Brief: Exmar Reaches Settlement Agreement With YPF

EXMAR NV

20/10/2020 06:54

Oct 20 (Reuters) - EXMAR NV  EXMR.BR :
    * ANNOUNCED ON MONDAY IT HAS REACHED A SETTLEMENT AGREEMENT
WITH
YPF SA OVER THE DISPUTE UNDER THE TANGO FLNG AGREEMENTS (AS
ANNOUNCED ON 25 JUNE 2020), EFFECTIVE AS OF TODAY
    * SETTLEMENT AMOUNT OF USD 150 MILLION WILL BE PAID BY YPF
TO
EXMAR IN CONSIDERATION OF THE EARLY TERMINATION OF THE
AGREEMENTS AND WITHDRAWING THE ARBITRATION PROCEEDINGS
    * FIRST INSTALMENT OF USD 22 MILLION HAS BEEN REMITTED TODAY
    * BALANCE OF USD 128 MILLION IS PAYABLE IN 18 MONTHLY
INSTALMENTS
BACKED BY ADEQUATE FINANCIAL SECURITY
    * LOAN AGREEMENT WITH BANK OF CHINA AND DEUTSCHE BANK WITH
RESPECT
TO THE TANGO FLNG FORESEES A REPLENISHMENT OF THE DEBT SERVICE
RESERVE ACCOUNT FOR AN AMOUNT UP TO USD 40 MILLION
    * COMMERCIAL LEADS FOR NEW EMPLOYMENT OF EXMAR’S FLNG ARE
ACTIVELY
PURSUED

    
    
 Source text for Eikon:  urn:newsml:reuters.com:*:nNDLc7r2S7
    
 Further company coverage:  EXMR.BR ;  YPFD.BA 
   


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