Belgian shipowner Exmar is still trying to find work for its Tango FLNG after it settled a dispute with Argentina’s YPF in October last year.
To remind, previous Tango FLNG charterer YPF issued a force majeure in June saying that Covid-19 effects have hindered its ability to perform its obligations under charter deal with Exmar.
The two firms reached the settlement agreement on October 19 under which Exmar would receive in total $150 million.
Exmar said in its full-year report it received $67.5 million until now from YPF as the firm will pay the whole amount in 13 monthly instalments.
Meanwhile, the Belgian firm demobilized the 0.5 million tons floating LNG producer. The unit now waits in a “sheltered location in Nueva Palmira in Uruguay.”
Exmar says marketing activities are in “full swing”.
“Given its status as a fully-proven facility, there is a healthy interest from the market for the redeployment of Tango FLNG,” Exmar said.
In addition, the fact that the start of 2021 saw increased price levels of oil and gas globally would “certainly benefit the opportunities for reactivation,” the firm said.