LNG Shipping News SHIPPING NEWS AGENDA. A LNG JOURNAL TITLE ON LNG TANKERS 6 February 2014 FINANCE BUSINESS MARKETS TECHNOLOGY LNG ORDERBOOK

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1 LNG Shipping News A LNG JOURNAL TITLE ON LNG TANKERS 6 February 2014 Höegh LNG marketing two FSRU newbuildings After international banks committed to supply a $400 million senior secured credit facility last week, Oslo-based Höegh LNG now has four Floating Storage and Regasification Units (FSRUs) under construction at Korean shipyard Hyundai Heavy Industries. Höegh LNG, which has two FSRUs already under charter and two being built, has successfully secured financing this week for additional two units, numbers 3 and number 4. They are now available for expressions of interest by charterers. The four LNG-carrier based FSRUs will all have storage capacity of 170,000cbm and be classed by DNV. They will be built from new rather than repurposed LNG carriers. We are only due newbuildings, confirmed Steffen Føreid, CFO for Höegh LNG. The company vessels currently at HHI, FSRU number 1 and FSRU number 2. FSRU number 1, due for delivery in mid-2014, is subject to a 10 year charter party and purchase option with Lithuanian statecontrolled oil terminal operator Klaipedos Nafta. It will dock in Lithuania s Port of Klaipeda, where the charterer already operates Klaipėda Oil Terminal. FSRU number 2, due for delivery in 2015, is for 20 year initial charter by Indonesian natural gas supplier Perusahaan Gas Negara (PGN), with two five year extention options making it the longest charter agreement of its kind, claims Höegh LNG. The Lithuanian energy minister last week announced a tender on FSRU number 1 s capacities, expected to reach 1 billion cubic metres per annum, ultimately increasing to 4 billion cubic metres per annum. The terminal project is receiving financing from the European Investment Bank (EIB) by way of a 20-year loan of up to 87 million. Höegh LNG was the preferred bidder in 2012 for an FSRU for charter in Chile, with gas being Höegh s FSRU newbuildings Source: Höegh LNG procured by an Endesa, Metrogas Chile, and BG Group venture, Quintero Bay LNG terminal, but the contract did not proceed. The Chilean project has been delayed. Number 3 was actually intended for Chilean project but it is no longer, explained Føreid. Second Petronas FLNG project agreed Malaysian oil major Petronas and American oil producer Murphy Group, will collaborate to build Petronas s second floating LNG liquefaction terminal (FLNG). When the FLNG comes onstream in 2018 it will produce1.5 million tonnes per annum. According to reports a third FLNG in neighbouring Brunei, where the partners have interest in a gas block, is at the discussion stage. Japan's Mitsui Ocean Development and Engineering, IHI engineering, and Toyo Engineering, as well as US-based CB&I, are engaged for FEED on the project. Petronas already is planning a slightly lower capacity (1.2 million tonnes per annum) barge-based FLNG at the Kanowit natural gas field, in The race is on in 2015 to have the first operational FLNG, with Petronas neck to neck with Belgian shipping firm Exmar, which has its FLNG scheduled for delivery in the second quarter of that year. Petronas will ship LNG to Malaysian and international markets. Petronas transport business is mainly undertaken by its shipping subsidiary, MISC, with its LNG ship fleet of 27 vessels. China has 23 percent of LNG orderbook IHS Maritime s Senior Research Analyst, Gary Li, has forecasted China would expand its LNG tanker fleet and shipbuilding sector over the next 14 years. When China announced a restructuring of its shipbuilding industry last August, it did so with a view to increase energy security by bouying natural gas supply and possessing Chinese-owned LNG tanker fleets. Since producing China s first LNG tanker in 2008, Chinese shipyards have been developing their technology to win more LNG tanker orders. While the shipbuilding business remains dominated by South Korean companies, China did take 12 percent of the global order book in 2012, and this figure increased to 23 percent as of December This year will see shipyards in China pick up the pace on efforts to meet government targets by Moreover, Chinese LNG imports are set to rise 481 percent in the period. China s energy-producing State Owned Enterprises may chiange their LNG sourcing strategy from buying from Qatar towards buying from Australia, Canada, or East Africa. SHIPPING NEWS AGENDA FINANCE Nakilat plans two more LNGC with Maran Gas JV BUSINESS ABS recommends forced boil-off on NSR 3 MARKETS 2 Wood Mackenzie sees LNG bunkering growing to 10 percent of global demand 4 TECHNOLOGY HHI announces first mobile powership: Dual-purpose FSRU LNG ORDERBOOK 5 LNG vessels ordered 6

