rss icon Subscribe
desktop mobile

Excelerate Buys EXMAR’s Share in Four FSRUs

(Photo: EXMAR)

Posted by Eric Haun

Excelerate Energy has acquired the full 50 percent shares held by EXMAR in four companies, Excelerate NV, Explorer NV, Express NV and Excelsior BVBA, each owners of the respective Floating Storage and Regasification Units (FSRU) registered under the same names, and all four of which are under a long-term time charter to Excelerate Energy.

The sale of the first three companies has been completed, while the sale of EXMAR's shares in the fourth company, Excelsior BVBA, remains subject to approval by JV partner Teekay LNG and company lenders.

George B. Kaiser, majority owner of Excelerate Energy, said, "We are pleased through this transaction to increase and enhance our investment in Excelerate Energy and its floating LNG regasification business as we continue to see great opportunities in the coming years."

EXMAR said proceeds of the sale were used to pay back the outstanding third party loans, with a balance paid on EXMAR's account today. This transaction will generate for EXMAR approximately $100 million of cash after debt repayment and a profit of approximately $90 million.

Nicolas Saverys, CEO of EXMAR, said, "With this capital reallocation EXMAR will be perfectly positioned to further focus on regasification barges, shipping and offshore."

EXMAR Shipmanagement NV, a 100 percent affiliate of EXMAR, will continue to perform ship management services for the nine FSRUs owned by Excelerate Energy.

Dec 7, 2017

 

Energy

Maersk to Pursue Separate Listing of Maersk Drilling

Photo: Maersk Drilling

Danish shipping company A.P. Moller-Maersk has decided to pursue a demerger with its offshore

KOGAS Invests $8.84bn in LNG, Hydrogen Projects

File Photo: © alexyz3d / Adobe Stock

South Korean state-owned Korea Gas Corporation (KOGAS) will invest 10 trillion won (US$8.

Signs of Recovery in the US Gulf of Mexico

© Theerapong / Adobe Stock

Today's U.S. auction of Gulf of Mexico exploration leases drew tepid response from oil companies

LNG

Samsung Heavy Industries to Build Two LNG Carriers for Celsius Tankers

Photo : Samsung SAVER Air Concept Design

South Korean shipbuilder Samsung Heavy Industries (SHI) booked an order from Denmark’s  Celsius

KOGAS Invests $8.84bn in LNG, Hydrogen Projects

South Korean state-owned Korea Gas Corporation (KOGAS) will invest 10 trillion won (US$8.84 billion) by 2025 to expand its natural gas capacity and infrastructure for hydrogen

LNG Bunker Barge Completes Trials

Photo courtesy of Harvey Gulf

Harvey Gulf announced the successful completion of liquefied natural gas (LNG) trials for the

Maritime Apps