Dutch oil and LNG terminals operator Vopak and Belgian shipowner Exmar have abandoned plans, announced December 21 2016, for Vopak to acquire Exmar's interests in LNG floating storage and regasification units (FSRUs) - typically used as import terminals.

 

Both firms said late April 26 that "as previously stated, finalisation of the deal was subject to consent and cooperation of multiple stakeholders. 

After careful consideration, Vopak and Exmar have concluded that these requirements will not be met on the envisaged transaction. Therefore the closing of the FSRU transaction between Vopak and Exmar will no longer be pursued."

 

FSRU Toscana, moored offshore Livorno in northwest Italy (Photo credit: Exmar)

The collapse of talks may come as a disappointment to Exmar, despite a year-on-year improvement in 2016 profits from what was a difficult operating environment in 2015, and after a key client last year cancelled its charter for a floating liquefaction barge that had been due to be deployed in Colombia.

Exmar had said as recently as March 31 that talks on the takeover of its FSRUs unit were still ongoing.

 

Mark Smedley

Update as of April 27: Exmar reported a 1Q2017 net loss of $4.1mn, reversing its net profit in the first quarter of 2016 of $9.3mn; it also reported a $500,000 cost in 1Q2017 associated with the planned Vopak acquisition of Exmar's FSRUs -- the planned deal having been called off on April 26.