2 2 NEWS LNG Unlimited 6 February 2014 Nakilat plans two more LNG carriers with Marangas Nakilat (The Qatar Gas Transport Company) with world s largest fleet, announced it would build two more vessels for its Maran Nakilat joint venture with Greek shipping company Maran Gas. Since July it has grown from four to eight vessels. Nakilat secured a US $669 million facility in order to refinance two existing LNG vessels and purchase two additional LNG vessels for the Maran Nakilat JV. Joint venture partner Maran Gas has just exercised options with Korean Shipyard DSME for two ships for delivery in 2016, totalling $405 million. This is the second refinancing that Nakilat has secured for its Maran Nakilat joint venture in recent months. In July, Nakilat announced plans to add two vessels using $662.4m from Qatar Islamic Bank and Barwa Bank. The latest refinancing facility was secured with Qatari bank, QNB group. QNB bank s ownership is split equally between the nation s state-owned sovereign wealth fund, set up to manage oil and gas assets, and the private sector. Ownership change Nakilat in 2005 formed the joint venture with Maran Gas, to build four ships which were on longterm contracts to Qatari LNG producer RasGas, with Nakilat taking 30 percent ownership Nakilat has just recently acquired 10 percent ownership in the venture, which may mean that Maran Gas, which reportedly had 60 percent interest in July, no longer has majority ownership. Nakilat secures financing from QNB Group. Upon the occasion of the signing, Eng. Abdullah Fadhalah Al Sulaiti, managing director of Nakilat both boost economic growth and further enhance QNB s reputation for delivering on large scale transportation said, This milestone project will projects. Milaha refinances Ras Laffan LNGC with $425 million Qatar Shipping Company, subsidiary of Qatari Holding company Milaha, has secured a 12 year US $425 million facility for refinancing four existing LNGC. The previous financing arrangements of the vessels were maturing in , so we grouped them in one refinancing facility, Nadine Fattaleh-Al Shaa told LNG Shipping News. Qatar Shipping Company has Al Thakhira, and Al-Deebel. majority ownership on all The four units are in different four vessels, Fuwairit, Lusail, joint venture companies with Milaha s majority owned 145,000cbm vessel Al Deebel. Japanese shipping firms, Mitsui OSK Lines, NYK Line and K Line. All four ships are under long term charter to Qatari producer RasGas s natural gas production entity, Ras Laffan Liquefied Natural Gas Company. The charter periods from the time the vessels were delivered are for 25 years and with this refinancing, and the balance of the time charters either matches or exceeds the loan tenor, said Fattaleh Al Shaa. Milaha Gas, which owns and operates LPG and LNG carriers, is the largest shareholder in the shipping fleet of Qatari shipping firm Nakilat. Milaha also has a fleet that includes container ships and barges, as well as a shipyard. The facility is being financed by a consortium of the following banks: The Bank of Tokyo Mitsubishi UFJ, Ltd., Mizuho Bank, Ltd., Sumitomo Mitsui Banking Corporation Europe Limited, Sumitomo Mitsui Trust Bank, Limited, Mitsubishi UFJ Trust and Banking Corporation, Shinsei Bank, Limited, Development Bank of Japan Inc. and Standard Chartered Bank. LNG Shipping News 2nd Floor, 2-5 Benjamin Street London EC1M 5QL United Kingdom Tel: +44 (0) Publisher Stuart Fryer Editor Cristina Brooks +44 (0) general@lngjournal.com Ad sales enquiries Narges Jodeyri +44 (0) narges@lngjournal.com Events Natasha Wedlock Tel: +44 (0) natasha@lngjournal.com Subscriptions Elena Fuertes Tel: +44 (0) elena@lngjournal.com Subscription included with LNG Journal Production Vivian Chee Tel: +44 (0) chee@btconnect.com No part of this publication may be reproduced or stored in any form by any mechanical, electronic, photocopying, recording or any other means without the prior written consent of the publisher. Whilst the information and articles in LNG Shipping News are published in good faith and every effort is made to check accuracy, readers should verify facts and statements direct with official sources before acting on them as the publisher can accept no responsibility in this respect. Any opinions expressed in this publication should not be construed as those of the publisher.

