Exmar: Caribbean FLNG construction nears completion

In its final results for the year ended 31 December 2014, Exmar has revealed that construction of the Caribbean FLNG barge is approximately 95% complete, and that commissioning of the FLNG unit will start in China in the summer.

All necessary permits and authorisation to conduct the commissioning are currently ongoing. Exmar and Pacific Rubiales are looking at various gas fields around the world to commercially employ the FLNG barge. The financing of the last installment payable to the yard after successful commissioning is well underway. Exmar expects to receive the first daily payments from Pacific Rubiales in 4Q15.

Exmar has confirmed that the regasification barge under construction at Wison Offshore and Marine for a joint venture (JV) between Exmar and Pacific Rubiales has been offered to several clients for long-term employment. Exmar expects a charter contract to be secured for this unit before the end of the year, with a delivery expected by the end of 2016.

Exmar said that its consortium with EDFT, Idemitsu and Altagas is progressing well on the Douglas Channel FLNG project. This FLNG project will be a barge based LNG liquefaction facility near Kitimat, British Columbia, Canada. The partners are currently working on a Front - End Engineering and Design (FEED) study in order to reach a Final Investment Decision (FID) by the end of this year. Douglas Channel FLNG is expected to start-up in the first half of 2018.

Exmar confirmed that it is actively pursuing other liquefaction opportunities around the world for the second liquefaction barge on order at Wison Offshore and Marine, which is set to be delivered mid-2018. Its existing LNG and LNG regasification fleet is expected to perform in accordance with the underlying time-charter contracts. Finally, Exmar said that the Excel is under discussions for employment until the end of the year with a blue-chip customer.

Edited from press release by Callum O'Reilly

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