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Excelerate Energy buys out Exmar stake in four FSRUs

Excelerate Energy buys out Exmar stake in four FSRUs

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Excelerate Energy and Exmar have announced that Excelerate will acquire the 50% stake held by Exmar in four FSRU owning companies.

Excelerate NV, Explorer NV, Express NV and Excelsior BVBA each own FSRUs by the same name, under long-term time charter to Excelerate Energy.

Deals for three of the companies has been completed, while the fourth for Excelsior is awaiting approval from Teekay LNG who are also a JV partner in the company.

The transaction will generate a profit of around $90m for Exmar, while Excelerate further consolidates its position in the FSRU market.

Nicolas Saverys, CEO of Exmar, commented: “It has been a true honour and a pleasure to collaborate with Excelerate Energy over the past 15 years as joint pioneers in the FSRU market and we wish Excelerate Energy all the best in their further development. With this capital reallocation Exmar will be perfectly positioned to further focus on regasification barges, shipping and offshore.”

George B. Kaiser, majority owner of Excelerate Energy, added: “We are pleased through this transaction to increase and enhance our investment in Excelerate Energy and its floating LNG regasification business as we continue to see great opportunities in the coming years. We appreciate our long-term relationship with EXMAR and wish them the best of success in their continuing endeavors.”

Exmar Shipmanagement will continue to perform shipmanagement services for the nine FSRUs owned by Excelerate Energy.

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Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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