolCo is expected to be
will also target an additional listing on an
update internationally recognised stock exchange conditions.
during 2022.
GOLAR LNG, January 20, 2022
Golar LNG is pleased to provide an update on A credit approved and committed bank
the formation of Cool Company (CoolCo). term sheet for a new sustainability linked Texas LNG, a Glenfarne
Reference is made to the announcement on 15 $570mn bank facility that will finance the
December 2021 regarding Golar’s announced acquisition of 6 of the 8 carriers that CoolCo Group company, and
execution of a Terms Agreement to separate will acquire from Golar has been arranged.
its 8 TFDE LNG carriers into CoolCo. The existing lease financing on two vessels, Enbridge execute natural
CoolCo will have an initial market Golar Ice and Golar Kelvin, will remain and
capitalisation of approximately $375mn be transferred to CoolCo. The total debt on gas pipeline transportation
and Golar will retain a shareholding of CoolCo’s assets will be approximately $810mn
a minimum of $125mn. As part of the at inception. agreement
transaction CoolCo plans to raise around Agreements in principle for CoolCo
$250mn of external equity through a private to acquire the commercial and technical Texas LNG Brownsville, a controlled
placement of equity. Eastern Pacific Shipping organisation associated with the operation subsidiary of Glenfarne Group, developing a
(EPS) has pre-subscribed and guaranteed an of Golar’s owned and operated shipping and fourmn tonnes per annum liquefied natural
allocation of a minimum of $150mn in the FSRU assets for a total consideration of $5mn gas (LNG) export terminal in the Port of
contemplated private placement, making EPS have also been reached. Brownsville, South Texas, and Enbridge, a
the largest shareholder of CoolCo. Proceeds In connection with the contemplated leading North American energy infrastructure
from the private placement, together with the equity private placement and Euronext company, have executed a pipeline
debt facilities described below, will be used to Growth IPO, CoolCo has engaged Clarksons transportation precedent agreement for the
fund the acquisition of 8 TFDE LNG carriers Platou Securities and DNB Markets, a part of expansion of the Valley Crossing Pipeline
from Golar LNG and for CoolCo’s working DNB Bank ASA, as Joint Global Coordinators (VCP) to deliver approximately 720mn cubic
capital and general corporate purposes. and Joint Bookrunners, ABG and Fearnleys as feet per day of natural gas to Texas LNG’s

P10 www. NEWSBASE .com Week 03 21•January•2022