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Exmar operates a fleet of more than 40 gas carriers, including newbuilds, and owns the 26,000-cbm barge-based FSRU Eemshaven LNG, which serves the Dutch LNG hub in Eemshaven.
The firm is also part Italy’s Eni’s FLNG project in the Republic of Congo.
In February this year, Eni shipped the first LNG cargo from the floating LNG facility moored in Congolese waters and this shipment arrived at Snam’s FSRU-based facility in Piombino.
The firm also sent the second LNG cargo in May and this shipment landed in Spain.
Eni purchased Tango FLNG from Exmar and it also chartered the 2002-built Excalibur from the latter to serve as a floating storage unit.
Exmar said in its first half report that it has closed the financing of the FSU Exclaibur on August 20.
Under the form of a lease structure, the group raised $100.5 million with China Merchants Financial Lease, it said.
The FLNG, delivered in 2017 by China’s Wison, has a liquefaction capacity of about 1 billion cubic meters per year of gas, or 0.6 mtpa, and a storage capacity of 16,100 cbm.
Exmar said in the report it expects the performance testing of the Tango FLNG production to occur in the fourth quarter this year.
“Until now, the onshore gas plant (Eni) was not able to provide a stable gas feed,” the firm said.
“Several” FLNG and FSRU projects
Exmar said in the report it is also “working on the development of several FLNG projects, ranging from 0.5 to 5 mtpa.”
The implementation of floating liquefaction projects requires “extensive made-to-measure project development.”
Each project comes with its own particular needs with regard to product processing, mooring, storage, and country/ region-specific requirements, the company said.
In addtion, Exmar is also working on new regasification projects.
“Following our decades of experience and the recent successful implementation and operations of Eeemshaven LNG, Exmar is currently working on several FSRU projects in various stages of development,” it said.
Results
Exmar’s revenue for the first six months of 2024 was $194.1 million, down from $200.2 million in H1 last year, while Ebitda rose to $67.8 million from $30.4 million last year.
The company’s shipping revenue for the first six months of 2024 was $73.7 million, $1.8 million higher than in the same period of 2023.
The firm said the was mainly due to higher time-charter rates for all the MGC fleet and the VLGC BW Tokyo.
Exmar said Ebitda reached $49.4 million during the period under review.
Ebitda for the shipping segment in 2024 has an EBIT that is $15 million above 2023, it said.
Revenue in the infrastructure segment decreased in 2024 by $9.4 million to $135.2 million.
“This is due to the Marine XII project in Congo being remunerated as per value of the works performed and the project being in commissioning phase in the first half of 2024,” Exmar said.
