16.10.06

Pearl GTL Project - Qatar

On October 1st 2006, a joint venture between Transcar Projects Ltd and Transoceanic Projects Ltd (TT-JV) was awarded the turnkey shipping contract for the two phases of the Pearl Gas to Liquids (GTL) Project in Ras Laffan, Qatar. This fully integrated GTL project is being developed by Qatar Petroleum and Shell.

The award represents over 1.0 million freight tons of cargo associated with the development and construction of the world's largest GTL project, that will produce 140,000 bpd of GTL products and approximately 120,000 bpd of condensate, liquefied petroleum gas and ethane.

The success of the joint venture between Transcar and Transoceanic, who usually compete for similar business, has been generated as a result of over 18 months of hard work and intense activity. , Both companies co-operated closely to ensure the systems, procedures and overall team proposals scored highly in the evaluation process, which was managed by a joint venture between JGC Corporation and Kellogg Brown & Root Inc (KBR).

Transcar and Transoceanic managing directors Dean Rossiter and Colin Bagwell have issued a joint statement ... "We are delighted to announce the success of our bid for the Pearl GTL project. This is a historic win for both companies and an excellent opportunity to bring two outstanding track records together to operate this exciting and prestigious contract. We congratulate all the staff on an excellent effort and look forward to working together to ensure the ongoing success of this project for our client and respective companies."