SBM Offshore N.V.
amsterdam : SBMO

July 08, 2011 02:08 ET

SBM Offshore, Linde, PTT FLNG and PTTEP AA Sign Partnership Agreement for a Floating Liquified Natural Gas (FLNG) Facility

SCHIEDAM, NETHERLANDS--(Marketwire - Jul 8, 2011) -

1. Partnership with PTT FLNG and PTTEP Australasia for FLNG

SBM Offshore, The Linde Group's Engineering Division, PTT FLNG Limited and PTTEP Australasia have signed a partnership agreement for the development of a Floating Liquefied Natural Gas (FLNG) facility in the Timor Sea off Northern Australia.

The project foresees floating production of LNG from three gas field groups including Cash-Maple, Southern and Oliver fields, offshore Australia. Preliminary studies commenced in March 2011 and the project will continue into a Front-End Engineering and Design (FEED) phase by the end of 2011 if gas reserves appraisal continues to meet expectations. The final investment decision is targeted for end 2012, and first commercial FLNG operations for end 2016.

The facility will be located approximately 680 kilometres west of Darwin, Australia, and 200 kilometres southeast of the Indonesian coastline. The plant will have the capacity to produce approximately two million tons of LNG per annum.

SBM Offshore, is a market leader in the field of Floating Production, Storage and Offloading units (FPSO) for the oil industry. For this project, the Company will contribute its mooring system technology, its marine expertise and also be involved in the gas processing on the FLNG topsides. Floating LNG technology is innovative and enables offshore gas fields to be developed that would otherwise be uneconomical and /or technically challenging.

It is the intention that upon final investment decision, the partners will incorporate a special purpose company in order to jointly construct, finance, own and operate the FLNG, which will be contracted on a lease and operate basis to the upstream company operating the fields. Through this partnership, SBM Offshore will increase it's involvement in the growing LNG business.

To see the full version of this Press Release please click on the link below:

SBM Offshore Press Release: http://hugin.info/130754/R/1529360/464875.pdf

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Source: SBM Offshore N.V. via Thomson Reuters ONE

[HUG#1529360]

Contact Information

  • Contact person:
    Mr. Sebastiaan de Ronde Bresser
    Telephone: (+377) 92 05 85 15
    Mobile: (+33) 643 919 312
    Fax: (+377) 92 05 89 40
    E-mail: Email Contact
    Website: www.sbmoffshore.com