Ex-Im Bank Approves $37.6 Million Loan For Gas Compression Export To Trinidad and Tobago; Supports 350 Jobs In Three States
November 20, 2012
(Ex-Im Bank)
WASHINGTON, D.C. -- The Export-Import Bank of the United States (Ex-Im Bank)
announced today its approval of a $37.6 million direct loan to support exports
by McDermott International Inc. and five American suppliers of natural gas
compression equipment and technology for a United Kingdom energy project off the
coast of Trinidad and Tobago.
The Bank's financing will support approximately 350 jobs in Texas, California,
and Louisiana, according to bank estimates derived from Departments of Commerce
and Labor data and methodology.
"I'm pleased that McDermott International Inc. and its suppliers won this
project and will support so many American jobs," said Ex-Im Bank Chairman and
President Fred P. Hochberg. "In a complex gas production project like this, U.S.
engineers and high-tech manufacturers have a lot to offer. The Bank's financing
helped pull these jobs to U.S. companies, instead of seeing them go to foreign
competitors."
Under terms of the direct loan, Ex-Im Bank is supporting exports of U.S.-only
goods and services to a $150 million project to construct and install a gas
compression system on the existing Hibiscus Platform situated off the northern
coast of Trinidad. The borrower is BG Energy Holding Limited, and the buyer is
BG Trinidad and Tobago (BGTT), which is responsible for 46 percent of the larger
project.
McDermott International Inc. was hired to provide the detail engineering,
equipment procurement, unit fabrication, transportation, heavy lift and
installation. The company is responsible also for start-up and commissioning.
Houston-based McDermott International Inc. is an engineering, procurement,
construction, and installation (EPCI) company that executes complex offshore oil
and gas projects worldwide.
Five U.S. suppliers will manufacture or provide components for the project.
SOLAR Turbines Inc., based in San Diego, California, is a Caterpillar Inc.
subsidiary that produces gas turbine-powered compressor sets and pipeline
equipment to transmit natural gas. Another U.S. manufacturer, Hudson Products
Corporation of Sugarland, Texas, will export air-cooled heat exchanger equipment
for the Trinidad project. The export supplier of valve controllers will be AWC
Inc. (formerly American Warrior Compression) of Houston, Texas. Massive
fabricated metal tanks and gas-scrubbers will be supplied by a small business,
the South Houston-based manufacturer Gulfex Inc. The Louisiana exporter involved
is Point Eight Power of Belle Chasse, a specialty provider of electrical power
systems for offshore operations; Point Eight will supply instrumentation and
switchgear.
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