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Exmar’s Caribbean FLNG unit on track

LNG Industry,

Exmar has noted the progress of its floating liquefaction unit, the Caribbean FLNG, in its half year 2014 results.

Caribbean FLNG

The construction of the Caribbean FLNG at Wison Heavy Industry’s shipyard in Nantong, China, is progressing as planned. Start of operations is scheduled from the second half of 2015.

FSRU progress

Exmar and Pacific Rubiales Energy, through its affiliate Pacific Midstream Holding Corp., ordered a floating storage and regasification unit (FSRU) in February 2014. The unit is currently being constructed by Wison Offshore and Marine, and is expected to be delivered by mid-2016.

The marketing of this FSRU with prospective clients is ongoing. Negotiations for the construction of a second floating liquefaction unit in British Columbia are also progressing well.

LNG fleet

Exmar applied a new depreciation policy for its LNG fleet as of 1 January 2014. The economic life for the Group’s LNG vessels has been extended from 30 to 35 years. Depreciation cost relating to LNG vessels is therefore lower by US$ 1.6 million for the first half of 2014.

Adapted from press release by Katie Woodward

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