Zachry, Golden Pass Exxon LNG contractor files for bankruptcy.

Home
  • US construction company Zachry said on Tuesday it has filed for bankruptcy, initiating a structured exit from the Golden Pass LNG export project in Texas due to “financial challenges” related to the construction of the facility owned by QatarEnergy and ExxonMobil.
  • A joint venture of Chiyoda, McDermott, and Zachry named CCZJV is building the three Golden Pass LNG trains worth more than $10 billion next to the existing LNG import terminal.A joint venture of Chiyoda, McDermott, and Zachry named CCZJV is building the three Golden Pass LNG trains worth more than $10 billion next to the existing LNG import terminal.
  • The lead contractor building a Texas liquefied natural gas (LNG) plant for QatarEnergy (QATPE.UL) and Exxon Mobil (XOM.N), opens new tab on Tuesday filed for Chapter 11 bankruptcy protection, citing challenges at the project. Zachry Holdings (ZHII.UL), which held the lion's share of the $10 billion construction project called Golden Pass LNG, said it was pursuing a "structured exit." Exxon said it would review construction timing and provide an update in the future.
  • In a text from LNG, they stated that hourly employees have been cut from the project.  
"All Zachry GPX hourly employees have been officially separated as a reduction of force. Consistent with our standard practice, we will work to transition those impacted by this development to other Zachry work wherever possible," the message said.  The message then went on to tell them when they can pick up their tools.  
Train 1 personnel - You will be able to pick up your personal toolbox on Thursday 5/23 between the hours of 08:00-17:00. Security will direct you upon arrival at site. Brownfield/Utilities/OSBL personnel - You will be able to pick up your personal toolbox on Tuesday 5/28 between the hours of 08:00-17:00. Security will direct you upon arrival at site. 
For those unable to make the scheduled times appointed, additional toolbox collection will be available on 5/29 & 5/30 between the hours of 08:00 - 15:00. The text left many of the now former employees reeling.
  • ZHI and certain of its subsidiaries have filed to start the Chapter 11 process in the US Bankruptcy Court for the Southern District of Texas that “provides them with time and flexibility to resolve issues related to the Golden Pass LNG (GPX) export terminal project in Sabine Pass,” the firm said on Tuesday.

google-playkhamsatmostaqltradent