EXMAR NV of Belgium (“EXMAR”) and LLOG Deepwater Development Company LLC of the United States (“LLOG”) have reached an agreement in principle whereby LLOG will acquire the semi-submersible production platform OPTI-EX™ from EXMAR.
The OPTI-EX™ is currently located quay side in Ingleside, Texas. LLOG expects to install the OPTI-EX™ in the Mississippi Canyon Area of the Gulf of Mexico and initiate production in 2011. Processing capacity of the OPTI-EX™ will be 60,000 BOPD and 150 MMCFD of gas. Among the conditions precedent to the completion of the transaction are execution of definitive agreements and regulatory approval from authorities in the United States.
Payment of the transaction will be made in different milestones over a period that ends 62 months following installation. It is anticipated that the total consideration to be paid over the period will be in excess of USD 400 million.
EXMAR, headquartered in Antwerp, is a diversified and independent shipping group serving the international gas and oil industry. Apart from providing the ships for the transportation of these products, it also performs studies and undertakes the management of commercial, technical and administrative activities for the oil and gas industry. EXMAR strives to create shareholder value over the long term by balancing long- and short-term agreements to counteract volatility in the freight market, combined with providing services that are tailored to the needs of the customer. EXMAR is quoted on Euronext Brussels (EXM).
Source: Exmaroffshore, June 17, 2010