World's Energy

January 22, 2009 - Rigzone News - Kanfa Aragon AS, a subsidiary of Sevan Marine ASA, has signed a contract with Samsung Heavy Industries Co., LTD in Korea for the development of a liquefied natural gas production topside to the world's first Floating Liquefied Natural Gas (FLNG) Production Vessel. The contract confirms a letter of intent previously entered into between the parties. The FLNG topside will be based on Kanfa Aragon's liquefaction technology. Kanfa Aragon's scope of work includes the design and engineering of the liquefaction plant as well as procurement of major equipment items. The contract value is approximately US $200 million. The vessel will be owned and operated by FLEXLNG. The vessel will have a gas processing and liquefaction topside with an LNG capacity of approximately 1.7 mtpa (million metric tons per annum) LNG. "This is a very important contract for us, and it is confirming our position as a leading world wide technology provider for floating LNG production. In spite of the unstable worldwide financial situation, floating LNG production is a growing market, and this contract puts us in an excellent position to take a major share of this market," said Jan Erik Tveteraas, CEO Sevan Marine ASA. Kanfa Aragon is focusing on gas technologies and applications with a range of skills, competencies and experience. Together with the Kanfa group, Kanfa Aragon, delivers advanced gas treatment solutions for FPSO projects worldwide.