SYDNEY, Australia (3 April 2019) – EPIK Co. Ltd. (EPIK), a liquefied natural gas (LNG) project development company, announced today that it has executed an agreement with leading Australian construction company Watpac for the exclusive provision of design, engineering and construction services for the onshore infrastructure components of EPIK’s Newcastle LNG FSRU import terminal at the of Port of Newcastle, Australia. An undisclosed target EPC price has been included in the agreement with mechanisms to ensure project competitiveness. Further, it was announced that Newcastle GasDock Company Pty. Ltd., a wholly-owned subsidiary of EPIK, has been established in Australia to carry out the project. Watpac will be supported by Mott MacDonald, an international marine and engineering infrastructure consultant with significant experience in the design and engineering of multiple FSRU projects around the world. Jee Yoon, EPIK’s Founder and Managing Director, said, “this is a significant step forward for the Newcastle LNG project. Partnering with Watpac and Mott MacDonald for the exclusive provision of design, engineering and EPC services for Newcastle LNG enables EPIK to secure uncompromising engineering expertise at a competitive price point, facilitating and preserving our aggressive project development schedule.” Watpac, a wholly-owned subsidiary of BESIX, has operations across the country, successfully delivering challenging construction and marine and civil projects. In September 2018, BESIX completed the design and construction of the Bahrain LNG import terminal located offshore Muharraq Island, which is anticipated to commence commercial operations in May of this year. “As an Australian company, we are thrilled to be partnering with EPIK to deliver the engineering and construction services for this critical project,” said Bram Gruwez, Watpac General Manager, Marine & Civil. “With our help, the Newcastle LNG import terminal will safely provide NSW with a long-term source of competitive gas supply, supporting existing and future industry and helping to grow the region’s economy” Gruwez continued. Watpac and Mott MacDonald join a growing lineup of experienced industry professionals supporting the Newcastle LNG development. In February 2019, it was announced that EPIK and Hyundai LNG Shipping had formed a strategic partnership to collaborate on FSRU projects around the world. In addition, EPIK is engaged with leading advisors and consultants, including environmental and planning support from Arup, and legal and regulatory counsel from K&L Gates, among others. EPIK expects to place an order for the FSRU new-build with a shipyard subject to Newcastle Gasdock Company receiving all regulatory approvals for the project, which the company currently estimates to receive by early 2020. ### About EPIK Co. Ltd. EPIK is an LNG project development company focused on originating and developing FSRU project opportunities across the globe, including its flagship Newcastle LNG project at the Port of Newcastle, NSW. With LNG increasingly becoming the fuel of choice in today’s environmentally conscious market, global LNG trade is at an all-time high, and with continued positive market growth projections spanning well into the 2030s, EPIK specializes in the origination and development of floating LNG regasification projects in regions with high natural gas demand. EPIK’s Newcastle LNG project, critical to NSW’s future security and reliability of gas supply, is being developed by wholly-owned EPIK subsidiary Newcastle GasDock Company Pty. Ltd. and would include a 170,000m3 class new-build FSRU and associated on-shore infrastructure. For more, visit www.epiklng.com Contact James Markham-Hill, PR & Communications Director US: +1-713-876-3500 media@epiklng.com
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SEOUL, South Korea (25 February 2019) – EPIK Co. Ltd. (EPIK), a liquefied natural gas (LNG) project development company, announced today that it has signed a Strategic Partnership Agreement with Hyundai LNG Shipping Co., Ltd. The agreement lays out a framework for the two companies to work together in the development of FSRU projects around the globe, including, but not limited to, EPIK’s recently announced Newcastle LNG FSRU import project at the Port of Newcastle, Australia.
