Belgium: Exmar Reports First Half Results

The Board of Directors of EXMAR has drawn up the accounts for the period ending 30th June 2010. The Group had an operating result (EBIT) of USD 15.9 million for the first semester 2010 (USD 20.7 million for the first semester 2009).

The financial result was negatively influenced by the change in fair value of interest rate derivatives entered to hedge the interest rate exposure on long-term financing of the fleet, which resulted in a non-cash unrealised loss of USD -26.0 million (2009: profit of USD 44.7 million), and by USD -13.9 million unrealised exchange loss (2009: profit of USD 8.3 million) valued at the closing rate of 30 June 2010 of EUR/USD 1.2271.

The consolidated result after taxation for the first half 2010 amounts to USD –45.9 million (2009: USD 35.7 million). E

xcluding the change in fair value (Mark-to-Market) of hedging instruments, consolidated result after tax would have been USD -19.9 million.

OUTLOOK SECOND SEMESTER

LPG: EXMAR’s VLGC and MGC fleets are covered for 75% and 90% respectively which reduces the exposure to the spot market. The Pressurised fleet is covered for approximately 85% for the balance of the year. The performance of the second semester should be in line with the first six months.

LNG: With all vessels in full operation for the balance of the year results will be as predicted and in line with the first semester.

OFFSHORE: The KISSAMA remains currently unemployed. On 30th June, the OPTI-EX™ has been transferred to “assets held for sale” and, therefore, no depreciation charge will be recorded in the Income Statement in the future. As per the terms of the Agreement in Principle, operating costs related to the OPTI-EX™ will be reimbursed by LLOG as from July 1st 2010.

SERVICES AND HOLDING: Results are expected to be in line with first semester.

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Source: Exmar, September 2, 2010