EXMAR has reached a settlement agreement with YPF S.A. over the dispute under the TANGO FLNG Agreements (as announced on 25 June 2020), effective as of today.

A settlement amount of USD 150 million will be paid by YPF to EXMAR in consideration of the early termination of the agreements and withdrawing the arbitration proceedings. A first instalment of USD 22 million has been remitted today. The balance of USD 128 million is payable in 18 monthly instalments backed by adequate financial security.

The loan agreement with Bank of China and Deutsche Bank with respect to the TANGO FLNG foresees a replenishment of the Debt Service Reserve Account for an amount up to USD 40 million. The specific modalities are currently being discussed with the lenders.

EXMAR’s FLNG, a floating liquefaction unit with a production capacity of approximately 0.5 million tons per annum of Liquefied Natural Gas, is now available for other projects. The FLNG’s immediate availability, proven track record and operational experience are the right elements to rapidly unlock new markets for gas exports. Commercial leads for new employment are actively pursued.

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.