HOUSTON, May 06, 2022 (GLOBE NEWSWIRE) -- Petróleos Internacionales del Caribe ("PIC") and its operating division in Mexico Petróleos Internacionales del Caribe Inc., Sucursal Mexico ("PICMEX") and Third Ocean Vessel And Rig, Inc. (TOVAR) jointly announced today that following PIC's Final Investment Decision (FID) for its US natural gas and natural gas liquids export projects to Mexico and abroad, using the Compressed Gas Liquids (CGL) technology, TOVAR will commence shipyard and fabrication yard due diligence to nominate the Builder(s) of Compressed Gas Liquids Carriers (CGLCs) by the end of the third to fourth quarter of 2022. This follows the PIC/TOVAR Memorandum of Understanding ("MOU") that has the parties entering into an exclusive EPCM agreement for all maritime transport and delivery and operation infrastructure needed for CGL delivery as part of the ongoing strategic exclusive partnership with SeaOne for PIC's energy projects in México and throughout the Americas and abroad.'
PIC will utilize its exclusive license for CGL Technology and systems from SeaOne for the CGL gas carriers to transport and deliver the fuel required by PIC's combined-cycle power projects in various locations throughout México, and throughout PIC's worldwide projects portfolio. The nomination of the shipbuilder(s) and fabrication yards will follow an extensive selection process by TOVAR in which shipyards worldwide will be invited to tender. Using its exclusive license with SeaOne, PIC intends to have a sizeable fleet of CGL carriers to transport and deliver fuel to its worldwide projects. The shipbuilder(s) and fabricator(s) to be awarded these contracts will enjoy a robust order book for many years.
PIC's exclusive licensed and patented CGL technology from SeaOne is a revolutionary means of transporting and delivering natural gas and natural gas liquids in one liquid gas cargo at moderate, non-cryogenic temperatures. As CGL is stored at a modest pressure and temperature, the boiloff, venting and environmental issues associated with Liquefied Natural Gas ("LNG") does not occur in the CGL containment system while in transit or in storage. Thus, the carbon footprint of the entire value chain from solvation through delivery to the customer is minimized compared to other methods of transporting and delivery of natural gas.
As EPCM TOVAR will ensure full integrity of maritime supply chain for the 30-plus years or more of Mexico project life cycles. The natural gas CGL cargoes will be transported and stored within containment systems, which is the subject of more than 15 years of development and is fully approved by the American Bureau of Shipping. The Compressed Gas Liquid Carriers (CGLCs) will be classed by the American Bureau of Shipping and be Marshall Islands flagged.
The CGLCs are designed to meet or exceed the highest international standards for gas carriers and will be among the most technologically advanced ships in the world with a strong emphasis placed on safety and crew comfort. Additionally, during design, particular attention will be made to maximize operating efficiency and minimize emissions of the CGLCs. Each ship will be outfitted to permit a rapid changeover in the type of fuel to be used as technology improvements permit.
"The PIC-TOVAR partnership is a powerful combination to supply fuel for our power plants and our customers in Mexico and throughout the Americas," said Michael Hood, Chairman and CEO of PIC. "Together, utilizing TOVAR's industry presence and their formidable track record, PIC will execute industry leading technology solutions to help address the fuel supply and electricity needs of Mexico's citizens, businesses, and government." Mr. Hood further added, "TOVAR's extensive world-wide shipyard experience in the offshore and maritime capital projects success enhances our position as strategic partners. Together we will exceed the single most important part of our future 'Emissions and Reductions' of carbon footprints throughout the globe."
"Our commitment with PIC is to ensure that this pivotal one of a kind CGL technology and strategic positions are fully implemented for the benefit of its end-users, as well as stakeholders whilst ensuring affordable clean fuels for clean power via optimal supply chain mindful of our terrestrial and maritime stewardship," Third Ocean Vessel And Rig, Inc. President/CEO, Luis Tovar stated. "With the safe delivery of each supply chain component in the CGL export and import facilities including the CGLC marine fleet, will serve as further confirmation of our commitment to our joint success in a formidable achievement of long term sustainability."
About Petróleos Internacionales del Caribe and Petróleos Internacionales del Caribe Inc., Sucursal México
Petróleos Internacionales del Caribe.
About Third Ocean Vessel And Rig, Inc.
Galveston-based (TOVAR) Third Ocean Vessel and Rig, Inc is a specialized offshore and marine engineering EPC consultancy focusing on all segments of the offshore oil and gas industry including Mobile Offshore Drilling Units (MODU's), Mobile Offshore Production Units (MOPU's) as well as various ship construction projects in FPSO, VLCC, TEU, LNG and Well Intervention marine vessels.
Focused on performance, Third Ocean has a track record of success as a provider of diverse offshore operational services and project management services including operations on jack-ups, semi-submersibles, and drill-ships.
