Excelerate Energy Buys Exmar’s Share in FSRU Quartet

Image Courtesy: Exmar

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.

 

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jan 2018 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

APM – ASIA PACIFIC MARITIME 2018

27 years in the making, APM is the premier shipbuilding & marine, workboat and offshore exhibition in Asia trusted by generations of industry professionals.

read more >

Mega Cargo Show 2018

The focus of the event is to bring all connected with cargo fraternity on a single platform…

read more >

Vietship 2018

Vietship is the largest and longest established exhibition in Vietnam featuring all aspect of Shipbuilding, Shipping and Offshore Technology.

Since its first event in 2002, Vietship has become the convergence and platform of advanced technologies regional and worldwide in shipbuilding and ship repair, marine equipment, waterway transportation and services, marine and offshore engineering.

After 16 years of eight consecutive editions, Vietship has affirm itself as an important event in enhancing cooperation and development, attracting investments, exchanging technology and creating ideal opportunities for trade promotion in the international maritime industry.

More info

read more >

LNG Bunkering Summit 2018

The conference will cover the obstacles facing both the shipping and port communities, exploring developments in conversion and new builds…

read more >