Exmar, Flex LNG Ltd and Geveran Trading Co. Ltd have withdrawn from a proposed merger transaction.
In a statement, Exmar said that the parties have failed to agree on the terms of the transaction, which will now not be completed.
The previously announced merger transaction involved the respective LNG assets of the companies. Geveran’s LNG assets and Exmar’s LNG assets and LNG infrastructure would have been added to Flex’s in return for new shares in Flex LNG.
Exmar said that it will continue to focus on LNG infrastructure and pursue its strategy of barge based floating LNG (FLNG) and floating storage and regasification unit (FSRU) projects.
In a statement released on its website, Flex LNG that along with its main shareholder, Geveran Trading, it will continue with the construction of its two LNG carriers and examine other strategic alternatives to add value to the company and its shareholders.
Edited from various sources by Callum O'Reilly