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Exmar LNG created in deal with Flex LNG and Fredriksen's Geveran

Exmar LNG created in deal with Flex LNG and Fredriksen's Geveran
Exmar is merging its LNG fleet with Flex LNG and John Fredriksen’s Geveran Trading to create Exmar LNG.

Exmar said it had agreed with Flex LNG and Fredriksen’s Geveran Trading under which both company’s LNG assets would be contributed to the new company in exchange for new shares issued to Exmar and Geveran.

Exmar LNG will have fleet of six LNG carriers, four of which are under construction; five FSRUs, one under construction; and two FLNG units currently under construction.

In a statement Exmar said the new company would have an estimated enterprise value of $2.3bn and an equity value of approximately $823.3m. Exmar will have 64.6% stake in the company while Geveran will have a 30.7% shareholding.

Nicolas Saverys ceo of Exmar said: This new venture will enable us to create shareholders’ value for the long term and will allow us to continue to grow in all segments of the LNG value chain.

Fredriksen commented, “I have known Nicolas Saverys and EXMAR for more than 30 years. They have developed an impressive technical platform within the LNG industry. Together I believe we are uniquely positioned to grow and develop this company to the benefit of all shareholders. I am very enthusiastic about this partnership.”

The transaction is expected to close in the third quarter of the year.