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Sempra Energy Media Statement On Cameron LNG Agreement With McDermott And Chiyoda
McDermott International (McDermott) and Chiyoda International (Chiyoda) announced they have reached an agreement with Cameron LNG for performance-based commercial considerations related to the construction and commissioning schedule that further aligns the interests of all parties around safe, timely completion of Phase 1 of Cameron LNG, a three-train liquefaction-export project under construction in Hackberry, La.

McDermott and Chiyoda are providing the engineering, procurement and construction for the first three liquefaction trains at the Cameron LNG export project. Cameron LNG is jointly owned by affiliates of Sempra LNG, Total, Mitsui & Co., Ltd., and Japan LNG Investment, LLC, a company jointly owned by Mitsubishi Corporation and Nippon Yusen Kabushiki Kaisha (NYK). Sempra Energy (NYSE: SRE) indirectly owns 50.2% of Cameron LNG.

Sempra Energy issued the following media statement regarding the agreement discussed above:

"As previously announced, commissioning of Train 1 at Cameron LNG continues to advance, and the first commissioning cargo was shipped from the facility earlier this year. Consistent with previously disclosed timing, Train 2 and Train 3 are expected to begin producing liquefied natural gas (LNG) in the first quarter 2020 and second quarter 2020, respectively.

"We believe it is reasonable to expect that the overall economics of Cameron LNG will not significantly change as a result of this agreement. Sempra Energy's projected share of full-year run-rate earnings from the first three trains at Cameron LNG continues to range between $400 million and $450 million annually.

"Cameron LNG Phase 1 is one of five LNG export projects Sempra Energy is developing in North America: Cameron LNG Phase 2, previously authorized by FERC, encompasses up to two additional liquefaction trains and up to two additional LNG storage tanks, Port Arthur LNG in Texas and Energía Costa Azul (ECA) LNG Phase 1 and Phase 2 in Mexico.

"Development of Sempra Energy's LNG export projects is contingent upon obtaining binding customer commitments, completing the required commercial agreements, securing all necessary permits, obtaining financing, other factors, and reaching final investment decisions. In addition, the ability to successfully complete construction projects, such as the Cameron LNG export project, is subject to a number of risks and uncertainties."

About Sempra Enery

Sempra Energy utility and infrastructure companies are on a collective mission to build North America’s premier energy infrastructure company. Every day, our companies work to develop new ideas, solve problems and reliably meet the needs of our employees, customers and the communities we serve. This approach is sustainable – it will help us meet the energy demands of tens of millions of customers for generations to come.

About McDermott

McDermott (NYSE: MDR) is a premier, fully integrated provider of technology, engineering and construction solutions to the energy industry. For more than a century, customers have trusted McDermott to design and build end-to-end infrastructure and technology solutions to transport and transform oil and gas into the products the world needs today. Our proprietary technologies, integrated expertise and comprehensive solutions deliver certainty, innovation and added value to energy projects around the world. Customers rely on McDermott to deliver certainty to the most complex projects, from concept to commissioning. It is called the "One McDermott Way." Operating in over 54 countries, McDermott's locally focused and globally-integrated resources include approximately 32,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world.

About Chiyoda

Chiyoda Corporation, is a world-leading, fully integrated international engineering company and EPC contractor. Since its founding in 1948, Chiyoda has provided engineering, procurement, construction, operation and maintenance services in a wide range of business fields including oil & gas, chemicals and petrochemicals in over 60 countries around the world.


Origine : Communiqué Sempra Infrastructure

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