Bergensen Makes Final Negotiations on LNG Contract

Wednesday, February 27, 2002
Bergesen has agreed with Nigeria LNG Limited (NLNG) on a preliminary agreement for the employment of four LNG-carriers for a minimum of 20 ½ years from delivery. Final contract is subject to NLNG making its final investment decision on its further extension called NLNG Plus.

Subject to same investment decision, Bergesen will enter into an agreement with Daewoo Shipbuilding & Marine Engineering Co. Ltd., Korea, to build the vessels. Delivery shall take place in first, third and fourth quarter 2005, and in first quarter 2006. Total project price will be about $710 million, including interest and other expenses during construction period. The agreement is based on four vessels of 140.500 cbm each, but the vessels' capacity can be increased to 145.000 cbm at NLNG's option. The capital element of the charter rate is fixed for the entire period, while the operating element is subject to an annual adjustment. When all four vessels are delivered, the annual charter income will amount to about $100 million. Bergesen may invite partners to own up to 49 percent equity in vessel 3 and/or 4. NLNG has an option to purchase each of the four vessels at agreed stages during the contract period, first time five years after delivery from the yard. Provided final agreement is concluded, Bergesen will have seven LNG-carriers under construction at Daewoo, of which six are employed for minimum 20 years from delivery.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Great Lakes Inks M.E., N.C. Coastal Protection Project Deals

Great Lakes Announces $55 Million in Subcontract Work in the Middle East and Award of $38 Million for a Domestic Coastal Protection Project Great Lakes Dredge

Olympic Subsea Vessel Bags Contract

Olympic Shipping has secured a contract for Olympic Delta, an inspection, maintenance and repair (IMR) vessel, with an international client  to work on a renewable energy project.

Asia Tankers-VLCCs Rates Ease as Tanker Jams Fade

Port congestion eases at Basra and Chinese ports; tanker demand set to expand on lower oil prices. Freight rates for very large crude carriers (VLCCs), hurt by slower-than-usual release of cargo,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Pipelines Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0776 sec (13 req/sec)