3 6 February 2014 LNG Unlimited NEWS 3 NEWS NUDGE TEN to use $75.15M to modernize fleet Greek ship firm Tsakos Energy Navigation (TEN) on Wednesday closed its public offering of 500,000 common shares priced at $6.65 per share. Inter-company bodies agreed to purchase shares with a value totalling $75.15 million, with an option to buy $11.27 million additional shares in a 30-day period. GasLog raises $200M GasLog, the Monaco-based LNG carrier operator, raised just short of $200M after closing its public offering of 10.9M shares. The offering price was $15.75 per share. The company also sold 2.31M shares in a private placement at that price to certain of its directors and officers and one major shareholder. GasLog's LNG fleet will soon include 18 wholly-owned carriers, including 11 ships in operation and seven on order. Rolls-Royce fails in bid for Wärtsilä Finnish LNG ship engine maker Wärtsilä is no longer in talks with British automobile maker Rolls Royce, which had discussed acquiring it Wärtsilä announced it would cut 1,000 jobs in the face of intense competition and reduced profits, reported Wall Street Journal. NYK operated LNG Dream to deliver to Osaka Gas The 145,000cbm capacity LNG Dream is delivering a cargo on February 12 to the Osaka Gas import terminal at Himeji from the North West Shelf plant in Western Australia, according to shipping data. 145,000cbm LNG Dream Source: KHI Indian GAIL invites LNG shipping companies to tender Indian gas utility GAIL, having confirmed an MOU with state-owned shipping company Shipping Corporation of India (SCI) to transport 5.8 million tonnes per annum of US Shale gas last June, will in February invite bids to transport some of the gas. The state-owned entity may use the deal to establish the first LNG shipyards in India. The tender to charter from foreign shipping companies may involve more than one owner and operator, with a tie-in likely to target Korean or Japanese shipyards looking to bag the $2.8 billion contract. This way the deal would ensure that domestic yards would build four of the 14 LNG tankers GAIL needs to transport the US gas beginning 2017, said business website Live Mint. The technology might allow expansion of the Indian shipbuilding industry, not only Indian LNG carrier building but also local take-up export orders, repairs, maintenance and dry-docking. Shipyards in neighbouring China have recently gained an unprecedented 23 percent share of the LNG shipbuilding market, indicating a globalization of the business. Memorandum of understanding In a separate announcement, GAIL and Chubu Electric Power, Japanese and Indian utilities, are discussing a potential memorandum of understanding to keep prices low for Asian buyers, reported the Times of India. Japan imports the most LNG and India imports the fifth most. The cooperation would cover LNG sourcing, shipping and supply, but the two countries would buy fuel separately. GAIL chairman B C Tripathi has been pursuing the deal since the December Asia Gas Partnership Summit organized by GAIL. Tripathi said GAIL plans to import 32 to 33 cargoes of LNG in the 2014/15 fiscal year, beginning in April. He also said that GAIL is operating its Dabhol LNG import terminal at only 0.8of its 3.5 million tonnes per annum capacity. ABS recommends forced boil-off on NSR The American Bureau of Shipping (ABS) released guidance explaining the permitting process mandated by the Russian body, Northern Sea Route Administration (NSRA). The route has the potential to reduce the voyage between European and Asian ports by 10 days. The NSR route will likely be used by Arctic LNG carriers recently ordered, and those transporting from LNG production terminals in waters off Russia s northern coast, such as Yamal LNG and Sakhalin LNG II. Most LNG carriers may only travel in a convoy during one season, from July to November 15. Operational challenges on the route include snow, fog, ice massifs, ship icing and extreme cold affecting equipment. ABS said LNG carriers generally have no mechanical issues with the cold within the ship because of the nature of the cargo, but face risks of icing on exterior structures, such as vents and pipes, and also may require forced boil off equipment. The low boil off rate when operating in gas-only mode in extreme cold means the ship s forced boil-off equipment must be evaluated for adequacy to the route and travel season. Ice loading is also a danger, it said: Consideration of static and dynamic loads due to ice and snow buildup on the containment system, including sliding/falling ice must be considered. The stability of gas carriers must be carefully considered as the ice mass could sit high on the vessel depending on the containment system employed. Icebreaker assistance Open water depths on the NSR vary between 20 to 200m, requiring advance planning of a route suiting the vessel s hull depth, and use of an ice convoy. The NSRA analyses ice conditions and provides route planning services, in addition to monitoring pollution and traffic, and maintaining radio contact with ice convoys. Owners and their representatives may submit applications to the NSRA by up to four months prior to the intended passage and not less than 15 days prior to entry into the NSR. It must include voyage, measurement and insurance documents, and classification certifying if the ship has ice reinforcement. The guidance describes different travel season and convoy requirements for the different ice classes: Ice 1 to Ice 3 class, and Arc 4 to Arc 9, icebreaker 6 to 8 and non-reinforced ships. Then NSRA will give the ship owner a quote for the cost of ice Source: The Voice of Russia breaker assistance if required, based on the vessel s capacity and the route. Ice conditions are changeable and ABS recommends following the orders of the NSRA icebreaker master or ice pilot along the NSR. Reporting to the NSRA is required. For example, when eastbound, the ship master must notify the NSRA of the estimated time of arrival at the 33 meridian, then submit daily reports at Existing guidance The rules of navigation and icebreaker assistance may be found in the Russian Transport Ministry s of Navigation on the Water Areas of the Northern Sea Route Owners may also refer to the ABS Guide for Vessels Operating in Low Temperature Environments. The criteria Russia requires for different ice classes is presented in the Rules and Specific Ice Class Notations of the Russian Register of Shipping (RS).

