BRIEF-Exmar and Pacific Exploration and Production agree to terminate agreement

Tue Mar 8, 2016 12:02pm EST
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March 8 (Reuters) - Exmar NV :

* Exmar and Pacific Exploration and Production Corp (PEP) have agreed to terminate a liquefaction and storage agreement, originally executed in March 2012 for a term of 15 years

* Settlement agreement stipulates a termination fee payable by PEP to Exmar in monthly installments from March 2016 until June 2017

* Exmar is actively negotiating new employment of the CFLNG with several counterparts and the CFLNG will be delivered in the Q2 2016 from the Wison shipyard in Nantong (China) Source text: Further company coverage: (Gdynia Newsroom)