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CNG ship design

Global Energy Ventures inks LOI with Yantai CIMC Raffles for up to eight CNG ships

Leading developer of global integrated marine compressed natural gas (CNG) projects, Global Energy Ventures has signed of a Letter of Intent (LOI) with Yantai CIMC Raffles Offshore to build up to eight CNG vessels.

The LOI is based on a firm order for four 200MMscf CNG ships with the option for up to an additional four ships.

GEV and CIMC Raffles will now work towards a binding shipbuilding engineering, procurement & construction contract, employing GEV’s CNG Optimum design for the CNG Optimum ships.

Jens Martin Jensen, non-executive director of Global Energy Ventures, says, “CIMC Raffles have proven to be a highly credible and very capable yard for newbuilds, and they are without doubt an investment grade shipyard for GEV’s first marine CNG project. They are the logical choice for GEV given their scale of operations to support a multiple ship order, their history of building the only CNG ship to date, and a track record in successful EPC delivery.”

CIMC Raffles has put a contract price range of $135-140m subject to the final terms of the shipbuilding contract being finalised. The terms of the LOI are 90 days from signing.

The delivery date for the first ship is a thirty months construction period, then every four months for the following three firm ships.

CIMC Raffles, a 100% subsidiary company of CIMC Group, is one of China’s leading offshore builders dedicated to specialized projects. The company has four offshore and marine research & development centres, three offshore construction bases and three operation companies.

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