4 4 NEWS LNG Unlimited 6 February 2014 Tamar feed-gas reserves upgraded for planned East Mediterranean FLNG project The Tamar natural gas field offshore Israel, where an East Mediterranean FLNG project is planned, holds more feed-gas reserves than originally believed after a new independent assessment saw the resource estimate raised to 11 trillion cubic feet. Total Tamar field reserves amounted to 9.9 Tcf of proved and probable resources and 1.3 Tcf of possible reserves, according to the latest report from the assessors, Netherland, Sewell and Associates According to the new Tamar field assessments the reserves have risen by around 6.7 percent from the previous total estimates. The assessments came from Delek Group of Israel, whose two Block ownership by the partners Source: Pangea/Levant LNG subsidiaries Delek Drilling and Avner Oil Exploration hold stakes in the Tamar field and FLNG venture. The Israel company and USbased Noble Energy are the leaders of natural gas exploration and production activities in the East Med's Levant Basin, which has become one of the energy industry's most promising emerging regions. The Tamar gas field reserves were previously put at less than 10 Tcf. The Tamar gas is already being delivered to Israeli customers via pipeline after production started in March, In addition to holding feed-gas for the LNG project, the field is large enough to supply Israel's domestic needs for the next 25 years. Second LNG project Daewoo Shipbuilding and Marine Engineering of South Korea signed an agreement for the completion of the front-end engineering and design stage of the Tamar FLNG project. The partners in the varied aspects of the Tamar venture include Noble, Delek and its subsidiaries, Israel's Isramco Negev 2 Ltd., DorGas Exploration, DSME, D&H Solutions, Next Decade LLC and Levant LNG Marketing. Delek and Noble are also involved in the Aphrodite field, a 5.2 Tcf discovery located in the Block 12 license off the coast of Cyprus and where another LNG project is planned. Wood Mackenzie sees LNG bunkering growing to 10 percent of global demand Global natural gas demand in the transport sector will grow from nearly 40 billion cubic metres in 2012 to over 160Bcm in 2030 as LNG use grows for ships, trains and road vehicles, according to a new report. Energy consultants Wood Mackenzie said in their latest report that the most striking aspect of the analysis was the growth of LNG demand for transport, increasing from less than 5Bcm in 2012 to over 80Bcm in 2030, or from less than 1 percent to some 10 percent of global LNG demand. Noel Tomnay, Head of Global Gas Research for Wood Mackenzie, said: "Gas has traditionally played a niche role in global transport but it is now garnering greater attention due to two principal drivers. "First, oil and gas price differentials are now making investment in gas re-fuelling infrastructure worthwhile and second, increased environmental restrictions on emissions are encouraging wider global uptake," he said. Wood Mackenzie emphasised that the Heavy Duty (HD) trucking fleet will be the greatest drivers of gas demand - nearly 45 Bcm by supported by the best economics. Tomnay explained: "This will mostly be long-haul freight, with high consumption rates, high utilisation rates and often remote from re-fuelling infrastructure, such that LNG will be preferred over compressed natural gas with its storage restrictions." Diesel demand associated with the large road vehicle market of trucks and buses, and gasoil, associated with shipping, will be hit the hardest. Wood Mackenzie forecasts that 10 percent of the global bunker market for shipping will also be met by LNG by China China will remain the single largest market for gas in transport, with 45 Bcm by "Demand in China is presently being propelled by a combination of winning factors," Tomnay explained. "These include the most favourable economics, due to the Germanischer Lloyd has advised the EU of the need for EU bunkering guidelines Source: GL low cost of vehicles, strong vehicle market growth encouraging fleet investments in gas, and financial support from regional governments keen to reduce emissions in cities where pollution and smog is a growing problem," he said. Demand growth in the US and Europe is presently more slow, a result of the lack of infrastructure and consumer inertia. "However, as natural gas fuel station corridors get built, and as innovators and early adopters seed the market, we anticipate stronger demand growth post- 2020," he said. "Small-scale LNG supply facilities will remain a feature of the transport sector in China and North America, reflecting geography, market access and LNG availability," said Wood Mackenzie, which has offices in Edinburgh, Houston and Singapore. Accordingly, the consultants believe that Europe's transport sector will be the largest market for conventional large-scale LNG, delivered through import terminals in Northwest and Southern Europe for break-bulk distribution.

