Teekay Starts Building Six LNG Carriers

December was a pretty busy month for Teekay Corporation as keels for six LNG newbuildings were laid at Korean Daewoo Shipbuilding & Marine Engineering (DSME) shipyard.

Five of these 173,400 cubic meter M-type, Electronically Controlled, Gas Injection (MEGI) engine LNG newbuildings are under time-charter contracts with Royal Dutch Shell plc (Shell). The remaining, H2461, is committed to the Bahrain project.

The six newbuildings are expected to deliver between 2017 and 2018. The six blocks total a significant weight of over 50 tons.

At the beginning of December, Teekay LNG, Samsung C&T and Gulf Investment Corporation (GIC) executed with the Government of the Kingdom of Bahrain the project agreements for the development of an LNG receiving and regasification terminal in Bahrain. The project, to be developed on a BOOT (build, own, operate, transfer) basis, will be located in Hidd Industrial area of Bahrain and will help the Kingdom meet the increasing demand for gas supplies to satisfy its industrial and urban development.

The project will comprise a Floating Storage Unit (FSU), an offshore LNG receiving jetty and breakwater, an adjacent regasification platform, subsea gas pipelines from the platform to shore, an onshore gas receiving facility, and an onshore nitrogen production facility. The project will have a capacity of 800 million standard cubic feet per day and will be owned and operated under a twenty-year agreement commencing on 15 July 2018.

 

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