October 1, 2004

BP orders LNG tankers

BP Shipping has ordered four new Liquefied Natural Gas (LNG) carriers from Hyundai Heavy Industries of South Korea.

In addition to the firm orders, options for an additional four ships have been agreed.

The new, double-hulled ships will have a capacity of 155,000 cubic meters. They will be membrane type design and will be equipped with dual fuel diesel-electric propulsion.

The four ships will be delivered in the period 2007 and 2008.

BP Shipping's Chief Executive Officer, Bob Malone, said: "We have a wealth of experience in operating LNG vessels to the very highest international standards and these new ships will enhance our capacity to move and trade liquid gas efficiently and safely. The order and the options demonstrate BP's continuing commitment to invest in new high quality tonnage."

Anne Quinn, BP's Group Vice President for Gas, Power & Renewables, said: "Our LNG supply to market is growing rapidly and in order to meet the increasingly flexible requirements of our customers we need access to the very best LNG shipping capacity. This order will underpin our growth and open up a host of opportunities to capture additional value by optimizing the flow of LNG to markets particularly in the Atlantic Basin."

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