Höegh Gallant Dropdown Wrapped Up

Norwegian owner and operator of LNG floating terminals Höegh LNG Holdings has  closed the previously announced transfer of a floating storage and regasification unit – the FSRU Höegh Gallant – to its spin-off Höegh LNG Partners.

Back in August, Höegh LNG Holdings agreed to to sell the entity that owns the FSRU Höegh Gallant to Höegh LNG Partners for a purchase price of USD 370 million.

Höegh Gallant is operating under a charter with the government-owned Egyptian Natural Gas Holding Company (EGAS) that expires in April 2020.

Additionally, Höegh LNG Partners has the right to cause Höegh LNG Holdings to charter the vessel from the expiry of the EGAS charter until July 2025 at a rate equal to 90% of the rate payable pursuant to the current charter.

Höegh LNG and Höegh LNG Partners are currently waiting for the consent of the charterer as to the proposed drop down of the FSRU Independence.

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