May 3, 2005

ChevronTexaco orders two LNG carriers

ChevronTexaco Corp. today announced that it has ordered two liquefied natural gas (LNG) carriers from Samsung Heavy Industries of South Korea to support the planned growth in the company's LNG business.

The new LNG carriers will have a capacity of 154,800 cubic meters each. Both will be of membrane-type design and have dual fuel diesel-electric propulsion. The two carriers are planned for delivery in 2009.

In a regulatory filing, Samsung said the contract was worth US$383 million.

ChevronTexaco Global Gas President John Gass said: "ChevronTexaco has large holdings of natural gas resources in the Pacific and Atlantic Basins. The new LNG carriers will enable ChevronTexaco to safely deliver reliable and competitive energy services to our customers."

Gass noted, "It is important that our company invest now to meet the growing demand for energy in the future." He added, "ChevronTexaco is making good progress at securing market access for its LNG supply projects. This latest commitment provides ChevronTexaco with a flexible and competitive means of transportation to underpin the company's LNG growth strategies."

ChevronTexaco Shipping President Mike Carthew said: "ChevronTexaco is committed to bringing its strong record of safety, reliability and environmental performance to the operation of this newest generation of LNG carriers. The order for two LNG carriers marks a milestone for ChevronTexaco by complementing the various LNG export and import terminals the company is developing worldwide."

The two LNG carriers will be operated by ChevronTexaco. The company currently operates a fleet of approximately 30 oil and gas tankers.

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