Qatar Gas Transport and Keppel Offshore & Marine to join forces

Conclusion of the joint venture agreement is subject to approval by the Boards of Directors of both NAKILAT and Keppel O&M.

Faisal Al-Suwaidi, the Vice Chairman of NAKILAT, said:

"The new facility will be designed and constructed in accordance with best international practice, and be suitable for the repair and maintenance of very large LNG carriers and a wide range of other vessels; the conversion of tankers to FPSOs, FSOs, etc.; and the construction of specialized small ships, such as offshore supply vessels."

The facility will also be suitable, with some additional investment, for the fabrication of structures for the offshore oil and gas industry (such as jack-up drilling rigs, process modules and decks, jackets, wellhead decks, flare booms, etc.), and the fabrication of components for land-based petrochemical and industrial plant.

Tong Chong Heong, Managing Director and Chief Operating Officer of Keppel O&M, said: "For some time, we have been servicing LNG carriers for Qatar. We are pleased to deepen our relationship and partner with NAKILAT in this significant new venture, which is in line with our "near market, near customer" strategy."

Planning of the new Yard is already well advanced, and completion of the first phase of development is scheduled for Q4 of 2009.

About Qatar Gas Transport Company Ltd. (NAKILAT): NAKILAT was formed in June 2004, and is a joint stock company owned 50% by its founding shareholders and 50% by the public, as a result of an IPO in early 2005. It is traded on the Doha Securities Market.

In addition to owning LNG tankers, NAKILAT is involved in a number of other marine-related ventures in the State of Qatar. These include the ownership of vessels to transport LPG, sulfur and condensate produced by gas projects offshore Qatar; the Nakilat Agency Company, which is the exclusive agent for all ships calling at the port of Ras Laffan; and Nakilat Fuji, a ship chandlery business providing food, provisions and stores to vessels calling at Qatari ports, and warehousing services essentially for LNG vessel spare parts in Ras Laffan.