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Exmar releases 1H15 update

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LNG Industry,

Exmar’s consolidated result after tax for the 1H15 was US$21.6 million, a result that has not been impacted by the sale of any assets. Its LNG fleet recorded an operational result (EBIT) of US$16 million in 1H15.

Floating liquefaction update

The commissioning of Caribbean FLNG will proceed as planned in 3Q15, with its completion and delivery expected to be during 1Q16. The post-delivery financing agreement for the unit has been signed and Exmar will receive first daily payments from Pacific Rubiales Energy upon completion of the delivery.

In January, the Douglas Channel FLNG Consortium announced the acquisition of all relevant contracts, assets and approvals. The Front-End Engineering and Design Study is progressing well and a final investment decision (FID) is scheduled for towards the end of the year.

Whilst undertaking engineering studies on five exclusive liquefaction agreements,

Exmar is also working to develop opportunities for deploying the second liquefaction barge for Wison Offshore and Marine, which will be delivered before the end of 2018.

Floating regasification update

Exmar has four floating storage and regasification units (FSRUs) that are currently in operation, each of which will remain committed to long-term charter until between 2025 and 2034. The regasification equipment used on two of these vessels is currently undergoing upgrade, with Exmar assisting with similar client upgrades on other FSRUs.

Furthermore, construction of the company’s and the world’s first barge-based FSRU is proceeding as planned. The 25 000 m³ FSRU is expected to be delivered by 2016.

Exmar LNG group update

A deal with Flex LNG and Geveran Trading will see Exmar establish a vertically-integrated LNG company, namely Exmar LNG Ltd, keeping approximately 65% of shares under its control. The new company will offer small and large-scale floating liquefaction and regasification infrastructure solutions.

As part of the start-up, four 174 000 m³ LNG vessels are on order and will be delivered between 2017 and 2018.

The transaction for the venture is on track to be finalised in the coming months.

Edited from press release by

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