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Nakilat signs two contracts to acquire 8 LNG carriers
Qatar, February 05, 2007
With these latest signings, Nakilat will have a total of 25 wholly-owned LNG carriers on order. The “QFlex” and “QMax” vessels are significantly larger than conventional LNG carriers, the “QMax” being the largest size of LNG vessel on order with a capacity of around 266,000 m³ and a delivered cost of around US$ 300 million. According to Nakilats Managing Director, these latest 8 ships will be built by leading Korean shipyards, Daewoo Shipbuilding and Marine Engineering and Samsung Heavy Industries. These vessels, once delivered from the shipyards in October 2009 – February 2010, are expected to be dedicated to the carriage of LNG for the Qatargas 4 project. The ships will be powered by twin slow-speed diesel engines and will have full scale on-board re-liquefaction plants which will maximize LNG deliveries to Qatargas 4s customers. Modification of existing shore side technology, namely re-liquefaction plant, to onboard use allows the vessels to use more efficient slow speed diesel engines instead of the traditional but less efficient steam turbines. Following a major series of orders in 2006, the 25 LNG carriers on order for Nakilat owned companies, represents an investment in the region of US$ 7.5 billion. In addition to these wholly-owned vessels Nakilat has approximately 43% interest in a further 29 LNG carriers, representing an additional investment in the region of US$ 2.9 billion, already delivered or on order to service Qatar LNG projects. Other Nakilat investments, including partial ownership of LPG vessels, will add more than US$ 1 billion to Nakilat’s total investment. It is expected that the new vessels will be used to transport LNG from Qatargas 4s single-train project at Ras Laffan, co-developed alongside Qatargas 3, which will have a production of approximately 7.8 million tons/year with an expected start-up date in 2010. Seen against the background of Nakilat’s highly successful financing with the initial US$ 4.3 billion phase closing at the end of 2006, these new orders will provide long term assets for Nakilat and help to enhance shareholder value The latest orders mark the conclusion of a hectic 12 months for Nakilat. Apart from the LNG vessel orders, they have seen Nakilats appointment of Shell International Trading and Shipping Company Limited to provide a range of shipping and ship management services, with transfer of know how and expertise, to enable Nakilat to develop its own ship management capacity in Qatar. They have also seen the closing in December of a ground-breaking US $4.3 billion debt facility for Nakilats wholly-owned subsidiary, Nakilat Inc., which is believed to be the largest single round of LNG vessel financing ever achieved. Nakilat Inc.’s senior debt received very high investment grade ratings from the international rating agencies, Aa3 from Moody’s, A+ from S&P and A+ from Fitch, recognising the very strong credit underlying the financing. Nakilat is now in the process to form a joint venture with “Keppel Offshore & Marine” to develop and manage a major new facility in the Port of Ras Laffan, Qatar, for the construction, repair and maintenance of ships and other marine structures. Nakilat was also awarded a 22-year service contract by Qatar petroleum for Harbour Towages and Mooring services for Ras Laffan port, the value of which is in excess of QR 1.5 billion. In parallel, Nakilat signed a joint venture agreement with “Svitzer Middle East” to provide the harbour towages and mooring services under the above long term contract with QP.
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and 4 “QMax” LNG vessels–another substantial stride towards its goal to be the
largest LNG shipowner in the world.
