The U.S. Export-Import Bank approved a $37.6 million direct loan to support exports by McDermott International Inc. and five American suppliers of natural gas compression equipment and technology for a U.K. energy project off the coast of Trinidad and Tobago.
The bank’s financing will support about 350 jobs in Texas, California, and Louisiana, according to bank estimates derived from Commerce and Labor department data.
“In a complex gas production project like this, U.S. engineers and high-tech manufacturers have a lot to offer,” said Ex-Im Bank Chairman and President Fred P. Hochberg in a statement.
Under terms of the direct loan, Ex-Im Bank will support exports of U.S.-only goods and services to a $150 million project to construct and install a gas compression system on the existing Hibiscus Platform located off the northern coast of Trinidad. The borrower is BG Energy Holding Ltd., and the buyer is BG Trinidad and Tobago (BGTT), which is responsible for 46 percent of the larger project.
Houston-based McDermott was hired to provide the detail engineering, equipment procurement, unit fabrication, transportation, heavy lift and installation. The five U.S. component manufacturers include SOLAR Turbines of Caterpillar, Hudson Products Corp., AWC, Gulfex and Point Eight Power.
U.S. supports gas equipment exports to Trinidad and Tobago
