Latest news with #ScarboroughEnergyProject
Yahoo
14-05-2025
- Business
- Yahoo
McDermott completes Scarborough FPU floatover for Woodside Energy
McDermott has completed the Scarborough floating production unit (FPU) floatover project for Woodside Energy. This milestone encompasses the fabrication, construction and offshore installation of the FPU topside and hull structures. The contract, awarded in 2021, extended McDermott's involvement with the Scarborough Energy Project following the front-end engineering design (FEED) of the FPU. The project's scope includes comprehensive engineering, procurement, construction, installation and commissioning services. McDermott has undertaken the design, fabrication, integration, transportation and installation of the FPU, which features a topside of approximately 30,000 tonnes (t) and a 37,000t hull structure. The company said this FPU is not only the largest that McDermott has ever designed and constructed but also ranks among the most significant semi-submersible production platforms in offshore history. The topsides were fabricated at McDermott's joint venture yard, Qingdao McDermott Wuchuan, in Qingdao, China. Concurrently, the hull was constructed by COSCO at its Qidong shipyard. The topsides boast six deck levels and are equipped with 169 core equipment units including three gas turbine-driven export gas compressors and three main generators with waste heat recovery systems. The facility also includes more than 50,000m of piping, one million metres of cabling, 568 integrated subsystems and a battery energy storage system to support emissions reduction efforts. Earlier this month, the topsides and hull were transported offshore and the topsides were installed onto the hull via a floatover operation off the coast of Dalian, China. Post-floatover, the FPU reached CIMC's Raffles yard in Yantai, China, for the final integration works. The next phase will see the FPU sail to Western Australia to be moored at the Scarborough gas field roughly 375km offshore from the Burrup Peninsula. Additionally, McDermott has also secured an enterprise framework agreement (EFA) with Shell Global Solutions International. Spanning an initial three years with options for two additional one-year extensions, the EFA encompasses engineering and procurement services across McDermott's Low Carbon Solutions, Offshore Middle East, and Subsea and Floating Facilities divisions. "McDermott completes Scarborough FPU floatover for Woodside Energy" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
14-05-2025
- Business
- Yahoo
McDermott Advances Scarborough EPCIC with Successful FPU Floatover
HOUSTON, May 13, 2025 /PRNewswire/ -- McDermott announces the safe, successful completion of fabrication, construction, and offshore floatover of the Scarborough floating production unit (FPU) topside and hull structures for Woodside Energy. The contract, awarded in 2021, followed the successful delivery of front-end engineering design for the Scarborough Energy Project's FPU and includes engineering, procurement, construction, installation and commissioning (EPCIC) services. McDermott is delivering design, fabrication, integration, transportation and installation of an approximately 30,000-metric-ton topside and 37,000-metric-ton hull structure, making it the largest floating production facility the company has ever designed and built, and one of the largest semi-submersible production platforms built in offshore history. Topsides fabrication was completed at McDermott's joint venture yard, Qingdao McDermott Wuchuan (QMW), in Qingdao, China, while the hull was constructed by COSCO in its Qidong shipyard, also in China. The topsides have six deck levels; 169 core equipment units, including three gas turbine-driven export gas compressors and three main generators with waste heat recovery systems; more than 50,000 meters of piping; one million meters of cabling; 568 integrated subsystems and a battery energy storage system, supporting operational emissions reduction. Earlier this month, both structures were transported offshore, and the topsides installed onto the hull via floatover off the coast of Dalian, China. Following the successful floatover, the FPU arrived at CIMC's Raffles yard in Yantai, China, for final integration works. From there, it is expected to sail away to Western Australia, where it will be moored at the Scarborough gas field approximately 375 kilometers offshore from the Burrup Peninsula. About McDermottMcDermott is a premier, fully-integrated provider of engineering and construction solutions to the energy industry. Our customers trust our technology-driven approach engineered to responsibly harness and transform global energy resources into the products the world needs. From concept to commissioning, McDermott's innovative expertise and capabilities advance the next generation of global energy infrastructure—empowering a brighter, more sustainable future for us all. Operating in over 54 countries, McDermott's locally-focused and globally-integrated resources include more than 30,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. To learn more, visit Forward-Looking StatementsMcDermott cautions that statements in this communication which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties. These forward-looking statements include, among other things, statements about the expected scope and execution of the project discussed in this press release. Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: adverse changes in the markets in which we operate or credit or capital markets; our inability to successfully execute on contracts in backlog; changes in project design or schedules; the availability of qualified personnel; changes in the terms, scope or timing of contracts, contract cancellations, change orders and other modifications and actions by our customers and other business counterparties; changes in industry norms; actions by lenders, other creditors, customers and other business counterparties of McDermott and adverse outcomes in legal or other dispute resolution proceedings. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. You should not place undue reliance on forward-looking statements. This communication reflects the views of McDermott's management as of the date hereof. Except to the extent required by applicable law, McDermott undertakes no obligation to update or revise any forward-looking statement. Contacts: Global Media RelationsReba ReidSenior Director, Global Communications and Marketing+1 281 588 5636RReid@ View original content to download multimedia: SOURCE McDermott International, Ltd
Epoch Times
30-04-2025
- Business
- Epoch Times
Australian Energy Giant Approves $17.5 Billion LNG Project in Louisiana
Australian energy giant Woodside will push ahead with a $27 billion (US$17.5 billion) liquefied natural gas (LNG) project in Louisiana, United States. Woodside shares rose 1.47 percent on the Australian Stock Exchange (ASX) to 20.66 each on April 29 in reaction to the news. The announcement comes after U.S. President Donald Trump's declaration of a national energy emergency upon taking office, and his promise to Woodside expects the project to produce about 16.5 million tonnes per annum (mtpa) of gas in 2029 and generate $2 billion of cash per year from the 2030s. By the 2030s, Woodside hopes to produce 24 mtpa of gas from the project, contributing to 5 percent of total global LNG supply. 'At full capacity, the foundation project is expected to generate approximately $2 billion of annual net operating cash in the 2030s. It will drive Woodside's next chapter of value creation, giving the company's global portfolio the potential to generate over $8 billion of annual net operating cash in the 2030s,' Woodside said Related Stories 4/28/2025 4/24/2025 Woodside Chief Executive Officer Meg O'Neill described the news as a 'historic moment' for the company. 'Louisiana LNG is a game-changer for Woodside, set to position our company as a global LNG powerhouse and enable us to deliver enduring shareholder returns,' she said. 'This world-class project is a compelling and de-risked investment. It leverages Woodside's proven strengths in project execution, operational excellence, marketing and customer relationships to offer significant cash generation and drive long-term shareholder value.' O'Neill said Woodside had secured quality partners and was now ready to take the final investment decision. 'Adding Louisiana LNG to our established Australian LNG business provides Woodside with a balanced and resilient portfolio, combining long-life, flexible LNG assets with high-return oil assets,' she said. O'Neill pointed out that the project benefits from access to abundant low-cost gas resources in the United States and has an asset lifespan of more than 40 years. 'It also has access to well-established interstate and intrastate gas supply networks. The marketing opportunities Louisiana LNG offers across the Pacific and Atlantic Basins leverages Woodside's proven LNG marketing capabilities and complements our established position in Asia,' she said. This would position Woodside to even better serve global customers and meet growing energy demand. 'This supply can target strong and sustained demand for LNG expected in both Asia and Europe, as those markets pursue energy security and decarbonisation aspirations,' O'Neill said. 'We are pleased with the strong level of interest from potential strategic partners and are advancing discussions targeting further equity sell-downs. 'This will further reduce Woodside's capital and accelerate the value of Louisiana LNG and is consistent with the approach we have taken with our Scarborough Energy Project in Australia.' Woodside Thanks US Government For Support Woodside thanked both the Trump administration and the Louisiana state government for backing the project. 'As the largest single foreign direct investment in Louisiana's history, Louisiana LNG will also be the first greenfield U.S. LNG project to go to final investment decision since July 2023," O'Neill said. 'Louisiana LNG will support approximately 15,000 national jobs during construction. Woodside appreciates the support Louisiana LNG has received from both the U.S. Federal and Louisiana State governments.' Trump Expedites Energy Projects Since coming to office, President Trump has made efforts to expedite the approval process for energy projects, including natural gas liquids. On his first day of office, he declared a national energy emergency to secure U.S. energy supply and instructed agencies to push ahead with projects. 'To facilitate the nation's energy supply, agencies shall identify and use all relevant lawful emergency and other authorities available to them to expedite the completion of all authorized and appropriated infrastructure, energy, environmental, and natural resources projects that are within the identified authority of each of the secretaries to perform or to advance,' the executive order states. In response to the national energy declaration, the U.S. Department of Interior has cut down energy permits from a multi-process to 28 days. This applies to crude oil, natural gas, natural gas liquids, petroleum, coal, uranium, biofuels, and geothermal energy.