Jee Yoon, EPIK’s Founder and Managing Director, said, “partnering with Hyundai LNG Shipping marks a key strategic milestone for EPIK, contributing significant expertise and support to the advancement of our flagship Newcastle LNG project.” Hyundai LNG Shipping, recognized as one of the largest LNG shipping companies in South Korea, brings extensive experience in owning, chartering and operating large scale LNG carriers with over 20 years in LNG transportation. The company currently operates the largest LNG fleet in Korea with 8 LNG vessels and carries approximately 17% of all imported LNG to Korea. “EPIK has identified a significant opportunity for the NSW market with the Newcastle LNG project,” said KyuBong Lee, Hyundai LNG Shipping President and CEO. “We are thrilled to be partnering with EPIK at this critical stage of the company’s growth and look forward to building a strong and lasting relationship that will benefit all parties involved,” Lee continued. In December 2018, EPIK publicly announced its Newcastle LNG project at the Port of Newcastle, one of Australia’s largest ports and a major trade and logistics hub. The project, critical to NSW’s future security and reliability of gas supply, would include a 170,000m3 class new-build FSRU and associated on-shore infrastructure, with a combined potential investment estimated to be between US$400M and US$430M. In addition to the import terminal, EPIK is exploring the possibility of additional gas related infrastructure that would be of benefit to the NSW region, including potential gas-fired power and LNG bunkering facilities. EPIK expects to place an order for the FSRU new-build with a shipyard subject to receiving regulatory approvals for the project, which the company currently estimates to receive by early 2020. ### About EPIK Co. Ltd. EPIK, short for Energy Projects and Infrastructure Korea, is an LNG project development company focused on originating and developing FSRU project opportunities across the globe. With LNG increasingly becoming the fuel of choice in today’s environmentally conscious market, global LNG trade is at an all-time high, and with continued positive market growth projections spanning well into the 2030s, EPIK specializes in the origination and development of floating LNG regasification projects in regions with high natural gas demand. For more, visit www.epiklng.com Contact James Markham-Hill, PR & Communications Director US: +1-713-876-3500 media@epiklng.com
SEOUL, South Korea (4 December 2018) – EPIK Co. Ltd. (EPIK), a South Korea-based liquefied natural gas (LNG) floating storage and regasification unit (FSRU) project development company, announced today that it has entered into a Project Development Option Agreement with Port of Newcastle, Australia to commence preliminary works on a proposed LNG FSRU import terminal.
The project, named “Newcastle LNG,” will be sited within the Port of Newcastle, optimally located to serve the New South Wales gas market where natural gas prices remain higher than Asian LNG prices. Jee Yoon, EPIK’s Founder and Managing Director, said, “Based on our assessment of the New South Wales gas market, particularly along coastal demand regions such as Newcastle and Sydney, we are confident that by importing LNG via a new, low cost FSRU terminal, we will be able to provide an infrastructure solution that is capable of delivering a cost-efficient source of alternative gas supplies to the region on a long-term basis.” Situated at the back-end of the existing gas transmission network, Port of Newcastle is one of Australia’s largest ports and a major trade and logistics hub, together making it an optimal area to develop an LNG import terminal. Mr. Yoon continued, “We are very excited to be working with Port of Newcastle and hope to expand our relationship by discussing other potential projects, such as a gas-fired power plant and an LNG bunkering facility.” Port of Newcastle’s Executive Manager Customer & Strategic Development, Ian Doherty, said the deepwater port was uniquely placed on Australia’s east coast due to its significant land and channel capacity, making it an attractive location for the Newcastle LNG project. “This type of development opportunity is consistent with our diversification plans and we’re pleased to be supporting EPIK as it conducts preliminary investigation work, especially given its potential benefits for the NSW economy,” Mr Doherty said. The potential investment for the Newcastle LNG project is estimated to be between US$400M and US$430M, which will include a 170,000m3 class new-build FSRU and associated on-shore infrastructure. EPIK expects to place an order for the FSRU new-build with a shipyard subject to receiving regulatory approvals for the project. ### About EPIK Co. Ltd. EPIK, short for Energy Projects and Infrastructure Korea, is an LNG project development company focused on originating and developing FSRU project opportunities across the globe. With LNG increasingly becoming the fuel of choice in today’s environmentally conscious market, global LNG trade is at an all-time high, and with continued positive market growth projections spanning well into the 2030s, EPIK specializes in the origination and development of floating LNG regasification projects in regions with high natural gas demand. For more, visit www.epiklng.com Contact James Markham-Hill, PR & Communications Director US: +1-713-876-3500 media@epiklng.com |
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