EXMAR has received written notification of force majeure from YPF S.A. (the “Notice”) under the Charter Agreement and Services Agreement for the TANGO FLNG between YPF S.A. and EXMAR (the “Agreements”).

YPF claims that effects of the coronavirus (COVID-19) pandemic both worldwide and in Argentina have hindered YPF’s ability to perform its obligations under the Agreements, including but not limited to its ability to pay the invoices due for services performed for the period starting the second half of March 2020. It results from EXMARS’ first quarter results 2020, EBITDA from the TANGO FLNG contributes 36% to total EBITDA for such period.

EXMAR considers the Notice to be unlawful, has reserved its rights and is considering its best option to defend its interests.
Irrespective of the outcome of the dispute with YPF S.A. in respect of the Notice, EXMAR is contemplating several measures to safeguard its liquidity position, which is on the basis of our current forecast, not at risk till the end of 2020.

About EXMAR

EXMAR (ERB: EXM) is a provider of floating solutions for the operation, transportation and transformation of gas. EXMAR’s mission is to serve customers with innovations in the field of offshore extraction, transformation, production, storage and transportation by sea of liquefied natural gases, petrochemical gases and liquid hydrocarbons.

EXMAR creates economically viable and sustainable energy value chains in long-term alliances with first class business partners. EXMAR designs, builds, certifies, owns, leases and operates specialized, floating maritime infrastructure for this purpose as well as aiming for the highest standards in performing commercial, technical, quality assurance and administrative management for the entire maritime energy industry.

EXMAR has been a pioneer in introducing innovations along the entire LNG and LPG value chain for offshore and inshore ship-to-ship transfers, regasification and floating liquefaction (FLNG) projects around the world. EXMAR is one of the world’s largest operator of floating regasification units, with 24/7 management of 11 FSRUs.

About YPF

YPF (BCBA: YPFD) is the main energy company in Argentina and leader in the production of non-conventional resources. It is an integrated energy company that generates a varied offer: natural gas, electricity, fuels, petrochemical inputs, lubricants and agricultural products, among others. It has more than 1500 service stations that allow it to supply all points of the country.