GEV Pact with CIMC Raffles for 8 Vessels

Australia-listed Global Energy Ventures (GEV) has extended a letter of intent (LOI) with Yantai CIMC Raffles Offshore to build the CNG Optimum 200 ships.

The extension is for six months through to 30 June 2020. The LOI is based on a firm order for four 200 MM scf Compressed Natural Gas (CNG) ships with the option for GEV to order up to an additional four ships.

The parties have executed the LOI, with the intention of entering a Shipbuilding Engineering, Procurement & Construction (EPC) contract, employing GEV’s CNG Optimum design.

Executive Chairman and CEO Maurice Brand said: “GEV is delighted to be working with the CIMC Raffles group of companies as we progress a number of CNG project opportunities. The extension of the LOI with no change to the terms is a strong endorsement of the quality of our projects and progress being made by our team.”

Maurice added: "GEV would also like to thank all shareholders and advisors for their support of the Company during 2019. Management remain confident in the commercialization of the CNG Optimum ship together with our “pipe to pipe” gas transport model which continues to gain momentum in the Brazil offshore gas market with the first CNG Commercialization Study due for completion in the March quarter 2020. Our due diligence on the recently announced US Gulf Coast offshore export facility is nearing completion.”