HOUSTON, TX--(Marketwired - October 02, 2017) - A wholly-owned subsidiary of Tellurian Inc. (Tellurian) (NASDAQ: TELL) has entered into a six-month time charter contract with Maran Gas Maritime Inc. (Maran Gas) for a liquefied natural gas (LNG) tanker, the Maran Gas Mystras. Tellurian took delivery of the tanker at Galle, Sri Lanka on October 1, 2017.
President and CEO Meg Gentle said, "At Tellurian, we are building a global natural gas business and proactively shaping the company to build long term value amid a robust and dynamic market. As winter approaches, we will begin buying and delivering LNG on the Maran Gas Mystras, one of the most efficient vessels in the Maran Gas fleet. Developing our LNG marketing capabilities now prepares us to be one of the most flexible, competitive, and reliable LNG suppliers when Driftwood LNG begins operations in 2022."
Built in 2015, the Maran Gas Mystras is a tri-fuel diesel electric (TFDE) propulsion vessel with 160,000m3 of storage capacity. It is owned by Maran Gas, the gas shipping unit of the Angelicoussis Shipping Group, a private company founded in 1947 and based in Athens, Greece.
About Tellurian Inc.
Tellurian was founded by Charif Souki and Martin Houston and is led by President and CEO Meg Gentle. Tellurian is building a natural gas business that includes development of the Driftwood LNG terminal, a ~ 26 mtpa LNG export facility, and an associated pipeline. Tellurian intends to create value for shareholders by developing low-cost natural gas-related infrastructure, profitably delivering natural gas to customers worldwide and pursuing value-enhancing, complementary business lines in the energy industry. Tellurian is based in Houston, Texas, and its common stock is listed on the Nasdaq Capital Market under the symbol "TELL".
CAUTIONARY INFORMATION ABOUT FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of U.S. federal securities laws. The words "anticipate," "assume," "believe," "budget," "estimate," "expect," "forecast," "initial," "intend," "may," "plan," "potential," "project," "should," "will," "would," and similar expressions are intended to identify forward-looking statements. Forward-looking statements herein relate to, among other things, future transactions, the anticipated benefits of the time charter contract and the Company's strategy. These statements involve a number of known and unknown risks, which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements. These risks include uncertainties about Tellurian's ability to enter into and complete transactions as anticipated and to execute its overall strategy, and other matters discussed in the "Risk Factors" section of Exhibit 99.1 to the Current Report on Form 8-K/A filed by Tellurian with the Securities and Exchange Commission (the "SEC") on March 15, 2017, and other filings with the SEC, all of which are incorporated by reference herein. The forward-looking statements in this press release speak as of the date of this release. Although Tellurian may from time to time voluntarily update its prior forward-looking statements, it disclaims any commitment to do so except as required by securities laws.
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