Exmar to take delivery of Caribbean FLNG in April, cancels order for 2nd unit

Belgium’s Exmar, the Nicolas Savery-led shipowner said it will take delivery of its Caribbean FLNG by the end of next month.

The Caribbean FLNG is currently located at the Wison Offshore & Marine’s yard in Nantong, China.

The 0.5 mtpa FLNG unit, with a 16,100-cbm storage capacity, was scheduled for delivery to Pacific Exploration and Production in 2015, however, in March last year, the agreement was terminated.

“With commissioning successfully accomplished, final acceptance has been reached on 31 January 2017 and complementary support from Wison Shipyard has now been agreed during the lay-up period at the yard until the unit will be towed to its place of employment,” Exmar said in its full-year 2016 report on Thursday.

The delivery will take place before the end of April at which time the last instalment of $200.5 million is due to the yard.

“In the meantime, the documentation for the $200 million financing of the CFLNG from Bank of China and a leading European financial institution with a tenor of 12 years has been finalized and signing, subject prior Sinosure approval, is foreseen for mid-April,” Exmar said.

Exmar added that talks on future employment of the FLNG with different parties are progressing, however, the company does not expect any revenues before early 2018.

Second FLNG canceled

The Antwerp-based company had ordered back in 2014 a second floating liquefaction unit at Wison.

Exmar confirmed in its report that the order for the second FLNG at Wison had been canceled.

The self-contained barge was expected to have a liquefaction capacity of 0.6 mtpa and 20,000-cbm of LNG storage.

LNG World News Staff