DSME FLNG Israel Daewoo Shipbuilding

Floating LNG Off Israel? DSME Signs Initial Agreement

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November 22, 2011

DSME FLNG Israel Daewoo ShipbuildingSEOUL -(Dow Jones)- Daewoo Shipbuilding & Marine Engineering Co. (042660.SE) said Tuesday that it has signed an initial pact with companies that own the Tamar gas field in Israel that could lead to a series of orders for LNG-floating production storage & offloading units.

The companies involved in the Tamar field include Noble, Delek and Isramco, the South Korean shipbuilder said in a statement.

“We expect to receive a series of orders to build high-end LNG-FPSOs” from the projects, a company spokesman said by telephone.

Israel has significant reserves of 2.8 trillion cubic meters in its offshore areas, Daewoo Shipbuilding said in the statement.

-By Kyong-Ae Choi, Dow Jones Newswires

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