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What: Shares of liquefied natural gas player Cheniere Energy (NYSE: LNG) have popped today by upward of 13% after the company announced a big contract win.

So what: Cheniere subsidiary Sabine Pass Liquefaction and Bechtel Oil, Gas and Chemicals have inked a lump-sum turnkey contract for engineering, procurement, and construction of the first two liquefaction trains at the Sabine Pass terminal in Louisiana. The total contract price is pegged at $3.9 billion, and total expected costs for the project before financing are expected to be between $4.5 billion and $5 billion.

Now what: Sabine Liquefaction is planning on constructing liquefaction facilities capable of producing 9 million tonnes per annum of liquefied natural gas in the first part of its project, while selling 7 million tonnes per annum of the production through long-term sales and purchase agreements. Bechtel will develop and construct two liquefaction trains using its proven technology, since the two companies have worked together in the past. Check here and here for more related Foolishness on Cheniere Energy's recent development.

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