Yahoo
07-04-2025
- Business
- Yahoo
Woodside Energy Sells 40% Stake In Louisiana LNG Project For $5.7 Billion
On Sunday, Woodside Energy Group (NYSE:WDS) inked a binding deal to sell a 40% stake in Louisiana LNG Infrastructure LLC to Stonepeak. As per the deal, Stonepeak plans to invest $5.7 billion in the development of the three-train, 16.5 mtpa foundation phase of Louisiana LNG. The investment is expected to cover 75% of capital expenditure in 2025 and 2026, with development starting on January 1, 2025. This significantly eases Woodside's capex burden, improves project economics, and strengthens cash flow ahead of revenue from its Scarborough Energy Project in Australia—enhancing capacity for shareholder returns. The remaining 60% stake will be retained by Louisiana LNG LLC (HoldCo), operated by Woodside. Meanwhile, InfraCo, managed by Woodside, holds the EPC agreement with Bechtel and, pending a final investment decision, will own and build the liquefaction infrastructure and shared facilities. Under this arrangement, HoldCo will manage gas supply and LNG offtake. Due to the accelerated nature of their capital contributions, Stonepeak's total investment of $5.7 billion will be less than their nominal 40% ownership stake in InfraCo after adjusting for the time value of money. HoldCo will cover the additional capital required if there are any cost overruns. This arrangement offers Stonepeak cost certainty while allowing HoldCo to capture potential capital expenditure savings. The projected forward cost for the foundation phase of the Louisiana LNG project, starting from December 2024, is estimated at $900–$960 per tonne. The transaction is expected to close in the second quarter of 2025, pending customary conditions precedent. Post-completion, Stonepeak is expected to make a payment of approximately $2 billion to cover its share of capital expenditures incurred from the effective date to closing. James Wyper, Senior Managing Director and Head of US Private Equity at Stonepeak, said, "The Project represents a compelling opportunity to invest in a newbuild LNG export facility nearing FID approval with an attractive risk-return profile and best-in-class partners in both Bechtel and Woodside to construct and operate the asset." Price Action: WDS shares are down 0.82% at $11.54 at the last check Monday. Read Next:Image via Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? This article Woodside Energy Sells 40% Stake In Louisiana LNG Project For $5.7 Billion originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Yahoo
07-04-2025
- Business
- Yahoo
Woodside Announces Louisiana LNG Partnership With Stonepeak
HOUSTON, April 07, 2025--(BUSINESS WIRE)--Woodside has entered into a binding agreement with Stonepeak, a leading global investment firm specialising in infrastructure and real assets, for the sale of a 40% interest in Louisiana LNG Infrastructure LLC, providing validation of project quality and increasing attractiveness of the project to other potential equity partners. The transaction significantly reduces Woodside's capital expenditure profile and is a material step towards readiness for a final investment decision. Under the transaction, Stonepeak will provide $5.7 billion towards the expected capital expenditure for the foundation development of Louisiana LNG on an accelerated basis, contributing 75% of project capital expenditure in both 2025 and 2026. This enhances the project economics and Woodside's cash flow profile ahead of revenues from Woodside's Scarborough Energy Project in Australia, strengthening the capacity for shareholder returns. The remainder of Stonepeak's committed capital will be funded in subsequent years. Woodside CEO Meg O'Neill welcomed Stonepeak to the Louisiana LNG Project. "We are very pleased to have Stonepeak join us in Louisiana LNG, given their demonstrated track record investing in US gas and LNG infrastructure across LNG facilities, LNG carriers, and floating storage and regasification units. "This transaction further confirms Louisiana LNG's position as a globally attractive investment set to deliver long-term value to our shareholders. It is the result of a highly competitive process that attracted leading global counterparties and significantly reduces Woodside's capital expenditure for this world-class project. "The accelerated capital contribution from Stonepeak further enhances Louisiana LNG returns and strengthens Woodside's near-term capacity for shareholder distributions. "Our partnership with Stonepeak, together with our lump sum turnkey EPC agreement with Bechtel, and existing regulatory permits, give us confidence to progress at pace towards a final investment decision on Louisiana LNG. "We are pleased with the strong level of interest from counterparties and customers in Louisiana LNG. We will continue advancing discussions with additional potential partners targeting an equity sell-down of around 50% in the integrated project. As we have demonstrated with our Scarborough and Pluto Train 2 Project in Australia, the addition of an infrastructure partner unlocks value and paves the way for other strategic equity partners," she said. Stonepeak Senior Managing Director and Head of US Private Equity James Wyper commented: "With the need to bring significant additional capacity online over the coming years, we have strong conviction in the critical role Louisiana LNG will play in the US LNG export market. The project represents a compelling opportunity to invest in a newbuild LNG export facility nearing FID approval with an attractive risk-reward profile and best-in-class partners in both Bechtel and Woodside to construct and operate the asset." Transaction details Stonepeak will hold 40% equity in Louisiana LNG Infrastructure LLC (InfraCo), with the remaining 60% of InfraCo owned by Louisiana LNG LLC (HoldCo), the holding company operated by Woodside. InfraCo holds the Bechtel engineering, procurement and construction (EPC) agreement and, subject to final