FLEX LNG Ltd Conducts FEED Study for the M-FLEX LNG Producer

FLEX LNG Ltd says that a Front End Engineering and Design (FEED) study for the M-FLEX LNG Producer (M-FLEX LNG/P) is well under way and will be completed within the third quarter of 2007. FLEX LNG is also seeking Approval in Principal (AIP) from classification societies within the same timeframe.

The FEED study is being performed in cooperation with the following world class companies: Samsung Heavy Industries (SHI), Hamworthy Gas Systems, Det Norske Veritas (DNV), Dorchester Atlantic Marine Limited and Framo Engineering.

FLEX LNG LTD is a ship-owning company founded in 2006 with the purpose of commercializing the world's first floating LNG production units. The company has placed an order for two M-FLEX vessels at SHI, utilizing the Samsung SPB containment system with delivery from 2010 onwards.

The M-FLEX' SPB containment system, ship size, cargo capacity and provisions are ideal for cost efficient application in floating LNG production as well as in a number of other emerging LNG markets and trades.

Market potential for floating LNG production:

  • Lower risk and more flexibility than onshore developments.
  • Movable asset, can serve multiple fields during its life time.
  • Cost efficient solution compared to onshore LNG plants.
  • Short lead time and early cash flow.

A significant number of gas fields are not commercially exploited today.

The M-FLEX LNG/P targets three natural gas sources:

  • LNG production by utilizing a natural gas stream from a floating production unit or a fixed offshore production unit.
  • LNG production by utilizing a natural gas stream sourced directly from an offshore natural gas field.
  • LNG production by utilizing a natural gas stream sourced directly from an onshore gas field.