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Total Pages: 27
Table Of Contents
- Calcasieu Pass Update – Key Takeaways
- Calcasieu Pass – Module Overview
- Importance Of The Notification Window
- Engineering Changes: Pre-Treatment Modules
- Engineering Changes: Liquefaction Modules
- Technical Analysis: Changes & Impact?
- Satellite Image Analysis – BH Module Yard
- Drone Image Analysis – Site Prep Update
- Remaining Questions
- Scenario Analysis & Predictions
- Disclosures
Key Takeaways:
1) We believe there’s a path to success (and underestimating Venture Global has been generally been a dangerous proposition) – however the late-stage engineering changes create a risk that’s worth watching.
2) Directly or indirectly, we believe the ultimate resolution to Calcasieu Pass will impact several aspects of the LNG supply chain – including competing projects, technology providers, and EPC partners. (page 22)
3) Module Delivery Sequencing Is Important. For context, KMI/Elba Island provided liquefaction modules to their EPC contractor (IHI E&C) 11-months late, which contributed to claims & >$300MM in forecasted change orders.
4) BKR’s Module Fabrication. Satellite images suggest Baker Hughes is installing….. (pages 14-17)
