Exmar Announces Update On FLNG & FSRU Financing

Image used for representational purposes only (Image Courtesy: EXMAR)

FLNG – Financing Update

Referring to EXMAR’s communication of 23 January 2020, EXMAR announced on Thursday (February 13, 2020) that the outbreak of the (Covid-19) Coronavirus in China causes further delays in fulfilling all the conditions precedent for the release by Bank of China of USD 40 million from the Debt Service Reserve Account (DSRA) under the TANGO FLNG loan facility.

These conditions precedent are merely administrative points that cannot be solved until the offices from the Chinese authorities officially re-open. The developments in this file are closely followed and EXMAR will give further update within foreseeable future.

FSRU – Financing update

Under the ongoing arbitration procedure on the FSRU barge with Gunvor, the financing of the asset could not be completed at this stage of the procedure. Meanwhile EXMAR obtained further extension of its bridge loans until end of February and of certain other capital expenditure until mid-March.

Sea News, February 14

Baibhav Mishra
Author: Baibhav Mishra

Associate Editor, Sea News