Cedar LNG execute HoA with Samsung Heavy Industries and Black & Veatch

The HoA offers Cedar LNG, on an unique foundation with SHI and Black & Veatch, safe entry to shipyard capability to fulfill Cedar LNG’s goal business operations date. The events count on to finalise a lump sum engineering, procurement, and development settlement in December of this 12 months.

“This unique relationship with SHI and Black & Veatch to lock in shipyard capability for the development of the Cedar LNG FLNG vessel is a serious step ahead for our venture,” mentioned Doug Arnell, Cedar LNG CEO. “By way of this settlement we’re accessing world class experience within the development and supply of floating LNG manufacturing vessels, which, along with renewable energy from the BC Hydro grid, will lead to an environmentally main, state-of-the-art facility for Cedar LNG, with one of many lowest carbon footprints on the planet.”

This settlement builds additional momentum for the Venture and follows receipt of all main regulatory approvals and the signing of memorandums of understanding for long-term liquefaction providers with funding grade counterparties for the Venture’s complete LNG capability.

Goal Ultimate Funding Determination (FID) continues to be by the tip of 2023, nonetheless, given the complexity and sequencing of aligning the a number of work streams, that are required to facilitate Venture financing, FID could transfer into early 2024.

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