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Vopak to acquire Exmar FSRU business

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LNG Industry,

Vopak has announced that it has reached an agreement to acquire Exmar’s floating storage regasification unit (FSRU) business.

Both parties have also agreed to possible cooperation on future projects. This follows the announcement on 2 September 2016 that the two companies had commenced exploratory discussions on floating LNG storage and regasification.

Vopak claims that the acquisition agreement envisages the transfer in stages of Exmar’s participation in FSRU assets, FSRU projects under development and a corresponding part of the Exmar organisation.

The finalisation of the agreement is still subject to customary approval from authorities and the consent and cooperation of multiple stakeholders, including current partners in the FSRU business. As a result of this, the ultimate scope of the transaction is dependent on the outcome of this process. Consequently, Vopak claims that the scope and timing of the acquisition completion are not yet known, and so no further details are currently disclosed.

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