Exmar says still in talks to find work for Caribbean FLNG

Image courtesy of Exmar

Belgium’s Exmar, the Nicolas Savery-led shipowner has still not found an employment for its Caribbean FLNG currently located at the Wison Offshore & Marine’s yard in Nantong, China.

The barge-based floating natural gas liquefaction and storage facility has been in lay-up at the yard since its delivery to Exmar in July this year.

To remind, Caribbean FLNG was scheduled for delivery to Pacific Exploration and Production in 2015, however, in March last year, the agreement was terminated.

“Exmar is till in dialogue with multiple entities for the commercial engagement of CFLNG but no revenues are expected for the unit before the second half of 2018,” the company said in its first-half report on Friday.

The FLNG completed its performance test at the Wison yard in September last year. It has a storage capacity of 16,100-cbm and a liquefaction capacity of 500,000 tons per year.


Exmar sinks into loss


Exmar posted a first-half net loss as the company’s revenue dropped and costs rose.

The Antwerp-based company posted a net loss of $34.1 million in the first half as compared to a profit o $33.7 million last year.

The operating result was impacted by a non-cash impairment of $22.5 million on the 138,107-cbm LNG carrier Excel as well as costs related to the late delivery of the Caribbean FLNG, Exmar said.

According to Exmar, several employment alternatives are being explored for Excel, which has been employed uninterruptedly from December 2016 to July 2017 for Indonesian account.


LNG World News Staff


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