Exmar: LNG earnings down in H1

Belgium’s Exmar informed its LNG fleet recorded an operational result of USD 16 million during the first six months of the year, as compared to USD 18.5 million a year ago.

All LNG’s and LNGRV’s in which the company has an ownership stake are in service and have contributed during this first half under their time-charters, Exmar said in a statement issued on Thursday.

The company’s four current operational FSRUs remain fully committed on long-term charter until between 2025 and 2034. Two of these vessels are receiving upgrades in terms of regasification equipment this year, with Exmar assisting with similar client upgrades on other FSRUs, according to the statement.

Exmar LNG

Exmar recently signed a deal with Flex LNG and Geveran Trading (a company controlled by John Fredriksen) to establish Exmar LNG, a vertically-integrated LNG company with approximately 65% of shares under its control.

The new entity will offer small and large-scale floating liquefaction and regasification infrastructure solutions to mature and new LNG markets as well as transportation solutions.

Four 174,000m³ LNG vessels are on order for delivery in 2017 and 2018. These vessels are prime candidates for conversion to floating liquefaction and regasification units.

The transaction is on track to be finalized in the coming months, Exmar said.


LNG World News Staff; Image: Exmar