Following execution of a Letter of Intent (LOI) by EXMAR with LNG Partners, LLC and LNG BargeCo BVBA for the long-term charter of a floating liquefaction and storage unit (FLSU) to serve the BC LNG Project near Kitimat, British Columbia, Canada, EXMAR and LNG Partners announced today that they have taken a number of additional steps to solidify their alliance. As a focal point for the alliance, the two companies have invested in a joint venture company appropriately named Marching Prospect Limited. The new company will acquire interests in the BC LNG Project upstream of the FSLU. In addition, EXMAR has made a loan of $50,000,000 (CAD) to finance a nonrefundable deposit for construction of the FSLU.
