This contract represents APL's second order for an STL Buoy system to support Excelerate's proprietary Energy Bridge™ Regasification Vessels (EBRVs). APL's delivery is expected to take place in Spring of 2007, with a contract value of approximately USD 50 million. The dual STL Buoy system being ordered will ensure that assets are available to Excelerate for the rapid development and construction of Energy Bridge™ deepwater ports around the world.
Rob Bryngelson, Vice President, Development and Downstream Services, Excelerate says; "While intended for the Northeast Gateway deepwater port in Massachusetts Bay offshore New England, the STL Buoy system can be adapted for other potential projects currently under development by Excelerate. When combined with Excelerate's existing commitment for five EBRVs, these assets provide a unique ability to be in service years ahead of other importation projects".
Jens Kaalstad, President of Advanced Production and Loading Inc, APL's U.S. operation, said; "We are pleased that Excelerate Energy will carry on the Energy Bridge™ initiative and that our STL technology will be deployed on another LNG deepwater port. These projects continue to add considerable flexibility to the LNG market and serve market needs in a timely manner".
In February 2005, Excelerate completed construction of the Gulf Gateway Energy Bridge™ deepwater LNG port, located in the U.S. Gulf of Mexico off the coast of Louisiana. Subsequently, on March 17, Gulf Gateway received its first cargo of LNG and was successfully commissioned performing to its peak design specifications. Since that time, Gulf Gateway has endured both Hurricane Katrina and Hurricane Rita, Category 5 storms passing within 200 miles and 27 miles of the deepwater respectively. In fact, the EBRV Excellence was attached to the buoy and was delivering natural gas throughout Hurricane Katrina, operating well within its design parameters and per the operating and safety parameter of its U.S. Coast Guard approved Operations Manuals. During both storms, only minor cosmetic damage was experienced with no damage sustained by the subsea components of the facility.
Excelerate's Energy Bridge system is an environmentally sensitive, safe, and reliable means of helping satisfy growing global demand for clean-burning natural gas. This technology will allow Excelerate to construct the Northeast Gateway offshore transfer facility and bring additional natural gas supplies directly to New England by 2007.
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