The relaxation of the cash collateral follows the steady operational results of Tango FLNG since September 2019, under the 10-years’ charter with YPF S.A.
The funds will be partially allocated to the repayment of the bridge loans from Belfius and Nordea who assisted Exmar in this interim period and to cover Exmar’s capital commitments.
The unexpected delays in the release of the funds caused Exmar to continue to pay careful attention to the liquidity of the company. The receipt of this restricted cash together with other anticipated cashflows (i.e. the charter fees from the shipping and infrastructure assets), allows Exmar to cover its financial commitments budgeted for the year 2020.
