U.S. Maritime Administration Issues Record of Decision for TORP*s Bienville Offshore Energy Terminal

Maritime Administrator David T. Matsuda on Friday signed the Record of Decision approving the deepwater port application submitted by TORP Terminal LP for a license to own, construct and operate the Bienville Offshore Energy Terminal, an LNG regasification facility located in the Gulf of Mexico, 63 miles south of Dauphin Island, Alabama, in a water depth of 425 feet.

“This is another important step in making the Bienville Offshore Energy Terminal a reality,” said Joe Berno, CEO of TORP Terminal LP. “In addition to the Bienville Terminal’s innovative technical solution, we plan to transform the way that regasification capacity has been offered to the industry.

Our goal is to provide the lowest annual cost of holding regasification capacity in the United States.” According to Lars Odeskaug, CEO of TORP LNG, “This Record of Decision proves that smaller terminal developers can introduce innovative solutions, both technically and commercially, to offer long-term access to the world’s largest natural gas market at very attractive terms. Similarly, we have developed the EasyLNG technology, which is designed for use in protected waters and offers the lowest regasification rates for small to medium volumes. We have already received interest from clients in South America, Asia and Europe that would benefit from this technology.”

The Bienville Offshore Energy Terminal will use the award-winning HiLoad technology and a floating regasification unit with no permanent offshore structures. The Terminal will also utilize closed-loop ambient air vaporization, which is a preferred solution of the Environmental Protection Agency (EPA), National Oceanic and Atmospheric Administration (NOAA), and environmental groups. The Terminal will have a peak LNG sendout capacity of 1.4 Bcf per day and will be able to accommodate any LNG carrier without modification to the incoming vessel.

The Bienville Terminal’s location in the northeastern Gulf provides ready access to markets in the U.S. Southeast, as well as those in the middle and eastern portions of the nation. Other benefits include the proximity to underground natural gas storage facilities and existing pipelines to Florida while avoiding the congestion along the Texas-Louisiana border.

About TORP Terminal LP

TORP Terminal LP has offices in Houston, Texas, and Mobile, Alabama. The company is a limited partnership owned by TORP Technology Inc., TORP LNG AS and Siemens Financial Services, Inc. The company has the rights to utilize the HiLoad technology at the Bienville Offshore Energy Terminal. The HiLoad unit is a floating L-shaped structure that docks onto LNG carriers using a patented friction-based attachment system creating no relative motion between the carrier and the HiLoad.

The facility is equipped with standard regasification equipment and can accommodate any LNG carrier without the use of special equipment onboard the carrier. The Bienville Terminal uses air for heating the LNG, saving fuel costs and reducing environmental impacts.

About TORP LNG AS

TORP LNG AS is a privately owned Norwegian company specializing in LNG terminal development and LNG loading technology. The company owns the proprietary HiLoad Technology for LNG regasification and offshore loading of LNG. In addition to the Bienville Terminal, the company is pursuing several other projects for offshore LNG loading and regasification.

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Source: TORP LNG, November 2, 2010