Vopak Closer to Buying Exmars FSRU Business

Exmar Belgian LNG and LPG carrier owner and operator Exmar NV has entered into a floating LNG storage and regasification (FSRU) transaction deal with tank storage provider Royal Vopak. The move comes less than four months after the parties launched exploratory discussions on the possibility of an acquisition of Exmars share in its FSRU business by Vopak. The companies have now signed an agreement on the purchase of the FSRU business by Vopak and the possible cooperation between Exmar and Vopak in future projects. Under the acquisition deal, Exmars participation in FSRU assets, FSRU projects under development and a corresponding part of the Exmar organisation would be transferred in stages. Contract finalization is subject to consent and cooperation of multiple stakeholders including current partners in the FSRUs and customary approval from authorities, with the ultimate scope of the deal dependent on the outcome of this process. Exmar, which is the co-owner and or operator of 10 FSRUs, has one FSRU and one FLNG facility under construction. The FSRU, being built by China’s Wison shipyard in Nantong, is expected to be delivered by mid-2017.