Tellurian raises additional funds for Driftwood LNG

The Houston-based LNG export project developer, Tellurian, secured additional funds for detailed engineering of its proposed Driftwood LNG terminal and associated pipeline in Southwest Louisiana. 

The underwriters in the previous public offering of 10 million shares have exercised the over-allotment option and purchased additional 1.5 million company shares.

Tellurian said the net proceeds from the exercise of the over-allotment option were approximately $14.5 million following fees and expenses deduction.

The company initially raised about $94.8 million, which will also be used for detailed engineering of its proposed Driftwood LNG project and an associated pipeline in Southwest Louisiana, general corporate purposes and working capital.

The company’s Driftwood LNG project will include 20 liquefaction units, each having an expected production capacity of 1.38 million tons per year of LNG and three 235,000 cubic meter storage tanks as well as three marine loading berths, to be constructed in four phases.