Exmar profits drop, but LNGRV activities advance

Friday, 01 February 2008

The LNG division contributed $32.3M n operating income for the year compared with 31.9M in 2006 as the “Excalibur” was dry-docked for scheduled maintenance during the second half, resulting in 37 days off-hire.

The company also announced that the reasification and storage vessel, the “Explorer”,   jointly owned by Exmar and US LNG offshore terminal developer Exelerate Energy, is expected to be delivered next month and will enter into a 25 year time-charter to Excelerate.

The vessel, with capacity of 150,900 cubic metres and built by Daewoo Shipbuilding & Marine Engineering, will be part of Excelerate’s Northeast Gateway LNG import project offshore Massachusetts that is scheduled to come into operation in the months ahead.

Exmaar and Excelerate have four more of these LNGRVs on order from DSME. The “Express”` will be delivered in the second quarter of 2009, followed by the “Exquisite”, the “Expedient” and the “Exemplar”. Long-term employment of three of the ships has already been arranged, said Exmar.

Exmaar said that its operating result for 2008 was expected to improve, mainly due to the contribution to earnings of the “Explorer”.