BG Group places $460 million ship order

BG Group announced recently that it has entered into an agreement with Samsung Heavy Industries of Korea to purchase three new-build liquefied natural gas ships.

BG Group announced recently that it has entered into an agreement with Samsung Heavy Industries Co Limited of Korea to purchase three new-build liquefied natural gas (LNG) ships.

The three 145,000 cubic metre ships are expected to be delivered in the second half of 2006. BG has also secured options with Samsung for up to a further four new-build ships for delivery in 2007. In total, the cost of the three ships and the options will be approximately $460 million.

‘This is a great deal for BG. It reflects the successful development of our long-term Atlantic LNG strategy and secures shipping capacity in 2006 and beyond,’ said Martin Houston, Executive Vice President and Managing Director, North America, Caribbean and Global LNG.

‘There is significant potential within the whole Atlantic Basin region to accelerate further our LNG business and these new ships will help BG build its position as a leading player in LNG,’ added Houston.

Samsung will build, equip, launch and deliver the ships using the GTT MkIII membrane cargo containment system, the standard LNG ship specification. The vessels will use steam turbine propulsion, enabling them to sail at an average speed of 20 knots.