Today, Flex LNG Ltd. noted that completion of the transaction had been subject to, among other things, satisfactory due diligence and agreement on definitive transaction documents.
"The parties have failed to agree on the definitive transaction documents and the previously announced transaction will not be completed," said Flex LNG, adding that it and Geveran Trading, will continue with the construction of the two 174 cu.m Panamax LNG carriers it has under construction at shipbuilder Samsung Heavy Industries for 2018.
Flex LNG said that it will also "examine other strategic alternatives to add value to the company and its shareholders, including considerations of opportunities across the LNG value chain. The current condition of the LNG market could give interesting consolidation and growth opportunities for the company."
Exmar said: "The parties have failed to agree on the terms. The previously announced transaction will not be completed."Exmar will continue focusing on LNG infrastructure and pursue its strategy of barge based FLNG and FSRU projects."
SEPTEMBER 23, 2015 — A deal involving billionaire John Fredriksen and Belgium’s Exmar NV has fallen through.
Back in July, (see earlier story) Exmar NV agreed a deal with Geveran Trading Co. Ltd, which is indirectly controlled by trusts established by Mr.Fredriksen for the benefit of his immediate family, and Flex LNG, whose main shareholder is Geveran Trading.
The deal would have seen the parties’ various LNG assets put into a new company, Exmar LNG Ltd., owned 64.6% by Exmar and 30.7% by Geveran and with an enterprise value of $2.3 billion.