Bechtel Makes $50 Million Investment in Tellurian
HOUSTON–(BUSINESS WIRE)–Tellurian Inc. (Tellurian) (NASDAQ: TELL) announced today that an
affiliate of Bechtel Oil, Gas and Chemicals, Inc. (Bechtel) has made a
$50 million zero coupon preferred equity investment in Tellurian which
has an implied Tellurian common share price of $8.16 per share.
Brendan Bechtel, Chairman and CEO of Bechtel Group, Inc. said,
“Tellurian management and Bechtel have worked together for many years
and we look forward to continuing our success as equity partners.”
President and CEO Meg Gentle added, “Bechtel and Tellurian management
have constructed 55 million tonnes per annum (mtpa) of liquefaction
capacity together on various projects and have formed a respected and
productive relationship. We are fortunate to have such strong strategic
partners including Bechtel, GE and Total and look forward to breaking
ground at Driftwood LNG in 2019.”
In November 2017, Tellurian and Bechtel signed four fixed price, lump
sum turnkey agreements totaling $15.2 billion for EPC of Driftwood, the
~27.6 mtpa liquefied natural gas (LNG) export facility proposed near
Lake Charles, Louisiana.
Alasdair Cathcart, Bechtel OG&C President said, “We have dedicated our
talent and innovation to design Tellurian’s LNG liquefaction program.
Today’s investment reinforces our long-term partnership with Tellurian
and our mutual commitment to deliver the next wave of low-cost LNG.”
Bechtel is a global leader in engineering, procurement and construction
of LNG facilities, having delivered 41 LNG trains on 16 projects in 10
countries. Today, production on Bechtel-built facilities accounts for
about one-third of global LNG capacity.
About Tellurian Inc.
Tellurian was founded by Charif Souki and Martin Houston and is led by
President and CEO Meg Gentle. Tellurian intends to create value for
shareholders by building a low-cost, global natural gas business,
profitably delivering natural gas to customers worldwide. Tellurian is
developing a portfolio of natural gas production, LNG trading, and
infrastructure that includes an ~ 27.6 mtpa LNG export facility and an
associated pipeline. Tellurian is based in Houston, Texas, and its
common stock is listed on the Nasdaq Capital Market under the symbol
“TELL”.
For more information, please visit www.tellurianinc.com.
Follow us on Twitter at twitter.com/TellurianLNG
CAUTIONARY INFORMATION ABOUT FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the
meaning of U.S. federal securities laws. The words “anticipate,”
“assume,” “believe,” “budget,” “estimate,” “expect,” “forecast,”
“initial,” “intend,” “may,” “plan,” “potential,” “project,” “should,”
“will,” “would,” “proposed,” and similar expressions are intended to
identify forward-looking statements. Forward-looking statements herein
relate to, among other things, the development, costs and timing of the
Driftwood terminal. These statements involve a number of known and
unknown risks, which may cause actual results to differ materially from
expectations expressed or implied in the forward-looking statements.
These risks include the matters discussed in Item 1A of Part I of the
Annual Report on Form 10-K for the year ended December 31, 2017 filed by
Tellurian with the Securities and Exchange Commission (the “SEC”) on
March 15, 2018, and other filings with the SEC, all of which are
incorporated by reference herein. The forward-looking statements in this
press release speak as of the date of this release. Although Tellurian
may from time to time voluntarily update its prior forward-looking
statements, it disclaims any commitment to do so except as required by
securities laws.
Contacts
Tellurian Inc.
Media:
Joi Lecznar,
+1.832.962.4044
SVP Public Affairs and Communication
[email protected]
or
Investors:
Amit
Marwaha, +1.832.485.2004
Director, Investor Relations
[email protected]
