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Ophir provides update on Fortuna FLNG project

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LNG Industry,

Ophir has released a statement claiming that, further to the signing last week of the umbrella agreement for the Fortuna FLNG project, another milestone has been reached with the award of the midstream construction contracts.

Golar LNG Ltd has executed amended and novated agreements for the conversion of the 126 000 m3 LNG carrier Gandria into a floating LNG (FLNG) unit. The primary contract for the FLNG Gandria was entered into with Keppel Shipyard Ltd. Ophir claims that Black & Veatch will supply its licensed PRICO® technology, carry out detailed engineering and process design, specify and procure topside equipment, and provide commissioning support for the FLNG topsides and liquefaction process.

The Fortuna Joint Operating Company will acquire the Gandria once a final investment decision (FID) has been made in mid-2017. The Republic of Equatorial Guinea has the right to acquire up to 30% of the vessel.

Ophir claims that the award of the midstream engineering, procurement and construction (EPC) contracts signals another milestone towards FID, adding that three further milestones remain. These include: the award of the upstream EPCIC contracts; the completion of the debt facility; and the award of LNG offtake.

With respect to these milestones, Ophir claims that:

  • The award of the EPCIC contract is on schedule.
  • Term sheets have been agreed with a consortium of China-based lenders. The counter-parties to the financing have now entered into the final documentation stage.
  • In May, the Fortuna partners will decide upon the structure and the amount of the expected 2.5 million tpy to place under contract at FID. An award of offtake will be made from the shortlist of attractive proposals from high quality counterparties.

The CEO of Ophir, Nick Cooper, said: “The award of the midstream construction completes another milestone as we approach FID. We remain firmly on schedule for the FID of Africa’s first deep water FLNG Project in mid-2017.”

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