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Global Energy Ventures Ltd

Global Energy Ventures receives specifications from shipyards for CNG 200 Optimum ships

The Optimum ship comes after two decades of CNG development and aims to maximise the CNG that can be stored in a ship’s hull.

Design of hull in CNG Optimum ship
GEV has designed a ship to optimise the transportation of compressed natural gas (CNG)

Global Energy Ventures Ltd (ASX:GEV) has received comprehensive technical specifications from shortlisted shipyards to construct its unique CNG 200 Optimum ships.

All three selected yards submitted specifications by the company’s nominated date of March 31, 2019, and all align with design principals approved by the American Bureau of Shipping (ABS).

Evaluation underway

GEV’s shipping team, led by non-executive director Jens Martin Jensen, will now complete an evaluation of each specification.

A visualisation of GEV’s Optimum 200 ship.

READ: Global Energy Ventures well-positioned for 2019

Jens Martin Jensen said: “We are pleased with the three shipyards' submissions and that the target date for delivery was achieved on time.

“Updated pricing and ship construction schedules will now be the focus in the June quarter.”

Assisting the GEV team in the evaluation process will be the company’s ship-broker Clarksons Platou along with SeaQuest Marine Project Management Ltd.

SeaQuest is providing consultancy services to assist in finalising the technical specification and plan approval with the selected yard(s).

READ: Global Energy Ventures to announce shipyards for CNG 200 Optimum ship next quarter

GEV remains on track with its aim of completing all pre-construction activities and readiness to award shipbuilding contracts by the end of this quarter.

The company’s mission is to create shareholder value through the delivery of integrated CNG solutions to global gas markets.

Company objectives

A key factor in the strategy is the transportation of compressed natural gas (CNG) by the specially designed CNG 200 Optimum ships.

Other objectives are:

  • Pursue multiple CNG projects to improve the probability of success;
  • Secure access to strategic gas resources that provide for an integrated CNG gas supply solution;
  • Offer CNG project stakeholder’s flexible commercial arrangements;
  • Employ world-class management and staff that are leaders in their chosen discipline; and
  • Maintain the highest standards of efficiency, safety and environmental responsibility.

READ: Global Energy Ventures attracts $4.7 million; moving towards CNG ship investment decision

GEV’s chairman and CEO Maurice Brand said: “The technical specification provided from three credentialled shipyards combined with the full American Bureau of Shipping approval received in January 2019, is having a material positive impact on our CNG project development activities.”

Quick facts: Global Energy Ventures Ltd

Price: $0.16

Market: ASX
Market Cap: $61.26 m
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