Goldboro LNG project awards EPCC contract

CALGARY, ALBERTA – September 29, 2020 - Pieridae Energy Limited announced it has signed a services agreement with global engineering firm Bechtel related to Pieridae’s 2-Train Goldboro LNG Facility. Some of the key deliverables in the services agreement are:

• Initiating a detailed review of the scope and design of the Goldboro LNG Facility and developing a comprehensive engineering, procurement, construction and commissioning (EPCC) execution plan by March 31, 2021;
• Delivering a final lump sum, turnkey EPCC contract price proposal by May 31, 2021; and
• Conducting a meaningful engagement with the Nova Scotia Mi’kmaq First Nations including their participation in the construction of a large-scale work camp at the LNG site.

“This is a very positive step forward for our Goldboro LNG Project,” said Pieridae CEO Alfred Sorensen. “Bechtel has significant experience building and delivering global LNG projects, helping their customers deliver about 30% of the world’s LNG capacity over the past two decades. They have a proven track record of delivering projects throughout the world on time and on budget.

“Goldboro LNG is a shovel worthy and shovel ready project that will create thousands of jobs and help put Canadians back to work in a COVID-impacted environment; provide real, enduring and tangible economic benefits for First Nations; help lower global emissions by supplying LNG overseas to replace coal; and increase Europe’s choices in sourcing natural gas,” concluded Sorensen.

“We are honored to partner with Pieridae to deliver a cleaner energy future,” said Bechtel’s Oil, Gas and Chemicals President Paul Marsden. “We bring a long history of successfully delivering projects in Canada and partnering with our global customers to expand access to this energy source. Together with Pieridae, we look forward to successfully bringing this project and its economic benefits to the Goldboro region.”

About Pieridae

Founded in 2011, Pieridae, a majority Canadian owned corporation based in Calgary, is focused on the development of integrated energy-related activities, from the exploration and extraction of natural gas to the development, construction and operation of the Goldboro LNG facility (located 250 kilometers northeast of Halifax, Nova Scotia) and the production of LNG for sale to Europe and other markets. Pieridae is on the leading edge of the re-integration of the LNG value chain in North America. After completion of all the transactions disclosed in this news release, Pieridae has 157,641,871 common shares issued and outstanding which trade on the TSX (“PEA.TO”).

About Bechtel

Bechtel is a trusted engineering, construction and project management partner to industry and government. Differentiated by the quality of our people and our relentless drive to deliver the most successful outcomes, we align our capabilities to our customers’ objectives to create a lasting positive impact. Since 1898, we have helped customers complete more than 25,000 projects in 160 countries on all seven continents that have created jobs, grown economies, improved the resiliency of the world's infrastructure, increased access to energy, resources, and vital services, and made the world a safer, cleaner place.

Bechtel is a global leader in engineering, procurement and construction of LNG facilities, having delivered 15 LNG trains in the past five years. Today, production on Bechtel-built facilities accounts for 30% of global LNG capacity. www.bechtel.com

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