This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Ex-Im Bank Approves $37.6 Million Loan For Gas Compression Export To Trinidad And Tobago; Supports 350 Jobs In Three States

WASHINGTON, Nov. 20, 2012 /PRNewswire-USNewswire/ -- The Export-Import Bank of the United States (Ex-Im Bank) announced today its approval of 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 United Kingdom energy project off the coast of Trinidad and Tobago. 


The Bank's financing will support approximately 350 jobs in Texas, California, and Louisiana, according to bank estimates derived from Departments of Commerce and Labor data and methodology.

"I'm pleased that McDermott International Inc. and its suppliers won this project and will support so many American jobs," said Ex-Im Bank Chairman and President Fred P. Hochberg.  "In a complex gas production project like this, U.S. engineers and high-tech manufacturers have a lot to offer.  The Bank's financing helped pull these jobs to U.S. companies, instead of seeing them go to foreign competitors."

Under terms of the direct loan, Ex-Im Bank is supporting 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 situated off the northern coast of Trinidad.  The borrower is BG Energy Holding Limited, and the buyer is BG Trinidad and Tobago (BGTT), which is responsible for 46 percent of the larger project.

McDermott International Inc. was hired to provide the detail engineering, equipment procurement, unit fabrication, transportation, heavy lift and installation.  The company is responsible also for start-up and commissioning.  Houston-based McDermott International Inc. is an engineering, procurement, construction, and installation (EPCI) company that executes complex offshore oil and gas projects worldwide.

Five U.S. suppliers will manufacture or provide components for the project.  SOLAR Turbines Inc., based in San Diego, California, is a Caterpillar Inc. subsidiary that produces gas turbine-powered compressor sets and pipeline equipment to transmit natural gas.  Another U.S. manufacturer, Hudson Products Corporation of Sugarland, Texas, will export air-cooled heat exchanger equipment for the Trinidad project.  The export supplier of valve controllers will be AWC Inc. (formerly American Warrior Compression) of Houston, Texas.  Massive fabricated metal tanks and gas-scrubbers will be supplied by a small business, the South Houston-based manufacturer Gulfex Inc.  The Louisiana exporter involved is Point Eight Power of Belle Chasse, a specialty provider of electrical power systems for offshore operations; Point Eight will supply instrumentation and switchgear.

ABOUT EX-IM BANK:Ex- Im Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. In the past five years (from Fiscal Year 2008), Ex-Im Bank has earned for U.S. taxpayers nearly $1.6 billion above the cost of operations. The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.

Ex- Im Bank approved $35.8 billion in total authorizations in FY 2012 – an all-time Ex-Im record. This total includes more than $6 billion directly supporting small-business export sales – also an Ex-Im record. Ex- Im Bank's total authorizations are supporting an estimated $50 billion in U.S. export sales and approximately 255,000 American jobs in communities across the country. For more information, visit

SOURCE Export-Import Bank of the United States

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,825.52 +105.60 0.60%
S&P 500 2,092.71 +12.30 0.59%
NASDAQ 5,133.4790 +24.8130 0.49%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs