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November 23, 2005

Exmar orders further LNG regasification ship

Belgium's Exmar has confirmed a long-term charter party with Excelerate Energy LP, Woodlands, Texas, for a further liquefied natural gas regasification vessel (LNGRV).

The vessel will be built by Daewoo Shipbuilding & Marine Engineering Co. Ltd (DSME) as DSME Hull No. 2263.

The 159,000 cu. m vessel will incorporating the GTT LNG membrane containment system together with Excelerate's Energy Bridge technology.

Delivery is set for the second quarter of 2009.

Excelerate Energy LP anticipates utilizing this ship to deliver regasified LNG to the Gulf Gateway deepwater port located 116 miles off the Louisiana cost and to support its application to construct a NorthEast Gateway deepwater port in Massachusetts Bay.

Ownership of the vessel will be a 50/50 joint venture between Exmar and Excelerate Energy LP, as will now be the ownershipowning structure of EXPLORER--Hull No 2254, previously announced in July this year.

The Energy Bridge system utilizes a standard LNG ship customized to convert liquefied natural gas to vapor on board. Utilizing buoy technology that has been successfully deployed for more than a decade in the North Sea environment, the gas flows through lines connected to the ship and linked to underwater pipelines located offshore.

The system was successfully proven in March of this year when the first LNGRV vessel, the EXCELSIOR discharged LNG into the Gulf Gateway Deepwater Port.

With this latest order, the Excelerate Energy Bridge operation will comprise 5 LNGRV's including the EXCELSIOR, which delivered in January of this year, the EXCELLENCE, which delivered in May of this year, DSME Hull No 2237, to be named EXCELERATE, due for delivery in October 2006, and DSME Hull No 2254, to be named EXPLORER, due for delivery in the first quarter of 2008.

On November 8, Exmar signed a Memorandum of Understanding with Gail Ltd (India), India's largest gas marketing and distribution company to jointly pursue LNG and CNG import projects on the Indian coast.

Gail is commissioning a feasibility study for the application of LNG regasification vessels at Hazira, Krishnapatnam in India and also Kerawalapitrya in Sri Lanka

Exmar is one of the largest independent operators of gas tankers in the world, presently with a diversified fleet of 57 ships ranging from 150,900 cu.m LNG carriers down to 3,200 cu.m pressurized LPG carriers.