Gas tanker shipping company Exmar sells the floating LNG factory Tango FLNG to the Italian Eni. The company announced this on Friday evening. Earlier in the day, Exmar’s share was suspended on the Brussels stock exchange pending a press release.
The transaction value for the sale of Tango FLNG is between $572 and 694 million, depending on the production performance of the Tango FLNG during the first six months on site, it said. The platform will be deployed by Eni in the Democratic Republic of Congo. Exmar and Eni also signed a ten-year charter for a floating storage unit (FSU), which will be based on the conversion of an LNG carrier.
Exmar had been looking for a solution for the Tango FLNG for some time, after a contract with the Argentine energy group YPF for the use of the maritime platform was forced to be terminated. YPF announced at the end of June 2020 that it could no longer fulfill its obligations due to “force majeure” due to the corona pandemic.