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Sembawang Shipyard Secures Favoured Customer Contract from BG LNG Services, LLC, USA

Source: www.gulfoilandgas.com 4/3/2009, Location: North America

Sembawang Shipyard, a wholly owned subsidiary of Sembcorp Marine has secured the Favoured Customer Contract (FCC) from BG LNG Services, LLC, USA. The contract provides for ship-repair, refurbishment, upgrading and related marine services for its fleet of LNG carriers. BG LNG Services is a subsidiary of BG Group plc, a world leader in natural gas and the selected exclusive partner of Energy Market Authority (EMA) of Singapore to supply up to 3 million tonnes per annum (mtpa) of liquefied natural gas (LNG) to Singapore for a period of up to 20 years. This long-term maintenance and refit contract will further boost Singapore’s ambition to be a major hub in the LNG sector and reinforces Sembawang Shipyard’s global leadership position in the highly specialised LNG carriers’ repairs and refurbishment work.

The contract, signed in Houston, USA, by Mr. Allyn Risley, President of BG LNG Services, LLC, and Ms Wong Lee-Lin, Executive Director of Sembawang Shipyard, commits the repairs, refurbishment and upgrading of its fleet of LNG carriers trading in the Far East to Sembawang Shipyard. It also commits to joint planning, information and experience sharing to ensure sustainable targets in the areas of HSE (Health, Safety and Environment), quality, cost-efficiency and technology advancement are achieved, thereby setting new benchmarks for the maintenance standard of LNG carriers.

Mr. Allyn Risley, President of BG LNG Services, LLC said “Sembawang is recognised as one of the safest, most technically competent and efficient repair yards in the world for refitting LNG carriers. This long-term arrangement will benefit both companies and ensures our dry dock work is conducted in a safe, timely and cost effective manner. We look forward to achieving continuous improvement over the coming years by combining our knowledge and learning from our shared experiences.”

"We are honoured and delighted to be the chosen partner of BG LNG Services, LLC. BG Group is a world leader in natural gas and partnering with BG LNG Services, LLC will not only increase our market share of LNG repairs/upgrading business but will also enhance our capabilities level as a world-class shipyard for LNG carriers’ repairs and upgrades. We thus look forward to a long-term partnership which will deliver visible mutual benefits and continuous improvement to both companies” said Ms Wong Lee-Lin, Executive Director of Sembawang Shipyard.

With the signing of this FCC contract, five membrane-type LNG carriers are currently scheduled to undergo drydocking and repairs in Sembawang Shipyard in 2009 with others scheduled for subsequent years. This FCC contract is not expected to have any material impact on the net tangible assets and earnings per share of Sembcorp Marine for the year ending December 31, 2009.

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