viewGlobal Energy Ventures Ltd

Global Energy Ventures extends LOI with construction partner of CNG Optimum 200 ships

No change to the contract price range of USD 135-140 million per ship or delivery schedule of 30 months for the first ship.

Global Energy Ventures Ltd - Global Energy Ventures extends LOI with construction partner of CNG Optimum 200 ships
GEV and CIMC Raffles working towards a binding shipbuilding Engineering, Procurement & Construction (EPC) contract

Global Energy Ventures Ltd (ASX:GEV) has extended its Letter of Intent (LOI) with CIMC Raffles to build the CNG Optimum 200 ships.

The extension is for six months through to June 30, 2020.

The LOI is based on a firm order for four 200 MMscf (million standard cubic feet) 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.

CIMC Raffles is one of China’s leading offshore builders dedicated to specialised projects with the full support of three shipyards, including the main yard Yantai, where the CNG ships are planned to be built.

The company has a successful track record of delivering in excess of USD 6 Billion in EPC contracts since 2012 and experience with CNG systems.

CIMC Raffle’s Yantai shipbuilding construction base in China

GEV 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.

“GEV would also like to thank all shareholders and advisors for their support of the Company during 2019.

“Management remain confident in the commercialisation 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 Commercialisation 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 and we expect to make an update early in the current quarter.”

Quick facts: Global Energy Ventures Ltd

Price: 0.145 AUD

Market: ASX
Market Cap: $56 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Global Energy Ventures Ltd named herein, including the promotion by the Company of Global Energy Ventures Ltd in any Content on the Site, the...



Global Energy Ventures focused on delivering commercial marine CNG transport

Global Energy Ventures Ltd (ASX:GEV) executive chairman Maurice Brand tells Proactive Investors that the company will capitalise on a niche of marine transportation for Compressed Natural Gas (CNG) by designing and building unique CNG 200 Optimum ships. Once in operation, the ships will...

on 12/3/19

2 min read