Hoegh LNG Extends Its Option Agreement with HHI for Delivery of Two FSRUs

Höegh LNG Holdings Ltd has extended its option agreements with Hyundai Heavy Industries Co. Ltd. (HHI) for the delivery of two FSRUs, that were to expire by mid December 2011 and mid January 2012, respectively.

Both option agreements are now valid into first quarter 2012. The Company’s third and fourth option agreements are not affected by this agreement.

Höegh LNG is a fully integrated floating LNG services company with almost 40 years experience, offering long-term floating production, transportation, regasification and terminal solutions for the liquefied natural gas (LNG) market. The Company operates a fleet of five LNG marine transportation vessels and two shuttle and regasification vessels (SRVs). In addition to transporting LNG, the SRVs act as floating regasification terminals delivering natural gas to the market.

Hyundai Heavy’s Shipbuilding Division, the world’s number one shipbuilder, leads the shipbuilding industry with a 15% share of the market. The Hyundai shipyard stretches over four kilometers along the coast of Mipo Bay in Ulsan, Korea. The Shipbuilding Division is capable of building all types of ships to meet various demands from its clients. It has nine large-scale dry docks with seven huge ‘Goliath Cranes’. Since the shipyard’s groundbreaking in 1972, Hyundai Heavy’s Shipbuilding Division has garnered many awards and set many records within the shipbuilding industry.

Shipbuilding Tribune Staff, December 23, 2011; Image: hoeghlng

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Posted on December 23, 2011

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