Vopak to buy Exmar FSRU business

Dutch terminals group Vopak has signed an agreement to buy Belgian shipowner Exmar’s ship-based floating LNG import terminal business in stages and to possibly co-operate on future projects. They began exploratory discussions on this three months ago.

Finalisation of the deal is subject to consent and co-operation of multiple stakeholders including current partners in the FSRUs and customary approval from authorities, said a joint statement late December 21. As the outcome of the scope and the timing of the completion is currently unknown, neither side provided further details such as the likely price of the acquisition.

Vopak is a leading tank storage provider for the oil and chemicals business and owns a 50% stake in the Gate LNG terminal in Rotterdam.

Antwerp-based Exmar co-owns or operates LNG and other gas carriers, as well as ten floating storage and regasification units (FSRUs) built between 2005 and 2013 with names like Excelerate, Express and Exquisite plus one newbuild barge-based FSRU – some joint ventures, some managed. Some are import terminals, while others are deployed as LNG carriers. Most are on long-term charters, but for any that are not the spot charter rates are low.

FSRU Toscana is deployed offshore Livorno in northwest Italy; it is managed by Exmar on behalf of its third-party owners (Photo credit: Exmar)

US Excelerate Energy, which co-owns some Exmar FSRUs, has itself been reportedly up for sale by its US billionaire owner George Kaiser. 

Exmar also had a small floating liquefaction project newbuilt by the Wison shipyard in China that was to have been deployed in Colombia. However the client cancelled, so Exmar is seeking a new customer.

Mark Smedley