H? LNG and Prosafe Production team up for the LNG FPSO segment

(Thomson Reuters ONE) - H? LNG and Prosafe Production have today executed an MOU for the long termcooperation within the LNG FPSO segment. The cooperation will use as its basisthe FEED work already developed by H? LNG , and for each specific projectH? LNG will be responsible for design, project execution, completion,operation and funding, whilst Prosafe Production will, in cooperation with HLNG,be responsible for the operation and maintenance of the LNG FPSO's, andassisting H? LNG during project execution and completion.Says Sveinung J. St?, President & CEO of H? LNG: "This is a very importantmilestone for the successful development of our first LNG FPSO project, thecombined forces of H? LNG's cryogenic and maritime LNG experience, coupledwith Prosafe Production's significant experience from the development, operationand maintenance of its fleet of oil FPSO's  being one of the top 3 companies inthe market, will give our LNG FPSO project an added value which we believe willgreatly benefit our project and ultimately our customers."Says Bj?E. Henriksen, President & CEO of Prosafe Production: "We acknowledgeH? LNG's unique position with respect to becoming a leading LNG FPSOprovider, based on their mature technical solution, strong commitment andoutstanding qualifications. Prosafe Production is very pleased to join forceswith H? LNG within the FLNG segment, and considers the agreement to be ofsignificant strategic value in positioning the company in a very interestingemerging market."About Prosafe ProductionProsafe Production is a leading owner and operator of Floating Production,Storage and Offloading vessels (FPSOs). Prosafe Production has 25 years ofoperational experience from several of the world's largest oil and gasprovinces. The company has a good operational uptime track record and possessesa range of proprietary FPSO-related technologies. Prosafe Production operatesglobally and employs approximately 1,000 employees from more than 40 countries.Headquartered in Limassol, Cyprus, Prosafe Production is listed on the OsloStock Exchange with ticker code PROD. Please refer to www.prosafeproduction.com for more details.About H? LNGH? LNG is a fully integrated ship-owning company offering long-term floatingproduction, transportation, re-gasification and terminal solutions for LiquefiedNatural Gas (LNG). The company operates a fleet of five LNG carriers includingone innovative Shuttle and Re-gasification Vessel (SRV) and has one SRV on orderfor delivery this year. In addition to transporting the LNG, these vessels willact as floating terminals while delivering the natural gas to the market. H?LNG's strategy is to add value to its customers by broadening its service scopeto include solutions for floating production, re-gasification terminals anddelivery of natural gas. The company is developing two deepwater terminals basedon SRV technology in Florida and the UK. In addition to the head officecentrally located in Oslo, H? LNG has established presence in London (UK) andTampa, Florida.Contacts:H? LNG:Sveinung St?, President and CEO, H? LNG, +47 4003 9969Geirmund Aasb?ice President, Project Execution & Media Relations, H? LNG,+47 4003 9685Prosafe Production:Bj?E. Henriksen, President and CEO, Prosafe Production, +31 610532543Sven B? Larsen, EVP & CFO, Prosafe Production, +65 9657 2590This information is subject of the disclosure requirements acc. to §5-12 vphl(Norwegian Securities Trading Act)[HUG#1376599]

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Datum: 25.01.2010 - 03:01 Uhr
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