Chiyoda finalizes revised EPC contract for Golden Pass LNG

Chiyoda Corporation, through its group company Chiyoda International Corporation, and McDermott, LLC, have officially finalized a revised engineering, procurement, and construction (EPC) contract for the Golden Pass LNG project's Train 2 and 3. The agreement, signed with Golden Pass LNG Terminal LLC on November 13 (U.S. time), follows intensive negotiations to revise and agree on the EPC contract for the entire project's completion.

A basic agreement on cost settlement for future project execution and responsibility sharing for future cost burdens was reached in June for Train 2 and 3. This new contract solidifies the detailed conditions. The EPC contract for Train 1 was concluded in November 2024.

Chiyoda states that for its March 2024 fiscal year-end financial results, it has provisioned sufficient anticipated costs for the project's completion. The company will review this provision and, upon refining the individual details for profit and loss calculation, will disclose revisions based on its performance forecast disclosure standards. Chiyoda emphasizes its commitment to leveraging its problem-solving and project management capabilities to complete the project in cooperation with the client and McDermott.