Belgian shipping group Exmar has reached an agreement with LLOG Deepwater Development Company floating production system, whereby LLOG will accelerate the payments due on the sale of the Opti-Ex.
Exmar will receive a lump sum consideration for the sale of the Opti-Ex of US$250 million in January 2012 in addition to the payments of US$104.5 million already received in July 2011 and US$10.4 million received during the second semester of 2011. This will result in net cash proceeds after tax of approximately US$127 million. Net profit on the sale of the Opti-Ex will be approximately US$50 million and accounted for fully in 2011.
This transaction will further reduce the financial debt position of EXMAR by approximately us113 million.
{WISroYQ symbol='EXM.BR'}
