Exmar would gain from three-way split - CEO in paper

BRUSSELS, June 6 Wed Jun 6, 2012 12:51pm IST

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BRUSSELS, June 6 (Reuters) - Belgian gas shipping company Exmar NV would benefit from being split into its three constituent parts, its chief executive was quoted saying in Belgian business daily De Tijd.

Exmar was born from the break-up of Belgian shipping group CMB in 2003. CMB retained the bulk shipping unit Bocimar, while the crude oil shipping activities became Euronav NV and the gas tanker business became Exmar.

Exmar now specialises in liquefied natural gas and liquefied petroleum gas transportation, as well as the building of floating platforms for use in the oil and gas industry.

"In Exmar there are three divisions with a diverging dynamic. It would be better to have three Exmars. Whether we are heading in that direction? It could be," Nicolas Saverys said in the interview published in De Tijd on Wednesday.

He added that the structure of Exmar was too complicated and "difficult to explain to bankers".

"The divisions are worth much more separately," he added.

Saverys told De Tijd the company's divisions could best function separately if they were each valued at some 300 million euros ($373.9 million). However, that is the market capitalisation of the whole of Exmar at present.

Exmar recently signed a deal to deliver the world's first ship that will convert liquefied natural gas back into gas form. It already has a fleet that can convert gas into liquid form for transport.

Saverys said he expected to sign two or three such contracts this year. ($1 = 0.8023 euros) (Writing by Philip Blenkinsop; Editing by David Holmes)

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