Gulf Oil and Gas accountACCOUNT

YPF Notice of Alleged Force Majeure

Source: www.gulfoilandgas.com 6/25/2020, Location: South America

EXMAR has received written notification of force majeure from YPF S.A. (the “Notice”) under the Charter Agreement and Services Agreement for the TANGO FLNG between YPF S.A. and EXMAR (the “Agreements”).

YPF claims that effects of the coronavirus (COVID-19) pandemic both worldwide and in Argentina have hindered YPF’s ability to perform its obligations under the Agreements, including but not limited to its ability to pay the invoices due for services performed for the period starting the second half of March 2020. It results from EXMARS’ first quarter results 2020, EBITDA from the TANGO FLNG contributes 36% to total EBITDA for such period.

EXMAR considers the Notice to be unlawful, has reserved its rights and is considering its best option to defend its interests. Irrespective of the outcome of the dispute with YPF S.A. in respect of the Notice, EXMAR is contemplating several measures to safeguard its liquidity position, which is on the basis of our current forecast, not at risk till the end of 2020

LNG Carriers News in Argentina >>

Singapore >>  2/26/2021 - The Maritime and Port Authority of Singapore (MPA) has awarded a third LNG bunker supplier license to Total Marine Fuels Private Limited for a five-ye...
United Arab Emirates >>  2/25/2021 - ADNOC Logistics & Services (ADNOC L&S), the shipping and maritime logistics arm of Abu Dhabi National Oil Company (ADNOC), has announced the acquisiti...

United States >>  2/25/2021 - - Fleet of six 15,000-TEU containerships will be largest container vessels powered by LNG to call the U.S. ...
Russia >>  2/20/2021 - LNGC Christophe de Margerie completed an experimental voyage en route Sabetta-Jiangsu (China)-Sabetta along a high altitude section of the Northern Se...

South Korea >>  2/12/2021 - Seaspan Corporation (Seaspan), a wholly owned subsidiary of Atlas Corp. (“Atlas”) (ATCO), announced that it has entered into agreements with a major s...
United States >>  2/12/2021 - ZIM Integrated Shipping Services Ltd. (ZIM), and Seaspan Corporation, a wholly owned subsidiary of Atlas Corp. ("Atlas") (ATCO), announced a strategic...




Argentina Oil & Gas 1 >>  2 | 3 | 4 | 5 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.