AB KN Energies Is Expanding Its Activities In Germany

(MENAFN- GlobeNewsWire - Nasdaq) International energy terminal operator AB KN Energies (KN or the Company) is expanding its activities in Germany. The Company has won a tender launched by Deutsche Energy Terminal GmbH (DET), the state-owned operator of Germany's floating LNG terminals, to provide technical operation and maintenance services for the LNG terminal Wilhelmshaven 2.

The contract signed in the beginning of May between KN and DET specifies that Company will carry out for DET the preparatory work for the technical operation of the LNG terminal Wilhelmshaven 2 by setting up an operational company in Germany, a well trained engineering team, and preparing the terminal's technical operating documentation. Upon the start of commercial operations of the terminal, KN will be responsible for the technical operations and maintenance of the terminal's infrastructure - the jetty, its equipment and the pipeline, organizing the work of the on-site team, as well as the coordination of preventive and corrective actions.

The agreement between the two parties is concluded for preparatory phase until start of commercial operations and thereafter for a 5-year period of operational phase with a possibility to extend the agreement.

This will be the first time KN will provide technical operation and maintenance services to an LNG terminal in Germany, and the expected annual turnover of the services could reach up to 5% of the company's annual revenue.

DET, part of the German Federal Ministry for Economic Affairs and Climate Action, operates four LNG terminals on the German North Sea coast - Wilhelmshaven 1 and Brunsbüttel, as well as the Wilhelmshaven 2 and Stade LNG terminals, which both are currently under construction. Until 2024, KN provided commercial management services for the first Wilhelmshaven and Brunsbüttel LNG terminals, while following the takeover of their operation by DET and the launch of a new consolidated tender for the commercial management of all four LNG terminals earlier this year, KN took over the services for commercial management of all four terminals on behalf of DET.

For more information:
Tomas Tumėnas,
Chief Financial Officer
Ph. +370 46 391 772


GlobeNewsWire - Nasdaq

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