Flex LNG has agreed with EXMAR NV and Geveran Trading Co. Ltd. on the main terms for an acquisition of EXMAR’s and GEVERAN’s respective Liquefied Natural Gas assets and Liquefied Natural Gas Infrastructure in exchange for new shares in FLEX LNG being issued to EXMAR and GEVERAN, the company said in its press release.
The Company intends to change its name to EXMAR LNG Ltd upon completion of the Transaction. The transaction is among other things subject to final documentation and all necessary approvals from authorities and third parties as well as approval of relevant aspects of the Transaction (including issuance of the consideration shares) by the shareholders of FLEX LNG.
The FLEX LNG’s business upon completion of the transaction upon completion of the transaction, FLEX LNG will own interests mainly in: - Six LNG carriers, out of which four are under construction and will be the most recent generation of LNGc with Main Engine Gas Injection (MEGI) propulsion system, - Five Floating Storage and Regasification Units , of which one is under construction to become the world’s first regasification barge, - Two Floating Liquefaction Units currently under construction of which Caribbean FLNG which will be the world’s first FLNG unit to be delivered in the 1 st Quarter 2016 under a long – term contract to Pacific Rubiales, - A total of 80 years of combined firm time charters with reputable companies, whereof the six sailing units will have on average 11 years firm contracts and the Caribbean FLNG will have 15 years firm contract from delivery, and - A total of five different FLNG exclusivity agreements and four different FSRU exclusivity agreements.
Upon completion of the transaction, FLEX LNG will have an estimated enterprise value of approximately USD 2.3 billion and an equity value of approximately USD 823.3 million, creating one of the largest independent floating LNG infrastructure players in the market.