NORTHBOROUGH, Mass., April 24, 2019 /PRNewswire/ -- Aspen Aerogels, Inc. (NYSE: ASPN) ("Aspen") announced today that it has been awarded a new contract to supply Cryogel®Z aerogel insulation to the PTT LNG Nong Fab LNG Receiving Terminal Project in Thailand ("Nong Fab Terminal"). The contract was awarded to Aspen by SPCC Joint Venture, a joint venture between Saipem S.A. and CTCI Corporation, responsible for the engineering, procurement, construction and commissioning of the terminal. The Nong Fab Terminal will include two 250,000m3 storage tanks, a 7.5 million ton per annum regasification facility, a trestle marine jetty and an administrative facility.
Under the terms of the contract, and subject to modification by SPCC Joint Venture, Aspen has agreed to provide approximately $35 million to $40 million of Cryogel®Z for use in the construction of the Nong Fab Terminal. Aspen's deliveries of Cryogel®Z are currently scheduled to run from the second quarter of 2019 through the fourth quarter of 2020.
Don Young, President and CEO of Aspen, commented, "We are proud to have been selected by PTT LNG to provide cutting edge thermal insulation to the Nong Fab Terminal. Cryogel®Z provides exceptional value to our LNG customers through an unmatched combination of performance advantages over alternative insulation materials. PTT LNG previously gained first-hand knowledge of the benefits of Cryogel®Z during the expansion of their Map Ta Phut LNG Receiving Terminal in 2017. Our selection as the primary insulation supplier in the construction of the Nong Fab Terminal demonstrates the strength of Aspen's value proposition in LNG facilities."
"The Nong Fab Terminal contract provides a strong foundation of project work in support of our previously announced 2019 outlook and objectives. We are pleased to have PTT LNG's vote of confidence in Aspen as the insulation partner of choice for this very important project," concluded Mr. Young.