Prices in for RasGas III platforms

05 August 2005
Two fabricators - Jebel Ali-based J Ray McDermott Middle Eastand Abu Dhabi's National Petroleum Construction Company (NPCC)- submitted commercial bids on 21 July for the main upstream package on the RasGas III integrated project. Estimated to be worth $300 million, the engineering, procurement, installation and commissioning (EPIC) contract centres on the supply of two topsides and the installation of a 38-inch-diameter, 100-kilometre-long gas pipeline, cabling, a power cable and flowlines (MEED 17:6:05).

Commercial bids are also under evaluation from two groups - a joint venture of Japan's Chiyoda Corporationand Paris-based Technip; and Japan's JGC Corporation, with the US' Kellogg Brown & Root- for the onshore package. Estimated to be worth $3,000 million-3,500 million, the engineering, procurement and construction (EPC) contract focuses on the construction of trains 6 and 7 at Ras Laffan. Each train will produce 7.8 million tonnes a year of liquefied natural gas (LNG), starting in late 2008.

The scheme will be financed by a mixture of debt and equity. The client, the local/US Ras Laffan Liquefied Natural Gas Company II (RasGas II), has recently mandated a lead arranger group of 19 banks for the estimated $1,600 million commercial bank tranche, while roadshows are under way for a planned bond issue of $1,600 million-2,700 million. Royal Bank of Scotlandis acting as financial adviser (see Banking & Finance, page 23).

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