Höegh LNG Lands Two FSRU Deals

Höegh LNG Lands FSRU Deal in Colombia

Höegh LNG Lands FSRU Deal in Colombia

Höegh LNG Holdings Ltd. has signed a Floating Storage and Regasification Unit (FSRU) contract with Sociedad Portuaria El Cayao S.A. E.S.P. (SPEC) for a new LNG import terminal in Cartagena, on the Atlantic coast of Colombia, as well as a FSRU Time Charter Party contract (TCP) with EGAS of Egypt. 

The contract with SPEC is subject to the Colombian company obtaining necessary environmental licenses for the project, which is expected to start operations mid-2016. The SPEC FSRU contract is for twenty years, but includes options for SPEC to reduce the term to five, ten or fifteen years. SPEC will confirm the initial contract term before start of operations.

The SPEC contract is expected to generate an average annual EBITDA of USD 40-45 million, depending on the term of the contract. Höegh will employ its only non-contracted FSRU for the project. The 170 000 m3 FSRU is currently under construction at Hyundai Heavy Industries, and is marked for delivery in early 2015.

 The FSRU TCP contract with EGAS is for a period of five years and is expected to generate an average annual EBITDA of around USD 40 million. The FSRU Höegh Gallant, which is expected to be delivered from the yard later this week, will service the contract, which is set to start by the end of the first quarter 2015. The company will evaluate interim employment for the FSRU before start of operations in Egypt.

Press Release

Share this article

Follow World Maritime News

In Depth>

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Maritime Reconnaissance and Surveillance Technology

As varied threats in the Mediterranean Sea continue to proliferate, the need to advance…

read more >

2nd GREENTECH IN SHIPPING GLOBAL FORUM

Forum you will find out from the regulators, government bodies and major ports’ representatives what the near…

read more >

7th Annual Arctic Exchange

Every year the Exchange invites delegates from across the globe to come together to listen to key senior management teams…

read more >