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Sempra announces settlement agreement between Cameron LNG and CCJV

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Sempra LNG & Midstream has announced that Cameron LNG has reached a settlement agreement with its contractor, CCJV, related to the construction of the Cameron LNG liquefaction project in Hackberry, La. CCJV is a joint venture between an affiliate of Chicago Bridge & Iron Company NV (CB&I) and Chiyoda International Corporation.

The settlement resolves all of CCJV's known and unknown claims to date, including Hurricane Harvey, and better aligns the interests of all parties in achieving the joint goal of having all three trains at Cameron producing liquefied natural gas (LNG) in 2019.

The settlement falls within the existing construction budget and financing commitments for Cameron LNG while including incentives for additional milestones. The settlement agreement is subject to the satisfaction of certain conditions that will reflect improvement to CB&I's credit support to the project. Additional information concerning this settlement agreement is available in the Current Report on Form 8-K filed by Sempra Energy today with the Securities and Exchange Commission.

The US$10 billion liquefaction facility comprises three liquefaction trains with an expected export capability of 12 million tpy of LNG or approximately 1.7 billion ft3/d. Earnings for Sempra Energy from Cameron LNG are expected to be between US$300 million to US$350 million in 2020 and increasing over time, primarily as a result of Cameron LNG's debt being repaid.

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