Exmar, a gas tanker shipping firm, sells Tango FLNG, a floating LNG facility, to Eni of Italy. This was disclosed by the corporation on Friday night. Exmar’s stock on the Brussels stock exchange was earlier that day stopped pending a press release.
According to the statement, the transaction value for the sale of Tango FLNG ranges from $572 to $694 million, depending on how productive Tango FLNG proves to be during its first six months of operation. Eni will set up the platform in the Democratic Republic of the Congo. A floating storage unit (FSU) based on the modification of an LNG carrier was also chartered for ten years by Exmar and Eni.
After being obliged to end a contract for the use of the marine platform with the Argentine oil company YPF, Exmar had been searching for a solution for the Tango FLNG for some time. At the end of June 2020, YPF declared that the corona pandemic had caused “force majeure” that prevented it from carrying out its responsibilities.