BRUSSELS, June 6 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
Saverys said he expected to sign two or three such contracts
($1 = 0.8023 euros)
(Writing by Philip Blenkinsop; Editing by David Holmes)