Global Energy Ventures (ASX:GEV) secures LOI extension

Company News

by Katrina Bullock

Natural gas project developer, Global Energy Ventures (ASX:GEV) has secured a 6 month extension to its letter of intent with Yantai CIMC Raffles Offshore to build 200 ships.

The letter of intent is based on a confirmed order of 4 ships, with an option for Global Energy Ventures to order an additional 4.

The contract price of 135 to 140 million US dollars per ship remains unchanged.

The delivery schedule will see the first ship delivered in 30 months.

Executive chairman and CEO, Maurice Brand says “CIMC Raffles has a successful track record of delivering in excess of USD 6 Billion in [engineering, procurement and construction] contracts since 2012, experience with [compressed natural gas] systems, and moving forward, their scale of operations with three yards will support our growth aspirations of multiple [compressed natural gas] projects requiring shipbuilding contracts.”

Shares in Global Energy Ventures (ASX:GEV) last traded at $0.14.