Excelerate snaps up Exmar’s stake in four FSRUs

Excelerate Energy closed the acquisition of Exmar’s shares in four floating storage and regasification units (FSRUs), the  Excelerate, Explorer, Express and Excelsior, all under long-term charters to Excelerate. 

Belgium’s Exmar, the Nicolas Savery-led shipowner, said on Thursday the sale and purchase of the first three FSRUs has been completed with the proceeds used to pay back the outstanding third-party loans.

The sale of Exmar’s shares in the fourth FSRU, the Excelsior is subject to approval by Teekay LNG, the partner in the joint venture owning the vessel, as well as by the lenders to the company.

The purchase allows Excelerate to consolidate its position in the FSRU market by optimizing its asset portfolio, while Exmar managed to reduce its debt position.

Exmar said in its statement the transaction will generate approximately $100 million of cash after debt repayment and a profit of approximately $90 million.

Exmar Shipmanagement, a unit of Exmar will continue to perform ship management services for all nine FSRUs owned by Excelerate Energy.