APL to Install LNG Terminal Offshore New England

APL said that it has entered into a Letter of Intent with Excelerate Energy, L.L.C. (Excelerate) for the installation of the dual Submerged Turret Loading (STL) Buoy system for the Northeast Gateway (NEG) project.

Offshore LNG terminals is one of the core business areas APL is focusing on, using the company's leading STL technology. The installation scope of work in the agreement with Excelerate Energy was an option in the contract that APL entered into with Excelerate in March 2006. The Northeast Gateway contract represents APL's second order for an STL Buoy system used as an offshore LNG Terminal supporting Excelerate's proprietary Energy Bridge Regasification Vessels (EBRVs). The installation is planned to take place in the summer/fall of 2007.

The dual STL Buoy system will ensure capability of receiving and delivering a continuous uninterrupted base load supply of Natural Gas to New England.

Rob Bryngelson, Excelerate's Executive Vice President and Chief Operating Officer, said: "Excelerate has worked closely with APL from the outset to ensure that the 2007 in-service date for the Northeast Gateway deepwater port would be maintained to meet the growing energy needs of Massachusetts and New England. With this project, we will have the first and only two facilities capable of offshore LNG vaporization in service anywhere in the world."

Jens Kaalstad, President of Advanced Production and Loading Inc, APL's U.S. operation, said: "We are pleased that Excelerate now have confirmed the contractual option for the installation of two STL Buoy systems for the Northeast Gateway deepwater port. We will make sure that the STL Buoy systems are installed on time and budget and ready to serve New England's natural gas and energy needs in a timely manner."

In February 2005, Excelerate completed construction of the world's first offshore LNG terminal, Gulf Gateway Energy Bridge deepwater LNG port, located in the U.S. Gulf of Mexico off the coast of Louisiana. The STL System and the Energy Bridge technology have proven itself for LNG regasification on this project, successfully operating and negotiating both Hurricane Katrina and Rita. Excelerate's Energy Bridge system is an environmentally sensitive, safe, and reliable in the means of helping satisfy the growing global demand for clean-burning natural gas. Excelerate Energy, a privately owned company based in The Woodlands, Texas, is an importer of liquefied natural gas (LNG) with an entrepreneurial focus on the rapidly growing global marketplace and the infrastructure required to support LNG deliveries.

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