The planned $2.3bn merger of Exmar’s LNG fleet and Flex LNG and John Fredriksen’s Geveran Trading has fallen through.

The move announced on 1 Julywould have seen a new joint venture Exmar LNG between companies owned by shipping magnates Nicholas Saverys and Fredriksen.

In a brief statement Exmar said: “The parties have failed to agree on the terms. The previously announced transaction will not be completed.

“Exmar will continue focusing on LNG infrastructure and pursue its strategy of barge based FLNG and FSRU‎ projects,” it added.

The proposed Exmar LNG would have had a fleet of six LNG carriers, four of which are under construction; five FSRUs, one under construction; and two FLNG units currently under construction.

Exmar would have had a 64.6% stake in the company while Geveran would have had a 30.7% shareholding.