Technip, Daewoo get Petronas LNG job

PETRONAS, which is embarking on the first commercial floating liquefied
natural gas (FLNG) facility in Malaysia, has awarded the contract for
the engineering, procurement, construction, installation and
commissioning (EPCIC) of the project to a consortium comprising Technip
France S.A, Technip Geoproduction (M) Sdn Bhd and Daewoo Shipbuilding
and Marine Engineering Co, Ltd.

The contract, awarded via PETRONAS' wholly owned subsidiary PETRONAS Floating LNG 1 (L) Ltd, was signed today in Kuala Lumpur.

PETRONAS
was represented by its Executive Vice President (Gas and Power
Business) Datuk Anuar Ahmad, while Executive Vice President of Technip
Group Mr. Philippe Barril, Chief Executive Officer of Technip
Geoproduction Mr. Edgar Pushparatnam and Senior Vice President of Daewoo
Shipbuilding and Marine Engineering Mr Wan Soo Ryu signed on behalf of
their respective companies.

The FLNG facility is scheduled to
be ready for start-up by end of 2015. It will be moored about 180
kilometres off the coast of Bintulu, Sarawak, and is designed to produce
1.2 million tonnes a year (mtpa) of LNG. Once on stream, the facility
will boost Malaysia's total LNG production capacity to 26.9 mtpa from
25.7 mtpa currently.

Once operational, the facility is expected
to change the landscape of the LNG business where the liquefaction,
production and offloading processes of LNG, previously only possible at
onshore plants are now able to be carried out hundreds of kilometres
away from land and closer to offshore gas sources.

As such, the
facility will also play a significant role in efforts to unlock the gas
reserves in Malaysia's remote and stranded fields currently deemed
uneconomical to develop and evacuate. - Bernama