Hill International Selected to Provide Owner’s Engineer Services for the Cyprus LNG Import Terminal Project
July 31 2020 - 7:45AM
Hill International (NYSE:HIL), the global leader in managing
construction risk, announced today that it was selected by the
Natural Gas Infrastructure Company of Cyprus (ETYFA) to lead an
international consortium and provide owner’s engineer services in
connection with the Cyprus Liquefied Natural Gas (LNG) Import
Terminal Project, the nation’s largest and most anticipated energy
project.
With a budget of over €289 million ($336
million) and an implementation timeframe of 24 months, the project
will be constructed at Vasilikos Bay on the southern coast of
Cyprus. It represents the beginning of a new energy era for Cyprus,
bringing to fruition years of the nation’s efforts to end energy
isolation, ensure diversification of energy sources, strengthen the
security of supply, reduce the cost of energy, and protect the
environment.
The project’s main components include: a former
LNG carrier with a storage capacity of 136,000 cubic meters that
will be converted to a floating storage and regasification unit
(FSRU) in China; construction of a jetty and a jetty-borne gas
pipeline; construction of an onshore gas pipeline and associated
infrastructure. After the LNG carrier is converted to an FSRU, the
vessel will be equipped with a state-of-the-art regasification
modular unit. The completed terminal will be capable of receiving
LNG from LNG carriers ranging in size from 120,000 to 217,000 cubic
meters.
Following an international tender, ETYFA have
entered into an agreement with the joint venture of China Petroleum
Pipeline Engineering, Metron, Hudong-Zhonghua Shipbuilding, and
Wilhelmsen Ship Management to engineer, procure, construct, manage,
and operate the project. Hill, as owner’s engineer, will oversee
the implementation of the project by carrying out design reviews
and supervising the works at the shipyard in China and at the
Vasilikos site in Cyprus. Given the technical and commercial
requirements of the project, Hill is leading a team formed with
Bureau Veritas Maritime & Offshore Solutions and reputable
engineering firms Tractebel and Gazocean.
“We are delighted and honored to support the
Republic of Cyprus in delivering this critical infrastructure
project,” says Manolis Sigalas, Hill Vice President & Managing
Director for Southern Europe. “As this assignment requires
multidisciplinary expertise in the fields of shipping, marine
works, and gas infrastructure, we are excited to be leading such a
distinguished team of global firms to support our client. We share
Cyprus’ vision and objectives for the project and will work hard
with all stakeholders involved for its successful delivery.”
The project is co-financed by the European Union
through a Connecting Europe Facility grant, loan facilities from
the European Investment Bank and European Bank for Reconstruction
and Development, and equity participation by the Electricity
Authority of Cyprus.
“This is an important win for Hill in the
Eastern Mediterranean and in the regional oil and gas sector,” says
Hill Chief Executive Officer Raouf Ghali. “We are proud to be
expanding our operational presence in Cyprus with such an impactful
infrastructure project and we remain optimistic about the region’s
future prospects.”
About Hill International
Hill International, with approximately 2,700
professionals in more than 55 offices worldwide, provides program
management, project management, construction management, and other
consulting services to clients in a variety of market sectors.
Engineering News-Record magazine recently ranked Hill as the
eighth-largest construction management firm in the United States.
For more information on Hill, please visit our website at
www.hillintl.com.
Forward Looking Statements
Certain statements contained herein may be
considered "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995, and it is our
intent that any such statements be protected by the safe harbor
created thereby. Except for historical information, the matters set
forth herein including, but not limited to, any statements of
belief or intent, any statements concerning our plans, strategies,
and objectives for future operations are forward-looking
statements. These forward-looking statements are based on our
current expectations, estimates and assumptions and are subject to
certain risks and uncertainties. Although we believe that the
expectations, estimates, and assumptions reflected in our
forward-looking statements are reasonable, actual results could
differ materially from those projected or assumed in any of our
forward-looking statements. Important factors that could cause our
actual results to differ materially from estimates or projections
contained in our forward-looking statements are set forth in the
Risk Factors section and elsewhere in the reports we have filed
with the Securities and Exchange Commission, including that
unfavorable global economic conditions may adversely impact our
business, our backlog may not be fully realized as revenue, and our
expenses may be higher than anticipated. We do not intend, and
undertake no obligation, to update any forward-looking
statement.
Hill International, Inc. Elizabeth J. Zipf,
LEED AP BD+C Senior Vice President (215) 309-7707
elizabethzipf@hillintl.com
The Equity Group, Inc. Devin Sullivan Senior
Vice President (212) 836-9608 dsullivan@equityny.com
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