5 6 February 2014 LNG Unlimited NEWS 5 Oman Drydock Company to focus on LNG carrier repairs The Oman Drydock Company (ODC) in Duqm, Oman, is setting out to specialise in LNG carrier repair, reports the Oman Tribune Since the opening in 2011, it saw 75 drydockings. Clients with LNG ships ownership included NYK Exmar Ship Management, and Shipping Corporation of India (SCI). With a staff of more than 2,000, the company has worked on LNG carriers as well as and LPG, chemical and bulk carriers, and barges. The company has announced that on the back of high revenues in 2013 it plans on investing in LNG vessel repair facilities in The renovations would mean upgrading the cryogenic shop, enabling it to repair up to four LNG carriers at a time, and win more business from LNG carrier owning clients. The company sees itself becoming a centre of excellence for repair of LNG carriers, and The ferry is owned by French ferry is partnering to gain LNG company Brittany Ferries, and will tanker repair technology. be called Pegasis. This year it will see further The ferry s propulsion LNG collaboration on LNG carrier tanks will use the GTT membrane repair technology with its technology installed on a large proportion of the existing LNG fleet, Korean LNG shipyard partner, DSME well as its subsidiary the GTT Mark III insulation system. DSEC. It claims that membrane may The technology transfer will help reduce the larger amount of enable repair of cargo containment systems, insulation LNG tanks, which need room to space required on board to house boxes, membranes, prefabricated panels and cryogenic newbuildings running off LNG fuel. accommodate boil-off, on vessel safety valves. Environmental regulations Gas propulsion is already on use on ferries in Norway and on several other vessel types. New IMO regulations relating to sulphur oxide emissions, coming into force for the region of the North Sea from 2015, will prohibit the use of Vessel under repair at ODC. bunker as a fuel in these areas Source: ODC The mobile powership: Dual purpose FSRU Hyundai Heavy Industries is spearheading a project to design the first mobile powership, an FSRU that produces both gas and gas-fired power, potentially allowing FSRU operators to sell electricity anywhere. The MOU for the $940m project was signed in December. The HHI collaboration brings together Korean ore carrier owner Polaris Shipping, electric utility Korea Midland Power, and German gas turbine manufacturer Siemens Energy Solutions. Potential markets for the unit include any country where, owing to constraints on fuel or infrastructure capacity, there is a Mobile powership illustration. Source: HHI shortage of electric power. Markets may include include Philippines, Indonesia, and Brazil. Korea Midland Power will launch a task force to begin engineering the unit. To deliver electricity it will use existing electric cables but require that some cables are installed on land or water. The power generation technology installed will use a highly efficient Combined Cycle Gas Turbine without retrofitting expensive emissions reducing equipment. The vessel s name is an acronym for Power Efficient GAS Innovative Ship, and it is being marketed as an environmentally friendly ferry. The requirement to reduce exhaust emissions is causing some ship owners to consider LNG propulsion, as LNG contains virtually no SoX emissions. The vessel will be built at STX (CCGT) with a nameplate capacity of 880 MW. GTT supplies first LNG propulsion tank Q&A LNG Shipping News asked HHI s assistant manager for overseas PR, Koo Young-jun for some more details about the innovative multifunction FSRU. LSN: Is the FSRU being built for use in Korea? KYJ: Initially, it will be used in Korea. However, it also can be used overseas if the market needs it. LSN: Will it function most of the time as an FSRU or as a power plant, or both simultaneously? KYJ: The design concept of the Powership is focused on its usage as a power plant, but it also can be used as an FSRU. LSN: What is the annual regasification capacity planned for the ship? KYJ: This will be verified at a later design stage. GTT has won a contract to equip the LNG fuel system of a French ferry that will bunker with LNG, the first order of propulsion tanks for other vessel types for the LNG cargo-tank market leader. Volume on a vessel required by different LNG propulsion tanks. shipyard in Saint-Nazaire, France for delivery by the end of Philippe Berterottière, chairman and CEO of GTT said, This order marks the entrance of GTT into the new field of LNG bunkering, and demonstrates once again our clear expertise in the LNG industry. GTT is perfectly positioned to accompany its ship-owner customers during the industry-wide evolution towards more environmental ships.

