CALGARY, Alberta, September 19 /PRNewswire/ --
Sea NG Corporation (www.coselle.com) announced today that the American Bureau of Shipping ("ABS") has approved for construction its Coselle compressed natural gas ("CNG") ship. This is the first ship and cargo system in the world for the transport of CNG to be so approved by ABS or any other international marine classification society.
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Coselle CNG ships will be deployed to carry moderate volumes of natural gas (30 to 500 mmscf) over medium distances (200 to 2,000 km), a segment of the marine gas transportation market that has not been economically served by pipelines or liquefied natural gas.
The Coselle is a unique, patented system, invented in Canada, for storing high-pressure gas in a coil of small diameter pipe. Numerous Coselles are contained within the specially-designed ship. This storage system has significant safety and cost advantages over conventional large diameter pressure cylinders. The Coselle CNG System has been in development for a decade by a team of experienced gas and marine engineers.
"It has been a tremendous achievement for our multidisciplinary team to complete the detailed design and marine approval process for a new class of ship. Our Coselle CNG ship will provide the market with a safe, reliable and cost effective alternative means of transporting natural gas by sea", said David Stenning, President & CEO of Sea NG. "We can now launch our first project."
A major advantage of the Coselle CNG System is that it requires minimal on-shore facilities. Gas can be loaded and discharged at simple port-side pipeline facilities, which greatly reduces environmental, land-use and financial concerns. Gas can also be trans-shipped at offshore buoys if a port is not accessible. The potential market for the Coselle CNG ship is substantial.
"Sea NG has a unique CNG system that we believe can open new gas markets in many regions, and we are excited about its commercial potential in a wide range of new project opportunities", said Clarence Tong of Mizuho Corporate Bank in New York, which is supporting some of the projects Sea NG is developing.
Another strong proponent of the Coselle CNG System is Marubeni Corporation, one of Japan's leading international trading companies. "We have identified numerous potential projects around the world that can greatly benefit from using the Coselle System, and look forward to supporting its immediate application", said Tomohiko Hirano at Marubeni in Tokyo.
Based in Calgary, Canada, Sea NG Corporation is a private company in the business of transporting CNG using its proprietary Coselle System. For further information, see www.coselle.com
Web site: http://www.coselle.com
Allan Keough, Executive Vice-President of Sea NG Corporation, +1-403-539-9742, or info@coselle.com/ Photo: http://www.newscom.com/cgi-bin/prnh/20060919/SFTU003/ http://www.newscom.com/cgi-bin/prnh/20060919/SFTU003a/ http://www.newscom.com/cgi-bin/prnh/20060919/SFTU003LOGO/ AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com/
