EXMAR
2018
CONTENT
01
PANORAMA 2018
Letter to the shareholders | 4 |
Mission statement | 5 |
Timeline | 6 |
Financial overview | 8 |
Information for our shareholders | 9 |
EXMAR in the world | 10 |
EXMAR fleet | 12 |
Colophon | 13 |
02
ACTIVITY REPORT
LPG/AMMONIA/PETCHEMS | 16 |
LNG | 20 |
OFFSHORE | 24 |
SUPPORTING SERVICES | 28 |
2
03
CARE FOR TODAY, RESPECT FOR TOMMOROW
Our business principles | 34 |
Environment and safety | 34 |
People - our most valuable asset | 36 |
04
FINANCIAL REPORT
Corporate Governance Statement | 43 |
Annual report Board of Directors | 57 |
Consolidated financial statements | 63 |
Statutory financial statements | 125 |
05
GLOSSARY
Glossary | 128 |
3
PANORAMA
LETTER TO THE SHAREHOLDERS
Dear shareholder,
2018 was a crucial year for EXMAR.
By November 2018, in a record time of nearly three months from initial commercial agreement to signing, the Company was able to secure a ten-year tolling contract for its barge-based floating liquefaction unit previously known as CARIBBEAN FLNG with the Argentinian energy multinational YPF. This agreement followed a three-year search to find a suitable partner fol-lowing the bankruptcy of the unit's previous client in May 2016. In December, the renamed barge TANGO FLNG departed on a heavy lift vessel from the yard destined for the Argentinian port of Bahia Blanca. The unit is now alongside, with final preparations being made before entering into production expected during the second quarter of 2019.
In October, EXMAR also began receiving income for a charter agreement with commodities trader Gunvor for its barge-based floating regasification unit FSRU 188.
2018 also marked the completion of EXMAR's four-year LPG Midsize newbuild joint venture pro-gramme with Teekay LNG Partners which began with the delivery of midsize LPG/C Waasmunster in May 2014. Since then 13 Midsize newbuild LPG carriers have been delivered to the EXMAR fleet making it one of the industry's most modern, with all vessels currently employed to first class customers.
EXMAR also received, from a US-based operator, a license fee for a facility similar to DELTA HOUSE related to a project in Gulf of Mexico after nearly three years of inactivity in the market for final investment decisions in new floating production systems.
EXMAR has been under a lot of pressure in the past years. We are now in a much stronger financial position from which to grow the business. The EXMAR boat is back on course. We are back in much calmer water and under a blue sky.
Philippe Bodson, Chairman of the Board of Directors
Nicolas Saverys, Chief Executive Officer
4
PANORAMA
MISSION STATEMENT
EXMAR 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 it aims for the highest standards in performing com- mercial, technical, quality assurance and administrative management for the entire maritime energy industry.
5
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Exmar NV published this content on 25 April 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 25 April 2019 15:52:10 UTC