6 6 NEWS LNG Unlimited 6 February 2014 THE WORLD S NEWEST LNG CARRIERS Name Yard Design Prop. CBM Delivery Trade Route Ship Owner Hull Operator Golar Igloo Samsung TZ Mk. III DFDE Q1-14 Kuwait FSRU Golar LNG 2031 Wilhelmsen Golar Clean Ocean Hyundai Heavy TZ Mk. III DFDE Q1-14 Dynagas 2558 Dynagas Cool Runner Samsung TZ Mk. III DFDE Q1-14 Thenamaris 2046 Bernard Schulte Gaslog NB-6 Samsung TZ Mk. III DFDE Q1-14 Shell Portfolio GasLog 2042 CERES Golar Bear Samsung TZ Mk. III DFDE Q1-14 Golar LNG 2027 WilhelmsenGolar Independence Hyundai Heavy TZ Mk. III DFDE Q1-14 Indonesia FSRU Høegh LNG 2548 Høegh LNG Maran Gas Delphi DSME GT NO 96 DFDE Q1-14 BG Portfolio Nakilat / Maran Gas 2296 Anangel Maritime (60%) Maran Gas Lindos DSME GT NO 96 DFDE Q1-15 BG Portfolio MaranGas 2292 Anangel BW Gas NB-2 Hyundai Heavy TZ Mk. III DFDE Q1-15 BW Gas 2572 BW Gaslog NB-8 Samsung TZ Mk. III DFDE Q1-15 Gaslog 2044 CERES Maran Gas Mistras DSME GT NO 96 DFDE Q1-15 BG Portfolio MaranGas 2405 Anangel MOL PNG NB-1 Hudong Membrane SSD Q1-15 PNG / Gorgon Mitsui OSK H1670A MOL Chevron NB-3 Samsung TZ Mk. III DFDE Q1-15 Chevron Portfolio Chevron 1941 Chevron Shipping Chubu NB-3 Mitsubishi H.I. Moss STRH Q1-15 Chubu Electric NYK 2298 NYK Dynacom NB-6 Hyundai Heavy TZ Mk. III DFDE Q1-15 Dynagas 2566 Dynagas Hoegh NB-4 FSRU Hyundai Heavy TZ Mk. III Azipod Q1-15 Høegh LNG 2251 Høegh LNG Shell NB-1 Samsung Membrane FLNG Q1-16 Shell FLNG Shell 2030 STASCO Sinopec NB-1 Hudong Membrane DFDE Q1-16 APLNG China Shipping H1715A TBD Maria Energy Hyundai Heavy TZ Mk. III DFDE Q1-16 Tsakos 2612 TBD NLNG NB-4 Samsung TZ Mk. III DFDE Q1-16 Nigeria LNG Bonny Gas Transport 2078 BGT Gaslog NB-9 Samsung TZ Mk. III DFDE Q1-16 BG Portfolio Gaslog 2073 CERES Maran NB-14 Hyundai Samho TZ Mk. III DFDE Q1-16 BG Portfolio MaranGas S690 Anangel MOL PNG NB-4 Hudong Membrane SSD Q1-16 PNG / Gorgon Mitsui OSK H1673A MOL TBN NB-2 STX O&S GT NO 96 DFDE Q1-16 TBN (x-alpha) 1671 TBD Teekay NB-1 DSME GT NO 96 MEGI Q1-16 Cheniere Teekay LNG 2407 Teekay LNG Maran NB-16 DSME GT NO 96 DFDE Q1-16 BG Portfolio MaranGas 2412 Anangel Gaslog NB-12 Samsung TZ Mk. III DFDE Q1-17 BG Portfolio Gaslog 2103 CERES Sinopec NB-4 Hudong Membrane DFDE Q1-17 APLNG China Shipping H1718A TBD Flex NB-1 Samsung TZ Mk. III DFDE Q1-17 Flex LNG TBN TBD Petronas NB-2 Hyundai Heavy Moss STRH Q1-17 Petronas 2730 MISC Teekay NB-5 DSME GT NO 96 MEGI Q1-17 Teekay LNG TBN Teekay LNG Flex NB-2 Samsung TZ Mk. III DFDE Q1-17 Flex LNG TBN TBD Corcovado DSME GT NO 96 DFDE Q2-14 Cardiff 2297 Cardiff Gas PGN FSRU Lampung Hyundai Heavy TZ Mk. III Azipod Q2-14 Lithuania FSRU Høegh LNG 2549 Høegh LNG EE NB-1 FSRU DSME GT NO 96 DFDE Q2-14 Petrobras VT3 Excelerate Energy 2402 TBD Golar Crystal Samsung TZ Mk. III DFDE Q2-14 Golar LNG 2022 Wilhelmsen Golar Golar Penguin Samsung TZ Mk. III DFDE Q2-14 Golar LNG 2023 Wilhelmsen Golar Hoegh NB-3 FSRU Hyundai Heavy TZ Mk. III Azipod Q2-14 Colburn LNG FSRU Høegh LNG 2550 Høegh LNG Kita DSME GT NO 96 DFDE Q2-14 Cardiff 2298 Cardiff Gas Maran Gas