General Dynamics NASSCO and Braemar LNG BV Announce LNG Containment Technology Licensing Agreement

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Dec 11, 2014, 10:00 ET

SAN DIEGO, Dec. 11, 2014 /PRNewswire/ -- General Dynamics NASSCO and Braemar LNG BV, a wholly owned subsidiary of Braemar Shipping Services PLC, have signed a technology licensing agreement for Braemar to use NASSCO's intellectual property in their design and construction of Flat-Panel, Semi-Membrane, Prismatic-Shaped (FSP) LNG containment systems.

FSP is a new multipurpose Type B flat-panel, semi-membrane, prismatic-shaped LNG tank-containment system which uses flat plate technology and a universal joint configuration. The system is constructed, outfitted, insulated and fully tested off hull and lifted complete into a vessel while the vessel is still under construction. It is designed to avoid any issues associated with partially filled membrane-type tanks. This off-hull fabrication leads to a significant reduction in vessel construction time and improves the accuracy, reliability and tank-to-tank construction learning.

"We are very excited about licensing this innovative LNG containment technology to Braemar. FSP can be used in multiple LNG applications, including transportation, marine fuel tanks, bunker barges and floating offshore applications," said Kevin Graney, vice president and general manager of General Dynamics NASSCO.

FSP has previously received Approval in Principle from both Lloyds Register (LR) and the American Bureau of Shipping (ABS).

For more information about General Dynamics NASSCO, a business unit of General Dynamics (NYSE: GD), visit www.nassco.com. More information about General Dynamics is available at www.generaldynamics.com.

For more information about Braemar, please visit www.braemar.com.

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SOURCE General Dynamics NASSCO