Energy ship specialist Exmar says it has entered discussions to sell its stake in the floating storage and regasification unit (FSRU) business to terminals operator Royal Vopak.
Exmar cautioned the outcome of the discussions is unknown.
The Nicolas Saverys-led Exmar lists a fleet of 10 FSRUs, either under management or as part of joint venture. Exmar did not make clear whether the sale would include both the jointly owned and managed FSRUs.
Three of Exmar’s FSRUs are jointly owned with Excelerate Energy and are under various firm charters through 2025 and 2033. Exmar also has a joint venture with Teekay on one FSRU.
On its 2015 report, Exmar listed fixed assets in its joint venture with Excelerate at $578m, with some $585m in borrowings. Exmar listed its net assets in the joint venture at a $24.2m deficit.
The FSRU joint venture with Excelerate earned $4.3m last year on revenue of $97.7m last year.
Exmar also has a smaller barge-based FSRU newbuilding for which it is trying to find employment.
Vopak is looking at the “storage and handling of LNG/gas as one of its strategic focus areas,” according to the Exmar statement. Netherlands-based Vopak jointly owns and operates two land-based storage and regasification terminals, Rotterdam’s Gate terminal and the TLA terminal in Altamira, Mexico.
