Page 18 - NorthAmOil Week 45

NorthAmOil NEWS IN BRIEF NorthAmOil

stock, reduced debt by $33.9mn and extended
the term loan maturity to March 2022.
Natural gas production for the third
quarter was approximately 4.1bn cubic feet
equivalent (bcfe) and remained flat with an
exit rate of 47mn cubic feet equivalent per day
(mmcfed). Natural gas sales rose to $7.3mn
for the third quarter, which was an increase
over $6.3mn in sales for the last quarter.
President and CEO Meg Gentle said,
“Natural gas markets and prices have
recovered worldwide. Investment in new
drilling and infrastructure is acutely needed
to balance the market in 2021 and beyond.
Building liquefaction terminals as fully
integrated partnerships is the only way
partners will secure the lowest cost of gas
customers in the Williston Basin segment. and 1000 lbs. at 63 ft. and be protected from the market’s inherent
Heath Deneke, president, chief executive MacGregor has a long record of volatility.”
officer and chairman, commented: “Summit accomplishment of delivering high-quality TELLURIAN, November 06, 2020
generated $59.8mn of adjusted Ebitda during hose handling cranes for oil tanker barges to
the third quarter, which was slightly above Fincantieri Bay Shipbuilding, and many other Venture Global Calcasieu
our expectations in August. Our results barge constructors in the US This will be the
improved throughout the third quarter as first pair of cranes to be delivered for an LNG Pass announces arrival
customers continued to return previously bunkering application.
shut-in production to service in large part due The barge is being built for Polaris New of first factory-fabricated
to strengthening of natural gas prices. Given Energy, a subsidiary of Northstar Midstream.
that most of the temporary production shut- The homeport will be Jacksonville, Florida, liquefaction trains
ins that impacted our financial results in the USA and operations will service customers
second and third quarters have been restored along the Florida coast. Venture Global LNG is proud to announce the
or are in the process of being restored, we “We are glad to select MacGregor as the successful arrival of the first two liquefaction
continue to expect full-year 2020 adjusted supplier for our LNG bunker barge project’s trains at the company’s Calcasieu Pass LNG
Ebitda to be within our $250mn to $260mn hose handling cranes. MacGregor’s support export facility in Cameron Parish, Louisiana.
guidance range.” prior to order was an important part of The delivery of the highly optimized 0.6
SUMMIT MIDSTREAM PARTNERS, November our design development. We are confident MTPA LNG trains, fabricated in factories,
06, 2020 that these cranes will meet or exceed our less than 15 months after the project’s final
customer’s requirements,” says Hugh investment decision represents not only a
Haggerty, Project Engineer, Fincantieri Bay major project milestone but also a step-change
DOWNSTREAM Shipbuilding. in LNG construction.
“We have a long-standing relationship with The two midscale, modular liquefaction
MacGregor secures Fincantieri Bay Shipbuilding, and a proven trains and mixed refrigerant compressor
reputation of delivering high-quality hose
skids were shipped to Louisiana from Baker
contract to supply LNG handling cranes to the US barge market,” says Hughes’s manufacturing facility in Avenza,
Italy more than two months ahead of the
John Carnall, Senior Vice President, Global
bunker barge hose handling Services Division, MacGregor. “These are the contractual delivery date. Each train, delivered
first hose handling cranes that MacGregor
complete and ready to install, was successfully
cranes will deliver to an LNG bunkering barge, unloaded, transported onto the Calcasieu
Pass site and positioned on its foundations
and we have tailored the specification in
MacGregor, part of Cargotec, has received an close cooperation with Fincantieri Bay in less than a day. The first and second of the
order from Fincantieri Bay Shipbuilding in Shipbuilding’s engineering group to ensure project’s eighteen identical trains will now be
Wisconsin, USA to supply two fixed boom the exact configuration for the owner’s hose connected to their respective Chart brazed
cranes that will handle the hoses on a new handling operations.” aluminum heat exchangers, or cold boxes,
5,400 cubic metre liquefied natural gas (LNG) CARGOTEC, November 11, 2020 eight of which are already installed on site.
bunker barge currently under construction Mike Sabel, executive co-chairman and
and an estimated delivery by the end of 2021. Tellurian reports third- CEO stated: “Venture Global LNG is proud
The order was booked into Cargotec’s third to demonstrate continued execution of the
quarter of 2020 order intake. quarter 2020 results strategy we pioneered. Our factory-fabricated,
The MacGregor Rapp HP63-13F cranes modular liquefaction trains enable us to
will handle the hoses that transfer LNG from Tellurian continues to build its integrated deliver the fastest construction schedule in
the barge to the LNG-powered vessel during global natural gas business. During the third the LNG industry while driving dramatic risk
bunkering operations. The hoses will be 63 ft. quarter of 2020, Tellurian raised $32.8mn in reductions across the entire project. We look
long and designed to handle 6,500 lbs. at 42 ft. net proceeds through issuances of common forward to the successful delivery of Calcasieu

P18 www. NEWSBASE .com Week 45 12•November•2020