Flex LNG Inks Deal to Develop Nigerian Floating Liquefaction Project

Flex LNG Ltd. announced that the company has signed a Heads of Agreement with Mitsubishi Corporation and Peak Petroleum Industries Nigeria Ltd to jointly develop and market the world's first floating liquefaction project offshore Nigeria.

The parties expect the project to produce 1.5 million tons of LNG per year for 15 years, with the first commercial LNG cargo planned for second half 2011.

Chief Executive Officer of FLEX LNG, Philip Fjeld stated, "The RFP process generated a lot of interest among some of the world's strongest LNG players and we are very pleased that Mitsubishi will join FLEX LNG and Peak as an integrated project partner going forward."

Mitsubishi intends to become an equity participant in the LNG Producer as well having an integrated role in the upstream component of the project and all parties are committed towards a fast-track timeline to finalize agreements. The agreed LNG off-take terms are robust and will provide the project with sound base economics to facilitate debt financing as well as secure alignment between the project partners to work in the direction of maximizing the value generated through the sale of LNG.

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