Friday, June 21, 2024
Energy Transition Outlook Report 2023
HomeOil and GasGolden Pass LNG Advances Despite Lead Contractor’s Bankruptcy

Golden Pass LNG Advances Despite Lead Contractor’s Bankruptcy

5/27/2024

(P&GJ) – Golden Pass LNG is advancing its 18-million-tonne-per-year liquefaction project, now 75% complete, with McDermott International Ltd. and Chiyoda International Corp. remaining on the engineering, procurement, and construction (EPC) contract.

This follows Zachry Industrial Inc.’s Chapter 11 bankruptcy filing. Zachry, the project’s lead contractor, cited significant financial strain due to COVID-19 and international geopolitical issues, prompting a “structured exit” from the project.

Despite the bankruptcy, Zachry continues to meet targets on other projects and serves customers like Venture Global Inc.

Additionally, Zachry has sued Golden Pass owners ExxonMobil Corp. and QatarEnergy to recover over $1 billion in outlays made to keep the project on track, stating that by mid-2022, an extra $2.4 billion was needed to meet Golden Pass’s schedule.

This article was originally published by Oil & Gas Journal.

RELATED ARTICLES
- Advertisment -
Energy Jobline LinkedIn

Most Popular

Recent Comments