Tuesday, December 12, 2017

Excelerate Buys EXMAR’s Share in Four FSRUs

Posted by December 7, 2017

(Photo: EXMAR)

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 (TK) 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.

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