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Caribbean FLNG finds home, changed name
2018/11/21
YPF awarded Exmar a long-term contract to produce and export the first LNG from Argentina as Barge-based floating liquefaction unit Caribbean FLNG will be renamed as Tango FLNG and redeployed to the Port of Bahía Blanca in the second quarter of 2019.
Exmar and Argentina’s state-run YPF announce the signing of a firm, 10-year agreement to deploy Exmar-owned 0.5 MMT/Y barge-based floating LNG liquefaction unit currently known as Caribbean FLNG to produce and export LNG from the Vaca Muerta source at the Neuquén Basin in Argentina. “Exmar’s FLNG barge will be named Tango FLNG and be deployed to the port of Bahia Blanca.”
Exmar-YPF deal is a tolling agreement between both parties with the necessary permits and the infrastructure onshore confirmed as available, the Belgium-based shipping company said, adding that “up to eight LNG cargoes per year will be produced over a ten-year period.”
Tango FLNG planned to arrive on site at Bahia Blanca and start-up of operations are anticipated during the second quarter of 2019. “The hire rate of the unit is partially based on a floating rate with an expected EBITDA of around USD 43.0 million per year based on the estimated production of the Tango FLNG with upside potential depending on the market environment,” according to Exmar’s announcement.
YPF has said that it plans to “take full advantage of the seasonal opportunity with Asian markets and our unique location to serve demand centers.”
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Backgrounds:

On 11-Sep-2017, Exmar confirmed that it has still not found an employment for its Caribbean FLNG currently located at the Wison Offshore & Marine’s yard.
On 26-Oct-2017, Reuters reported that Exmar is in negotiations for the use of its Caribbean FLNG for an Iranian export project as the barge-based liquefaction facility remains unemployed after its contract with Colombia was terminated.
The National Iranian Oil Company (NIOC) said that it would supply 2.3 MMCM/D of feedgas to the project, led by Norway’s IFLNG, and that it expected to use the Caribbean FLNG vessel. However, Exmar has reminded that a deal to use its FLNG facility was the subject of ongoing talks. “We are not denying, but there is no deal yet, we are still negotiating.” “No income is expected from the Caribbean FLNG before the end of 2018,” it said.
On 5-Feb-2018, NIOC confirmed that it has scrapped its initial agreement with Hemla-led JV for utilizing Caribbean FLNG in Iran.
On 26-Apr-2018, Exmar announced that “the floating liquefaction barge CFLNG has left Wison shipyard to a temporary location at Cosco shipyard in China for lay-up awaiting final deployment with several candidate projects under consideration.”
On 25-Oct-2018, Exmar reported that Caribbean FLNG (CFLNG), ready at the yard, is being prospected for several LNG export opportunities amongst others in Argentina for YPF. Exmar “remains comfortable that the unit will be able to start its gas liquefaction operations in 2019.”
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Exmar takes delivery of the Caribbean FLNG vessel

Source(s) Exmar, GLNGI Staff, Reuters