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Exmar and YPF reach TANGO FLNG settlement

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Hydrocarbon Engineering,

Exmar has reached a settlement agreement with YPF S.A. regarding the recent dispute over the companies’ Tango FLNG agreements.

A settlement amount of US$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 US$22 million has already been paid. The balance of US$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 US$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 tpy, is now available for other projects. The FLNG’s immediate availability, proven track record, and operational experience are key elements to the rapid unlocking of new markets for gas exports. Commercial leads for new employment are being actively pursued.

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