Efessos DSME GT NO 96 DFDE Q2-14 BG Portfolio Nakilat / Maran Gas 2291 Anangel Maritime (60%) Chevron NB-1 Samsung TZ Mk. III DFDE Q2-14 Chevron Portfolio Chevron 1920 Chevron Shipping Golar Frost Samsung TZ Mk. III DFDE Q2-14 Golar LNG 2055 Wilhelmsen Golar Maran Gas Posidonia Hyundai Samho TZ Mk. III DFDE Q2-14 BG Portfolio Nakilat / Maran Gas S625 Anangel Maritime (60%) Maran Gas Alexandria Hyundai Samho TZ Mk. III DFDE Q2-15 BG Portfolio MaranGas S627 Anangel Osaka Gas NB-2 Mitsubishi H.I. Moss STRH Q2-15 Osaka Gas Mitsui OSK / Osaka Gas 2296 MOL Chevron NB-4 Samsung TZ Mk. III DFDE Q2-15 Chevron Portfolio Chevron 1942 Chevron Shipping Brunei NB-2 Hyundai Heavy TZ Mk. III DFDE Q2-15 Brunei Fleet Brunei Gas Carriers 2607 STASCO Dynacom NB-7 Hyundai Heavy TZ Mk. III DFDE Q2-15 Dynagas 2567 Dynagas Maran Gas Troy DSME GT NO 96 DFDE Q2-15 BG Portfolio MaranGas 2406 Anangel MOL PNG NB-2 Hudong Membrane SSD Q2-15 PNG / Gorgon Mitsui OSK H1671A MOL Petronas FLNG NB DSME GT NO 96 FLNG Q2-15 Petronas FLNG Petronas 6302 TBD Maran NB-15 Hyundai Samho TZ Mk. III DFDE Q2-16 BG Portfolio MaranGas S691 Anangel NLNG NB-5 Hyundai Heavy TZ Mk. III DFDE Q2-16 Nigeria LNG Bonny Gas Transport 2637 BGT Gaslog NB-10 Samsung TZ Mk. III DFDE Q2-16 BG Portfolio Gaslog 2072 CERES DFDE = dual fuel diesel engines, STRH = steam turbine reheat / ultra steam turbine, MEGI = marine electric gas injection, DRL = slow speed diesel, FSRU = vessel with regas capacity, FLNG = floating LNG production unit

7 6 February 2014 LNG Unlimited NEWS 7 Name Yard Design Prop. CBM Delivery Trade Route Ship Owner Hull Operator Kansai NB-1 Kawasaki Moss STRH Q2-16 Kansai Kansai / Mitsui OSK 1712 MOL Maran NB-17 DSME GT NO 96 DFDE Q2-16 BG Portfolio MaranGas 2413 Anangel NLNG NB-6 Samsung TZ Mk. III DFDE Q2-16 Nigeria LNG Bonny Gas Transport 2079 BGT Sinopec NB-2 Hudong Membrane DFDE Q2-16 APLNG China Shipping H1716A TBD Teekay NB-2 DSME GT NO 96 MEGI Q2-16 Cheniere Teekay LNG 2408 Teekay LNG Kansai NB-2 Mitsubishi H.I. Moss STRH Q2-17 Kansai Kansai / Mitsui OSK 2299 MOL Petronas NB-3 Hyundai Heavy Moss STRH Q2-17 Petronas 2731 MISC Osaka Gas NB-3 Mitsubishi H.I. Moss STRH Q2-17 Osaka Gas Mitsui OSK / Osaka 2311 MOL Gas / Kyushu Petronas NB-4 Hyundai Heavy Moss STRH Q2-17 Petronas 2732 MISC Sinopec NB-5 Hudong Membrane DFDE Q2-17 APLNG China Shipping H1719A TBD SCF Pskov STX O&S GT NO 96 DFDE Q3-14 Gazprom Portfolio Sovcomflot 1911 Sovcomflot Clean Planet Hyundai Heavy TZ Mk. III DFDE Q3-14 Dynagas 2565 Dynagas Golar Glacier Hyundai Samho TZ Mk. III DFDE Q3-14 Golar LNG S658 WilhelmsenGolar Chevron NB-2 Samsung TZ Mk. III DFDE Q3-14 Chevron Portfolio Chevron 1921 Chevron Shipping Palu DSME GT NO 96 DFDE Q3-14 Cardiff 2400 Cardiff Gas TEPCO NB-1 Mitsubishi H.I. Moss STRH Q3-14 TEPCO NYK 2289 NYK Golar Snow Samsung TZ Mk. III DFDE Q3-14 Golar LNG 2047 WilhelmsenGolar Maran NB-12 Hyundai Samho TZ Mk. III DFDE Q3-15 BG Portfolio MaranGas S689 Anangel NLNG NB-1 Samsung TZ Mk. III DFDE Q3-15 Nigeria LNG Bonny Gas Transport 2076 BGT