investment decision, will own and construct the liquefaction infrastructure and the common user facilities. InfraCo is operated by Woodside. This investment in InfraCo is supported by a long-term liquefaction tolling agreement between InfraCo and HoldCo with competitive tolling fee terms. HoldCo will be responsible for gas supply and LNG offtake. Stonepeak will provide $5.7 billion towards the expected capital expenditure for the development of the three train 16.5 million tonnes per annum foundation development of Louisiana LNG from the effective date of 1 January 2025. Stonepeak's contribution to the project capital expenditure will be accelerated in both 2025 and 2026, representing 75% of the total expected capital expenditure in those years. As a result, their total capital contribution of $5.7 billion will be lower than their nominal 40% equity interest in InfraCo, given the time value of money adjustment associated with the acceleration. In the event of a cost overrun, HoldCo will contribute the incremental capital. This provides capex certainty for Stonepeak and the ability for Holdco to benefit from capex efficiencies. The estimated forward cost for the foundation development of Louisiana LNG from December 2024 remains $900-960/tonne. This includes EPC costs, contractor completion incentive payments, owner's costs, allowances, and contingency. It excludes pipeline cost and HoldCo costs and contingency. Completion of the transaction is subject to conditions precedent including final investment decision for the Louisiana LNG development, requisite regulatory, legal and other customary approvals. The effective date of the transaction is 1 January 2025, and closing is targeted in the second quarter of 2025. On completion, a payment of approximately $2 billion is anticipated for Stonepeak's share of capex funding incurred since the effective date. Woodside's financial advisers are RBC Capital Markets and Evercore and its legal adviser is Norton Rose Fulbright. About Woodside Woodside is a global energy company providing reliable and affordable energy to help people lead better lives. We leverage our track record of world-class project execution and operational excellence as we build a diverse global portfolio to meet the world's growing energy needs. We have over 35 years of experience in the LNG industry including pioneering Australia's LNG industry as operator of the North West Shelf Project where we shipped our first LNG cargo to Japan in 1989. We are executing major projects today, while pursuing growth opportunities that will deliver long-term value for our shareholders. We maintain a strong balance sheet and a disciplined investment approach. About Stonepeak Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $72 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include digital infrastructure, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, Washington, D.C., London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, and Abu Dhabi. This announcement was approved and authorised for release by Woodside's Disclosure Committee. Forward-looking statements This announcement contains forward-looking statements with respect to Woodside's business and operations, market conditions, results of operations and financial condition, including, for example, but not limited to, statements regarding the transaction (including statements concerning the timing and completion of the transaction, the expected benefits of the transaction and other future arrangements between the parties), expectations regarding future expenditures and future results of projects. All forward-looking statements contained in this announcement reflect Woodside's views held as at the date of this announcement. All statements, other than statements of historical or present facts, are forward-looking statements and generally may be identified by the use of forward-looking words such as 'guidance', 'foresee', 'likely', 'potential', 'anticipate', 'believe', 'aim', 'estimate', 'expect', 'intend', 'may', 'target', 'plan', 'forecast', 'project', 'schedule', 'will', 'should', 'seek' and other similar words or expressions. Forward-looking statements in this announcement are not guidance, forecasts, guarantees or predictions of future events or performance, but are in the nature of aspirational targets that Woodside has set for itself and its management of the business. Those statements and any assumptions on which they are based are only opinions, are subject to change without notice and are subject to inherent known and unknown risks, uncertainties, assumptions and other factors, many of which are beyond the control of Woodside, its related bodies corporate and their respective officers, directors, employees, advisers or representatives. Details of the key risks relating to Woodside and its business can be found in the "Risk" section of Woodside's most recent Annual Report released to the Australian Securities Exchange and Woodside's most recent Annual Report on Form 20-F filed with the United States Securities and Exchange Commission and available on the Woodside website at You should review and have regard to these risks when considering the information contained in this announcement. Investors are strongly cautioned not to place undue reliance on any forward-looking statements. Actual results or performance may vary materially from those expressed in, or implied by, any forward-looking statements. All information included in this announcement, including any forward-looking statements, speak only as of the date of this announcement and, except as required by law or regulation, Woodside does not undertake to update or revise any information or forward-looking statements contained in this announcement, whether as a result of new information, future events, or otherwise. View source version on Contacts INVESTORS Marcela Louzada M: +61 456 994 243E: investor@ MEDIA Christine Forster M: +61 484 112 469E: Sign in to access your portfolio
