Excelerate Energy has bought out 50 percent stake in four floating storage and regasification units (FSRU) from Belgium’s Exmar NV.
Under the deal, the American LNG solutions company agreed to acquire Exmar’s shares in four companies: Excelerate NV, Explorer NV, Express NV and Excelsior BVBA, each owner of the respective FSRUs registered under the same names.
All four FSRUs have been hired by Excelerate Energy on a long-term time charter.
Exmar said that the sale of three FSRUs has been completed, while the sale of Excelsior BVBA is still pending approval from the joint venture partner Teekay LNG and the company lenders.
Belgium’s LNG and LPG carrier owner and operator plans to use the net proceeds from the sale to repay existing bank loans.
Exmar will cash in around USD 100 million after debt repayment and a profit of approximately USD 90 million.
“It has been a true honor and a pleasure to collaborate with Excelerate Energy over the past 15 years as joint pioneers in the FSRU market and we wish Excelerate Energy all the best in their further development. With this capital reallocation, Exmar will be perfectly positioned to further focus on regasification barges, shipping and offshore,” Nicolas Saverys, CEO of Exmar said.
According to George B. Kaiser, majority owner of Excelerate Energy, the investment in the company’s floating LNG regasification business comes at a time of “great opportunities.”
As disclosed, Exmar Shipmanagement NV, a wholly-owned subsidiary of Exmar, will continue to perform ship management services for the nine FSRUs owned by Excelerate Energy.