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Rough seas make good sailors

Published by , Editor
LNG Industry,

During a meeting on 29 March 2018, the Board of Directors of EXMAR reviewed the results for the year ending 31 December 2017.

Commercial highlights 2017 and Q1 2018:

  • Signing of long-term contract and delivery of the FSRU barge to start employment in the second half of 2018.
  • Contracted two newbuild Very Large Gas Carriers (80 200 m³ – beam 32.3 m old Panama passage) using LPG as a fuel, starting in 2020 on a long-term charter to Statoil ASA.
  • Delivery of CFLNG, a 500 000 tpy floating liquefaction plant with 16 000 m3 of LNG storage.
  • Sale of insurance broker Belgibo to Jardine Lloyd Thompson.
  • Sale of 50% LNG carrier EXCEL.
  • Sale of 50% in LNG Floating Storage and Regasification vessels Excelerate, Explorer, Express, and Excelsior to its original charterer Excelerate Energy.
  • Extension of the unsecured NOK 1000 million bond for two years.

Cash Flow from operations (EBITDA as per proportionate consolidation method) for the year 2017 was US$141.4 million and the Operating result (EBIT) was US$70.0 million. The Consolidated Result after Tax amounts to US$28.0 million. This result has been positively influenced by a capital gain of US$26.7 million on the sale of Belgibo, a capital gain of US$70.0 million on the sale of the ExcelerateExplorer and Express and a capital gain of US$1.6 million on the sale of the Kissama. An impairment of USD 22.5 million on the EXCEL has been recorded in the first semester of 2017 and the vessel was subsequently sold. A further impairment of US$2.6 million has been recorded on the Temse in the fourth quarter.

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