Magnolia EPC contract extended

Liquefied Natural Gas Ltd (LNGL) informed that its 100% owned subsidiary, Magnolia LNG, LLC (MLNG or Magnolia), has agreed with KSJV to further extend the validity period of the signed engineering, procurement, and construction (EPC) contract through 30 June 2017.

As previously announced on 26 April 2016, Magnolia and KSJV, a KBR – SKE&C joint venture lead by KBR, had extended their original binding lump sum turnkey (LSTK) EPC contract for four LNG trains and associated facilities until 31 December 2016, with a subsequent interim extension to 31 January 2017. This current extension agreement now maintains validity for a further six months, inclusive of January 2017, to 30 June 2017.

LNGL Managing Director and Chief Executive Officer, Greg Vesey stated, “We continue to work closely with key contractors and suppliers such as KSJV to maintain momentum on the Magnolia LNG project as we continue our marketing efforts. This further extension of our LSTK EPC Contract with KBR-SK E&C, together with our FERC Final Order and Department of Energy non-FTA export approval, further cements Magnolia LNG as construction-ready and the next US LNG export project that will move forward into construction and operation”.