Höegh LNG to Speed Up Investment in New FSRUs

Owner and operator of floating LNG terminals Höegh LNG plans to tap further into the rising market potential of the floating storage and regasification units (FRSU).

The growing focus is likely to see more newbuilding orders in this sector, according to Höegh LNG’s President and Chief Executive Officer, Sveinung J. S. Støhle.

“With the increase in opportunities we see in the FSRU market, growth prospects are good and the company is considering accelerating its newbuilding investment plan,” said Støhle.

The announcement comes in the wake of improved results for the first quarter of 2015, attributted to performance of Höegh’s FSRUs.

“The improved EBITDA in the quarter is a result of PGN FSRU Lampung and Independence both generating income for a full quarter after start up of the long-term FSRU contract in Indonesia and Lithuania, respectively. In a subsequent event, Höegh Gallant also commenced operations under its long term FSRU contract in Egypt and will contribute positively to EBITDA from the second quarter 2015,” he added.

Höegh LNG posted a total income of USD 46.9 million and EBITDA of USD 16.5 million in Q1, 2015, compared to USD 51.3 million and negative USD 1 million, respectively, in the first quarter 2014.

The company’s loss  before tax was USD 1.9 million, compared to a loss of USD 4.5 million in the first quarter 2014.

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