EXMAR Announces Settlement Agreement With YPF
EXMAR has reached a settlement agreement with YPF S.A. over the dispute under the TANGO FLNG Agreements (asannounced on 25 June 2020), effective as of today.
A settlement amount of USD 150 million will be paid by YPF to EXMAR in consideration of the early termination of theagreements and withdrawing the arbitration proceedings. A first instalment of USD 22 million has been remitted today. Thebalance of USD 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 ofthe Debt Service Reserve Account for an amount up to USD 40 million. The specific modalities are currently being discussedwith the lenders.
EXMARs FLNG, a floating liquefaction unit with a production c....