Exmar to Accelerate Payment with LLOG
EXMAR said that following the terms of the Asset Purchase Agreement, LLOG and EXMAR have reached an agreement in principle 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 $250m in January 2012 in addition to the payments of $104.5m already received in July 2011 and $10.4m received during the second semester 2011. This will result in net cash proceeds after tax of approximately $127m. Net profit on the sale of the OPTI-EX will be approximately $50m and accounted for fully in 2011. This transaction will further reduce the financial debt position of EXMAR by approximately $113m.