Exmar reports increased LNG profits

Exmar has released the provisional results for the fourth quarter and full year 2014, recording improved profits within its LNG business.

However, developments during the period included the delay of the start-up of the Caribbean FLNG project, due to unfavourable energy market conditions. Nonetheless, the company remains committed to the project.

Exmar also recently announced that it has full ownership and control of the Douglas Channel FLNG project in British Columbia, together with the AltaGas Idemitsu joint venture and EDFT. The group intend to advance to a final investment decision by the end of 2015.

LNG business

In its LNG and LNG infrastructure business, Exmar reported a provisional operating result (EBIT) for 4Q14 of US$8.4 million, and US$35.4 million for the full year 2014. This was up from US$26.5 million for the full year 2013.

Vessel charter

The company remains committed to long-term charter, and is therefore not directly impacted by the rate fluctuations on the worldwide market. The vessel Excel is currently employed by Malaysia LNG until the end of January 2015. Discussions on future employment are ongoing, however Excel continues to benefit from the minimum revenue undertaking, under an agreement with ConocoPhillips.

Caribbean FLNG

Pacific Rubiales recently decided to postpone the start-up of the Caribbean FLNG project, however have confirmed that they will take delivery of the project in 2H15. The relocation of the Caribbean FLNG barge to a different site remains a possibility.

Douglas Channel FLNG

Exmar, AltaGas Idemitsu JV and EDFT have completed the restructuring of the Douglas Channel FLNG project. The consortium now has full ownership and control of the project, with first LNG export scheduled for 2018.

FSRU

Exmar and Pacific Rubiales are jointly building a floating storage and regasification barge (FSRU) at Wison for which long-term employment discussions should be concluded before the end of 2015.

Port of Antwerp

As part of their strategic alliance, Exmar and the Port of Antwerp completed a study for the development of LNG bunkering within the port of Antwerp. As the necessary critical demand for this service does not currently exist, the partners have decided not to invest an LNG bunker vessel.

Port of Dunkirk

Exmar continues to monitor the market for LNG as a fuel and has now been appointed by the Port of Dunkirk to work on the development of LNG bunkering services from the LNG terminal of Dunkirk, together with the terminal operator, Dunkerque LNG.

Adapted from press release by Katie Woodward

Read the article online at: https://www.lngindustry.com/floating-lng/30012015/exmar-lng-highlights-2014-154/