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Coronavirus delays 'Tango FLNG' loan payment to Exmar

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LNG Industry,

Exmar has released a financing update, including details regarding the delay of a loan payment for its Tango FLNG unit.

FLNG – financing update

Exmar has announced that the outbreak of the (Covid-19) Coronavirus in China has caused further delays in the fulfilment of all the conditions precedent for the release by Bank of China of US$40 million from the Debt Service Reserve Account (DSRA) under the Tango FLNG loan facility. These conditions precedent are merely administrative points that cannot be solved until the offices from the Chinese authorities officially re-open.

Floating storage and regasification unit (FSRU) – financing update

Under the ongoing arbitration procedure regarding an FSRU barge with Gunvor, the financing of the asset could not be completed at this stage of the procedure.

Meanwhile, Exmar has obtained further extension of its bridge loans until the end of February and of certain other capital expenditure until mid-March.

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