HALIFAX, Nova Scotia, Sept. 7, 2006 (PRIMEZONE) -- The Floating Pipeline Company Incorporated (FPC Inc.) of Halifax, Nova Scotia, Canada is pleased to announce a strategic investment by Overseas Shipholding Group, (NYSE:OSG), a market leader in providing marine energy transportation services. The investment will allow FPC Inc. to complete the development of its Saint John, New Brunswick manufacturing plant, which will manufacture Gas Transport Modules (GTMs) using a patented technology for the transportation of compressed natural gas (CNG) by rail, truck and ship. The plant is expected to be in full production within twelve months.
Len Thompson, President of FPC Inc., said, "This investment is confirmation of our belief in the future of CNG as a growth industry and OSG's confidence in our capabilities to commercialize this technology." Mr. Thompson continued, "We will now be able to develop both our manufacturing and transportation divisions to manufacture, sell and use GTM technology for small and large scale international projects."
CNG can be used economically in the niche market for stranded gas. Stranded gas is defined as any gas that cannot today be economically brought to market using conventional pipeline or liquefied natural gas (LNG) technology. A recent announcement by OSG to form a strategic partnership with TransCanada CNG Technologies Ltd. will facilitate the recovery of natural gas from stranded fields for specific projects.
About FPC, Inc.
The Floating Pipeline Company Incorporated, based in Halifax, Nova Scotia, Canada has been licensed by TransCanada CNG Technologies Inc. to build and operate Gas Transport Module (GTM) facilities as well as sell and use GTM technology for specific land and sea-based projects. GTM technology utilizes a proprietary composite reinforced steel pressure container system manufactured under license from NCF Industries Inc. (U.S. and foreign patents issued and pending).
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