Gaz de France, Hoegh Partner for the Triton Offshore LNG Project

Gaz de France and Hoegh LNG AS have signed a Joint Development Agreement related to the design, the construction supervision and the operation of a vessel used as a Floating Storage and Regasification Unit (FSRU-vessel). Thanks to this partnership, the most up to date technology will be brought to the Triton project, an offshore LNG project developed by Gaz de France in the Adriatic sea, at about 30 km off the Marche region shore, in Italy.

The LNG storage capacity of the FSRU-vessel will be about 170,000 cu.m and the base load regasification capacity will be 5 billion cu.m. and could double through the addition of a second FSRU-vessel. The vessel will be leased from Gaz de France to an equally owned Joint Venture created by Gaz de France and Höegh LNG; and Hoegh LNG will be missioned by this joint venture to operate this vessel.

The technologies involved in the FSRU-vessel and in the ship-to-ship LNG transfer will be selected in order to gather the safest and most cost efficient and environment-friendly solutions. Such concept is particularly well adapted to meet Italy's growing gas needs and the stringent environmental requirements of this Italian region. It will put Italy in the forefront of new technological developments in LNG regasification.

The studies related to the permitting and development of Triton LNG project are already well advanced. Final Investment Decision should be reached by end 2009 with first LNG deliveries before end-2012.

Gaz de France's Chief Operating Officer, Jean-Marie Dauger, stated, "The Triton project serves a double purpose: allowing Gaz de France to be a player in LNG development and to reinforce its presence in Italy, where we ambition a long-term presence, contributing to the energy supply of the country. Our partnership with Hoegh LNG will allow us to combine the best skills in order to bring together the innovative and environment friendly solutions that are necessary for the development of offshore regasification".

Höegh LNG's President and CEO, Sveinung Stöhle, said, "We are very pleased to develop this project together with Gaz de France, and I am convinced that Gaz de France's prominent overall position in the LNG market and Hoegh LNG's innovative solutions to floating regasification will secure a cost effective terminal solution for the Italian gas market".

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