Exmar releases first half results

Exmar has released its unaudited results for the first semester of 2014.

The Group reports a consolidated results after tax of US$ 51.7 million (US$ 90.2 million for the year 2013, which included the US$ 54.2 million on the sale of 50% of Exmar LPG to Teekay LNG Partners).

The company reports that its balance sheet has been strengthened with a US$ 114 million unsecured bond that was successfully placed at the end of June to finance new offshore and LNG projects. Exmar’s LNG portfolio is said to be contributing in accordance with its respective charters.

LNG

Exmar’s LNG fleet recorded an operational results (EBIT) of US$ 18.5 million during the first half of 2014.

Construction of the Caribbean FLNG at Wison Heavy Industry’s shipyard in Nantong, China, is said to be progressing as planned. The FLNG project is on budget and schedule. Start of operations is scheduled from the second half of 2015.

Exmar also confirmed that it is working on several other FLNG opportunities worldwide. Exmar continues to develop and study potential projects in North America with its strategic partner EDF Trading.

In joint venture with Pacific Rubiales Energy, Exmar ordered a 25 000 m³ 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.

Small scale LNG

Exmar also continues to explore small scale LNG shipping opportunities. Following its strategic partnership with Antwerp Port Authority, both partners have completed technical studies and are currently working to further aggregate commercial demand for LNG as a ship fuel. The companies aim to synchronise the delivery of the LNG bunker vessel with the market demand.

Adapted from press release by Callum O'Reilly

Read the article online at: https://www.lngindustry.com/lng-shipping/04082014/exmar-releases-first-half-2014-results-1136/