SCF Melampus STX O&S GT NO 96 DFDE Q3-15 Shell Portfolio Sovcomflot 1912 Sovcomflot Teekay NB-3 DSME GT NO 96 MEGI Q3-16 Teekay LNG 2416 Teekay LNG Uruguay FSRU DSME GT NO 96 DFDE Q3-16 Uruguay FSRU Mitsui OSK TBN MOL Adam Hyundai Heavy TZ Mk. III DFDE Q4-14 Oman LNG 2584 Oman Shipping Brunei NB-1 Hyundai Heavy TZ Mk. III DFDE Q4-14 Brunei Fleet Brunei Gas Carriers 2606 STASCO Cool Explorer Samsung TZ Mk. III DFDE Q4-14 Thenamaris 2049 Bernard Schulte Osaka Gas NB-1 Mitsubishi H.I. Moss STRH Q4-14 Osaka Gas Mitsui OSK / Osaka Gas 2295 MOL Golar Kelvin Hyundai Samho TZ Mk. III DFDE Q4-14 Golar LNG S659 WilhelmsenGolar Gaslog NB-7 Samsung TZ Mk. III DFDE Q4-14 Gaslog 2043 CERES BW Gas NB-1 Hyundai Heavy TZ Mk. III DFDE Q4-14 BW Gas 2571 BW Yari DSME GT NO 96 DFDE Q4-14 Cardiff 2401 Cardiff Gas Chubu NB-2 Mitsubishi H.I. Moss STRH Q4-14 Chubu Electric Mitsui Osk / Mitsubishi 2297 MOL Golar Ice Samsung TZ Mk. III DFDE Q4-14 Golar LNG 2048 WilhelmsenGolar Golar Eskimo Samsung TZ Mk. III DFDE Q4-14 Jordan FSRU Golar LNG 2024 WilhelmsenGolar Maran Gas Sparta Hyundai Samho TZ Mk. III DFDE Q4-14 BG Portfolio MaranGas S626 Anangel BW Gas NB-3 FSRU Samsung Membrane DFDE Q4-15 BW Gas 2074 BW Maran NB-13 Hyundai Samho TZ Mk. III DFDE Q4-15 BG Portfolio MaranGas S688 Anangel MOL PNG NB-3 Hudong Membrane SSD Q4-15 PNG / Gorgon Mitsui OSK H1672A MOL NLNG NB-2 Hyundai Heavy TZ Mk. III DFDE Q4-15 Nigeria LNG Bonny Gas Transport 2636 BGT SCF Mitre STX O&S GT NO 96 DFDE Q4-15 Shell Portfolio Sovcomflot 1913 Sovcomflot Golar Tundra Samsung TZ Mk. III DFDE Q4-15 Gas Atacama FSRU Golar LNG 2056 WilhelmsenGolar Chevron NB-5 Samsung TZ Mk. III DFDE Q4-15 Chevron Portfolio Chevron 2069 Chevron Shipping Chevron NB-6 Samsung TZ Mk. III DFDE Q4-15 Chevron Portfolio Chevron 2070 Chevron Shipping Chubu NB-1 Kawasaki Moss STRH Q4-15 Chubu Electric K-Line 1713 K-Line NLNG NB-3 Samsung TZ Mk. III DFDE Q4-15 Nigeria LNG Bonny Gas Transport 2077 BGT TBN NB-1 STX O&S GT NO 96 DFDE Q4-15 TBN (x-alpha) 1670 TBD Gaslog NB-11 Samsung TZ Mk. III DFDE Q4-16 BG Portfolio Gaslog 2102 CERES SK Marubeni NB-1 Samsung TZ Mk. III DFDE Q4-16 Ichtys LNG SK Shipping / Marubeni 2080 SK Shipping Teekay NB-4 DSME GT NO 96 MEGI Q4-16 Teekay LNG 2417 Teekay LNG BW Gas NB-4 FSRU Samsung Membrane DFDE Q4-16 BW Gas 0 BW Sinopec NB-3 Hudong Membrane DFDE Q4-16 APLNG China Shipping H1717A TBD Ichtys NB-1 Kawasaki Moss DFDE Q4-16 Ichtys LNG K-Line 1718 K-Line Inpex NB-1 Mitsubishi H.I. Moss STRH Q4-16 Ichtys LNG K-Line / Inpex 2310 K-Line Petronas NB-1 Hyundai Heavy Moss STRH Q4-16 Petronas 2729 MISC SK Marubeni NB-2 Samsung TZ Mk. III DFDE Q4-16 Total Portfolio SK Shipping / Marubeni2081 SK Shipping Sinopec NB-6 Hudong Membrane DFDE Q4-17 APLNG China Shipping H1720A TBD DFDE = dual fuel diesel engines, STRH = steam turbine reheat / ultra steam turbine, MEGI = marine electric gas injection, DRL = slow speed diesel, FSRU = vessel with regas capacity, FLNG = floating LNG production unit

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