Golden Pass LNG Owners, Contractors Reach Deal in Bankruptcy

Golden Pass LNG lead contractor Zachry Industrial Inc. reached a settlement that will facilitate its exit from bankruptcy and allow other contractors to complete the $10 billion gas export facility.

The San Antonio-based construction firm told the US Bankruptcy Court for the Southern District of Texas that its deal with project owners—QatarEnergy LNG and Exxon Mobil Corp.—and fellow joint venture contractors breaks a multiyear impasse and “puts people back to work.”

The settlement, filed July 19, contemplates a handover of Zachry’s unfinished LNG project work to JV partners McDermott International Inc. unit CB&I LLC and Chiyoda International Corp. It ...