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.

Share this article

Follow World Maritime News

In Depth>


<< Sep 2019 >>
26 27 28 29 30 31 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 1 2 3 4 5 6

Defence Safety Conference 2019

The Defence Safety Conference returns to London this October as the only event solely dedicated to enhancing safety across all aspects of defence.

read more >

Shipping Transformation Asia

Shipping Transformation Asia will provide a platform for future-focused discussion in the shipping,…

read more >

3rd MarSat Workshop

The MARSAT project wants to operationalise and standardise EO products and aims to develop…

read more >

Global Sustainable Shipping Forum 2019

The event will provide valuable insights from conference sessions, great networking opportunities and will offer…

read more >