“The signing of the FEED agreements with CB&I and DSME confirms our commitment to present an optimal design for the Höegh LNG FPSO. With the LNG FPSO in place, Höegh LNG can offer a complete offshore LNG supply chain”, says Sveinung J. Stohle, President & CEO of Höegh LNG. “We recognized from the start that building an LNG FPSO is a very complex and challenging project, quite different from LNG carriers or even LNG re-gas vessels, and therefore choosing the right partners and the right technology are critical success factors, ”We look forward to complete and make this project a success together with our technology partners CB&I and DSME.

The Höegh LNG FPSO design consists of offshore classed ship-shaped structure and a topside plant with capacity to treat and liquefy a well stream of approximately 3.0 billion cubic meters per year, which will give an annual production of between 1.6 to 2.0 million tons of LNG and approximately 0.4 million tons of LPG/condensate, depending on the specification of the gas stream. The design is such that it can be expanded to 2.4 million tons per year of LNG or reduced to 1.0 million tons per year. The LNG FPSO will have storage capacity of 190,000 cubic meters of LNG and 30,000 cubic meters of LPG/condensate. The first delivery is planned by DSME for early 2012.

Höegh LNG is a pioneer in the LNG shipping industry and currently owns and operates a fleet of five traditional LNG tankers, and has 2 Shuttle- and re-gasification vessels (SRV), under construction at Samsung for the Neptune project offshore Boston owned by Suez NA. Höegh LNG further has under development two deepwater port terminals, one in the US offshore Florida, “Port Dolphin”, and one offshore western UK, “Port Meridian” and is actively pursuing other floating LNG projects around the world.

CB&I combine proven process technology with global capabilities in engineering, procurement and construction to deliver comprehensive solutions to customers in the energy and natural resource industries. With more than 70 proprietary licensed technologies and 1,500 patents and patent applications, CB&I is uniquely positioned to take projects from conceptual design, through technology licensing, engineering and construction and final commissioning. Drawing upon the global expertise and local knowledge of approximately 17,000 employees in more than 80 locations, CB&I safely and reliably executes projects worldwide. For more information, visit www.CBI.com.

DSME is a world-leading shipbuilder and offshore EPC contractor continuously striving to adapt new ideas in this industry, with 12,000 employees in Korea. Out of more than 1,000 completed projects for commercial ships, offshore and on shore plants, DSME has delivered 47 LNG carriers with 35 LNG carriers to be delivered. Five of the already completed large LNG carriers, and 14 still on-order, are equipped with small scale on-deck liquefaction modules. This shipbuilder has also delivered 4 LNG regasification vessels(RV) and a further 4 vessels are currently under construction. This achievement will drive DSME’s success in the LNG carrier sector through into the offshore LNG market.

Also, DSME has been recognized for its outstanding performance in offshore EPC contracts such as the world’s largest FPSO ‘Agbami’ in Nigeria. Building on this expertise, DSME is pioneering new markets such as LNG FPSO and FSRU.

For more information, visit www.dsme.co.kr

Contacts:
Höegh LNG:
Sveinung Støhle, President and CEO, Höegh LNG +47 4003 9969
Olav Sollie, Senior Vice President Communications +47 4003 9821

CB&I:
Jan Sieving, Senior Director Corporate Communications +1 832 513 1111

DSME:
W.S. Ryu, Executive Vice President Offshore Business +82 55 680 2019/+82 2 2129 0127
J.H. Lee, Vice President Offshore Marketing +82 2 2129 0710

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