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    Exmar's FLNG Barge Still Idle

Summary

Belgian LNG shipowner Exmar is “still in dialogue with multiple entities" to deploy its mini-liquefaction barge, but expects no revenues for almost a year.

by: Mark Smedley

Posted in:

Natural Gas & LNG News, Corporate, Infrastructure, Liquefied Natural Gas (LNG), News By Country, Belgium, China, Colombia

Exmar's FLNG Barge Still Idle

Belgian LNG shipowner Exmar says it is “still in dialogue with multiple entities for the commercial engagement of [its] Caribbean FLNG (CFLNG)  but no revenues are expected for the unit before 2H 2018.”

It said September 8 that its 1H 2017 operating results included a non-cash impairment of $22.5mn on LNG carrier Excel as well as costs related to the late delivery of the mini-liquefaction CFLNG.

Exmar reported a net 1H loss of $34.1mn, contrasting with a net profit of $33.7mn in 1H 2016.

Its LNG division lost $20.4mn in 1H 2017 (compared with an operational gain of $24.7mn in 1H 2016) even including a $8mn termination fee from Colombia gas producer Pacific Exploration and Production on CFLNG, which was finally delivered to Exmar on July 27 from the Chinese shipbuilder. 

The 0.5mn metric ton/yr CFLNG was expected to become the world's first floating liquefaction facility, but the Colombian producer underwent a financial restructuring last year and Exmar felt it had no alternative but to cancel its charter with it.

 

Mark Smedley