CIMC to supply CNG ships to Global Energy

GEV has signed a letter of intent CIMC Raffles for four CNG ships Photo: Global Energy Ventures GEV has signed a letter of intent CIMC Raffles for four CNG ships Photo: Global Energy Ventures

Global Energy Ventures (GEV) has signed a letter of intent (LOI) with Yantai CIMC Raffles Offshore (CIMC Raffles) to build four compressed natural gas (CNG) Optimum 200 ships.

Included in the LOI is the option for GEV to order up to four further ships.

Non-executive director, Jens Martin Jensen, said, “In my 30 years of new ship builds, CIMC Raffles has proven to be a highly credible and very capable yard for new builds, and they are without doubt an investment grade shipyard for GEV’s first marine CNG project.

“Together with our advisors Clarksons and SeaQuest, we continue to focus on our preferred shipyards to refine their technical specification and capital cost improvements, and work towards a final draft contract. Executing our first LOI with a respected shipyard to deliver our first CNG Optimum Contract is indeed a key milestone for GEV representing a major de-risking event.”

The scope of the contract includes the design, procurement, build, test, and delivery by the shipyard. The vessels will be capable delivering CNG from gas supply to gas buyer in generally accepted ocean shipping conditions and will be substantially based on the completed technical specification with accompanying documents/drawings provided to GEV. Delivery is on a thirty month construction schedule for the first ship, then every four months for the following three ships.

CIMC Raffles has provided a contract price range of US$135 – 140 million subject to the final terms being finalised and the term of the LOI is for ninety days from the date of signing.

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