Cargotec Corporation: MacGregor receives an order from Summit LNG Terminal in Bangladesh for the project management, engineering and supply of a complete subsea mooring and riser system

CARGOTEC CORPORATION, PRESS RELEASE, 22 NOVEMBER 2017 AT 9:30 AM EST

MacGregor, part of Cargotec, has signed an order for the fabrication, engineering and project management of a complete subsea mooring and riser system with the Bangladesh-based company, Summit LNG Terminal Co. The MacGregor system will serve Summit's floating storage and regasification unit (FSRU). The order was booked into Cargotec's fourth quarter 2017 order intake. The MacGregor delivery will be completed in the fourth quarter 2018.

This order is part of a project to support Summit LNG Terminal's development of Bangladesh's power-supply infrastructure. The MacGregor equipment for the FSRU includes Flintstone mooring connectors, as well as project management for the fabrication, procurement and project management of the complete subsea mooring and riser system. The FSRU will be ready for operation on the site during the first quarter of 2019.

"We are convinced about MacGregor's ability to successfully carry out this demanding project with its experience in providing innovative subsea mooring and riser system solutions as well as managing demanding projects," says ANM Tariqur Rashid, Managing Director of Summit LNG Terminal.

"We are happy to conclude this important contract, which closely covers the same scope as an earlier announced contract involving the collaboration of several trusted companies," says Høye G. Høyesen, Vice President, Advanced Offshore Solutions, MacGregor. "We believe that, in addition to our experience in this field, the earlier contract convinced the customer to trust MacGregor, but it also appreciated our lengthy experience and innovative solutions developed together with Can Systems."

"This order demonstrates our customer's trust in us to help it secure an improved power-supply infrastructure for Bangladesh. This second order in such a short time supports our strategic goal to expand our presence in the FSRU market with the combined strength of MacGregor and Flintstone," says Michel van Roozendaal, President, MacGregor.

Further information for media:
Høye Høyesen, Vice President, Advanced Offshore Solutions, MacGregor
[e-mail] (mailto:[e-mail]), tel. [phone]

Heli Malkavaara, Senior Communications Manager, MacGregor,
[e-mail] (mailto:[e-mail]), tel. [phone]

Further information for investors:
Hanna-Maria Heikkinen, Vice President, Investor Relations, Cargotec; [e-mail] (mailto:[e-mail]), tel. [phone]

MacGregor shapes the offshore and marine industries by offering world-leading engineering solutions and services with a strong portfolio of MacGregor, Hatlapa, Porsgrunn, Pusnes and Triplex brands. Shipbuilders, owners and operators are able to optimise the lifetime profitability, safety, reliability and environmental sustainability of their operations by working in close cooperation with MacGregor.

MacGregor solutions and services for handling marine cargoes, vessel operations, offshore loads, crude/LNG transfer and offshore mooring are all designed to perform with the sea. www.macgregor.com (http://www.macgregor.com)

MacGregor is part of Cargotec. Cargotec's (Nasdaq Helsinki: CGCBV) sales in 2016 totalled approximately EUR 3.5 billion and it employs over 11,000 people. www.cargotec.com (http://www.cargotec.com)

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Source: Cargotec Corporation via Globenewswire