EXMAR report 2023

not only highly commercially driven, but also technically driven. You see that in Congo too for that matter, where our engineers have designed a completely unique system to keep the 144 meter TANGO FLNG and the 277 meter EXCALIBUR FSU in balance on what is almost the full sea. Carl-Antoine: Both of them are kept as close to each other and as far apart as possible in both directions. A technical feat that EXMAR has a patent on. It shows our innovative power. What are the prospects for 2024? Last year was all about EXMAR departments working together. Is ‘ammonia’ the keyword this year? Carl-Antoine: It is too soon. The first dual fuel ammonia vessels will only be delivered in 2026 and it will take time for blue and green ammonia to come online. We understand the dynamics of such projects at EXMAR. It takes time before the market is ready for it and you can extract value as a company. No, for me the most important challenge for 2024 is identifying and seizing the right opportunities in a world of much uncertainty. The cost of a vessel has increased greatly due to the expensive raw material prices. There is some uncertainty around environmental regulations, so we are not going to make hasty decisions; we will choose our moments. Happily, unlike some of our competitors we have the advantage that EXMAR is in the right business – gas. We know that market and have in the past proven on multiple occasions that we have the flexibility to bend new situations to our advantage. And we are economically and financially stable. Along with our clear perspective on the future, that must give us the confidence to continue in the direction we have taken and assume our role in the continued optimization of the energy value chain. The last word is for the founding father. What is your take on 2024? Nicolas: For myself it is the year of my official retirement… the year in which I can be more of a ‘chairman’ and progressively less of an ‘executive’. But like the best helmsmen ashore, I shall continue to follow everything closely. However, I am sure that, thanks to Francis Mottrie’s hard work and the drive of the new team, EXMAR will continue to steer its own – some might say ‘idiosyncratic’ – course. So I am very hopeful that we will continue to grow into a leading, innovative player in gas transportation and transformation. Business is good, and we will do our utmost to keep it that way. The most important challenge for 2024 is identifying and seizing the right opportunities in a world of much uncertainty FOREWORD 05