EXMAR Reports First Quarter Results 2022

Source: www.gulfoilandgas.com 4/28/2022, Location: Europe

The Executive Committee of EXMAR NV reports its first quarter results 2022.

HIGHLIGHTS
- Five-year charter agreement of the regasification barge FSRU S188 signed with GASUNIE
- Repurchase NOK 112.0 million of the NOK bond maturing in May 2022
- Firm discussions ongoing for the employment of the liquefaction barge TANGO FLNG
- Sale and delivery of the LPG-carrier BRUSSELS and agreement to sell the LPG-carrier EUPEN in the third quarter

SHIPPING:
Revenue (including intersegment revenue) during the first quarter 2022 was USD 1.9 million higher than in the same period of 2021 mainly due to the contribution of the two new VLGCs which are operational since the second half of 2021 and higher

rates in all vessel types, partly offset by the unemployment of the LNG-carrier EXCALIBUR and lower number of midsize vessels.

Very Large Gas Carriers (VLGC)
The three VLGCs continued to perform under their current contracts.

The VLGC market prospects for the remainder of the year and into 2023 are promising with increased production expected.

Midsize Gas Carriers (MGC)
The Midsize market stayed stable during the first quarter of 2022 and prospects are positive for the remainder of the year despite uncertainties caused by the tragic conflict in Ukraine. We expect an increase in LPG production and a replacement of the loss of Russian export of ammonia by longer ton mile sourced from Middle East and Far East.

The LPG-carrier BRUSSELS was delivered to new owners in January 2022.

Pressurized
The market continues the gradual recovery after COVID-19 hit refinery production and prospects are positive due to expected increased volumes and low newbuild order book.

LNG
The spot market is challenging due to shorter ton mile as a result of strong European product pricing. For our LNG-carrier EXCALIBUR, currently unemployed, we remain positive and are working on various trading or infrastructure possibilities.

INFRASTRUCTURE:
The decrease in revenue in the first quarter of 2022 versus 2021 is mainly due to the unemployment of the FSRU S188 since June 2021.

Consequently, EBITDA and EBIT of the first quarter 2022 were negatively impacted, but were partially compensated by USD 2.7 million higher other operating income at our U.S. subsidiary (license income and a one-time COVID-19 grant).

Floating LNG barges
On March 17, 2022, EXMAR reached an agreement for a five-year charter for the employment of its floating storage and regasification unit FSRU S188 with GASUNIE LNG Holdings BV (“GASUNIE”). As such, EXMAR and GASUNIE join forces enhancing European energy security with the employment of the FSRU S188 as floating LNG import terminal at Eemshaven in Groningen, the Netherlands. The barge will be transported from Singapore to the Netherlands in May and is expected to arrive at its employment location Eemshaven early August 2022. Water heat recovery for the LNG regasification process and power from shore are envisaged in order to further minimize the environmental impact within the port.

For TANGO FLNG, being a fast-track solution to develop LNG exports, various firm discussions are ongoing for its next employment.

Engineering
EXMAR Offshore Company in Houston realized higher engineering and license revenue following the award of the engineering of a fourth OPTI®-based semisubmersible floating production system.

SUPPORTING SERVICES:
The decrease in revenue at the Supporting Services segment is mainly due to lower activities (less vessels) at EXMAR Shipmanagement in 2022 and no one-off revenue (2021 included USD 0.4 million cancellation fees).

EBIT for Supporting Services in the first quarter of 2022 was USD -2.3 million compared to USD -1.1 million in the first quarter of 2021.

EXMAR repurchased NOK 112.0 million of the NOK bond with maturity date May 27, 2022.

Update on liquidity position and going concern

We refer to the press release of March 18, 2022 and the 2021 annual financial report.

EXMAR’s 2021 Annual Financial Report and General Meeting of Shareholders on May 17, 2022

The EXMAR financial report 2021 and all documents for the General Meeting of Shareholders of May 17, 2022 are available on our website > investor relations


Canada >>  11/4/2024 - Gran Tierra Announces its Sixth Consecutive Ecuador Oil Discovery from the Charapa-B7 Well and Has Achieved Cumulative Production of Over 1 Million Ba...
Norway >>  11/4/2024 - Statkraft discloses third quarter results for 2024 on Thursday 7 November 2024 at 08:00 a.m. CET.

Documents will be available on Statk...


United States >>  11/4/2024 - Total assets under management of $239 billion as of September 30, 2024, an increase of 76% compared to $136 billion as of September 30, 2023
GA...

United States >>  11/4/2024 - Plug Power Inc., a global leader in comprehensive hydrogen solutions for the green hydrogen economy, will announce its 2024 third quarter results on T...

United States >>  11/4/2024 - Workhorse Group Inc. (“Workhorse” or “the Company”), an American technology company focused on pioneering the transition to zero-emission commercial v...
United States >>  11/4/2024 - Ideal Power Inc. ("Ideal Power," the "Company," "we," "us" or "our"), pioneering the development and commercialization of the highly efficient and bro...




Gulf Oil and Gas
Copyright © 2023 ICT All rights reserved. - Terms of Service - Privacy Policy.