Hoegh LNG Announces Two Major Milestones

Hoegh LNG has taken delivery of the “Independence”, the second of four new Floating Storage and Regasification Units (FSRUs) that the company has ordered from Hyundai Heavy Industries Ltd (HHI).

The “Independence” is under a long term charter to Klaipedos Nafta in Lithuania, which will commence no later than by the end of the year.

Sveinung J.S. Støhle, President and CEO of HLNG, stated: “We are proud to have reached this significant milestone together with Klaipedos Nafta and HHI and expanded our current fleet of FSRUs to four vessels. The “Independence” represents the most advanced and efficient FSRU in the market, and plays a key role in giving Lithuania the energy infrastructure necessary to diversify its sources of natural gas“.

Also, the company has signed a Letter of Intent (LOI) with Egyptian Natural Gas Holding Company (Egas) for the use of one of its FSRUs under construction at HHI as an LNG import terminal in the port of Ain Sokhna, located on the Red Sea’s Gulf of Suez. The FSRU will be moored at a jetty which has been finalized as part of Egas scope, with topsides to be supplied by HLNG.

The LOI is for a 5 year FSRU contract expected to generate an average annual EBIDA of around USD 40 million. The FSRU is scheduled to start operations in the third quarter of 2014 and the company intends to use the Höegh Gallant for this project.